Your Money & Your Life Podcast

Obsolete Financial Planning Axioms

Have you ever heard of the 10-5-3 rule? It’s one of the outdated financial planning axioms that just don’t make sense anymore. Today we’ll tell you why and explain interest rates, inflation, and factors that determine where we’re headed.
 
Read more and get additional financial resources here: https://doncashpodcast.com/podcast/obsolete-financial-planning-axioms/ 
 
What we discuss on this show: 
0:33 – An update on what’s going on with Don.
3:45 – The 10-5-3 Rule
9:07 – An example of how inflation works.
11:59 – Items with the greatest inflation.
14:06 – Could 10-5-3 rule become more relevant?
15:16 – Cash Connection: Should I be investing different since we have this election approaching in a few months. 

Stock Market & Real Estate Update

As summer winds down, the economy is still facing numerous challenges but you wouldn’t know it by looking at the stock market and real estate these past few months. Let’s try to make some sense of what we’re seeing in both markets and find out what Don thinks about the rest of the year.
 
Read more and get additional financial resources here: https://doncashpodcast.com/podcast/stock-market-real-estate-update/ 
 
What we discuss on this episode: 
0:48 – What’s going on since last show?
5:48 – What should we make out of these market gains?
10:19 – Tech driving the market
12:56 – How will the election factor into the market?
16:45 – How is the housing market staying so strong?
23:25 – Does Don have any clients thinking about cashing out and moving?
24:24 – Where is Don getting his news from these days?

Preparing For Financial Storms

Are you prepared for a financial storm? We explain what to do and why a financial advisor is so important in helping you weather tough conditions when the forecast gets dark.
 
Read more and get additional financial resources here: https://doncashpodcast.com/podcast/preparing-for-financial-storms/ 
 
On today's show: 
5:35 – We react and don't plan for financial storms
7:30 – Positives and negatives of diversification
9:07 – Hot stocks
10:02 – Tesla
13:54 – Mailbag: Should financial advisor help with social security, life insurance and legacy planning?

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?