Wise Money Show Season 5
COVID Housing Boom - 2020 Housing Market Update
Season 5/Episode 52
The housing market is unusually strong given the coronavirus pandemic. What is causing this strength and is it likely to change anytime soon? Is now the time to sell your house? We invite Residential Real Estate expert, Diane Bennett, back to the show to discuss this and how it applies to you.
The Importance of a Banking Relationship
Season 5/Episode 51
As banking goes digital, 2020 proves the value of having a relationship with your local bank. In today’s episode, Mike brings Dana Trowbridge and Brandon Williamson from First State Bank into the Wise Money studio to discuss the ways banks have served small businesses during this pandemic and why it is important to have a relationship with your banker.
The Greatest Financial Regrets of the COVID Recession
Season 5/Episode 50
We’re discussing the number one financial regret that families had as the coronavirus recession started. We’ll tell you not only what it was, but also help you avoid having this regret in your life. That and more coming up in this episode of Wise Money.
Is the Stock Market Different This Time?
Season 5/Episode 49
In John Templeton’s timeless “16 Rules for Investment Success” he writes that the four most costly words in investing are “This Time It's Different.” Well, it is finally true in this instance? Is the stock market truly different this time? That and more coming up in this episode of Wise Money!
How to Solve the Social Security Crisis
Season 5/Episode 48
Today’s recession is putting even more strain on an already broken Social Security system. With the current projection showing that Social Security would be insolvent within 15 years, what options are there to fix the problem, and how should this influence your financial plan? That and listener questions in this episode of Wise Money!
2020 Stock Market Update
Season 5/Episode 47
How are your investments performing so far this year? The stock market in 2020 will go down in the history books, and we’re only halfway through the year. The big question is after the huge swings in the 1st and 2nd quarters, what should you expect from the markets the rest of this year and how should that influence your investment decisions? We are providing a Stock Market Update in this episode of Wise Money!
Questions to Ask Your Financial Advisor
Season 5/Episode 46
Not all financial planners and financial advisors are made equal. Depending on their process, convictions, and core beliefs, you could have a very different experience and achieve very different results depending on who you work with. We’re helping you find the right fit for you by sharing the best questions you need to ask a prospective financial planner on today’s episode.
How to Have Financial Freedom
Season 5/Episode 45
Comprehensive Financial Planning is all about helping you achieve your own version of financial freedom. What’s that look like for you and what steps do you need to take in all 6 areas to help you reach the peace of mind that comes from Financial Freedom? We are helping you determine that in today's episode!
No-Fault Insurance Laws Are Changing
Season 5/Episode 44
No-Fault auto insurance laws are changing! Residents of Michigan have loathed their No-Fault insurance for decades, but reform is finally happening on July 2, 2020. We invite insurance advisor Alysia Boehner back to this episode to discuss these changing laws, the key decision you need to make, and answer other insurance questions!
Watch Out for Social Security Traps
Season 5/Episode 43
Social Security is an extremely important financial benefit, but it is also extremely confusing. Make sure you don’t inadvertently penalize your Social Security by taking the wrong steps in your financial life. We will tell you what Social Security traps to watch out for in this episode of Wise Money!
What's The Best Investment Strategy?
Season 5/Episode 42
What’s the best overall investment strategy? How did you decide what to invest in within your 401(k), and how should you invest your IRA’s, Roth’s, 529 plans, and other accounts? We will help you decide what is best for your financial plan in this episode of Wise Money!
How to Avoid Paying Capital Gains Tax
Season 5/Episode 41
Is it possible to pay tax on capital gains if you never sold any investments? The answer is yes due to the different types of capital gains there are on various investments. We'll help you understand this unique circumstance, and let you know how to avoid it in this episode of Wise Money!
Where to Get Money From in a Crisis
Season 5/Episode 40
The world changed on a dime this February, leaving many people in a cashflow crunch without knowing where to turn. Where is the best place to get money from if you’re in a crisis? We’re telling you the best options in this episode of Wise Money!
Should I Retire in 2020?
Season 5/Episode 39
With so much changing and so much uncertainty, if you were planning to retire in 2020, is it still safe to do so? We’ll help you know whether you still have the green light, or whether it’s best to postpone one of the biggest financial decisions of your life.
Financial Advice During a Crisis | Graduates and Young Professionals
Season 5/Episode 38
Students graduating from college today find themselves in a very different job market and economic situation than anyone before them. This could cause significant financial challenges, on top of that already monumental student loan debt crisis. Here is our financial advice for graduates and young professionals during a crisis.
What to Do After Maxing Out Your 401(K)
Season 5/Episode 37
In your quest for a secure retirement, saving as much as possible into tax-sheltered accounts ensures more of your money stays in your hands instead of going to Uncle Sam. What should you do after maxing out your 401(k)? What other options are there? That answer and more on this episode of Wise Money.
What to Do With an Old 401(K)
Season 5/Episode 36
On average, employees in the US change jobs 12 times over the course of their careers—changing employers about every 5 years. In most cases, that change means deciding what to do with an old retirement account. Should you transfer your funds to your new employer’s 401(k)? Should you leave it behind to ‘diversify’ your holdings? Should you transfer your assets to an IRA? In today’s episode of The Wise Money Show, Mike, Josh, and Kevin discuss the options and explore how to make the best choice possible—no matter how many times you make the jump!
Should You Have a Mortgage in Retirement?
Season 5/Episode 35
Many people have a goal of entering retirement debt-free, which means finding a way of getting the mortgage paid off while also aggressively saving into retirement accounts. Is that the best strategy? Should you do everything possible to avoid having a mortgage in retirement? Those answers and more this episode of Wise Money.
How Often Should You Review Your Home and Auto Insurance?
Season 5/Episode 34
How often should you review your home and auto insurance? Not the cost, but rather the coverage? Most people set it and forget it, but is that the best approach? Insurance Advisor Alysia Boehner joins us again so that you know how often you should review your insurance and what you need to look out for.
How the CARES Act Impacts Small Businesses (Part 2)
Season 5/Episode 33
How does the CARES Act impact your small business? The economic stimulus package, now known as the CARES ACT, carries with it significant law changes that will likely impact one or more financial decisions that you need to make, especially as a small business owner, decision-maker, or team member. This is the second of a two-part series on what’s in the CARES ACT, including the Paycheck Protection Program (PPP), the Employee Retention Credit, and the Economic Injury Disaster Loan (EIDL) and how it should influence your financial decisions.
How the CARES Act Impacts You (Part 1)
Season 5/Episode 32
The CARES Act is an economic stimulus package designed to help bolster the US economy in the wake of the COVID-19 pandemic. In part one of our two-part series on the topic, Mike, Josh, and Kevin share the highlights of the CARES Act and discuss how it is likely to change your financial action plan in the year ahead. Don't miss this important episode of The Wise Money Show.
Your Most Common Tax Questions Answered
Season 5/Episode 31
Despite recent efforts to simplify the US tax code, it seems it is more complicated than ever before. As a result, tax time can be confusing—and frustrating—for taxpayers. On today’s episode of The Wise Money Show, Mike and Josh welcome Korhorn Financial Group CPA Ryan Fair back to the show to answer some of the most common tax questions as the tax filing deadline approaches. Join us to see how the new SECURE Act changes the game, when your children need to start filing their own taxes, and much more.
NOTE: This episode was recorded prior to the IRS extending the tax filing deadline to July 15, 2020.
How to Build Your Financial Skill Stack
Season 5/Episode 30
Your Financial Skill Stack includes a wide range of knowledge and specific capabilities that can help you achieve your version of financial success. On today’s episode of The Wise Money Show, Mike, Josh, and Kevin discuss how to identify what your Skill Stack needs to be, which skills you can acquire and which you should hire, and how to be sure every ability in your Skill Stack is working together in concert to continuously strengthen your financial foundation.
5 Responses to the Stock Market Uncertainty
Season 5/Episode 29
Investors have reacted sharply to the combination of the coronavirus and OPEC’s failure to reach an agreement on oil prices and production. The result has been a dramatic tumble in the stock market that has many investors wondering how to respond. Has your strategy already kicked in to help preserve your assets? If not, are there adjustments you can make now to minimize the impact on your financial life? On today’s episode of The Wise Money Show, Mike, Josh, and Kevin discuss what’s happening and why, and then walk through what steps you can take to help protect your own financial stability in these challenging times.
Tax Tips for Your 2019 Tax Return
Season 5/Episode 28
Unlike 2018, 2019 didn’t deliver any major changes to the tax law. However, in this final stretch of tax season, there are still things you need to know to be sure your taxes reflect any changes in your own life and also optimize the current tax law to your advantage. On today’s episode of The Wise Money Show, Mike and Josh welcome KFG CPA Ryan Fair back to the show to share some of our team’s key learnings from the more than 2,700 returns they are preparing for our clients this year—and what you can do to be sure you are on the right course toward an optimal outcome for your 2019 taxes.
Retiring Early? Be Sure You Know These Two 401(k) Tricks
Season 5/Episode 27
The 401(k) is one of the most powerful wealth-building tools available, especially when planning for financial freedom in retirement. It’s no wonder 401(k) accounts hold more than $6 trillion dollars today—or 20% of all retirement money in the US. And while accessing that money in retirement is pretty simple, gaining access to your savings if you choose or are forced to retire before age 59½ is not so straightforward. On today’s episode of The Wise Money Show, Mike, Josh and Kevin discuss two creative strategies that can help maximize the usefulness of your savings and minimize unforced errors—no matter when you retire—and the importance of careful financial and tax planning when navigating this next big step in your financial life.
How to Adjust Your Financial Plan
Season 5/Episode 25
Life happens. That’s why the greatest value of financial planning is not the plan itself, but the adjustments that are made along the path to, and through, retirement. On today’s episode of The Wise Money Show, Mike, Josh and Kevin discuss the importance of having a financial plan that can adapt as your goals change over time, and the process that can help you make wise financial decisions—no matter what surprises life throws your way.
Top Five Tax Tips for Your Side Job
Season 5/Episode 25
In the gig economy, it’s been estimated that more than 30% of Americans are creating side income in a variety of creative ways—including hosting for Airbnb, driving for Uber or Lyft, selling items on Ebay or Etsy, doing contract work, and more. If that’s you, it’s important that understand how that additional income will impact your taxes. On today’s episode of The Wise Money Show, Mike, Josh and Kevin share their top five tax tips to help freelancers, sole proprietors, and self-employed moneymakers create a proactive plan to make your side hustle as tax-efficient as possible.
What You Need to Know Before You Prepare Your Taxes
Season 5/Episode 24
The 2019 tax season is officially underway! While we aren't facing any massive changes to the tax law like we did in 2018, there are a number of things you need to be aware of in order to prepare your 2019 taxes with confidence. On today's episode of The Wise Money Show, Mike and Josh are joined once again by KFG tax advisor Ryan Fair, CPA, CFP®, to discuss what you need to know before April 15—from changes in tax forms and withholdings miscalculations, to more complex strategies like back-door Roth IRAs, multi-year depreciation calculations for small business owners, and the importance of multi-year tax planning.
How Car Insurance Works Crossing State Lines
Season 5/Episode 23
In our part of the country, we tend to drive across state lines all the time. And because each state sets the laws and regulations for auto claims, the claim process can be confusing if you or a family member has a car accident across state lines. What should you do if you have an accident across state lines? Is a national or regional insurance carrier best? How do Indiana's tort liability, Michigan's personal injury protection (PIP), and other state regulations come into play when you are in another state? On today's episode of The Wise Money Show, Mike and Kevin are joined by KFG's all-star insurance advisor Alysia Boehner to answer these questions, discuss Michigan's no-fault auto insurance reform, and ease your mind about auto insurance.
How the SECURE Act Impacts Your Financial Plan
Season 5/Episode 22
The SECURE Act (which stands for 'Setting Every Community Up for Retirement Enhancement') was signed into law in late December. And though the Act barely made a blip in the mainstream news, it marks the largest overhaul in retirement planning in more than two decades. How do those changes impact your own retirement plan? What do you need to do differently now to prepare for a financially strong future? On today's episode of The Wise Money Show, Mike, Josh, and Kevin highlight the changes that are most likely to impact your retirement plan, and discuss why and how your retirement planning strategy needs to change as a result.
'Financial Success' and How to Achieve It
Season 5/Episode 20
How do you define 'financial success'? Because the definition is different for everyone, the best place to start is by taking a close look at what a 'successful life' looks like to you. Using that as a springboard, you can more effectively align your financial and material resources to help you reach your goals. On today's episode of The Wise Money Show, Mike, Josh, and Kevin discuss how to create your personal definition of 'financial success' and then build a strategy to achieve more of it in your owm life.
How to Create the Right Spending Plan
Season 5/Episode 19
Heading into a new year, updating (or perhaps creating) your budget should be a top priority. However, just having a basic budget is not sufficient to reach your short- and long-term financial goals. To take your budget to a higher level in 2020, it's time for the 'Three Bank Account System'! On today's episode of The Wise Money Show, Mike, Josh, and Kevin walk through the components of the Three Bank Account System and how this powerful spending plan can help transform your finances in the year ahead.
Aligning Your Financial Goals with Your "Primary Aim" in 2020 and Beyond
Season 5/Episode 18
As we celebrate the end of 2019 and the start of a new decade, it's time to look to your financial future. What do you want 2020 to look like? Are your goals in alignment with the vision you have for your ideal future—what we call your "primary aim" in life? On today's episode of The Wise Money Show, Mike, Josh, and Kevin share information and tools to help you identify your "primary aim" in life and then set specific goals to help turn your vision into reality in 2020 and beyond.
Year-End Financial Planning
Season 5/Episode 17
As 2019 comes to a close, it's a great time to take inventory of your financial life and tackle any time-sensitive financial planning work that is necessary to set you up for a great 2020. On today's episode of The Wise Money Show, Mike, Josh, and Kevin share our year-end financial planning checklist for 2019 and answer listener questions to help put you on a path toward greater financial confidence.
Transferring Your IRA to an HSA
Season 5/Episode 16
The Health Savings Account—or HSA—is an extremely versatile financial instrument that allows you to contribute pre-tax dollars, grow your invested assets over time, and then withdraw from your account for qualified medical expenses absolutely tax-free. That power begs the question: To make the most of an HSA, can you and should you transfer assets from your IRA into your HSA? On today's episode of The Wise Money Show, Mike, Josh, and Kevin discuss the basics of HSA accounts, when transferring IRA assets into an HSA may make sense, and the tax traps to avoid if you do make the move.
What to Do When Receiving an Inheritance
Season 5/Episode 15
Receiving an inheritance is a complicated blessing. In most cases, an inheritance comes as the result of losing a loved one, which means that just as you're grieving, you have to manage the many financial implications the come with death and money. The whole process can raise a lot of questions. Who will pay for the funeral? Exactly where is the money and how can it be accessed? Do you have to pay taxes on the inheritance? Do you need an attorney to do everything "right"? On today's episode of The Wise Money Show, Mike, Josh, and Kevin review these and other common questions related to inheritances—and offer answers to help ease the way.
5 Catch-Up Strategies for Late Retirement Savers
Season 5/Episode 14
If you're one of the many Americans whose retirement savings isn't what it should be, don't despair! On today's episode of The Wise Money Show, Mike, Josh, and Kevin share 5 strategies that can if you're getting a late start saving for retirement. We'll discuss the key decisions you need to make today, and share insights to help you get on track toward a more confident retirement.
5 Ways Grandparents Can Help Pay for College
Season 5/Episode 13
As a grandparent, you want the best for your kids and your grandkids. One creative way to help both generations at once is to help fund your grandchildren's college education. But what's the smartest way to provide that funding from a financial and tax planning perspective? On today's episode of The Wise Money Show, Mike, Josh, and Kevin share the top 5 ways for grandparents to invest wisely in their grandkids' education.
Don't Fall for These 3 Social Security Myths!
Season 5/Episode 12
When and how to draw Social Security is one of the biggest financial decisions you will make in your lifetime. And yet the majority of people make this choice based on common myths. Too often, the result is a significant decrease in lifetime Social Security income. On today's episode of The Wise Money Show, Mike, Josh, and Kevin share the top 3 Social Security myths, discuss why these myths are costly financial traps, and walk through the process of making a wise decision based on your entire financial life.
Top Tax Planning Moves to Make Before the New Year
Season 5/Episode 11
Tax planning is best defined as 'the art of making the right proactive decisions with your moneyto optimize your tax bill.' When you do that—and do it well—the results will speak for themselves come tax time. So where do you begin? On today's episode of The Wise Money Show, Mike, Josh, and special guest Ryan Fair, CPA, share their top tax planning strategies for 2019 and how to position yourself for tax planning success in the coming year.
How to Save Taxes Using Donor-Advised Funds
Season 5/Episode 10
Charitable giving is an act that comes from the heart. And while supporting the important causes and missions that matter to us most is rarely done for the purpose of saving taxes, it's important to recognize that incorporating a plan for charitable giving into your tax plan is not an act of greed, but instead a wise way to increase your financial resources. On today's episode of The Wise Money Show, Mike, Josh, and special guest Ryan Fair, CPA, discuss how a Donor-Advised Fund can support a proactive giving strategy that helps boost your giving power by reducing taxes.
The Student Loan Crisis and Your Financial Future
Season 5/Episode 9
The student loan crisis in the US has created a serious financial crisis for a growing number of borrowers whose massive loans have put them into decades of financial bondage. While government programs have done a great job of providing opportunity for those without the means to pay for a college education, the fact that loans are so easy to get has resulted in $1.5 Trillion dollars in national student loan debt—and 5.1 million people currently in default on their loans. On today's episode of The Wise Money Show, Mike, Josh, and Kevin discuss how students and parents can balance opportunity with financial reality to help protect your financial future.
'Suddenly Single' Part 3: Financial Planning for Singles
Season 5/Episode 8
Whether you're not married yet or never plan plan to be, the stakes of financial planning are much higher, largely because you don't have anyone else's income to provide a financial cushion--either when you're younger or in retirement. In this final episode of our 3-part series titled 'Suddenly Single,' Mike, Josh, and Kevin discuss the unique challenges of going it alone, and how a financial coach can help you create a wise money plan and keep you on track toward financial success in the decades ahead.
'Suddenly Single' Part 2: Financial Planning After a Divorce
Season 5/Episode 7
Going through a divorce can be very painful, both emotionally and relationally. But it can also turn your financial life completely upside down. In Part 2 of our 3-part series about what to do when you find yourself 'Suddenly Single,' Mike, Josh, and Kevin discuss strategies to help navigate through the inevitable financial transitions that go hand-in-hand with divorce--starting with tackling the basics that matter most.
'Suddenly Single' Part 1: Financial Planning After the Death of a Spouse
Season 5/Episode 6
When you're a single adult, financial planning has a very different emphasis than when you're planning as a married couple. On today's episode of The Wise Money Show, Mike, Josh, and Kevin kick off a 3-part series about what to do when you find yourself 'Suddenly Single.' We begin with one of the most difficult and overwhelming events in anyone's life: the death of a spouse--and how to manage financial planning in the midst of your grief.
What to Do if You’ve Been Burned by a Financial Professional
Season 5/Episode 5
Unfortunately, too many people put off wise financial planning because of a bad experience with a financial professional in the past. Yet it's a fact that putting off important decisions today can easily compound the impact of yesterday's mistakes. On today's episode of The Wise Money Show, Mike, Josh, and Kevin discuss how to pick up the pieces after you've been burned--and how to rebuild trust so you can begin to move forward on your path to financial confidence.
Social Security Explained
Season 5/Episode 4
When and how you start drawing Social Security can have a significant impact on how much income you actually receive from this important financial tool. But making the right choice can be confusing, and it can be hard to avoid making a mistake with so much misinformation surrounding Social Security. On today's episode of The Wise Money Show, Mike, Josh, and Kevin help dispel the many myths about Social Security to help you choose an approach that supports your financial health in retirement.
Season 5/Episode 3
Feeling overwhelmed with the many decisions that come with Medicare open enrollment? What coverage do you really need? How will your elections affect your spouse's health insurance? Whether you're about to turn 65, are already on Medicare, or are helping ensure your parents have the right health coverage, it's important to stay up to date with the latest changes and to understand which options are right for you. On today's episode of The Wise Money Show, Mike and Josh welcome back health insurance expert and Medicare guru Ted Foster to talk through the information you need to prepare for Medicare open enrollment.
How to Get the Best Insurance Rates
Season 5/Episode 2
Home and auto insurance can be challenging to navigate. So how can you be sure you're getting the best rates and the most appropriate coverage to meet your needs? On today's episode of The Wise Money Show, Mike and Kevin welcome special guest and KFG insurance advisor Alysia Boehner to discuss her four top tips for getting the best price for optimal coverage so you don't "risk a lot to save a little." This special episode is sponsored by Indiana Farmers Insurance.
Should You Buy Your Next House Before You Sell Your Current One?
Season 5/Episode 1
In today's housing market, home buyers may be tempted to hold on to their current property until prices rise even higher. But is that really the wise choice? On today's episode of The Wise Money Show, Mike and Kevin welcome special guest, realtor Diane Bennett, to explore how the current housing market, interest rates, and the long-term economic outlook might affect your home-buying decisions--including when to buy, when to sell, and if now is the time to buy your first home.