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Many students are burdened with student loan debt, with 70% of college graduates in the United States having an average debt of over $30,000. As a parent, we all want to see our children succeed and accomplish their goals, especially when it comes to their education. However, with the rising costs of tuition and living expenses, many students are forced to take out student loans, which can burden them with debt for years to come.  Our guest in this episode is Juan Te Dailey, who achieved the remarkable feat of sending her son to college debt-free. Juan Te's journey is a testament to the power of financial planning and hard work and by following Dave Ramsey's advice from his book, "The Total Money Makeover," Juan Te was able to take crucial steps to achieve financial freedom. Graduating from college debt-free can be an incredibly empowering experience. It allows our children to start their careers without the burden of student loans, giving them a sense of financial freedom and the ability to pursue their dreams. Don't miss this inspiring episode on how one parent achieved the goal of sending their child to college debt-free!

There are several advantages to getting started with financial planning early and focusing on it with a financial expert. However, we all always have questions about this issue. Today, Shanna Tingom of Heritage Financial Strategies and her two clients, Bart and Lori, are talking about the importance of early financial planning with a financial expert, and this podcast leads to Shanna, Bart, and Lori talking about how their relationships developed in the past through consultation on financial planning. Bart and Lori believe that the sooner you can start financial planning, the better, and of course, you can increase the possibility of getting a great impact on your savings. Also, they mention that experts can help you with your financial plan and reduce your confusion about your future finances, and Bart and Lori point out their experiences. If you need to talk about your future financial plan with an expert, reach out to Shanna and her team at Heritage Financial Strategies here to schedule a consultation.

What Do Tom Brady, Usain Bolt, Stephen Curry, Mike Tyson, John McEnero, and Dennis Rodman Have in Common? They were all victims of financial mismanagement, where their money was stolen or misappropriated by the companies or individuals they entrusted to manage it. Olympic runner Usain Bolt is the latest among this group to experience this misfortune - he recently had nearly 13 million dollars taken from him over a 13-year period. Tom Brady lost 650 million with FTX, Steven Curry lost 160 million with FTX, and Mike Tyson and Kareem Abdul Jabar (Elvis Presley) have had undisclosed amounts of money stolen or misappropriated. John McEnroe lost two million investing in a painting fraud, while Dennis Rodman has been liable for 3.5 million stolen by his financial advisor Peggy Ann Fulford. These types of fraud typically fall into one of two categories: fraudulent activities such as theft or embezzlement; or Ponzi schemes where non-existent returns are promised, but only payouts come from other people's investments. In both cases, recovery of funds can be difficult if the money has already been spent. So how can we learn these celebrity lessons regarding our investments and choosing the right advisors? Here are some tips to keep in mind: Never invest in something you don't understand – research it if uncertain! It's important to have measures like custodians that provide administrative oversight and accountability for your investments (like Pershing Fidelity Schwab). You should be able to look at statements and tax forms with their name on them that verify they are managing your funds correctly. Make sure you have easy contact access with your advisor – emails, phone numbers, texts, etc – so you can stay updated on your accounts activity quickly if anything arises that looks suspicious. Logging into our client portal once a month is also recommended so you can watch for any irregularities early on before they become larger problems.

Mark and Lizza, two of Shanna's clients, are introduced, as well as the returning listeners to the broadcast. Mark, a Heritage Planning customer for a number of years, explains why he chose to work with a planner. He adds that he needed assistance in handling his finances and providing for his family. Lizza chose Heritage Planning because she believed the business could offer her the finest support.  Lizza and Mark talk about Mark's firm being sold and the journey to retirement. They discuss how having a solid financial foundation and estate plan are crucial, as well as, how working with a financial planner may assist to bring clarity and peace of mind.  If you share a similar story, 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/  

In this podcast, I’m joined by my Naturopath Dr. Kasey Nichols of Onyx Integrative Medicine in Gilbert, and we will be discussing how I took physical and financial steps towards a healthier lifestyle, starting in mid 2021. I began by taking blood tests following a diagnosis of dangerously low iron from my primary care doctor. I was referred to a hematologist and booked in for an iron infusion that same week. Then the journey began. I underwent hormone testing which showed something unexpected, as well as blood tests to check iron levels and food sensitivity tests which highlighted some common triggers including peanuts, almonds, pineapple, and gluten. In response to the dietary advice, I started a gluten-free diet in the fall of 2021. This has led to weight loss of around 30 pounds so far with more to go! I feel better at 50 than I did at 30!  

On this episode of Making Money Fun, Christina talked about what it was like, leading up to, and finally working with Heritage Financial Strategies on planning life for her family after retirement.   She shared why they decided to hire a planner and why they chose Heritage.   She also shared that she was diagnosed with a degrative brain disease and had brain surgery, and that hastened their need to make sure they would be financially ok, even if she couldn’t return to work.   Their most significant financial achievement was realized early in 2023 when they paid off their mortgage and now can rest easy knowing they will be financially able to handle it if she is not able to return to work.   

Secure Act 2.0: An Overview The Secure Act of 2019 was the biggest legislative change to retirement planning since 2006, and it quickly became overshadowed by the COVID-19 pandemic. But Secure Act 2.0 brings even more changes that could significantly impact how you plan for your retirement. Required Minimum Distributions (RMDs) Under the Secure Act, the age at which individuals must withdraw money from certain retirement accounts has changed. The RMD age has now been set at 72 for anyone born in 1950 or earlier, 73 for those born in 1951-59, and 75 for anyone born in 1960 or later. There is also the possibility that some in the group with 73 as their RMD age may be changed to 74. Additionally, distributions must happen by April 1 of the year after attaining the RMD age. If you wait until the following calendar year to withdraw, two distributions will be due that year. And if you fail to take an RMD, penalty fees can be reduced from 50% to 25%, which could go down to 10% if corrected promptly. Employer-Sponsored Plans The legislation changes Roth accounts under employer-sponsored plans - they no longer have any required minimum distributions unless they are inherited - while sep IRAs and SIMPLE accounts can now offer Roth options instead of being purely pre-tax investments. Contributions to employee 401k's can also now be made directly into their Roth side, which could create tax consequences for those individuals. It is also possible for 529 college savings plans proceeds to be transferred into Roth accounts under narrow conditions, creating new tax planning opportunities in this area. Contribution Limits Secure Act 2.0 provides annual contribution increases based on inflation rather than unpredictable fluctuations. This may provide more predictability when budgeting your long-term savings goals each year.. Other Changes Other notable changes include incentives for small businesses offering 401(k) plans and employers making student loan payments for employees in place of matching contributions.

Why Your Vision Board Should Include a Financial Planner: Getting into the Nitty Gritty with Lisa and Shanna Ever wished that you had your very own guardian angel to help you navigate the course of your finances? Well, look no further because your wish has been granted! Join us and our guest, Lisa, on this episode as she shares her personal experience and journey towards building and improving the financial health of she and her partner, Nick. A loyal client of over 8 years, Lisa is a health, wellness and clinical practitioner, as well as a business leader who is planning on launching her newest venture, "Adventures with Lisa" next year. She shares what it's like to be lost and what led her and her partner to bring in a financial planner on their quest for financial freedom and security. According to Lisa, seeking help is not necessarily a sign of weakness but a mark of courage. She also talks about how engaging the services of a financial planner transformed her life and facilitated her early retirement plan, along with allowing her and Nick to purchase a house and pursue their passions debt-free.  Listen to the podcast to get the full details! Connect with us on LinkedIn and Facebook @Heritagefinancialstrategies and on Instagram and Twitter @Wemakemoneyfun. For more information on the aesthetics of hiring a financial planner, subscribe to @Wemakemoneyfun on Apple podcast or wherever you listen to podcasts.

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.

Today’s show is about Melisa Horn, a highly experienced financial professional with over 30 years of experience in banks and credit unions. As Financial Coach with Mindful Money Financial Coaching, Melisa helps clients with budgeting and financial education. Additionally, as Brand Ambassador for Heritage Financial Strategies, she shares her expertise in making the most of their money. With a strong focus on customer service excellence, Melisa goes above and beyond to ensure everyone receives high-quality care and support. Melisa has an impressive background; she holds a Bachelor of Science Degree in Marketing from Arkansas State University and has received numerous awards for excellence throughout her career. She is known for building trust with her clients and team members through authentic relationships. Her dedication to helping others achieve their best financial future makes her a valuable asset to Heritage Financial Strategies. Plus, Melisa is passionate about helping people make smart financial decisions that help them complete personal or professional goals or navigate life transitions.

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.pdf Reach 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: 270-200-1056 Shanna'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-story Reuters 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.asp Kaiser 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/danapart1 Chris Spear:  Website / LinkedIn Mike Strati:  Website / LinkedIn Roger Reitzel:  Website / LinkedIn Chris Raup:  Website / LinkedIn Dana Crochere and Mindful Money: Website / LinkedIn  

Recently, Shanna Tingom and her family contracted COVID-19.  Fortunately, symptoms were relatively minor and everyone is OK.  However, being sick and quarantined to a hotel room really gave our podcast host some perspective.     What if something happened to her, and she wasn't around?The last 2 1/2 years have taught us that anything can happen to anyone - whether it's a worldwide pandemic or being hit by the proverbial bus tomorrow.   Shanna realized there was part of her estate plan that even she needed to update.   But having a plan is so crucial.   You need to be able to stipulate your wishes, and not leave loved ones behind to pick up the pieces, should the unthinkable happen. If you need help with estate planning, retirement planning, investing, or anything related to your financial future, you can contact Shanna and her team at Heritage Financial Strategies by visiting https://www.heritagefinancialaz.com/

Sorry to remind you of this, but the Phoenix Suns had a great season - until they didn't.  Everything looked great, until an epic, epic collapse in Game 7 against Dallas.   You may think you've got smooth sailing with your financial future, and then the unexpected happens. Shanna Tingom of Heritage Financial Strategies is a huge Suns fan, and this collapse got her thinking about her role as a financial advisor.   What happens when the proverbial wheels come off?  It's her job to re-assure her clients, make adjustments if necessary, but above all, make sure they don't panic. Need to discuss something related to your financial future?  Shanna Tingom and her team at Heritage Financial Strategies are here to help.  Find them here: https://www.heritagefinancialaz.com/