The Money Puzzle

How much should I have saved? If you’ve ever asked that question, this episode might give you the insight you’re looking for. Join us as we explain the difference between the average and median, and then tell you how much experts think you should have saved in your 30s, 40s, 50s, and at retirement.   Read more and get additional financial resources here: https://wp.me/paQKv1-et     Watch the video podcast: https://youtu.be/dTJWFIgSm_I    What we discuss on this show:  1:10 – What we’re talking about on the show   2:24 – News headline: Bangkok cat cafe 4:45 – Election impact 8:04 – The difference between average and median   10:02 – Why most experts only talk about averages 10:56 – Where you should be at each decade of your life starting with 30s. 13:19 – In your 40s  15:42 – When you reach your 50s 17:01 – What you should have when you reach retirement 20:25 – How do you get to these savings goals? 23:00 – Think about tax considerations on accounts 24:28 – Final thoughts on this conversation

We all need insurance, but do you know what you’re paying for? Why is insurance so important? We dive into the things you really need to know about protecting yourself and your assets.   Read more and get additional financial resources here: https://wp.me/paQKv1-eo    Watch the video podcast: https://youtu.be/pFCFqtIuJmk    What we discuss on this show: 0:34 - Robert introduces our important and interesting topic. 2:31 - In the News: Is your toilet talking to you? 5:01 - What kind of insurance do you need?  6:40 - What’s the premise of insurance? 8:04 - What does full coverage car insurance mean? 9:42 - What’s the importance of uninsured motorist coverage? 11:43 - What are your liability limits? 14:29 - What about property damage liability? 16:18 - What discounts should you look for in auto insurance?  18:18 - What’s the most important reason to have renter’s insurance? 19:56 - What kind of medical insurance do you get on renter’s insurance? 21:40 - With a condo, what is loss assessment coverage? 23:17 - Should you increase your home insurance? 24:09 - What property insurance discounts should you look for? 26:03 - Are you doing an insurance review? 

Today’s episode is a change of pace from what we usually cover on this show but we really wanted to sit down and talk with Melvin Young of Modewealth Advisors. He has a unique approach that centers around entrepreneurship, purpose, and humanity. There’s a lot to learn from Young during this conversation and we think it might even change your way of thinking.   Read more and get additional financial resources here: https://wp.me/paQKv1-e8    Connect with our guest: https://www.modewealthadvisors.com/    What we discuss on the show:  0:55 – Background on our conversation 2:36 – Beginning of interview 4:28 – Background on our guest 7:45 – How long have you been in this industry? 10:24 – Not in the wealth management business 11:47 – Job security isn’t what most people think 17:03 – How he teaches the steps to success. 19:45 – Is insurance and finance still good industries to enter? 22:49 – The mantra of purpose over opinion 27:12 – His experiences as a black business owner.   36:09 – What is your purpose in life?       40:58 – His feelings on reparations 50:10 – Do you consider yourself to have a superpower? 52:48 – A final message for everyone

Are you up to the challenge? Brian takes on the FINRA Investor Knowledge quiz on today’s podcast.   Read more and get additional financial resources here: https://wp.me/paQKv1-e2    Watch the video podcast: https://youtu.be/hfQTvy7PAyQ   What we discuss on the show:  0:58 - Brian from the Denver office joins us today. 2:04 - A recent 4-H event meant Brian bought a goat. 4:47 - Today we’re going to quiz Brian on FINRA’s Investor Knowledge quiz. 5:57 - In the News: AARP says backyard chicken industry is booming. 10:18 - What is the FINRA Investor quiz? 11:47 - If you buy a company’s stock, what does that mean? 12:30 - If you buy a company’s bond, what does that mean? 13:52 - Which type of bond is the safest? 14:49 - If interest rates go down, where do bond prices go? 15:48 - What is the definition of a junk bond? 17:05 - A no-load mutual fund carries what? 19:13 - Do investments that are riskier provide higher returns? 21:05 - Should we all be investing more in risky investments? 21:50 - Which organization insures you against your losses in the stock market? 22:54 - What happens if a company files for bankruptcy? 23:43 - Why do many municipal bonds payer lower than government bonds? 24:33 - If you buy on margin, what does your investment yield? 26:07 - What’s the best definition of selling short? 26:56 - Are the rules for hedge funds and mutual funds the same? 27:39 - What’s the difference between mutual fund share classes? 28:23 - A 529 plan is used for what?

A lack of financial education faces many people as they begin their working careers and start saving towards retirement. This leads to bad decision-making and a lack of awareness for how to best manage your money. On today’s show, we’re going to present a 6-question financial literacy test that the majority of Americans don’t pass. Let’s find out how you do.   Read more and get additional financial resources here: https://wp.me/paQKv1-dU   Watch the video podcast: https://youtu.be/H5Sx6zI-cN0    On today's show:  0:53 –  An update on where Brian is. 2:24 – Some background on this literacy test.   2:54 – Listener question on choosing a life insurance policy.. 7:50 – In the news: Now you can dine out with dummies 9:37 – Why do we need to be financially literate? 11:36 – Financial Literacy Question #1 13:10 – Financial Literacy Question #2 14:47 – Financial Literacy Question #3 17:06 – Financial Literacy Question #4 19:33 – Financial Literacy Question #5 21:27 – Financial Literacy Question #6

Today we’re covering three different things that will all benefit you financially no matter where you are in the planning process and how you’re dealing with the coronavirus. Plus, we’re introducing a 30-day challenge that will help you track your spending.   Read more and get additional financial resources here: https://wp.me/paQKv1-dy    Watch the video podcast here: https://youtu.be/hGMkCIXEg9g    Today's show schedule:  1:49 – How is Brian adapting to the current environment? 2:42 – Still doing a lot of Zoom meetings with clients. 3:22 – A book Robert has been reading talks about 3 areas people spend significantly more than they thought they did. 3:52 – First area: Your car 7:16 – Second area: Grabbing a bite to eat 8:21 – Third area: The little stuff 9:06 – 30 Day Tracking Challenge 12:10 – Detours from our retirement planning.  13:21 – You need a map and a destination, much like financial planning. 14:56 – Just because detours get in the way, your destination doesn’t change. 16:29 – Last thing we want to talk about is emergency funds. 17:26 – What is truly an emergency? 20:45 – We think 3 months is better than focusing on 9 or 12 months. 22:05 - Tips for each of these financial mistakes.   

Today we’re joined by Taylor Jade, an independent business woman making it on her own in Los Angeles. We talk about the journey, how to chase your dreams, her business strategies, and the financial lessons she applies to her life.   Read more and get additional resources here: https://wp.me/paQKv1-do    Watch the video podcast here: https://youtu.be/xxvLzbdH-cs    Check out Taylor Jade and her work here: https://www.instagram.com/tayloredgin/ and https://www.instagram.com/jadeddirections/   Today's show schedule:  0:49 – Robert’s daughter, Taylor Jade, is our guest today to discuss growing a business. 2:52 – A little background on Taylor Jade. 5:06 – Moving from in front of the camera to behind the camera. 6:45 – She’s always wanted to run her own business. 7:41 – How do you get clients and what do you do for them? 10:03 – What do you to continue improving your skills? 10:56 – Reading fiction sparks creativity. 13:40 – How planning plays a role in her life. 16:11 – How important is a guaranteed paycheck? 19:26 – How do you deal with income fluctuations and expenses? 21:01 – How has the quarantine impacted work and finding clients? 22:06 – Saving over spending 23:31 – Her generation’s view on debt. 25:26 – Being raised thinking about money played an important role.  28:16 – What financial lessons have you held onto? 30:11 – What encouragement would you give young people thinking about starting a business? 31:39 - How to connect socially with Taylor.

It’s time to finish up our two-part series on the 6 P’s of financial success. Last episode we focused on improving yourself first. Now we turn to the final 3 P’s, which are all external – plan, preserve, and protect.   Check out part 1 here: https://yourmoneypuzzle.com/podcast/ep-53-the-6-ps-of-financial-success-part-1-the-internal-ps/    Check out the video podcast here: https://youtu.be/x1IuZkXMlIw    Read more on this topic and get additional resources here: https://wp.me/paQKv1-d8    Today's show schedule:  1:21 – Are you glad to be back in the office again? 3:02 – Back into the conversation on the 6 Ps of Finance.   3:45 – This week’s news article 6:07 – Today’s hot topic. 1st P: Plan. 8:37 – Another example of why it’s so important to have a plan.   9:56 – What should you plan? 12:06 – Actions steps for creating a plan. 14:35 – 2nd P: Preserve 17:35 – What are the things that we need to preserve? 18:40 – Action steps to preserve your family’s lifestyle. 21:03 – 3rd P: Protect 25:31 – What are the biggest assets that you need to protect? 26:30 – Actions steps for Protect

The search for financial wisdom will lead you down a never-ending rabbit hole with all kinds of answers and tips, but we subscribe to the idea that financial success can be boiled down to six simple P’s. On part one, we’re looking at the first three, which are all about improving yourself first.   Read more and get additional resources here: https://wp.me/paQKv1-cO    Check out our videos: https://www.youtube.com/channel/UCn9CFQ9hPFerEevW7fiSkUA/   Today's show schedule:  0:54 – Things are beginning to get back to normal.   1:46 – 6 P’s to financial success 2:30 – Preparation is the key to coming out of this crisis successfully.   4:53 – Let’s talk about the 6 P’s and what they are. 6:27 – 1st P: Your Person 9:01 – Do you know the 80/20 rule? 11:12 – How do you improve yourself? 14:54 – Put in 10 minutes a day to 16:17 – 2nd P: Your Peers 23:14 – 3rd P: Your Process 25:12 – Schedule your tomorrows today. 27:48 – An app Robert is using for improving his processes. 28:36 – Previewing part two with the external P’s.

The long bull run made a lot of people forget about the feeling of losing money but these turbulent times have reminded us that sometimes zero is your friend. Let’s talk the stats surrounding a correction and a bear market and what strategies you can incorporate into your financial plan to limit losses.   Read more and get additional resources here: https://wp.me/paQKv1-cB    Watch the podcast video: https://youtu.be/5ze47X4QnaE    Today's show schedule:  1:46 – What we’re talking about on today’s show. 2:06 – Robert and Brian share something new they’ve done during quarantine. 7:12 – No one wants to lose money but it’s just as important to minimize losses as it is to grab gains. 9:27 – Correction vs Bear Market 10:55 – Markets have always recovered after a down period but what’s the duration? 13:24 - What are Warren Buffett’s two rules of investing? 13:55 - Buffett’s last big loss 14:45 - It’s a paper loss until you sell out. 16:12 - What percentage do you need to gain in order to get back to even? Let’s do some math. 19:09 - Why your allocation is so important once your’e in the retirement redzone. 21:34 - How have investors performed vs the S&P 500? 23:58 - Investor behaviors is what drives underperformance. 25:10 - Strategies you can utilize to improve investing. 26:31 - Rebalance your account every 6-12 months. 27:28 - Using the bucket strategy 29:26 - Adjusting your portfolio as you get older. The rule of 100. 30:27 - Diversification strategy 31:59 - Working with someone that can spot-check your work. 32:29 - How to get in touch with us with any questions.

History has shown us that some of the most successful companies in our country began during tough economic times. Today we’ll use the story of Airbnb, which came out of the 2008 crash, to find the lessons that we can use to be successful after the current crisis comes to an end.   Read more and get additional resources here: https://wp.me/paQKv1-ct    Watch the video podcast here: https://youtu.be/nHcs5Z4-CnI    Today's show rundown:  1:16 – We’re going through a lot of financial craziness right now. 2:21 – News headline: More than $40K found inside couch purchased from thrift store. 4:41 – Hot Topic for the Day: How this crisis compares to 2007-08. 6:09 – Crazy story about two college graduates in 2007 that started Airbnb out of financial desperation. 9:40 – They were turned down by many investors as they pitched the idea. Here’s how they persevered. 11:16 - The Airbnb story teaches us you can be successful during difficult economic times. 12:45 - Other companies that were started in difficult financial times. 13:48 - There are opportunities available right now and new innovation will come from this lockdown.  15:11 - That doesn’t mean things are going to be easy right now. 17:07 - 5 advantages to starting a side business or side hustle in tough times. 19:54 - How are you going to prepare and ready yourself to come out on top after this quarantine?

A lot of Americans have been hit hard on the financial side due to the coronavirus pandemic and need help navigating this uncertain time. Let’s talk about five steps you can take right now to improve your situation and set yourself up for a positive future.    Read more and get additional resources here: https://wp.me/paQKv1-cj   Watch the video podcast here: https://youtu.be/P4-QsF1-Nuc   Today's show rundown:  0:46 – Times are different right now and that’s the same for us. 2:06 – Today we’ll talk about dealing with a financial crisis and things to know/do. 3:22 – First tip: Spend less than you make.  3:40 – Second tip: Talk to your mortgage and utility companies about pausing bill payments without penalty. 7:00 – Third tip: Continue to invest in your 401k or IRA. 8:47 – Can we count on the market to rise back up? 11:07 - Fourth tip: Remember your long-term plans and goals.  12:17 - Fifth tip: Don’t borrow money to use for investing. 14:13 - Pause and think about all of these things right now. Take time to review.

One of our goals with the Money Puzzle podcast is to help people be financially confident. Well, the country is currently in the midst of full-blown coronavirus craziness and you may be wondering, 'Can I be financially confident?' Will I ever have that future that I dream of? The short answer is yes and we'll talk about ways to handle a market crash.   Read more and get additional resources here: https://yourmoneypuzzle.com/podcast/money-puzzle-49-4-ways-to-handle-a-crashing-stock-market/    Watch the video podcast here: https://youtu.be/TYLFkgwxHcA 

Most retirees will depend on Medicare for the health insurance needs and it's important to understand your options. There are four parts to Medicare - A, B, C, D - and they all serve different purposes. Today we brought on a Medicare specialist to help us understand all four parts and what they mean to you.   Read more here: https://wp.me/paQKv1-c4    Watch the video here: https://youtu.be/H3vX8LjjDN0 

It’s time to talk about IRA’s. What’s the difference between traditional and Roth IRA’s and, since it’s tax season, how do they each affect your taxes? By now, you should have received your W2s and 1099s and be well under way towards filing your taxes. But before you do, you still have time to get some extra deductions AND save a little extra for retirement at the same time with a traditional IRA. Or, depending on your situation, save more for retirement and save taxes in the future with a Roth IRA. Either way, you need to know how they work in order to choose which one is right for you. Here’s the breakdown!   Read more and get additional resources here: https://wp.me/paQKv1-bX    Watch the podcast video: https://youtu.be/kdGqPStQ0hA 

Unless you’ve been living in a cave for the past few weeks, you’ve probably heard about the Coronavirus. Even if you HAVE been living in a cave, you’ve probably still heard of it. The topic is dominating the news, the internet and the financial markets, and it’s been causing some extra volatility and fear lately. The thought of a worldwide pandemic is scary, but should it be driving the stock markets down, and should you be listening and buying into everything you’re hearing?   Read more on the topic here: https://yourmoneypuzzle.com/podcast/money-puzzle-46-news-noise-and-the-coronavirus/    Watch the video podcast here: https://youtu.be/g8_VeH5l0O8 

There is plenty of misinformation spread across the financial world. Unfortunately, many people base their planning decisions based on these rumors and myths. On this episode, Robert and Brian tackle four of the biggest investing myths so you don't end up going down the wrong path in retirement.    Get the show notes here: https://yourmoneypuzzle.com/podcast/money-puzzle-45-4-big-investing-myths/    Watch the video: https://youtu.be/5Ov6wgmCtjU 

In honor of Valentine's Day, which also happens to be the wedding anniversary for Robert and his wife, we talk about promises we make to our loved ones and how financial planning is one of those. This February, and every February, is “Insure Your Love” month, which is sponsored and run by the Life Happens Foundation. It’s a month-long dedication across America to looking at and reviewing your life insurance, and this year’s theme is about keeping your promises. It got me thinking - that’s exactly what ALL financial planning is about – keeping the promises you’ve made to the people you care about. So that's what we'll talk about on this episode.   Check out the full show notes here: https://wp.me/paQKv1-bt    Watch the video podcast here: https://youtu.be/qfK5UEWWWvQ 

There are a lot of big mindset changes that need to take place in your 60s. You no longer have places to go unless you want to go. You’ve basically got 6 Saturdays and Sunday every week. You’re going into a whole new phase of life and a completely different style of life. It takes some getting used to, and it takes a little bit of planning to make sure you get it right! So, let’s wrap up the top three things to get done. Read more about this topic and see the video here: https://wp.me/paQKv1-bj

Let's keep rolling through our 60s as we prepare to move into retirement by talking about money moves number four and five on our list.    Get the show notes and video podcast here: https://wp.me/paQKv1-b9    If you missed any of our previous episodes, check them out:  Part one: Money Moves to Make in Your 20s Part two: Money Moves to Make in Your 30s (5-8) Part three: Money Moves to Make in Your 30s (Nos. 1-4) Part four: Money Moves to Make in Your 40s Part five: Money Moves to Make in Your 40s - Part 2   Part six: Money Moves to Make in Your 50s – Part 1    Part seven: Money Moves to Make in Your 50s – Part 2   Part eight: Money Moves to Make in Your 60’s - Nos. 6-9