A recap on where to get good advice and what to watch out for.
Unfortunately, my industry still has too many short sighted individuals. What I mean by this statement is that there are a lot of advisors, brokers, agents, and reps that are looking for the big score, and could care less about the long term financial health of their clients.
My personal belief is that if you do good things for others it comes right back to you. Fortunately for me and my company most have not realized that you can make more long-term money by being good to your clients.
The government recognizes that most individuals have been asleep at the wheel when it comes to saving for their retirement, and they are also unaware that Social Security is only a few decades from a funding disaster (don’t worry I am not going to go there on today’s show).
As a result of this SILENT BUT DEADLY BUILDING DISASTER the government has made several changes that provide tremendous opportunities for you to save for your future retirement and financial independence.
What retirement option should you use and in which order should they be funded?
For more information, visit the show notes at http://www.moneyguy.com/2006/11/organizing-your-retirement-options
I received an email from a subscriber (thanks Helen) suggesting that I watch the PBS Frontline special titled “Can You Afford to Retire”. I was so impressed with the program that I have decided to focus today’s podcast entirely on the special.
The focus of the program is on the changing retirement landscape.
1974 Retirement Funding:
2006 Retirement Funding:
“Defined Pensions”: The Endangered Species
For more information, visit the show notes at http://www.moneyguy.com/2006/11/retirement-in-crisis/
Ok everyone please quit sending me emails on how to become a Financial Advisor. I have been bullied enough that I will spill the beans.
According to CNNMoney.com I have the 3rd best job in America.
Before you run out and decide to change careers let me provide you with my thoughts:
* You have to be good at taking test and going to school
* To be good you have to love numbers (and I mean truly love numbers)
* This is also one of those professions that requires a unique personality mix – you have to be very analytical (to the point that you are truly a numbers nerd), but somehow enjoy talking with and building relationships with others. Trust me there are not many of us out there; most are good at one but not both and that can lead to limited success.
* This is also one of those industries where you are not paid what you are truly worth for a number of years (3 years of experience required for CFP certification & 2 years of experience required for CPA).
For more information, visit the show notes at http://www.Money-Guy.com/financial-advisor-3rd-best-job-in-america
In this weeks Financial Chaos Topic we discuss the following:
A Creative Way to Give and Avoid Taxes at the Same Time
If you are Charitable and Sick that the Government makes you take taxable RMD from your Retirement Accounts
Wesley Snipes joins the ranks of Willie Nelson and other not so tax smart celebrities. Don't mess with the only organization that can show up and just take your stuff!
In this week's Market and Media Update:
** Should we be concerned with the recent run up of the stock markets?
Investor Apathy Means the Market Stays Bullish - Motley Fool
** Who is this YouTube Inc. guy (Chad Hurley) that is now worth $1.65 BILLION?
Google's Billionaire Boys Club Gets a New Member
** Now that I am depressed about reading about YouTube's success I might as well play the lottery!
How to Play the Lottery; The Smart Way - Howstuffworks
Listen to the show for the following information:
* The Hierarchy of Investment Decisions
* The Cycle of Market Emotions
* Common Investing Mistakes
* How to Solve Investing Mistakes
* How to Accumulate $1 Million by Age 65
* Insight from Warren Buffett
Update on the Market and Media, September 20, 2006
The following statement is harsh but true: Most individuals are not going to become affluent because they take the easy way out in the majority of their financial decisions. Examples: Putting off investing in your ROTH IRA or maximizing your 401k at work...
Update on the markets and media, September 2006
Recap of the recent financial markets, August 2006
The majority of subscriber questions that I receive focus on 401ks and other employer provided retirement plans. I have finally recognized that I need to focus on helping you maximize your retirement accounts.
To learn the Common Mistakes on managing your Retirement Plan, go to http://www.moneyguy.com/2006/08/conquering-your-401k-and-other-retirement-accounts/
Episode 13 of the Money-Guy Podcast
For this episode of the Money-Guy Podcast, Brian answered subscriber emails, so there will be no show notes. Thanks for your continued support!
For more, go to http://www.moneyguy.com/2006/08/money-guy-08-04-2006
Credit is also a great lead in to the Power of Debt. Debt gets a bad rap by most financial professionals and there is a reason.
Unfortunately most individuals do not use debt as a wealth enabler instead they use it to extend their income and life style (an expensive way of faking success).
For more, go to http://www.moneyguy.com/2006/07/money-guy-07-13-2006-podcast/
Being Serious Credit is truly powerful:
If used correctly it can help make your life much easier including
For more, visit http://www.moneyguy.com/2006/06/money-guy-6-29-2006/
Investment Lemmings-Don't Become One!
The last two weeks have been big losing days for stock investments. Since May, Morgan Stanley's EAFE Index, which tracks European, Asian, and other international stocks is down 12% while the Emerging Markets Index is down 20% and the S&P is down 6%. Also, around nine billion dollars was transferred from stocks to money markets last week.
For more information, visit http://www.moneyguy.com/2006/06/money-guy-6-15-2006/
On May 17, 2006, President Bush signed into law the Tax Increase Prevention and Reconciliation Act of 2005. Many income tax benefits expired at the end of 2005 but were not extended by this legislation (e.g. the deduction for state and local sales taxes; the deductions for school teacher's expenses; the deduction for higher education expenses; etc.).
More information can be found at http://www.moneyguy.com/2006/05/money-guy-05-31-2006
Basic Goal Planning:
Short Term= Anything less than 5-7 years.
Long Term= Anything greater than the 7-year holding period.
For more information, go to http://www.moneyguy.com/2006/05/23
The Importance of Wills and Estate Planning
Wills Help You With:
For more information, including Legal Terms Used in Estate Planning, go to http://www.moneyguy.com/2006/05/money-guy-5-5-2006-podcast/
While not great investments, cars are important purchases for most of us.
Beyond how we feel driving them, they're expensive to buy, own, and operate.
Fortunately, smart buyers can get an edge by doing their homework, collecting the right data, and having a negotiating strategy. Being smart definitely pays off!
To read the 4 Steps to Winning the New Car Game, go to http://www.moneyguy.com/2006/04/winning-the-car-buying-game/
Financial Chaos Topic: Choosing a Financial Professional
The US Securities Exchange Commission (SEC) says the best advice it can give you about how to invest wisely is Ask Questions.
For a full list of questions, visit http://www.moneyguy.com/2006/04/money-guy-452006-podcast/
Steps To Take If You Come Into a Financial Windfall
For more information, go to http://www.moneyguy.com/2006/03/march-15th-2006-podcast-from-the-money-guy-j-brian-preston-cpa-cfp-pfs
Common Deductions That Too Many People Miss
1. Non-cash Contribution
2. New Points on Refinancing
3. Old Points on Refinancing
4. Health Insurance Premiums
5. Educator Expenses
6. Miscellaneous Expenses
For more details, go to http://www.moneyguy.com/2006/02/february-27-2006-podcast-tax-planning
New and Exciting Update!! Next Financial Chaos Topic: Tax Preparation and Planning with special guest co-host Brandon Verner, CPA, a partner with Verner, Perling & Company, P.C.
For more information, visit http://www.moneyguy.com/2006/02/february-13th-2006-podcast-from-the-money-guy-j-brian-preston-cpa-cfp-pfs