Wealthy Habits Podcast

If you're counting down the days until retirement, we have a checklist of things you need to keep in mind. We'll help you get ready for the big day and make sure you are ready financially and otherwise.   What we discuss today:  2:20 – Getting healthy 4:37 – Free time 5:48 – Work 7:19 – Save more 9:37 – Debt 11:47 – Risk   Get Additional Information:  https://www.truefinancialpartners.com/media/po...

Can I retire at 55? We get this question a lot, especially with the recent trend of people trying to retire earlier. Most people don't know if they can retire early, but we can help.   What we discuss today:  2:26 – Peanut gallery 3:40 – Retire at 55? 5:09 – Social Security 8:27 – Financial advisers 10:22 – Health care 12:11 – Planning to retire early 14:20 – Comment: Pensions 16:33 – Comment: Inf...

It's always a good idea to have cash set aside for emergencies or for major purchases you might have coming up. But when is a healthy bank account actually counterproductive? With today's challenging financial environment, we thought it would be a good idea to have the cash conversation again.   What we discuss today:  1:48 – Good reasons to have cash on hand 4:14 – How much cash should I have? 7:...

Should I take money out of my 401k to pay off debt? What are the tax implications of selling my mom's house? Why are financial advisors paying more attention to my husband? These are a few of the questions we're answering in today's mailbag.   What we discuss today:  2:30 – 401k debt relief 7:57 – Selling mom's house 10:25 – Ignoring the wife 11:28 – Taking Social Security 14:05 – Diversified 16:0...

Housing is a really important topic for a lot of retirees because, for many of us, it's the biggest asset we'll ever own or manage. On this episode, we'll cover some common housing questions we get from retirees.   What we discuss today:  2:51 – Interest rates 8:50 – Downsizing 10:58 – Home equity 15:03 – Sign house to kids 17:35 – Complications   Get Additional Information:   https://www.truefina...

Should you pay for an expensive college for your child? Should you budget or meet with a financial advisor first? These are a few of the questions we're answering in today's mailbag.   What we discuss today:  3:28 – College costs 5:31 – Budgeting 7:33 – Money in the bank 10:47 – Life insurance 12:55 – Retiring spouse   Get Additional Information: https://www.truefinancialpartners.com/media/podcast...

When you hear the words "life insurance," what comes to mind? Some people avoid the topic or don't understand how it works. Let's lay out seven reasons why you should at least be considering life insurance in your portfolio.   What we discuss today:  3:02 – Income replacement 5:31 – Leveraging life insurance 8:20 – Premiums 12:35 – Businesses 14:25 – High incomes 17:32 – Long-term care   Get Addit...

Today we're sharing the most important birthdays in retirement planning. We'll take you through some of the key ages, why they are important and what you should be thinking about as you approach retirement.   What we discuss today:  2:25 – Age 50 4:52 – Age 55 8:05 – Age 59.5 10:25 – Age 62 12:55 – Age 65 14:03 – Age 66-67 16:48 – Age 72   Get Additional Information: https://www.truefinancialpartn...

Every industry has its own jargon, and financial planning is no different. Today, we're explaining some common financial jargon, what it means, and why it's important to understand.    What we discuss today:  3:20 – Diversification 7:21 – Inflation 11:50 – Volatility 13:30 – Risk tolerance 16:41 – Stocks and bonds 19:35 – Capital gains   Get Additional Information: https://www.truefinancialpartner...

When it comes to your money, you might have several different voices in your head — maybe the voice of greed, or the voice of fear, and sometimes the voice of wisdom. Let's look at some things we might hear from the voice of greed so you know how to recognize it when you hear it.   What we discuss today:  3:20 – Investment timing 10:49 – Advice 12:29 – Couple next door 14:52 – Emergency fund 16:55...

Most people, when trying to plan their retirement, have to guess about the answers to some important questions. Today we're talking about some of those questions and why you need to have a better answer than just a guess.   What we discuss today:  3:12 – Monthly income 10:04 – Major purchases 13:10 – Inflation 17:30 – Health care   Get Additional Information: https://www.truefinancialpartners.com/...

Planning for retirement is relatively complex. There are a lot of different moving parts and factors to consider. Adjusting any of these variables can impact the end result. But is there one part of the retirement planning process that's most important?   What we discuss today:  2:06 – Deciding what you do 5:51 – Start now 7:36 – How much income? 9:44 – How much to spend? 10:31 – Proper portfolio...

Putting together a solid retirement plan isn't just about dollars and cents. We need to determine what really matters to you. Today's show is all about why values-based planning is so important.   What we discuss today:  3:17 – Family 6:53 – Career 10:01 – Education 13:50 – Charitable giving 18:09 – Fun   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Some people feel that they'll save money by handling their investments themselves instead of working with an advisor. Others may like the challenge of doing it themselves. Still, others just don't know who to trust so they end up not working with anyone. We'll share some reasons that you might need an advisor.   What we discuss today:  2:13 – Are you a procrastinator? 6:01 – Don't know where to st...

There are some things in life you can't predict, but you can try to plan for them. For example, when is the next market crash going to happen? We don't know, but here's how you can prepare for this and other things in your financial life.   What we discuss today:  2:34 – Market crashes 8:47 – Health care 12:42 – Taxes 17:08 – Life expectancy   Get Additional Information: https://www.truefinancialp...

At the beginning of every year, people love to make predictions and prognostications about what's going to happen to the economy in the coming months. Let's take a look at what the experts are saying about the economic outlook of 2022.   What we discuss today:  2:53 – GDP 9:29 – Housing market 12:43 – Inflation 17:05 – Great resignation 20:42 – Battlegrounds 24:42 – Clients' worries   Get Addition...

Time for a little fun on this episode. We'll use some fill-in-the-blank prompts to spark a good discussion about relationships between advisors and their clients, the stock market, common planning mistakes, and much more!   What we discuss today:  3:15 – Don't run out of money 7:45 – Stock market 13:16 – Run the other way 14:33 – Client worries 15:32 – Common mistakes 18:01 – Gratifying part of th...

For many parents, everything revolves around their children. That's why today we're talking about retirement and how your children should become part of the discussion.   What we discuss today:  4:13 – College expenses 6:44 – Living with parents 10:49 – Grandkids 12:49 – Children with special needs 17:01 – Generational wealth   Get Additional Information: https://www.truefinancialpartners.com/medi...

Just like football players don't want to fumble the ball in the red zone, you don't want to fumble your finances as you get close to retirement. We'll explain how to protect your finances.   What we discuss today:  3:54 – What is the financial red zone? 4:45 – Planning in retirement 7:08 – Mistakes 10:21 – Work on your plan   Read more and get additional financial resources here: https://www.truef...

We're answering your mailbag questions, today. Dean wants to know whether to keep working or retire. Claire wonders if she should split her mortgage payments. We'll also be answering questions on entering the market, generational wealth, and more.   What we discuss today:  1:44 – Working on retiring 3:19 – Splitting mortgage payments 8:05 – Savings rate 10:51 – New money 14:11 – Generational wealt...

Most people realize that it's usually best to have an estate-planning attorney helping them with their estate plan, but it's also important for the financial advisor to be part of that conversation. On today's show, we'll explain why.   What we discuss today:  2:47 – Importance of financial advisor 5:59 – How people view legacy 8:37 – Helping kids 10:30 – Mistakes people make 15:54 – Examples   Ge...

Today we're sharing five signs that you're in good financial health. It's a good checklist to measure where you stand and whether or not you're in a good position for retirement. How do you measure up?   Read more and get additional financial information: https://www. truefinancialpartners.com/ep- 75-5-signs-youre-in-good- financial-health/   What we discuss today:  4:22 – Spend less than you make...

You might not be able to follow through on all 22 of these resolutions, but implement even just a few of these and you'll be well on your way to a more prosperous financial life in the coming year.   Read more and get additional financial information: https://www. truefinancialpartners.com/ep- 74-22-money-resolutions-for- 2022/   What we discuss today:  2:24 – Reducing debt 3:10 – Boost savings 4:...

Today we're talking about something we all occasionally do in life – cutting corners. Whether we do this with our finances, exercising, etc., we're all guilty of this sometimes. When you do this financially, it can really hurt you in the long term.   Read more and get additional financial information: https://www.truefinancialpartners.com/ep-73-quit-cutting-financial-corners/ https://www.truefinan...

To successfully complete a jigsaw puzzle, there are some strategies you'll want to keep in mind, and many of those same strategies apply to retirement planning.   Read more and get additional financial information: https://www.truefinancialpartners.com/ep-72-the-jigsaw-puzzle-of-retirement/   What we discuss today:  3:28 – Look at the big picture 6:31 – Build a framework 8:42 – Sort by color 10:23...