Welcome to another episode of Your Next Money Move! Have you ever wondered how to deal with the unpredictable nature of interest rates when borrowing, saving, or investing money? Today we are going to teach you how to prepare for rising interest rates and help you eradicate the inhibitor that is fear from your next money move! Tuning in, you’ll hear all about why interest rates fluctuate, how they affect lenders, savers, and investors. We also provide tips for saving during rising interest rates before discussing the importance of keeping money aside for emergencies. We even delve into how life expectancy plays a role in financial planning. You don’t want to miss out on this one! Check out our website, where you can sign up for our newsletter and find other free resources: Your Next Money Move Connect with us on social media: Instagram Twitter Derek Lawson on LinkedIn Trent Porter on LinkedIn

Should I Wait for the Economy To Improve To Buy a Home? Is there a right time to buy a home? Trent and Derek are here to give their educated opinions, personal experiences, and their rules of thumb to help you decide if now is the right time. While discussing the conventional rules of buying a home, Trent and Derek piece together all the parts of buying a home you may not understand: downpayment, PMI (private mortgage insurance), escrow, and how it all relates to your gross income. From getting rid of your variable debt, understanding your credit score, the renting to buying ratio, and why you should use a buyers agent, you’ll have all your potential questions answered. Key Points From This Episode: A look at studies relating to happiness. Should I buy a home? There is no set yes or no answer. What you need to ensure you are financially covered.  The importance of having a cash reserve. What percentages to expect: downpayment, inflation, and insurance. How to manage your PMI. Derek explains some of his favorite ways to crunch numbers. Why you should be on the fence when buying a home. How to understand your credit score. How to handle advice from mortgage brokers and realtors.  Why you need a buyer's agent.  Renting versus buying.  Check out our website, where you can sign up for our newsletter and find other free resources: Your Next Money Move Connect with us on social media: Your Next Money Move on Instagram Your Next Money Move on Twitter Derek Lawson on LinkedIn Trent Porter on LinkedIn Links Mentioned in Today’s Episode: Stumbling on Happiness

Welcome back to Your Next Money Move! On today’s episode, we answer a user question. If you’ve ever wondered if you should be paying off your mortgage faster, today’s episode is for you. In response to a user’s question about whether or not to put more money towards their 30 year mortgage, we explore a few vital questions to ask yourself to find your unique answer to this sort of question. We discuss what you should have in place before rushing to pay off your debt, and some alternatives to paying down your mortgage as quickly as you can. Our advice today can be distilled into two main points: it depends, and, always have a plan. Find out what we mean by this, why your fear-based decision-making might be leading you in the wrong direction, and what kind of difference you can make by choosing to itemize when you tune in today. Thanks for joining us to learn all this, and much more!    Key Points From This Episode: The user question we will be answering today: should I continue putting $300 a month towards my 4.5% interest $200 000 thirty-year mortgage? Questions to ask yourself to find your unique answer to this question.  Why it is important to have short and long-term emergency funds. The importance of paying off all debt over 5%. Considering retirement and college savings. What the other option is: to put an extra $300 in a Roth account. Why paying down is better than cash, but investing might be better. Factoring in your debt comfort level. The difference your age and portfolio make. Why it is so important to have a plan in place.  Why not everyone with a mortgage can benefit from a tax advantage. Why your fear-based decision might not be the right answer. The necessity of itemizing in order to get tax benefits. Why Derek has decided not to accelerate paying down his mortgage.  The influence of inflation.  Why so many questions can be answered with ‘it depends’ and ‘have a plan.’ Check out our website, where you can sign up for our newsletter and find other free resources: Your Next Money Move Connect with us on social media: Your Next Money Move on Instagram Your Next Money Move on Twitter Derek Lawson on LinkedIn Trent Porter on LinkedIn

Everybody is doing it, celebrities are promoting it, and people are becoming millionaires overnight because of it, but should you be investing in cryptocurrency? While the technology of cryptocurrency is promising, it is very volatile, high risk, and hard to put a value on. Join Derek and Trent in this week’s episode, where they discuss their skepticism around cryptocurrency, the recent crash, environmental impacts, and strategies they use when adding Bitcoin exposure to client portfolios. Some of the stories they share will make your hair stand on end, so if you want to invest in cryptocurrency, this episode will provide you with the knowledge you need to avoid the crash-and-burn that it is too often accompanied by!   Key Points From This Episode: Why Trent has chosen not to buy cryptocurrency.  The concerning correlation between Bitcoin and stocks. Volatility as a characteristic of cryptocurrency. Exploring the hypothesis of cryptocurrency being a hedge against inflation. Options that we provide to clients who want to invest in cryptocurrency. The advantages of Exchange Traded Funds over holding cryptocurrency.  Stories that highlight what can go wrong with cryptocurrency investments.  Why we recommend being skeptical of any “next big thing.” Environmental issues with cryptocurrency.  How Bitcoin mining is hindering law enforcement.  The problem with celebrity endorsements of cryptocurrency. Impacts of the recent cryptocurrency crash.  The benefits of diversification. Check out our website, where you can sign up for our newsletter and find other free resources: Your Next Money Move Connect with us on social media: Your Next Money Move on Instagram Your Next Money Move on Twitter Derek Lawson on LinkedIn Trent Porter on LinkedIn  

In today's episode of Your Next Money Move, we explore our ideas on the combination of finances in the context of a marriage or committed relationship. This is a common question that arises and one that is well worth the attention. The truth is that there is no single correct answer and, through the right kind of inquiry, you can find a unique way forward that suits the parties involved, namely you and your spouse. One of the most important aspects of this task, especially when starting out, is having intentional conversations to set the stage for your decisions. We find that most of the difficulties that couples run into regarding money are more about how the topics are discussed than actual disagreements about finances. So, if you would like to hear a bunch of useful strategies and some of the ideas we have found most powerful for making progress in this realm of your personal and financial lives, make sure to tune in today!   Key Points From This Episode: Prioritizing intention and conscious decisions when answering this question.  Conversations and arguments about money; common themes that we have seen.  Why having separate spending allowances can be a very useful strategy.   The ongoing money discussions that are necessary throughout a relationship.  Playing to each other's strengths and making a fun activity out of budgeting!  Understanding financial conflicts and the leading causes of these issues. Exploring some of the research on the subject of money and marriages.   How we approach helping clients out of conflicts; scripts, new learnings, and more.   Bringing retirement into these considerations and what this means in the short term.    Links Mentioned in Today’s Episode: Priority Financial Partners Kansas State University American Psychological Association You Need A Budget '15 Financial Questions Couples Should Ask Before Getting Married' Derek Lawson on LinkedIn Trent Porter on LinkedIn Your Next Money Move on Instagram Your Next Money Move on Twitter Your Next Money Move

Not sure how to best prepare for and navigate market fluctuations?   In this episode of the Your Next Money Move podcast we share the best ways to prepare for and thrive during a recession or market downturn. Use these strategies and tips to confidently ride through market swings and make the most of a recession.   3:02 - What should you do to prepare for a recession? 4:30 - What about getting a Home Equity Line of Credit in this market? 5:28 - How can an individual increase their savings to prepare? 6:15 - How should you evaluate your expenses as preparation for a recession? 7:04 - What should you know about investing during a recession? 7:50 - How can you analyze your spending on wants and needs? 9:58 - Why should you stay invested during a market downturn? 12:25 - How does the economy recover after a recession? 13:15 - How should you rebalance your portfolio during market fluctuations? 14:50 - How can you manage your emotions during a recession? 15:50 - How can you best navigate media and news coverage during a recession? 17:45 - How can you use a financial plan to navigate through a recession? 20:15 - What changes have you made with discussion of a recession coming? 23:30 - How should you approach paying off debt as a safety net during a recession? 26:17 - How can you increase the security of your income stream? 27:39 - How can you navigate annuity and insurance salesmen during a market downturn?   Find more from us: www.yournextmoneymove.com www.instagram.com/yournextmoneymove

Some parts of your finances aren’t always glamorous, but they are still a critical piece of the picture. In this episode of the Your Next Money Move podcast we discuss the various ways to Cover Your Assets. Estate planning, insurance, and freezing your credit may not be the most exciting parts of your financial picture but they shouldn’t be skipped! At the end of this episode, you will have a better understanding of types of estate planning and insurance coverages, how much you should have and how often they should be updated, to protect yourself and the people you care most about. 3:03 - Important estate planning documents 6:21 - Two primary types of trusts and what they do 9:08 - How often should you revisit your estate planning? 11:20 - Who should do estate planning? 11:56 - What are the types of life insurance? 14:40 - What are the differences between Term and Whole Life Insurance? 19:23 - What to consider if you do have a Whole Life Insurance policy? 21:55 - How much life insurance is the right amount? 23:55 - How does inflation impact the amount of life insurance needed? 25:45 - How long will you need life insurance? 28:03 - What is the application process and underwriting process for life insurance? 32:10 - What is disability insurance? 34:02 - What are the differences between long-term and short-term disability insurance? 36:25 - Two things to be concerned about when choosing disability insurance 37:30 - What is the difference between group and private disability insurance? 39:40 - What is umbrella insurance? 42:10 - How much umbrella insurance should you have? 44:23 - How much home and auto insurance coverage should you have? 49:25 - How do credit freezes help? Find more from us: www.yournextmoneymove.com www.instagram.com/yournextmoneymove

Not sure know where you should be putting your money first? In this episode of the Your Next Money Move podcast, we share with you how we recommend you prioritize your next money move.  Whether you have debt, children you want to help put through college, or an employer that matches your retirement contributions, we have a Next Money Move Map that can help you prioritize where your next dollar should be put to work. At the end of this episode, you will have a better idea in which order you can tackle different categories in your personal finances and how you can make money moves that will contribute to your goals. What we discuss: 01:20: The steps of the Your Next Money Move Map 2:00: Why should you not keep too much cash on hand?  2:48: Why should you not have more than two months worth of living expenses in your checking account? 05:59: What is the employer-match? 11:26: What is an emergency reserve and which philosophy should you adopt? 12:43: Where should you store your emergency reserves? 15:20: Why do we suggest only paying off variable debts and debts that are over 5% in interest? 18:09: How should you save for a down payment on a home? 22:14: Why should you be investing 20% of your gross income in retirement accounts? 27:56: What is a 401K? 32:31: Should you save for college? 41:10: The 9 steps of the Your Next Money Move Map Connect with us: Website: https://yournextmoneymove.com/ Instagram: https://www.instagram.com/yournextmoneymove/ Twitter: https://twitter.com/nextmoneymove

Are you a new investor? If so, this episode is for you!   Many first-time investors tend to jump into the investing world without any preliminary knowledge about how the stock market works, which can create some misconceptions about returns, risk tolerability, and more.    That’s why in this first episode of Your Next Money Move podcast, we provide you with an Investing 101 crash course. At the end of this episode, you will be able to understand the basic core theories of investing and feel more confident about investing terminology.   What we discuss:   00:55: How did we end up in financial planning? 07:25: What does “fiduciary” mean? 08:19: Why would one go for a CPA designation? 11:27: Why should one invest at all? 16:05: What are the options for investing money? 22:14: Active vs passive - what’s the difference? 28:55: How can funds be segmented out? 35:44: What are ESG funds? 38:26: What about crypto? 41:47: What are commodities?  43:06: What is an investment policy statement (IPS)? 48:25: What does it mean to “time the market”? 53:19: What are some good practices for investors?   Connect with us:   Website: https://yournextmoneymove.com/ Instagram: https://www.instagram.com/yournextmoneymove/ Twitter: https://twitter.com/nextmoneymove

Welcome to Your Next Money Move with Certified Financial Planners Dr. Derek Lawson and Trent Porter. One’s a money researcher and professor, the other a CPA and life coach and together, they draw on their combined experience to help take your finances to the next level. If you've worked hard for your money but don't know how to make it best work for you, get ready to find out Your Next Money Move. Derek and Trent will help you understand the psychology of money, saving for retirement, estate planning, tax optimization, evidence-based investing, and more. And better yet, they make it simple and tangible.  These two money gurus have shared their knowledge in the Wall Street Journal, CNBC, MarketWatch, CBS News, Bloomberg, and on NPR. New episodes release every Monday, so be sure to subscribe on Apple Podcasts or Spotify to never miss an episode.  All of that to say, are you ready to find out your next money move? Let’s do this! The preceding information is not intended as tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement of any company, fund, security or non-securities offering. Do not run with scissors and wait 30 minutes to swim after eating. Find more from us: www.yournextmoneymove.com.