In this podcast episode, host Tim Goodwin and guest Joe Beckford (affectionately called "Beckforth") discuss the role and benefits of fee-only financial advisors, addressing common misconceptions. Joe, a senior advisor at Goodwin Investment Advisory, explains that fee-only advisors are compensated solely by client fees, without commissions from third-party products. They delve into the three primary compensation models: Asset Under Management (AUM), which charges a percentage of managed asset...
In this episode, Tim Goodwin and Justin Pitcock walk listeners through the Year-End Financial Planning Checklist designed to help you close out the year with a solid financial plan. The conversation covers critical topics like:Estate and Disability PlanningReviewing estate planning documents (wills, trusts, POAs, and healthcare directives).Updating beneficiary designations to ensure alignment with your wishes.Preparing a list of instructions for loved ones in case of death or disability.Explo...
In this episode of the Money Pig Podcast, Herman Hugo, a client turned compliance expert at Goodwin Investment Advisory, shares his journey from Silicon Valley to Georgia and the financial strategies he used during major life transitions. The discussion covers navigating job changes, equity compensation, health insurance planning, Roth conversions, and retirement strategies like the Rule of 55.The episode also touches on managing divorce and business sales, emphasizing the importance of...
In part two of this engaging podcast series, we wrap up our discussion on the 10 most common financial mistakes wealthy individuals make in their 50s before retiring. With guest Joe Beckford IV, we tackle the final four mistakes and dive into actionable strategies to avoid them.The episode highlights:1. Forgoing a Retirement & Financial Plan: Many people excel at wealth accumulation but lack a strategy for how to manage it in retirement. A solid plan, including decisions about Social Secu...
In this episode, we explore the first six of ten common mistakes that wealthy individuals often make in their 50s as they approach retirement. We discuss the importance of reassessing investment strategies, the risks of not planning for healthcare costs, and the pitfalls of underestimating longevity. We also delve into the consequences of ignoring tax-efficient strategies, the dangers of overconcentration in certain assets, and the oversight of not updating estate plans to reflect current wis...
In this informative episode, Goodwin Investment Advisory dives into healthcare options for those considering early retirement with guest expert Merle Jabr from Potter Risk Advisors. Many clients wonder if they can afford to retire early, but healthcare costs often stand in the way. Merle breaks down essential options for retirees under 65 who aren’t yet eligible for Medicare, including COBRA, retiree benefits, individual marketplace plans with potential subsidies, and medical bill-sharing pro...
The podcast features a discussion with Merle Jabr, a health insurance expert who has helped many retirees navigate their Medicare options, including group plans for businesses. The host, Tim Goodwin, opens with a light-hearted dad joke but quickly shifts her focus to Medicare, outlining its importance for those nearing age 65 or those with disabilities. Merle explains that while most Americans become eligible for Medicare at age 65, certain individuals can qualify earlier if deemed totally di...
In this episode, Justin Pitcock, CFP®, shares valuable insights on how to estimate your expenses in retirement. Many individuals find it challenging to figure out how much money they'll need each month after they retire. Justin breaks it down by first reviewing your current cash flow—examining what's coming in each month and subtracting any retirement or non-retirement savings to determine your present cost of living. From there, he accounts for inflation and considers changes in expenses lik...
In this episode, Ray Brown and the Goodwin Investment Advisory team discuss when and why homeowners should consider refinancing their mortgage. They cover topics such as the importance of interest rates, the difference between principle and interest (P&I) and private mortgage insurance (PMI), how to remove PMI, reasons to consider refinancing (such as reducing monthly payments or improving creditworthiness), the impact of closing costs, the pros and cons of fixed-rate and adjustable-rate ...
In this episode of the Money PIG Podcast, the host, Tim Goodwin, welcomes back Reid Trego for a special discussion. Reid, who is stepping back from regular podcasting due to a new career, shares insights about his intentional approach to life and planning with his wife, Christy. They discuss their "world domination" planning sessions, which cover aspects like finances, fitness, faith, and fun, with a humorous twist on procrastination and reducing stress. The conversation also touches on the i...
What Couples Talk About When They Talk About MoneyDescriptionMoney PIG Host, Reid Trego is joined by Tim and Maureen Goodwin for insights on discussing finances within couples, focusing on security, stress reduction, and emotional considerations. They emphasized the impact of past experiences on present financial attitudes and the importance of open communication to prevent conflicts and foster trust. Key points included avoiding consumer debt, maintaining an emergency fund for peace of mind,...
DescriptionHost Reid Trego, and Financial Planner Joe Beckford discuss a listener question from a woman handling her husband's $28,000 employer-sponsored 401k upon job departure. They stressed not leaving money with an old employer and highlighted options like rolling over your old employer 401k into a new plan or opening IRAs for pre-tax and Roth contributions. They explained retirement plans such as 401k, advising against cashing out for speculative investments. Joe Beckfor...
The Money PIG podcast is in transition! Stay tuned for our new and improved version coming soon! In the meantime, enjoy this REBOOT episode!GIA Certified Financial Planner™ PROFESSIONAL, Joe Beckford joins The Money Pig Podcast to discuss Social Security’s role in Financial Planning.Will Social Security be there when you need it? Will Social Security still be available for you when you retire? Check out SSA.gov to find your expected benefits!What happens in the year 2034?Can ...
Episode 67 - Do your values align with your financial advisor?DescriptionThe Money Pig Podcast Episode features Tim Goodwin discussing values alignment, investment philosophy, client experience, Inside Out 2 and financial planning, website and marketing. Key points included the importance of aligning values between clients and advisors, personalized financial planning, and addressing financial anxiety.
Episode 66 - Goodwin Investment Advisory's Services and BenefitsDescriptionJoe Beckford joins this episode of The Money PIG to discuss the importance of financial peace, independence, and generosity, with a focus on personal financial planning for retirement. Key points included guidance on investment strategies, Social Security options, donor-advised funds, tax-advantaged strategies, and community involvement. Action items included reminding clients about services, educating on early financi...
Episode 65 - What factors affect the stock market in an election year?DescriptionThe Money Pig Podcast Episode 65 covered a range of topics including Social Security sustainability, GDP growth concerns, McDonald's Economy concept, stock market performance during election years, interest rates impact on investments, policy expectations and market volatility, and the importance of long-term investment strategies. The hosts emphasized the need to focus on long-term financial goals over short-ter...
Episode 64 - How Much Money is enough to Retire?In the podcast episode titled "Money Pig Podcast Episode 64," hosted by Reid Trego and Justin Pitcock from Goodwin Investment Advisory, several key topics related to retirement and financial planning were discussed. The episode began with an introduction and welcome, followed by an exploration of different cultural perspectives on retirement and the transition from wealth accumulation to spending it. The hosts introduced the FIRE (Financial Inde...
Episode 63 - Is renting a home a terrible idea in the current economy?DescriptionIn this episode of the Money Pig Podcast by Goodwin Investment Advisory, the team delved into the current housing market conditions, highlighting the high 7% mortgage interest rates and limited market inventory. Ray Brown discussed essential financial factors, emphasizing the necessity of having a substantial down payment and keeping mortgage payments under 25% of gross income. The conversation also explored the ...
Episode 63 - REBOOT! Pensions - Why are they so complicatedGoodwin Investment Advisory Certified Financial Planner™ PROFESSIONAL, Justin Pitcock, joins The Money Pig Podcast to discuss Pensions - “Why are they so complicated?”Should you take a lump sum payout or the annuitized payments?What are your options for your pension?How can you leave a financial legacy for your heirs?Do you need someone to help you decide how to navigate whether to take a lump sum payout or monthly payments for your p...
Episode 62DescriptionMoney PIG Podcast host Reid Trego was joined by Justin Pitcock to duscuss the topic of Health Savings Accounts (HSAs), outlining their importance, benefits, tax advantages, eligibility criteria, investment strategies, and their role in retirement planning. Key points included the triple tax advantage of HSAs, contribution limits, investment options, Medicare premium usage, reimbursement for medical expenses, and strategic planning for HSA usage. Attendees were advised on ...