Your Money & Your Life Podcast

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Economic Storms in 2022 - Part 1

What economic threats should we be preparing for in 2022? We’ll discuss inflation, taxes, and political turmoil today and how these storms could impact your plan.


What we discuss: 

1:05 – We are into 2022 

3:09 – There is a lot to worry about 

6:09 – Inflation touches 7%

10:04 – Prepare for inflation

12:40 – Taxes in the short term and long term

17:03 – State income taxes 

19:52 – Stealth taxes 

23:22 – Political turmoil




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2021 Year in Review

As 2021 comes to an end, what can we learn from this year? On today’s episode, we’ll discuss some of the top headlines and predictions of this year. How many of those predictions turned out to be correct?


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What we discuss: 

1:06 – 2021 is coming to an end

2:47 – Highlights, headlines, and predictions

3:47 – Let’s not put too much pressure on 2022

5:24 – Making financial decisions based on the news

7:30 – COVID impacting the market

10:27 – Is this inflation permanent?

14:00 – Political review of 2021

15:13 – Being prepared for the next year

17:03 – Investments in cryptocurrency

The Season of Giving

Giving Tuesday was this week and we are entering the most charitable time of the year. What do you need to know about charitable giving and taxes?


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What we discuss: 

4:09 - Itemized deductions vs. standard deductions

8:20 – Allowance of $300

9:39 – RMDs and giving

12:14 – What if you are under 70 and a half?

13:45 – Donating appreciating stock or real estate

16:04 – Estate planning standpoint

18:22 – Cash connection question


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Inflation, Infrastructure, and Medicare Increases in 2022

Inflation! We are seeing it everywhere. From the gas we buy to our Thanksgiving turkeys, prices seem to be going up everywhere. How does this affect Medicare? Well, you’ll probably be paying more on premiums. Will the infrastructure bill make inflation worse? That remains to be seen but you should stay vigilant. We will discuss these issues and how they impact you on today’s show.


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What we discuss: 

0:53 – Thanksgiving is coming up!

2:09 – Inflation is heating up

4:30 – Medicare premium letters

7:11 – 2020 tax year for 2022 Medicare surcharge

8:34 – Infrastructure bill passed

11:16 – Will the bill affect inflation?

13:02 – Investors navigating inflation

15:17 – Residential real estate investments

17:23 – Home prices in the past

20:55 – How does inflation affect retirement planning?

24:11 – Mailbag: Will I run out of money without a budget?

The ABC’s of Medicare

It is open enrollment season for Medicare! On today's show, we are going to discuss Medicare with expert Ray Martin. We will be covering the different types of plans, premiums, and tips you should be aware of as you reach age 65 and beyond. 


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More Resources: 

A Brief History of Medicare -

Medicare Handbook –

The Nuts and Bolts of Medicare Book -


What we discuss: 

0:45 – Our guest Ray Martin

2:27 – Medicare basics

4:09 – Part A and B Medicare

5:44 – True universal coverage

6:54 – Premium for Medicare

10:20 – Working past 65

12:36 – Medicare supplements

15:22 – Medigap policies

17:18 – Medigap premium range

20:19 – Irmaa surcharge

21:46 – Medicare advantage plans

27:15 – Advantage plans and out of pocket expenses

29:45 – Key dates Oct 15th – December 7th

33:15 – After open enrollment

36:35 – Big limitations with switching

37:34 – Part D prescription drug plan

41:04 – Mistakes to avoid during open enrollment

Important Ages in Retirement

What should you be planning for as you reach 50? What is the best age to take Social Security? Today, we are going to go over some key ages to be aware of as you plan for and approach retirement. 


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What we discuss: 

0:30 – What’s new?

3:15 – Important ages

4:50 – Turning 50  

6:50 – Contributing a total of $7,000

7:44 – Exceeding 26,000 in 401k

10:01 – Turning 55 & 59 ½

12:05 – Going into our 60s

18:03 – Waiting till 70 for Social Security

23:11 – Going into our 70s

Bonds, Interest Rates, and Tax Proposals

You’ve probably heard about the recent tax proposals in Congress. How will they affect your financial future if they pass? Today we will discuss these proposals, while also taking it back to 1981 to discuss bond rates.


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What we discuss: 

0:36 – Happy October!

4:07 – 1981 Articles

6:18 – Bond rates in 1981

7:34 – Bonds & CDs

10:01 – Investing hindsight

13:00 – What can cause an increase in interest rates?

15:47 – Proposed tax changes

18:56 – Not than many billionaires  

5 Financial Biases to Avoid

What can get in the way of your financial success? Today we are talking about a few financial biases such as the fear of missing out and overconfidence. We will also discuss how to avoid these biases.


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What we discuss: 

0:50 - How has the summer been?

2:11 - Why should we care about how behavioral finance?

5:41 - What financial biases do we have?

15:46 - Cash Connection: When should I file for Social Security benefits?

Finding a New Path and Perspective after 9/11

Today we have a special episode of the podcast for you. With the 20th anniversary of 9/11 approaching, Don invited special guest Kevin Haney onto the show to talk about how his work took a turn after September 11th and what it meant for his life.


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About our guest: 


What we discuss on this episode: 

0:21 - Today’s guest is Kevin Haney.

1:54 - What was Kevin’s personal story and experience after September 11th?

3:58 - Kevin originally was booked on flight 93 but changed it.

5:42 - What did Kevin do after that close call?

6:39 - When did Kevin find out what was happening?

9:46 - How did Kevin’s perspective change after that?

15:08 - What did Kevin transition into?

16:27 - What was it like to change careers mid-life?

19:14 - The same skill set didn’t all transfer over. How did he pivot?

21:13 - What advice would Kevin give other people looking to switch careers?

28:31 - What was it like selling insurance?

31:04 - What was Kevin learning?

33:20 - How did Kevin find out about Jesus?

38:33 - What was it like meeting Doreen?

42:19 - What’s Doreen’s unique family situation?

45:47 - What are Kevin’s plans for the future?

Budgeting Time and Money - With Ten Kids!

Today we’re excited to bring on special guest Brien Dunphy,
who is a business consultant that balances work with his family
of 10 kids in New Jersey! How do they possibly manage the
finances? (Hint: Brien is not rich or living on a trust fund) Listen
to Brien’s amazing story on today’s podcast.


Read more and get additional financial resources here: 


About our guest: 


What we discuss on this episode: 

0:18 - Introducing special guest: Brien Dunphy.

3:40 - How did Don and Brien meet? What’s Brien’s background?

9:00 - What did Brien learn during his master’s program?

11:38 - What systems had to be put in place after having kids?

14:03 - What is schooling like?

17:53 - How did Brien end up doing what he does now?

21:44 - What does it cost to run a household annually?

30:15 - What does daily life look like?  

37:45 - What is Brien’s guilty pleasure?  

39:38 - What did they learn from their daughter, Hope?


The Hidden Value of an HSA

Do you have the option of contributing to an HSA for medical expenses? Why does this matter? Don shares why an HSA can provide big benefits later on and in retirement.


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What we discuss on this episode: 

1:17 - Delta is making waves.

6:54 - What is the hidden value of an HSA?

9:28 - How is an HSA different from a typical health insurance plan?

11:56 - What are the benefits of an HSA?

13:36 - What are the rules?

16:16 - How do you get the money out in retirement?

Is It Still A Good Time to Refinance?

Is now still a good time to refinance your home? With record low interest rates, the past year has resulted in a lot of people choosing to refinance. If you haven’t done so already, have you missed your chance? On today’s episode of the podcast, Don talks through what kind of numbers to pay attention to as you determine what is best.


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What we discuss on this episode: 

1:42 - Don’s facing a car shortage.

4:24 - Should you refinance your home?

7:58 - Why are the rates low while inflation is high?

11:28 - So it is still a good time?

15:53 - Should retirees consider selling or downsizing?

21:04 - Don’t fall victim to recency bias.

Passing Down An Inheritance

Leaving an inheritance is often a goal, but how can it be done effectively? We talk through the different mistakes to avoid and the things to pay attention to when estate planning.

Show notes & more resources:

Episode highlights:

0:38 - How does Don like to travel?

3:30 - Baby Boomers are starting to distribute record amounts of wealth.

5:29 - What’s the average inheritance?

6:04 - Some choose to gift to their children and grandchildren while they are alive.

9:21 - How did the SECURE Act impact inheritances?

10:54 - There are designated beneficiaries and non-designated beneficiaries. 

15:55 - How does the beneficiary form differ from a will?

19:36 - Cash Connection: What’s the best way to help my 18-year-old with retirement savings?

What To Do With Your Pandemic Savings?

Before you go wild with your funds as the country opens up again, what should you do with your recent savings? Don shares some strategies to make sure you accomplish your financial goals.


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What we discuss on this episode: 

0:42 - Happy 4th of July!

1:34 - What should you do with your pandemic savings?

4:23 - Where should you invest?

6:09 - What do you want your money to do? Are you planning to travel?

9:13 - Does Don anticipate a strong third quarter?

14:06 - What is happening with inflation right now?

16:10 - Getting to Know Don: What’s one thing that always makes your day better?

Who is the Rich?

The word rich gets thrown around all the time but who actually falls into that category? It’s certainly subjective but the government’s definition by directly impact your future taxes. Let’s look at some statistics and get a better idea of how taxes are generated and who is actually paying them.  


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What we discuss on this episode: 

0:48 – Are we post-COVID?

2:37 – Clarifying comments from previous episode on New Jersey

5:02 – Who is the rich?

7:70 – $40,000 dilemma

8:48 – Issue of the wealthy not paying enough in taxes

10:33 – How much puts you in the top 1%

12:15 – Income tax rates

15:48 – Cash Connection question on long-term care policy rate increase

Moving to a Tax-Friendly State

When should you consider moving to another state? Sometimes tax benefits may be a motivator when making this decision. Don talks about the tax ramifications when living in certain states.


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What we discuss on this episode: 

0:48 - School’s coming to an end!

2:22 - The pandemic has changed the way people do things.

4:19 - New Jersey is number one in lifetime total taxes paid.

6:52 - Why are people leaving certain states?

14:55 - Why does Florida appeal to retirees?

18:40 - It’s important to work with an advisor.

New Inflation Numbers, What Do They Mean?

We’ve already seen tremendous inflation in housing, lumber and other areas since Covid hit. But will that soaring inflation continue?


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What we discuss on this episode: 

4:53 – Most recent concern about inflation

6:24 – What to be concerned about?

8:07 – Short-term or long-term inflation?

10:05 – Persistent inflation?

11:58 – Why did stock market drop?

13:42 – Don’t put all eggs in one basket

15:55 – Smooth out the ride

18:40 – Sensible but difficult in practice

How Could the Capital Gains Tax Affect You?

President Biden is approaching 100 days in office and is about to hold his first joint session in Congress. One of the things he’ll be talking about is the capital gains tax proposal. What do you need to know about this?


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What we discuss on this episode: 

0:30 - Spring brings allergies and storms.

2:35 - Don’t forget about this year’s tax deadline.

3:53 - Biden is coming up on 100 days.

5:22 - What is the capital gains tax?

8:24 - How might this affect everyone?

15:27 - What about the step-up in basis? 

21:06 - What is publication 590-B?

What You Need to Know About Continuing Care Retirement Communities

Are you or someone you know considering living in a retirement community? What should you know ahead of time? What kind of costs might come with that?


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What we discuss on this episode: 

0:37 - Spring has sprung!

1:57 - Senior living communities struggling financially.

5:14 - What if you don’t like it?

6:24 - How has COVID affected these communities?

8:18 - Are people usually satisfied living in these communities?

10:15 - What suggestions does Don have when considering a CCRC?

12:24 - What questions should you ask and assess?

18:50 - Cash Connection: Collecting Social Security as a widow?

22:51 - Getting to Know You: What did Don do with some raffle winnings?

Infrastructure Bill and Future Taxes

If you thought the last COVID relief bill was big, have you heard about the infrastructure bill and the potential tax increases to pay for it? On our last show we talked about the most recent stimulus package and what it entailed. This episode of the podcast we discuss the new infrastructure bill being proposed.


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What we discuss on this episode: 

0:33 - March Madness is coming to an end.

3:05 - What potential tax increases are we looking at?

6:48 - How reliable are these renewable sources of energy?

8:04 - What other items are included in this bill?

10:36 - Who is paying for this bill?

22:47 - Getting to Know You: What’s the luckiest thing that’s happened to Don recently?

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