How Money Works

99 Episodes

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The Great Reset

2024-05-0222:39

As the baby boomer generation begins reaching the later stages of life, a staggering amount of wealth is set to change hands. Experts estimate that between $40 trillion to $100 trillion will be transferred to younger generations over the next two decades. This seismic financial shift is not just about numbers; it's about families, legacies, and the future of personal wealth. On this episode, Craig and Jennifer tackle the intricacies of this great wealth transfer. Here’s some of what we discuss in this episode: Why this transfer of wealth could be so critical to future generations. Understanding the rules of inherited IRAs is very important. What changed with SECURE Act 2.0? Giving an asset like real estate or stock to somebody can create tax issues. How cost basis is calculated and why it makes a big difference in tax planning. Contact Maestro Wealth: Web: https://maestrowealth.com/ Email: info@maestrowealth.com Phone: 336-448-1086

Agree or Disagree with These Financial Statements?

2024-04-1826:39

Today we’re going to have a little fun weighing in with a spirited game of 'Agree or Disagree,' where Craig and Jennifer dissect and debate some of the most pressing financial questions facing individuals today. Here’s some of what we discuss in this episode: Whether you should pay off your mortgage as soon as you can. Are individual bonds better than bond funds? Should you get rid of your life insurance in retirement? What are the best ways to utilize annuities? Is it better to have a fee-based advisor or a commission-based broker? Contact Maestro Wealth: Web: https://maestrowealth.com/ Email: info@maestrowealth.com Phone: 336-448-1086

Navigating Unexpected Retirement: Pensions, Severance Packages & More

2024-04-0413:31

The journey to retirement is rarely a straight path, and sometimes it comes with a few surprises. So, when the rug is pulled out from under you with an unexpected retirement offer, do you take the money and retire, or get back on the job hunt? Join Craig and Jennifer as they discuss the complex decisions that come with retiring early in this episode. Here’s some of what we discuss in this episode: Should you accept retirement buyout offers if it includes a severance? The importance of running the numbers when it comes to making these decisions Considerations between choosing a pension versus a lump sum payment Opting for a reduced pension to cover a spouse versus purchasing a life insurance policy Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

Surprising Uses For Life Insurance

2024-03-2120:43

Most people think about life insurance as a safety net for their loved ones in case of unexpected tragedy. While this is undoubtedly a crucial aspect, there is more to life insurance than many people are aware of. In this insightful episode, we’re focusing on the multifaceted world of life insurance and its often-overlooked benefits. Here’s some of what we discuss in this episode: Considering life insurance for income replacement + obtaining it when you’re healthy The role of life insurance in estate planning for liquidity purposes Life insurance as a tool for transferring generational wealth + business succession planning How life insurance can be a beneficial tool for high-income earners Using life insurance to fund long-term care expenses Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

Financial Considerations For Job Transitions

2024-03-0721:40

Being in between jobs can be frustrating. If you find yourself in this season, it’s important to have a clear plan of action to keep your finances in order. Stay tuned as Craig and Jennifer discuss some areas to consider for those facing job changes, layoffs, or contemplating early retirement. Here’s some of what we discuss in this episode: Do you have enough time and resources to start over in a new career? The considerations should be made before venturing into entrepreneurship How will you cover health insurance costs during this time? Is this a good time to roll over your 401(k), and what factors should be considered? When receiving a severance package, should you opt for lump sum or monthly installments? The importance of having sufficient insurance coverage beyond life insurance Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

Down The Homestretch of Retirement Planning

2024-02-1523:59

The decade leading up to retirement comes with many things to think about. Not only are there some financial shifts and opportunities to navigate, but it’s important to keep your physical health and goals for retirement in focus too. In this episode, we’ll unpack the key elements that matter most during the home stretch of retirement planning. Here’s some of what we discuss in this episode: Staying active and healthy in the later years of your career Figuring out what you’re retiring to and building that into your financial plan Some financial opportunities to take advantage of your last 10 years of working Taking a look at your debt + risk management Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

Why Business Owners Need to Have a Sense of Urgency

2024-02-0121:52

It’s easy for business owners to get so focused on their work that they overlook some of the long-term planning areas that need to be addressed. Today we want to highlight a few of the items that need your attention and explain why it’s necessary to have a sense of urgency with these things. Here’s some of what we discuss in this episode: Business owners need to be thinking about the what ifs for their business. Why you need to prioritize having an emergency fund built for 3-6 months of expenses. How should you handle an early buyout offer? Have you thought about life after working and have you started planning? Different challenges that come with succession planning for your business. Contact Maestro Wealth: Web: https://maestrowealth.com/ Email: info@maestrowealth.com Phone: 336-448-1086

New Year’s Financial Checklist for 2024

2024-01-1810:45

Everyone wants to get the year started on the right foot so today we’re going to run through a checklist of financial items you need to address in 2024. We'll explore the nuances tax planning, share some tips for staying organized, and make sure you’re making the most out of your retirement contributions in the coming year. Staying on top of your overall financial health will give you the opportunity to make adjustments before it’s too late and help you stay on track to reach your retirement goals. Here’s some of what we discuss in this episode: Are you withholding the right amount of money from your paycheck? What you should think about with your retirement account contributions. Tips for gathering all your info for this year’s tax filing. Now is a great time to assess your overall financial health. Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

The Keys to Good Financial Health

2024-01-0412:26

We all seem to have a renewed focus on our health as the new year rolls around so let’s take some time to talk about your financial health and a few of the key indicators that show you’re in good health. Each of the things we’ll discuss today might seem pretty straightforward or even obvious, but they are often overlooked or ignored. So let’s lay out some easy steps you can take in the new year to make sure your financial health gets a Here’s some of what we discuss in this episode: Changing your spending habits to help increase your free cash flow. Why it’s important to understand the future tax implications of your money. Do both you and your spouse know enough about your retirement plan to be able to manage it? A complete retirement strategy will help alleviate worries about your future. Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

Retirement Questions You Can’t Answer

2023-12-2121:15

Having certainty in retirement is always the goal, but life just doesn’t allow for that. There are unforeseen circumstances that will undoubtedly arise in each of our lives, so how do you prepare for questions that don’t have answers yet? We’ll dive into the unpredictable world of financial planning and talk about how to stay informed and adaptable in retirement. Here’s some of what we discuss in this episode: What economic indicators should you be paying attention to? Recent trends in consumer spending and inflation. Positioning yourself so a recession early in retirement isn’t devastating. Preparing for an uncertain future in healthcare. Tax planning without knowing what future rates will look like. Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

Tax Consequences for Different Account Types

2023-12-0712:16

In this episode, we’ll weigh the pros and cons of different accounts, starting with tax-deferred accounts like 401(K)s and IRAs. Then we’ll shift to the tax-free options and the benefits that Roth IRAs can provide over time. Tax planning might not be the most exciting thing to dive into, but understanding the different tax strategies can help you keep more money in your pocket. Here’s some of what we discuss in this episode: The pros and cons of tax-deferred accounts, which most people use to invest. The benefits of tax-free accounts like the Roth IRA. Using a product like a CD instead of a type of account. Tax strategies for pre-tax accounts versus tax-free accounts. Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

Cutting Corners in Retirement Planning

2023-11-1622:47

In this episode, Craig and Jennifer unpack the common pitfalls people encounter when cutting corners in retirement planning. From taking excessive investment risks to neglecting legal documents and estate planning, this episode sheds light on some crucial aspects of financial preparedness. Stay tuned to see why thorough, proactive planning and informed decision making are so important in the world of finance. Here are some of the cut corners we discuss in today’s show: Taking too much risk in investments Neglecting essential legal documents and estate planning Not planning for long-term care Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

What Does It Mean to Be Risk Averse?

2023-11-0214:03

Everyone we work with will have a different comfort level when it comes to risk, which we account for when building a plan. But what does it mean when someone tells us they are risk averse? So how do we determine someone’s true capacity for risk? In this episode, we’ll tell you about an online tool we use with people to find out which range of outcomes they’re comfortable with and explore the idea of being risk averse and what that truly means to planning. Here’s some of what we discuss in this episode: What does it mean to be risk averse? How does someone end up in risky investments when they think they’re risk averse? A situation where we saw someone carrying a lot more risk than they realized. What are some ways that we would help someone plan who is risk averse? Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

Financial Planning with Forrest Gump

2023-10-1915:25

It’s pretty hard to believe that it’s been nearly 30 years since the movie Forrest Gump hit theaters. In case you needed another reminder of your age, there you go. That was one of the great movies of all time, winning multiple Oscars and grossing more than $600 million at the box office, and it still holds up today with its memorable quotes. Today we’re going to share some of our favorites but apply a little financial planning lesson from what Forrest said. And that’s all we have to say about that. Here’s are the quotes we’ll have fun with in this episode: "My mama always said, 'Life was like a box of chocolates. You never know what you're gonna get.'" "Mama always said you've got to put the past behind you before you can move on." "What's normal anyways?" "Mama always said, dying was a part of life. I sure wish it wasn't." Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

When is it Okay to Procrastinate?

2023-10-0511:43

If you’re someone who likes to procrastinate, especially when it comes to your finances, then this episode might be just what you need. We’re going to ask Craig and Jennifer about some planning items and find out whether it’s okay to put things off for later or whether they need our attention now. Here’s some of what we discuss in this episode: Why you may or may not want to defer taxes until a later date. Should we always make it a priority to pay off all of our debt? Estate planning documents are always best to take care of sooner than later. Times where you might want to take Social Security now and examples of when it’s best to wait. Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

All About Annuities

2023-09-2121:22

Are you considering incorporating annuities into your financial planning but find them too complex to comprehend? You're not alone. Annuities are often misunderstood, and this lack of understanding can deter people from utilizing this financial tool. In this episode of our podcast, we delve deep into the world of annuities, exploring their complexities, benefits, risks, and real-world applications. Here is some of what we’ll discuss on today’s show: Before you can dive into annuities, you need first to understand the basics of annuities. The different rider options that come with the annuity and the costs associated with those. What does it mean to annuitize a contract. Using annuities to pay for long term care in retirement. The different risks that come with annuities. We’ll share some examples of people who have utilized annuities into their retirement plan. Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

Obvious Financial Moves That Aren’t Always So Obvious

2023-08-2422:52

All the statements we’re going to talk about on the show today are all commonsense items that pretty much no one would disagree with on the surface. But for some reason, our actions often don’t line up with the obvious strategies. Let’s talk about why that is and what we need to do to stay on track. Here is some of what we’ll discuss on today’s show: Why is it so difficult for investors to follow the strategy of buying low and selling high? Investors don’t think of a down stock market as a sale like they would when shopping normally. What can you do to avoid paying more in taxes than you have to? How can you keep costs and fees down so you don’t eat into returns? An example of why diversification is so important. Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

Investing By Profession

2023-08-1721:40

What we want to do today is think about the clients we work with, the styles of people that we see, and determine if there are any investing similarities between people in the same industry. The mindset and the skillset that drove them into the profession might also affect how they plan – or don’t – for retirement. It’s an interesting exercise but one that will be fun to talk through and discuss. Join us to see if your profession is on the list and let us know if you’ve seen similar traits. Here is some of what we’ll discuss on today’s show: Most teachers have two main sources of income in retirement. Do teachers value planning more with their background of lesson plans? Does the intelligence of doctors translate to structured and sound financial planning? Engineers really like the details and opening up the hood on how the plan works. What we enjoy most about working with entrepreneurs and small business owners. Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

Taking A Look At Retirement Statistics

2023-08-0321:20

Today we’re talking about retirement statistics. For example, did you know that 56% of Americans lose sleep when they think about retirement? That’s no way to live your life. That’s why we’re here to help you plan. We’ll share some more stats that will make you think and might even change your mind on some topics. As always, if you have questions about retirement or investing, feel free to reach out to us for help. Here is some of what we’ll discuss on today’s show: Women are 27% more likely than men to have no retirement savings. 76% of Baby Boomers aren’t confident they’ve saved enough for retirement. Nearly one-third of homeowners of retiring age still have mortgage debt. Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

Is Your Plan Facing Imminent Disaster?

2023-07-2019:25

Let’s talk about some of the areas of your financial life where disaster might be right around the corner. Too many people are walking around with no documents, or documents that are in desperate need of an update. Don’t let this be you. As always, if you have questions about retirement or investing, feel free to reach out to us for help. Here is some of what we’ll discuss on today’s show: Out of date legal documents (0:39) Tax time bombs (8:54) The classic 60/40 portfolio (15:59) Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin

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