Not Your Average Financial Podcast™

Think different about your money, your economy and your future. Be curious. Be stable. Be sane.

Episode 11: The 401(k) – How’s That Working Out For You?

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In this episode, we ask:

  • Was the 401(k) meant to be the primary vehicle for retirement?
  • Is there more risk early on in a 401(k) or toward the end or retirement phase of the 401(k)?
  • How have the 401(k)s improved our retirement outlook?
  • What guarantee does the 401(k) present? (Hint: it’s a four letter word.)
  • What are some of the fees on the 401(k)?
  • How much does an average investor pay with a 1% fee over the life of the 401(k)?
  • How much does an average investor pay with a 3% fee over the life of the 401(k)?
  • What is the average investor paying in fees?
  • What is a 403(b)?
  • What’s Katrina’s story with the 403(b)?
  • What about the employer benefit?
  • How do different companies handle vesting?
  • What did Holly’s husband, Jacob, say when he saw his 401(k) statement?
  • How much can you contribute to a 401(k)?
  • If you contribute the maximum amount, can you retire on the 401(k) alone?
  • What are the taxes on the 401(k)?
  • What are the penalties on the 401(k)?
  • How long are the penalties active on the 401(k)?
  • At what age are you required to take Required Minimum Distributions (RMDs)?
  • What happens to those with 401(k)s at age 70.5?
  • Can you leave a 401(k) as a legacy to your kids and/or grand kids?
  • Is the 401(k) a liquid vehicle?
  • … More!

This is the third episode in a three part series on qualified plans, like the 401(k). Continue with us on our deep dive into thinking differently about the 401(k) in Episode 9 and Episode 10, too.

Episode 10: Your 401(k) – Who’s Benefiting the Most?

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In this episode, we ask:

  • Who are the parties involved in your 401(k)?
  • What does each party receive?
  • Are you serving pie at your party?
  • How many dollars are in rotation in the 401(k) industry?
  • On average, how many fees are in a 401(k)?
  • What fee did Holly find in the fine print of her husband’s 401(k) statement?
  • According to DALBAR, how much are equity investors receiving on average? How much did the S&P earn on average? Why is there a difference?
  • Why do employers prefer the 401(k)?
  • What about TDFs and employers?
  • What about pensions?
  • Who created the 401(k)?
  • Who will receive the highest rate of return on the 401(k) (the plan participant or the government)?
  • Are you ready for some math on returns?
  • What keeps Main Street stuck financially?
  • Who is Paul Nick? What did he learn from his dad? What does he have to say about the 401(k)?
  • When’s the best time to pay taxes (when you’re working or in retirement)?
  • What’s a deferred compensation plan? Why were these plans so popular in the 1980s?
  • How much money would you need to contribute to receive $100K annual spendable income in retirement?
  • …More!

Today’s contributor is Paul J. Nick, owner of South Texas Financial Group, has practiced as a financial strategist and retirement specialist since 1993.

Paul has successfully designed progressive strategies that have continuously increased his clients’ wealth (even when the markets tanked) and provided certainty for their income during retirement.

His experience and customized approach empowers his clients to embrace revolutionary planning concepts that instill wealth-building habits, provide peace of mind and ultimately lead to an abundant lifestyle.

Paul is unique in that he grew up in the financial services industry. Paul’s father built one of the largest financial services companies in Texas that specialized in a conservative approach to retirement planning.

Paul has been a student of nutrition for more than 30 years. His health and wealth strategy helps clients understand the importance of eating quality, nutritious foods and staying away from the foods known to cause health issues. Paul states, “If we can help our clients stay out of the doctor’s office, not only will they feel better, they will have more money to spend on themselves and their family.”

Paul is also the founder of Houston Energy Corridor Connections, a 5000+ member networking group on LinkedIn, which hosts four live networking events for the Houston energy industry each year. The focus of the group is to bring people together from the energy industry and help them build their personal networks and improve their businesses and careers.

A former Marine and avid pilot, Paul has logged more than 600 hours in high performance aircraft. When Paul is not working with clients, he enjoys flying, spending time with his family, coaching his daughters in soccer and volunteering at their school.

This is the second episode in a three part series on qualified plans, like the 401(k). Continue with us on our deep dive into thinking differently about the 401(k) in Episode 9 and Episode 11, too.

Episode 9: [Breaking News] Is It Time To Retire Your 401(k)?

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In this episode, we ask:

  • Why the buzz on the 401(k)?
  • Who is Nobel Prize winner, Harvard University Professor Emeritus, Robert Merton and what is he saying about retirement plans?
  • What happened to good, old-fashioned pensions?
  • What is a 401(k) plan, exactly? When was the first 401(k) started?
  • What did Katrina find when she googled the words “401(k) news”?
  • Who is considered the father of the 401(k), Ted Benna, and what is he saying about the 401(k) today?
  • What are Ted Benna’s most recent financial recommendations?
  • Oooh. What did Holly find in the Wall Street Journal?
  • How were corporations managing their books differently when they offered pensions?
  • Are 401(k)s safe or risky?
  • Where were tax rates in the early 80’s? How do these compare to today’s rates? How does this affect the performance of the 401(k)?
  • Who is Nelson Nash, and what is he saying about qualified plans, including the 401(k)?
  • Who is Nobel Prize winner, Richard Thaler, and what is he saying about 401(k) participation?
  • What about employer benefits, like the merits of the match?
  • …More!

Holly’s reference to the Wall Street Journal

 

This is the first episode in a three part series on qualified plans, like the 401(k). Continue with us on our deep dive into thinking differently about the 401(k) in Episode 10 and Episode 11, too.

Episode 8: The Bank On Yourself® Revolution and Pamela Yellen (Part 2)

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In this episode, we interview Pamela Yellen, the author of the Bank On Yourself® Revolution. Here are some the questions we talk about:

  • How financially literate are Americans?
  • How many people have taken Pamela’s famous financial literacy quiz? What did they score? What’s your score?
  • What shifted personally for Pamela when her and Larry started their Bank On Yourself policies?
  • What about mortgages?
  • What is the father of the 401(k), Ted Benna, now saying about the 401(k)? Where does Ted Benna keep his money today?
  • What guarantees can you get in the market?
  • How do low income earners start to get on their feet?
  • Why is there power in paying with cash?
  • What financial institutions are solid and trustworthy?
  • How much do financial advisors make in commissions?
  • … More!
  • If you’re interested in hearing more personal details about Pamela and the Bank On Yourself concept, do sign up for our BONUS episode!
Larry Hayward and Pamela Yellen

Larry Hayward and Pamela Yellen

Financial security expert and best-selling author Pamela Yellen investigated more than 450 savings and retirement planning strategies seeking an alternative to the risk and volatility of stocks and other investments. Her research led her to a time-tested, predictable method of growing and protecting wealth she calls Bank On Yourself (www.bankonyourself.com) that is now used by more than half a million people.

Pamela is the author of the New York Times bestselling books BANK ON YOURSELF: The Life-Changing Secret to Growing and Protecting Your Financial Future and THE BANK ON YOURSELF REVOLUTION: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future.

Pamela has appeared on every major TV and radio network and served as a source for organizations and publications such as the Associated Press, Fox News, Bloomberg Businessweek, Ladies’ Home Journal, Essence Magazine, Aging Today and AARP. Her articles have been featured in thousands of major publications and websites, and she has spoken to more than 1,000 audiences world-wide.

Pamela was born in Buffalo, New York, and has lived in Sarasota, Phoenix, and the San Francisco Bay area. She graduated from the University of San Francisco with a degree in psychology. Pamela and her husband Larry currently live outside of Santa Fe, New Mexico, They enjoy theatre and the arts, hiking, biking, bird watching, traveling, gourmet cooking, working out (Pamela can leg press 200 pounds!), reading, spoiling their two grandkids, and are involved in supporting numerous charitable causes.

Ten percent of all author royalties are donated to educational not-for-profits, such as The Smile Train, The Nature Conservancy, Susan G. Komen for the Cure, Wounded Warrior Project, Heifer International, and Hawk Watch.

Buy the book on Amazon

Episode 7: The Bank On Yourself® Revolution and Pamela Yellen (Part 1)

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In this episode, we interview Pamela Yellen, the author of the Bank On Yourself® Revolution.

  • What is the Bank On Yourself® method? What does it allow?
  • What are most people “banking” on?
  • How can you become your own source of financing?
  • What did Pamela learn from the most elite, top three financial planners and money managers?
  • What does Pamela suggest for current or soon-to-be retirees?
  • What happened in 2008 that prompted Pamela to write the Bank on Yourself book?
  • How do you prepare for economic cycles?
  • What does Pamela say about the stock market?
  • How many years worth of an emergency fund does Pamela recommend?
  • What is the latest status of Pamela’s $100K challenge?

Pamela Yellen

Financial security expert and best-selling author Pamela Yellen investigated more than 450 savings and retirement planning strategies seeking an alternative to the risk and volatility of stocks and other investments. Her research led her to a time-tested, predictable method of growing and protecting wealth she calls Bank On Yourself (www.bankonyourself.com) that is now used by more than half a million people.

Pamela is the author of the New York Times bestselling books BANK ON YOURSELF: The Life-Changing Secret to Growing and Protecting Your Financial Future and THE BANK ON YOURSELF REVOLUTION: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future.

Pamela has appeared on every major TV and radio network and served as a source for organizations and publications such as the Associated Press, Fox News, Bloomberg Businessweek, Ladies’ Home Journal, Essence Magazine, Aging Today and AARP. Her articles have been featured in thousands of major publications and websites, and she has spoken to more than 1,000 audiences world-wide.

Pamela was born in Buffalo, New York, and has lived in Sarasota, Phoenix, and the San Francisco Bay area. She graduated from the University of San Francisco with a degree in psychology. Pamela and her husband Larry currently live outside of Santa Fe, New Mexico, They enjoy theatre and the arts, hiking, biking, bird watching, traveling, gourmet cooking, working out (Pamela can leg press 200 pounds!), reading, spoiling their two grandkids, and are involved in supporting numerous charitable causes.

Ten percent of all author royalties are donated to educational not-for-profits, such as The Smile Train, The Nature Conservancy, Susan G. Komen for the Cure, Wounded Warrior Project, Heifer International, and Hawk Watch.

Buy the book on Amazon

Episode 6: Bank On Yourself® Engineering

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In this episode, we ask:

  • How nerdy can we be?
  • What financial asset has increased in value every year for the last 160 years?
  • Why, in the early 20th century, did 50% of Americans have their savings in life insurance products?
  • Does your financial planner have to use Google to answer your questions?
  • What is the Bank On Yourself® concept?
  • How is a Bank On Yourself® policy constructed?
  • What biases do we have toward Whole Life Insurance?
  • How is a Bank On Yourself® design similar to an all base Whole Life design? How is it different?
  • What does Bank On Yourself® Engineering have to do with a sailboat?
  • What companies are Bank On Yourself® friendly?
  • How do businesses use Bank On Yourself®?
  • Why does good design matter?
  • … More!

Episode 5: A Perfect Financial Instrument? Where Do I Start?

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In this episode, we ask:

  • How do we combat financial challenges?
  • What needs to be in place?
  • What characteristics must be present for a solid foundation?
  • How do I protect my money?
  • Where do I put money, when I need it for an upcoming purchase?
  • How do we keep money flexible?
  • Which products check all of the boxes for the safe and liquid category?
  • What is my money doing for me?
  • What’s an example of a solid financial instrument for a safe and liquid foundation?
  • How would you like to be taxed?
  • Why are there restrictions on a ROTH IRA?
  • What about reinvesting dividends?
  • What vehicle will help you give the most money to your family?
  • …More!

Episode 4: What is the Perfect Financial Solution?

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In this episode, we ask:

  • Does a perfect financial solution exist?
  • What do you want your money to do for you?
  • Where do you want your money to live?
  • What did Mark learn in his research of financial products?
  • What are our preconceived notions about money?
  • If Katrina was “Pope of Money” for the day, what would she want for her money?
  • What are the strengths and limitations of current financial products?
  • What are the implications for having a sane financial picture?
  • What is a financial structure?
  • Where did the Egyptians bury their most treasured leaders, within their architectural wonder, the pyramid?
  • …More!

Episode 3: Will You Run Dry Before You Die?

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In this episode, we ask:

  • Will you or your partner live to age 93?
  • What’s the rate of Health Care costs increasing in the U.S.?
  • Are people working as long as they’re living?
  • Where is it written that we have to money into vehicles that we can’t control? access?

Episode 2: What Happened to Saving?

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In this episode, we ask:

  • What happened to saving?
  • How many of American households are prepared for a $400 emergency expense?
  • How many Americans are saving for retirement?
  • What about credit card debt?
  • What is the primary reason couples divorce?
  • What’s the average amount of income that goes towards financing and debt payments?