In this episode of the "Retire As You Desire" show, cybersecurity expert Kent Webster joins me, Bill Bloom, to discuss essential strategies for protecting yourself from online threats and scams. Kent shares insights into the sophisticated world of cybercrime, highlighting the prevalence of organized cybercriminal operations targeting individuals worldwide.
Key Topics Covered:
👉 Understanding Online Threats and Scams:
Discover the tactics used by scammers, such as phishing and confidence scams.
Learn about the prevalence of organized cybercriminal operations.
👉 Importance of Vigilance and Skepticism:
Understand the necessity of being cautious with unknown contacts or suspicious messages.
Gain tips on how to identify and avoid potential scams.
👉 Two-Factor Authentication:
Dive into the concept of two-factor authentication as a crucial security measure.
Learn how to implement and use this to prevent unauthorized access to accounts.
👉 Navigating Public Wi-Fi Risks:
Understand the dangers associated with using public Wi-Fi networks.
Get practical tips on staying safe and maintaining security in public spaces.
👉 Advanced Password Management:
Explore a tiered approach to password security based on account sensitivity.
Learn Kent's methods for creating strong, memorable passwords using sentences and character substitutions.
Why You Should Watch:
Comprehensive Coverage: Gain a thorough understanding of how to protect your personal information and financial assets in the digital age.
Expert Advice: Benefit from Kent Webster's professional insights into cybersecurity.
Actionable Strategies: Implement practical tips to enhance your online security and safeguard against threats.
Tune in to this episode for a deep dive into essential cybersecurity practices. Don’t miss out on valuable insights—Join us every [Day] at [Time] for new episodes!
📞 Need Personalized Advice? Contact us at 773-326-7000 or email Bill@Bloomfinancial.us for customized retirement planning.
#Cybersecurity #OnlineSafety #ProtectYourAccounts #RetireAsYouDesire #KentWebster #DigitalSecurity #PhishingScams #PasswordProtection #PublicWiFiRisks
TIMESTAMPS:
00:00:00 - Introduction to Cybersecurity: Bill Bloom introduces Kent Webster, a cybersecurity professional, and sets the stage for the discussion on cybersecurity threats.
00:05:30 - Cyber Criminal Sophistication: Kent Webster discusses the misconception of cyber criminals and highlights the organized nature of cyber attacks.
00:11:29 - Financial Scams and Confidence Scams: Discussion on financial scams and confidence scams targeting individuals.
00:17:25 - Email Security and Phishing: Kent Webster explains the importance of email security, phishing attacks, and ways to protect against them.
00:23:36 - Two-Factor Authentication: The significance of two-factor authentication in enhancing account security is discussed.
00:32:07 - Password Tiering Strategy: Kent Webster explains the tiered approach to password security for different types of accounts.
00:36:03 - Saving Passwords and Cookies: The implications of saving passwords and cookies on browsers for ease of access and security are discussed.
00:41:23 - Password Complexity and Sentence Strategy: Kent Webster suggests using a sentence-based strategy for creating complex passwords for enhanced security.
In this episode, we bring together crucial insights from four essential areas of personal finance to help you achieve your financial goals and secure a prosperous future. Whether you're planning for retirement, seeking smart investment strategies, looking to maximize your tax benefits, or aiming to manage your debt effectively, this episode is packed with valuable advice and actionable tips.
Key Topics Covered:
📞 Need Personalized Advice? Contact us at 773-326-7000 or email Bill@Bloomfinancial.us for customized retirement planning.
#FinancialSuccess #RetirementPlanning #InvestingTips #TaxBenefits #DebtManagement #PersonalFinance #WealthBuilding
TIMESTAMPS:
0:00 - Introduction
Overview of the episode and what you'll learn about mastering retirement, investing, taxes, and debt management.
1:15 - Mastering Retirement Planning 🏖️
1:30 - Essential strategies for a secure retirement.
5:00 - Optimizing your retirement savings.
8:20 - Making informed decisions for a comfortable retirement.
12:45 - Smart Investing for Long-Term Growth 📈
13:00 - Key principles of effective investing.
16:30 - Understanding asset allocation and diversification.
20:15 - Setting and achieving your financial goals.
24:50 - Maximizing Tax Benefits 💡
25:05 - Strategies to reduce your tax burden.
28:40 - Leveraging tax deductions and credits.
32:10 - Tax-efficient investment options.
36:00 - Effective Debt Management Techniques 💳
36:15 - Practical steps to manage and reduce debt.
40:00 - Strategies for debt consolidation and improving credit scores.
43:30 - Avoiding common debt pitfalls and achieving financial freedom.
47:15 - Conclusion & Recap
Summary of key takeaways from each segment.
Final thoughts on achieving financial success through retirement planning, investing, taxes, and debt management.
48:30 - Subscribe & Contact Information
Call to action to subscribe, like, and share.
Information on how to get personalized financial advice.
QUOTES:
Segment 1: Mastering Retirement Planning 🏖️
1:30 - Essential Strategies for a Secure Retirement
“Planning for retirement is more than just saving; it’s about strategic planning and smart choices to ensure a comfortable and secure future.”
5:00 - Optimizing Your Retirement Savings
“Maximizing your retirement savings means making the most of every dollar. Discover the strategies to boost your retirement funds effectively.”
8:20 - Making Informed Decisions for a Comfortable Retirement
“Informed decisions today lead to a prosperous retirement tomorrow. Learn how to plan wisely for the golden years ahead.”
Segment 2: Smart Investing for Long-Term Growth 📈
13:00 - Key Principles of Effective Investing
“Investing isn’t just about picking stocks; it’s about understanding principles that drive long-term growth and financial stability.”
16:30 - Understanding Asset Allocation and Diversification
“Diversification is your shield against market volatility. Discover how to allocate your assets wisely to build a resilient investment portfolio.”
20:15 - Setting and Achieving Your Financial Goals
“Setting clear financial goals and sticking to them is crucial for investment success. Learn how to define and reach your investment objectives.”
Segment 3: Maximizing Tax Benefits 💡
25:05 - Strategies to Reduce Your Tax Burden
“Effective tax planning can save you a significant amount of money. Explore strategies to minimize your tax burden and keep more of your earnings.”
28:40 - Leveraging Tax Deductions and Credits
“Tax deductions and credits are powerful tools for reducing your taxable income. Learn how to leverage them to your advantage.”
32:10 - Tax-Efficient Investment Options
“Investing tax-efficiently is key to maximizing your returns. Discover the investment options that offer the best tax benefits.”
In this episode, we dive deep into the complexities of retirement planning, focusing on how divorce, widowhood, and disability can impact your future retirement income. Whether you’re navigating these life changes or planning ahead, this episode offers crucial insights and actionable strategies to help you optimize your retirement benefits.
Key Topics Covered:
👉 Divorce and Retirement Income:
Understand the Impact: Learn how divorce affects retirement income and Social Security benefits.
Maximize Benefits: Discover how retirees can leverage Social Security benefits even after multiple divorces.
Case Study: Explore the story of Robert and his three marriages to see how ex-spouses might receive higher benefits based on marriage duration.
👉 Widowhood and Retirement Income:
Strategic Planning: Find out how widowed individuals can secure higher Social Security benefits.
Real-Life Example: Learn from Robert's third wife, Alice, who qualified for full benefits after his passing.
Optimize Survivor Income: Understand the importance of planning and effective communication with the Social Security Administration.
👉 Disability in Retirement:
Early Benefits: Explore the opportunities available for starting benefits earlier than the standard retirement age of 62.
Navigating Disability: Get insights into the nuances of disability benefits and how to plan effectively.
👉 Exclusions from Social Security Benefits:
Eligibility Criteria: Discover who may be excluded from receiving Social Security benefits.
Seek Guidance: Learn the importance of understanding eligibility and seeking professional advice to maximize retirement income.
Why You Should Watch:
Comprehensive Insights: Gain a thorough understanding of how these critical life events affect retirement planning.
Expert Strategies: Access actionable advice to optimize your Social Security benefits and secure financial stability.
Proactive Planning: Emphasize the value of seeking professional guidance and utilizing available resources for effective retirement planning.
Tune in to this episode for essential strategies and expert advice on navigating divorce, widowhood, and disability in retirement planning. Don’t miss out on valuable tips—subscribe to our channel for more insights and updates. Join us every [Day] at [Time] for new episodes!
📞 Need Personalized Advice? Contact us at 773-326-7000 or email Bill@Bloomfinancial.us for customized retirement planning.
#RetirementPlanning #SocialSecurityBenefits #DivorceImpact #WidowhoodStrategy #DisabilityBenefits #FinancialPlanning #RetireAsYouDesire
TIMESTAMPS:
00:00:00 - Introduction to Retirement Planning: Welcome back to the Retire As You Desire show. Providing valuable information on retirement planning and income strategies.
00:03:04 - Robert's Three Marriages: A look into Robert's three marriages and the impact on Social Security benefits.
00:07:10 - Benefits for Ex-Spouses: Exploring how ex-spouses can qualify for Social Security benefits based on a former spouse's work history.
00:08:03 - Impact of Robert's Passing: Discussing the implications of Robert's passing on his ex-spouses' Social Security benefits.
00:10:09 - Maximizing Social Security Income: Tips on maximizing Social Security income as a divorced individual and understanding the rules.
In this episode of the "Retire As You Desire" show, I had the pleasure of interviewing my close friend, Kent Webster, a fellow millennial who shared his journey towards financial success.
Kent opened up about his struggles with debt, having graduated with $60,000 in student loans and $20,000 in credit card debt. Despite facing financial challenges, Kent emphasized the importance of discipline, budgeting, and measurement in managing his finances.
Kent highlighted the pivotal moment when he and his wife decided to invest in their first property in Chicago, which ultimately led to a significant increase in equity.
This experience served as a turning point for Kent, demonstrating the benefits of taking calculated risks and seizing opportunities even when feeling unprepared.
Moreover, Kent discussed the concept of good debt versus bad debt, emphasizing the importance of understanding the financial implications of different types of debt.
He shared his strategy of utilizing interest-free credit cards for large purchases, provided that he maintained discipline in paying off the balance before accruing interest.
Throughout the episode, Kent emphasized the significance of measurement, optimization, and strategic financial planning in achieving financial goals. He encouraged listeners to confront their financial anxieties, forgive past mistakes, and take proactive steps towards financial stability.
Overall, Kent's story serves as an inspiring example of how millennials can navigate financial challenges, prioritize debt management, and leverage opportunities to build wealth. His insights shed light on the practical strategies and mindset shifts necessary for millennials to work towards becoming millionaires in today's complex financial landscape.
Stay tuned for more valuable insights and tips on financial success in future episodes of the "Retire As You Desire" show.
The episode began by highlighting the surprising fact that Social Security benefits can indeed be subject to federal income tax, based on an individual's combined income and filing status. The host emphasized the importance of understanding how and why Social Security benefits are taxed, as well as the potential impact it can have on one's retirement income.
Throughout the show, the host provided detailed explanations on how to calculate combined income, which includes adjusted gross income, non-taxable interest, and half of Social Security benefits. By breaking down the tax thresholds for different filing statuses, such as single, married filing jointly, and married filing separately, the host offered valuable insights into how these factors can determine the taxable portion of Social Security benefits.
Moreover, the episode explored various strategies to mitigate the taxation of Social Security benefits, such as Roth IRA conversions, managing other income sources, and relocating to tax-friendly states in retirement. The host emphasized the importance of considering factors like life expectancy, investment returns, and claiming age when determining the break-even age for Social Security benefits.
By sharing real-life examples and practical tips, the host aimed to empower listeners to make informed decisions about their Social Security benefits and retirement income. The episode concluded with a reminder to consult with financial advisors and tax professionals to create a comprehensive retirement plan tailored to individual circumstances.
Tune in every Friday night at 6 p.m. Central Time to the Retire As You Desire show for more valuable insights and expert advice on retiring with confidence and achieving your desired lifestyle.
The Truth About Social Security
In this episode of the Retire As You Desire show, we delve into the crucial topic of Social Security and its role in retirement income planning. Social Security can be a major source of income for retirees, making it vital to understand how it works for informed financial decisions.
Episode Breakdown:
Importance of a Retirement Income Plan We discuss the need for a solid retirement income strategy, whether or not Social Security is your primary source of income. I share insights from my experience as a Retirement Income Certified Professional (RICP) and the benefits of working with a retirement income specialist.
Calculating Social Security Benefits Learn how Social Security benefits are calculated, focusing on Average Indexed Monthly Earnings (AIME) and Primary Insurance Amount (PIA). We explore how benefits are determined based on your highest 35 years of earnings and the effects of early versus delayed benefits.
Cost of Living Adjustments (COLA) I explain how Cost of Living Adjustments are calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), and how these adjustments can impact your Social Security income over time.
Social Security's Financial Stability Addressing common misconceptions, we review data from the Social Security Administration’s annual report on trust fund depletion and its implications for future beneficiaries. We also discuss potential solutions to funding challenges, such as raising payroll taxes and adjusting benefits.
Strategic Planning for Social Security Benefits We explore strategies for maximizing Social Security benefits, including spousal benefits and optimal timing for claims. I offer tips on how to structure benefit claims to ensure a steady income throughout retirement.
Tune in every Friday night for more insights and strategies to help you retire as you desire!
TIMESTAMPS:
00:00:00 - Introduction to Social Security in Retirement
00:01:04 - Importance of Social Security in Retirement Planning
00:02:41 - How Social Security Benefits are Calculated
00:05:00 - Understanding Average Indexed Monthly Earnings (AIME)
00:06:25 - Primary Insurance Amount (PIA) Explained
00:08:26 - Impact of Claiming Age on Benefits
00:09:19 - Cost of Living Adjustments (COLA) Overview
00:10:13 - Example Calculation of Social Security Benefits
00:12:14 - Understanding Cost of Living Adjustments
00:13:08 - Deep Dive into COLA Calculations
00:17:07 - Factors Affecting Social Security Funding
00:20:01 - Future Projections for Social Security
00:25:06 - Misinformation About Social Security
00:27:05 - Current Funding Status of Social Security
00:30:12 - Demographic Changes and Their Impact
00:32:41 - Potential Solutions for Social Security Funding Issues
00:36:28 - Strategies for Maximizing Social Security Benefits
00:39:39 - Spousal Benefits and Coordination of Claims
00:43:05 - Restricted Applications and Survivor Benefits
00:46:07 - Coordinating Income Timing in Retirement
00:47:11 - Conclusion and Call to Action
QUOTES:
"This is the most important part of any retirement income plan, whether you have social security or if you don't." - 00:01:04
"Most people have no clue how your social security income is actually calculated." - 00:02:09
"Making smart decisions now is going to impact your Social Security benefits in the future." - 00:04:05
"Your social security income is based on a couple of things: your lifetime earnings and the age at which you start receiving benefits." - 00:04:28
"If you take your income at 65 versus 67, it's going to be reduced by those 24 months." - 00:08:15
"If your full retirement age is 67, and if you wait till 70, you're going to receive an 8% increase every single year that you delay." - 00:08:58
"The cost of living adjustments are going to help you keep pace with inflation on a different level." - 00:09:29
"If you claim your benefits before your full retirement age, everyone's income is affected. It will be reduced." - 00:40:46
"You only have a 12-month window to correct this." - 00:38:04
"Retirement is all about making better decisions, but from a benefit standpoint." - 00:38:35
Living Abroad in Retirement
In today's episode of the Retire As You Desire TV Show, Bill Bloom delved into the exciting topic of living abroad in retirement.
Episode Breakdown:
1. Considerations Before Moving Abroad
Bill discussed the importance of income in retirement and how it impacts one's choice of location. Factors such as lifestyle preferences and savings play a crucial role in deciding where to live post-retirement.
2. Receiving Income While Living Abroad
Bill highlighted the key aspects of planning for income in retirement while residing outside the United States. Understanding Social Security payments, eligibility, and payment methods are essential for a smooth transition.
3. Best Places to Live and Retire Outside the US
Bill provided insights into countries like Portugal, Greece, Thailand, Panama, and Mexico, which offer affordable living, investment visa opportunities, and unique residency programs for retirees.
4. Tax Implications of Living Abroad
Bill discussed the tax implications of retiring abroad, emphasizing the importance of understanding tax treaties, reporting obligations, and potential double taxation issues.
5. Health Insurance Abroad
Bill explored health insurance options while living outside the US, covering international health insurance plans, local health insurance providers, and the importance of emergency evacuation coverage.
TIMESTAMPS:
00:00:00 - Introduction to Living Abroad in Retirement: The podcast host introduces the topic of living outside of the United States in retirement and highlights the key areas to focus on.
00:05:30 - Planning for Income in Retirement: Discussion on the importance of income in retirement, savings, lifestyle choices, and considerations for living abroad.
00:10:33 - Social Security and Living Abroad: Exploring the eligibility, requirements, and considerations for receiving Social Security income while living outside the U.S.
00:15:14 - Health Insurance Options Abroad: Overview of different health insurance options available for retirees living abroad, including international health insurance plans and local health insurance providers.
00:20:27 - Tax Implications of Living Abroad: Discussion on tax implications for retirees living outside the U.S., including foreign tax credits, reporting obligations, and potential double taxation.
00:25:10 - Factors to Consider for Taxation: Exploring factors such as country of citizenship, retirement income types, and tax treaties between countries for retirees living abroad.
00:30:33 - Action Steps for Tax Planning: Providing action steps for tax planning before moving abroad, including assembling a team, understanding tax burdens, and keeping detailed records.
00:35:26 - Affordable Countries with Investment Visas: Highlighting countries like Portugal, Greece, Thailand, Panama, and Mexico as affordable options with investment visa opportunities for retirees.
QUOTES:
"Living outside of the United States is completely doable." - 00:00:22
"The biggest aspect of Social Security and income in retirement is know the potential tax implications." - 00:10:02
"The name of the game in retirement is to keep the most amount of money in your pockets and your investments for the long haul." - 00:07:31
"If you're going to live somewhere, don't you want to receive income? Don't you want to still have fun and explore and travel?" - 00:08:57
"The U.S. taxes your worldwide income regardless of where you live." - 00:25:10
"Living in a blue zone could extend your lifestyle. It could extend your lifespan." - 00:41:36
"Living in Europe could be a huge benefit, especially if you want to travel." - 00:39:56
"I want people to live as long as they can, have their money last as long as possible, and have their health." - 00:41:57
"Being in Europe could be a huge benefit, especially if you want to travel." - 00:44:02
"These are really great ways to plan and this is what the Retire As You Desire show is all about." - 00:47:07
In this episode, we delved into the fun aspects of retirement and explored why retiring as you desire is essential for a fulfilling life. We discussed the significance of buying back your time in retirement, emphasizing that financial freedom is not just a catchphrase but a state of being where you can live off your assets on your terms.
We highlighted the importance of eliminating financial stress in retirement, as it can impact your mental and physical health, relationships, and overall well-being. By reducing stress, retirees can focus on their goals, improve financial literacy, and make better decisions for a secure future.
Traveling in retirement emerged as a key theme, offering mental stimulation, exposure to new experiences and cultures, and opportunities for physical activity. We explored how travel can enhance mood, strengthen relationships, and create lasting memories for generations to come.
The episode underscored the role of financial planning in retirement, urging listeners to establish comprehensive retirement plans tailored to their unique financial goals and aspirations. We emphasized the value of working with retirement income certified professionals to ensure a secure and fulfilling retirement.
Ultimately, the Retire As You Desire show aims to empower listeners to live the retirement of their dreams by providing valuable insights, strategies, and support for a brighter future. Join us every Friday night at 6 p.m. Central Time for more engaging discussions and practical advice on planning for a fulfilling retirement. Remember, it's never too late to retire as you desire!
In this episode, we delved into the topic of finding the perfect place to retire in the great state of Illinois. As a retirement income planning expert based in Chicago, I shared valuable insights on the best and not-so-great places to consider for retirement in Illinois.
We began by highlighting the advantages of retiring in Illinois, such as the lack of taxation on retirement distributions, making it a financially appealing option for retirees. The state's diverse economy, strong job market, and top-ranked universities contribute to its appeal for retirees seeking a vibrant lifestyle.
Discussing specific cities, we explored the benefits of living in Chicago, known for its cultural richness, world-class museums, and vibrant neighborhoods. We also touched on the affordability and quality of life in cities like Springfield, Peoria, and Rockford, offering a mix of urban and suburban living.
Moving on to the most expensive cities in Illinois, we highlighted areas like Chicago, Evanston, and Naperville, known for their high cost of living driven by factors like housing prices and property taxes. We also discussed the importance of considering safety, community, and healthcare facilities when choosing a retirement location.
Exploring the happiest city in Illinois, Aurora, and the top income earners in the state, we provided a comprehensive overview of the diverse options available for retirees in Illinois. Additionally, we discussed the trend of residents moving to cities outside of Illinois, such as Phoenix, Dallas, and Los Angeles, for various lifestyle preferences.
In conclusion, we emphasized the significance of property taxes, cost of living, and retirement income planning in making informed decisions about where to retire. By working with retirement income professionals, individuals can create a tailored retirement plan to ensure a fulfilling and financially secure retirement in Illinois.
Join us every Friday night for more insights on retiring as you desire. Thank you for tuning in to the Retire As You Desire show!
TIMESTAMPS:
00:00:00 - Introduction to Retire As You Desire Show
00:11:35 - Discussing Affordability in Retirement Locations
00:23:13 - Exploring Most Expensive Cities to Live in Illinois
00:36:03 - Factors to Consider Before Retiring in Illinois
00:40:44 - Highlighting Low Cost of Living Areas in Illinois
00:43:19 - Insights on Top Income Earners in Illinois
00:44:02 - Popular Migration Destinations from Illinois
QUOTES:
"Freedom is a beautiful thing." - 00:00:32
"Chicago is the state's largest city. Most people know this. It's a pretty major financial hub." - 00:02:30
"It's doing the things you love with the people you love when you want to do them." - 00:00:32
"If you're having your kids in Chicago, you have DePaul, you have UIC, you have so many different opportunities to get a great education in the city while living in the city." - 00:03:45
"The cost of living in Springfield is below the national average, which is a good thing for retirees." - 00:14:51
"It's a more expensive place to live these days." - 00:26:22
"The cost of living in Evanston is high, and it's high because of the housing market and the property taxes." - 00:27:47
"The cost of living there is more expensive than Chicago suburbs because of the property taxes." - 00:30:28
"The cost of living there is pretty high, but that's driven by all the housing prices and property taxes." - 00:31:42
"The cost of living there is more expensive, but that's driven by the housing prices and property taxes." - 00:33:52
In this episode, we delved into the dangers of retirement, focusing primarily on the fear of running out of money, which is the number one concern for retirees. Throughout the episode, we explored various factors that contribute to this fear and discussed strategies to plan for a secure retirement income.
Tune in to the Retire As You Desire show every Friday at 6 p.m. Central Standard Time for more insightful discussions on retirement planning and financial security. Thank you for joining us on this journey towards a fulfilling retirement!
00:00:53 - Introduction to Retirement Dangers
00:02:50 - Planning for Income in Retirement
00:05:17 - Common Retirement Dangers
00:12:53 - Average Retirement Savings in America
00:24:54 - Debunking the Fear of Running Out of Money
00:36:54 - Strategies for Planning Lifetime Income
Understanding Retirement DangersManaging Retirement IncomeDecoding Social Security and PensionPlanning for Lifetime IncomeConclusionTimestampsQuotes
Delve into the four phases of retirement with Bill Bloom and discover how to make the most out of this significant life transition. Episode Summary: Phase One: Discover why every day can feel like Saturday in retirement and how to embrace the newfound freedom. Phase Two: Learn about the challenges retirees face, including loss of routine, identity, relationships, purpose, and power. Phase Three: Explore the importance of trying new activities, eliminating negativity, and setting up "playchecks" for enjoyment. Phase Four: Uncover the magic of finding purpose, engaging with the community, and living a fulfilling retirement life. Join Bill as he shares stories, insights, and tips to help you navigate each phase of retirement with confidence and joy. Share this episode with your friends and family to spread the wisdom and positivity! For more retirement insights and to suggest future topics, reach out to us at Bill@bloomfinancial.us.
Episode Summary: In this episode, we delve into the financial challenges faced by entrepreneurs and the importance of strategic saving and investing for a secure retirement. The host shares inspiring stories and lessons learned to help listeners avoid common pitfalls. Key Takeaways: The impact of compounding interest on long-term savings. The significance of making investing a monthly priority. Common mistakes entrepreneurs make with their finances. Strategies for financial education and proactive money management. Timestamps: 00:00 - Introduction Welcome back to the show and discussion of entrepreneurs' giving nature. 00:22 - The Financial Blind Spot of Entrepreneurs Most entrepreneurs lack awareness of where their money goes. 00:50 - Financial Education Gaps Society’s focus on debt rather than wealth-building. 01:34 - Client Story: Life Insurance Case A client's struggle with prioritizing a life insurance policy over luxury spending. 02:06 - Big Spending vs. Family Protection Contrast between spending on status symbols and protecting one's family. 03:10 - Friend's Financial Revelation A friend's earnings vs. actual profit and the importance of automatic investing. 04:21 - Spending on Non-Essentials The impact of spending on non-essentials like trampolines on future investments. 05:35 - The Challenge of S-Corps A successful entrepreneur’s reluctance to withdraw funds for retirement. 06:45 - Importance of Two Sets of Books Recommendations for managing business finances and personal investments. 08:00 - The Entrepreneurial Mindset The struggle between running a business and securing financial future. 09:30 - Creating a Retirement Plan Strategies for setting up automatic savings and investments. 10:50 - Conclusion Final thoughts on the importance of proactive financial planning for entrepreneurs. 11:21 - Call to Action Invitation to tune in weekly and reach out with financial questions. Contact Information: Email your questions to: [Host Email] Visit us at: [Website URL] Don't Miss: Tune in every week for new episodes, interviews, and insights to help you secure your financial future!
So this gets very complicated because in 20 years from now, who knows what the cost of college will be?
We can guess.
But it's been one of the fastest growing costs perspectives in the United States over the past 30 years, and not to mention some of our clients and some of the people who we work with. They didn't go to college and they've been able to save millions of dollars.
So they don't really believe in college. And some people say, you know what, I want to have money set aside for my grandkids.
If they want to go to college. So I'm going to give you some really great ideas today to help you save and plan for your grandchildren's future. So here's idea number one. It's a traditional way of doing things.
Retirement planning, particularly when it involves deciding when to take your Social Security, is a critical aspect of securing financial stability in one's later years.
For those approaching retirement age and considering when to start receiving Social Security benefits, there are numerous factors to weigh up and decisions to make.
In this comprehensive guide, we'll delve into the intricacies of retirement planning if you are taking Social Security soon, examining the advantages of:
Early versus delayed benefits
Tax considerations
Strategies for optimizing your retirement income
Are you concerned about how you're going to set up your income payments in retirement?
It can feel daunting going from a regular salaried income pattern, to relying on social security and investment income.
But don't worry!
There are lots of strategies at our disposal to help make the transition seamless!
Find out more at: https://www.bloomfinancialco.com/
Welcome to the Retire As You Desire podcast, where we empower you to take control of your financial future. In this episode, we're diving into three crucial questions you should be asking your financial advisor. But first, don't forget to subscribe to our YouTube channel for valuable educational content!
Question number one: What's your financial advisor's net worth? It's not about comparing, but understanding if they're managing their own finances effectively. After all, if they can't handle their own money, how can they manage yours?
Question number two: Where do they invest their own money? Transparency is key here. You want to align your investments with your advisor's approach and ensure they're walking the talk.
Finally, question number three: Which products do they avoid, and why? A true fiduciary considers all options to best serve your needs. Beware of advisors who limit themselves to certain products without considering the full spectrum.
Join us as we navigate the world of finance together, providing valuable insights to help you retire as you desire. Don't forget to share this episode with your friends and family to spread financial literacy and empowerment. Remember, we're here to help you achieve your financial goals!
Four Red Flags: How to Identify a Trustworthy Financial Advisor
The business of personal finance can be daunting, especially when it comes to entrusting your hard-earned money to a financial advisor. Making the wrong decision is fraught with peril, considering the array of investment options and the potential for financial mismanagement.
It’s your hard earned cash on the line! So what can you do to identify a trustworthy financial advisor?
In this blog, we'll explore the four red flags that serve as warning signs before partnering with a financial advisor. By understanding these indicators, you can confidently seek a professional who aligns with your financial goals and prioritizes your interests.
1. "No" Syndrome:
The first red flag is when a financial advisor adamantly advises against specific financial products, be it annuities or mutual funds. While certain investments may not suit everyone, a one-size-fits-all approach is seldom in the best interest of the client.
How to Find a Good Financial Advisor: Look for advisors who operate under fiduciary standards. Fiduciaries are obligated to consider a wide range of products and tailor their recommendations to individual client needs. A refusal to explore certain options may indicate a lack of commitment to your financial well-being, but it also constitutes a dereliction of duties.
Walk away!
2. The Cookie-Cutter Approach:
Another warning sign is the adoption of a rigid, one-dimensional methodology. If your financial advisor insists on a singular approach, such as exclusively setting up traditional IRA accounts or favoring a particular investment product, it again raises concerns about their fiduciary responsibility.
How can they be looking out for your best financial interests, if they take no interest in your financial interests?
In other words: they need to tailor your investments, to achieve your particular goals. Not someone elses!
A trustworthy advisor should customize your investment strategy based on your unique financial situation, goals, and risk tolerance. A cookie-cutter approach often overlooks individual nuances, potentially compromising your financial success.
3. Co-Mingling Investments:
Pooling client investments with those of the advisor is a practice that raises eyebrows. While having similar types of investments is common, replicating the same portfolio for all clients can lead to conflicts of interest and price manipulation.
Ensure your advisor maintains transparency regarding investments and doesn't concentrate all clients into identical funds. This practice could compromise the integrity of your portfolio and may not align with your personalized financial objectives.
We wouldn’t dream of doing that for our clients here at Bloom Financial. How can I be making objective decisions about your finances, if I have a personal vested interest in the outcome?
4. The Silent Treatment:
The most crucial red flag is if an advisor fails to listen to your concerns, preferences, and risk tolerance. A financial advisor's role is not just about managing money but understanding your financial aspirations and tailoring strategies accordingly.
If you a talking to a prospective financial advisor, and they are showing signs of apathy towards your brief: walk!
. The right advisor should actively listen, consider your feelings, and craft a plan that resonates with your financial goals.
Conclusion:
Selecting a financial advisor is a pivotal decision that requires careful consideration. Trusting someone with your money is a big decision and not one that you should take lightly.
By identifying these four red flags, you empower yourself to make an informed choice. Seek a financial advisor who operates under fiduciary standards, embraces a customized approach, avoids co-mingling investments, and, most importantly, listens to your unique financial needs.
Don't settle for less – your financial future deserves a dedicated advocate who values your goals as much as you do.
I found $4200 in savings, in just 30 minutes!! Here's how...
This was a really simple exercise. What I did is I opened up my phone, opened up my bank credit card, and then I went through all my transactions.
And I looked at the things that I'm not using.
It was simple as my Sirius XM. I had a couple of different memberships for technology that I'm not using anymore So what I did is I canceled all of them. It only took me less than 30 minutes.
So it's really simple.
But when I added everything up, it equated to an extra $4,200 of extra money as I found money every single year.
So think about that. If you could take that 40 $200 that you're not spending any more and invest in that, it's a huge win.
Title: Watches Are NOT Investments: Beyond The Fads and False Numbers
Introduction:
In the sometimes ‘mirky’ world of investments, the allure of unconventional assets can be tempting, especially when the likes of the Wall St Journal boast about watches outperforming the stock market.
However, as we will discover, the truth behind such claims may not be as promising as they appear. For the discerning professional seeking robust investment vehicles, this blog aims to shed light on the pitfalls of fad commodities and advocate for a more informed approach.
Unmasking the Illusion:
Many prominent publications annually tout the outperformance of watches compared to the stock market. It's an attention-grabbing headline that might have led some to consider certain luxury timepieces as a viable investment option. However, it's crucial to understand that not everything that glitters is gold.
The Reality of Watch Investments:
Let's break down the scenario presented in the report. If one were to purchase a $10,000 Rolex and, through secondary market dynamics, its value increases to $15,000, you’d assume that you could look forward to a $5,000 profit. However, after factoring in taxes, the $10,000 watch could realistically translate to $11,000.
Moreover, attempting to sell this watch to a secondary market dealer means you’re not going to get the full market value. They have to make a profit after all. The dealer's offer may hover around $11,000 or $12,000. This discrepancy between perceived value and actual return underscores the importance of due diligence before leaping into trendy investment avenues.
And sure, you could attempt to sell the watch to the end-user yourself. Invariably though, you’ll end up wanting to advertise it online, via a reputable platform (to avoid scammers and time wasters) and that will come with a hefty advertising fee, shipping costs and the risk of posting high value items.
Diversification: Beyond Watches and Wall Street Hype:
As a seasoned professional, it's imperative to consider diversifying your investment portfolio beyond the conventional choices of stocks and real estate. While the allure of watches may seem enticing, there are more prudent options that warrant serious consideration.
When one looks at the value of watches on the secondary (or ‘Grey’) market, in recent years they have proven to be something of an unstable commodity. Certain hype models rocketed in value during the pandemic, but have since halved in value and continue to drop.
The same has been true of Bitcoin, and while yes: there are huge gains to be made overnight, the inherent volatility that comes with it, is not worth the gamble with a significant proportion of your investments.
Roth IRA: A Strategic Investment Approach:
One such avenue deserving attention is the Roth IRA. Rather than succumbing to the appeal of quick profits, channeling your capital into a Roth IRA can offer a strategic and tax-efficient alternative.
Even if this is not your only source of investment, you should consider it for a significant proportion.
Research: The Cornerstone of Informed Investing:
Before deploying your capital into any investment, be it watches or Roth IRAs, diligent research is non-negotiable. The seductive headlines may grab attention, but a discerning investor delves deeper. Understand the intricacies of the investment vehicle, weigh the risks and rewards, and align it with your long-term financial goals.
Conclusion: Get Your Money Right
In the dynamic world of investments, it's crucial to look beyond the surface and critically assess the opportunities presented.
Remember, getting your money right is not just about avoiding the pitfalls; it's about making choices that withstand the test of time. We are talking about being able to retire after all, which requires a considered approach to risk.
As you navigate the investment landscape, let wisdom, research, and a forward-looking approach be your guiding principles.
OK so I know that this is a strange topic for the host of the ‘Retire as You Desire’ podcast to be talking about, but believe it or not; there are a multitude of reasons why you shouldn’t retire!
Retirement is often hailed as the golden age. A time to live life on your terms. What this tends to translate as though, is; stop working, play golf and shuffle off this mortal coil in short order.
I want to challenge this outdated, conventional notion of retirement and offer you three reasons why one might want to reconsider the notion of stopping work altogether. It really depends on your relationship to your professional life and how well integrated it is with your dreams, goals and aspirations.
1. Alignment of Purpose
If your profession is not just a means to an end but a passion, quitting abruptly might not be the best move.
I preach all the time that you should retire as you desire, however,— if your purpose is deeply tied to your work, you probably won’t want to just go “cold turkey” once your retirement fund reaches maturity.
Why? Because work, for some, is not merely a way to make ends meet. It's a source of fulfillment, a reason to leap out of bed each morning. If your passion aligns with your work, and you've built something that fuels your drive, hitting the brakes on it might lead to an unexpected void.
Your money is set up, and that's freeing in and of itself. If you know your income streams are set up in retirement, that gives you the opportunity to really be the buyer and say; “I want to keep working because I love doing what I do.”
In essence, retirement doesn't have to be an ‘all-or-nothing’ game. It can be a gradual transition. A slowing down of work hours, allowing you to savor the joy your work brings while maintaining control over your time.
2. Freedom to be of Maximum Service
"Get your money right. Get your income streams set up”
The second reason not to retire lies in the power of passive income. Retirement doesn't mean a complete cessation of income; it's about shifting from active to passive income streams.
By setting up passive income sources, you gain financial freedom. This financial stability doesn't just afford you the luxury to retire when you desire; it allows you to dictate the terms of your retirement. You become the architect of your life, deciding when to clock out and stop working.
As a result: you’ll be able to make choices based on where and to whom you’ll be of maximum service, rather than which choices will earn you the most money. Not only will this bring you greater fulfillment, but (ironically) it will boost your authority and enable to you put a greater premium on your time.
3. You’re not Ready!
Just because your company/pension provider/convention is telling you that you’re of an age to retire, that doesn’t mean necessarily that you’re ready to!
The goal should always be to retire on your terms. Set up, your income, always get that aligned. So then that way you're in control.
The other side of that is, you might not have enough in your pension pot to support the kind of retirement life you’re seeking. Don’t take the leap until everything is in place, or you could find yourself in trouble down the road.
In conclusion, retirement isn't a one-size-fits-all concept.
Retirement shouldn't be a forced exit; instead, it should be a conscious choice, a decision made when everything is aligned. By having your income streams set up and aligned with your goals, retirement transforms from a distant dream to a tangible reality.
The key isn't to retire early or late, but to retire as you desire, ensuring that the next chapter of your life is as fulfilling as the one that precedes it.