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Cover Your Assets KC Podcast
22 minutes | 4 days ago
4 Terms from the Financial Dictionary
Ready to learn some financial terms? David unpacks four financial terms and how they may relate to your financial plan. Read more and get additional financial resources here: https://coveryourassetskc.com/ep-124-4-terms-from-the-financial-dictionary/ What we discuss on this episode: 1:59 - What is overbought in the stock market? 6:16 - What is P/E ratio? 12:11 - What is a quitclaim deed? 14:33 - What is regressive tax?
16 minutes | 11 days ago
Episode 123: Do Retirees Really Need Life Insurance?
Ironically, life insurance is a young man’s game. The perception among many people is that the need for a policy dramatically decreases or become completely unnecessary as you get older. But is that really the case? Today, we’ll explore the ins and outs of life insurance and its various uses when it comes to planning. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-123-do-retirees-really-need-life-insurance/ What we discuss on this episode: 1:36 – Perception of life insurance 2:35 – Why does it get a bad reputation? 4:07 – Determining whether someone needs it 5:44 – How much coverage do you need 7:31 – Other strategic uses for life insurance 12:15 – How often is David using life insurance for clients?
19 minutes | 18 days ago
Episode 122: How To Claim Social Security Benefits of an Ex-Spouse
Are you divorced and wondering about spousal Social Security benefits in retirement? David shares seven things you need to know about the benefits and what they might look like on today’s podcast. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-122-how-to-claim-social-security-benefits-of-an-ex-spouse/ What we discuss on this episode: 0:49 - What happens to your Social Security after a divorce? 2:05 - How do you qualify for an ex-spouse’s Social Security? 4:18 - How much would you be entitled to? 7:28 - What if someone has been divorced a few times? 8:43 - What if your ex is not taking Social Security yet? 10:11 - Will my ex-spouse know that I’m claiming? 11:31 - What if the ex-spouse is deceased? 13:00 - How does someone apply for this benefit?
19 minutes | 25 days ago
Episode 121: How Much Should You Invest in One Stock?
If you’ve found a good stock, how much is okay to invest in it? David answers this question from the mailbag, as well as three others related to when to retire and the stability of Social Security. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-121-how-much-should-you-invest-in-one-stock/ What we discuss on this episode: 0:57 - Mailbag: Is it normal to work past 65 years old? 4:11 - Mailbag: Should you consider an early retirement package? 8:49 - Mailbag: Will Social Security be around the rest of my lifetime? 11:27 - Mailbag: How much of your portfolio is okay to be invested in one stock?
17 minutes | a month ago
Episode 120: What’s Changed with Inherited IRAs?
When financial planning, what do you need to know about inherited IRAs when it comes to leaving a legacy? What is most beneficial to your heirs in the future? Read more and get additional financial resources here: https://coveryourassetskc.com/episode-120-whats-changed-with-inherited-iras/ What we discuss on this episode: 2:34 - In the last few years a lot has changed with inherited IRAs. 4:05 - Generally, you have up to 10 years to clear out an inherited IRA. 6:32 - What if you inherit an IRA from your spouse? 10:19 - What implications after the shift in rules? 12:37 - Is it better to inherit a Roth vs. a traditional IRA? 14:33 - How do you rollover an inherited IRA?
21 minutes | a month ago
Episode 119: Basketball and Financial Planning
As March Madness came to a close, we wanted to have a little fun and talk about what basketball and financial planning had in common. Is your financial plan ready for its one shining moment? Read more and get additional financial resources here: https://coveryourassetskc.com/episode-119-basketball-and-financial-planning/ What we discuss on this episode: 2:08 - What can we learn about retirement planning from basketball, starting with the shot clock? 7:24 - What’s the retirement equivalent of a double dribble? 12:26 - What fouls do you want to avoid in retirement planning? 17:08 - What’s success defined as?
17 minutes | 2 months ago
Episode 118: Things You Should Never Assume In the Financial World
Are you assuming when it comes to your financial plan? Let’s talk about what common assumptions people have and how to properly plan and prepare for retirement. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-118-things-you-should-never-assume-in-the-financial-world/ What we discuss on this episode: 4:37 - Do you assume you’ll spend less in retirement? 6:57 - Assume your taxes will be lower in retirement? 10:34 - Think you should get your kids through college before saving for retirement? 12:44 - Feel like you’ll never be able to retire?
19 minutes | 2 months ago
Episode 117: Where Can I Find Mutual Funds with 10 Percent Returns?
On the lookout for mutual funds with high returns because you’ve heard it’s possible? David answers three questions from the mailbag in today’s show as you make financial decisions. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-117-where-can-i-find-mutual-funds-with-10-percent-returns/ What we discuss on this episode: 1:22 - Mailbag: Will my Social Security and pension be enough? 6:07 - Mailbag: Where can I find returns that earn over 10 percent? 11:53 - Mailbag: Should I keep an inherited house as a rental property? 15:08 - What do you do with an emotional inheritance?
22 minutes | 2 months ago
Episode 116: 4 Steps to Help You Plan Ahead for Taxes in Retirement
Have you given much thought to taxes in retirement? What can you do to prepare effectively for what the future may hold? Read more and get additional financial resources here: https://coveryourassetskc.com/episode-116-4-steps-to-help-you-plan-ahead-for-taxes-in-retirement/ What we discuss on this episode: 0:37 - David is back in town! 4:05 - Why is it important to plan ahead for taxes? 6:17 - Should you include diversification in your retirement taxes? 7:51 - What are the four accounts to invest in? 13:05 - How would someone use those accounts to build their retirement? 17:50 - What’s the most efficient way to manage these accounts?
24 minutes | 2 months ago
Episode 115: 5 Keys to a Strong Financial Foundation
What is your financial foundation? Every financial house needs a strong foundation. Whether you are just starting out or already into retirement, you want a firm and healthy foundation. On today’s episode of Cover Your Assets KC, David talks about the five keys you’ll want to build your financial base. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-115-5-keys-to-a-strong-financial-foundation/ What we discuss on this episode: 1:29 - Have total control of your checking and savings accounts. 4:50 - Do you have a workplace retirement account? 8:44 - If no workplace retirement account, do you still have a retirement account? 11:28 - Make sure you have life insurance. 17:56 - Should you have a taxable brokerage account?
26 minutes | 2 months ago
Episode 114: Mailbag - Save Up for Rental Property or Pay Off House?
This or that? Which is better? David answers three mailbag questions that ask what to do while trying to make wise investment decisions. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-114-save-up-for-rental-property-or-pay-off-house/ What we discuss on this episode: 0:26 - Feeling ready for spring? 2:04 - Mailbag: Pay off the house or save for a rental investment property? 10:28 - Mailbag: How many 401(k) funds should I have? 17:29 - Mailbag: Should I use a robo-advisor tool to invest my HSA? 22:50 - What’s the most important thing to do financially when you’re young?
17 minutes | 3 months ago
Episode 113: 5 Things to Know About Capital Gains
If you’ve ever invested, you’re at least familiar with capital gains, but do you understand how much they impact your future? Today we’ll tell you five things that you need to know about capital gains and how to account for them when investing. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-113-5-things-to-know-about-capital-gains/ What we discuss on this episode: 1:43 - What’s the difference between a short-term capital gain and a long-term capital gain? 5:55 - Which one is better? 6:22 - Does it change if you’re in a Roth IRA or traditional IRA? 10:00 - What happens if you sell something at a loss? 13:29 - What do you need to know about annuities?
26 minutes | 3 months ago
Episode 112: Types of Financial Risk to Watch Out For
What risks might you encounter when it comes to your finances? How prepared are you for what may come? Find out more about the different types of risk and how to account for them in planning. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-112-types-of-financial-risk-to-watch-out-for/ What we discuss on this episode: 0:30 - Is David a risk-taker? 1:59 - What are the different types of risk in finances? 3:16 - Market risk 7:47 - Interest rate risk 12:10 - Inflation risk 16:14 - Tax rate risk 22:40 - Longevity risk
24 minutes | 3 months ago
Episode 111: The Story Behind GameStop Stock
What just happened with GameStop, causing a wild week on Wall Street? Today on the podcast, David gives an explanation of what GameStop is, why its stocks soared, and what we can learn from the situation. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-111-the-story-behind-gamestop-stock/ What we discuss on this episode: 0:29 - David shares what part of the country he’s visiting right now. 2:29 - What lessons can be learned from GameStop? 6:44 - What does Reddit and GameStop have to do with a short stock? 10:18 - What made this become a big story in the news? 14:54 - GameStop was only the beginning. 18:47 - Were any of David’s clients impacted by that market volatility?
25 minutes | 3 months ago
Episode 110: Financial Resolutions - Answering Your Questions
Have you started working on your financial resolutions yet? What kind of questions have delayed you from reaching your goals? Today we’ll provide answers to help you stay on track financially this year. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-110-financial-resolutions-answering-your-questions/ What we discuss on this episode: 1:31 - Mailbag: How do I make a plan to address $30k in credit card debt? 2:49 - What five steps will get you to where you want to be? 12:24 - Mailbag: Should I be concerned about my retirement if my net worth didn’t grow last year? 16:00 - Looking at the net worth statement gives you forward momentum. 18:25 - Mailbag: Am I falling behind if I haven’t started saving for retirement at age 32? 19:25 - What can you do if you don’t have a 401(k)?
20 minutes | 4 months ago
Episode 109: SLY - Safety, Liquidity, and Yield
Does your portfolio contain these three qualities? How can you create a balanced portfolio Today we’ll talk about some foundational principles that David’s business and financial security are built on. Show notes and additional financial resources: https://coveryourassetskc.com/episode-109-sly-safety-liquidity-and-yield/ What we discuss on this episode: 0:41 - What are the three qualities of money? 2:16 - What qualities do you want in a portfolio? 3:26 - Why can’t I have all three qualities at once? 6:27 - What’s a balanced portfolio look like? 9:22 - What types of annuities could be considered? 11:17 - What qualities does real estate have? 14:34 - How does David help clients find the right balance?
21 minutes | 4 months ago
Episode 108: 5 Important Retirement Statistics
What can we learn from these retirement statistics? Sometimes the data available can help guide you and your decisions when it comes to planning for retirement. On today’s episode of the Cover Your Assets KC podcast, we discuss five important statistics you’ll want to keep in mind. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-108-5-important-retirement-statistics/ What we discuss on this episode: 1:35 - What are important retirement statistics? 2:29 - 17 percent of American workers are confident they’ll have enough money in retirement. 7:27 - The average 65-year-old woman has a life expectancy of 20.7 more years. 9:31 - 16.5 percent of our population is over age 65. 11:58 - The average retiree will spend almost $300k for out-of-pocket medical expenses. 15:47 - 90 percent of people over 60 years old say a written plan is important.
27 minutes | 4 months ago
Episode 107: 2021 New Year's Financial Resolutions, Part 2
Ready to hit the ground running with your financial resolutions? David gives a list of seven things to cover in this two-part series. Check out part 1 here: https://coveryourassetskc.com/episode-106-2021-financial-new-years-resolutions-part-1/ Read more and get additional resources here: https://coveryourassetskc.com/episode-107-2021-financial-resolutions-part-2/ What we discuss on this episode: 0:54 - What were the first three financial resolutions? 3:00 - Save as much as you can as early as you can. 7:11 - Are you taking advantage of systematic savings? 12:36 - Have you done your annual net worth statement? 19:17 - Have you checked your beneficiary designations?
24 minutes | 4 months ago
Episode 106: 2021 Financial New Year’s Resolutions, Part 1
As we kick off the new year, let’s look to some financial resolutions. Have you set resolutions for the year yet or are you feeling a bit of the 2020 burnout? These resolutions are really important to your financial future--so important, that this will be a two-part series. Hopefully by the end of January, you have all seven of these action steps nailed down. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-106-2021-financial-new-years-resolutions-part-1/ What we discuss on this episode: 1:25 - What are some financial New Year’s resolutions you can make? 4:05 - Resolution #1: Do you have an emergency fund? 8:54 - Resolution #2: Pay off your credit card debt. 14:10 - Is a car loan or mortgage okay to have? 16:21 - Resolution #3: Cover your assets!
25 minutes | 5 months ago
Episode 105: No Democratic Sweep? Some Final Tax Strategies Of 2020
What can you still do before the year ends? David talks through four strategies that you’ll want to consider before the clock strikes midnight on December 31. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-105-no-democratic-sweep-final-tax-strategies-of-2020/ What we discuss on this show: 0:23 - This is our final show of 2020. Ready for 2021! 3:43 - Biden will be taking over the presidency, but we don’t know yet about the Democratic sweep. 6:47 - Make sure you know where you stand from a gain/loss standpoint and consider tax loss selling. 8:57 - Are there long-term capital gains in your portfolio that you want to harvest? 13:09 - The Roth conversion deadline for 2020 is December 31. 17:35 - What do you need to know about the gift tax?
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