Financial Symmetry: Balancing Today with Retirement
226 episodes - English - Latest episode: 9 days ago - ★★★★★ - 45 ratingsWhen considering retirement, do you wonder what financial opportunities you may be missing? Busy lives take over and years pass without taking advantage. In this retirement podcast, Chad Smith and Mike Eklund unveil financial opportunities, to help you balance enjoying today so you are ready to retire later. By day, they are fiduciary fee-only financial advisors who answer questions about tax savings, investment decisions, and how to save more. If you’ve been putting off your financial to-do list or are just not sure what you’ve been missing, subscribe to the show and learn more at www.financialsymmetry.com. Financial Symmetry is a Raleigh Financial Advisor, proudly serving clients in the Triangle of North Carolina for over 20 years.
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Episodes
Why Bother Diversifying with International Stocks? Ep #67
September 10, 2018 09:00 - 30 minutes - 24.1 MBIt's easy to stick with investments that are leaving all other assets in the dust. In fact, logic tells us because they're performing so well, we should buy more of it. While you're at it, shouldn't you go ahead and dump the lousy performers in your portfolio? These emotions are what makes investing so difficult. Additionally, when you diversify your investments, mediocrity is inevitable. Given the tear U.S. Stocks have been on, it's a good time to talk through the risks and benefits of dive...
3 Frequently Asked Financial Questions, Ep #66
August 27, 2018 09:00 - 24 minutes - 19.6 MBOn this episode of Financial Symmetry, Chad and Mike revisit a few previous episodes to cover some important financial questions that frequently come up. Taken from episode 6 is the question: Do I need a financial plan? With this question comes further questions. You’ll want to listen in to hear what the answers are. Episode 11 asks the question: What little things can you do to improve your financial life? There are so many little things you can do to improve your finances, listen to this e...
What Tops Your Financial Bucket List?, Ep #65
August 13, 2018 09:00 - 28 minutes - 23 MBAll of us have a subconscious financial bucket list of things we want to accomplish. After having meetings with thousands of clients collectively over the years, we have a pretty good sample size of the biggest checklist items people would include on their financial to-do list. Now it’s Chad’s turn to share reflections on his 40th birthday. While Mike looked back highlighting lessons he’d learned, Chad looks forward describing the biggest bucket list items people hope to accomplish within th...
Your Social Security Guide in Less than 30 Minutes, Ep #64
July 30, 2018 09:00 - 27 minutes - 21.7 MBOne of the difficulties in decisions around retirement, is most people only get one chance. One of the more essential decisions centers around when and how you choose to take Social Security. Maximizing your benefit has huge impacts to you retiring well. So this is not a subject that should be independent of your complete retirement financial plan. Carefully analyzing the best options could mean hundreds of thousands dollar differences for you throughout retirement. So in this episode, we a...
Financial Acronymology, Decoded, Ep #63
July 16, 2018 09:00 - 22 minutes - 17.9 MBDo you ever feel financial advisors speaks a different language? Many clients feel their advisors throw around financial terminology that creates more confusion than clarity. Financial planners use mnemonics and acronyms since they are a great way to remember things. But the shorthand can be confusing to those that are unfamiliar with them. According to Investopedia, there are around 1900 financial acronyms, and more being created daily. Join us on this episode as we decode 10 of the most co...
The Tumultuous Journey of Bitcoin and How Cryptocurrencies Work, Ep #62
July 02, 2018 09:00 - 22 minutes - 18 MBYou have been hearing about Bitcoin and other cryptocurrencies for the past few years now. Nothing attracts the attention of the public like the possibility of missing out on the latest craze. The fear of missing out or “FOMO” can be extremely powerful. So you may be wondering whether Bitcoin or another cryptocurrency might be worthwhile to invest in. Like anything money related, it is important to understand what you are getting yourself and your money invested in. Listen to this episode to...
Planning A More Enjoyable Summer Vacation Ep 61
June 18, 2018 09:00 - 25 minutes - 57.5 MBNext to the weather, vacation questions are in the small talk hall of fame. Each year, as summer approaches, more time is spent thinking, talking and planning for the perfect summer getaway. For most of us, the joy of some relaxation can make us all daydream. After all, most people choose to spend more time planning their vacations than their finances. This makes sense because the greatest amount of happiness around vacations, peaks in the anticipation period. Looking forward to your trave...
5 Easy Ways to Improve Your Financial Decisions, Ep #60
June 04, 2018 09:00 - 30 minutes - 24.1 MBDid you know that your natural human behavior could be affecting your finances in a negative way? Behaviors may seem like small decisions but they build up over time. Human behavior makes a big difference in whether you are able to reach your financial goals. On this episode, Mike and I explore how human behavior impacts your financial choices. We have discovered 5 secrets to improve the way you go about making financial decisions. Are you looking for new ways to improve your finances? If so...
Tax Solutions for Charitable Giving, Ep #59
May 21, 2018 09:00 - 19 minutes - 15.3 MBCharitable giving fills a need in our society and betters it as a whole. And until recently, donating to nonprofits helped people receive attractive deductions on their tax bills. With the recent tax law change, it’s important to understand how your charitable contributions will affect your next tax return. We want to make sure that you continue to get the biggest tax benefit possible when giving to your favorite charities. So in this episode, we discuss a strategy to help you find the best ...
Ensure Financial Success With Our Top 5 Money Tips for Millennials, Ep #58
May 07, 2018 09:00 - 25 minutes - 20.1 MBHeather Gudac and Haley Modlin join Mike and me on this episode of the Financial Symmetry podcast to discuss how to become a financially successful millennial. We have had targeted advice toward other age groups in the past, and now we’re excited to find ways to help out the younger generation. Heather and Haley have worked hard to put together a fantastic list of five money tips for millennials to help them become financially savvy. Be sure to listen to this episode to hear excellent ideas ...
What Happens When You Have No Estate Plan?, Ep #57
April 23, 2018 09:00 - 26 minutes - 21 MBDo you know what the number one most avoided financial subject is? On this episode of The Financial Symmetry Podcast, we are diving deep into estate planning where you'll learn why it is so avoided and why you really shouldn't avoid it. Cameron Hendricks joins us on the show today to help us navigate this touchy subject. Estate planning is easy to forget to do and so many people end up putting it off so that it is actually the most avoided subject when it comes to financial planning. If you ...
5 Important Financial Strategies to Consider After the Death of a Spouse, Ep 56
April 09, 2018 09:00 - 23 minutes - 18.4 MBAllison Berger and Grace Kvantas are stepping in for Mike on this episode. They join us to talk about how to navigate through a life crisis, specifically financial considerations after the death of a spouse. It’s hard to think financially after such a terrible emotional blow, but proper financial planning can help ensure that you will have less to worry about in the years to come. Listen to this episode to hear our top 5 financial planning opportunities to think about after the death of a sp...
Are You Making These Ten Tax Return Mistakes? Ep #55
March 26, 2018 09:00 - 23 minutes - 19.1 MBOn this episode of Financial Symmetry, we’re getting you ready for tax time! We've been helping clients check their taxes for many years and we know that there are two types of people that file their tax returns. The optimists try and get their taxes done as quickly as possible and probably have already filed their taxes. Those of you that are pessimists are waiting until the last minute and probably haven’t filed yet. If you fall into the latter category then you will definitely want to lis...
It’s March Madness! Our Top 8 Big Financial Decisions, Ep #54
March 12, 2018 09:00 - 36 minutes - 29.4 MBWe’re jumping into the March Madness spirit by seeding our top 8 big financial life decisions. We have weeded through all the challenging financial decisions that you will come across in your life and ranked the top 8. By carefully choosing how you decide these 8 factors you could change the trajectory of your potential to build wealth over your lifetime. These decisions can make differences in the millions of dollars! Problem is, you don’t get a lot of practice at many of these decisions, m...
Do I Really Need a Financial Advisor?, Ep #53
February 26, 2018 10:00 - 32 minutes - 25.9 MBOn this episode, we’re jumping into the March Madness spirit by seeding some of your biggest financial life decisions. We have weeded through all the challenging financial decisions that you will come across in life and ranked the top 8. By carefully choosing how you decide these 8 factors you could change the trajectory of your potential to build wealth over your lifetime. These decisions can make differences in the millions of dollars! Problem is, you don’t get a lot of practice at many of...
What Investment Decision Process Should You Implement?, Ep #52
February 12, 2018 16:03 - 46 minutes - 41.2 MBWhen it comes to investments, too many people take a haphazard approach when what they need is an investment decision process that makes the most of a number of different available resources. This episode of the podcast is aimed at helping you understand what goes into a good investment decision process and how the team at Financial Symmetry approaches investments for its clients. Chad and Mike discuss market indicators and how they impact a good investing strategy, how consumer sentiment fi...
Financial Savvy for Women: The Top 10 Tips, Ep# 51
January 29, 2018 10:00 - 50 minutes - 40.4 MBStudies show that most women don't think of themselves as having financial savvy. Honestly, it's a very sad situation but one that is improving as years go by. In this conversation, you will hear some of the latest statistics about the improving state of women's finances, the causes behind these improvements, and what any woman can do to grow to be savvier when it comes to financial planning. But the Financial Symmetry team isn't going to stop there. Allison Berger and Grace Kvantas present...
Your Ultimate New Year Financial Checklist, Ep# 50
January 15, 2018 10:00 - 30 minutes - 34.9 MBChecklists make life easier. Research has demonstrated the value of checklists in all industries from medicine to construction. Often our financial to-do lists are scattered tasks we think about often but struggle to complete due to the multiple steps involved. Most of us start the year with hope that this year will be different from this perspective. How much easier could tackling these tasks be if we had a checklist to follow? In this episode, we’ve compiled 12 steps to make sure you are...
How Will Tax Reform Benefit You?, Ep 49
January 04, 2018 10:00 - 23 minutes - 26.8 MBAs we approach year end, we now have the first major tax overhaul in over 30 years, which became effective January 1, 2018. As financial planners, we are focusing a great deal of our attention on the changes that are coming and how they are going to affect each of our clients in the coming years. The reform creates new opportunities for some, and closes the door on others. So, what are the major changes that are coming and how do they affect you? Join us in this episode as we discuss the big...
Ep 49 - How Will Tax Reform Benefit You?
January 04, 2018 10:00 - 23 minutes - 26.8 MBAs we approach year end, we now have the first major tax overhaul in over 30 years, which became effective January 1, 2018. As financial planners, we are focusing a great deal of our attention on the changes that are coming and how they are going to affect each of our clients in the coming years. The reform creates new opportunities for some, and closes the door on others. So, what are the major changes that are coming and how do they affect you? Join us in this episode as we discuss the big...
Ep 48 - Making Better Decisions with the Laws of Wealth
December 18, 2017 10:00 - 37 minutes - 43.2 MBWe read, write and talk a lot about better ways to build wealth, and after reading Dr. Daniel Crosby's latest book, The Laws of Wealth, we wanted to dive deeper on his 10 rules of wealth building. Daniel does a great job of weaving relevant stories in to topics that often can be overly complicated. In this episode, we walk through our favorite rules along with steps you can take to put these rules in to practice in your own life. Daniel's examples of why so many of us are overconfident wi...
Making Better Decisions with the Laws of Wealth, Ep# 48
December 18, 2017 10:00 - 37 minutes - 43.2 MBWe read, write and talk a lot about better ways to build wealth, and after reading Dr. Daniel Crosby's latest book, The Laws of Wealth, we wanted to dive deeper on his 10 rules of wealth building. Daniel does a great job of weaving relevant stories in to topics that often can be overly complicated. In this episode, we walk through our favorite rules along with steps you can take to put these rules in to practice in your own life. Daniel's examples of why so many of us are overconfident wi...
Why Do You Need an HSA?, Ep 47
December 04, 2017 10:00 - 29 minutes - 33.3 MBOne of the most asked questions we receive centers around the HSA. It's also one of the largest missed opportunities for tax savings we see people are missing, if they are eligible. Health Savings Accounts, known also as HSA, are gaining more and more popularity. But there is still a lot of confusion on how this account is different. Join us this week, as we break down the ins and outs of all you need to know about how an HSA can benefit you and your family. We address why so many are stil...
Ep 46 - What Tax Moves Am I Missing?
November 20, 2017 10:00 - 34 minutes - 39.3 MBNear tax time each year, do you find yourself wondering what other tax strategies you may be missing? Many people have a goal of paying less in taxes but are missing opportunities to be as tax efficient as possible with their entire financial picture. Fact is, there are things you can do between now and the end of the year that could be a nice benefit when filing your tax return this year. Join us this week, as we are interviewing a seasoned CPA expert on tax strategies people miss. Will H...
Ep 45 - How Likely Are You to Build Wealth?
November 06, 2017 14:29 - 29 minutes - 34.1 MBWhat if you knew the secret to building wealth? For many, asking that question alone is part of the problem. That's because it's less of a secret, and more of a discipline of small habits and behaviors we are programmed to ignore. Whether it's how easy we get distracted or our propensity to keep up with the Joneses, understanding our thought patterns around these topics is informative and can lead to trans-formative long-term behavior change. Join us for this episode, as we discuss the speci...
Ep 44 - What Behavioral Economics Means To You
October 23, 2017 15:39 - 32 minutes - 37.3 MBDid you realize that we are hardwired to make irrational financial choices? The incentives to spend now vs. save are difficult to overcome on our own. On this episode, we break down six key behavioral biases we all share at some point around our finances. The good news is that human accountability and automated savings programs can go a long way to fight against these instinctual biases. So join us as we celebrate the recognition of Dr. Richard Thaler winning the Nobel Prize in Economic...
Ep 43 - Steps to Take After The Equifax Breach
October 09, 2017 10:00 - 23 minutes - 21.6 MBInterest remains high of how to protect yourself after the Equifax Credit scandal. The good news is there are steps to take to mitigate your risks to guard your credit reputation. The bad news is that similar breaches have happened before and will happen again. Listen this week as Chad and Mike discuss ways thieves will try and take advantage and the details on steps you can take to decrease your risk of having your credit compromised.
Ep 42 - How to Navigate Open Enrollment
September 26, 2017 14:48 - 32 minutes - 37.2 MBFor many, the open enrollment period is just another email you quickly delete thinking nothing has really changed since last year. But this passive approach can be extremely costly if new benefits are being offered or life changes you forget about throughout the year may have happened. On this episode we share some of our unique perspectives given how many different employee benefit packages we see regularly. We also reveal some of the more unique benefits companies are now offering that cou...
Ep 41 - How to Pick the Best Small Business Retirement Plan
September 11, 2017 16:09 - 28 minutes - 32.1 MBPicking out a small business retirement plan can be daunting. This is why we see many small business owners, or those with side hustles, not taking advantage of a retirement plan for them or their employees. This is often because they are overwhelmed by the number of plan options, plan administration requirements, fiduciary responsibilities or they think they are too expensive. On this episode we share some insights to potential options that are not as complicated or as expensive as you migh...
Make these Financial Moves in Your 40s, Ep #40
August 27, 2017 10:00 - 30 minutes - 24.8 MBOnce you hit your 40s, it becomes more important than ever to evaluate your financial plan and fill in any gaps in your future. Many of the planning tasks can be tedious or seem unimportant now, but you will thank yourself later when you look back on your conscious and careful financial decisions. Life throws a lot of curveballs and it’s easy to get busy and forget to keep your plan up to date. But taking time to get your ducks in a row will save you a lot of stress later on. You can find ...
Ep 40 – Make these Financial Moves in Your 40s
August 27, 2017 10:00 - 30 minutes - 24.8 MBOnce you hit your 40s, it becomes more important than ever to evaluate your financial plan and fill in any gaps in your future. Many of the planning tasks can be tedious or seem unimportant now, but you will thank yourself later when you look back on your conscious and careful financial decisions. Life throws a lot of curveballs and it’s easy to get busy and forget to keep your plan up to date. But taking time to get your ducks in a row will save you a lot of stress later on. You can find ...
Ep 39 - 7 Insider Tips for Picking Your Best College
August 13, 2017 10:00 - 45 minutes - 36.4 MBIt doesn’t get much more stressful than preparing your child for college. From the testing and forms to the outrageous tuition prices, the process can truly be a nightmare without the right strategy. Cozy Whittman from College Inside Track joins us on the show today to share some really valuable information that could save your family tens of thousands of dollars over the course of the college process. You can find show notes and more information here: http://bit.ly/2wMLyAp
Ep 38 – Things You KNOW But Don't DO
July 30, 2017 10:00 - 37 minutes - 30.5 MBYou know those things you know you should do - eat healthy, work out every day, sleep eight hours - but struggle to get done? We all do it, and skipping over financially healthy habits is another common way to cut corners. Overlooking seemingly small aspects of your financial life now is just like skipping floss or skimping on sleep - they don't have a huge impact immediately, but can really affect you down the road. Tuning up your financial habits is a good way to keep yourself in good sh...
Ep 37 – Lucky List of 13 Summer Reads
July 16, 2017 10:00 - 32 minutes - 26.4 MBThere’s always more to learn when it comes to the world of finance. A great way to squeeze in some extra know-how this summer is through reading. So on this episode, we have a list of 13 great titles that you may want to add to your reading list, no matter where you are financially or what interests you have. You can find show notes and more information by clicking here: http://bit.ly/2ukGIgu
Episode 36 – Money Can Buy Happiness
July 02, 2017 10:00 - 34 minutes - 27.5 MBWhen was the last time you asked yourself: what purchases have I made in the last month that really made me happy? It might sound like a silly question, but as we'll reveal in this episode, the answer is key to making sure you spend money in a way that supports short- and long-term happiness. In this episode, we're switching it up a bit and giving you a rundown of one of our favorite books: Happy Money: The Science of Happier Spending. Happy Money gives you the tools to spend in ways that ...
Episode 35 – How Should I Withdraw My Pension?
June 18, 2017 10:00 - 24 minutes - 19.9 MBHow you take your retirement pension can be a more consequential decision than many people realize. The debate over whether to take your pension as a lump sum or as monthly payments can be tricky. On this episode, Chad and Michael share 5 things you should keep in mind when making decisions about your retirement pension. They cover some of the key terms you should know, and point out the importance of finding what age is the breakeven point in your calculations. Inflation is also key to f...
Episode 34 – Finances and Your Family
June 04, 2017 10:00 - 19 minutes - 15.9 MBWe are so excited to welcome back Cameron Hendricks to the Financial Symmetry Podcast! He is back to discuss the journey of writing a book about financial decisions and how they affect your family dynamics. We chart his growth in thinking about financial planning and helping people achieve their financial goals. You can find show notes and more information by clicking here: http://bit.ly/2rfNp0z
Episode 33 – 5 Things to Know Before Investing in Real Estate
May 21, 2017 13:00 - 28 minutes - 22.8 MBAs with any financial decision, investing in real estate requires a lot of thought and planning. We've pulled together five of the most important things you should consider before you buy any time of investment property, be it residential or commercial. You should also consider whether you're passionate enough about maintaining property to dedicate significant time and money to the endeavor. Real estate is no small undertaking, but can be fulfilling if you enjoy the process. You can find...
Episode 32 – Teaching Your Kids About Money
May 04, 2017 10:00 - 26 minutes - 21.5 MBEveryone has a unique road to financial literacy. One common trait we all share is that we hope to pass our wisdom on to the next generation, and that they will learn valuable lessons while they are young. In today’s episode, Chad and Mike share their best tips and tricks for educating your children about money. You can find show notes and more information by clicking here: http://bit.ly/2oTSL1K
Episode 31 – Top 10 Retirement Mistakes to Avoid
April 13, 2017 10:00 - 33 minutes - 26.8 MBSaving for retirement often feels like the biggest and most-talked about goal of financial planning. And while there's a lot that goes into successful retirement planning - healthcare costs, keeping track of spending, and tax planning - there are some pitfalls that a comprehensive financial plan can help you avoid. Today we're doing one of our famous Top 10 episodes and counting down the top ten retirement mistakes to avoid. We cover everything from how you should budget your spending, to...
Episode 30 – Buying A Car
April 03, 2017 13:00 - 25 minutes - 20.3 MBToday we're talking about one of the larger purchases you might make: buying a car. 90% of consumers say that price is their most important consideration when buying a car, and that negotiating is the most painful part of the process. Big purchases can be stressful and confusing, but there's no reason your financial planner shouldn't be able to make them easier. We walk step-by-step through the process of buying a car, beginning with determining what you can afford. You'll also have to co...
Episode 29 – Why Fiduciary Matters
March 16, 2017 10:00 - 19 minutes - 15.5 MBThe word "fiduciary" is being tossed around a lot lately, largely because of the Department of Labor's oncoming regulations. We thought it would be a good idea to talk about what fiduciary advisors don't look like, so you can choose an advisor that always puts your interests first. First we talk about what fiduciary means and why it only applies to retirement advice. Then we go through a list of five examples of non-fiduciary advice so you'll know it when you see it. We cover the importanc...
Episode 28 – Navigating Elder Care
February 21, 2017 11:00 - 23 minutes - 19.1 MBFor many of us, our parents getting older is a tricky situation to navigate. How do you respectfully offer your help? Ensure they get the best care? Know what to do with their bills and other finances? For our first-ever interview, we're speaking with Cheryl Theriault of LifeLinks Care, a group of nurses, social workers, care managers, and other professionals that specialize in helping families navigate elder care. We've worked with Cheryl and her team in the past, and thought she would be...
Episode 27 – Top Investment Lessons Learned by 40
January 31, 2017 17:00 - 32 minutes - 44.9 MBMike's turning 40! As he hits this milestone, they guys explore the lessons he learned over more than 17 years in the financial services industry. Mike and Chad will reflect on the top 10 lessons learned from these experiences in this week's episode of the Financial Symmetry Podcast. Top 10 Investment Lessons Learned Following the crowd is not a recipe for investment success. It’s OK to be different. Sometimes saying no is the best decision. Making yourself more marketable and attrac...
Episode 26 – How to Achieve Your New Year's Resolutions
January 17, 2017 14:00 - 28 minutes - 38.8 MBDid you meet your New Year's Resolutions last year? Have you set goals for the New Year? In this episode, Chad and Mike discuss the five small steps you can take to make your resolutions attainable.
Episode 25 – 10 Tips for Your Taxes
December 13, 2016 14:00 - 25 minutes - 34.8 MBYou likely would rather think about ANYTHING other than their taxes. And even though you want more tax savings, you rarely follow through with proper tax planning. Most people don’t realize the large amount of tax savings they could have by making a few simple tweaks. Instead they operate under the “penny wise, pound foolish” mantra. Missing substantial savings to save the cost of a professional. By performing professional tax planning towards the end of the year, there is often thousands in...
Episode 24 – What Should You Do With Your Year-End Bonus?
November 29, 2016 05:00 - 21 minutes - 30.1 MBMany people don't have a great idea of what do do with their bonus at the end of the year. Should you spend it? Invest it all immediately? Invest it over the coming year? In this week's podcast, Chad and Mike explore your options and help you decide how to end your year. Music this week: Celebration (Single Version) – Kool & The Gang from the Album Celebrate! (1980) Don't Stop Believin' – Journey from the Album Greatest Hits (1988) Used under Fair Use.
Are You Procrastinating on Your Retirement Planning?, Ep #23
November 08, 2016 21:32 - 22 minutes - 30.9 MBTwo-thirds of people admit to procrastinating when it comes to their retirement planning. In fact, the average person spends more time planning a vacation then than do planning for retirement. Non-urgent financial tasks love to find cracks in our to-do list, falling to the bottom fast. Mark Twain humorized this concept well with his quote, “Why do today what you can put off till tomorrow?” Jason Zweig captured these problems in his book Your Money and Your Brain. He wrote “Unpleasant ta...
Episode 23 – Are You Procrastinating on Your Retirement Planning?
November 08, 2016 21:32 - 22 minutes - 30.9 MBTwo-thirds of people admit to procrastinating when it comes to their retirement planning. In fact, the average person spends more time planning a vacation then than do planning for retirement. In this episode, Chad and Mike discuss why retirement planning is so hard to do on your own, and offer some advice to help you get back on track.
Episode 22 – Don't Fail In Retirement!
October 25, 2016 13:00 - 20 minutes - 28.6 MBOne of the biggest dangers of retirement is to have an unexpected event send you back to work, or not having enough intention in your retirement plan. In this week's episode, Chad and Mike take a look at what it means to retire with confidence.