Your Money & Your Life Podcast

Summer Winds Give Way Toward Election Year Worries

As summer winds down and fall approaches, it's a great time to reassess the financial landscape and prepare for the months ahead. In this episode, Don and Marc discuss the past few months' tumultuous events, the unpredictable nature of news, and its effects on the economy. Stay tuned as they highlight how market volatility and economic shifts have shaped the current outlook and what that means for the rest of the year.
 
Here’s some of what we discuss in this episode:
The significant political and economic events of the summer + market reactions
How diversification benefits investors in months of extreme volatility
Upcoming events that might rock the investment world
The historical performance of the markets during elections in 2012, 2016 and 2020
 
Get in touch with Don and learn more: https://doncashpodcast.com/

Financial News Making You Nervous? Do The Opposite!

When it comes to investing, human biases often lead us astray. We have a natural tendency to react to recent news, a phenomenon known as recency bias. This can result in poor investment decisions, like selling stocks in a panic or buying into market hype. Listen in as Don and Marc talk about why it’s so important to recognize your biases, stick to your financial plan, and sometimes, do the opposite of what your instincts tell you (with the help of a financial advisor, of course).
 
Here’s some of what we discuss in this episode:
How human biases can impact investing decisions
Having a plan and sticking to it during periods of market volatility
The benefits of buying low and selling high during market drops
How FOMO (fear of missing out) can lead to poor financial choices
Not letting financial news dictate your decisions + focusing on consistent strategies
 
Resources for this episode:
George Costanza – Do The Opposite
https://youtu.be/CizwH_T7pjg?si=qEzNf3nJzj0CvK6R
Market Watch Article
https://www.marketwatch.com/story/the-stock-market-is-tanking-what-should-you-do-the-opposite-of-what-you-think-c2c92cd3
Cognitive Bias
https://www.sog.unc.edu/sites/www.sog.unc.edu/files/course_materials/Cognitive%20Biases%20Codex.pdf
 
Get in touch with Don and learn more: https://doncashpodcast.com/

Managing Your Financial Plans Amid Election Year Turmoil

Election years are always tumultuous, but the current political climate has reached new levels of unpredictability. As every election cycle seems to get more chaotic, how can you protect your portfolio? Tune in as Don explores how learning from historical events can help navigate these uncertain times.
 
Here’s some of what we discuss in this episode:
How the political and market climate of 1968 offers insights for today’s investors
Strategies to manage market volatility and avoid knee-jerk reactions during turbulent times
Why maintaining a diversified portfolio is crucial for long-term stability
Developing a plan that matches your goals, risk tolerance, and time horizon
 
Get in touch with Don and learn more: https://doncashpodcast.com/

A Warning To Those Neglecting Their Estate Plans

This week’s episode serves as a warning to those neglecting their estate plans. Few stories illustrate the importance of updating beneficiary designations more poignantly than that of Jeffrey Rolison and Margaret “Peggy” Sjostedt, who dated in the 80s and broke up just a few years later. Despite their relationship ending, Jeffrey never updated the beneficiary designation on his Procter & Gamble retirement account, and Margaret stood to inherit $1 million.
Listen in as Don shares a few things that we can learn from this unfortunate oversight…
Here’s some of what we discuss in this episode:
The story of Jeffrey Rolison, who forgot to update his beneficiary designation
Jeffrey’s brothers nine-year legal battle to claim the retirement money
The importance of regularly reviewing and updating your beneficiary designations
 
Wall Street Journal Article
https://www.wsj.com/personal-finance/inherited-retirement-savings-beneficiary-breakup-divorce-849e3ff2
 
Get in touch with Don and learn more: https://doncashpodcast.com/

Good Retirement Planning Is Like Independence Day!

As we approach the 4th of July, it's a perfect time to reflect on the concept of independence- not just in terms of our nation, but also in our personal financial lives. In today’s episode, Don and Marc chat about some of the fascinating parallels between the celebration of Independence Day and the journey of retirement planning. Stay tuned as we talk about building a solid foundation for your financial future, celebrating milestones, looking forward to a secure and fulfilling retirement, and more!
 
Here’s some of what we discuss in this episode:
The importance of early and thorough retirement planning
Building a solid financial foundation through diligent saving, smart investing, and disciplined spending
Celebrating milestones in your retirement journey and learning to enjoy the fruits of your labor
Achieving financial independence and making empowered decisions on how to enjoy your retirement years
Overcoming challenges in retirement planning like market volatility, inflation, and unexpected health issues
 
Get in touch with Don and learn more: https://doncashpodcast.com/

The Tax Pitfalls Of Gifting Your House To Your Family

With the rising costs of homeownership and the looming concerns of long-term care, it's no wonder that many parents consider transferring their homes to their kids. However, this seemingly generous act can come with significant financial pitfalls and tax consequences that you may not be aware of. Join us as Don shares some important items to consider and common mistakes to look out for…
 
Here’s some of what we discuss in this episode:
The annual gift exclusion limit for tax-free gifts in 2024
Gift exclusions for tuition and medical bills
Contributing to a tax-free Roth IRA for young family members as a gifting strategy
The capital gains tax implications when gifting a house versus inheriting it
A few state benefits that you could lose by gifting your home to your kids
 
Resources for this episode:
IRS Home sale exclusion –
https://www.irs.gov/taxtopics/tc701
IRS Gift Credit –
https://www.irs.gov/newsroom/estate-and-gift-tax-faqs
NJ Property Tax Freeze –
https://www.nj.gov/treasury/taxation/ptr/eligibility.shtml
NJ ANCHOR benefit –
https://www.nj.gov/treasury/taxation/anchor/index.shtml
 
Get in touch with Don and learn more: https://doncashpodcast.com/

Scammers Tried To Steal Graceland; How To Protect Against Real Estate Fraud

In today’s episode, Don shares the astonishing story of attempted real estate fraud involving one of America's most iconic homes: Graceland. Did you know that the legendary estate of Elvis Presley was nearly auctioned off due to a scam? Listen in as Don takes us through the shocking details and the lessons we can learn to protect our own properties.
 
Here’s some of what we discuss in this episode:
The history of Graceland and its ownership since Elvis's passing
Details of the attempted fraud involving Graceland
Information about the fake company, Naussany Investments & Private Lending
Steps homeowners can take to protect themselves from similar fraudulent activities
 
Resources for this episode:
Wall Street Journal – Judge Blocks Efforts to Auction Graceland
https://www.wsj.com/real-estate/elvis-presley-graceland-riley-keough-judge-blocks-auction-fc424898?st=38uynto4rjjlffc&reflink=desktopwebshare_permalink
History of Graceland
https://en.wikipedia.org/wiki/Graceland
Judicial Foreclosure states
https://retipster.com/judicial-non-judicial-foreclosure-states-list-map/
Home Title Alert
https://www.propertyfraudalert.com/select
Paid Service
https://www.hometitlelock.com/?gad_source=1&gclid=CjwKCAjwgdayBhBQEiwAXhMxtnBjUN38QZs4FeIk24dUxd3dEt6Lg3YaQeJYcBpS0830_ZocjwTteRoC-XwQAvD_BwE
 
Get in touch with Don and learn more: https://doncashpodcast.com/
 

Get Your House In Order – Retiree Insurance

While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. In this new season of life, your old policies may no longer suit your needs or may come to an end.
So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? We’re going to walk you through the fundamentals in today's episode.
 
Here’s some of what we discuss in this episode:
Medicare supplement plans for those retiring before 65 + potential pitfalls of forgoing these plans
The high expenses of long-term care services + the factors that led to rising premiums
The advantages of older long-term care policies + options to modify coverage to reduce costs
Life insurance and long-term care combination policies
Reasons for long-term care insurance in retirement
The importance of property and casualty insurance + the benefits of umbrella policies
 
Open Enrollment Season episode
https://doncashpodcast.com/podcast/medicare-mistakes-to-avoid-during-open-enrollment-season/
 
Get in touch with Don and learn more: https://doncashpodcast.com/