Your Money & Your Life Podcast

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?