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Financial Forum Podcast
13 minutes | a year ago
Ep 19: Cold Hard Cash
We all like to check our bank account and see a healthy number staring back at us, but at what point do you have too much cash on hand? Today we want to focus on the benefits of having cold, hard cash but also why it’s important to understand that too much cash will bring your portfolio down over time. Read more and get additional resources here: https://fortune-financial.org/ep-19-how-much-cash-should-you-keep-in-your-portfolio/ Today's rundown: 0:44 – What are the most common needs for cash that requires you keeping it in your bank account?2:43 – Then what’s the problem with having too much cash?3:59 – How do you help clients determine how much cash they need?6:37 – What makes people obsess over a certain amount of cash?8:03 – In what ways can clients invest cash but keep it out of the market to avoid the volatility?8:49 – Fixed index annuities might be an option.
11 minutes | a year ago
Ep 15: 5 Variables that Shape Your Retirement Plan
Retirement will look and feel different for everyone because each of us have different variables to consider. These variables make it a little more difficult to plan but that what makes the process more fun. On today’s show, we’ll explain why answers to these critical retirement questions vary from person to person. Show Notes and Additional Resources: https://fortune-financial.org/ep-15-5-variables-that-shape-your-retirement-plan/ Today's Rundown: 0:17 – Let’s talk about retirement variables today.0:43 – Variable No. 1: How much income do I need?2:53 – Variable No. 2: How much will we have to pay in taxes?5:01 – Variable No. 3: How long should we expect to live?6:46 – Variable No. 4: When should I start Social Security?8:12 – Variable No. 5: How much money should I have at risk in retirement?
14 minutes | a year ago
Ep 14: Financial Fortune Cookies
Think about those fortune cookies you crack open at the end of a Chinese dinner as you await that small bit of wisdom inside. We always apply those fortunes to our life, but what if we took those and used them for financial guidance? Show Notes: https://fortune-financial.org/financial-fortune-cookies/ On This Episode: 0:17 – What we do for lunch around the office and why it relates to our topic.1:48 – First fortune: Crisis is opportunity riding on a dangerous wind.3:47 – Next fortune: A feather in the hand is better than a bird in the air. 5:27 – Next fortune: Accept something that you cannot change and you’ll feel better.6:47 – Next fortune: The greatest danger could be your stupidity.8:10 – Next fortune: A foolish man listens to his heart.9:46 – Next fortune: Hard work pays off in the future. Laziness pays off now.
13 minutes | a year ago
Ep 13: A Message to the Good Savers
Even for people who have been very responsible with their money over the years, entering retirement can still be a challenge because it’s such a different stage of life. Let’s discuss some of the areas where savers might make a few missteps so you’ll be better prepared in retirement. Show Notes: https://fortune-financial.org/ep-13-a-message-to-the-good-savers/ On this episode: 0:17 – What we’re talking about on this show and why.1:00 – First mistake: Too much in cash.4:45 – Next mistake: Taking on too much risk.6:43 – Next mistake: Not being prepared for the ticking tax time bomb.9:14 – Final mistake: Savers don’t spend enough.
15 minutes | a year ago
Ep 12: Financial Lessons Learned from Classic Fables
Some of our earliest life lessons came from stories passed down from generation to generation. These classic fables have stood the test of time because the moral of each story can be applied to nearly every aspect of our lives to teach us what’s most important. We’re going to take four classic fables and find out how they apply to financial planning on this episode. Show Notes: https://fortune-financial.org/ep-12-financial-lessons-learned-from-classic-fables/ Today's Rundown: 0:17 – Today we’re taking classic fables and applying them to financial planning. 0:41 – First fable: The Miser and His Gold4:02 – Next fable: The Man and His Two Wives6:46 – Third fable: The Tortoise and the Hare10:26 – Final fable: The Dog and His Shadow
13 minutes | a year ago
Ep 11: The Retirement Road Trip
Retirement planning is a lot like a road trip. It takes careful planning, strategy, research, and execution. We’ll explore the similarities between the two and explain what you need to do to reach your final retirement destination on time and as planned. Show Notes: https://fortune-financial.org/ep-11-the-retirement-road-trip/ Today's Rundown: 0:42 – First thing you need to decide is where are you going?2:46 – Next thing is you have to determine what route you want to take to get to your destination. 4:18 – The best way to determine your route is by answering these questions.5:38 – On that road trip, you have to pick out what you want to listen to.8:26 – Last road trip item, are you using cruise control along the way?
11 minutes | a year ago
Ep #5: 5 Red Flags to Watch For When Choosing a Financial Advisor
Picking the right financial advisor can make all the difference in the world when you’re trying to reach your retirement goals, but not every person is created equal. In order to find someone that fits your personality, pay attention to these five red flags.Check out the full show notes for this episode here. ----more----Take a look at the full rundown below:0:28 – Introducing the red flags and why they lead to the wrong fit with a financial advisor.1:12 – Red Flag #1: An advisor that has a long resume.3:08 – Red Flag #2: One size fits all approach that you might find at larger firms.4:08 – How Chris Scalese and his team come up with a risk number and plan using that.5:03 – Red Flag #3: An advisor that seems to always be selling you something.6:55 – Red Flag #4: When they don’t seem to listen to you as much and end up doing most of the talking.8:07 – Red Flag #5: When you don’t get a lot of feedback after beginning your relationship.
17 minutes | 2 years ago
Ep #3: Retirement Decisions: More Than Just Investments
Perhaps you’ve been building your nest egg for quite some time, but have you realized that retirement is about so much more than just your investments. Chris will talk us through five areas that require a bit of thought and some careful decisions to prepare you for a thriving retirement.Full show notes: https://fortune-financial.org/ep-3-retirement-decisions-more-than-just-investments/----more----Key Takeaways From This Episode:The Mailbag0:52 Woody: Selling a homeWoody is retiring in two years and has plans to move to the beach. With home values so high in the neighborhood, should he sell now and rent for a couple of years?This is a similar question to when people are trying to time the market at an all-time high and sell at just the right moment before a crash or downfall. It carries with it similar risks.Two years is not a long timeframe in real estate, so Chris doesn’t think it will be that big of a change in that time. Do the math to figure out what you could get the house for today as well as what the rental costs would be. Talk to a real estate professional to find out the best answer for you.More Than Just Investments4:15 LifestyleWhen was the last time that your time was truly yours to dictate without a pre-set schedule dominating most of your decisions? Kindergarten? Realize that you have a gift of control over your time and think about how you want to spend it. Do you want to travel more? Pursue hobbies?What will it cost you to live this way?5:59 Social SecurityWhen are you going to start it? For most people, the earliest age to start is 62. But that isn’t always the right time to begin. Don’t make that mistake. Don’t assume you should start Social Security as soon as you are eligible.Consider also when the best time us for your spouse to start Social Security.Consider your tax implications because your Social Security may be taxed.8:03 PensionsFewer and fewer employers are offering pensions but if you do have that then you may be presented with a few different choices.Should you take the monthly pension or a lump sum buyout?Depending on the offer, sometimes the lump sum is better, but sit with a financial advisor to weigh out the decision.If you are married, find out if you should take a reduced pension to get a spousal option.10:09 Home-related issuesSometimes if you had kids and they are out of the house now, downsizing may free up some of your spending income.Do you want to stay in the area or relocate?If you relocate, will the cost of living be higher or lower?Reverse mortgage may be an option, but it depends on the situation.12:38 Health questionsYou can’t ignore the cost of healthcare, it’s the single biggest expense that most people are going to have in retirement.If you are retiring before age 65 when Medicare starts, where will you get insurance from until then and can you afford the payments?If you or your spouse had any type of chronic illness or long-term care event, how will that be paid for?Be prepared ahead of time so nothing pops up that can derail your retirement.
23 minutes | 2 years ago
Ep #1: Managing Your Retirement Expectations
It’s not uncommon for your expectations about retirement to be out of whack from reality. Some people have unreasonable expectations while others set the bar way too low. On today’s podcast, Chris describes what reasonable expectations look like for most people in retirement. We’ll also answer some great listener questions about rental properties, estimated tax payments in retirement and what to do about being trapped in “golden handcuffs”.Show Notes:0:42 – Mailbag Question From Jack: Rental Property For IncomeJack wants to know if he should cash out investments and pay cash for the property, take out an equity loan to raise the cash, or just have a normal mortgage on the rental.Chris views the equity loan vs. mortgage part of the equation as kind of the same because both are strategies that take on debt. However, sometimes mortgage rates have better options for this purpose than going the equity route.Using investments to pay cash for the property would probably be most ideal. However, you have to make sure you aren’t going to cause a tax issue or hurt your overall financial & retirement plan. 3:59 – Mailbag Question From Kathy: Estimated Tax PaymentsKathy’s income is going to be different when she retires in a few months. She wants to know what she’s supposed to do about taxes since she figures she’ll be in a different tax bracket. Does she need to pay estimated taxes throughout the year now?Chris says this is a common question because this transition is a first-time experience for everyone.It’s usually a good idea to have 10-15 percent withheld for taxes in your first year of retirement to help create this buffer. Then you can adjust appropriately after the first year. And Chris can look specifically at your plan to help create a more accurate estimate on the front end.But generally, you don’t have to worry about making quarterly payments that first year. 7:01 – Mailbag Question From James: Frustrated With JobEvery time James is about to quit his job he gets sucked back in with the yearly bonus. He feels like he’s in “golden handcuffs”. What can be done?Chris says the answer to this question is really pretty simple. Do the math to see if you can indeed retire comfortably now. If you can, don’t worry about missing out on future bonuses. 10:31 – Quote Of The Week“The trouble with retirement is you never get a day off.” – Abe Lemons (basketball coach) 11:59 – Setting Expectations For RetirementSome people have unreasonable expectations for what they can achieve in retirement vs. what they’ve saved.One of the most intriguing conversations revolves around someone’s expected rate of return on their investments. 14:30 – Not Everyone Is Unreasonable – Sometimes Your Expectations Are Too LowThese are actually pleasant conversations. People might only expect to make 1-2 percent on their money.These kinds of folks are typically very risk averse. 16:32 – So What Is A Reasonable Expectation?4-5 percent is reasonable. But realize that can fluctuate quite a bit year-to-year. You need to be able to understand the short-term volatility you might be exposed to. 18:16 – What Is A Reasonable Withdrawal Expectation?Chris discusses the merits of the old-school 4 percent rule.Remember that we’ll need to account for inflation as part of the equation.
2 minutes | 2 years ago
Coming Soon - The Financial Forum Podcast
A quick preview of what's to come on the Financial Forum Podcast with Chris Scalese of Fortune Financial Group in northeast Pennsylvania.https://thefinancialforum.org/
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