Wealthy Habits Podcast

From time to time, we like to look at issues faced by people in other professions outside of the financial world and see what kind of retirement planning lessons we can learn from these other professions. Today, we're seeing what we can learn from teachers and the issues they face. For example, some teachers might enjoy giving homework assignments, but most of them just see it as a necessary evil....

In the complex world of retirement planning, there are countless pitfalls one could face. Today we're sharing six of the top mistakes to watch out for. Avoiding these crucial missteps can have a significant impact on the success of your retirement plan.   As you listen, take note if you are making any of these mistakes. Are you taking investing advice from friends and family? Are you relying solel...

Welcome to part two of our two-part series on Social Security myths. Last week, we debunked the first five common Social Security myths. For example, are stay-at-home moms eligible for Social Security? Tune into last week's episode for that answer and more! This week, we'll answer five additional questions about this topic.  Can you work and get Social Security benefits at the same time? Are your...

Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this two-part series, we're debunking common myths about Social Security and answering the questions you've been curious about. No matter what questions you have about Social Security, we are here to help...

It's time for another mailbag episode! We have an exciting lineup of topics to discuss today. Listen in as we tackle some current questions from our listeners, and you'll likely gain some invaluable insights to help you make informed financial decisions. This episode could be very helpful if you're looking to improve your financial situation and prepare for retirement. We will discuss whether to s...

Are you aware that not all retirement accounts are created equal? It's crucial to understand the purpose and advantages of each type of account to make the best choice for your future. In this episode, we'll delve into the different types of retirement accounts, including 401(k)s, IRAs, Roths, and several other examples.  We'll help you weigh the pros and cons of each and give you insights into th...

Are you tired of one-size-fits-all financial advice that doesn't quite fit your unique needs and goals? There are many types of personalities out there when it comes to financial matters, and we've found that most of our clients fall into one of the categories we'll discuss today. In this episode, we'll tackle the question of whether an advisor should tailor a plan to fit your personality. We'll d...

Are you ready for retirement? We're willing to bet there are some future expenses that you may have forgotten to plan for. Join us as we discuss the most overlooked retirement expenses and how to prepare for them.  If you're preparing for retirement, we want to make sure you feel confident that you have every expense taken care of. From medical expenses to unexpected repairs, we'll cover the commo...

Do you ever feel like your retirement planning goals are always moving? You're not alone. We've found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts.  Whether you find yourself adding to your savings without acting towards investing...

It's time for another mailbag episode! We have an exciting lineup of topics to discuss today. Listen in as we tackle some current questions from our listeners, and you'll likely gain some invaluable insights to help you make informed financial decisions.  This episode could be very helpful if you're looking to improve your financial situation and prepare for retirement. We will discuss when to con...

Let's have some fun today. We're sharing some of our favorite quotes and how we use them regularly to help our clients with their finances. We find that these quotes are relevant for many people and most financial situations we work with.  We are excited to share this and other nuggets of wisdom on today's show. Stay tuned to see how you can apply these wise words in your own financial life. We th...

We took an informal poll of listeners to find out what their biggest financial fears are. In this episode, we'll explore the most common fears and talk about how they should be addressed in a retirement plan. Whether it's running out of money, paying more taxes, or not having money to pass on to your kids, we all have fears about our finances. So, what's your biggest fear, and did it make our list...

On today's show, we'll explain what you need to know and learn four ways the new changes might impact you. From Required Minimum Distributions (RMDs) to catch-up contributions, we'll cover some of the key items in SECURE Act 2.0. This won't cover everything, but this will give you a few items to consider when you meet with your advisor next.   On today's show, here's some of what you'll learn: The...

It's time for another mailbag episode, and we have some great topics to discuss. This episode could really help if you're looking to improve your financial situation and prepare for retirement.   On today's show, here's some of what you'll learn: Should I pay off my house or invest money and use investments to pay mortgage? (2:53) Should I do anything besides a 529 plan for college savings? (7:12)...

Today we're addressing five common beneficiary mistakes that, unfortunately, a lot of people make. From making errors to naming minors as beneficiaries, we'll break down some common blunders. Are you making one of these beneficiary mistakes? If so, it could cost you and your loved ones dearly. Some of the simplest mistakes can completely spoil an otherwise well-done retirement plan. On today's sho...

With every new year, many of us spend some time setting new goals, benchmarks, and desired milestones to achieve in the months ahead.    On today's show, we'll explore some of our business, personal and relationship goals for 2023 and explore what might be some worthwhile goals for you to add to your list. We talk so much about what we want our clients to focus on and ways in which you can improve...

Do you understand the basics of income planning? If not, you might not be as far along in your retirement plan as you think. Understanding how much income you need and what sources will provide it for you efficiently is critical to success over a long period of time. We see a lot of clients, and when people first come to see us, very few have an income plan in place, but it's important that you kn...

Even if you've been saving your money and investing for a long time it's easy to make rookie mistakes. On this episode, we'll cover some of the top rookie mistakes we see people make and illustrate how to avoid them or how to fix them if you're already made some mistakes in your financial life.   We'll explain why you need to make sure every dollar you earn has a purpose and why planning is so cru...

With the new year upon us, let's run through the checklist of things you should be thinking about as it relates to your financial plans for retirement. Let's see how prepared you are for retirement by answering these 10 questions. The key is you need to have concrete answers for them. If you don't know the answers, you need to think about having some critical conversations with your advisor. On to...

It's time for another mailbag episode, and we have some great topics to discuss. This episode could really help if you're looking to improve your financial situation and prepare for retirement. On today's show, we'll share: What should I do with my annuity? (3:26) Should you get a life insurance policy on your spouse? (6:00) When should you start thinking about Social Security? (8:26)   Get Additi...

The end of the year (or start of a new year) probably means you're getting a lot of financial statements in your mailbox, or inbox if you're paperless. Ever wonder what some of those terms mean as you look at your 401(k), IRA and other account balances? Let's spend a little time looking over a financial statement and breaking down some of the terms you might come across. On today's show, we'll sha...

Even if she wasn't directly talking about money, Grandma said a lot of smart things that we can apply to our financial planning. We might not have known it then, but looking back on wisdom that was imparted to us can teach us lessons years later. In this episode, we'll look at some of the sayings that we all heard our grandma say growing up and see how we can apply that to our planning today. On t...

Saving in your 401(k) can be an easy and painless way to build your retirement savings. But because it's so easy and painless, it can also be easy to ignore for long periods of time, which often leads to mistakes. In this episode, we'll cover at least the top five mistakes people make in their 401(k)s so hopefully you avoid doing the same thing when the time comes. On today's show, we'll share: As...

Market volatility became the norm in 2022. Are we in for more of the same in 2023? We'll talk about the market outlook for the next 12 months, plus share tips on how you can best prepare for potential future volatility. On today's show, we'll share: Mergers & Acquisitions says "signs point to more market volatility in 2023." (2:47) Should you change your approach during market volatility? (7:15) A...

Sometimes it might seem like talking to your financial advisor feels like talking to a therapist, and that's OK. Today we're discussing some scenarios where it's almost inevitable that a talk with your advisor seems like a counseling session. Whether you're getting a divorce or having career difficulties, your financial advisor should be there to help guide you through the financial transition. On...