How Money Works

Today's show combines two fun topics – finances and football. Believe it or not, planning for your financial future has some similarities to the sport of football. In retirement planning, some people try to be successful without having a coach at all. Others keep the same coach that they've had for years, even though things aren't working out with him.  We'll explain why you need to design a portf...

Many things in the financial world are critical to your future financial success. But not everything is all it's cracked up to be. On this episode, we'll share: Why tax advantages are overrated and you need to consider whether spending money is even necessary. (0:46) Nobody is denying the power of compound interest over time. But placing too much emphasis on rate of return can be dangerous. ( 3:06...

How much do you know about Social Security? You might think you know a lot about this topic, but there are a lot of myths out there to be aware of. On today's show, we're sharing three big Social Security myths you need to know. For example, is there a perfect time to start collecting it? Social Security is such a complicated topic without a one-size-fits-all answer. We'll explain what you need to...

Today we're chatting about the characteristics of financial advisors. Everyone has different personalities, but what should you look for in an advisor? How much should likeability and listening skills play into the person you choose? How much emphasis do you place on things like trust, areas of expertise, and the ability to solve problems? You want to find someone who resonates with you and can he...

At times like these when the market is volatile, and trending down, it's inevitable that we get a lot of questions about it. As we tell people, the weather's changing, the leaves are starting to get red, and the stock market stinks right now. On today's show, special guest Richard Duff, president of Redwood Investment Management, joins us to talk about this important topic. We'll share what's goin...

Sometimes you just need to go through your financial life and take out the trash. Today we're talking about the things that might need to be thrown out. From debt to hidden fees, we'll explain how some financial trash could be hurting your retirement plans and financial security.   What we discuss in this episode:  Why debt is not a problem for some people but can really hurt other people's retire...

We're taking your questions by email this week to see what's on your mind and how we can help with your finances.   What we discuss on this episode:  Seth has always given a few hundred dollars to charities in previous years, but he wants to know if he can get tax credit for that. (0:41) Rhonda wonders if she should save more for retirement or pay more towards her mortgage. (7:35) Floyd worries he...

There's a lot of confusion out there about annuities, probably because there are different types that do different things. We'll explain how they work and how they might be used in your financial plan.   What we discuss on this episode:  1:22 – Immediate annuity 2:55 – Tax-deferred annuity 4:06 – Fixed annuity 5:07 – Fixed index annuity 6:30 – Pros and cons 8:15 – Volatility 9:09 – Annuity contrac...

So you've done a good job saving and investing over the years. You've lived on less than you've earned, kept yourself out of debt, and your investments have done pretty well. That means everything will be simple for you in retirement, right? Not necessarily.   What we discuss on this episode:  0:43 – Too much cash 3:36 – Too much risk 6:16 – Tax time bomb 10:08 – Taxable events 15:48 – Spending mo...

If you're about a decade away from retirement, there are some important steps you need to take now to get ready. We'll share some top tips for being prepared for stepping away from work.   What we discuss on this episode:  0:46 – What's important 4:17 – Market drops 6:08 – Health care 11:11 – Changing needs 14:45 – Retiring early   Get additional financial resources:  https://maestrowealth.com/how...

As advisors, we are constantly immersed in retirement planning. But for the average person, retirement planning can be a lot harder than it looks. Today, we'll break down whether Social Security, risk, diversification, and 401(k)s are truly easy or a bit more complicated than we realize.   What we discuss on this episode:  0:53 – Social Security 4:06 – True diversification 6:21 – Managing risk 8:3...

Business owners are particularly vulnerable to some misconceptions and false assumptions about their retirement. Today we'll address a few of these issues and help you become better prepared when it comes to building your financial plan.    What we discuss on this episode:  0:46 – Retirement taken care of 3:17 – Money in the business 4:56 – Selling the business   Get additional financial resources...

Are you someone who doesn't mind riding the rollercoaster of investment ups and downs? If so, you are more of a risk-taker. But not everyone is. Today we're talking about risk tolerance and how to figure out what your level is.   What we discuss on this episode:  0:27 – What is risk tolerance? 3:42 – Determining your tolerance 5:50 – Different tolerances 8:00 – Annuity or fixed index   Get additio...

We made a list of some financial proverbs that we thought might be able to help you in your financial situation. Find out what you can glean from these wise words.   What we discuss on this episode:  0:31 – Bird in the hand 2:24 – Rising tide 4:08 – Eggs in one basket 7:00 – One man's trash   Get additional financial resources:  https://maestrowealth.com/how-money-works-podcast/

People love do-it-yourself projects. There's even a DIY Network where you can watch shows about home renovation, landscaping, or interior design and how to do those things without professional help. Today we're talking about the DIY mentality in retirement planning.   What we discuss on this episode:  0:47 – Don't want to spend money 4:20 – Market downturns 9:04 – Money management 15:36 – DIY fail...

When planning your retirement, there are some key details you need to consider. For instance, will you need to support your parents or kids later on? We'll explore this and other questions on today's show.   What we discuss on this episode:  0:22 – Sandwich generation 3:08 – Quitting your job 9:25 – Retiring from something 15:12 – Major purchases 18:35 – Surviving spouse   Get additional financial...

On today's show we're talking about some of the stylish things in the financial world that can distract you from the substance that you should really be focused on. We'll explain why you should watch out for sales brochures, hypothetical projections and testimonials.     What we discuss on this episode:  1:20 – Sales brochures 3:44 – Hypothetical projections 5:40 – Testimonials 7:12 – Advisor rewa...

A lot of people have questions about their retirement plan, but you might be asking the wrong questions. We'll share some common wrong questions and what better questions might be.   What we discuss in this episode:  0:52 – How much to save? 3:07 – Long-term care insurance 6:10 – The highest return   Get additional financial resources:  https://maestrowealth.com/how-money-works-podcast/

Today we're focusing on what it's like to be our client. We'll explain how the relationship between a client and financial advisor evolves and how having an advisor can be beneficial for you.   What we discuss in this episode:  0:33 – Evolving relationship 4:13 – Sharing life 5:02 – Checking in 6:30 – Out of the norm 8:40 – Memorable victories   Get additional financial resources:  https://maestro...

Sometimes we have clients who want to retire early. But how much earlier do they mean, and is this a realistic goal? We'll share some challenges they face and how to know if early retirement is for you.   What we discuss in this episode:  0:34 – How early? 2:24 – The gap 3:54 – Inflation 5:46 – Investing while saving 7:36 – Challenges of retiring early 10:44 - Insurance   Get additional financial...

If you are a seasoned business owner, today's episode is for you. Jimmy Eggers, a partner at Smith Leonard Accountants and Consultants in High Point, N.C., is sharing business-planning expertise, strategies and mistakes business owners make.   What we discuss in this episode:  2:15 – Business mistakes 5:35 – Unwinding a business 10:42 – Keep more money 12:36 – Employees 14:38 – Retirement account...

We get a lot of questions about 401Ks, so we thought it would be a good idea to address as many of them as we can. See if your 401k question is addressed on today's show.   What we discuss in this episode:  1:22 – Advice from company plan 4:21 – Max out 401k? 7:12 – Target date funds 9:12 – 401k loan   Get additional financial resources:  https://maestrowealth.com/how-money-works-podcast/  

What do married couples tend to disagree about when it comes to money? What financial matters do they often fail to communicate about? We'll share some of the primary things that need to be discussed and decided between partners before true financial planning can begin.   What we discuss on this episode:  0:26 – What couples disagree about 3:07 – Ready to retire? 4:15 – What you need to discuss 6:...

For some folks, the idea of putting together a financial plan can be overwhelming. But it's less threatening if you just focus on the first step. Let's talk about a few possible first steps that you could take.   Read more and get additional financial resources here: https://maestrowealth.com/2022/01/06/ep-44-the-first-steps-in-a-financial-plan/   What we discuss on this episode:  1:08 – Retiremen...

How much money will you need in retirement? Do you still need life insurance? How much risk should you take? We'll help answer these questions and more on today's show.   Read more and get additional financial resources here: https://maestrowealth.com/2021/12/16/ep-43-how-do-you-know/   What we discuss on this episode:  0:34 – Income 4:43 – Life insurance 8:37 – Risk 11:30 – Fees