Not Your Average Financial Podcast

Episode 21: [Income in Retirement] Streams of Income and Retirement Planning Gotchas

January 26, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

What are the possible streams of income in retirement?
What can you build up now, so you can rely on them later?
Would you like passive income? What is passive income?
What about passive income from Social Security?
What about defined benefit plans?
What about personal savings / investments?
What about annuity income and life insurance?
How much is the average Social Security check?
What is the maximum SS amount for this year?
What are the best things about Social Security?
What do you have set up with your employer?
What are the restrictions on defined benefit plans?
What are RMDs (Required Minimum Distributions)?
When do you have to start taking RMDs?
Which plans are considered qualified plans?
What is the penalty for not taking RMDs?
How does qualified plan savings affect Social Security?
What happens at age 70.5? How much does the IRS charge each year in retirement?
Who sets the interest rates?
How do you allocate your assets to become income providing?
What are dividends? How do they help generate income?
What streams of income are taxable?
What about CDs?
What are some efficient ways to generate income?
What about cryptocurrency?
What about Whole Life Insurance and Annuities?
What about Bank on Yourself?
What income is guaranteed?
What about interest rates and dividend rates?
What did Mark find at the Oriental Institute on the University of Chicago’s campus?
What are some helpful annuities for guaranteed income in retirement?

Episode 20: [Income in Retirement] So Easy! Even PhDs Can’t Figure It Out

January 19, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

Does your birthday fall between 1946 and 1964?
How much of the American population is in the Baby Boomer generation?
Which Americans qualify for retirement?
Are you ready for retirement?
Will you have enough cash (for basic living expenses)?
Will you have to work longer?
Are Boomers prepared for retirement?
What happened to pensions?
How much is enough? How do we know?
If we have $1M saved in a nest egg, how do we know how much to take out each year?
What is the 4% rule and why is it problematic?
Who is Morning Star?
What is their Low Bond Yields and Safe Portfolio Withdrawal Rates study?
How does the current economic environment affect seniors who are mostly in bonds?
How does a 60/40 blend in retirement affect retirement income?
Who is David Blanchett?
Who is Wade Pfau?
Why do we need to look at a 2.8% (or lower) withdrawal rate in retirement?
Will you remain independent and healthy in retirement? Will Long Term Care needs affect your income in retirement?
Is your future self a stranger?
What will you look like when you’re older?
Can’t we cross that bridge when we get there?
Can you live your best lifestyle in your retirement years?
Will you be forced to choose between buying medication or food for the week?
What is your story?
What are the steps?
- Start saving
- Save more
- Increase your savings every year
What does retirement even mean?
Where did the retirement age come from?
Why is the ability create so central, regardless of age?
What’s the next chapter going to look like?
What are you passionate about?
What work do you love?
What do you want to do (for as long as you are able)?
In our next episode in this series, we ask: What are the different possible income streams in retirement?

Episode 19: [Toolbox] The Four Rules of Budgeting

January 12, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

Do you need a budget?
How much is in the bank?
What reaction do you have to budgeting?
How do you keep your budget fluid?
How do you use a budget?
How can you be successful with a budget?
What is a state of flow?
Are you single and budgeting successfully?
What are the first three steps of budgeting?
- Step 1: Enter your income. Add it all up.
- Step 2: Budget it all. Put a name on every dollar.
- Step 3: Follow it.
Can you budget passively?
Do budgeting apps count as budgeting?
What is YNAB?
How do you decide to use your time?
What are your priorities?
How do you actively participate in how your dollars will be spent?
If you don’t employ your dollars, what will happen?
Have you ever built a fictional, ideal budget?
How much did Mark budget for groceries before marriage?
Have you ever broken a budget?
What are the four rules of budgeting?
- Rule 1: Budget Every Dollar AKA Give Every Dollar A Job
  - Have you ever wondered what happened to your money?
- Rule 2: Embrace Your True Expenses
  - Have you ever had a “rainy day” expense?
  - Have you ever been surprised by the expenses of the holidays?
- Rule 3: Roll with the Punches
  - Have you ever overspent?
  - Have you ever under budgeted?
  - Have you ever considered just giving up?
- Rule 4: Age Your Money
  - How long has your money been sitting there before you spend it?
  - Are you living paycheck-to-paycheck?
  - How long can you wait before spending the income? 30 days?
What is budgeting about?
What is the purpose of budgeting?
How can you grow your awareness around your finances?
How can you budget your cash value in a Bank On Yourself policy?
Can you see how much you’re spending?
Would you like a hand with a budget? Book a meeting with us.

Episode 18: The Episode of Hope

January 5, 2018 by Not Your Average Financial Podcast

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In this episode, we ask:

At your age?
At that income?
With that health problem?
What if I don’t make enough money to start planning?
How much should I save?
How do you overcome the paycheck-to-paycheck cycle?
When will you make the most income?
Is whole life insurance terrible?
Does the death benefit on whole life insurance keep up with inflation?
How has life insurance changed in the last fifteen years?
What is special about a properly designed, dividend-paying, Bank On Yourself policy?
Why do life insurance companies keep the cash value upon death?
How much do life insurance producers make in commission?
Why do producers take a pay cut to write Bank On Yourself policies?
What sort of life insurance should you consider, if you’re thrifty?
Why does life insurance hinge on medical underwriting?
How can people with health issues get a Bank On Yourself policy?
What are the possibilities for older individuals?
What about the cost of insurance?
Why would I put any money outside of the market? Won’t that money grow slowly?
What happens if I get disabled?
What if I can’t keep up with the regular premium payments in a Bank On Yourself policy?
How can avoid making another mistake with my money?

Episode 17: A Tale of Two Brothers (Part 2)

December 29, 2017 by Not Your Average Financial Podcast

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In this episode, we ask:

Fast forward 29 years – how’d it turn out for George and Sam?
What are the long term effects of the decisions they’ve made earlier?
How did Opportunity Cost, Liquidity and Interest work out for George and Sam?
Who is DALBAR? What information do they report?
As of this year, how much did the average investor earn over the last 30 years?
What happened to each of their retirement accounts?
What were the AUM fees on the accounts and how much did it affect their balances?
What debt did George and Sam carry through?
How much do they pay on the debts?
How much did George pay in interest?
How much does George get on returns on his 401(k)?
How much does George pay to banks each year?
How much would Sam have for income annually in retirement?
How much did Sam earn?
What’s the moral of the story?

Episode 16: A Tale of Two Brothers (Part 1)

December 22, 2017 by Not Your Average Financial Podcast

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In this episode, we ask:

Are you ready to join us fireside for a story?
What opportunities bring interest, opportunity cost and liquidity together?
As you listen to the parable of the two brothers, what do you notice?
How are these twin brothers, George and Sam, the same?
How are they different?
What does George’s financial blueprint look like?
What does Sam’s financial blueprint look like?
What beliefs does each hold?
How are their choices the same?
Where do their choices diverge?
How do they view the world?
How does security factor into this story?

Episode 15: [Toolbox] Unlocking Cash

December 15, 2017 by Not Your Average Financial Podcast

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In this episode, we ask:

What is liquidity?
How do loans affect your liquidity?
How does liquidity affect cash needs in an emergency?
How does your rate of return affect all of your investments?
How does detail orientation affect financial planning decisions?
How do we zoom out and think about this from a big picture perspective?
Does making more income always afford more liquidity?
What percentage of the average American’s income is being spent on interest?
What does a higher rate of return do?
How do you know if you’re “doing great”?
What does volume have to do with it?
How does liquidity solve your problems? What are the benefits of liquidity?
How can you finance a new opportunity?
What vehicles are liquid?
What are the first steps to getting liquidity?
How do you age your money?
How do you break the paycheck to paycheck cycle?
How much emergency fund do you need?
How do you spend less than you earn?
Where are you putting your money?
What is the budget software Katrina mentions? Link: You Need A Budget (YNAB)
If every American had a month’s worth of bills in the bank, what would change?
How does liquidity affect your central nervous system?
How can liquidity help when you lose income or a job?
How can a buffer change your life?
How can you weather a storm?
How can you have more choices when you’re job hunting?
How can you reduce your expenses?
What are some ways to reduce health care costs?
How do you get a sense of control?
How do you give yourself options?
How do time and liquidity work together to benefit you?
How can you take advantage of new opportunities that come your way?
How do you manage your money?
How liquid are your accounts? Do you have access to your cash when you need it?

Episode 14: [Toolbox] It’s Time To Take an Interest in Interest

December 8, 2017 by Not Your Average Financial Podcast

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In this episode, we ask:

What is interest anyway?
What is the difference between compound interest and simple interest?
How does compounding frequency affect an account?
When is compound growth a problem?
What did Albert Einstein say about compound interest?
How does compound interest take affect?
Where do most people look for compound growth?
What’s wrong with compound growth and risk?
How does a one year of loss affect compound growth?
How does a second year of loss affect compound growth?
What do most 30 to 40 year olds say about managing growth?
When do you want your market losses to happen?
What real assets do banks own?
What is fractional reserve banking?
What are the capital requirements for banks?
Why are bank loans considered assets on their ledger?
Why are our checking accounts considered liabilities?
What is the power of compound interest?
If you had a choice between acquiring a penny doubling every day for 30 days or a check for 1 million dollars, which one would you like to take with you?
What is the power of simple interest?
Why do you want to be charged simple interest?
How do lenders apply your payments on a compound interest loan to the principal?
How do lenders apply your payments on a compound interest loan to the interest?
How do lenders apply your payments on a simple interest loan to the principal?
How do lenders apply your payments on a simple interest loan to the interest?
What about student loans?
What about mortgages?
Who is first in line for your money?
What sort of interest would you like to earn?
What sort of interest would you like to pay?
How does interest work with Bank On Yourself policy loans?
What type of interest do Bank on Yourself policies earn?
What type of interest do you pay on a Bank on Yourself policy loan?
What about buying a car?
What box would you like to check?

Episode 13: [Toolbox] The Cost of Opportunity

December 1, 2017 by Not Your Average Financial Podcast

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In this episode, we ask:

What is opportunity cost? How does it affect you?
How does opportunity cost work?
Small cost! What could a $5 cup of coffee today truly cost later?
When does opportunity cost affect you the most? When you are younger or older?
Medium cost! What could a new phone truly cost later?
Medium cost! What could a vacation truly cost later?
How does paying cash affect opportunity cost?
How does paying with debt affect opportunity cost?
Big cost! What could a new car truly cost later?
What should we be aware of, when we’re purchasing?
What happens if you buy a cheap widget and it breaks?
What reusable household items can cut down on non-monetary opportunity cost?
What’s more expensive: personal training sessions or a medical bill?
What’s more expensive: cooking for all of your friends and family or dining out?
What’s more expensive: disposable cups or the high end, dreamy coffee vessel?
What’s more expensive: waiting or buying with urgency?
What is the right way to buy things?
Who is C. Northcote Parkinson, and what did he say?
How do we curb irrational decision making?
Is there a way to eliminate opportunity cost?
What ways are available to have your money do two things at once?
… More!

Saturday Night Live Clip: Don’t Buy Stuff You Cannot Afford with Steve Martin and Amy Poehler

Episode 12: Our Stories with Money

November 24, 2017 by Not Your Average Financial Podcast

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In this episode, we ask:

What did we get wrong? What did we get right?
What is Holly’s story with money?
What promise did Holly make to herself?
What book influences Holly profoundly?
What are Holly and her husband doing with their finances now?
What breakthrough did Holly experience?
What is Holly thankful for?
What is Mark & Katrina’s story with money?
When did Mark & Katrina start paying attention to the flow of cash?
What did Mark & Katrina find wrong with Excel sheet budgeting?
What did Mark & Katrina do with all of the average financial advice?
How did student loans affect Mark & Katrina?
How did Mark & Katrina’s influential professor, Kent Smith, affect the course of their story?
Where did Mark & Katrina get stuck?
What was Mark & Katrina’s breakthrough?
What did Mark’s mom say about Mark before she died?
What is your story with money?
How do you talk about money?
What do you believe about how much you earn?
Who taught you to think about money the way you think about it?
Why are you (financially) where you are today?
What would it take to think different about money?
…More!

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