Your Money & Your Life Podcast

Have You Made a 'Corona Purchase'?

Have you made a big splurge recently? How have your finances shifted in the past several months during the pandemic? Today we’ll talk about how spending has changed as our lifestyles have slowed down.
 
Read more and get additional financial resources here: https://doncashpodcast.com/podcast/have-you-made-a-corona-purchase/ 
 
On today's show: 
0:26 - Don talks summer heat and summer fun before school starts again.
6:28 - Have you heard about the “Corona Purchase”? 
9:08 - Home improvements projects and remodels are popular right now.
14:51 - Inventory on some hot items are running low.
15:51 - Who benefits economically from these improvements?
18:10 - Are you diversified?
22:14 - Getting to Know You: Would you rather make twice as much money next year or make the same amount of money while only working half as much?

What Happens Financially After the Loss of a Spouse?

Times like these may make you think more soberly and realistically about if something tragic were to occur. How do you prepare financially for the inevitable of one spouse passing away? We’ll take you through the important considerations on this episode.
 
Read more and get additional financial resources here: https://doncashpodcast.com/podcast/what-happens-financially-after-the-loss-of-a-spouse/ 
 
Today's show schedule: 
0:27 - Don shares about his holiday.
3:01 - What happens after the loss of a spouse financially?
5:16 - What does it look like when only one spouse takes care of the financial plan?
6:58 - What can people do ahead of time to prepare?
9:08 - What tax changes will happen after a spouse dies?
11:37 - Mailbag: Is this a good time to buy bonds?
16:10 - Do you know your risk tolerance as well as your goals?

Assess Your Financial Health With A Stress Test

Don recently went to the doctor for a checkup and a cardio stress test. All is well, but the experience reminded him just how similar it is to the testing he puts his clients’ portfolios through to make sure they can weather life’s various financial storms. He’ll also give you five easy-to-follow rules for how to survive the next stock market crash.
Show Notes, Resources & Contact Info:
https://doncashpodcast.com/
Timestamps:
0:35 – Life is slightly back to normal for Don.
2:23 – Don stumps Marc on some July 4th trivia. How many signers were on the Declaration of Independence?
4:23 – Have you ever gone through a cardio stress test? Don just experienced one during a health checkup.
10:09 – What does the financial stress test really look like? Don lays out three key elements.
12:50 – Let’s learn some lessons from the 2020 market crash with the 5-Rule Market Crash Survival Guide.
17:02 – Don discusses some more tweaks to this year’s Required Minimum Distribution rules. Lots of IRA law tinkering this year… 
19:55 – Getting To Know Don: If you were going to own a different business, what kind of business would it be?

Financial Lessons from Mark Twain & Picking the Right IRA

We look at several quotes from Mark Twain in today’s episode to see how it may apply in our own financial life. Then, we talk through traditional and Roth IRAs to see which is better for you.
 
Read more and get additional financial resources here: https://doncashpodcast.com/?p=305 
 
Today's show schedule: 
0:31 - Don shares his summer plans and how they’ve had to change.
2:17 - What can we learn about money from Mark Twain? 
4:13 - Thinking the market will always go up can lead to panic when it doesn’t.
6:18 - October…and basically all of our months are dangerous for stocks.
7:57 - What are people talking about when they mention the stock market?
9:34 - A balanced portfolio does better during turbulent times.
11:19 - Choosing between a traditional and Roth IRA.
13:12 - What is the power of the Roth IRA?
14:33 - What’s the difference between a Roth conversion and contribution?
16:23 - Who should contribute to a traditional and who should contribute to a Roth IRA?
18:25 - How does the Roth conversion work?

June Economic Update

With a constant changing world, particularly in the last four months, what is going on with the economy right now? What takeaways should we have from that when mapping out our financial plan?
 
Read more and get additional financial resources here: https://doncashpodcast.com/?p=301 
 
Today's show schedule: 
0:43 - Hopefully we move toward a better tomorrow.
2:01 - How can we have high unemployment and a rising stock market?
3:17 - How is this possible?
6:43 - Why is it important to diversify?
9:13 - Cash Connection: Is it worth the penalty in a variable annuity to move my money somewhere with lower fees? 
13:04 - Getting to Know You: What does Don get nostalgic about from the past?

How Have Our Clients Been Doing Through Quarantine?

We spend a lot of time on the financial side of life, but money is nothing without your physical and mental health. Today we talk to Don about how clients have been handling isolation, how they’re staying healthy, and whether they are starting to venture out.
 
Read more and get additional financial resources here: https://doncashpodcast.com/?p=290 
 
Today's show schedule: 
1:09 – What’s the latest update on opening up businesses?
2:57 – Don was finally able to get a haircut but here’s what he had to do.
5:15 – How are clients doing financially and emotionally through this pandemic?
7:06 – Are clients starting to venture out yet at all?
10:13 – The isolation is starting to wear on people.
13:20 – Many deceased people are receiving stimulus checks.
14:59 – A lot of companies like insurance are providing discounts during this time.
16:56 – Cash Connection question: I just inherited a large sum of money from my dad. I thought it would be a bout $50,000 but it’s about 10x that amount. I’ve been saving on my so I don’t really know what to do with this. Any recommendations?
18:39 – Different tax treatment for each asset in the inheritance

What Does Economic Health Looks Like?

As we transition into a new routine and daily life, the economy continues to struggle. What has the Fed done? And will it be enough to help our economy?
 
Read more and get additional resources here: https://doncashpodcast.com/podcast/what-does-economic-health-looks-like/ 
 
Today's show schedule: 
1:45 - Life feels a bit like the movie “Groundhog Day” that repeats over and over. 
3:35 - What lessons could be learned from the movie?
5:32 - In the News: Police in New York City broke up an illegal night club/barbershop.
7:23 - What is the Federal reserve doing to help with the high unemployment rate?
11:15 - The Fed is trying to pump money into the economy. 
12:02 - What should you do with your stimulus check?
12:25 - What is the formula for economic health?
13:37 - Using an example of a restaurant dinner bill, how will that money be used?
17:12 - Cash Connection: Should you refinance your mortgage?
21:18 - Have you been inundated with virus-related emails? Be careful!

The Latest Financial Update on Coronavirus

As we approach the third month dealing with the coronavirus health crisis, let’s get an update on where things stand. Don will tell us how he’s dealing with the quarantine, what clients are concerned about, and the adjustments you might want to consider.
 
Read more and get additional resources here: https://doncashpodcast.com/?p=277 
 
Today's show schedule: 
1:56 - Some quarantine trivia.
3:47 - How is the family doing through all this?
4:47 - Don’s three good things to reflect on.
6:30 - How are clients and other people in the industry dealing with this?
7:39 - It’s hard to find context for a lot of the statistics we’re hearing.
10:42 - What kind of feedback are you hearing from clients since last month?
11:28 - The changes in the IRA rules have caused some confusion. Don clears things up.
13:45 - Tax obligations for these provisions.
14:24 - What adjustments are clients making right now?
17:00 - Does this law affect charitable donations at all?
19:09 - Getting to Know Don: If you could relay a message to yourself 20 years ago, what would you tell yourself knowing what you know now?