Your Money & Your Life Podcast

Planning for Social Security Benefit Changes

The federal government recently announced an increase to Social Security benefits for 2021 but it also came with an increase in Medicare premiums. On this episode, we’ll tell you what you need to know about these adjustments along with thoughts on additional changes that could come be coming down the road.
 
Read more and get additional financial resources here: https://doncashpodcast.com/podcast/planning-for-social-security-benefit-changes/ 
 
What we discuss on this show: 
3:22 - Mixed signals from the market with the latest news.
4:37 - Canceled debates
6:55 - Cost of living & premium increase in Social Security benefits
9:08 - Is Social Security going broke?
11:04 - Stats on claiming benefits
12:11 - Ways they could make the program solvent
14:28 - Reducing the inflation benefit
16:47 - How does this impact someone in retirement now?
20:38 - Getting to Know Don: What’s a habit that drives you crazy that some people might have?

Electionomics

What are some of the economics surrounding an election year? How will our president impact our economy? Let’s talk about the 800 pound gorilla in the room as we head into the final quarter of 2020.
 
Read more and get additional financial resources here: https://doncashpodcast.com/podcast/lets-talk-electionomics/ 
 
What we discuss on this show: 
1:39 - What does it take to go boating these days?
4:31 - What should investors and retirees be doing leading up to the election?
6:12 - What do the polls indicate?
11:17 - How do the markets react?
16:04 - Why do we see the economy working independently of the presidents?

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 It’s one of the outdated financial planning axioms that just don’t make sense anymore.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?