Your Money & Your Life Podcast

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?

Coronavirus Update: Understanding the CARES Act

Have you heard about the CARES Act, which will provide aid and relief for individuals and businesses? What adjustments have you made recently due to coronavirus and its impact? We'll discuss a few key areas to pay attention to.
 
Read more and get additional resources here: https://doncashpodcast.com/?p=269 
 
Today's rundown: 
0:40 - What a world we’re living in now with social distancing and flattening the curve.
5:40 - Have people been making big changes with their financial plans?
7:49 - People typically fear getting sick or running out of money.
8:20 - What can you control?
9:54 - What has changed with the CARES Act?
14:40 - What are coronavirus-related distributions?
18:31 - Planning is a process and this will pass.

Coronavirus Market Update

The coronavirus struck quickly across the country and it caused a rapid sell off in the market that has many people worried. How bad will this be? What can you be doing for your retirement plan? We get the latest from Don Cash with his perspective on what we’re witnessing. 
 
Read more and get additional resources here: https://doncashpodcast.com/?p=257 
 
Today's rundown: 
1:24 - Let’s talk about what’s happening here and across the country with the coronavirus.
2:22 - Life has changed in many ways.
3:15 - Don talks about an app he’s been using to show gratitude daily.
4:23 - There’s not a lot of positivity in the news right now.
6:25 - Has Don been getting inundated with calls from clients? What kind of conversations is he having?
8:31 - What kind of financial topics are you covering right now?
9:30 - People are prone to react with fear in uncertain times.
10:44 - Is it a good time to buy?
12:44 - How do you see the government proceeding over the near term?
13:51 - People are looking for a v-shaped recovery. 
15:01 - This time there’s no fear of a bank run. 
15:58 - What are the things that can hurt your retirement plan right now?
18:04 - What other time of history would you rather be living in when it comes to dealing with this type of situation?
19:35 - With all the talk of selling, many people are actually adding. 
21:30 - Getting to Know Don: What’s something you’ve done before that you’ll never do again?

Revisiting the SECURE Act: Inherited IRAs

Have you heard of inherited IRAs? The SECURE Act changed a lot of rules, including the details surrounding the inherited IRAs, so you’ll want to know how to plan accordingly.
 
Read more on this topic and get additional resources here: https://doncashpodcast.com/?p=244 
 
Today's rundown: 
1:27 - How has the SECURE Act changed things for us?
3:51 - How have inherited IRAs changed?
7:32 - Are there RMDs in the new rule?
9:26 - Which beneficiaries are exempt from this rule?
10:15 - If you listed a trust as your IRA beneficiary, you’ll want to revisit that with an estate planning attorney. 
12:09 - Cash Connection: What are the contribution limits and rules for a Roth IRA?
17:42 - Getting to Know You: What is special about where Don grew up?

Coronavirus, Impeachment, & Election – How News Might Affect Our Retirement

It’s been a busy year already and we aren’t even through February yet. Today we’ll address the top stories dominating the news right now – the Coronavirus, impeachment, and the election – and discuss whether these things will affect our retirement and planning in 2020.
 
Show notes and additional resources: https://doncashpodcast.com/?p=243 
 
Today's rundown: 
1:28 – In the News: What’s Don’s take on the Coronavirus and its impact?
4:34 – Don has a client that’s a doctor who’s always surrounded by viruses and never gets sick. This was his advice.
5:35 – In the News: How about the impeachment and election and its impact?
6:53 – The key is wisdom and the media doesn’t always provide that.  
8:12 – Cash Connection question #1: I just retired and my husband is retired as well. We’re thinking about doing some serious traveling now. Should we buy travel insurance?
10:49 – Here are the conversations we have with our clients about travel.
14:37 – Getting to Know Don: What do you do to stay in shape during the winter?

Surviving The Sandwich Generation

Are you caught in the middle of caring for both aging parents and a young family, or even, adult children and grandchildren? It can be a difficult time full of stress. In today’s episode of Your Life, Your Money, Don shares a few examples of what this can look like and how to navigate it. 
 
Show notes and additional resources: https://doncashpodcast.com/?p=236 
 
Today's rundown: 
0:57 - The “sandwich” generation consists of people taking care of both their aging parents and grown children.
3:12 - Everyone’s situation is different, but it can often feel like one sibling takes on the most responsibility.
5:13 - How do you handle the stresses of being caught in the sandwich generation?
5:53 - Don’t do it all yourself.
6:43 - Assess your own situation for the future.
7:13 - On the other side, parents may feel a lot of pressure to help their children succeed.
9:29 - Cash Connection: Is it a good idea to sell your home and move into a retirement community?
14:09 - How are Don’s New Year’s resolutions going?

RMDs: Are You Billy Or Are You Bruce?

Feeling confused about what the SECURE Act means for you and your RMDs? Don will talk you through what you need to know and help you figure out whether you’ll need to take RMDs sooner or later.
 
Show notes and additional resources: https://doncashpodcast.com/podcast/rmds-are-you-billy-or-are-you-bruce/ 
 
Today's rundown: 
1:38 - The SECURE Act is making people feel insecure about their RMDs.
2:57 - Are you more like Billy Joel or like Bruce Springsteen?
7:44 - How does Don help clients navigate these changes?
10:08 - Cash Connection Question: Can you explain the widow’s tax?
13:41 - Is there anything that can be done ahead of time to prepare for this tax?
17:02 - Getting to Know You: How does Don start the day?