It's been a turbulent year for investors in 2022, as the Federal Reserve took action against inflation and the stock market reacted to changes in the discount rate. This resulted in a rare phenomenon of both equities and bonds selling off simultaneously - but even during recessionary periods, the stock market has had a positive return on average. 2023 looks optimistic, with no two down years occurring consecutively, but investors must remain diversified and use tax-efficient strategies. Despite periods of volatility, taking a long-run approach to the market can reap rewards.

Melisa Horn is the newest member of the Heritage Financial Strategies team!

A windfall is money that comes to you suddenly, often unexpectedly.  This could be an inheritance, settlement, lottery winnings, or even stock in the form of a company IPO.  Today, Shanna Tingom of Heritage Financial Strategies and Jon Gay discuss what to do with a windfall, and some very costly mistakes to avoid.  70% of people who come into large sums of money lose it within a few years!If you know a windfall is coming, be honest.  For example, if you're anticipating an inheritance, talk to those relatives while they're here so that you're all on the same page.Next, it's vital to have a team in place to help you with this money.  This can include a financial advisor, attorney, CPA, and more.  Lean on their expertise.  And keep things quiet!  Only tell your team members and close people that you trust.  The last thing you want is to be under siege from people asking for money.If you're dealing with a current or future windfall situation, or have any questions related to your financial future, you can always reach out to Shanna and her team at Heritage Financial Strategies at https://www.heritagefinancialaz.com/

Shanna Tingom has long sensed - in herself as well as her clients, that women are struggling with their financial health. Many feel they haven't contributed as much as they'd like to their retirement plan.  This money has gone to other places that Shanna explains, particularly since the start of COVID.Three main factors playing into all of this are inflation, low consumer confidence, and changes around access to reproductive healthcare.59% of women stress about money once a week, and 43% of women actively worry about money at least once a day!Shanna and Jon also compare differences between generation of women - and where their priorities aren't the same.   However, more women are making their financial health a priority.Mentioned in today's show: The Ellevest Study "The State of Women's Financial Wellness in 2022:"  https://s3.amazonaws.com/production.assets.ellevest.com/documents/Ellevest-The-State-of-Womens-Financial-Wellness-in-2022.pdfReach out to Shanna and her team at Heritage Financial Strategies at https://www.heritagefinancialaz.com/

Shanna Tingom's guest today is Aaron Witten of Witten Financial. His firm specializes in helping businesses use the Employee Retention Credit (ERC) related to COVID.  He's here to walk us through it.The ERC started with the CARES Act in April of 2020, but it was revised in December of 2020, and again under "Build Back Better" in February of 2021.  The latest revision includes the language: “if your business was fully or partially impacted by a governmental shutdown order." This makes it easier for businesses with non-relative W2 employees to qualify.  The affected "pandemic period" includes Q2, Q3, and Q4 of 2020, as well as Q1, Q2, and Q3 of 2021. These income-tax-free, refundable credits can run as high as up to $26k per employee over this covered period – making this an extremely valuable shot of cash in the arm of businesses, both large and small.Aaron also breaks down how PPP and EIDL loans could affect eligibility.  How do you apply for the ERC? What are the terms, time period, and processes?  Aaron gives us an overview.Resources:Aaron's White Paper:Aaron's Website: https://wittenfinancial.com/Aaron's Phone Number: 270-200-1056Shanna's Website: https://www.heritagefinancialaz.com/Shanna's Phone Number: 480-397-1184

As we turn the calendar to October, the markets continue to show signs of volatility.  Today, Shanna and Jon are here to explore what's happened since our last check in, 3 months ago.In September, the Fed raised the interest rate another 0.75%.  What does that mean for our listeners, and are we closer to a recession than we were a quarter ago?While that's not an easy question to answer, it's important to look at what makes our current condition unique. This includes household debt to asset ratios, and the differences in personal consumption of goods vs services.Should our listeners hold tight?  Shanna closes by answering that question.Want to know more? Contact Shanna Tingom and the team at Heritage Financial Strategies: https://www.heritagefinancialaz.com/

Student loan forgiveness was announced a few weeks ago by the Biden administration.  What are the pros and cons? Are you eligible? How does it work?  Shanna Tingom from Heritage Financial Strategies is here to answer those questions today.Shanna and Jon agree this plan is a good step in the right direction to help many Americans get back on their feet financially, so they'll have more money they can spend, and get out from crippling student loan debt.   The plan doesn't address the root problem here - the skyrocketing cost of higher education - but that's a conversation for another podcast.    Also, financial education is so critically important - both of our cohosts made the mistake of signing up for a credit card in college in exchange for a free T-shirt.  But Shanna also got pizza out of the deal. Jon did not.This new plan will provide $10,000 of student loan forgiveness for those who qualify, and that number goes up to $20,000 if you received a need-based Pell Grant.  In other words, if your family was below a certain income threshold when you were a student, there's more opportunity here for you.   In addition, the "pause" on student loan repayments we've seen throughout COVID will be extended one more time, with an end date of December 31, 2022.Finally, if you made payments during this period since March of 2020, you may be eligible for a refund.While some of aspects of Public Service Loan Forgiveness, or PSLF, may go into effect automatically, the best advice is to do your research.   Check in with your loan servicer online.  Shanna even went to StudentAid.Gov to re-activate her account to look up the most updated information.  And, depending on which state you live in, you may be required to pay taxes on the forgiven about.   There are many moving parts here, and every situation is different.  So do you research, and talk to a professional.To reach Shanna and her team at Heritage Financial Strategies, visit them online at https://www.heritagefinancialaz.com/

What the heck happened to Crypto?  Over the past couple of years, there have been many headlines around crypto.  And recently, the market, as well as various cryptocurrencies, have dropped off sharply.   Shanna Tingom starts by breaking down some numbers, and what's behind them.We also talk about the legal troubles faced both by a big-name backer of crypto, as well as a popular trading app.   And what about taxes?   What are the tax implications for people who buy and sell cryptocurrencies?If you'd like to reach out to Shanna Tingom and her team at Heritage Financial Strategies, find them online at https://www.heritagefinancialaz.com/Additional Resources:Previous podcast episode on Gamestop and "Meme Stocks:" https://makingmoneyfun.simplecast.com/episodes/explaining-the-gamestop-storyReuters Article on Robinhood:  https://www.reuters.com/markets/us/robinhood-must-face-us-market-manipulation-claims-over-meme-stock-rally-judge-2022-08-11/Tech Crunch Article on Voyager:  https://techcrunch.com/2022/08/11/mark-cuban-mavericks-face-lawsuit-over-crypto-voyager-ponzi-scheme/Harvard Gazette article:What Happened to Crypto:  https://news.harvard.edu/gazette/story/2022/07/so-what-happened-to-crypto/#:~:text=Recent%20high%2Dprofile%20financial%20meltdowns,less%20than%20%24900%20billion%20today.

What is the Inflation Reduction Act, and how will it affect you?  Shanna Tingom and Jon break down this new legislation, which the President signed into law shortly before we recorded this episode.First, this will not affect Roth conversions or so-called "back door" Roth IRA contributions.  Shanna gives us a refresher on what's involved with those strategies and moves.We also talk about tax rates, and how the Inflation Reduction Act will affect health care and prescription drug prices. What about the IRS? There's been a lot of talk about increasing the number of IRS employees.  Should that scare you?To contact Shanna Tingom and the team at Heritage Financial Strategies, visit https://www.heritagefinancialaz.com/Additional Resources:Investopedia ROTH IRA Rules:https://www.investopedia.com/articles/personal-finance/081615/basics-roth-ira-contribution-rules.aspKaiser Family Foundation:https://www.kff.org/slideshow/what-are-the-prescription-drug-provisions-in-the-inflation-reduction-act/Tax Foundation:  https://taxfoundation.org/inflation-reduction-act/Senate Democrats:  https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_one_page_summary.pdf

Shannon Tingom of Heritage Financial Strategies is talking about coaches today.  Multi-millionaire athletes have them. Successful CEO's have them.  We can all use them - in various aspects of our lives.Coaches can be hired to help solve a short-term problem, or on a longer term basis.  Shanna, in her business,  has coaches for business and personal leadership.  In the past, she's also worked with career, relationship, and even financial coaches! (Yes, you read that right.)This leads to Shanna and Jon talking about how their respective relationships evolved in COVID, and how coaching even helped with that.At Heritage Financial Strategies, they offer several different types of coaching relationships, and that's how they help you manage your money and plan your future.   To reach the team at Heritage, visit them online to schedule an appointment at https://www.heritagefinancialaz.com/And if you haven't heard the amazing story around Dana Croschere, Heritage's Financial Coach, you can check out that episode of the podcast here: https://makingmoneyfun.simplecast.com/episodes/danapart1Chris Spear:  Website / LinkedInMike Strati:  Website / LinkedInRoger Reitzel:  Website / LinkedInChris Raup:  Website / LinkedInDana Crochere and Mindful Money: Website / LinkedIn