9 Minute Money Tips
29 episodes - English - Latest episode: over 2 years ago - ★★★★★ - 13 ratingsComplex money topics made simple in 9 minutes or less.
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Episodes
Developing a Parental Leave Policy for Your Business
August 23, 2021 09:00 - 8 minutes - 5.75 MBThe U.S. is one of the only industrialized countries without a national paid leave policy for parents. Although, companies with >50 employees must comply with FMLA by providing up to 12 weeks of unpaid maternity leave. And while few states have a publicly-funded disability program (CA, MA, NJ, RI, or NY), no federal or state law requires companies to pay for parental leave for employees. While larger companies have begun to voluntarily expand paid leave policies, offering competitive pare...
The Psychology of Panic Buying (and Selling)
August 16, 2021 10:00 - 4 minutes - 2.95 MBDo you remember the toilet paper craze of 2020? Or the gasoline hysteria of 2021? Perhaps you were one of those people who heard about the potential shortage and immediately went to get yours. If so, this was actually a relatively normal response - and it's called "Panic Buying". A recent study from the Journal of Experimental Psychology looked at the behavior triggers that lead to a buying frenzy. What they found is that uncertainty plays a major role in our purchase decisions; and not ju...
The Problem with Target Date Funds
August 09, 2021 09:00 - 7 minutes - 4.97 MBIf you've ever enrolled in a 401k plan, you probably realized that choosing a dessert from Cheesecake Factory's extensive menu would have been easier than choosing from your 401k investment options. As your eyes glazed over while scrolling through the list of available funds, you probably encountered something called "Target Date Funds" (or "TDFs"). These funds have an asset allocation (split between stocks and bonds) that changes over time as you approach your target retirement year. Th...
Funding Your Business with an IRA
July 06, 2021 10:00 - 5 minutes - 3.77 MBFor serial entrepreneurs or veteran business owners, liquidity can be a common obstacle for funding new ventures. Generally, liquid assets (like cash or securities) are either tied up in the business or in retirement accounts, making them difficult to access (before age 59 1/2 at least). For business owners under the age of 59 1/2 who have accumulated substantial assets in tax-deferred accounts (like an IRA or 401k), there is actually a way to fund a business with retirement account assets ...
What Is Happening with the Housing Market?
June 28, 2021 10:00 - 8 minutes - 6.19 MBIf you're on the hunt for a new home (or a second home), then you understand how bizarre the U.S. real estate market is right now. If you're one of the lucky people to have bought real estate pre-COVID and blissfully unaware of the state of the market right now, let me paint a picture for you: Between April 2020 and April 2021, median house prices rose 19% to $341,600 Over half of home-buyers are putting at least 20% down, the highest in history Since January 2020, 1,500 homes in Austin,...
Should You Sell Your Business This Year?
June 19, 2021 14:00 - 5 minutes - 3.51 MBIn this episode, we dive into what Biden is proposing with the new tax plan, how it may affect business owners, and how you can begin determining what actions make sense for your situation. While nothing has been passed yet, President Biden has proposed the American Families Plan, which would substantially change tax rates for high-income individuals. One aspect of that reform includes increasing the long-term capital gains rates (for those with income over $1 million). Historically, lo...
Investing Roulette
May 28, 2021 11:00 - 5 minutes - 4.02 MBAt some roulette tables, they display "hot" and "cool" numbers to show what people have been winning and losing on throughout the night. Of course, we all know how this ends most of the time. While there are exceptions, in the long run, the house always wins. Using "hot" numbers every time usually doesn't result in consistent winnings for the player. And unfortunately, people often use this same strategy when it comes to investing. They'll look at stocks that have recently performed reall...
More Money, More Problems
May 10, 2021 12:00 - 4 minutes - 3.26 MBSo many times, we use the excuse that if we just had more money then we would be better at saving. Or if we just had that new car or a new house, then we could get on track with our spending. The fault in that logic is that, for those with money problems, nothing will ever be enough. Because lack of money is not the root of the issue, a bad relationship with money is the issue. Find the blog version of this podcast at LuminaryWealth.com Or check out the video version of this podcast on our...
The Tax Pitfalls of Robinhood
April 24, 2021 16:00 - 7 minutes - 5.28 MBOver the past year, commission-free trading platforms like Robinhood, SoFi, Webull, Public.com, and Uphold have all grown in popularity, as the public's interest in trading stocks and crypto has increased during the year of the pandemic. While these platforms have successfully made it easier for the average person to affordably access markets, it does not come without consequences - one of those consequences potentially being a bigger tax bill. Find the blog version of this podcast at Lu...
10 Money Lessons from the Pandemic
April 18, 2021 18:00 - 8 minutes - 6.07 MBWith a steady vaccine rollout (in the U.S. at least), declining COVID deaths, and warmer weather, the world appears much more hopeful than it did last year at this time. And while we all probably wish we could wipe our memories of the pandemic, there are some valuable money lessons we can take away from the past year. Find the blog version of this podcast at LuminaryWealth.com Or check out the video version of this podcast on our YouTube channel Follow us on Instagram @luminary.wealth Let...
5 Financial Mistakes to Avoid as a Business Owner
April 10, 2021 19:00 - 7 minutes - 5.29 MBLike any successful business owner, you are bound to make mistakes. But to the extent you can learn from others and minimize those mistakes, the more likely you are to stick with it and see the fruits of your labor. Here are 5 financial mistakes to avoid when starting your business. Find the blog version of this podcast at LuminaryWealth.com Or check out the video version of this podcast on our YouTube channel Follow us on Instagram @luminary.wealth Let's connect on LinkedIn Disclaimer Thi...
The Savings Plan for Your Small Business (or Side Hustle)
April 05, 2021 10:00 - 8 minutes - 5.62 MBProviding your employees (and yourself) an opportunity for saving early is a huge financial benefit. Larger companies have the time and resources to set up a 401(k) plan, but what about small businesses? What if you're a small team (or a team of one) with limited dollars and time? How can you provide an avenue for financial wellness? Find the blog version of this podcast at LuminaryWealth.com Or check out the video version of this podcast on our YouTube channel Follow us on Instagram @lum...
The Savings Plan for Your Small Business (or Side Hustle)
April 05, 2021 10:00 - 8 minutes - 5.62 MBProviding your employees (and yourself) an opportunity for saving early is a huge financial benefit. Larger companies have the time and resources to set up a 401(k) plan, but what about small businesses? What if you're a small team (or a team of one) with limited dollars and time? How can you provide an avenue for financial wellness? Find the blog version of this podcast at LuminaryWealth.com Or check out the video version of this podcast on our YouTube channel Follow us on Instagram @lum...
When the Budget Goes Off the Rails
March 26, 2021 10:00 - 6 minutes - 4.35 MBHave you ever had one of those weeks where the diet or budget just go out the window? You have a few "cheat" meals, or you spend a little more than you had planned, so you just decide to start over again next week? Rinse and repeat. Here I share a few ways to break this cycle. Find the blog version of this podcast at LuminaryWealth.com Or check out the video version of this podcast on our YouTube channel Follow us on Instagram @luminary.wealth Let's connect on LinkedIn Disclaimer This pod...
When the Budget Goes Out the Window
March 26, 2021 10:00 - 6 minutes - 4.35 MBHave you ever had one of those weeks where the diet or budget just go out the window? You have a few "cheat" meals, or you spend a little more than you had planned, so you just decide to start over again next week? Rinse and repeat. Here I share a few ways to break this cycle. Find the blog version of this podcast at LuminaryWealth.com Or check out the video version of this podcast on our YouTube channel Follow us on Instagram @luminary.wealth Let's connect on LinkedIn Disclaimer This pod...
The 2021 Stimulus: What You Need to Know
March 19, 2021 09:00 - 8 minutes - 5.86 MBThe passing of the latest stimulus (a.k.a the American Rescue Plan Act of 2021) introduces a LOT of changes for 2021. Regardless of your income, age, or profession, this law will most likely impact your taxes in some way. Here I walk through a very high-level overview of some of those big changes. Resources The American Rescue Plan Act Of 2021: Tax Credits, Stimulus Checks, And More Find the blog version of this podcast at LuminaryWealth.com Or check out the video version of this podcas...
How the New Stimulus Impacts Your Small Business
March 15, 2021 11:00 - 7 minutes - 5.1 MBPresident Biden recently signed the American Rescue Plan Act of 2021 into law, making this the third "stimulus" since the pandemic began back in March 2020, nearly one year ago. While this stimulus includes a wide variety of provisions, here is a quick overview of how it may impact small business owners. Resources Journal of Accountancy: PPP New Eligible Organizations PPP Local Lender Match Restaurant Revitalization Fund Eligible Expenses Shuttered Venue Operator Grant (SVOG) Program Cross...
Are You Contributing Enough to Your 401k?
March 05, 2021 10:00 - 8 minutes - 5.71 MBIt's not uncommon for people to get caught up in the onboarding of a new job and gloss over the details of the 401k. For that reason, most people just set their contributions at the minimum amount required to get the employer-match. After that, it rarely gets revisited. It's also a common assumption that the minimum 401k contribution to get the employer-match will be adequate savings for retirement. But is this actually true? 401k Calculators SmartAsset 401(k) Calculator NerdWallet 401(...
Are You Contributing Enough to Your 401k?
March 05, 2021 10:00 - 8 minutes - 5.71 MBIt's not uncommon for people to get caught up in the onboarding of a new job and gloss over the details of the 401k. For that reason, most people just set their contributions at the minimum amount required to get the employer-match. After that, it rarely gets revisited. It's also a common assumption that the minimum 401k contribution to get the employer-match will be adequate savings for retirement. But is this actually true? 401k Calculators SmartAsset 401(k) Calculator NerdWallet 401(...
Should You Be Paying Down Student Loans?
February 26, 2021 10:00 - 8 minutes - 5.62 MBThere are two things going on right now regarding Federal student loans: 1) Payments on Federal student loans and interest accrual on those loans have been put on pause until September 2021; and 2) There is talk about forgiving $10,000 of Federal Student Loans. So what does this mean for you? Find the blog version of this podcast at LuminaryWealth.com Or check out the video version of this podcast on our YouTube channel Follow us on Instagram @luminary.wealth Let's connect on LinkedIn Dis...
Should You Be Paying Down Student Loans?
February 26, 2021 10:00 - 8 minutes - 5.62 MBThere are two things going on right now regarding Federal student loans: 1) Payments on Federal student loans and interest accrual on those loans have been put on pause until September 2021; and 2) There is talk about forgiving $10,000 of Federal Student Loans. So what does this mean for you? Find the blog version of this podcast at LuminaryWealth.com Or check out the video version of this podcast on our YouTube channel Follow us on Instagram @luminary.wealth Let's connect on LinkedIn Dis...
Build a Habit, Not a Budget
February 19, 2021 11:00 - 7 minutes - 5.11 MBLike diets, budgets don't work for the vast majority of the population. But time after time, we're told to follow a budget. We know we should change, we want to change, but we struggle to actually change! Why is this? And is there a better solution? Find the blog version of this podcast at LuminaryWealth.com Or check out the video version of this podcast on our YouTube channel Follow us on Instagram @luminary.wealth Let's connect on LinkedIn Disclaimer This podcast is not intended to prov...
Funding a Side Hustle with Savings
February 15, 2021 10:00 - 6 minutes - 4.23 MBLike with anything, starting a business (or side hustle) costs money. Depending on the type of business, it may cost a lot of money. In many cases, people often forgo savings for a period of time to fund their new venture, with the hope that it will eventually pay for itself. So what kind of income will your business need to produce to make up for the savings that you forfeited to start that business? Link to spreadsheet --> Side Hustle Break Even Analysis Find the blog version of this...
Getting Rich Quick
February 08, 2021 05:00 - 6 minutes - 4.42 MBWith the recent events around GameStop, apps like RobinHood have grown in popularity with individual investors hoping to land that one big stock that will provide overnight wealth. Today I look at what happens with these get-rich-quick strategies. Find the blog version of this podcast at LuminaryWealth.com Or check out the video version of this podcast on our YouTube channel Follow us on Instagram @luminary.wealth Let's connect on LinkedIn Disclaimer This podcast is not intended to provi...
GameStop, Hedge Funds, and WallStreetBets
February 01, 2021 23:00 - 6 minutes - 4.6 MBStories of a Reddit group taking on Wall Street hedge funds have dominated the news over the past couple of days. Here is a quick overview of what is going on. Find the blog version of this podcast at LuminaryWealth.com Or check out the video version of this podcast on our YouTube channel Follow us on Instagram @luminary.wealth Let's connect on LinkedIn Disclaimer This podcast is not intended to provide financial or tax advice. The information, services and other content provided on and th...
The Power of Saving Early
February 01, 2021 21:00 - 8 minutes - 5.56 MBYou have probably heard the common phrase "Save early and save often". Here I show how this piece of advice can mean the difference of millions of dollars, by comparing someone who started saving early against someone who waited 10 years to start saving. Find the blog version of this podcast at LuminaryWealth.com Or check out the video version of this podcast on our YouTube channel Follow us on Instagram @luminary.wealth Let's connect on LinkedIn Disclaimer This podcast is not intended t...
Why Does It Feel Good to Buy Things?
January 30, 2021 16:00 - 8 minutes - 5.84 MBHave you ever made a spontaneous, unnecessary purchase on Amazon? Or have you ever felt the need to buy something after a stressful day of work? There is actually a biological reason why impulsive purchases feel good, and why we sometimes lose that battle. Find the blog version of this podcast at LuminaryWealth.com Or check out the video version of this podcast on our YouTube channel Follow us on Instagram @luminary.wealth Let's connect on LinkedIn Disclaimer This podcast is not intended t...
Why Does It Feel Good to Buy Things?
January 30, 2021 16:00 - 8 minutes - 5.84 MBHave you ever made a spontaneous, unnecessary purchase on Amazon? Or have you ever felt the need to buy something after a stressful day of work? There is actually a biological reason why impulsive purchases feel good, and why we sometimes lose that battle. Find the blog version of this podcast at LuminaryWealth.com Or check out the video version of this podcast on our YouTube channel Follow us on Instagram @luminary.wealth Let's connect on LinkedIn Disclaimer This podcast is not intended t...
Welcome
January 29, 2021 21:00 - 3 minutes - 2.28 MBWelcome to 9 Minute Money Tips, where we simplify complex money topics in 9 minutes or less. You are busy. So are we. You don't have time to listen to a 40 minute podcast on finances, nor do we want to talk at you for that long. We hope this podcast serves as a quick, simple way to get a high-level understanding of money matters that impact you. And most of all, we hope that these short episodes equip you with the knowledge to make smart decision with your money and offer you a small s...