Your Money & Your Life Podcast

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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.

 

Read and get additional financial information: https://doncashpodcast.com/podcast/bonds-interest-rates-and-tax-proposals/

 

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.

 

Read and get additional financial information: https://doncashpodcast.com/podcast/5-financial-biases-to-avoid/

 

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.

 

Read more and get additional financial resources here: https://doncashpodcast.com/podcast/finding-a-new-path-and-perspective-after-9-11/

 

About our guest: https://www.growingfamilybenefits.com/about/ 

 

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: https://doncashpodcast.com/podcast/budgeting-time-and-money-with-ten-kids/ 

 

About our guest: https://www.briendunphy.com/ 

 

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.

 

Read more and get additional financial resources here: https://doncashpodcast.com/podcast/the-hidden-value-of-an-hsa/ 

 

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.

 

Read more and get additional financial resources here: https://doncashpodcast.com/podcast/is-it-still-a-good-time-to-refinance/ 

 

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: https://doncashpodcast.com/episodes/

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.

 

Read more and get additional financial resources here: https://doncashpodcast.com/podcast/what-to-do-with-your-pandemic-savings/ 

 

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.  

 

Read more and get show links here: https://doncashpodcast.com/podcast/who-is-the-rich/ 

 

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.

 

Read more and get additional financial resources here: https://doncashpodcast.com/podcast/moving-to-a-tax-friendly-state/ 

 

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?

 

Read more and get additional financial resources here: https://doncashpodcast.com/podcast/new-inflation-numbers-what-do-they-mean/ 

 

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?

 

Read more and get additional financial resources here: https://doncashpodcast.com/podcast/how-could-the-capital-gains-tax-affect-you/ 

 

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?

 

Read more and get additional financial resources here: https://doncashpodcast.com/podcast/what-you-need-to-know-about-continuing-care-retirement-communities/ 

 

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.

 

Read more and get additional financial resources here: https://doncashpodcast.com/podcast/infrastructure-bill-and-future-taxes/ 

 

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?

What Does the Stimulus Package Mean For You?

We talk through what the stimulus package includes, what it means, and where we’re headed on today’s episode. Then, Don answers a question from the mailbag about refinancing.

 

Read more and get additional financial resources here: https://doncashpodcast.com/podcast/what-does-the-stimulus-package-mean-for-you/ 

 

What we discuss on this episode: 

0:25 - What’s going on this week as we enter into spring?

3:04 - $1.9 trillion stimulus package was passed.

11:02 - Are we headed toward inflation?

13:32 - Mailbag: Is it too late to refinance?

15:31 - What did Don look at when he refinanced?

21:39 - Where would Don like to retire?

Wall Street Approach vs Academic Approach

What’s the best approach to the market? If you think you’re picking a “good stock” what does that really mean? And how can you make a good choice? On today’s podcast, Don shares the academic approach to the market as well as a number of comparisons of how this can look in everyday life.

 

Read more and get additional financial resources here: https://doncashpodcast.com/podcast/wall-street-approach-vs-academic-approach/ 

 

What we discuss on this episode: 

1:43 - Winter weather presses on.

2:26 - What’s the latest college “resource”?

4:49 - Is buying “good stocks” still a speculation?

7:07 - What’s the academic approach to the market?

12:35 - How likely are you to beat the market?

16:32 - What does Don think about the economy?

18:34 - What is recency bias?

 

GameStop Stock Situation

What just happened with GameStop? What can we learn from it, and how does it apply to your financial plan? We’ll get Don’s perspective on today’s show.

 

Read more and get additional financial resources here: https://doncashpodcast.com/podcast/gamestop-stock-situation/ 

 

What we discuss on this episode: 

1:06 - Don’s theory when it comes to picking a team to cheer for in the Super Bowl. 

2:40 - What other drama has occurred in February?

3:48 - What good news has happened so far this year?

6:49 - What’s been happening with GameStop?

9:01 - What’s a short sell? What was different this time?

13:31 - What’s long-term investing and what’s luck?

15:25 - Why does this situation remind Don of a TV show?

17:26 - Don’t get greedy!

18:16 - Did any of Don’s clients consider buying GameStop stock?

19:43 - How do you build wealth?

21:07 - What age did Don love being?

What Should You Be Thinking About For 2021?

What does Don predict for the new year? How can we prepare our financial plan appropriately for what may come in the future? Let’s talk about some areas that need attention in 2021.

 

Read more and get additional financial resources here: https://doncashpodcast.com/podcast/what-should-you-be-thinking-about-for-2021/ 

 

What we discuss on this show: 

0:50 - As predicted, 2021 hasn’t exactly been the brand-new start we all hoped for.

3:09 - What’s the latest in vaccine and COVID news?

10:17 - What is the economic side of what’s to come?

14:27 - What is the real estate market like right now?   

18:17 - What should we be thinking about in 2021? 

The Highlights & Lowlights - Wrapping Up 2020

As you wrap your gifts and prepare for the ball drop, we wrap up 2020 by reviewing the highlights and lowlights that happened this year. Can you believe all that’s happened?

 

Read more and get additional financial resources here: 

https://doncashpodcast.com/podcast/the-highlights-lowlights-wrapping-up-2020/

 

Download the strategies checklist PDF: https://doncashpodcast.com/wp-content/uploads/2020/12/7-Best-Strategies-for-Year-End-Planning-2020.pdf 

 

What we discuss on this show: 

0:39 - It’s beginning to look a lot like Christmas with snow for Don.

3:28 - Let’s do a year-end wrap up of 2020.

5:37 - January was when we were talking about the impeachment of the president.

6:28 - March we started the shutdown.

6:50 - Early summer we had protests and riots.

8:07 - By fall we were watching the election.

10:40 - What lessons can we carry into 2021?

15:05 - What habits have we changed?

18:10 - What other surprises has 2020 brought?

End of Year Financial Checklist + Market Update

We’re closing in on the end of the year, which is a great time to catch up on a little rest and relaxation. Before you do that, there are some financial items you should review before the calendar turns to January. We’ll run through a list of five planning considerations on this show, and we’ll also get Don’s thoughts on the recent surge in the market.

 

Read more and get additional financial resources here: https://doncashpodcast.com/podcast/end-of-year-financial-checklist-market-update/ 

 

Download the strategies checklist PDF: https://doncashpodcast.com/wp-content/uploads/2020/12/7-Best-Strategies-for-Year-End-Planning-2020.pdf 

 

What we discuss on this show: 

1:14 – Holiday update

5:29 – Market up nearly 10% in November, surprising?

7:16 – How much is vaccine and treatment related?

8:25 – Value vs Growth companies

13:46 – Roth conversions

16:07 – IRA hardship distribution

17:07 – Qualified Charitable Distributions

18:49 – Estate Planning

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