Estate Planning; not the most fun or glamorous financial topic, even for us money nerds, but something that if done properly can really lighten the load for our loved ones at the time that they need it the most. On this episode of CFO at Home, CFP and Founder/CEO of Woodall Wealth Management James Woodall returns for a discussion about fundamental Estate Planning tools, legacy planning, why these subjects mean so much to both him and Vince, and more. Key Takeaways Will - A legal document that states an individual’s wishes in regard to the care of children, family, assets, etc after they pass away.   Generally speaking, if you don’t have a will your assets will go through probate with the state Time consuming Involves fees, allows for creditors to intervene and others to attempt to claim assets.  A will can help avoid family squabbles over money, assets and items of sentimental value Wills need to be updated as life circumstances change Trusts - Create layers of protection from creditors, can help to avoid probate altogether Trust controls asset The need for a trust is oftentimes proportional to the amount of assets an individual has Power of Attorney - An individual you trust who will effectively acting legally as you Medical Directives - Makes your wishes known for End of life decisions  Can take the burden of making these decisions off of the family  Legacy Planning  Passing on financial values to your heirs; managing generational wealth Define your values Teach the next generation those values    Create a plan that allows those values to be passed down Ways to contact Woodall Wealth Management 214-281-4496 Contact the Host - [email protected]

So maybe up to this point you thought about retirement from time to time, but never got around to getting serious about it and creating a plan. Where do you begin? What are some of the basic factors and concepts that you need to be familiar with? That’s the discussion on this episode of CFO at Home with CFP and Founder/CEO of Woodall Wealth Management, James Woodall. Key Takeaways When getting serious about your retirement: Verify assets that you have - do you have old retirement accounts from other employers or default retirement contributions with your current employer? Take a close look at your spending. Going forward, how much could you contribute monthly to your retirement? Consider small increases to your contributions annually. Some employers will automatically increase your contributions by a percent or so. Consider the timing of when you plan to start to draw Social Security Roth versus Traditional 401k considerations Income -  There are income limits on qualifying to contribute to a Roth 401K Unlike Traditional 401K/IRAs, you or your heirs do not have to take Required Minimum Distributions from a Roth  Growth on a Roth account is tax free as long as they stay invested at least 5 years The 4% Rule Assumes that in retirement you can safely withdrawal 4% of your account balance/year for living expenses and not run out of money in your lifetime A typical retirement consists of: Go-Go Years - Early years of retirement when you’re still very physically active. Can be more expensive due to travel costs, etc.  Slow Go Years - Slowing down, spending more time at home, spending less money No-Go Years - Mostly staying at home. Living expenses decrease (particularly while health is still good) Spending may be > 4% in Go-Go Years, Annuities Sold by insurance companies. Provides a guaranteed income because the insurance company assumes the risk of return. In exchange, may provide a lower rate of return than investing on your own Six behaviors to adopt for a successful retirement Have faith in future - understand market cycles Be patient  Be disciplined  Have the right asset allocation Be diversified in your investments Regularly rebalance your investments  Resources, Ways to contact Woodall Wealth Management James Woodall, CFP -LinkedIn 

According to a 2021 study from Fidelity Investments, one in five couples identify money as their greatest relationship challenge, and 44% of partners say that they argue at least occasionally about money. My guest today, Financial Wellness Leader and speaker Michael de Haan, has lived on the wrong side of these stats while experiencing the breakdown of a 22 year marriage. Today on CFO at Home, Vince discusses that experience with Michael, and the lessons learned from it that he’s applying in both his current marriage, and his work. Key Takeaways Lack on communication and a common sense of unity/teamwork in the area of money played a significant role in the failure of Michael’s first marriage  Michael’s keys to a healthier money relationship in his new relationship Budgeting (Intentional Spending Plan) An agreed upon approach to take managing (and ultimately eliminating) debt When your partner shares their money story, be mindful of any tendency to be judgemental   Fidelity Investments 2021 Couples and Money Study For Financial Success, Make Money a Team Sport   54% of couples say they make day-to-day financial decisions jointly. 57% of couples say they make retirement and longer-term investing/ planning decisions jointly. Those who make money decisions jointly are: More likely to say they communicate very or exceptionally well with their partner.  Jointly 75% Independently 70%  More likely to feel confident in their partner’s ability to assume full responsibility of planning for retirement and other long-term goals.  Jointly 84% Independently  54%  More likely to agree on where they want to live in retirement. Jointly 86% Independently 80%   Many Couples Still Have One Partner Take the Financial Lead   Many Couples Still Have One Partner Take the Financial Lead  31% of men say they are the primary decision maker for day-to-day finances.  31% of men say they are the primary decision maker for longer term retirement and investment planning.  26% of women say they are the primary decision maker for day-to-day finances.  19% of women say they are the primary decision maker for longer term retirement and investment planning.  22% of women still report having little to no involvement in retirement or longer term planning.    Couples Who Communicate Well Are More Likely To   Expect to live a comfortable lifestyle in retirement (79% vs. 35%) Rate their household's financial health as excellent or very good (73% vs. 42%) Discuss finances together at least monthly (64% vs. 25%) Say that money is not their greatest relationship challenge (84% vs. 59%) Financial stress can be a contributor to anxiety and depression Resources, Ways to contact Quantum Leap Global Fidelity Investments 2001 Couples & Money Study Money and Mental Health: Budgeting as Self-Care Contact the Host - [email protected]

According to recent statistics, around 1 in 3 Americans have some sort of household budget plan, only 30% have a long-term financial plan that involves savings and investments for the future, yet 70% of us acknowledge that our financial plans need work. So why do we neglect such important elements of our lives and how can we motivate ourselves to do better? That’s the conversation I have with Emily Guy Birken, Financial Expert, money coach, and co-author of Stacked: Your Super-Serious Guide to Modern Money Management, on this episode of CFO at Home. Key Takeaways Many of the things that we procrastinate about financially (saving for retirement, investigating a questionable credit card charge, etc), fall into the category of “important but not urgent”, so there are no short-term consequences for not getting them done. Reasons for Procrastination Anticipation that dealing with a situation is going to be unpleasant, time consuming, etc.  All or nothing thinking (unless we have a certain dollar amount to apply towards our goal, we choose to do nothing) Guilt/shame Shame of dealing with old mistakes Guilt that we haven’t been managing our finances closely enough Strategies for beating financial procrastination  Put tasks on your calendar (and set reminders)  Break tasks down into small component parts (work on it in 5-10 minute increments) Bribe yourself! Give yourself a treat for completing the tasks (indulge your inner 10 year old) Treat your financial past like you have amnesia. Focus how you deal with the issues going forward Start by taking small steps towards your goal Allocate a small amount of money to paying extra on your credit card balance, contributing to your 401k, etc. each month  Helps to create a sense of empowerment about your future Sets you to take advantage of the time value of money Helps to view yourself as being more responsible with money Perform a cost/benefit analysis  Often the tradeoff for procrastination in the long run is having to repeatedly put out fires Resources   EmilyGuyBirken.com/CFO   Stacked, Your  Super Serious Guide to Modern Money Management End Financial Stress Now Atomic Habits Ways to contact: EmilyGuyBirken - Twitter Author Emily Guy BIrken - Facebook  EmilyGuyBirken - Instagram Contact the Host - [email protected]

For most of us, regardless of what other assets we have to fund our retirement, Social Security and Medicare still play a role in our plans. Given that, what are some of the basics and common misconceptions that we should understand about these programs? That’s the discussion that Vince has with Maryann Keith, COO and Investment Strategist with Beden Wealth Management, on this episode of CFO at Home. Key Takeaways Social Security Retirement Benefits When can you collect If you’re collecting off your own work record you can start collecting as early as age 62 If you delay until you reach Full Retirement Age (FRA) you will get a larger monthly benefit (for those born in 1960 or later, FRA is currently 67) Payout amount goes up 5% for each year you delay collecting the benefit between ages 62 and 67 If you delay the age you start collecting from age 67 to age 70, the benefit goes up another 24% If you collect Social Security prior to age 67 your payments are subject to a “Earnings Test”, meaning that if your income is more than $19.5K, your benefit is decreased If you lost a spouse you can collect survivor benefits - age 60 The role of Social Security benefits in a retirement plan In the past, Social Security was considered to be one leg of the “three-legged stool” of retirement (along with personal savings and pensions). With pensions becoming a thing of the past the model has changed. Medicare Medicare enrollment eligibility starts at age 65 Part A - Hospitalization - prepaid during working years Part B - Things outside of hospitalization (doctor’s appointments, physicals, etc) - extra charge Part D - Prescription Coverage - extra charge Pact C - Medicare Advantage Premiums are income based  Because Medicare eligibility doesn’t start until age 65, dealing with medical costs can be an issue for those who want to retire early Misconceptions Medicare covers all medical expenses once they reach 65 (false!) Medicare covers Nursing Home costs (false!) Long Term Care insurance can also play a major role in retirement healthcare, but finding affordable options can be challenging Resources Retirement Benefits - Social Security Administration Ways to contact: Beden Wealth Management Contact the Host - [email protected]

One of my upcoming guests, James Woodall of Woodall Wealth Management, is not only a Certified Financial Planner and experienced Financial Advisor, he’s also a grillmaster. In honor of the Independence Day holiday here in the US, here are a few of James’ grilling tips.

News about inflation and a looming recession has been dominating the headlines, but what does all of this mean for us and our finances? This is our second and final episode on Inflation, Recession and your Finances here on CFO at Home. In this episode Vince talks with Emily Rassam, Senior Financial Planner with Archer Investment Management, about the importance of sticking to the basics of solid money management during times of economic uncertainty; budgeting, knowing your risk tolerance, and more. Key Takeaways   History shows that during times of economic change and uncertainty headlines and media stories often seek not to inform but rather to tap into emotions (especially fear) to attract attention.    The basics of a solid financial foundation remain the same regardless of economic conditions Get organized. If you have a written budget, what adjustments can you make to provide a bit more “padding”? If you don’t have a written budget, now is the time to start!  Gather data on where all of your money is going monthly  Create different categories of expenses Fixed monthly expenses (same amount every month) Look at the possibility of re-negotiating internet, subscriptions, etc Look at possibly cutting some subscriptions Variable monthly expenses Identify where you’re spending money and ask yourself “is this reasonable”? Identify what your baseline expenses are what can be cut if you experiences a job loss or reduction in income Extras Can you delay or do without?  Not budgeting your money ahead of time means you run the risk that it will get spent before you know it on things that may not be a priority. Budgets need to be adjusted monthly because rarely are two months exactly the same.   Projecting your budget into the future can be motivating; it lets you project when you will hit your goals.  Income/Employment - What can we do to help manage the stability of our jobs/income? Focusing on your long-term financial plan can help you manage through the emotions of uncertainty Your financial plan should be built with decades, not days in mind.  Try a “on-line shopping challenge” Don’t make any on-line purchases for 30 days. Put things that you would ordinarily purchase in your cart, but don’t buy them.  At the end of the 30 days look at the list and categorize Yes, going to purchase now  Want to have, but not going to purchase now. Add to a “wish list” for others to purchase for you as gifts for holidays, etc. I don’t need it at all (at least right now). Delete or save for later. Helps to make purchasing decisions rationally, not emotionally If your partner isn’t as “into money” as you are, focus your conversations about finances more towards big picture goals and your plans of how to achieve them   Investments Times of market volatility can be a good time to assess your risk tolerance Ways to contact: Book a consultation with Emily Contact the Host - [email protected]

News about inflation and a looming recession has been dominating the headlines, but what does all of this mean for us and our finances? These are the topics that we’ll tackle in the next couple of episodes of CFO at Home. We’ll start today by talking with Economist Eric Mason to gain a better understanding of inflation, recessions, and how things got to where they are today. Key Takeaways Inflation  A measurement of how much prices have changed relative to  some point in the past Core Inflation - how stabilized prices that ordinarily do not change over time are changing; Durable goods (washing machines, refrigerators, etc) Contributing factors People are earning more. More buying power drives up prices Deficit spending  US Treasury has to borrow a dollar for every dollar it releases into the economy Deficit spending overheats the economy Producing beyond the production frontier - When an economy produces more than what it should be producing without taking on debt Pandemic stimulus payments increased deficit spending even more  To equate to a household; if you constantly dipping into your saving or running up credit card, you’re not increasing your overall financial health  America enjoys “privileged nation status” because we borrow money in our own currency because the US dollar serves as the world’s currency Recession  A retraction of GDP across two or more consecutive quarters GDP is “Gross Domestic Product”, the value of the goods and services produced in the United States When the capital you have depreciates and you can’t replace it There currently aren’t that many traditional indicators that a recession is coming Significant numbers of jobs are still being added to the economy What can we do to prepare/manage through If you’re currently budgeting, revisit your budget and look are opportunities to reduce spending in targeted areas If you’re not budgeting, start!  Be discriminating in what financial information you listen to Resources https://www.forbes.com/sites/jonathanponciano/2022/06/10/dow-plunges-750-points-after-very-troubling-inflation-report-fuels-fears-of-impending-recession/?sh=5f87c1e848a0 TheInformalEconomist.com Contact the Host - [email protected]

For everything that’s been said about Cryptocurrency, the one thing you never hear it called is boring. When its price shoots up, it’s talked about as the opportunity of a lifetime to make huge profits. When its price collapses, it’s dismissed by many of the same people who loved it in better times. But what is Cryptocurrency, and what determines its value? Vince and Professional Institutional Investor and creator of The Integrating Investor Seth Levine discuss those questions and more on this episode of CFO at Home. Key Takeaways Bitcoin/Crypto Currencies are: Decentralized Databases, no one “owns” the database Ledgers/Digital Records of “Smart Contracts” Based on a powerful technology (Blockchain) that this still discovering it’s practical uses (think the Internet of the 1990’s) Crypto was seen as a disruptor to the existing banking system; sidesteps existing regulation  Crypto price increases are currently driven in large part by speculation and momentum, not by wide adoption as a currency.    Big movement in Crypto towards DeFi; Decentralized Finance; using Crypto to decentralize finance. Supposed  option to our current “corrupt” centralized banking system  Thesis of Investments (why you invest) Value - Utility Value; good business at a good price, business introducing a product that will change its fortunes, etc. Momentum - All about trends; buying because the price is going up. Resources Integrating Investor Ways to contact/follow:  @sethlevine2 - Twitter The Integrating Investor - Instagram Contact the Host - [email protected]

There are those of us who are self confessed money nerds who love talking, reading, and learning all about money. Other folks appreciate the role that money plays in helping them achieve their goals, but aren’t interested in getting too far into the details. Regardless of your level of interest, what are the fundamentals that we all need to understand about the subject? That’s the discussion Vince has with Financial Mentor and Educator Eunicia Peret of Empowered Financial Planner on this episode. Key Takeaways A baseline of true financial independence/security is the idea of paying yourself first.  Fundamentals to understand about your money Understand what is happening to your  money and WHY.  What options do you have and how do they fit within your broader goals? Accounting/Tax/CPA services How does your money grow How do you protect your assets There is not a “one size fits all” when it comes to where your money can or should go Working with a competent financial professional can at times save you money even though you’re paying for these services.  Resources Empowered Financial Planner Empowered Financial Planner - Future MasterClasses Free Checklist - The 5 Biggest Financial Pitfalls Leading to Individuals Outliving Their Savings Who Not How Ways to contact/follow:  Eunicia Peret - Instagram Empowered Financial Planner - Facebook Empowered Financial Planner - LinkedIn/ Contact the Host - [email protected]