Podcasts about financial symmetry

At Financial Symmetry, our internship program has become a core pillar of our growth, innovation, and client experience. Over time, our program grew from simply filling resource gaps to a foundational development engine, helping to shape the services Financial Symmetry offers and the team culture itself. What has emerged from these iterations is the recognition that our best chance of success comes from integrating interns directly into the firm's core wealth management processes. This hands-on approach creates a feedback loop where interns don't just complete busywork; they contribute valuable perspectives and even shape workflows that staff rely upon to this day. Outline of This Episode [00:00] Financial Symmetry's influential internship program, with insights from Heather Gudac. [04:13] Refining processes through internships. [06:42] Internship growth and uniqueness. [12:06] Intern assessment and development process. [14:50] Empowering interns through engagement. [17:49] Internship planning and goal setting. ***********

As the holiday season approaches, many of us find ourselves thinking about gifts. While gifts can come in many forms, monetary gifts often cause the most confusion. In this episode of Financial Symmetry, hosts Chad Smith and Grayson Blaszak discuss the intricacies of financial gifting.  Financial gifting generally involves transferring assets, such as cash or securities, from one individual to another without expecting anything in return. This process can have several benefits, including seeing your loved ones enjoy the fruits of your generosity during your lifetime. Outline of This Episode [03:38] Individuals can gift up to $18,000 per recipient annually (increasing to $19,000 in 2025) without it being taxable or reportable. [05:17] The tax implications of paying off a loved one's credit card or bills. [06:16] Steps to take if you're making a big gift, such as a home down payment and how to manage the gift tax return. [12:28] Transferring securities can help recipients save and invest more effectively, benefiting from fund growth and potentially minimizing tax burdens when in a lower tax bracket, enhancing wealth transfer and legacy planning. [13:43] Giving to 529 plans and how to fit that into your strategy. [16:02] Payments to medical providers or educational institutions on behalf of a loved one are not taxable gifts, provided they are paid directly. [17:57] Plan carefully to balance wealth stewardship and gifting, ensuring personal financial stability while providing meaningful support to loved ones.  Resources & People Mentioned Grayson Blazek on LinkedIn  The Retirement Podcast Network Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Retirement planning is a delicate process, and you need to carefully consider your various income streams, including Social Security benefits. For those of us who plan to continue working while claiming Social Security, it's important to understand how this decision can impact the monthly benefits you receive.  In this episode, we're sharing how to avoid financial shocks in retirement. We discuss the essentials of earned income, the reduction in benefits due to excess earnings, and specific scenarios such as spousal and ex-spouse benefits.  Outline of This Episode [1:08] Social Security benefits may be impacted if you work while claiming [04:27] How retirement financial planning strategies vary by individual circumstances [07:17] Earnings affect Social Security benefits before retirement [11:51] Your spouse's income doesn't affect your Social Security [15:18] SSA withholds payments until excess income is accounted for [18:44] Social Security timing advice [20:04] Seek financial advisor help to make an educated decision about retirement  Resources & People Mentioned How Is My Social Security Benefit Calculated? - Financial Symmetry, Inc.  SSA - Social Security in retirement  The Retirement Podcast Network Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

We all have visions of our ideal retirement. However, our financial plans can quickly veer off course if we haven't appropriately managed our risks.  On this episode of Financial Symmetry, Greg Suggs from Greg Suggs Insurance joins me to discuss how to manage common risks that could negatively affect your wealth. You won't want to miss out on these easy-to-implement pieces to your insurance puzzle that could save your assets. Outline of This Episode [1:23] A bit about Greg [2:09] Biggest changes in insurance over the past 30 years [5:12] The biggest risks for homeowners [11:11] Common mistakes homeowners make [14:33] What to think about if you are considering a second home [17:21] What to consider if you own a rental property [19:00] Automobile insurance for young drivers [23:22] What about insurance for gig work? [25:37] How to lower your insurance needs Resources & People Mentioned The Retirement Podcast Network Greg Suggs Insurance

Have you considered how your instincts influence your decision-making around retirement planning? Our natural instincts and biases create frameworks that lead our perspectives on how we think the world works.  These frameworks influence our decisions surrounding our financial decisions.  On this episode of Financial Symmetry, we discuss how to build prosperity by analyzinging and identifying your perspective. Listen in to learn 10 instincts identified by the book Factfulness and what you can do to combat the biases they lead to.  Outline of This Episode [0:50] Our article of the week [1:58] Your instincts influence your decision making [5:41] Why are we worried about the current situation? [7:13] Combatting the gap instinct [10:36] The negativity instinct [16:10] The fear instinct [10:18] Size matters [23:56] The generalizing instinct [26:10] Destiny instinct [29:23] Who's to blame? [31:05] The urgency instinct Resources & People Mentioned Show Notes The Retirement Podcast Network Gapminder BOOK - Factfulness by Hans Rosling Episode 209 - 5 Reasons to Consider Investing in More Than the S&P 500 BOOK - Making Numbers Count by Chip Heath BOOK - Super Communicators by Charles Duhigg  

One of the biggest financial disasters that people can experience in retirement is divorce. On this episode of Financial Symmetry, Grace Kvantas chats with licensed marriage and family therapist, Lesli Doares. Lesli shares warning signs to look out for, misconceptions about keeping finances separate, and why couples should seek marriage counseling in retirement. Your marriage affects every aspect of your life. Listen in to learn how you can improve it.  ****

There's so much we can overlook with retirement plans. Here at Financial Symmetry, we are constantly finding ways to help you be aware of retirement opportunities and rules and improve your wealth.  On this special Halloween-themed episode of Financial Symmetry, Allison has come up with some retirement plan horror stories to spook you. Listen in to ensure that these horrors don't ruin your retirement plans.  Outline of This Episode [1:42] Zombie plans [5:02] Orphaned accounts [7:37] Bitten by technicalities [15:32] The monster mash [23:30] Frankenstein plans [28:52] Learn how we can help Resources & People Mentioned Episode 200 - Should I Roll Over My Retirement Account to an IRA? Ed Slott Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

When was the last time you thought about your IRA beneficiary form? If you said never, you'll want to listen to this episode of Financial Symmetry. If you said when you signed up, you'll also want to listen.  Many people don't realize this but their IRA has the opportunity to be the star player of their estate plan. In this episode, you'll hear about the biggest mistakes people make with their IRA beneficiaries.  Outline of This Episode [3:46] Not naming a beneficiary [5:22] Assuming your employer has your beneficiaries on file [8:13] Assuming your spouse will inherit your IRA [11:00] On choosing a non-spouse beneficiary [13:13] Make sure to set up the contingent beneficiaries [15:55] Don't be too trusting [17:56] Be aware of changing laws  [21:58] Today's progress principle Resources & People Mentioned Ed Slott Conference Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Are you the type of person who loves surprises? One surprise you probably don't enjoy is having to pay more taxes than you anticipated.  Unfortunately, taxes are a necessary part of life. The best thing you can do to ensure that you aren't caught off guard at the end of the tax year is to prepare throughout the year.  On this episode of Financial Symmetry, Allison Berger and I review 9 ways to prevent taxes from catching you off guard. Don't let the next tax season take you by surprise. Listen in to hear how you can improve your tax situation so that you can rest easy come tax time. *****

As you plan to live your ideal retirement, you may want to share your good fortune with others who are less fortunate. Giving is incentivized through the tax code, so being charitably inclined can also help to reduce your tax liability. In retirement, there are many ways to map out your charitable giving to take full advantage of the tax benefits. This is why, we discuss ways to capitalize on those opportunities while meeting your charitable goals. Listen in to learn how to enhance your today and enrich your tomorrow while giving intentionally. Outline of This Episode [0:49] Common charitable goals [2:37] Time talent and treasure [5:27] Mikey and Minnie's case study [11:36] Donald and Daisy's case study [19:13] Be intentional about your giving [21:10] Today's progress principle *****

Have you ever spent hours trying to fix something that, with the right tools, a professional could fix in five minutes? We've all been there. But it's often difficult to fully appreciate the time, effort, and in some circumstances the cost it could save you to enlist help earlier in the process. In today's episode, we'll explore six steps that are available to augment your lifetime savings. Press play to discover if you are missing out on critical savings tools. *****

If you have been watching the news lately you may be wondering if your cash is safe. Watching the country's 16th largest bank collapse causes people to question whether the banking system is set up to ensure that funds are accessible.  On this episode of Financial Symmetry, we'll discuss what happened to Silicon Valley Bank, examine how much cash you really need, and explore options for managing your emergency fund. Listen in to learn how to safely manage your emergency fund.  Outline of This Episode [1:34] What happened with Silicon Valley Bank [4:40] How much cash do you really need? [7:50] How to manage your emergency fund [15:31] Create your own plan Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

As International Women's Day approaches, we wanted to get together to explore ways to improve the financial outcome for women across the globe.  In this episode, Allison Berger, Grace Kvantas, Haley Modlin and Darian Billingsley, break down the four Cs of women's personal finance. Resources & People Mentioned LadiesGetPaid.com Big Hero 6 Care.com Care Yaya ElderCare.ACL.gov SarahCare Episode 173 - When Retirement Is Derailed by Longterm Illness BOOK - Being Mortal by Atul Gawande Credit Karma Savvy Ladies *****

Retirement is one of the most significant changes that you will manage in your life. It takes not just careful financial planning, but also careful life planning as well. 

In today's video, we discuss several questions of what we can learn from last year's investing experience and what we could expect for 2023. Why 2022 was a challenging year in stock and bond markets? What was historic about the year for bond returns? Could there be a silver lining for stock returns? How do markets react in the years after a down year in stocks? The range of emotions when holding a diversified portfolio Why you'll always hate something in your portfolio Which 7 stocks held back the S&P 500 in 2022? When does a growth stock become a value stock? What 6 different “expert” companies are predicting for returns over the next 10 years? Why does having an investment plan informed by a financial plan matter? Do you have a monitoring process to know when or when not to act with your portfolio? Listen in to see how lessons from last year can help you move forward with confidence.  *****

The Secure Act 2.0 was recently passed bringing in hundreds of new retirement and investment account changes. In this episode, we detailing some of the most important changes that could impact you. We'll break down these changes to explore planning opportunities that could affect your retirement planning strategies.  *****

The beginning of a new year motivates many of us to make lists of things in our lives we may want to change. At the top of those lists typically are financially related items. So today, we're going to share our list of items we've seen that can have lasting impact on your financial journey. We're going to share an actionable plan with 12 tips to double check your financial vitals that could make a major difference for you and your family in the years to come.  *****

So many conversations today are tied to the news. Hard to not find someone talking about the troubled economy, inflation, and the tumbling stock market. How should you change your investments in light of all these issues? You may be wondering if you are invested too aggressively, or you might even be considering pulling out of the market and waiting out the storm.  Before you rush in to change your investment tactics, listen to this episode to compare our 10 investing principles to your investing blueprint.  *******

None of us know how long we will live, so it is important to prepare for the inevitable. Unfortunately, all that we have earned in this life won't transfer into the next, so it is important that we have our wishes laid out appropriately.

Have you ever been offered a non-qualified deferred compensation plan as part of your benefits package? In this episode, you'll learn who non-qualified deferred compensation plans were created for, what they are, the pros and cons, and their potential for helping you reduce your lifetime tax bill.  Find out if this additional savings tool could be a difference maker for your retirement withdrawal strategy.  *****

What if you could take action now so that you have significantly more tax-free savings to utilize in retirement? On this episode of Financial Symmetry, we'll take a look at an often misunderstood tax planning opportunity.  The Roth conversion is a tool that can benefit you throughout different stages of your retirement saving journey. Today you'll learn how to take advantage of Roth conversions during various periods of life. Listen in to learn the opportunities and pitfalls of Roth conversions.  Outline of This Episode [2:38] Benefits of Roth IRAs [4:09] How to take advantage of Roth IRAs in your teens and 20s [8:38] Life is hectic in your 30s and 40s [14:27] In your 50s and 60s retirement is on the horizon [19:10] Opportunities in your 70s, 80s, and beyond [28:30] Today's progress principle Resources & People Mentioned Episode 129 - Building Wealth by the Decades High Earners Can Still Get into a Roth IRA Ed Slott's newsletter Executing a Roth Conversion Solving the Social Security Tax Bubble Mystery Should I Make a Roth Conversion? Connect With Chad and Allison https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Have you ever wondered how your retirement preparations compare with others? This is a common question that we hear as financial advisors. On this episode of Financial Symmetry, we'll take a look at data from a recent study about the 4 types of retirement journeys that people take. You'll also hear about the risks and opportunities that stem from these 4 retirement paths.  People's circumstances, attitudes, and ambitions can greatly affect their retirement experience. So, if you are on the cusp of retirement you may be wondering what type of retirement you will have. You can think of retirement as a Choose Your Own Adventure book. Each path has its own opportunities and lessons to learn. Which retirement adventure will you choose? Outline of This Episode [2:01] Retirement is like a Choose Your Own Adventure book [3:13] The regretful strugglers [7:34] Challenged yet hopeful [11:34] Relaxed traditionalists [16:19] The purposeful pathfinders [21:41] Choose your own progress principle Resources & People Mentioned Episode 160 - Retirement Trends You Should Know About Episode 105 - Retirement Regrets Episode 104 - An IRMAA Appeal Can Save You Thousands in Medicare Premiums YouTube video - How to Execute a Roth Conversion Schitt's Creek Seinfeld The Intern BOOK - 30 Lessons for Living by Karl Pillemer Connect With Chad and Allison https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

If you recently filed your tax return you may have noticed some unexpected surprises. Video recap: https://youtu.be/G9q8k5fRNdQ Since tax planning and preparation is an important part of what we do at Financial Symmetry, we wanted to make you all aware of the top 10 tax surprises that we see in our office. Listen in to hear if you are familiar with any of these tax prep surprises.  Outline of This Episode [2:58] Inheritances [6:55] Credit card reward points [7:56] Advanced child tax credit [10:30] Cryptocurrencies and NFTs [13:20] 1099K through Venmo or other cash apps [14:58] Underwithholding on W4s [16:39] It got lost in the mail [18:38] Double taxation on backdoor Roth [22:18] What to do if you receive a K1 Resources & People Mentioned Episode 95 - The Dreaded IRS Letter: Dealing with a CP2000 Connect With Chad and Allison https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Many people that listen to retirement podcasts and read financial articles are fantastic savers. If that sounds like you, congratulations! Video recap: https://youtu.be/pUvfv1815fw You have done the hard work to accumulate plenty of assets and be on track to reach your financial retirement goals. However, after a lifetime of accumulation, you may discover that you have a hard time letting go of your assets. I recently came across an article in Barron's magazine called Retirees Aren't Spending Enough of Their Nest Eggs. Here's Why. On this episode of Financial Symmetry, Allison Berger and I will discuss the reasons that some retirees are reluctant to spend their savings and explore strategies that you can use to ensure that you have a successful transition into retirement. Outline of This Episode [1:33] Retirees aren't spending enough of their nest eggs and here's why [3:30] Why is there a reluctance to spend in retirement? [6:53] Tactics to spend [10:20] Create a retirement paycheck [12:26] Delay taking Social Security [14:48] Understand the tax tools available to you [19:31] Estate planning is not only about documents [22:05] Today's progress principle Resources & People Mentioned Retirees Aren't Spending Enough of Their Nest Eggs. Here's Why The Journal of Financial Planning Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

In honor of International Women's Day on March 8, we're discussing retirement considerations for women that can help them #BreakTheBias surrounding women and money.  Video recap: https://youtu.be/4FjSIJw8a6A Listen in to discover how you can accelerate women's equality by overcoming or breaking through these biases.  Bias #1 - Women are afraid of investing This first bias is simply untrue. Actually, women are more likely to take calculated risks than men. Women are also more likely to hold an appropriate amount of investments when compared with their cash savings.  Men and women are equally fearful at the beginning of their investing journeys. However, since women are more cautious about things that they are unfamiliar with they often become more educated about investing so that they feel more comfortable.  In the long term, women's investments often outperform those of men. This could be due to women having more intentionality, self-control, and a higher savings rate than men. Since women are often playing catch up with their investing, they are usually excited to get started. Investment and retirement planning is especially important for women since there are so many preconceived notions that surround women and money.  Bias #2 - Overcoming compensation bias On average, women make about $0.84 to a man's dollar. This is often due to the way compensation is structured. Women often ask for less, negotiate less, or don't negotiate at all. This means that women have less to contribute to their retirement savings.  Knowledge is the power to overcome this bias. To improve your salary it is important to understand the average salaries for your area of the country and, specifically, for your field. Use websites like Glassdoor or Salary.com to help you research. Don't be ashamed to discuss this topic with friends, family, and colleagues to learn more.  Once you've done your research, consider your next salary negotiation. Set a range that works well for you and shoot for the top of that range. Remember that you are selling yourself, so consider the value that you have added to your role. Come up with a list of your accomplishments. Listen in to hear all the tips that this bright group of women brings to the table. With a bit of preparation, you may be pleasantly surprised by your next salary negotiation.  Bias #3 - Women are big spenders We've all heard this myth perpetuated; however, spending doesn't have a gender. Either partner in a relationship can be the big spender, but since women are often the ones buying for the family, it can seem like they spend more than men.  Budgets are an important part of the financial health of any relationship so that both partners understand how much they can safely spend. Typically, one partner is more of a saver and the other is more of a spender, but the ideal is to strike a balance between the two.  Since women have been shut out of the financial conversation for so long, they often don't know where to begin the conversation. Here at Financial Symmetry, we encourage both partners to come to the table, even if it takes an extra conversation to understand and address all of the issues or concerns.  As you approach International Women's Day, consider whether any of these financial biases have come up in your life. You can research more biases surrounding women by using the hashtag #BreakTheBias.  Outline of This Episode [1:39] Are women really afraid of investing? [5:15] Addressing compensation bias [9:18] Women are big spenders [14:56] The progress principles Resources & People Mentioned Glassdoor Salary.com #BreakTheBias Connect with Allison, Grace, Haley, and Darian https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Tis the season to prepare your taxes! Whether you do your own taxes or you are gathering information for your tax preparer, you'll want to make sure that you don't miss a thing. Listen to this episode to ensure that you think about everything you need to do to prepare this year's tax documents. Don't miss the obvious As you start your tax preparation journey by gathering documents and ensuring that you have everything in order, you may end up forgetting the obvious. Did you move in 2021? You'll need to report the sale of your prior home if that was the case.  Also, if you use tax preparation software, be careful with the autofill feature. If you have used it before, your tax software will automatically fill in the information that you used last year. It is important to type in the correct address so that you don't miss any communication with the IRS.  Gather all the pertinent information If you changed jobs in 2021 you may have multiple W2s. Make sure that you have them all together before you start your tax preparations. You'll also want to look out for the forms if you made any 401K or Roth rollovers.  For the 2021 tax season, you'll need to look out for the usual documents like W2s, 1099s, 1098s, or K1s, but you'll also need to be watching out for the letter from the IRS if you received an advanced child tax credit. If you did receive an advance on your child tax credit, you may or may not receive any more or you may have to pay some of it back depending on your income in 2021.  Once you have your list of docs how do you get ready? Once you have all of your documents ready, then it is time to start thinking outside the box. Do you have your receipts or transaction history for charitable donations? What about real estate and property tax forms? Do you have a record of how much you spent on child or dependent care? Make sure to have a record of any crypto transactions and business and rental expenses.  Having this information together will decrease the legwork when the time comes to file your taxes. Kickstart better record keeping Not all financial advisors focus on tax preparation, but at Financial Symmetry, we see tax season as an opportunity to generate ideas to improve your financial situation. Whether it is through improving your tax situation or taking advantage of missed opportunities, tax preparation is something we focus on to enhance your today and enrich your tomorrow.  Our clients have the opportunity to use the document vault in our Client Center portal as a type of digital file cabinet. Keeping documents together like this takes away some of the anxiety surrounding tax season.  Once you get everything you need together, take a step back and reflect. If you haven't been keeping the best records now is a good time to implement a system to help you stay organized.  Listen in to hear how we can help you prepare for the upcoming tax season and beyond as Financial Symmetry clients. You'll also hear why it doesn't always make sense to file early. Learn why sometimes filing for an extension could be a better option.  Outline of This Episode Did you move in 2021? [2:21] Did you receive the child tax credit in 2021? [5:52] Once you have your list how do you get ready? [9:48] You don't always have to file as soon as you can [13:27] Resources & People Mentioned Episode 146 - Financial Milestones that Create Opportunities  Episode 72 - 7 Tax Reform Opportunities and How to Spot Them Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

The biggest financial threat to your wealth is not the market; it is your brain. Human behavior surrounding money varies greatly and can be fascinating to study. Allison Berger has had the opportunity to study financial behavior over the past year as she studied to become a Certified Financial Transitionist. On this episode of Financial Symmetry, Allison shares her insight from this coursework and from a book related to the course called Wired for Wealth by Brad Klontz. When you listen you'll learn what a money script is and how it can impact your financial wellbeing, and you'll also learn 5 steps you can take to help you improve your money mindset.  What is a money script? Markets go up and down but one fact holds true: the money scripts you play in your head will determine your financial well-being. The things we do surrounding money are defined by the money scripts we learned in childhood. Money scripts come from the explicit or implicit messages we received about money as children as we were trying to make sense of the world. Usually, these ideas are partial truths based on our parents' teachings and actions around money. We have internalized these money scripts and unconsciously follow them as adults as the logical response to what we saw as children.  Here are common examples of money scripts: money doesn't grow on trees, money can't buy happiness, rich people are shallow, money is the root of all evil.  Money scripts can keep you poor Your money scripts can become roadblocks in your thinking about money, so it is important to think about how they may be affecting your life. At their worst, money scripts can contribute to financial disorders like financial infidelity, compulsive buying, pathological gambling, compulsive hoarding, financial dependence, and financial enabling.  These are examples of money scripts that will keep you poor: your self-worth equals your net worth, it's ok to keep financial secrets from your partner, if you are good your financial needs will be taken care of.  These negative money scripts can be linked with overspending, compulsive shopping, or workaholism. As people edge closer to retirement the more they tend to stick with the money scripts that have led them through life. However, retirees may need to embrace new ideas to be able to reach their financial goals. If you are struggling with your money mindset, try reaching out to an objective third party for help.  Money scripts may keep you poor in spirit  Money should be saved, not spent. You can never have enough financial security. Money that I did not earn is not really mine to spend. These are a few examples of money scripts that can cause people to underspend. Scripts like these can lead to hoarding wealth and workaholism.  A financial plan can help you break free from your money scripts. Without a financial plan in place, you don't know how much you can safely spend. A financial plan will ensure that you look at the details and the reality of your spending situation. You want to make the most of your money and your life especially as you transition into retirement. 5 Steps to change your money mindset  You can change your mindset surrounding money and the book recommends 5 steps to overcome your limiting financial beliefs.  Face your fear. Accept that you have beliefs about money that are not currently serving you. Identify your present reality to see how your money scripts have contributed to your financial situation.  Visit your past. Ask yourself these questions to help you dig a bit deeper into your money scripts to discover where they stem from. What was your first money memory? What is a positive money memory? What money experience was painful to you? Understand your present. What is your current financial situation? What is your current reality? Explore your financial situation deeply to understand it fully. Envision your future. What does your future hold? What would you want your life to look like if you had 30 days to live? What are your goals? Transform your life. Redefine your priorities and your core values. In light of these changes, what are your new financial goals? What lifestyle or behavioral changes are necessary to take action?  These are not quick, easy steps to take. They require a bit of soul searching to get to the heart of your issues with money. However, if you find yourself with a money mindset that is not serving your goals you'll want to do what you can to solve your problems.  If you think that you may need help changing your money mindset, reach out to us to see if we can help you. Head over to FinancialSymmetry.com and click talk to an advisor.  Outline of This Episode [3:30] What is a money script [7:01] How can you move away from your money script [10:42] The money scripts that keep you poor [14:22] The money scripts that promote wealth accumulation [17:15] How to change your money mindset [22:15] The progress principle Resources & People Mentioned BOOK - Wired for Wealth by Brad Klontz Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

At the start of every year, people are more motivated to get off on the right financial foot. This might mean contacting a financial advisor for the first time. Video recap: https://www.youtube.com/watch?v=hEB2z530-Zc So we put together a list of 5 questions we hear from those looking to hire a financial advisor. If you are considering working with a financial advisor this year, you may want to use these questions to help you understand how the financial advising process works so that you can feel comfortable choosing the right advisor for you. Listen in to hear the most frequently asked questions and our answers. Is your financial advisor a fiduciary? Thankfully, the word fiduciary has gotten more publicity lately, so more people understand what it means. A fiduciary is a financial advisor that puts their clients' best interests first. It is important to ensure that your advisor is a fiduciary so that you know that they will put your well-being ahead of the myriad conflicts of interests that can arise in this industry.  How often will you review my situation? The first question most clients have is how often we will review their finances. This usually depends on the client's situation, but we usually review a specific financial area for every client each quarter. The specific areas that we focus on regularly are taxes, estate documents and financial plans, and of course, portfolios.  We also have an automated system that checks each client's portfolio every day. Our clients feel comfortable with these automated daily inspections. Our Client Center is another way that Financial Symmetry clients can assess their portfolios at their convenience.  When and how is your fee charged? At Financial Symmetry, we are fee-only financial advisors and completely open about what we charge. All of our fee information is available on our website. Our wealth management clients are charged quarterly whereas other clients choose to work on an hourly basis. Make sure you understand the fee structure of any financial advisor that you choose to work with. How often do we meet? Typically, in-person client meetings are held once a year, but of course, Covid changed everything. Communication can be had through phone calls, emails, or video conferencing. The frequency of meetings depends on the complexity of the situation. Who is my primary point of contact? Every advising firm has a different setup and who you meet with initially may not end up being your primary source of information that you work with. At Financial Symmetry, you'll have the opportunity to work with a team of 2 advisors plus one other staff member. Listen in to hear why we work this way. If you are thinking of hiring a financial advisor, make sure to add these 5 questions to your list of questions. Outline of This Episode [1:27] Are you a fiduciary? [2:38] How often do you review my financial situation? [5:50] When and how is the fee charged? [9:10] How often will we meet? [10:58] Can I contact you if I have questions? [13:55] Who is my primary point of contact? Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Everyone is talking about inflation. You can't open a newspaper, look at your phone, or go to a barbecue without hearing about it. With all this talk, it can be easy to worry about your financial future. On this episode of Financial Symmetry, we'll explore the causes of inflation, historical inflation, and what you can do to hedge against this silent enemy. Press play to educate yourself and ease your worries. Why does inflation occur? Inflation is different from market risk: it doesn't show up in your bank or investment accounts. Instead, inflation presents itself at the gas station and the grocery store, so you do feel it in your pocketbook. Since it eats away at your buying power, inflation is often referred to as retirement's silent danger.  If you recall your college economy class, you'll remember that inflation is caused by supply and demand. When there is a limited supply and a high demand, then prices go up. We see that happening now with auto sales due to the offline chip manufacturers and supply chain issues. During inflation, people worry that prices will continue to rise, so they want to rush out and make their purchases now. Although it is frustrating to see your purchasing power erode so quickly, it is important to remember that there are worse things that can happen in the economy. Deflation is actually worse for the economy than inflation. Stagflation is a type of inflation that occurs when prices go up but the economy is slow and there is high unemployment. Thankfully, we have the opposite happening now since employers are having a hard time finding workers. Even though it is difficult to watch your purchasing power erode, there could be a worse economy. A historic perspective The question on everyone's mind is: will this inflation last? Over the past 10 years, we have had historically low inflation that averaged about 2%. When comparing that average to this past year's average of 6%, it's easy to understand why people are concerned.  One way to contemplate the future is by looking at the past. In the 70s the US experienced some of the highest prolonged inflation rates that were punctuated by the shock in oil supply. After WWI Germany experienced crippling inflation when it had to repay its debts in foreign currency.  The good news about our current situation is that the supply chain issues will eventually be resolved. The bad news is that higher prices are often the best solution to higher prices. Listen in to see how that works out in the long run.  What should you do to hedge against inflation? The reason we invest in companies is to hedge against inflation. A varied investment portfolio with global stocks is one way to ensure that you retain buying power down the road. In addition to creating a diversified portfolio, you should limit the amount of money that you retain in cash. Try to keep your cash to emergency savings since your purchasing power erodes over time. Another way that you can protect against this silent risk is by investing in TIPS, real estate, commodities, or crypto currency. Whatever you do to protect your wealth, don't let the media dictate your financial decisions. Stick to your financial plan. If you don't have a financial plan, reach out to us to see how we can help you weather all kinds of financial storms.  Outline of This Episode We have had historically low inflation over the past 10 years [1:52] What drives inflation [3:46] Why should people care about inflation? [5:45] A historic perspective [8:38] Investment options to hedge against inflation [13:32] Today's progress principles [20:18] Resources & People Mentioned Episode 139 - Investing for Inflation Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Welcome to this bonus episode of Financial Symmetry with Allison Berger and Grace Kvantas. Grace and I bring you this episode as a special preview to the upcoming Women: A Force in Business Conference in Raleigh, North Carolina. This episode and our presentation are targeted toward women professionals looking to build their retirement nest egg. Our goal is to help women achieve success and financial wealth. So if you are a woman or if you love a woman, listen in to hear how women can achieve more success and improve their financial well-being by harnessing their financial superpowers.  Women are stressed about money A recent study has shown that women are more worried than ever about their finances. ⅔ of women worry about money at least once per week and 40% suffer physically due to their financial stress. This is no surprise when you discover that the top emotion that women feel about money is overwhelm whereas for men it is confidence.  The pandemic has made women's financial worries worse than ever since they were the hardest hit by layoffs. Once you compound women's stress with the gender pay gap, a longer life expectancy, and a predominantly male financial industry then you realize that the odds are stacked against us. Women are actually better investors It is a common misconception that men are better investors than women, however, this isn't true. Women simply don't talk about money in the same way that men do. Women are actually more likely to do well in the markets for several reasons. Women typically spend more time researching investment choices which leads to better selections. Women also tend to buy and hold equities longer than men, this leads to less trading costs and fewer taxes on their investment income. Overall, women are more intentional investors than men.  Harness these 5 investing superpowers You don't have to carry so much financial worry. One way to ease that worry is by using your inner investing superpowers. Grace and I are here to help you to implement these superpowers so that you have a better investing experience and feel less stress when it comes to finances. If you can implement these superpowers you can come ahead financially and position yourself for a more secure retirement. Have a plan. We've all heard the saying: “Failing to plan is planning to fail.” This is true with your finances as well. Your financial life will run more smoothly when you have a plan. Having a plan in place helps you identify what your life goals are so that you can create a financial road map for how to achieve them. Your investment strategy will stem from your life goals.  Know your safety net. Make sure you understand what an appropriate emergency fund for your household is and put it in place. This will help build your confidence so that you can take long-term steps to achieve financial success.  Take calculated risks. Invest for the long term by building a globally diversified investment portfolio of equities (companies you use every day). This will allow you to build wealth and purchasing power over time.  Automate your savings plan. Pay yourself first. Women are busy, so creating an automated savings structure will help ease your worries about saving. Make sure that you are contributing at least the minimum amount to get an employer match in your 401K. Another way to automate your savings is to set up monthly transfers from your checking account to a savings account. By automating your savings you will build wealth over time. Know when to act and when not to. Successful investing is a lot like riding a roller coaster. The only time you will get hurt is if you get out of your seat. Make sure to stay strapped in through times of market turbulence. Bear markets can be as financially dangerous as a bear, so it is important to stay in your place and not try to flee. Instead, when you encounter a bear market, think like an opportunist, not as a victim. This will ensure that you continue to build your wealth over time.  Listen in to hear what action items you need to take now to improve your financial well-being.  Outline of This Episode [1:45] Women are more stressed about money than ever [6:03] Why are women better investors than men? [7:30] 5 Investing superpowers [14:13] Progress principles Resources & People Mentioned Women: A Force in Business Conference Connect With Allison and Grace https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Anxiety-inducing headlines, all-time stock market highs and an economy still recovering from a pandemic, have left many people hesitant to invest their cash savings. Video recap: https://youtu.be/YuytDPFD0wQ None of us can make uncertainty disappear, but considering potential outcomes and evidence can make a huge difference in the returns you receive over your investing lifetime. This week we are discussing strategies for how to fight the fear that comes when markets are near all-time highs. Watching the news can be expensive When reading and watching the news, it can be hard to remember that financial headlines are are designed to pull at your insecurities. Many of our everyday conversations now include inferences to supply chain issues, potential tax hikes, and inflation.  The wall of worry can seem higher when crawling out of a pandemic shutdown and continues to impact investor's confidence. So naturally, record market highs have people wondering whether now is a good time to invest. The fear of an impending fall in the markets causes some to hold onto their cash instead of investing. Others don't know what the right choice is for their money and are crippled by analysis paralysis. By holding too much in cash, you'll face the erosion of purchasing power over time due to inflation, but also experience the opportunity cost of stock market gains and the FOMO byproduct. A financial planning process can help you make decisions You don't want to get stuck with analysis paralysis. A financial plan is key to understanding your investment strategy and helping you answer the question: should I invest my cash? Walking through the financial planning process can help you create a disciplined and diversified strategy to provide added confidence in making your financial decisions. By creating a financial plan, you can dial in your specific goals and time horizon. This helps you determine how much you'll need in the short-run and how much you could afford to risk for the potential of higher expected returns in stock investments. What if I invest it now and the bottom falls out? The potential for an immediate drop after investing is always a risk investors wrestle with. And if investing in March 2000 or October 2007, you'd have to wait roughly 6 years each time to see a new all-time high. Alternatively, there have been at least 10 record highs achieved each year over the past 9 years. So if you waited to invest during that time, because what goes up, must come down, you could still be waiting. Paralyzed by the fear of an impending drop. One way to combat that fear is to analyze the numbers. Let's look at historical data. Of the people who invested at all-time highs since 1926, 81% were better off 1 year later and 77% were better off 5 years later. That still leaves a chance that you will lose money in the short-run, which is why it is important to have a safety net. And to this point, all market declines have been temporary. Investing is like a roller coaster ride. The only time you could get hurt is if you get out of your seat. Investing pitfalls to watch out for The average investor is susceptible to several common investing pitfalls. One of these is recency bias. If a stock has performed well in the past then many assume that it will continue to do well. Rather than make this assumption you'll need to study its performance over time. Another pitfall is market timing. Many people get a feeling about the market and they try to time their entrance and exit, but history has shown that most people can not time the market accurately. Time in the markets is better than timing the markets. Listen to this episode of Financial Symmetry to hear all of the perils that could arise by pressing play now. Outline of This Episode [3:08] What is it about headlines that make people feel uncertain [5:51] A financial planning process can help you make decisions [8:14] What if I invest now and then the bottom falls out? [12:50] Pitfalls that average investors fall into [17:25] Today's progress principle Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

The decumulation stage of retirement is different from all those years you spent accumulating your retirement savings. Video Recap: https://youtu.be/UyvHGltT1Z0 This is why you need to have a retirement plan in place to help guide you through this transition. Unfortunately, the same plan won't work for everyone which is why it is important to understand what type of strategy would work best for you.  On this episode of Financial Symmetry, Allison Berger and I will check out the risks and opportunities to consider as you approach the decumulation stage of your life. Listen in to hear what you need to consider to make the most of your personal retirement plan.  What to consider if you are retiring before age 59.5  If you are planning to retire before the age of 59.5 you first need to make sure that you have all your ducks in a row. Before age 59.5 you won't be able to access your various retirement accounts without a penalty, so you'll want to make sure that you have access to money for this time period outside of a traditional retirement account. You could obtain funds from a brokerage account, home equity, rental properties, or an inheritance. Before you retire early, think about which funds you could source without having to take a penalty by dipping into your tax-deferred accounts.  You'll not only need to know where your money is coming from when retiring early, but you'll also have to think about health insurance. Obtaining health insurance before you are eligible for Medicare can be quite costly. Many people choose to go with COBRA or the ACA. Make sure you consider the costs of health insurance when creating your retirement plan.  The younger you retire the more susceptible you are to sequence of return risk. Sequence of return risk can lead many people to become conservative with their investments, however, this leads to increased inflation risk. To consider these two types of risk it is important to have a balanced portfolio Retirement between the ages of 59.5 and 65 If you are planning to wait until full retirement age at 67 or beyond then you may be funding the early years of retirement all on your own without the help of Social Security. Once you reach the age of 59.5 you can access your retirement accounts without penalty. However, it is important to remember that income from your IRAs, 401Ks, and 403Bs will be taxed when you access them.  Sequence of returns is still a factor this early on in retirement so make sure that your portfolio can weather the storms that the market could bring. Listen in to discover what you should be thinking about 2 years before you apply for Medicare.  Retirement considerations after age 65 Once you reach 65 you can enroll in Medicare and will no longer have to worry about paying for costly medical insurance. This is a good time to start thinking about when you will take Social Security and the tax ramifications. If you are unfamiliar with the Social Security tax bubble check out episode 101 to learn more.  During retirement, your annual tax plan should always be taken into consideration with your overall retirement tax plan to ensure that you save as much as you can over the course of your lifetime. Retirement strategies don't always go according to plan You've probably heard of popular retirement strategies like the 4% rule, the guardrails, the bucket strategy, or a systematic withdrawal approach. These strategies are all great on paper but they can often fall apart when life gets in the way. We like to take a flexible approach to retirement planning that is based on your life and your financial plan. We look at the big picture to think about how you can reduce your lifetime tax rate and create a plan that works with your financial goals.  Examine where you are on your retirement journey. Think about your risks and opportunities when creating your retirement plan. Listen to this episode to hear what you need to think about during the different phases of your retirement.  Outline of This Episode [2:40] What to consider if you are retiring before age 59.5  [7:30] Considerations for those between the ages of 59.5 and 65 [9:49] Retirement strategies don't always go according to plan [12:10] Retirement between ages 65 and 72 [16:39] Retirement in the post-RMD age [22:28] Progress principles Resources & People Mentioned Starting Over in Your 50s How an IRMAA Appeal Can Save You Thousands of Dollars Solving the Social Security Tax Bubble Mystery Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Do you wish that you could have a mulligan when it comes to taking your Social Security benefit? Once you file for Social Security, it seems like your decision is set in stone. But what if I told you that you have options to reverse your decision?  In this episode of Retirement Starts Today, we'll explore an Investment News article written by one of my favorite Investment News contributors, Mary Beth Franklin. This article provides options for those who have remorse about the timing of their Social Security claim. In the listener questions segment, we'll discuss Jerry's question about his health insurance premiums under the Affordable Care Act and how they are affected by the 8.5% rule. This episode is jam-packed with helpful retirement information, so press play now to continue your retirement education. Outline of This Episode [3:02] 3 Social Security do-over options [8:25] Check out the Retirement Repair Shop podcast [9:24] Jerry's ACA insurance premium questions [13:50] Clarification on the ACA 8.5% rule  There are 3 ways that you could reverse your Social Security timing Have you found yourself regretting the timing of your Social Security benefits claim? Maybe you wish that you had waited longer to receive a larger benefit or maybe your retirement timeline has changed based on the pandemic or other factors. If so, I have good news for you. There are 3 ways that you could reverse your decision.  There are many people that wish they could go back and change the timing of their Social Security claim, so if you are one of them make sure to listen to this episode to learn which choice might best fit your needs.  Withdraw your application You may not realize this, but you can withdraw your Social Security benefits application. Use form 521 to do so, but keep in mind that there's a catch.  You'll have to repay any earnings you or your dependents have received. Withdrawing your application can only be done once, but doing so will allow you to apply again later when your monthly check would be higher.  You'll also want to consider whether you are already enrolled in Medicare. If you withdraw your application, your Medicare premiums will no longer be automatically deducted from your Social Security benefit, so you'll have to find another way to pay.  Suspend your benefits If repaying your Social Security benefits isn't feasible, then you might want to consider suspending your benefits. This way you don't have to repay anything, however, keep in mind that not only will your benefits stop, but also this action will stop any benefits to a dependent family member. Your benefits would then start again at age 70. Listen in to discover why this may be a good strategy for married couples.  Request a lump sum payout Requesting a lump sum payout works only for individuals who have reached full retirement age. They can request a lump-sum payout of up to 6 months of retroactive benefits. This option would best be used by someone who has an urgent need for cash or for people who waited until after their full retirement age to claim either spousal or survivor benefits. After receiving a lump-sum payment, that person could then voluntarily suspend benefits and earn delayed retirement credits up to age 70 which would boost future monthly benefits.  Claiming Social Security seems like such a permanent decision so if life comes along and changes your plans it's good to know that you have these alternatives to consider.  Resources & People Mentioned November 2020 Medicare series with Danielle from Boomer Benefits Boomer Benefits Retirement Repair Shop podcast with Mary Beth Franklin 3 Social Security Do-Over Options article Retirement Answer Man podcast Stay Wealthy podcast Financial Symmetry podcast Market Watch article on the ACA subsidy cliff KFF.org - resources for the ACA and other health matters Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

We all have those milestones in life that we enjoy reflecting on or looking forward to. Graduations, weddings, and births of children are a few that stick out. Video recap: https://youtu.be/llO9d9DIKs4 However, there are financial milestones that are also important to remember. While maybe not as memorable, they can be just as valuable. The most important times (financially) in a child's life Birth - As soon as your child is born you can start contributing to their financial future. Once that child has a Social Security number you can open a 529 account in their name. This is a popular way to save for that little bundle of joy's education. Another account that you can open for your child at birth is a Uniform Trust for Minors account (UTMA).  Age 13 - This is the age when your child is no longer eligible for the dependent care tax credit. The dependent care credit covers after-school care and summer camp. Age 18 - Your baby is no longer a child at this point, so that means you must say goodbye to the child tax credit. Also at age 18 (or 21 in some states), a child's UTMA will automatically be transferred to their name. This is also an opportune time for you and your child to think about creating a healthcare power of attorney.  Age 26 - Yes, technically they are not children at this age, but this is the age when children lose eligibility for their parents' health insurance.  The years before retirement have plenty of financial milestones There is a lot to remember to stay on track in the years leading up to retirement. By this time in life, you are probably beginning to dream about that upcoming milestone. To make sure that you stay on track for retirement, pay attention to these ages.  Age 50 - You can now contribute $6,500 more per year to your 401K and $1000 more per year to your IRA accounts.  Age 55 - You can now make HSA catch-up contributions of an extra $1000 per year. You should also note that some 401k plans allow for penalty-free withdrawal at age 55. Age 59.5 - This is when you can finally access your retirement accounts without a 10% penalty. You'll also have the ability to roll over a portion of 401K to your IRA even if you are still working. Age 60 - You are now eligible for Social Security survivor benefits. Age 62 - You now can qualify for Social Security benefits. But should you? Listen in to hear why this may not be the best idea.  What's in store for you once you reach retirement age? Congratulations, you've made it to retirement age! Let's find out what milestones are in store for you next.  Age 65 - You probably won't miss this one due to the amount of mail that you'll be getting. You'll want to review the literature so that you know what kind of Medicare to sign up for. You can also now withdraw HSA funds for non-medical purposes without a penalty. Age 66-67 - Full retirement age for Social Security used to be age 65 but now, depending on your birth year, it is between 66 and 67.  Age 70.5 - This used to be the time of life when you had to take RMDs. Now the only notable aspect of this age is that you can make qualified charitable distributions (QCD). This is a fantastic way to donate money to your favorite charities if you are so inclined.  Age 72 - The required minimum distribution age has recently increased from 70.5 to 72.  Who is holding you accountable? You may know about many of these milestones, but it is helpful to have a reminder to take action once you reach these ages. One way to ensure that you are making the most of your financial life is to have someone help hold you accountable. A fee-only financial advisor with Financial Symmetry can do exactly that. Give us a call if you would like to ensure that you are doing everything you can to stay on top of your financial life.  Outline of This Episode [2:19] What to think about when children are born [5:52] Why age 26 is important [12:55] You can take Social Security at 62, but should you? [16:35] The RMD age has changed [18:13] Today's progress principle Resources & People Mentioned Table Topics Game Episode 59 - Tax Solutions for Charitable Giving Episode 46 - What Tax Strategies Am I Missing? Episode 72 - 7 Tax Reform Strategies and How to Spot Them Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

With the turbocharged real estate market, buying a house is not as easy as it once was. We've all heard stories of houses getting multiple offers even before they are listed or homes selling well over the asking price. Stories like these have many people thinking about moving.  Short Video recap: https://www.youtube.com/channel/UCw9vXJ3JyO-pHEcQ1p9O-Lw?view_as=subscriber On this episode of Financial Symmetry, we explore whether or not it is worth the effort to buy a home in a seller's housing market. You'll learn the reasons why the housing market is so hot, questions to ask yourself, and alternatives to buying a home.  Why is the housing market so hot? If you have talked to your neighbors or seen the news lately, you know how hot the housing market is. Everyone has heard stories about bidding wars and people receiving multiple offers on homes. It is definitely a seller's market, but why?  There are several reasons that home sales are through the roof. As with any economic force, when demand outstrips supply, then the market becomes one-sided. Since people have been spending more time at home and even working from home, they have had an opportunity to evaluate the pros and cons of their place of residence. Couple this with an influx of cash from higher incomes and injections of cash into the economy, and many people are ready for a change of scenery.  Steps you should take before you consider a move But just because the Jones's are packing up and moving, does that mean that you should too? Before you think of selling your home you should stop and consider a few questions. Since this is such a big financial decision you can take advantage of financial planning to help you analyze this choice.  After you figure out why you want to move, you need to consider what steps you need to take to prepare. Buying a home is not as easy as it once was, so you'll need to make sure that you have a preapproval letter in hand before looking at any houses. It's also important to realize that in a hot housing market, contingency offers are off the table. You won't be able to compete with cash offers if you are trying to buy a home based on the sale of your own home. So if you must sell your current house to come up with a down payment, then you may need to rent for a while after the sale of your home.  Know how much you can afford Your housing costs should be between 28%-36% of your monthly income. Many people know this but they only figure in the mortgage without figuring in the other expenses that come with moving to a new home. It is important to watch out for the lifestyle creep that often comes with moving. You don't want to end up being house rich and cash poor. One way to ensure that you don't get roped into spending too much is by coming up with a maximum number that you can afford and telling the realtor a number that is 20%-30% less. Don't rely on the bank to decide how much you can afford since they will be happy to lend you more. Where will your down payment come from? The next consideration is where will you get your down payment? There are 4 primary ways to come up with a down payment. Many people rely on the sale of their home for a down payment. Others have cash set aside in savings. Another consideration is to use a 60 day IRA rollover. This will allow you to avoid the taxes that come from withdrawing from your IRA if you repay the money in 60 days. Oftentimes, this allows you to close on the home you are selling and replace the money in the account. However, this could backfire if the sale of your home falls through or gets delayed. The last way to fund a down payment is to take out a HELOC on your existing home. It is important to do this before you put your home on the market. Listen in to hear some alternatives to buying a new home that you should consider before taking the leap and moving.  Outline of This Episode [1:07] Reasons why the housing market is so hot [3:10] What considerations should you be thinking about? [11:34] Where will your down payment come from? [15:33] What are some alternatives to moving [17:10] Today's progress principle Resources & People Mentioned Rocket Mortgage Modern Family WSJ article on down payments HGTV Episode 116 on buying a second home Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Welcome back to the last episode in this Listener Questions series. From time to time I step away from our usual monthly themes and dedicate an entire month to answering your questions. This week I have requested help from friends to answer your burning retirement questions. Press play to learn more about the rule of 55, Social Security, using HSAs before Medicare, and more.  Will I regret not paying off my mortgage? Mark and his wife are planners. Most of their life has gone according to the plans they made; including their timeline for retirement. However, recently their retirement plans changed. Instead of paying off their house in preparation for retirement, they decided to buy a new home by the beach with a mortgage. After careful assessment, they realized that they have enough money to live comfortably on their pensions with this mortgage payment, but Mark wonders if he will eventually regret the decision to keep the mortgage and not pay off the house.  Have you grappled with the decision of whether to pay off your mortgage or not in retirement? Listen in to hear Chad Smith from the Financial Symmetry podcast answer this question. He may provide some insight that you hadn't considered.  Should you use a 3-4% increase in Social Security benefits when planning your retirement? You may have noticed that many financial planning tools default to increasing Social Security benefits 3-4% per year in their projections. While a 3-4% increase is the average cost of living adjustment for the program, it does not increase at the same rate each year. As a matter of fact, There have been many years in recent history when Social Security hasn't risen at all.  Taylor Schulte from the Stay Wealthy podcast prefers to be more conservative in his predictions. He uses a 1% average increase in projected Social Security benefits when helping his clients create their retirement plans. He has found that it is better to be conservative when making assumptions so that his clients are prepared for extreme, unpredictable situations. In retirement, you don't want to be caught off guard.  Meaning and purpose in retirement To have a successful retirement, you must have meaning and purpose in your life. You may agree with this statement, but have you ever defined these terms?  Meaning is an internal concept that is important to you and gives you pleasure. Meaning allows you to use your unique gifts and talents to feel useful. Since meaning is internal, it doesn't matter whether society thinks something is meaningful, meaning can only be defined by you.  Purpose is an external concept that involves looking outside yourself to make a difference in the world. It doesn't matter if that difference is earth-shattering or whether it is as simple as bringing joy to your grandkids.  The key to a successful retirement is to find activities that provide both meaning and purpose. Decide which activities are meaningful to you. Look around to see how you can make a difference in your world so that you can attain a sense of fulfillment. What will you do to find meaning and purpose in your retirement?  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [1:30] A rule of 55 question [4:10] The ramifications of the decision to not pay off the mortgage [8:38] A Social Security question [11:27] Using health savings accounts vs. health reimbursement accounts before age 65 COACHES CORNER WITH BW [14:04] Defining meaning and purpose in retirement Resources Mentioned In This Episode Andy Panko, Tenon Financial Group Andy Panko's Taxes in Retirement Facebook group Chad Smith from Financial Symmetry Taylor Schulte Stay Wealthy podcast Tanya Nichols, Align Financial Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger's Retirement Learning Center

Are you a super saver? If so, you may feel like you are doing a lot of the right things to save for retirement, but you are not sure where to go next. Check out our Youtube channel for a short video recap: https://www.youtube.com/channel/UCw9vXJ3JyO-pHEcQ1p9O-Lw In this episode of Financial Symmetry, we explore the different ways to save for retirement outside of your 401K. You'll learn what each type of account is used for, how you should save in each one, when is the best time to save, and how to withdraw. Let's explore the various ways that you can save for retirement.  Retirement investment vehicles If you have been maxing out your 401K, you are ready to move onto the next step in retirement savings, but with so many different types of accounts to choose from, it can be hard to know which one to choose. All you have to do is learn about them to choose from the different investment vehicles. To make the various types of accounts more memorable, we are equating these investment vehicles to actual vehicles. Listen in to hear how to use the right set of wheels to drive you to retirement.  The health savings account  The health savings account can be compared to a Jeep Wrangler. Like the Jeep Wrangler, the health savings account has a specific purpose, but it also has added benefits. The purpose of a health savings account is to be used for medical expenses, however, it also has a triple tax advantage. You must be enrolled in a high deductible health insurance plan to qualify for a health savings account, but if you can use one, this is a fantastic way to save and invest for future healthcare expenses.  The backdoor Roth  The backdoor Roth is the Rolls Royce of retirement savings. Like the Rolls Royce, the backdoor Roth is unique and specifically designed for high-income earners. A regular Roth IRA maxes out at $6000 per year. With the Roth and the backdoor Roth, you will save so much in taxes that it will offset any fees that you incur.  The mega backdoor Roth The mega backdoor Roth can be compared to the Koenigsegg Gemera. Similar to the Koenigsegg Gemera, you may not have heard of the mega backdoor Roth. You'll need to buckle up to drive both of these vehicles because the mega backdoor Roth will turbocharge your retirement savings. The mega backdoor Roth allows you to contribute an extra $35,000 in a Roth. You won't see any tax savings upfront, but you will see it in retirement since this is a tax-deferred account. This account will provide a huge impact on your long-term saving for retirement. If you want to take your savings to the next level, check out the mega backdoor Roth. The brokerage account Many people don't even consider this account a retirement savings account, but like the trusty Honda Accord, a common brokerage account can be just as dependable. You can use a brokerage account like a super-charged savings account. Yes, there are more tax-efficient accounts, but the benefit of a brokerage account is that there are no restrictions which gives you more flexibility. If you feel restricted by the other retirement accounts, you may want to consider saving for retirement in a brokerage account.  You won't want to miss our last comparison, the DeLorean. Listen in to hear which type of account we compared to this unique car. Which investment vehicle sounds right for you?  Outline of This Episode [2:13] The health savings account [5:22] Backdoor Roth [9:05] Mega backdoor Roth [13:45] Brokerage account [17:27] The 529 account [20:08] The progress principle Resources & People Mentioned Episode 47 - Why Do I Need an HSA? Episode 91 - The Mega Backdoor Roth Tax Loss Harvesting in Bear Markets Cars with suicide doors The DeLorean Koenigsegg Gemera Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

You may have heard a lot on the news about President Biden’s tax plan. Are you worried about how it will affect you and your tax situation? In this episode of Financial Symmetry, Grayson Blazek helps to demystify Biden’s tax proposal. You’ll learn how you may be affected and whether or not you should be worried. Don’t wait until April 15 to start your tax planning! Press play to learn what you can expect next year.  Short Video Recap: https://youtu.be/wFzuPLnT9qc When does the new tax law take effect? Even though you may have heard plenty about Biden’s tax plan, it still isn’t the law--yet. As of May 2021, there has been no bill signed. This much-discussed tax plan still needs to make its way through Congress. There may be changes that take place in the way the plan is structured as part of the negotiation process. Although it hasn’t passed yet, it is still a good idea to learn as much as you can about the proposed tax law so that you can get a jump start on your future tax planning.  Who benefits from the proposed tax law? If your annual income level is at or below $400,000 there are many tax planning opportunities that come with the proposed tax law. The most notable change to the current tax plan is in the child tax credit. This tax credit will rise from $2000 per child to $3000. Additionally, for children under the age of 5, the child tax credit will be even higher--$3600. You may even see your tax credit hit your account early starting in July of 2021. Learn what you should be watching out for as Grayson Blazek explains how the new child tax credit will work.  How will this tax plan affect your retirement accounts? The proposed tax law could turn retirement planning on its head. Many people use a 401K as their preferred retirement savings vehicle, but with the new proposal, the tax benefits of the 401K may no longer be as attractive for high-income earners. The Roth IRA could become the preferred avenue. When the new tax plan takes effect you may want to change your retirement contribution strategy. Press play to learn why. Don’t let the tax tail wag the dog! Even though it is important to plan ahead when it comes to taxes, you don’t want the tax tail to wag the dog. This means that you don’t want your tax planning to decide everything about your financial planning. Taxes are a big part of financial planning, but it is also important to note that they are simply an inevitable side effect of making money. Now that you know a bit more about the future of tax laws you can begin to think forward to next year and beyond to structure any big liquidation events and consider where you stand financially. Download the Biden Tax Plan Decision Tree at FinancialSymmetry.com. Outline of This Episode [2:33] Don’t be in a rush to make any changes to your tax planning--yet [7:34] Some benefits of the new tax laws [12:35] What to look out for if you make between $400,000-$1M [17:45] Retirement account tax planning could change completely [23:48] Estate planning considerations [28:08] Today’s progress principle Resources & People Mentioned Schitt’s Creek Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Have you ever been on your way to an epic summer road trip and then all of a sudden you come upon a roadblock? That can ruin the excitement you feel for the upcoming trip. This can happen in retirement as well. In retirement, you may confront roadblocks on your journey and if you don’t know how to maneuver around them it can leave you feeling stuck.  On this episode of Financial Symmetry, Allison Berger joins me to discuss 3 not so obvious retirement roadblocks that you may encounter along your retirement journey. We want to be your GPS so that if you experience them you can find your way around them without too much hassle.  Sequence of return risk  Your first years of retirement are so important when it comes to investment returns. Sequence of return risk is when you have several years of bad returns at the beginning of retirement when you are starting to withdraw your money. There is no way to control your market returns, but there are ways to mitigate this risk.  To combat sequence of return risk, you’ll need to maintain a balanced portfolio the way you maintain a balanced diet. Use the financial food groups! In retirement, you can no longer subsist solely on financial junk food (stocks). You’ll want to make sure that you have a healthy serving of vegetables (bonds and cash) thrown into the mix.  After maintaining a growth mindset in the accumulation stage of life by using mainly stocks, you may be hesitant to reduce your risk load in retirement. However, having a balanced portfolio can ensure that you won’t be forced to sell when prices are down.  Inflation You want to ensure that your money will be worth something in retirement, but inflation reduces purchasing power over time. We can visualize how inflation works by thinking about what the price of milk was 20 years ago. Inflation not only impacts the prices of goods but also impacts your retirement income. Even with the cost of living adjustments, your Social Security may not have the same buying power in 20 years.  Inflation is also known as the silent assassin. It is most dangerous for those who are overly cautious. To fight inflation you’ll need to make sure that there is some growth in your portfolio. You’ll need to take on some risk.  Unforeseen tax bombs  It is important to understand how different events can impact your taxes. The best way to combat unforeseen tax bombs is through multi-year tax planning. Most people are used to tax planning one year at a time, but retirement offers an opportunity to plan ahead. You can reduce your lifetime tax burden by thoughtful planning. Create your retirement road map If you put together a financial plan for retirement you’ll have a road map for the years ahead. In retirement, you’ll want to become flexible and look for opportunities. This is part of what we do with our clients. If you are interested in using us as your GPS to help you through those retirement roadblocks then check out our website and click Learn More. Outline of This Episode [3:07] Sequence of return risk can ruin your retirement [9:45] Inflation is the silent killer of retirements [14:14] Unforeseen tax bombs can derail your tax strategy [20:47] Today’s progress principle Resources & People Mentioned Episode 89 - Sequence of Return Risk Kitces article Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

What are you investing for? Many say higher or better returns--but higher or better than what? What do those higher returns make possible for you?  Video recap: https://www.youtube.com/watch?v=tKC2ulw3cz8 To have a successful investment experience you need to have a plan in place. Mike Eklund joins me once again on this episode of Financial Symmetry to discuss our 3 step investing process. This process creates the guideposts for all Financial Symmetry clients. Listen in to learn why failing to plan means you are planning to fail.  Why do you need a plan? Have you ever thought about why you are investing in the first place? Before creating your investment plan you’ll want to set your goals. This way you can understand what kind of returns you need in order to achieve your goals.  We are all often guilty of the lottery mindset--that mindset that thinks if we could choose that one next big thing then we would be set. All we needed to do was buy Apple in 2000, or Tesla in 2012, or Bitcoin at $1000. But the reality is, successful investing requires a plan. Your investment plan can help you understand when to buy and sell or increase or reduce risk in your portfolio.  Our 3 step process At Financial Symmetry, we use a 3 step process to help our clients achieve their financial goals. Determine when you need the money. Will you need it sooner or later? When you need the money determines the amount of risk you can take. The longer you own stock the more the risk diminishes, so as investors, we are short-term pessimists and long-term optimists.  Have a plan in place. Having a plan means that you won’t have to react to market events. This is why the rules-based process is so important. Think about what you can control and implement the plan by using low-cost, high-quality investments. Whether you use index funds or active funds doesn't matter as much as how you plan.  Monitor your investment plan so that you can stay invested. Take advantage of opportunistic rebalancing and buy and sell based on your target percentage. Many people leave out this step but it is just as important as the other two steps.  5 things you can expect as a Financial Symmetry client You may be wondering what we at Financial Symmetry offer to our clients. Our clients can expect these 5 things from us. Our focus is to help you achieve your goals. We focus on long-term success over short-term results.  Clients can review their investments on a daily basis in the Client Center.  We know that communication is important, so we make sure to answer your questions. We understand that it's your money we are working with. We provide years of experience and do extensive research on all our investments.  We all invest in the same way as our clients. We can help you reach your goals What is your investment plan? Do you have a rules-based process? Investing is a lot like fitness. Everyone wants to start, but it can be hard to keep up. We can be your financial personal trainer and help you stay on track to reach your goals. We can make investing easier for you. If you don’t have the knowledge, experience, and interest to do this all on your own we can help. Outline of This Episode Why are you investing in the first place? [3:40] We follow a rules-based process [6:02] Monitor your investment plan [15:32] 5 things to expect as a Financial Symmetry client [18:21] The progress principle [23:25] Resources & People Mentioned Episode 118  Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Have you wondered if there are any financial mistakes that you may have been making? Video recap here: https://youtu.be/9fsWlp56R2U Sometimes our financial mistakes aren’t obvious, so in this episode of Financial Symmetry, we discuss 3 hidden financial mistakes that you may be making and how you can spot them.  Uncertain outcomes cannot be predicted Are you guilty of believing an uncertain outcome is certain? Sometimes we feel confident that things are going to happen. This can be true even with geopolitical events like the Coronavirus. You may have known the virus would happen, but could you have predicted this current situation?  People are naturally overconfident, but the market is smarter than you. Trying to anticipate corrections will cost you money. In fact, trying to anticipate market corrections will end up costing you more money than the market corrections themselves. One way to prevent overconfidence is by talking through potential outcomes with a financial advisor or a financial accountability partner.  Don’t underestimate the market’s ability for positive surprises Many people have a negative money script or way that we view finances. This scarcity mindset could penalize their financial potential. There will always be reasons to wait it out or not invest, but instead of focusing on those reasons focus on not missing out on opportunities. You don’t want to take a pay cut in retirement because of missed opportunities.  We often delay financial decisions to give ourselves time to think about it more or evaluate the alternatives and to consider all outcomes. But often the best investments are the most difficult ones that you have to make. This is why having an investment plan makes sense.  “Investing is a lifelong journey. Making money slowly is much better than making then losing money quickly.” -- David Booth.  Are you missing hidden tax opportunities? There are different tax opportunities that can be taken depending on your phase of life and how the laws change. One opportunity that many retirees were able to take advantage of this year was the lack of required minimum distributions (RMDs). This allowed people to do Roth conversions. Retirement brings on a wealth of tax planning opportunities since you have more control over your income in retirement. Advanced tax planning early in retirement can help you save on your lifetime tax bill. Listen in to hear how long-term tax planning can save you money over your lifetime.  Estate planning pitfalls Estate planning is often the last part of a financial plan that people want to address since it is the least enjoyable part of financial planning. But if you want a say in what happens to your money after you are gone then you’ll need to create an estate plan and review it periodically. Check out episodes 102 and 122 to learn more about estate planning.  Do you have enough? Are you saving enough? When is the best time to invest? Are you missing out? These are all questions that can be answered with the right financial plan. Think about what a financial plan can do for you. If you are looking for a financial advisor to help you create a financial plan click through to our website. .Outline of This Episode [2:40] Believing an uncertain outcome is certain  [10:16] Missing hidden tax opportunities  [14:50] Are you taking advantage of an HSA? [17:15] Estate planning pitfalls [21:18] Today’s progress principle Resources & People Mentioned Charlie Munger Episode 91 - Your Retirement Secret Weapon Episode 47 - Why Do I Need an HSA? Episode 102 - How the SECURE Act Will Impact Your Retirement Episode 122 - Leaving and Receiving an Inheritance by the Decades Roger Whitney - The Retirement Answer Man podcast Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

Dr. Katrina Burrus discusses with Stacey Brown Randall the importance and impact of referrals as they answer the following questions. What is a referral? Where do referrals fit in our sales strategy? How not to get a referral. Where do you start to generate referrals? Who does your methodology work best for? Who is Stacey Brown Randall? Stacey Brown Randall is the multiple award-winning author of Generating Business Referrals Without Asking, host of the Roadmap to Grow Your Business podcast and national speaker. She has had the privilege of helping well-known corporations and franchises but her focus is on small business owners and solopreneurs including HM Properties, O’Connor Insurance Associates, Keller Williams Real Estate, Farris Cooke CPA, Tyra Law Firm, Nicole Odom Coaching, Slater Interiors, HF Financial, Kintsugi Home Staging, Financial Symmetry, Rae Images, CAJA Bookkeeping, and hundreds more. Stacey has been featured in national publications like Entrepreneur magazine, Investor Business Daily, Forbes, CEO World, Fox News and more. She received her Master’s in Organizational Communication and is married with three kids. Excellent Executive Coaching Podcast If you have enjoyed this episode, subscribe to iTunes. We would love a review on iTunes or other platform. The EEC podcasts are sponsored by MKB Excellent Executive Coaching that helps you get from where you are to where you want to be with customized leadership and coaching development programs. MKB Excellent Executive Coaching offers leadership development programs to generate action, learning, and change that is aligned with your authentic self and values. Transform your dreams into reality and invest in yourself by scheduling a discovery session with Dr. Katrina Burrus, MCC to reach your goals. Your host is Dr. Katrina Burrus, MCC, founder and general manager of www.mkbconseil.ch a company specialized in leadership development and executive coaching.

Estate planning is one of the most overlooked and procrastinated upon areas of financial planning. Video recap: https://youtu.be/NB2S1FWWH2s While your legacy is important, it doesn’t generally take the front seat of your thoughts or your financial plan. There’s more to legacy planning than just having a will, but how much more depends on which stage of life you’re in. Find out what you should be doing to plan your legacy whether you’re in your 30s, 40s, 50s, or 60s by listening to this episode of Financial Symmetry.  What should someone in their 20s and 30s be doing about their estate planning? When you’re in your 20s and 30s legacy planning starts with creating a will. A will gives you a good foundation and will get you thinking about electing your beneficiaries. You’ll also want to select your beneficiaries on your investment accounts.  Once you get married and start having children, then it’s important to keep your plans updated. It’s also a good time to get term life insurance. Make sure to revisit your will and the beneficiaries on your investment accounts periodically or with major life changes like a move or a new baby.  What are the important legacy planning considerations for someone in their 40s? When you’re in your 40s you probably have more accounts and higher balances than you did in your 30s. Have you kept up with all of your retirement accounts from previous employers? The key to staying on the right track is to stay organized. Make sure to check in on your beneficiaries and estate documents from time to time.  Tax planning is important in your 50s and 60s If you are in your 50s and 60s you may be in the sandwich generation. This means you may have elderly parents and your own kids embarking on adulthood. This is an age when many really start thinking about their own legacy. It’s a good time to start thinking of Roth conversions. You can start tax planning not just for yourself but for your entire family. Think about how you can pass on your assets with the most after-tax value. What should you do if you inherit money? If you receive an inheritance there are different things to consider depending on your age and financial situation. You may want to consider paying off loans, buying a house, or even taking a mini-retirement. Having a financial plan in place can give you the confidence to do exactly what you want with those funds.  Estate planning is usually the last item on your financial planning list of things to do and it often takes another person to spur you on. A professional like an attorney or a financial planner often help guide you through this process. Let us know if you would like some help getting your estate planning in order. Plan today to make the most out of your retirement. Outline of This Episode [2:30] What should someone in their 20’s or 30’s be thinking about with estate planning? [5:31] What are important legacy considerations for someone in their 40s? [8:03] When you’re in your 50s and 60s it’s a good time to think about tax planning [13:22] What should you do with an inheritance if you’re in your 20s or 30s? [17:16] What can people in their 40s do if they know an inheritance is coming? [21:52] How does your mindset impact how you use an inheritance? [25:07] Start the conversation with your family  Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

Stacey Brown Randall is the multiple award-winning author of Generating Business Referrals Without Asking, host of the Roadmap to Grow Your Business podcast and national speaker. She has had the privilege of helping well-known corporations and franchises but her focus is on small business owners and solopreneurs including HM Properties, O’Connor Insurance Associates, Keller Williams Real Estate, Farris Cooke CPA, Tyra Law Firm, Nicole Odom Coaching, Slater Interiors, HF Financial, Kintsugi Home Staging, Financial Symmetry, Rae Images, CAJA Bookkeeping, and hundreds more. Stacey has been featured in national publications like Entrepreneur magazine, Investor Business Daily, Forbes, CEO World, Fox News, Cheddar TV Network and more. She received her Master’s in Organizational Communication and is married with three kids. https://www.staceybrownrandall.com/ https://www.staceybrownrandall.com/quiz Book link on Amazon: https://www.amazon.com/Generating-Business-Referrals-Without-Asking/dp/1683509269/ref=sr_1_2?crid=39MDIKFER2FKU&dchild=1&keywords=generating+business+referrals+without+asking&qid=1597412491&s=books&sprefix=generating+business%2Caps%2C233&sr=1-2 Learn more about your ad choices. Visit megaphone.fm/adchoices

We know how important it is to save for retirement, but at the same time, it’s important to enjoy life now. In this episode, we’ll walk you through how to set up a framework for your investment strategy. Short Youtube Recap: https://youtu.be/LRcH7hwbUYY You’ll learn how important your behavior is to your investment success, how to think through your asset allocation choices and finally how to select the investments themselves.  Investment behavior matters more than any investment you pick What is your investment approach? How you make decisions with your investments can make or break your investment success. You may think that your returns are solely based upon which investments you choose, but the reality is that your investment behavior figures into your returns much more than any specific investment that you choose. Think about last March. What was your reaction to that volatile market? Did you buy, sell, or do nothing? Even though it’s challenging to know how to react in those moments, in a volatile market every move you make counts. The dominant determinant of long-term, real-life financial outcomes isn’t investment performance; it’s investor behavior. –Around The Year with Nick Murray Asset allocation is also important to your investment strategy The second driver to success in investing is your asset allocation. Asset allocation is simply the measure of how your portfolio is dispersed. How much do you have invested in stock and bonds? What percentage of your stocks are US-based? What percentage are international? Asset allocation also takes into account whether your stocks are large-cap, small-cap, etc. Your asset allocation is an important part of realizing your investment returns. How we pick investments  It’s important to have an independent mindset to help you pick your stocks. You don’t want to just follow the pack and do what everyone else is doing. There are several key areas that help us choose stocks at Financial Symmetry. The areas are ethical company culture, low costs, evidence-based, tax-efficient, and whether it is repeatable. We continually ask questions about the investments we choose. And if we don’t like the answers, we don’t invest in those companies.  Do you have an investment plan in place? What is your investment plan? Think about the strategy that you have used to make decisions about investing. An investment plan includes more than investments, it encompasses behavior and asset allocation. If you don’t have one consider working with a fee-only financial advisor. Having an investment plan could be the difference between a successful retirement and an uncertain one. What is your investment strategy? Try taking the quiz in our blog post to determine your investment composure. https://www.financialsymmetry.com/do-you-ask-these-questions-when-selecting-investments/ Outline of This Episode [2:25] Investment behavior matters much more than any investment that you pick  [5:28] How to pick investments [9:41] Active funds vs passive funds [14:41] Process is important [19:50] Think about the strategy that you have used to make decisions about investing [20:12] Progress principle of the day - take the quiz Resources & People Mentioned Dimensional Investing Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

I’m excited to share with you this next series of episodes. Over the next 4 episodes, we will explore how to make better decisions for yourself in retirement. Today we’ll examine what a decision is and think about all the different choices you have to make in retirement. Learn how to evaluate your decision-making process and discover how to make better retirement choices on this episode of Retirement Answer Man. Decision fatigue can wear you down Every day we are faced with so many choices. Have you ever looked at the number of different kinds of toothpaste there are to choose from? Even that small choice is overwhelming.  If you don’t have a framework in place to help you make decisions you can easily get worn down. This type of exhaustion is called decision fatigue. The more decisions you have to make the more your willpower becomes depleted. When decision fatigue sets in people often turn to the choices they have always chosen in the past. What do you do when you become overwhelmed by choices? There are so many decisions you face in retirement Think about all the decisions you need to make surrounding retirement.  When are you going to retire? Will you retire fully or ease into it? What will your spending look like? How will you create a paycheck for yourself? How will you protect against inflation? How will you pay taxes? Who will you spend your time with? Where do you want to live?  The list goes on and on.  And with each of those big decisions a decision tree with massive roots and limbs sprouts with new questions. It becomes easier to simply ignore all of those retirement choices and stick with the status quo. Is there a better way to make decisions?  The goal of this series is to help you build a framework to harness decisions. You’ll learn how to make good incremental decisions so that you don’t become overwhelmed. You’ll discover how to focus on the right decisions, the ones that really impact your life. You will develop a structure to get to the result that serves you the best. As a result, this framework will help you improve the quality of your life in retirement.  Are you ready to learn how to start making better decisions? Don’t miss this series, it could change the course of your life in retirement! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT'S THAT MEAN? [2:16] What is a decision? PRACTICAL PLANNING SEGMENT [3:55] There are so many choices to make [9:04] Set some rules to combat decision fatigue Q&A WITH CHAD SMITH [16:10] What is the Financial Symmetry podcast about? [18:12] Does it make sense to have a high yield savings account? [27:45] How you can access webinar replays [28:41] What about the SWAN ETFs? [37:36] Jane did a direct transfer from a 401K to an IRA [41:16] What’s on Financial Symmetry this month? TODAY’S SMART SPRINT SEGMENT [42:30] Premake one decision for yourself Resources Mentioned In This Episode PODCAST - Financial Symmetry with Chad Smith BOOK - The Behavioral Investor by Dr. Dan Crosby Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

The CARES Act was just recently passed and the new law will impact just about every American. But do you know how it will affect you? View Youtube recap here: https://youtu.be/BTaeWH0aEB0 On this episode of Financial Symmetry, Grayson Blazek joins me to give you some actionable information that you can use to help you consider how best to take control of this challenging financial situation. During this stressful time, it will be helpful to learn as much as you can to give you a feeling of empowerment. Who is eligible for the recovery rebate?  The most discussed part of the CARES Act is the recovery rebate. The full rebate is eligible for taxpayers that make $150,000 or less when filing jointly with their spouse or $75,000 for single filers. If you make more than that you can use a calculator discover how much you will receive. The full rebate is a one-time payment of $1200 per adult and $500 per qualifying child. The recovery rebate will be directly deposited into the bank account listed on your most recent tax return. Listen to this episode to hear if you should file your taxes right away or if it would be best for you to wait a bit longer.  What happens if you or your income is impacted directly by Coronavirus? If you have been impacted directly from the Coronavirus directly or if you have experienced lost wages then you will be able to pull funds out of your retirement accounts in the year 2020 without the usual 10% early withdrawal penalty. These funds will still be taxed, but you can spread the tax burden over a period of 3 years if needed. The CARES Act also changes the maximum 401K loan limit from $50,000 to $100,000. You’ll want to carefully consider before taking the full loan amount.  What else did the CARES Act change? There were several other changes that should be noted as well.  No RMD’s in 2020. The CARES Act waived the required minimum distributions for the year 2020.  You can take an above the line deduction of up to $300 for charitable giving. To encourage citizens to continue supporting their favorite charities during this crisis the law has created this deduction for one time charitable giving.  Federal student loans have been suspended until September 2020. This is only for federal student loans, but this was designed to help people free up their cash flow. There has been an increase in unemployment benefits in both the maximum amount of money you can receive and the amount of time that you can receive it.  If you have a federally backed mortgage you can extend your loan by up to 6 months. How did healthcare change with the CARES Act? This landmark legislation didn’t only affect people’s finances, it made some changes to health care as well. The CARES Act has ensured that health insurance will have to pay for any COVID testing or potential vaccines that are developed. It also expanded qualified medical expenses for HSA’s. What will be the biggest change brought to you by the CARES Act? Outline of This Episode [1:27] Who qualifies for the recovery rebate? [8:18] What happens if your income is impacted directly by Coronavirus [13:12] What has changed with RMD’s? [14:30] Qualified charitable contributions have changed [17:38] Federal student loans have been suspended until September 2020 [20:11] Increase in unemployment [23:44] Will your mortgage payment be delayed? [26:52] What changed in health care? Resources & People Mentioned Stimulus check calculator Connect with Grayson Blazek Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Podcasts

Cornoavirus concerns continue to impact the financial markets, as have all the numberless crises that have gone before it. While the potential human and economic effects are very unsettling, what actions should a prudent investor take given this new development? Short Video Recap Here: https://youtu.be/Wsy6OTuY-yI It remains impossible to predict when and how this problem will be resolved.  Likewise, it is impossible to know when and how the markets will anticipate (or react to) such a resolution.  In this episode of the Financial Symmetry show, hosts Chad Smith and Mike Eklund, evaluate all the available information to determine how you should approach your investment strategy. Market declines are a regular occurrence and happen frequently. Selloffs provide an opportunity for investors to absorb new information, squeeze out excesses and reset values to more attractive levels. For existing retirees, we set-up portfolios to include 5-7 years’ worth of high-quality bonds/cash to absorb market declines.  For savers, market declines are great news as it allows you to buy stocks at lower prices through regular contributions. We understand the desire to try to head off market declines by moving into safety. However, our view is that the only way to capture the full permanent returns of equities is to ride out their temporary declines. The danger of trying to time the market is that you will sabotage your personal investment strategy by getting out at the wrong time and then compounding that by getting back in at the wrong time. Summary Fear is a natural reaction. It's impossible to predict the future. There is always uncertainty in investing. Disciplined investing is hard. If you are feeling uncertain, review your financial plan before your portfolio. Other Helpful Links Capital Group: Coronavirus Rattles Markets: What's Next for Global Growth? Dimensional Fund: The Coronavirus and Market Declines Our Ebola commentary from 2014 CNBC: Avoid this investing mistake as coronavirus fears grip the markets Episode 71: How to Ignore Stock Market Noise Episode 75: The Bear Market Survival Guide A Wealth of Common Sense: What If You Only Invested at Market Peaks? The Financial Symmetry Podcast is an original podcast from Financial Symmetry in Raleigh, NC. To learn more about the show or the past 105 episodes, visit https://www.financialsymmetry.com/retirement-podcast/. The hosts and guests in this video do not render or offer to render personalized investment or tax advice in this podcast. This podcast is for informational purposes only and does not constitute individualized advice or a guarantee that you will achieve a desired result. You should consult with appropriate tax and financial advisors for advice specific to your situation.

Will your retirement regrets list be full of "I wish I would have...?" What if you could use regrets of other retirees to change or improve your current course? Short Youtube Recap here: https://youtu.be/CiGxXeem2yI Listening to the wisdom of those that have gone before you, can help you avoid their big mistakes and take advantage of financial opportunities you may have missed. In our role as financial advisors, we have the unique opportunity of hearing a long list of retirement regrets. In listening to their perspectives, we gain an understanding of the path they took and the things they wish they could have done to prepare for retirement. In this episode of the Financial Symmetry podcast with Chad Smith and Allison Berger, we break down the top retirement regrets that investors typically experience. Listen in so you can learn from others and ensure that you don’t make the same mistakes they did. 9 Avoidable Retirement Regrets I wish I had a detailed retirement plan. 3 out of 4 baby boomers don’t have a detailed retirement plan. Without a retirement plan, it makes it hard to anticipate what may come next. You'll need to consider those big purchases, how often will you buy cars, and if you are going to move. Life can feel much more uncertain in retirement, without the dependability of a steady income you’ve relied on your entire working life. Without a plan, opportunities could be passing you by each year. I wish I hadn’t planned to work so long. There are many people who plan to work until age 70, but due to unforeseen issues, they had to stop working before they were ready. Some had to stop due to family illness, layoffs, or forced early retirement. Whatever the reason, running what-if scenarios could leave you more prepared to face the unknown risks that are lurking. I wish I would have started saving in a tax-free account earlier. An often overlooked strategy while saving, is your lifetime tax rate. By focusing on tax-free savings, it creates flexibility for future retirement withdrawals. There are many that think they can’t take advantage of a Roth IRA due to having a high income, but there are options. Back-door Roths, after-tax 401k savings and HSA's all offer other opportunities. We've included past detailed episodes on all three in the links below. I wish I didn’t have such a big house. Many people become enamored with the idea of a mansion. So much that they sacrifice saving in retirement accounts. More expensive homes require more expensive upkeep. The social pressures in higher priced neighborhoods cause extra lifestyle creep. Years pass, and you realize savings isn't where you thought it would be. Once reaching retirement, downsizing becomes the new trend but moving is often delayed due to frustrations of moving and decluttering their homes. I wish I hadn’t worried so much about market drops. The idea that you could lose half of your savings is scary. There is always a reason you should not invest, but inflation is the silent killer that awaits you, if you don't. Finding the appropriate risk is vital to helping you sleep at night. Research shows a tremendous difference when missing the best days in the market. So while timing market drops is tempting, a buy and hold strategy with appropriate percentages of risk is your best bet. I wish I hadn’t counted on rental income. Be careful about counting on rental real estate if that is your plan. Assure you are factoring in all expenses to your calculation with forecasting returns on rental real estate. Appreciation rates will suffer, if proper maintenance is not kept up on properties. This could affect the long-term health of your financial plan. I wish I would have invested more in friendships. Think intentionally about how you will spend your time in retirement. Many people end up socially isolated in retirement. Retiring to something vs. from something can add to happiness levels and improve your odds of a successful retirement with less regret. I wish I hadn’t taken Social Security so early. Delaying Social Security can be a benefit in multiple ways. An alarming amount of people (57%) take Social Security before their full retirement age. This decreases the amount they could receive and provides more tax flexibility. Less guaranteed income, provides for more IRA/401k withdrawals at lower tax rates potentially.  If you are married, you might also consider the survivor benefit element. Listen in to hear details of the benefits of delaying your Social Security. I wish I had had more experiences. Many wish they had traveled more while they were healthy or while their kids were still at home. Too many look back with the regret of waiting to late to travel. Outline of This Episode [3:07] I wish I would have had a detailed plan earlier [5:06] I wish I hadn’t planned to work so long [7:07] I wish I would have started saving in a tax-free account earlier [10:30] I wish I didn’t have such a big house [12:47] I wish I hadn’t worried so much about market drops [17:45] I wish I hadn’t counted on rental income [20:33] I wish I would have invested more in friendships [22:45] I wish I hadn’t taken Social Security so early [26:00] I wish I had had more experiences Resources & People Mentioned Episode 47 - Why do I need an HSA? Episode 101 - The Social Security Tax Bubble Episode 22 - Don’t Fail in Retirement Episode 36 - Money Can Buy Happiness Episode 91 - Your Retirement Secret Weapon: After Tax 401k Article - High Earners Can Still Save in a Back-door Roth IRA Nerdwallet - How to have a "no regrets" retirement BOOK - The New Retirement Mentality by Mitch Anthony Book - Your Retirement Quest by Alan Spector BOOK - Happy Money by Elizabeth Dunn The Financial Symmetry Podcast is an original podcast from Financial Symmetry in Raleigh, NC. To learn more about the show or the past 104 episodes, visit https://www.financialsymmetry.com/retirement-podcast/. Connect with us here: Allison Berger on Twitter @AbergerCFP Chad Smith on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe to this Podcast: Apple Podcasts Stitcher Google Play  

If you don't want to pay for referrals or be slimy or greasy, you just have to wait for them to come, no? There's no way to control or manage how often you get referrals, right? No! Wrong! Incorrect! You can control and manage your referrals, you can put a system and process in place and Stacey Brown Randall is here to show us how. In this episode, Stacey breaks down the five steps to getting referrals without asking. If you run a service or a product-based business, this episode will help you increase your client base so that you won't be desperate for clients again. My Guest: Stacey Brown RandallStacey Brown Randall is a member of the business failure club, a contrarian on how to generate referrals and a supporter of the entrepreneurial dream. She is a three-time entrepreneur, award-winning author of Generating Business Referrals Without Asking, host of the Roadmap to Grow Your Business podcast and national speaker. Stacey's programs help small business owners and solopreneurs take control of their referrals, their client experience and their business. She has had the privilege of helping well-known corporations and franchises such as Bank of America, Mass Mutual, and International Minute Press but her focus is on small business owners and solopreneurs from companies including HM Properties, Financial Symmetry, O'Connor Insurance Associates, Tyra Law Firm, Farris Cooke CPA, Slater Interiors, Rae Images, CAJA Bookkeeping, and hundreds more. Stacey has been featured in national publications like Entrepreneur magazine, Investor Business Daily, Forbes, CEO World, Fox News, Cheddar TV Network and more. She received her Master's in Organizational Communication and is married with three kids. Episode Highlights:02:49 I don't mean that to hurt anyone out there who like has the dream of owning your own catering company or restaurant business or a bar, whatever. I think you're crazy. And I can say that because I've worked in them. I've watched them. 06:41 I did a lot of networking. It's like the 7 million cups of coffee and eating rubber chicken every day for lunch and dinner at different networking events. And that's really how I built my business. 23:46 69 months later, we were kind of done. The [issue] was she actually has a lot of arthritis in her hands. And so we would go through big stretches where she couldn't use them. And guess what, her business partner didn't have a clue about to pick up the slack. 27:11 So I'm not going to go to the first date like all dolled up as if this is my real self: Grungy, no makeup, sweaty, hair kind of fuzzy and maybe a little smelly, because at some point in the relationship, this is what I'm going to look like, so it wouldn't be fair for me to present any other way. That's obviously ridiculous. Because if you do that you look like a psychopath. 36:43 I didn't start my coaching practice thinking I'm going to one day have an online program that teaches people how to get referrals without asking. But when I realized that had become my superpower in growing my business myself, I was like, and now I have my scalability idea.  46:59 So the other mindset that I have to fight is that “Oh, referrals just happen. If I don't want to ask or pay or be gimmicky, they just happen, and they're sporadic and you can't control them.” Absolutely not. They are not sporadic. You can control them. No, you cannot snap your fingers and have someone give you a referral. That's not how it works. But there is a process you can put in place. 1:06:42 When you're new, starting out and you go to people and you ask for help, I need help. But the people who care about you, is a very small circle. It is not everybody in your email list, which is why you don't blast it out there like crazy, right? Quote:Ask yourself the question: Was I brave today?   Resources & Links:Find Stacey: http://www.staceybrownrandall.com/ (staceybrownrandall.com) Find...

If you don't want to pay for referrals or be slimy or greasy, you just have to wait for them to come, no? There's no way to control or manage how often you get referrals, right? No! Wrong! Incorrect! You can control and manage your referrals, you can put a system and process in place and Stacey Brown Randall is here to show us how. In this episode, Stacey breaks down the five steps to getting referrals without asking. If you run a service or a product-based business, this episode will help you increase your client base so that you won't be desperate for clients again. My Guest: Stacey Brown RandallStacey Brown Randall is a member of the business failure club, a contrarian on how to generate referrals and a supporter of the entrepreneurial dream. She is a three-time entrepreneur, award-winning author of Generating Business Referrals Without Asking, host of the Roadmap to Grow Your Business podcast and national speaker. Stacey's programs help small business owners and solopreneurs take control of their referrals, their client experience and their business. She has had the privilege of helping well-known corporations and franchises such as Bank of America, Mass Mutual, and International Minute Press but her focus is on small business owners and solopreneurs from companies including HM Properties, Financial Symmetry, O'Connor Insurance Associates, Tyra Law Firm, Farris Cooke CPA, Slater Interiors, Rae Images, CAJA Bookkeeping, and hundreds more. Stacey has been featured in national publications like Entrepreneur magazine, Investor Business Daily, Forbes, CEO World, Fox News, Cheddar TV Network and more. She received her Master's in Organizational Communication and is married with three kids. Episode Highlights:02:49 I don't mean that to hurt anyone out there who like has the dream of owning your own catering company or restaurant business or a bar, whatever. I think you're crazy. And I can say that because I've worked in them. I've watched them. 06:41 I did a lot of networking. It's like the 7 million cups of coffee and eating rubber chicken every day for lunch and dinner at different networking events. And that's really how I built my business. 23:46 69 months later, we were kind of done. The [issue] was she actually has a lot of arthritis in her hands. And so we would go through big stretches where she couldn't use them. And guess what, her business partner didn't have a clue about to pick up the slack. 27:11 So I'm not going to go to the first date like all dolled up as if this is my real self: Grungy, no makeup, sweaty, hair kind of fuzzy and maybe a little smelly, because at some point in the relationship, this is what I'm going to look like, so it wouldn't be fair for me to present any other way. That's obviously ridiculous. Because if you do that you look like a psychopath. 36:43 I didn't start my coaching practice thinking I'm going to one day have an online program that teaches people how to get referrals without asking. But when I realized that had become my superpower in growing my business myself, I was like, and now I have my scalability idea.  46:59 So the other mindset that I have to fight is that "Oh, referrals just happen. If I don't want to ask or pay or be gimmicky, they just happen, and they're sporadic and you can't control them." Absolutely not. They are not sporadic. You can control them. No, you cannot snap your fingers and have someone give you a referral. That's not how it works. But there is a process you can put in place. 1:06:42 When you're new, starting out and you go to people and you ask for help, I need help. But the people who care about you, is a very small circle. It is not everybody in your email list, which is why you don't blast it out there like crazy, right? Quote:Ask yourself the question: Was I brave today?   Resources & Links:Find Stacey: http://www.staceybrownrandall.com/ (staceybrownrandall.com) Find Stacey on...

The SECURE Act is the biggest piece of retirement legislation to pass since 2006. On this episode, we discuss what the SECURE Act is and how it will affect you and your retirement plans. The acronym SECURE stands for "Setting Every Community Up for Retirement Enhancement."  Watch corresponding Youtube video here: https://www.youtube.com/watch?v=d0K8KBlCYhs&t=2s In our breakdown of the new bill, you’ll learn about the highlights including new IRA rules, changes to 401K’s, non-retirement changes, and extenders. The Stretch IRA is not as stretchy One of the most impactful changes in the legislation deals with the Stretch IRA provision for non-spouse beneficiaries. Under the old law, upon a person’s death, the non-spouse beneficiaries of their 401K’s and IRA’s could withdraw savings over the span of their entire lifetime. Now, as of January 1, 2020, the Secure Act compresses that time period to only 10 years after the year of death, thus speeding up the timeframe for taxes to be paid on these pre-tax savings. This complicates some old strategies being used, but creates new planning techniques for others. There are a few eligible designated beneficiaries that will avoid the 10 year payout. These include: the surviving spouse of the deceased account owner a minor child of the deceased account owner a beneficiary who is no more than 10 years younger than the deceased account owner a chronically-ill individual a disabled individual Tune in to see how you may need to tweak your retirement withdrawal strategies to best work for you and your heirs. More changes to IRA’s The Stretch IRA wasn’t the only thing that changed with IRA’s. The required minimum distribution (RMD) age was raised from age 70 ½ to 72. This means, for those yet to reach 70.5 by 1/1/2020, that you won’t have to take funds out of your IRA until age 72. You’ll have a year and a half longer to convert those funds to a Roth IRA, depending on tax brackets. Despite the RMD age moving back, you still have the option to make a qualified charitable distribution (QCD) at age 70. If you'd like a refresher for some of these financial acronyms we're mentioning, check out episode 63, our Financial Acronymology guide. Additionally, those over 70 and still working can now contribute to a traditional IRA if they have earned income. In the old law, this ability stopped at 70.5. But people are living and working longer now (without adequate retirement savings for many), so the SECURE act makes this possible. Good news for 401K’s Finally, we get to the part about setting communities up for retirement. With the changes in the Secure Act, more small business owners will be able to offer 401K’s to their employees. The bill makes it easier to be auto-enrolled to help those people that never get around to setting up their 401K contributions. Part-time employees will also benefit from the new bill. Now part-timers who have worked 500 hours over the past 3 years will have access to 401K’s. These changes are designed to make retirement savings a bit easier. How will the Secure Act change your financial plans? The Secure Act is a great reminder of how quickly laws can change. Without close attention, your original intent could no longer be the most optimal strategy for your retirement plans. One of our primary responsibilities is to help you uncover tax saving or planning opportunities when they become available. Remember, financial planning is like putting together a puzzle. Make sure you have all the pieces by learning as much as you can to improve your financial opportunities. Financial Symmetry is a Raleigh Financial Advisor. Proudly serving clients in the Triangle of North Carolina for 20 years. Outline of This Episode [3:04] The biggest changes with the Secure Act are to IRA’s [11:44] Small businesses will find it easier to offer 401K’s to their employees [17:07] Non-retirement changes [18:55] The extenders Resources & People Mentioned Fidelity – The SECURE Act and You Fidelity – SECURE Act FAQ’s Lexicology – The Good News and Really Bad News for IRA Owners Under the SECURE Act Kitces.com – SECURE Act and Tax Extenders Episode 63 – Financial Acronymology Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Spotify Google Podcasts

Are you in the Social Security tax bubble? Tax rules are complicated enough, and Social Security benefits during retirement years add another layer of complexity. Watch corresponding Youtube video here: https://www.youtube.com/watch?v=0RnQY0NxhSM&t=39s Your Social Security income can cause your actual tax rate to be much higher than expected. Not understanding how and when Social Security benefits are taxed can lead to an unpleasant surprise when Uncle Sam comes calling. You’ll also learn why multi-year tax planning is so important in retirement.  How should you decide when to take Social Security? If you are approaching age 62 you may be considering when to take Social Security. It can be tempting to take that low hanging fruit as soon as possible. But we often recommend that you delay taking your Social Security benefit for as long as you can. If you don’t take Social Security early then you need to think about how you’ll make enough money to cover the costs of your lifestyle. Do you have IRA’s, 401K’s, or even an old-fashioned pension? When planning your retirement income you’ll also want to think ahead to age 70 ½ when you’ll have to take the required minimum distribution or RMD. Have you decided when to take your Social Security benefit?  Social Security tax bubble or tax torpedo? Your Social Security benefit can be taxed like any other income source. But there is a way to determine if and how your benefit will be taxed. You can use a special calculation that is determined by the IRS. To do this, add up your taxable income and add half of your projected benefit. If it is over a certain threshold then it will be taxed. You’ll need to be careful when determining your income since tax rates increase slowly and then suddenly jump from 22% to 41%. You don’t want those taxes to torpedo your retirement planning. Listen in to find out how to plan ahead. It pays to plan ahead Sure, you want to pay the lowest amount in taxes each year, but retirement tax planning is a bit more complicated. You’ll want to consider your lifetime tax bill. You don’t want to pay 0% in taxes this year only to be stuck with a 24% tax bill next year. You’ll want to have a comprehensive retirement plan which considers when to take out more money for those big-ticket items that will inevitably come up. With a little bit of planning, you can spread your tax burden out over multiple years. You also need to consider that your 60’s provide you with a unique opportunity to name the income that you won’t have in your 70’s. Discover why your 60’s may be the most important tax planning decade by listening to Will Holt’s tax expertise.  Understand all the tax opportunities and risks that are out there There are plenty of risks involved with retirement tax planning but there are also lots of opportunities to save on taxes as well. One tax opportunity you shouldn’t miss is topping out your tax bracket with Roth conversions to help minimize your RMD once you turn 70 ½.  If you are planning to retire early the Affordable Care Act could throw you another curveball. It is important to understand the income levels needed to qualify for the subsidies available. There is a lot to consider when in retirement tax planning.  Financial Symmetry is a Raleigh Financial Advisor. Proudly serving clients by providing financial planning to the Triangle residents of North Carolina for 20 years. Outline of This Episode [1:27] When should you take Social Security? [4:12] A brief overview of the Social Security tax bubble [9:00] Why you should not only consider this year’s tax bracket [13:22] Can you change your mind when to take Social Security? [15:44] Why would someone take Social Security early? [17:32] What are other considerations? Resources & People Mentioned Episode 99 Connect with Will Holt Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

What does it take to get to 100 podcast episodes? In his book, Shoe Dog, Phil Knight describes his emotions upon starting the company that became Nike, as a crazy idea. When describing how he felt, he realized that many of the world’s greatest achievements started as crazy ideas. Watch corresponding Youtube video here. What seemed like a crazy idea for us 4 years ago, has turned into more than we could have ever imagined. We recently shared about what motivated us to start the show in our review of FINCON. In this episode, we’re pulling back the curtain, as we reflect on our 4 year journey to episode 100. We discuss lessons learned, surprises we encountered along the way, and mistakes we made. We also reveal some of our favorite episodes and you’ll also hear what’s next for the Financial Symmetry show. But this exciting milestone wouldn’t have been possible without you! What we have learned over the past 100 episodes We were fortunate to start our passion project at a good time. The strong tailwind of meteoric growth for all podcasts propelled our show to a 600% growth rate in downloads since our first year. Most of our listeners find us on Apple Podcasts currently, but we included an article below discussing the growing popularity of Spotify as a podcast deliverer. Podcasts also allow for listeners that would otherwise never hear about us. To that point, 20% of our listeners are in California. The magic of a technical tool that will continue to expand and grow. We’ve enjoyed using this medium to share our views about unique financial planning opportunities and uncover risks that our listeners may not be aware of. We’ve also learned how much fun creating a podcast can be. After overcoming the difficulties of getting started, we were reminded that consistency is key. We have learned from our mistakes Mistakes are inevitable part of any journey. The key is to use them to propel you to be something better. Our podcast was a treasure trove of bumps in the road when getting started. Just dial up our a few of our first episodes, especially if you enjoy hearing someone reading directly from a blog post. Thankfully we learned fairly quickly to ad-lib and play off of each other. Listening to yourself, also provides a great opportunity to critique your communication style. Inviting other experts in the firm, added a nice potpourri of voices as well. I’m sure our listeners appreciate the fact that we have learned to use an audio editor to improve the quality of our material. A key truth that translates to many areas of life. Bring your expertise to your specialties and find experts in other fields to do the rest. Our favorite episodes, and yours Inevitably, some episodes are better than others. Regardless, our aim is to always provide you with content that plants a seed that might motivate you to dig a little deeper on a specific planning topic. But we also try to present the content in an entertaining and engaging way. A few of our favorite episodes include episode 20 where we drew comparisons of common financial planning conversations to one of our favorite movies, The Usual Suspects. Another favorite was episode 27, where we broke down Mike’s top 10 investment lessons he’d learned just after turning 40. We share a few more along with the top 4 most listened episodes since we started. What’s next for the Financial Symmetry show? We’re continually learning how to improve our content and provide you with material that you can learn from and implement. We are excited to make better use of an editorial calendar to plan future episodes. Is there a topic that interests you that you think we should cover on the show? Let us know what you would like to hear by sending us an email with your suggestions. Outline of This Episode [2:27] Some listener statistics [6:27] What we have learned along the way [14:17] Surprises we have encountered [15:35] Mistakes we have made [19:26] Our favorite episodes [25:24] Most listened to episodes [29:12] What is to come on Financial Symmetry? Resources & People Mentioned Shoe Dog by Bill Knight Atomic Habits by James Clear Happy Money by Elizabeth Dunn Article – 20 Podcast Predictions for 2020 from Top Industry Leaders Episode 99 – Don’t miss out on the Social Security joke! Episode 20 – The Usual Suspects episode (Chad’s favorite) Episode 27 – Top Ten Investment Mistakes (Mike’s favorite) Episode 4 – Setting Goals Episode 45 – How Likely You Are to Build Wealth Episode 24 – Investing Your Year-End Bonus Listen in to find out how! Episode 36 – Money Can Buy Happiness – the best ways to spend your money Episode 91 – The Retirement Secret Weapon Episode 60 – 5 Ways to Improve your financial decision making Episode 75 – The bear market survival guide Episode 61 – Planning a more enjoyable summer vacation Episode 48 – Making better decisions with the laws of wealth Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Spotify  Google Podcasts

Who you gonna call? Retirement Mythbusters! Short Youtube recap here: https://bit.ly/2R0QJcA Visit Full Article Here: https://wp.me/p6NrVS-3g5 Not as catchy as Ghostbusters, we know, but these retirement myths can be much more hazardous to your long-term financial health. Many of us have certain beliefs, internet rumors or family hearsay that are passed down about retirement rules of thumb. But believing in these stories could be detrimental to the long-term success of your retirement. On this episode, we do our best Mythbusters imitation (of Discovery Channel fame) to bust these common retirement myths. Listen in to hear why you may want to challenge conventional thinking, and discover what it could cost you to continue to buy in to the hype.  8 common retirement myths I’m not going to live that long. So many people don’t think they will live until age 90. But the truth is, men who are 65 today have a 20% chance of living until 90 and women have a 33% chance. Couples have a 48% chance of one of them making it to age 90. You need to make sure your money will last as long as you do. Does your financial plan cover you until age 90? I’ll work until age 65. The actual median retirement age is 62. Many people plan to work longer, but they are forced into retirement early. Some people try out a second act. Whenever you do choose to retire, be sure that you are retiring to something, not away from something. Do you have big plans for your retirement?  Social Security will run out. Some people use this myth as an excuse to claim their Social Security benefit early. But claiming Social Security below your retirement age greatly reduces your lifetime benefit. If you delay until age 70 will result in an 8% increase per year! Once I reach X amount of money I can retire. The reality is that everyone’s situation is different. There is no magic number! There is so much more to retirement planning. What magic retirement number did you have in mind? Paying the lowest amount of tax is always best. Are you trying to be too tax efficient? Think about optimizing your tax situation rather than minimizing your taxes. Consider working with a financial planner and an accountant to help you consider long-term tax planning.  When I retire my investments should be conservative. This isn’t always the case. People are living longer than ever so you may need your investment portfolio to last you 30 or 40 years. There is actually a bigger risk of being too conservative rather than risky.  I need to pay off my mortgage now. A mortgage is the cheapest money you can get in a loan. So not paying it off and investing the difference actually makes more sense financially. But for some people paying off their mortgage provides them with peace of mind. Which camp do you fall into? Would you prefer the peace of mind that a paid-for house provides? Retirement spending is the same throughout retirement. Retirement planning is more complicated than you think. Your spending in retirement changes throughout the years. In the first 5 years of retirement, people spend a huge amount of money. You may spend it on travel, fixing up your home, eating out, or whatever it is that interests you. You finally have the time to spend all the wealth that you have built. Then spending slows down as you do. Unfortunately, retirement spending tends to increase the older you get, but this time it’s on medical expenses. Have you planned to spend the same amount each year in retirement? Financial Symmetry is a Raleigh Financial Advisor. Proudly serving clients in the Triangle of North Carolina for 20 years. Outline of This Episode [2:47] I’m not going to live that long [5:30] I’ll work until age 65 [9:22] Social Security will run out [13:12] I can retire after I have $1 million saved [15:10] Paying the lowest amount of tax is best [18:00] When I retire my investments should be conservative [21:00] I need to pay off my mortgage now [23:55] Retirement planning is more complicated than you think  Resources & People Mentioned Episode 52 BOOK - The New Retire-Mentality by Mitch Anthony BOOK - Your Retirement Quest by Alan Spector and Keith Lawrence Article – Starting Over in your 50’s – What to do when you’re laid off Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Spotify  Google Podcasts

jQuery(document).ready(function($) { $('#wp_mep_40').mediaelementplayer({ m:1 ,features: ['playpause','current','progress','duration','volume','tracks','fullscreen'] ,audioWidth:400,audioHeight:30 }); }); Please find some links and notes from the 2 Regular Guys Podcast. We welcome to the show, Chad Smith to help us navigate retirement planning for small businesses. Chad is a Certified Financial Planner™ with more than 20 years of experience in the financial services industry and he also hosts his own podcast, Financial Symmetry: Balancing Today With Retirement. Chad is going to give us all the nuts and bolts of what you should be looking at when it comes to retirement planning. Bring your junior yellow legal pad to take notes! Sponsored by: Impressions Expo. Use the Promo Code RegularGuysIE for a FREE Expo Pass! Our regular listeners know this, but 2 Regular Guys are all about garment decorating, a bit of fun, and no rants or lectures or selling. We are not doing this for our employers, but rather for our industry. Since February 2013, The 2 Regular Guys have been the first and the most listened to garment decorating industry podcast on this planet! We are humbled by all of you tuning in each week. We work hard to bring you information that will make your business better, and our industry better. Take a look at our incredible weekly guest list and you'll understand where this industry goes for news, interviews and the heartbeat of garment decorating. Thanks for listening! News Printing United Dallas shoutout: Charles & Christine Juarros, Ragged Apparel, Las Cruces, NM. There were several other Regulators there who we've mentioned on the show before. Thanks for Printavo for their support! Please tell them the 2 Regular Guys sent you.  Let's talk organization. Keeping your shop organized is crucial to growing your screen printing business. Printavo helps thousands of shops keep their team on the same page, and look professional to their customers. If you're always getting tapped on the shoulder with questions, missing order due dates, or just ready to get to the next step in your shop, Printavo is your solution. Printavo allows shops to create consistent quotes, automate quote & art approvals, schedule jobs, collect payment, and now create online stores. All inside one platform. Being cloud-based, you can even use Printavo from home and with remote employees too. Printavo has a free trial and demo which you can sign up for at their website: Printavo.com Retirement Planning for Small Businesses Aaron: Chad is a Partner at Financial Symmetry, Inc. and Certified Financial Planner™ with more than 20 years of experience in the financial services industry. He specializes in helping employees and executives of technology companies in the triangle make the best decisions with their corporate benefit programs. He also enjoys helping those close to retirement with the unique tax savings strategies available to them.Terry: After listening to one of your podcasts I know you love stats. Let's start with some retirement stats for small businesses.Aaron: Describe for us who or what is a small business.Terry: What are some of the benefits of funding a small business retirement plan?Aaron: Why do so many small business owners not have a retirement plan in place?Terry: What are some of the retirement options available?Aaron: Give us a breakdown of the options. Maybe some examples our listeners might relate with in their own businesses.Terry: Many of our listeners have a “day job” with a retirement plan and a decorating business on the side. What are their options?Aaron: Should small business owners work with a financial planner?Terry: Chad, how can our listeners reach out to you?https://www.financialsymmetry.com/ Facebook Live Video Other Events Aaron's Online Video Series "Small Business Saturdays" #SBSVideos Every SaturdayCheck out the Podcast version at SmallBusinessSaturdaysPodcast.

There’s a lot of conflicting information about buying a timeshare. Some call it the worst financial decision you could make. But is that true? On this episode, we invite Allison Berger to discuss the pros and cons of buying a timeshare. If you’ve ever been roped into one of those high-pressure sales meetings you’ll want to listen to consider if you made the right decision. Short YouTube video: https://youtu.be/RqfiAvdPS-I In this episode of Financial Symmetry, host Chad Smith talks with Allison Berger about strategies for spotting timeshare scams and thinking through decisions about timeshares. If you have ever been on vacation at a nice resort you may have sat in on a timeshare presentation. These high-pressure sales meetings are designed to make you a buyer and they pull out all of the stops to get you to sign on the dotted line. They claim to only need 90 minutes of your time, but those 90 minutes can be pretty intense. According to the American Resort Development Corporation, 2018 was the 9th consecutive year of growth for timeshare sales. Out of 127 million households in America, 9 million own at least 1 shared vacation product. So 7% of families are also timeshare owners. That means they must not be too bad, right? But what exactly are you buying? What is a timeshare? If you have ever stayed at an upscale resort, you may have sat in on a timeshare presentation. These high-pressure sales meetings are designed to make you a buyer and they pull out all of the stops to get you to sign on the dotted line. They claim to only need 90 minutes of your time, but those 90 minutes can be pretty intense. According to the American Resort Development Corporation, 2018 was the 9th consecutive year of growth for timeshare sales. Out of 127 million households in America, 9 million own at least 1 shared vacation product. That means they must not be too bad, right? But what exactly are you buying? We all know about the incentives to get you to buy a timeshare (or even just to sit in on the sales meeting), but what other positive experiences can be had from buying a timeshare? You will guarantee yourself a vacation each year if you buy a timeshare. The accommodations are typically very nice and often include two-bedroom suites with a kitchen. This beats staying in a cramped hotel room. Typically the break-even point of buying a timeshare is between 8-14 years, so if you vacation every year for 20-30 years you’ll come out ahead.  But there are many negatives that come along with timeshares. Even though the average maintenance fees are only about $1000 a year, the average sales price is $21,000. If you change your mind and wish to resell the timeshare you may be out of luck. There isn’t much of a market for timeshare resales. Timeshares are complicated and can be challenging to book. If you don’t know the jargon of the timeshare company you could be lost and stuck vacationing somewhere you never wanted to be. Tell us about your experiences with timeshares. Shoot us an email, we’d love to hear your stories.  Resources Mentioned in the Episode Consumer Reports: Why inheriting that beautiful timeshare can bust your wallet Don't Fall for Timeshare Exit Scams Article - Considering a Timeshare? Don't You Ever What is a timeshare and how does it work? Breakdown of Sales Process using Robert Cialdini's book - Influence

You may have seen more news stories mentioning Opportunity Zones of late, but there are still plenty of questions surrounding this part of the latest tax reform. Today we're discussing the ins and outs of investing in Opportunity Zones to help you understand how, in the right circumstances, they could help you save thousands on your taxes. We’ll discuss what opportunity zones are, why they were created, what the tax benefits are and how to spot the risks involved when investing in opportunity zones. What are opportunity zones under the new tax law? The new tax law was created to spur economic investment in low-income areas throughout the U.S. by providing individual investors with tax incentives for investing in impoverished communities. The low-income areas are called opportunity zones and are identified by governors of each state. Although it was rolled out in 2017 it wasn’t until recently that the IRS updated investors on how the program is actually going to work. This program is geared toward long-term private investors with a high net worth. There are 3 benefits to the tax side of this law: tax deferral, tax reduction, and tax elimination for an investment held for more than 10 years. The primary purpose of the reform is to help economically distressed communities and in turn, it can help you save thousands in taxes. Find out how by listening to this episode of Financial Symmetry. What are the benefits of the new tax reform law? Under the new tax reform law, you can defer capital gain tax from the sale of real estate, a business, or stock. You can also reduce your taxes on something you recently sold and even completely eliminate taxes by reinvesting. Here’s an example: You sell something and earn a million in capital gain. Normally you would pay $240,000 in taxes on that capital gain. Now with the opportunity zones if you reinvest your capital gains into a qualified opportunity zone fund within 180 days you get to defer the capital gain tax on the million dollar sale. So instead of paying those $240,000 in taxes in 2019, you won’t have to pay that until 2026. Then in 2026 if you continue to hold that investment in the opportunity zone then you only pay tax on $850,000 of the million dollar original capital gain. So you’ll save about $36,000 there. But the biggest benefit overall for the program is that if you put that money into a new investment for 10 years or more you’ll pay no capital gains tax on the original investment. What can you do to do to take advantage of the new tax reform? To invest in opportunity zones and save on capital gains taxes you can invest in a qualified opportunity fund. A qualified opportunity fund is a corporation or partnership that is created for the purpose of investing in qualified opportunity zone property and holds at least 90% of its assets in qualified opportunity zones. The typical investment options are real estate, such as multi-unit apartment buildings, or a business located in a qualified opportunity zone. You have to spend 100% of the purchase price in the first 30 months. So if you purchase a property for $800,000 then you have to spend another $800,000 within 30 months. The idea is that you are substantially improving the property for the amount that it is valued at. If you buy a business the same rules apply. You have to improve it somehow for that purchase amount. Remember, this is not an investment in the stock market, there is a higher degree of research involved. What are the different risks involved? There are different risks involved in taking advantage of the new tax reform law. As with all investing situations, attention to detail is key. Here are some of the risks with this type of investment. What happens if there is a political change? If Congress changes its course over the next few years they could overturn this law. You are invested in a limited partnership so you have to pay fees to the managers of the funds. They may charge 2% or you may pay a percentage of the profit. The fees involved may eliminate the tax benefits completely. The money isn’t liquid. You have to hold it in the investment for at least 10 years and you won’t receive the benefits if you pull out early. You’ll have to be an accredited investor. You must not only buy but improve the property. The 180-day rule may spur some people to rush into an investment rather than do their research into the options. Many people don’t take advantage of things because they don’t know about it. We’re here to give you ideas and strategies that you may not be aware of. The overall goal of the new tax law is a great cause but the investment options are still pretty new. This was just an overview of rules and regulations, so do your own research. Don’t let taxes decide your investment decisions. Remember a bad investment is still a bad investment no matter what the tax benefits are. Outline of This Episode [4:07] How should the tax strategy be implemented [9:19] What do you need to do to take advantage of the new tax reform? [12:03] There are 3 benefits to the tax side [13:45] What are the risks involved? [20:27] What are other alternatives for capital gains? Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

What does your financial future look like? Do you feel it is secure and well planned out or are you just winging it? Winging it is a great idea for a Sunday afternoon drive or deciding to what to eat for dinner, but winging your financial future is a dangerous decision that will put your future stability at stake. Learn why people decide to wing it and what you should be doing instead, on this episode of the Financial Symmetry show. Short video recap here: https://www.youtube.com/watch?v=UCFFhFpRpVc What are the numbers and why are people winging their financial future? We love numbers on this show. They help to illustrate the point we are trying to make and sometimes they are truly shocking. 75% of Americans are winging it when it comes to their financial future Less than half of Americans cannot cover a $1000 emergency Most people feel they make about $1200 worth of financial mistakes per year 4 out of 10 Americans simply guess how much they will need to retire. Why do people do this to themselves? Why do they choose to leave their financial future up to chance? I think there are 3 main reasons. They don’t want to pay for professional advice. They can’t afford professional advice (or think they can’t afford it). They think they can handle the work themselves Are you letting overconfidence power your financial decision making? Are you overconfident about your ability to handle your finances? 57% of adults feel more confident today than they felt 3 years ago about their finances. Do you feel a bit overconfident due to the recent success of the financial markets? Overconfidence is a villain when it comes to good decision making. Usually the more intelligent you are the more overconfident you are. Mark Twain had a powerful quote that sums up overconfidence well, “It ain’t what you don’t know that gets you in trouble. It’s what you know for sure that just ain’t so.” A great way to ensure that you aren’t being too overconfident in your financial decisions is to hire a financial advisor. Having an objective 3rd party view of things can really help you keep things in perspective. Is your confirmation bias affecting your financial future? The internet is starting to play a major role in creating greater confirmation bias. People tend to follow their own views and they will seek out news that confirms what they already think about something. If someone has a negative worldview and they read an article about how the market will be crashing they will nod their heads and think, yes this is the truth. To combat confirmation bias think of the acronym WRAP from the book Decisive by Chip and Dan Heath. Widen your options Reality test your assumptions Attain distance before deciding Prepare to be wrong Recency bias can affect your thinking about the future People think they know more than they do about how the future will unfold. More often than not, the future will surprise us. Our conclusions about the future are often based on our emotions. They can also be affected by recency bias. Recency bias is a bias based on the fact that people tend to think that what happened to them recently will happen to them in the future. This can be seen frequently with finances for instance, if you have received a big bonus, or especially when it comes to stocks. Are you allowing recency bias to affect your financial future? Outline of This Episode [5:27] Overconfidence can spoil your financial decisions [11:15] Are you allowing confirmation bias to affect your financial future? [13:46] Recency bias affects many financial decisions Resources & People Mentioned BOOK - Decisive by Chip and Dan Heath BOOK - The Little Book of Behavioral Investing by James Montier The Role of Confidence article Most People are Winging It article from CNBC Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

Financial advice has long been a male dominated industry.  Women represent 51% of the US population, but only 23% of CFP® professionals are women and this percentage has stagnated over the past decade.  Why is there a feminine famine in financial planning?  Today we’ve invited Allison Berger and Grace Kvantas back on the show to discuss the 6 main challenges that prevent women from becoming financial advisors. As we shed light on these topics, we share ways we are fighting against these stigmas.  We also celebrate Grace as the latest partner of Financial Symmetry. Listen to this episode to hear why there aren’t many women in financial planning but also why that should change. See show notes here: https://wp.me/p6NrVS-3ar Why did Grace become a financial advisor? Grace is a rarity among women in the field.  She knew that she wanted to become a financial advisor at the age of 15.  Her dad was a CFP® and it was at that young age that she realized that she was taught money lessons at home that many others never received.  She wanted to help others learn what her dad had taught her. In college, she learned so much more about finance, but she still didn’t understand the depth of what one learns as a CFP®.  It was only on the job that she began to understand all that a financial advisor really does.  Listen to this episode to hear about Grace’s journey to becoming a CFP®. What does it take to become a CFP®? Many people don’t know the difference between a financial advisor and a CFP®.  The CFP® designation is the standard of excellence in financial planning.  Becoming a CFP® takes a bit of work. You must have a bachelor’s degree and take the coursework first prior to taking the CFP exam. Candidates also need to have 3 years of qualifying experience or 2 years working directly with CFP professionals. After obtaining the CFP designation, Certified Financial Planners must maintain continuing education. Why is financial planning a great field for women? Now is a fantastic time to become a financial advisor. The average age of financial planners is over 50 and ⅓ of advisors are projected to retire within the next 10 years.  Women are uniquely positioned to excel as financial advisors in the years ahead.  Listen to this episode to hear why 72% of women who pursue the CFP® designation report high levels of career satisfaction. Why aren’t more women in financial planning? We walk through the CFP Board whitepaper detailing recommendations to increase the number of women CFP® professionals and the reasons women are not pursuing this career path. You can’t be what you can’t see.  Financial planning is not top of mind as a career path for many women. Grace and Allison discuss their efforts to increase awareness and encourage others to consider financial planning. There are misperceptions about the work.  Most think that this career path is very math heavy. Make no mistake, the CFP® exam and coursework require math skills and you will use math every day in this field.  However, math is only one tool in the process toward helping clients reach their goals.  Successful financial advisors also require the ability to build relationships and counsel clients as life changes. Women’s own behaviors may be holding them back. This phenomenon was detailed in Sheryl Sandberg’s book “Lean In,” which we discussed in Episode 73.  Women may not feel as comfortable taking the career risk this industry may require.  This is a multi-faceted issue but learning more about the inner workings of the career can help break down these barriers. Gender discrimination and bias exist in the field.  Unfortunately, there are still biases and many women don’t feel welcome in the industry.  Both Allison and Grace are sometimes asked if they are someone’s wife or secretary.  The good old boys’ network is still alive and well in financial planning, but this is changing, and it is easier than ever to connect with other women on this journey. Work/Life Balance is not an issue.  When asked to respond to the statement, “Financial planning offers good work/life balance,” only nine percent of Men and 10 percent of women disagreed.  Contrary to popular belief, work-life balance is no longer a predominantly women’s issue. There are not enough female role models. Grace and Allison are working to change that.  Listen to this episode to find out where to turn for helpful advice and encouragement. Resources & People Mentioned WIN CFP - The CFP Board’s women’s initiative Connect with Grace Kvantas and Allison Berger Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

What are the habits of successful investors? You may think that there are big differences between successful and unsuccessful investors. In the book Atomic Habits, by James Clear, he identifies the small habits that lead to success in life, these habits apply to investors just like anyone else. We all have intentions of doing the right thing, but there is a big gap between intention and action. Only about half of our intentions turn into actions. Join us on this episode to find out what sets successful investors apart from the rest of us. See the Full Show Notes Here:  https://www.financialsymmetry.com/6-habits-of-successful-investors-ep-77/ Small Habits Make a Lifetime of Difference Successful investors bridge the knowledge and action gap. They understand delayed gratification. Successful investors realize that small changes compound over time. The difference between success and failure is that the cost of good habits is in the present and the cost of bad ones is in the future. If you can delay your gratification to the future it will benefit you greatly down the road. This is true for exercise, eating well, saving, and investing.Successful investors don’t let emotions derail their strategy. In fact, successful investors find a way to deal with the boredom when most people don’t because the greatest threat to success is not failure, but boredom. Successful investors minimize the valleys of disappointment. These are the times when you don’t feel like you’re going anywhere. It’s a hallmark of any compounding process: the most powerful outcomes are delayed. Most people know that delaying gratification is the wise approach and all of us want the benefits of good habits, but those benefits are seldom top-of-mind at the decisive moment. For successful investors, that’s not the case. Successful investors possess the ability to implement their intentions. When one says they are going to do something, it’s not a general idea. The successful investor creates a specific plan with an actionable timeframe. Successful investors know how to track their habits. We all know that life is a balancing act. It is hard enough to balance work and family life. If you throw in exercise and fun then investing can quickly take a backseat. Tracking your habits can allow you to recover quicker after a time of difficulty. A good investor can compare their investing with planting a tree. You don’t go out and check on your tree daily to look for growth. Simply set up a system for care and watch it grow over time. Successful investors practice self-control. Self-control can be challenging in times of uncertainty. Luckily there are plenty of ways to automate investing. Hiring a professional is another way to help you practice self-control. You don’t have to try and be an expert at everything, put your investments on autopilot or ask for help. Successful investors refine and reflect on their strategy. Small changes can greatly improve your success at investing. When you make small changes it makes you more aware of your mistakes and opens paths to improvement. Small improvements now can lead to major improvements in the future. Are you ready to implement these habits for success? Making small changes can really make the difference in your life. When you bridge the gap between your intentions and actions you begin to change your habits and start on a path to success. Implementing these strategies can help to make you a better investor and they can be applied to many other areas of your life as well. Listen to this episode of Financial Symmetry to hear how you can create successful habits as an investor and these can bleed over to other areas of your life. Outline of This Episode [1:27] Half of all intentions actually turn into action [5:45] Understand delayed gratification [7:18] Minimize the valleys of disappointment [11:00] Implement intentions [13:14] Habit tracking [15:20] Controlling your self-control [19:11] Refine and reflect [21:57] A recap of the 6 habits Resources & People Mentioned BOOK - Atomic Habits by James Clear BOOK - Essentialism by Greg McKeown Article - Stop Teaching, Start Coaching in Morningstar Magazine April 2018 Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

Welcome to Financial Symmetry, the podcast to help you discover financial opportunities that you may be missing as well as to warn you about many financial mistakes that you can make. We are here to help you improve your life through finances. Finances are so complicated which is why we are here to help you answer questions about your daily financial life. We are here to give helpful hints and education rather than financial advice. On this episode, we discuss our top 4 most popular podcasts of 2018. Listen to this episode to hear what our top 4 most popular podcasts were, as well as many of our favorite podcasts. Our most popular podcasts are quite diverse Our 4th most popular podcast aired relatively recently and we discussed why you should bother diversifying your portfolio with international stocks. On that episode, we highlighted why the U.S. has done so well and why you would want to have a mediocre portfolio by mixing it up with international stocks. We discussed the risks of investing internationally as well as our tendency toward home country bias. Episode 67 discussed the long-term benefits and how they can shine through our short-sighted viewpoints. Have you listened to the Why Bother Diversifying episode? What investment decision process should you implement? Episode 52 was the 3rd most popular podcast of 2018. The markets had just dropped when this one aired which makes everyone nervous. It’s important to remember that the markets frequently fluctuate. We often forget the rough times in the financial world which is why it is so important to have an investment plan. An investment plan isn’t there for the easy times when all is well, it’s there to help you through the hard times. That episode mentioned how to get through the emotional part of investing. We love to give you a glimpse behind the curtain so to speak so that you can see our own details and strategy that we use here at Financial Symmetry. Do you have a financial plan in place? 5 Easy ways to improve your financial decisions I’m glad this was the 2nd most popular episode in 2018. It discussed how we often act against our own best judgment. We tend to place more value in small rewards now rather than larger rewards in the future. This episode included easy steps that anyone can implement to improve their financial situation. We talked about small wins, automation, accountability, and how to have a bigger awareness of spending. Check out episode 60 to find out how to improve your financial decisions. The top episode took us by surprise We were surprised by the number one episode of 2018. Episode 61 was our most downloaded episode. This one aired in June and discussed how to plan a more enjoyable vacation. We love encouraging experiences over things. Experiences create lasting memories and things are easily forgotten. Check out episode 61 if you are planning your next vacation. Find out which episode didn’t make it into the final 4 as well as which podcasts we really enjoy listening to on this episode of Financial Symmetry. Outline of This Episode [3:27] What are our top 4 podcasts of 2018? [4:42] Why bother diversifying with international stocks [7:04] What investment decision process should you implement [10:25] 5 Easy ways to improve your financial decisions [15:20] Planning a more enjoyable summer vacation [17:58] What is the one that didn’t make it [19:28] Some other podcasts you might enjoy Resources & People Mentioned Episode 67 - Why Bother Diversifying Episode 52 - What Investment Decision Process Should You Implement? Episode 60 - 5 Easy Ways to Improve Your Financial Decisions Episode 61 - Planning a More Enjoyable Vacation Episode 62 - The Tumultuous Journey of Bitcoin and How Cryptocurrencies Work Psychology of Persuasion Podcast with Robert Cialdini Serial Podcast Planet Money Podcast Money for the Rest of Us Podcast - Why Health Insurance is a Mess No Laying Up Podcast (a golf podcast) What’s Good Podcast About the Beastie Boys Bill Simmons Podcast BOOK - Atomic Habits by James Clear BOOK - Happy Money by Elizabeth Dunn BOOK - Influence by Robert Cialdini Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook

Working moms face a difficult balance. People often feel that most women have a choice whether to work outside the home, but the reality is, 65% of families need both parents to work. Women in the workforce is a family issue, not simply a women’s issue, so this episode is useful for more than just women. Allison and Grace join us again to dive into the topics of gender bias, women in the workforce, and they provide helpful strategies and resources to help anyone that is struggling with how to balance it all. Women face both internal and external gender bias Studies have found that as women achieve more success in the workplace they lose their likeability. This can make it a challenge for women who want to chase success. Even directly out of college women seem to start out behind men as they begin their careers. Only 7% of women negotiate their first salary whereas 57% of men do. Men are often rewarded for their drive and ambition while those same traits in women are considered self-serving and greedy. In Sheryl Sandberg’s book Lean In, she gives useful advice on how to make the most of your career and motherhood. Discover how to overcome your own gender bias on this episode of Financial Symmetry. What is truly essential to you? Working moms aren’t the only ones that seek the perfect work-life balance. But is work-life balance a myth? One way to bring more balance into your life is to consider what is truly essential to you. Once you give yourself permission to stop trying to do it all then you can make your highest contribution to the things that really matter. The book Essentialism by Greg McKeown inspires readers to prioritize what they really need. This book can help you reconsider what is essential in your life. How can you reconsider what is important to you? Listen to this episode to hear more about this book and other resources for working moms. How do successful women spend their time? Some people seem to be so great at managing their time. What Laura Vanderkam discovered is that when you focus on what matters to you then you will make time for what you want. She emphasizes that time is elastic and you can stretch it to get what you need out of life if you prioritize what is important to you. We are all given the same amount of time in a week, it’s how we use our time that counts. Successful women get paid for the quality of work that they do, not the hours that they put in. How do you prioritize your schedule and make time for what you really want? Discover resources for working moms As you come back to work after having a child your life changes immensely while that of your husband doesn’t change much at all. Even though men often take time off of work, they are not faced with the same kinds of difficult decisions that women face. When returning to work you have to consider how much you will miss your kids when you go back. You have to decide whether you should you stop your career and stay at home or continue to work. Those that normally cheer you on now question all of your decisions. Listen to this episode of Financial Symmetry to find some fantastic resources for working moms. Outline of This Episode [3:49] There are gender biases both internally and externally [12:45] What is essential to you? [17:12] How do you strike a balance with your spouse? [23:50] Can you achieve more by doing less? [30:10] How do successful women make the most of their time? Resources & People Mentioned Episode 51: Financial Savvy for Women BOOK - Lean In by Sheryl Sandberg BOOK - My Mother My Mentor by Pamela Lenehan-- for the guilt complex BOOK - Bossy Pants by Tina Fey -- for comic relief BOOK - Essentialism by Greg McKeown BOOK - Getting to 50-50 by Sharon Meers TV SHOW - Big Little Lies BOOK - Porn For Womenby Susan Anderson -- for comic relief BOOK - Drop the Ball by Tiffany Dufu BOOK - I Know How She Does Itby Laura Vanderkam TED TALK -Laura Vanderkam How to Gain Control of Your Free Time Connect with Grace and Allison Email Grace Kvantas Email Allison Berger Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

If you've paid any attention to financial news recently, then you didn't have to look far, as stock market noise was at a peak. Media headlines were filled with phrases like: epic turmoil, getting crushed and no place to hide. Emotionally charged words that make you feel like you need to do something to prevent losing more of your nest egg. But following our instincts when investing, can lead to dangerous outcomes. In times like this, we need a strategy to give us proper perspective. On this episode of the Financial Symmetry podcast, we’ll discuss why market fluctuations are incredibly normal and provide techniques to help you cope with short-term volatility and keep your focus on long-term goals instead. If you’re getting nervous about the direction the market is taking, you’ll want to listen for steps to confront the inevitable next occurrence. How to Deal with the Emotional Roller Coaster of Investing When listening to financial news it's important to remember that the media’s ultimate job is to sell advertisements. It's not their job to help you see the long-term picture or help you reach your financial goals. Easier said than done when markets around the world experience a 10-15% drops. But if we back up, history provides a different perspective. Market volatility is reliably normal, but it can still make you feel nervous. To truly understand the ups and downs, take a look at the chart below from the Capital Group. There have been 12 full-blown bear markets since 1945. A 5% or more decline in the market typically occurs 3 times a year. And a 20% drop usually occurs about every 4 years. The past 10 years have actually been the anomaly. It is important to remember that a bear market isn’t a bad thing. It’s actually a great time to reassess your investment plan and evaluate your risk tolerance. Fight Stock Market Noise with Facts With breaking news coming at us as quick as we want it with social media, it's even harder to block out the noise. Whether tweets or 24 hour cable news, today's financial news is near immediate compared to 30 years ago when you may not hear it until the next day. In Jason Zweig's book, Your Money and Your Brain, he provides some powerful questions to prevent your feelings from overwhelming the facts. Instead of listening and reacting to the financial news du jour, stop to pause and think about if anything else has changed in your financial picture, other than price of your investment.  Consider if your reasons for investing in that investment is still valid?  If I liked this investment enough to buy it at a much higher price, shouldn't I like it even more now that the price is lower?  What other evidence do I need to evaluate in order to tell whether this is really bad news? Has this investment ever gone down this much before? If so, would I have done better if I had sold out-or if I had bought more? What Should you Do Next? To successfully navigate a bear market, you have a long-term strategy in place. Cliche? Sure, but considering where you are in life now is instructive in developing your treatment plan for market short-term sickness. If you're in your 20’s and 30’s don’t worry, there is still plenty of time. Investment choices still matter at these ages, but not nearly as much as your actual savings amounts. Choose and stick with an investment plan so you can steadily take advantage of the drop in stock prices, a fantastic long-term sale. If in your 50's and 60's, it's much more important to focus on your overall investment strategy. How does your asset allocation match your retirement timeline? For many in this walk of life, investment returns will be larger than your annual savings amounts. You'll also be facing the sequence of return risk which can eat a big portion of your retirement without a strategy. Professional help at this point, can help you respond accordingly to market events and more importantly, act as an accountability partner. Having a buffer between your emotions and the markets may be the most important financial decision you can make.  Outline of This Episode [1:17] Examples of fearful headlines in the news this month [4:01] Why you should not be worried about market fluctuations [7:32] Stick to your strategy and investment plan [12:26] What are your emotions telling you to do? [18:26] What should you do next? [23:45] Fight fear with facts [29:04] Next time on Financial Symmetry. . . Resources & People Mentioned BOOK - Your Money and Your Brain by Jason Zweig Warren Buffet Video - DFA's Tuning Out the Noise Capital Group - How to Handle Market Declines Episode 67 - Why Bother Diversifying with International Stocks Article - How Fear May Be Hurting Your Investment Strategy CBS Marketwatch - Ignore the Noise and Let the Market Do Its Thing Episode 48 - Making Better Decisions with the Laws of Wealth Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

On this episode of Financial Symmetry, Chad and Mike revisit a few previous episodes to cover some important financial questions that frequently come up. Taken from episode 6 is the question: Do I need a financial plan? With this question comes further questions. You’ll want to listen in to hear what the answers are. Episode 11 asks the question: What little things can you do to improve your financial life? There are so many little things you can do to improve your finances, listen to this episode to hear what they are. The last question is taken from episode 13. How will you pay for your child’s college? You won’t want to miss this episode to discover the answers to these financial questions. Do you really need a financial plan? Many people, including our clients, wonder if they really need a financial plan. Is it worth your time and money to create a financial plan? People that have a financial plan discover more opportunities to save money which is a great way to make the plan pay for itself and then some! Compare a financial plan to a doctor’s checkup. Revisiting your planner and your financial plan each year is a great way to stay on track and focused on your financial goals. A financial plan is not just for retirement, it is something you should begin when you start your career. Listen to this episode to hear why you wouldn’t want to live your life without a financial plan. What are some little things you can do to improve your financial life? Improving your finances doesn’t necessarily mean that you need to let go of all little luxuries you have become accustomed to. There are actually quite a few things that you can implement now that are relatively painless. The most challenging part of implementing these action steps are simply setting them up. One simple way you can improve your financial future is to set up an automatic monthly deposit into your investment account. This used to be something difficult, but with the advent of mobile banking, it can literally be done with the push of a few buttons on your phone. Listen to this episode to hear simple steps you can take to improve your finances. How to improve your financial future with your 401K Another way people to improve your financial situation is to make the most of your 401K. Some people don’t even have this set up to take advantage of their employer match. They are leaving a 100% return on the table! Make sure that your 401k is set up to deposit the most that you can each month. When setting up your 401K it is important to diversify. Many people are afraid to do anything with their 401K account and simply leave it all in cash or employer stocks. They are missing out on a great way to grow their money. Listen to this episode to hear how important it is to set up your 401K properly so that you can get the most out of your retirement savings. How to pay for college? Paying for college can seem like such a daunting task. A state university education can cost $100K and a private university can be more than double that. There are a few things you can do right now to help you figure out how to pay for your children’s education. There are many different ways to pay for college, but the important thing is to have a strategy. It is important to choose the right school for your child, one that has the right fit. By knowing what you can afford this can be a great way to limit your child’s choices and help you choose the best fit. It is important to remember not to focus on the sticker price of the school because there are many ways to reduce the costs of tuition. Listen to this episode to hear some great ways to create a strategy for paying for college. Outline of This Episode [1:27] Do you really need a financial plan? [11:32] Little things you can do to improve your financial life [19:39] How to pay for college? Resources & People Mentioned BOOK - Tipping Point by Malcolm Gladwell MOVIE - Money Ball Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

Did you know that your natural human behavior could be affecting your finances in a negative way? Behaviors may seem like small decisions but they build up over time. Human behavior makes a big difference in whether you are able to reach your financial goals. On this episode, Mike and I explore how human behavior impacts your financial choices. We have discovered 5 secrets to improve the way you go about making financial decisions. Are you looking for new ways to improve your finances? If so, then listen to this episode to hear 5 ways to improve your financial decisions. Automate your financial systems According to the book Thinking Fast and Slow, your brain has two systems. One system is automated, and the other is for deeper thought. What does this have to do with your finances, you ask? If you have ever tried to make a financial choice you could get to the point of analysis paralysis with all the options. One way to make decisions easier is by limiting choices. You can get overloaded by having too many choices. If you set things up to automatically happen, like an automatic withdrawal to savings or an IRA this can really help ease your financial decisions. Listen to this episode to hear five great tips to modify your behavior to positively impact your finances. Be aware of where your money is going This seems so easy. Of course, you are aware of how you spend your money. But are you really? Studies have shown that simply having an expense tracking app on your phone makes you more conscious of the way that you spend money. Whether you compare your receipts to your budget each month, track your spending with an app, or simply take a moment to process what you just spent on that ice cream, take time to be aware of your financial choices. To hear all five tips on how you can change your behavior to improve your financial decisions listen to episode sixty of Financial Symmetry. Small wins do matter The power of momentum can get you over big financial hurdles. It can seem that some financial goals are completely unattainable when you are just starting out. This can feel incredibly frustrating and make some people give up hope of attaining their goals. Rather than focusing on the big picture, focus your energy on achieving small goals. If you can get some small wins under your belt this can help you achieve the momentum you need to achieve your financial goals. Listen to his episode to hear how you can improve your behaviors to make better financial decisions. Accountability works wonders There is power in accountability. This may be the most powerful tool that we mention on this episode. It is important to have a human accountability partner rather than a technological one. If you rely on an app to try and help you with accountability, you could simply turn it off. A human is harder to ignore. Having a friend or financial counselor can help you achieve your goals. When you have an accountability partner to help you with your financial decisions this could be the most effective way to reach your goals. Listen to this episode to hear how having an accountability partner could help you with your financial decisions. Outline of This Episode [3:07] The human behavior decisions are actually the most interesting side of financial planning [6:45] Choice architecture [10:45] Saliency and self-correcting behaviors [15:02] Follow through by writing things down [17:56] Small wins matter [22:05] The power of accountability Resources & People Mentioned BOOK - Thinking Fast and Slow by Daniel Kahneman Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

Heather Gudac and Haley Modlin join Mike and me on this episode of the Financial Symmetry podcast to discuss how to become a financially successful millennial. We have had targeted advice toward other age groups in the past, and now we’re excited to find ways to help out the younger generation. Heather and Haley have worked hard to put together a fantastic list of five money tips for millennials to help them become financially savvy. Be sure to listen to this episode to hear excellent ideas to get you or your favorite millennial on the road to financial success! Create and update a financial plan that reflects your goals This is perhaps the most important of the money tips for millennials. It is so important to come up with a plan, not just for now but for the future as well. Planning can help you discover how to pay off student loans, how and where to save money, and how to make a budget. The sooner you can start making smart financial decisions the better off you will be later on in life. Remember you don’t have to have money to have a plan. Having a financial plan will help you to save efficiently. As you take on more responsibilities in your career and in your life, be sure to periodically adjust your financial plan to stay on track. To hear more about creating a financial plan to help you succeed financially, listen to episode 58 of Financial Symmetry. Take any financial advice you receive with a grain of salt When you are just starting out in life all kinds of people want to give you financial advice. This is usually well-meaning advice from people that care, but it may not be the best advice for your life. Some things to consider are: have they done this themselves, and are they people you really want to be taking advice from. Sometimes people may give you advice that was applicable twenty years ago but may no longer apply today. Listen to this episode of Financial Symmetry to hear important money tips for millennials to get a head start on a strong financial future. When you get married should you join your bank accounts? Joint bank accounts can be a touchy issue for some people, especially millennials. The most important thing to remember when you are getting married or embarking on a serious relationship is not to keep financial secrets. Many relationships fail due to finances, so money should be an ongoing conversation. Whether or not you have equal incomes your money is a joint effort and what you do with it now affects both of you and your future. We discuss many of the available options when joining money, so be sure to listen to this episode to hear fantastic money tips for millennials. How do you spend your money? What are your financial values? Millennials think differently and spend their money differently than previous generations. Studies have shown that 75% of millennials would prefer to have a great experience rather than buy goods. Knowing how you prefer to spend your money will help you plan your budget. Make sure that you are getting the most from your dollars by planning how you spend them. Use this episode to help you learn how to plan your budget, listen to Heather and Haley as they give us the top money tips for millennials. Outline of This Episode [2:27] What is a millennial? [4:04] Have a plan and keep it updated [8:36] Take into consideration the advice you get [13:20] Whether or not to join your money [17:38] How you spend your money is important [22:11] How does the fear of missing out affect your plans Resources & People Mentioned Financial Symmetry episode 51: Financial Savvy for Women: The Top Ten Tips Atlantic article: Why More Young Married Couples are Keeping Separate Bank Accounts BOOK - Happy MoneyMichael Norton Connect with Haley Modlin and Heather Gudac hmodlin@financialsymmetry.com hgudac@financialsymmetry.com Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast

Allison Berger and Grace Kvantas are stepping in for Mike on this episode. They join us to talk about how to navigate through a life crisis, specifically financial considerations after the death of a spouse. It’s hard to think financially after such a terrible emotional blow, but proper financial planning can help ensure that you will have less to worry about in the years to come. Listen to this episode to hear our top 5 financial planning opportunities to think about after the death of a spouse. How to prepare your taxes after the death of a spouse There are so many financial questions after the death of a spouse. This is an overwhelming time and it can be scary to move forward on your own. Having a checklist of things that need to be done is a fantastic idea. One area of confusion for widows and widowers is how to file your taxes. In the year of the death of a spouse, it is important to continue to file married filing jointly to take advantage of the lower taxable income rate. If you are interested in hearing about how to save money on your taxes for two more years after the death of a spouse then listen to this episode of Financial Symmetry. This exemption often goes overlooked Many people don’t even realize that they should file for portability of the deceased spousal exemption, but even if you’re not a millionaire you should still file. This exemption doubles the rate that your heirs will be taxed so that when you pass they have a larger amount of tax-free inheritance. You may not have this kind of money now, but you never know what the future may bring. It’s always a good idea to be on the safe side and file this exemption while you have the opportunity. Listen to this episode to hear all the details why and how you should file for this exemption. What should you do with life insurance proceeds? It can be tempting to pay off all your bills and even the house with the proceeds of life insurance. But before you do this, you should look at some alternatives. What kind of savings do you have set up for your future? Would the proceeds be more beneficial to you by maxing out your 401k contributions or even a put into a 403b? This is a good time to build your net worth as tax-free as possible. If you have surviving minor children ensure that there is a trust provision in place for them so that they don’t receive a large sum at the still so young age of 18. If you are wondering what you should do with life insurance proceeds, then listen to this episode of Financial Symmetry to get some ideas. How much are you eligible to receive through social security? You can never assume that the social security administration is giving you the right amount of money so it is important that you ensure that you are receiving the correct amount of spousal social security benefits. If you have surviving children many widows and widowers feel the need to save this money for when they are older. But the social security administration would actually prefer that you use the money to care for your children’s needs right now. If you have any questions about social security, this episode of Financial Symmetry may provide the answer. Make sure you listen in to hear all about social security as well as 4 other important financial concerns to consider after the death of a spouse. Outline of This Episode [1:27] What are the top 5 planning opportunities for widows [3:40] How to file your taxes [5:48] File for portability [9:48] Life insurance proceeds [14:29] Survivor benefits for social security [18:49] To pay off the house or not? Resources & People Mentioned IRS Form 706 BOOK - Moving Forward on Your Own by Kathleen M. Rehl BOOK - Happy Money by Elizabeth Dunn Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

On this episode of Financial Symmetry, we’re getting you ready for tax time! We've been helping clients check their taxes for many years and we know that there are two types of people that file their tax returns. The optimists try and get their taxes done as quickly as possible and probably have already filed their taxes. Those of you that are pessimists are waiting until the last minute and probably haven’t filed yet. If you fall into the latter category then you will definitely want to listen to this episode before you file your taxes. On this episode, we cover the top ten tax return filing mistakes. Remember, the IRS will never send you money that you missed on your tax return. Make sure you listen to this episode to avoid these common tax return mistakes. What can you do to become more organized in your tax returns? Many times people make tax return mistakes simply because they are disorganized. They misplace paperwork and often do not have all the data at hand to complete their 1040 correctly. One thing you can do to avoid making costly mistakes on your tax return is to keep a file handy where you can put all of your tax documents for the coming year. That way as you receive documents throughout the year you can just place them into the file and have them ready when it is time to prepare your taxes. Getting your tax documents organized is one way to avoid tax return mistakes. Listen to this episode to hear other ways to avoid making mistakes on your taxes this year. Do you have a checklist to keep track of new tax rules and help to avoid tax return mistakes? Having a checklist can help you become organized and avoid costly tax return mistakes. This can help you not to overlook anything. Without a checklist, you may forget to enter correct data or follow up on new tax rules. Some capital gains rules have changed and the custodian of your accounts does not have to keep track of all of the costs. These new changes could lead to costly mistakes. Listen to this episode to hear how these changes could affect you and your tax return. If you are looking to avoid costly tax return mistakes you will want to hear the best ways to avoid them! What should small business owners be doing to avoid tax return mistakes? Are you a small business owner? Do you do any side work that involves a 1099? If so, that means you are! When you begin your small business or even if you simply have a couple of side gigs to bring in extra income then you need to pay attention to all the rules for filing your 1099 so that you can complete your tax return correctly and save money. Knowing what is taxable income and what isn’t is important and can save you thousands of dollars on your tax return. Listen to this episode of Financial Symmetry to hear about all the ways you can save money by avoiding these tax return mistakes. Did you know that credits are more important than deductions? Many people think that finding deductions is the best way to save money on their tax returns, but that is not the case. Finding relevant tax credits is actually more important than finding deductions. You need to understand all the credits that apply to you and your family to make the most out of your tax return. If you have a college student you may be making a big mistake when filing your tax return. On this episode of Financial Symmetry, we discuss the top ten most common tax return mistakes that we see on our clients’ taxes. If you want to get the most out of your tax return, you’ll want to listen in. Outline of This Episode [1:11] What are the two types of people that file tax returns? [3:44] What can you do to become more organized? [5:00] Do you have new dependents this tax year? [6:58] Capital gains rules have changed! [9:31] Your 1099R may not be taxable, here’s why [11:32] Why is it so important to keep good records? [14:55] What should small business owners be doing? [16:30] What can you be doing for your non-working spouse? [19:05] So many people miss this credit! Resources & People Mentioned Episode 47 - Why Do I Need an HSA? Episode 41 - How to Pick the Best Retirement Plan for Your Small business The College Episodes: Episode 17, Episode 18, Episode 39 Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

When it comes to investments, too many people take a haphazard approach when what they need is an investment decision process that makes the most of a number of different available resources. This episode of the podcast is aimed at helping you understand what goes into a good investment decision process and how the team at Financial Symmetry approaches investments for its clients. Chad and Mike discuss market indicators and how they impact a good investing strategy, how consumer sentiment figures in, and why it's important to make use of the technical data available. You're going to get an inside look into the way the Financial Symmetry team helps their clients make the best investment decisions possible. A good investment decision process helps you avoid big mistakes that destroy long-term benefits Too often, individuals make their financial planning decisions based only on what looks attractive in the moment. The fear of missing out is real. But there are many resources and data points available that take historical trends and other factors into consideration in a way that could enable your investment decision process to be much more helpful. One of the points that Chad and Mike make in this episode is that a good investment decision process can help you avoid the big mistakes that will sink your long-term strategy. It's those spontaneous decisions based on what looks hot at the moment that we're talking about, so make sure you listen and learn what you can do to avoid those kinds of pitfalls. What IS a short-term market indicator and why does it matter? One of the things that should be a part of every investment decision process in consideration of short-term market indicators. What are they? They are the things we can see at the present moment that give us clues as to where the economy might be headed. For example: Are we coming out of or going into a recession? What is the current consumer sentiment about the economy? Are there technical trends and stats that inform us of what may be coming? These are things the average person doesn't take time to look into or consider but are vital components of the investment strategy that the Financial Symmetry team brings to bear on its client's investment decisions. You can hear the unique approach that the team takes, on this episode. It’s easy to sell fear - but it's not a sound way to make investment decisions On many of the talk news programs and in some of the high-profile financial publications you hear talk about warning signs that the economy may be about to go down the tubes. Of course, they could be right with their predictions but making decisions based on fear is one of the weakest options for the smart investor. It's easy to sell fear, but it's not always the best way to determine how to invest your hard-earned money. In this episode of the podcast, Mike and Chad discuss why fear is not the best motivator for good financial decisions and how you can take a different approach that enables you to create a long-term strategy that actually works. The best investment strategy won’t help if the rest of your financial life is a mess Even though this episode is focused on making the best investment decisions possible through a good investment decision process, that process and strategy won't do you much good if the rest of your financial life is a mess. What are those areas? - Do you have enough life insurance? How are you spending compared to the spending plan you've made? Do you have an adequate estate plan in place? Are you being tax-efficient? These are only some of the fundamental questions you need to address before you get too involved in making a long-term investment strategy. If you don't, you can wind up wasting a lot of time with no benefit to show for it. CHART TO GO INTO SHOW NOTES? Outline of This Episode [0:27] Investments, forecasting, and good investments strategy [2:50] Summary of 2017: Extremely strong markets worldwide [6:01] The process the Financial Symmetry team uses - it’s a bit unique [9:08] Where are the different market indicators today (2/1/2018) [12:05] How is consumer sentiment these days? [17:14] How do we use the technical data to make better investment decisions [21:11] Valuations: what are they and how do they work? [31:07] What you really need to do is to focus on things you can control Resources & People Mentioned The Financial Symmetry Approach to Financial Planning Blog Post: Should I Own International Stocks Episode 44: What Behavioral Economics Means To You Meb Faber’s article about Moving Averages Jack Bogle’s forecast of the next 4 years Vanguard’s outlook summary Morningstar’s Forecast Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook cSmith(at)FinancialSymmetry.com eEckland(at)FinancialSymmetry.com Subscribe To This Podcast Apple Podcasts Stitcher Google Play

Studies show that most women don't think of themselves as having financial savvy. Honestly, it's a very sad situation but one that is improving as years go by. In this conversation, you will hear some of the latest statistics about the improving state of women's finances, the causes behind these improvements, and what any woman can do to grow to be savvier when it comes to financial planning.  But the Financial Symmetry team isn't going to stop there. Allison Berger and Grace Kvantas present their Top 10 Financial Tips For Women and explain why each one is important. If there are women listening who have a goal to increase their financial savvy, this is the episode they should listen to. Women Face Financial Challenges Men Don't It's not an exaggeration at all to say that women face unique challenges when it comes to building wealth and managing their finances in a way that leads toward a secure retirement. In this conversation, Allison and Grace highlight 3 challenges women face that men do not. First, nationwide, women tend to be paid less than men. Second, women tend to live longer which means the finances needed over their lifetime and retirement is greater than that of men.  Third, women have the opportunity to become mothers, which means time out of the workforce that men don't experience. Don't miss this insightful episode that highlights how women can address the challenges effectively and increase their financial savvy. Analysis Paralysis: Road Block to Wealth Building for Women We are coming out of a cultural period when women were not typically encouraged or expected to be very savvy when it comes to finances. That leftover mindset has caused many women to feel overwhelmed at the thought of understanding or managing finances which in turn, causes analysis paralysis to set in. But the good news is that women don't have to be paralyzed with overwhelming fear when it comes to building wealth and planning for a secure future. This episode highlights 10 of the first steps women can take to grow their financial knowledge, so be sure you take the time to listen. Struggling With Guilt Many women struggle with guilt regarding finances: “If I have less, someone else will have more.” The reality is that the opposite is almost always true. In general, women tend to be empathetic and helpful toward the people in their lives. That wonderful trait can take a bad turn though when it causes them to believe that making a meager living will enable someone else to have more. That is an entirely false belief in light of the facts. Building wealth for yourself and your family enables you to have the resources to be a benefit to the people who truly have needs. Being wealthy doesn't take from others, it enables you to be a blessing. Find out more about this backward mindset and how to reverse it, on this episode. Tracking Cash Flow is Vital Knowing what your earning and spending allows for more control. It's one of the basic principles of budgeting and money-management but many women are not diligent about doing it: Track your cash flow. You can't grow to be savvy when managing your finances if you don't know what is coming in and what is going out. In this conversation, Allison and Grace provide a number of financial tips for women in hopes that the things that keep them from being confident about building wealth and a secure future can be overcome through practical steps that anyone can accomplish. You will enjoy the practical and common sense approach they take on this episode. What You’ll Learn In This Episode [2:13] The alarming stats surrounding women and wealth [3:33] 3 particular challenges for women when it comes to building wealth [7:06] Underconfidence bias: how it impacts women building wealth [8:52] Characteristics of women investors and societal trends that impact wealth building [17:21] Stats that demonstrate the problem women face when attempting to build wealth [18:57] Things are changing in culture, education, and earnings [21:58] The benefits of having a 3rd party in a couple’s financial conversations [25:33] 10 Tips for women when it comes to finances Links Mentioned In The Show Fidelity: Money Fit Women Study Business Insider Article: Highest Paid Women In Every State BOOK: Prince Charming Isn’t Coming: How Women Get Smart About Money Downton Abbey Interact: Non-profit dedicated to ending sexual and domestic abuse BOOK: I Don’t Know How She Does It BOOK: I Know How She Does It BOOK: Drop the Ball: Achieving More By Doing Less The Mindy Project The Top 10 Financial Tips for Women Get started today - don’t wait for a crisis to force you into it Have a way to view all of your accounts and account statements Know your benefits: it’s not only up to your spouse, become informed Make sure you have your name on at least one account (checking and credit cards) Think long term: investing your money, investing in yourself, planning for success Track your cash flow: know what’s coming in and what’s going out Drop the ball: let go of the expectation that you have to do everything Don’t be afraid to ask questions or to ask for help Maintain your network. You’ll need it throughout your life Know your estate scenarios: What will happen if someone passes away? Subscribe To This Podcast Apple Podcasts Stitcher Google Play Connect With The Financial Symmetry Team Allison Berger: ABerger@FinancialSymmetry.com -  Allison’s blog posts Grace Kvantes: GKvantas@FinancialSymmetry.com - Grace’s blog posts   Chad Smith: csmith@financialsymmetry.com - Chad's blog posts https://www.financialsymmetry.com On Facebook On Twitter On LinkedIn

Today we are joined by Chad Smith, CFP®, a financial planner and part owner of Financial Symmetry. Chad shares his career journey of starting as an intern and now part owner of his company. He’s been with the same company that full time and shares what...

Young advisors often have more passion, technical knowledge and a longer runway than older financial advisors. If we look like we could be your son or daughter, then you are likely on the right track to finding a financial advisor to form a relationship with. While we may look young, that doesn’t mean we are inexperienced or harder to relate to. Let me explain: We entered the financial planning profession during the age of the rise of the comprehensive financial planner and we’ve had the unique opportunity of learning from a team of high quality financial planners. Many firms over the last few years have emphasized the hiring and developing of young talent. Financial Symmetry is no different and has been hiring and promoting advisors from within throughout the 15 year history of the firm. Young advisors are developed through an increased level of responsibility as well as the chance to benefit from years of observing older advisors in the firm. We have seen what type of advisor we want to be and have determined what approach best fits our personality and goals. We therefore know what we want to communicate with our clients and how to do it. Think about those you are associated with that you trust the most…likely friends and family top the list. You have built a relationship with these individuals over time and have trusted their recommendations whenever you seek their advice. I can attest that the FSI advisors strive for this type of relationship with their clients. We want to get to know you on a personal level as well as your family so we can best see and understand your financial goals. It is also easier to relate to us than you may think. After all our parents are just a few years from retirement themselves. We have observed firsthand from them as well as their friends and co-workers what their needs and concerns involving retirement and overall financial planning include. We are accustomed to conversing and socializing with people older than us as well as our clients are accustomed to communicating and interacting with individuals of the younger generation such as their children. Benefits of A Young Advisor There are some common differences you will find though, but I think they actually benefit us in a way that they won’t for older advisors. Technology: Yes, the amount of time we check our phones and social media sites may be unimaginable to you. However given this new technology age, knowledge and industry influencers are right at our finger tips. Every day we learn new and innovative ways to help us serve our clients better through reading of blogs, market commentary, and even sharing and learning ideas with other financial advisors. We are able to improve our processes utilizing the latest financial industry technology in order to better serve our clients. Retirement: We aren’t retiring soon…and that’s a good thing! As a result of this when we engage in a relationship with a client, we intend it to be for the long haul. If you are closing in on your retirement and are working with an advisor who is in the same stage of life as you then “guess what?”…they are going to retire soon as well! The years prior to and immediately after retirement can be some of the most challenging years as you juggle financial decisions and you want to make sure you have a reliable advisor by your side throughout this process, not one that is thinking about their own retirement and may pass you off to a new advisor during this time of need. Passion and Knowledgeable: No client wants to feel as if they are just a number, which can often happen when there is a lull in the advisor/client relationship. With a younger advisor we are “hungry” and “passionate” and helping our clients achieve their best financial life is our primary goal. When you combine this passion with knowledge this can be a dynamite combination that can truly be the defining mark of an advisor/client relationship. At Financial Symmetry all of our advisors have obtained the CERTIFIED FINANCIAL PLANNER™ designation. As a result we have spent years in study, obtaining experience, and practicing in a fiduciary manner in order to engage in practices that are in the best interest of our clients.

So many of us get charged up and rattle off an impressive list of goals but then struggle to follow through. The disconnect between creating and accomplishing is where life change gets stuck. Months pass and we realize our lives are no different. Where did progress stop (or never begin)? Often, it's when life's curveballs throw us off our game. Even though we know the surprises will come, we're not prepared when they show up. I thought about this recently on a Saturday morning, when my mind drifted to how enjoyable it would be to extend our screened porch. Wait, did this just become a goal?  What about the 10 year anniversary trip we want to take next year? We also know one of our cars will need replacing in a few years.  If we do all three of those things, will we be able to hit our charitable and retirement savings targets as well? That’s just it. Financial goal planning is a fluid process.  You have to place a value on how important that thing on your mind right now is to the list of other priorities you've thought about on other Saturday mornings. Without prioritization of goals, we allow our impulses to rule our decision-making.  This thought process ignores your plan, pushing the things that aren't as much "fun" to the bottom of your list. Having an effective monitoring process increases your odds that follow through will happen. Recording Your Goals Many of us don't keep a running list of things we want to accomplish.  This is why when asked about our goals, we freeze and find it hard to get specific other than "to assure we are maximizing our investment returns." Knowing why you want to get the best investment return helps keep the focus in the right direction.  It also helps identify quantifiable steps that will help you get there. Goal setting begins with recording.  So often, I will be talking with someone that triggers an idea I want to pursue. If I don't get it down quickly, the idea is forgotten. One of the most practical digital tools for this is Evernote.  This helps create a central location of all the ideas that are up next on the to do list.  From small goals to large goals. Having a list, helps compare the newest goal to all the other goals you have in the queue.  For example, is the next home project more important than maxing your 401k this year? Depends on the person and what your long-term plan is. If retiring early is important to you, then 401k savings matters more now than a kitchen remodel. We also know our desires can change quickly, which is why prioritizing regularly is vital. This is why we encourage setting a few different lists. Immediate - now to 3 months Short-Term - within 2 years Longer-Term - 3+ years Some people like to add a lifetime category which helps shape more vision type of actions.  Are you doing the small (and sometimes mundane) things today that get you closer to the lifetime goals? Assigning time-frames and dollar amounts helps you measure success. Once you create the ideas of where you want to go, we discuss the best way to implement goals. Even though we all are incentivized differently, a process keeps us moving forward. Monitoring Some things are easy to implement and can be done very quickly (setting up Roth IRA contributions for example). But not every goal can be tackled quickly. If your main goal is lowering spending, then it’s more of a gradual process that takes tracking and regular review. While a future large purchase requires diligence in hitting saving targets. Consequently, we set up our systems so the top goals for each client are displayed each time we interact with them. Some examples include next car purchases, home projects, inheritances, or retiring early. But setting the goals is not enough. It requires consistent accountability partners. This is why we have automated follow ups along with scheduled phone calls to follow up. Checking in after 2 weeks, 2 months, 6 months and a year keeps the focus front and center. Adjustments Goals that are not measurable tend to fizzle out. So after recording and monitoring, if a goal was too vague, it's time for an adjustment. Personally, I like to revisit my goals every 90 days, which allows for any adjustments as changes arise.  At a minimum, reviewing your objectives at least annually will allow you to refocus any goals that are growing stale. How Did You Do? The end of a year presents a great opportunity to look back and see where you stand. Seeing progress motivates you to continue progress. Personally, this process starts during the year.  I keep a document in Evernote, that is called “Key Accomplishments.”  During my quarterly review, I take a moment to record all the things I can think of that were steps forward. This list includes it all (small and big accomplishments).  From wakeboarding for the first time to reading a book I've wanted to read.  You'll be surprised how fulfilling it is to look back after a year and see all you've done. For next year, I plan to set a few stretch goals (from Steve Sanduski's podcast "Between Now and Success").  Goals that I know I won't meet but will motivate me to try.  I'm betting I will be surprised by the progress. So what goals will you focus on this year? Links Mentioned in Podcast: Evernote Publications in Press by Financial Symmetry during 2015 A Financial Planner's Estate Planning Journey Creating 3 Words for New Year - Steve Sanduski Belay Advisor Podcast