Five Minute Finance

Technology is great . There are so many things people can do for themselves now that weren't possible in the past. For instance, setting up an investment portfolio used to require a broker. The real-time ticker for stock prices was only available on the trading room floor. Funds required management and careful oversight. Now, however , there are countless apps, websites and tools allowing individu...

One of our most valuable assets is our time. How do you decide your allotments? If you find an empty space on your calendar, is your automatic response to fill it? I’ve spoken to a couple of clients recently who expressed their desire to have more unhurried time. What does that mean, exactly?   That’s the driving conversation in this episode. Unhurried time can mean different things to differ...

This week’s podcast is a continuation of the series with Megan Russell from Marotta Wealth Management regarding healthy spending. In past episodes we talked about core values budgeting , avoiding advertising and waiting a week before making larger purchases.  In this episode, Megan and I discuss ways to get the most value from the things you’ve already spent money to acquire. In particular, w...

Most people have one mortgage, the rich have two . I get asked the question often: “I have extra cash, should I put it toward paying down my mortgage?” The short answer is sure , but no . Confused? Don’t be. The answer inevitably lies with your goals and feelings about money. Typically, we steer clear from emotions when making a financial plan but some decisions can be made with your peace of mind...

If you Google “How much should I save for my retirement?” underneath all the advertisements for financial institutions you will get consistent results of “15% of your pre-tax income.” Great advice, but at what point in your life are you when you ask that question? Would the answer be the same if you are 25 years old or 50 years old? Obviously, the answer would vary greatly based on your age and ho...

With the market down 22%, we’re officially in a bear market. Is the pain causing you to make changes or re-evaluate your plan? Hopefully you already had a plan going into this week. But if not, use this opportunity to make necessary changes and also update your plan going forward . Know yourself and how you’re reacting. This bear market may be short or it could be long. It...

In part two of our conversation regarding your time and its value, Matt and I discuss the concept of intentional attention. Your time is a limited resource. How often do you find yourself scrolling through your phone on social media, clicking on videos and generally winding up down a rabbit hole? Suddenly, you look up and three hours have passed. Probably more than you’d care to admit, right?&nbsp...

How do you know if you have a problem? Are you forgetting things in your life? Crucial moments with your children is something you don't want to miss , because in a few years you will wish you had it back. What can you do? STOP , think about if this time on your phone is really benefitting you, or if it's just a time killer exercise. The chances are you don't need to be on your phone 24/7. You wil...

Imagine being dropped in the middle of a vast forest with no phone, no map, not even a compass. Scary thought, right? Without an estate plan, that is basically how you are leaving your children should something happen to you. This week I am joined on my podcast by David Feakes, founder and owner of The Parents Estate Planning Law Firm, PC . David works with families to make a comprehensive plan sh...

Megan Rusell of Marotta on Money joins me once again to discuss how to enjoy your wealth and stay wealthy at the same time! There are many items that we want, need, and enjoy purchasing.  Almost exclusively none of these are absolutely necessary within a week - so do yourself a favor and utilize wish lists to hone your spending on those items that will truly bring you the most value. Most of...

Why is this important? Feel CONFIDENT about your financial future. Decision fatigue on two levels: Consistently remembering to save. Deciding what to purchase or what to do. Make the decision once! Future flexibility! What should you do? Decide how much to start with. Set up automatic transfers. Invest : You can do this every 3 or 6 months, or even once a year!

Why is this important? Feel CONFIDENT about your financial future. Decision fatigue on two levels: Consistently remembering to save. Deciding what to purchase or what to do. Make the decision once! Future flexibility! What should you do? Decide how much to start with. Set up automatic transfers. Invest : You can do this every 3 or 6 months, or even once a year!

The stock market is off to a shaky start in 2022. Many are asking: What should I do with my portfolio? It’s important to have a plan for when the market goes up or goes down. A client recently asked, “What should we do with my portfolio and when will we do it?” Remember that market declines are normal: it goes down 10% every 2 years, on average. So it’s important to plan ahead and unders...

It’s best to learn how to use money while in a safe environment: when you’re a kid. This is a lot better than trying later on when it really matters! Kids are natural learners, but we need to give them the space to explore their own desires and their environment; to try things out and fail and succeed. In this episode we discuss: Allowing freedom for kids to spend their own money Don’t couple...

The average American is bombarded with advertisements throughout the day. Companies spend money on these ads because they work! To align your spending with what truly brings you happiness: make sure to avoid and understand advertising so that you don’t end up with too many things cluttering your home. First, avoid as much advertising as possible. Use ad blockers, skip commercials, c...

Most people choose a career fairly randomly. I mean, maybe you had a high school counselor that helped you. Or you spent some time thinking about your major at college. But a job comes along and it’s like “Money? Let’s go!” Your human capital, or the amount of money that you make over your lifetime is one of the biggest factors in your financial success. (Hint: the other is your expenses...

Today's topic is how to spend money.  More specifically : How to spend money so that you maximize your happiness in life.   Of course, we all want to live with more joy. In the companion article ( Core Values Budgeting ) and today’s episode, Megan and Mike discuss how to actually do that.    Remember that there is only ever spending: either now (expenses) or in the future...

You can easily find yourself swimming in accounts between old jobs (401k, 403b and 457), individual accounts (IRAs and bank accounts) and then double that from your partner as well. It’s enough to throw up your hands, put your head in the sand and just forget about it . That’s not really all bad (honestly), but also consider the following. Feeling more Organized: By transferring your old...

Summary: A listener asks ”What apps or tech do you use to help manage your finances?” In part 1 of this two-part show I talk about: Why it’s important to build awareness about your expenses Banktivity: I use this app for tracking my expenses Mint.com: A classic app for budgeting and expenses YNAB: An envelope system for tracking your budget - which really appeals to some people Simplifi and Trubil...

Summary: A listener asks ”What apps or tech do you use to help manage your finances?” In part 1 of this two-part show we spoke about budgeting and expenses. In part 2, II talk about: How I use a spreadsheet to track my Investments What is important to track when it comes to investments PersonalCapital: A tool to aggregate investment accounts. Fidelity / Schwab / Vanguard / Other: How free tools fr...

The situation in Ukraine is terrible and my thoughts and feelings go out to everyone in that struggle. There are a myriad of lessons to learn of course, but today I want to focus on personal investing. When it comes to your personal investments, you should be personally invested. What I mean: know what you are investing into, understand the risks and rewards and be comfortable with the p...

Megan Russell  of  MarratoaOnMoney.com  once again joins us on the podcast to discuss which is better for you: a SEP-IRA or a Solo 401k plan? The bottom line is, as Megan states right away: every business deserves a 401k.  Tune in  to hear why the solo 401k trumps the SEP-IRA and when the opposite might be true.  Both a SEP-IRA and Solo 401k are employer retirement pl...

In this episode, Matt and Mike discuss all the nitty-gritty details of Exchange Traded Funds (ETFs) and Mutual Funds. What are these funds? How are they similar? How are they different? But most importantly: Which should  you   choose? Tune in as we discuss: Why some investors were hit with a big tax bill for holding a mutual fund! Why you should invest in ETFs in your brokerage accounts...

In this episode, Matt and Mike discuss all the nitty-gritty details of Exchange Traded Funds (ETFs) and Mutual Funds. What are these funds? How are they similar? How are they different? But most importantly: Which should  you   choose? Tune in as we discuss: Why some investors were hit with a big tax bill for holding a mutual fund! Why you should invest in ETFs in your brokerage accounts...

A listener asks: "I was reviewing my Individual Retirement Account with my advisor and he said that there was a .25% maintenance fee, which is the lowest around. I was confused about what this meant since you have talked about expense ratios in the past. Can you explain?" Matt and I discuss what this fee is, but more importantly what does this mean for you? You might be  losing out of tens of...