Five Minute Finance

In this week’s episode, hosts Mike Morton and Matt Robison discuss IRA Beneficiaries. They delve into the critical decision of choosing a beneficiary for your Individual Retirement Account(s) (IRA) and its financial ramifications. Through a real-life example, you will see how one of Mike’s clients' strategic maneuver saved her family $150k in taxes by spreading the withdrawal of her spouse's $500k...

In this week’s episode, Mike Morton is joined by financial coach Adam Koren to discuss strategies for overcoming the stress and shame often associated with managing personal finances. They delve into the emotional aspects of money management, emphasizing the importance of recognizing societal barriers to financial literacy and fostering open dialogue. Adam shares insights on facing fears surroundi...

Join Matt Robison and I this week as we discuss the various ‘buckets’ your finances are in and if you have the right ratios for your needs. Inspired by a real client’s story, we talk about portfolio holdings such as real estate, brokerage and retirement. Having too much money “locked up” in assets such as your house and your 401k could make it difficult for you to cover unexpected expenses or even...

In this week's episode, Matt Robison and I, Mike Morton, delve into the concept of asset location. No, we aren’t revealing CIA operatives' whereabouts but rather discussing the strategic placement of investments, which can significantly impact returns, potentially yielding a $74k difference. Asset location refers to where investments are held, such as 401ks, IRAs, or brokerage accounts, with a foc...

This week I am joined by special guest Anne Lester to discuss the importance of educating young individuals about finances. In particular, we discuss Anne’s latest book titled Your Best Financial Life: Save Smart Now for the Future You Want and its focus on individual financial responsibility. We also talk about the shift towards personal financial management, overcoming behavioral biases in savin...

Risk: It bears Repeating Anything worth saying is worth repeating. - Humble the Poet We’ve talked about risk many times in the past. In particular, how you view risk. The reason the conversation bears repeating, other than the fact that I field this topic on the regular, is because it is tied to a strong emotion: anxiety.   Not taking a risk is the biggest risk Many people “feel” like the saf...

Have you heard the news? There are now Bitcoin Exchange-Traded Funds (ETFs)! I can hear your head scratching from here but don’t worry. Matt and I are here to break down these new trade floor offerings on this week’s episode and give you the information you need to make an informed decision when it comes to investing in this new product.   What is a Bitcoin ETF? Let’s start by breaking down B...

It’s January. The W-2’s and 1099’s are beginning to roll in. Your tax accountant is chomping at the bit to get your documents so they can begin preparing your returns. Why not take this opportunity to review your financial well-being? Join Matt Robison and me this week as we present a handy checklist of things you should examine every year to reach your financial goals. While it may seem daunting,...

Legit Money Laundering: After-Tax 401k Contributions  Are we really talking about money laundering in a financial advice podcast? Yes, but it is completely legit and could give you an extra $25k/year! This week Matt and I explored a unique and powerful strategy for maximizing savings and potential earnings: After-Tax 401k contributions. The short story involves using your taxable brokerage account...

It’s that time of year when we all swear we are going to get to the gym more often, eat healthier, limit our time on social media, and make a better effort to stay in touch with family and friends. Looking ahead feels good, but how many times have you set those goals only to have abandoned them by January 31st?  In this year-end review episode, Matt Robison and I discuss looking back before you lo...

IRAs: They can make you want to rollover Host Matt Robison asks me this week about his rollover IRA. In an enlightening episode for us both, you will learn the ins and outs of Individual Retirement Accounts (IRAs) including the different types, rollovers, and the strategic moves you can make to optimize the tax benefits of these accounts. While I’d have thought the answers were all in the name, it...

If you’ve been a listener to this podcast for some time, you are likely well aware of the things to look for when hiring a financial planner.  However, your friends may not be.  If the topic of finances comes up, do the right thing: educate your friends and family on how to find a good advisor. What happens when you don't help your friends and family I recently had a client who came to me with a c...

10 Year-End Financial Moves  As the year draws to a close, it's crucial to take a closer look at your finances and ensure you're getting the most out of 2023. In this podcast episode, we've compiled a checklist of 10 financial considerations that can make a significant impact on your overall financial well-being. Listen to Matt and I discuss the following checklist (it is far more entertaining in...

Not your Father’s Personality Test This week, Matt and I are joined by Registered Life Planner and former guest Andrea Miller, to delve into the fascinating world of Sparketypes. You’ve probably heard of the Myers-Briggs personality test developed in the 1920’s or the DISC assessment that followed two decades later, but the Sparketype tool is the first to come along in almost a century designed to...

The 60/40 401k Portfolio is Dead! 😯 Are you one of the many who set up a 60/40 stock-bond split in your retirement portfolio, thinking it was the golden ticket to a worry-free retirement? Well, think again. Recent market events have signaled a paradigm shift, leaving the classic 60/40 401k portfolio gasping for breath. The Rise and Fall of the Classic Portfolio According to the Wall Street Journa...

Cut the Cord on Cable and Streaming Services  In the fast-paced world of entertainment, where streaming services have become the norm, the decision to cut the cord and bid farewell to traditional cable TV has become a common topic of discussion. But what about all those streaming services? The three-month free trial ends and suddenly you are paying $70/month to watch curling matches in some o...

Ongoing Pain in the Costs You’ve done the math, compared the options, and finally settled into your dream home. Or perhaps you’ve acquired that sleek, new car you always wanted. You know the one-time fee, but do you truly understand the ongoing cost? It's easy to overlook the continuous financial and time investments required for the maintenance of your possessions. Join Matt Robison and I this we...

 “For every minute spent organizing, an hour is earned.” - Anonymous You’re organized, right? You made an estate plan…set-up guardians for your kids, named beneficiaries in your will. Everything will go as smooth as butter should you meet your ultimate demise, yes? Maybe, but maybe not. The best way to ensure everything goes according to your plans is to get organized. Creating an assets and liabi...

What if I told you that you could be paying thousands of dollars in unnecessary taxes every year on your savings? You might think I have some savvy financial trick up my sleeve to save you from Uncle Sam, but the opposite is actually true. In this episode, it's all about the basics. Basic account types, that is: The Three Musketeers : Taxable, Tax Deferred, and Tax Free   Taxable Accounts: Th...

Traditional vs. Roth 401k - Which is truly better?   This week Matt Robison and I put the Traditional 401k and the Roth 401k in a head-to-head battle of the retirement accounts. If you’ve been following this podcast for a while, you are well aware of what a 401k account is a tax-advantaged way to help fund your retirement. Just in case you need a refresher, a 401k, or 401(k), is a retirement...

Three Advanced Strategies for the 529 Education Account Want to supercharge your savings? Look no further than 529 Education Savings Plans! If you're intrigued by the idea of making the most of your 529 accounts, I have just the podcast for you. This week Matt Robison and I discuss three advanced strategies that can help you get the most out of these versatile financial tools.   Use a 529 to...

When it comes to saving for education, 529 accounts have long been a go-to option for many families. These tax-advantaged accounts allow you to set aside funds for educational expenses, and any earnings within the account grow tax-free. While they have been traditionally associated with saving for college, Congress has recently expanded the horizons of 529 accounts, making them an even more versat...

In today's fast-paced world, many of us find ourselves living life on autopilot, following a checklist of societal expectations without truly examining what brings us fulfillment and joy. The recent trend of prioritizing external achievements over internal well-being is leaving many feeling drained and disconnected from their true desires. In this week’s episode, I chat with Registered Life Planne...

Have some extra cash? Wondering if you should put it toward your mortgage? Join Matt Robison and I this week as we delve into the answer to this FAQ. It’s not as simple as you might think. Why? Because why you shouldn’t is equally as compelling as why you should work to pay down that debt.  By the Numbers Let’s start with the basics. From a strictly mathematical perspective, it usually doesn’...

Ah, estate planning. Such a fun exercise. No one wants to think about the end, but we will all smile , so we might as well plan for it. In this week's podcast, join Matt Robison and I as we explore the importance of planning for your golden years, the ones filled with activity, those that slow down, and even the ones where you may need extra care. Some of the ideas discussed in this podcast come f...