Hack Your Wealth
100 episodes - English - Latest episode: 11 months ago - ★★★★★ - 20 ratingsAs a lawyer / engineer / MBA, how can you achieve FIRE (financial independence, retire early) rapidly to quit the rat race, pursue your passions, and live life on your own terms? Andrew Chen – founder of the Hack Your Wealth Blog and lawyer, financial expert (CFA graduate), and tech industry veteran – shows you strategies and tactics to (1) earn, (2) save, (3) invest, and (4) protect as a high earner so that you can build massive wealth and create a portfolio that’s a FIRE machine. Through solo lessons, expert interviews, and side hustle profiles, you’ll learn about tax strategies, retirement account optimization, asset allocation & rebalancing, passive income (real estate investing, side hustling, online business, digital nomading), family finances (e.g., strategizing college education costs), travel hacking, estate planning, and career transitions. Andrew podcasts about the big picture concepts, then adds step-by-step implementation guides downloadable from the Hack Your Wealth website to help you FIRE strategically, methodically, and rapidly.
Homepage Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Episodes
Healthcare planning = retirement planning
June 06, 2023 08:00 - 1 hour - 51.1 MB#95: The biggest concern many would-be retirees have, at least in the US, is the cost of healthcare. Not only is healthcare more expensive in the US than in every other industrialized country. There’s also no national health insurance system to control costs or standardize care quality…unless you’re a senior or very poor (or both). In fact, were it not for worries about healthcare, there would undoubtedly be way more US retirees out there today. The average retirement age would drop notice...
Real estate investing in short-term rentals and hotels
April 04, 2023 08:00 - 56 minutes - 38.6 MB#94: Real estate investing changed a lot the last couple years, but one asset class consistently punched above its weight: short-term rentals, a.k.a., STRs, e.g., Airbnbs. In 2020, when people couldn’t go on vacation by hopping on a plane to Europe, South America, or Asia, they got in their cars and drove to national parks and mountain / beach / lake towns. Short-term rentals, often seen as safer than hotels, were on 🔥. In 2021, this trend exploded. 🔥🔥 In 2022, when flying became a thing ...
Health insurance for traveling early retirees
November 22, 2022 09:00 - 53 minutes - 37 MB#93: Early retirees often fill their early years in retirement with lots of travel. There is even a vibrant community of nomadic early retirees who travel long-term. But what do you do about health insurance, especially if you’re American? Unlike in most other industrialized countries that have universal health insurance, American health insurance is generally tied to your employer, at least before you’re old enough to qualify for Medicare. That means if you don’t have a job, you generally ...
How a female MBA early retired at 39 (+ her advice for women pursuing FIRE)
October 18, 2022 08:00 - 1 hour - 45.1 MB#92: Most FIRE stories are of men. A lot seem to be of ex-software engineers (on blogs anyway). It’s rare to see profiles of early retired women, especially single women who retired early from ambitious careers. Also, most FIRE stories focus on strategies for things like accumulating enough assets to FIRE. Investment selection. Portfolio allocation. Safe withdrawal rates. Sequence risk. These are important topics for sure. I’ve covered many of them on HYW. But they are also very much about...
Financial independence in healthcare: how a dentist built a $7M nest egg
September 20, 2022 08:00 - 54 minutes - 37.6 MB#91: It’s no secret that many healthcare professionals earn lots of money. So, you might think it’s relatively easy for them to achieve financial independence and retire early (or at least step back from demanding clinical hours). Aaaand….you’d be right about that! Sure, earning healthcare money is not a requirement for FIRE. But if you do, you certainly have more options…even if you also have large expenses (like kids). This week, I talk with Dr. G (anonymized, his request), a dentist wi...
How to pay for college
August 23, 2022 08:00 - 1 hour - 51.9 MB#90: It’s back to school season, and that means it’s also the time of year for high school seniors to start agonizing over college applications. Applying to college is an anxiety-filled rite of passage for high school seniors, but it’s often just as anxiety-inducing for parents who bang their heads on how to pay for it. That’s because paying for college is, for many families, the biggest single expense they’ll have for their child. It’s also often the second biggest life expense a family w...
How to do real estate due diligence when buying a home
May 03, 2022 08:00 - 1 hour - 57.3 MB#89: Summer is fast approaching, and that’s traditionally when home-buying season ramps up. This week, I share insights on how to conduct due diligence when you’re looking to buy a home. Whether you’re buying a primary residence or investing in rental real estate, rigorous due diligence is critical to ensuring you get a good property at a reasonable price. In this episode, I explain my entire process for thoroughly analyzing a property before writing an offer. You learn: 10 key things to ...
Mega Backdoor Roth
April 05, 2022 08:00 - 37 minutes - 25.7 MB#88: Have you maxed out your backdoor + mega backdoor Roth conversions yet? For high earners, direct contributions to a Roth IRA, and tax-deductible contributions to a traditional IRA, are limited by income thresholds. But ALL taxpayers – even high earners – can still invest money into a Roth via backdoor Roth conversion. And if your employer’s 401k has the right plan features, you can turbo-charge your Roth conversions another 7x by doing the “mega backdoor” Roth conversion. What the hec...
How the future of (remote) work is changing
March 08, 2022 09:00 - 59 minutes - 41 MB#87: Remote work and digital nomadism have always been of particular interest to folks in the FIRE community. After the pandemic, remote work was suddenly thrust upon the entire knowledge workforce. And after two long pandemic years, the possibility that remote work for many professions will persist and become long-term viable options is tantalizingly close. What is the state of remote work right now? Where is the future of remote work headed? What jobs are most in-demand for remote work, ...
Why the 4% rule doesn’t work anymore
February 08, 2022 09:00 - 1 hour - 45.5 MB#86: Pretty much everyone in the FIRE community has heard of the 4% rule. It is the starting safe withdrawal rate number for a 30-year retirement horizon that was proposed a few decades ago by retirement researchers. And it has attained near pop culture status in the FIRE community because it’s such a simple mental shortcut to answer the question: “how much can I safely withdraw from my portfolio each year in retirement and have high confidence that I’ll be financially secure for the rest ...
How current economic changes impact retirement safe withdrawal rates
January 11, 2022 09:00 - 1 hour - 75.5 MB#85: Recently I’ve really started to notice the impact of inflation on daily spending. Have you? At first, it was just 1-2 things. Then it was a handful. Now it seems like everything is noticeably more expensive. (Assuming it’s even in stock in the first place.) Gas. Groceries. Takeout. Toiletries. Utilities. Car maintenance. Healthcare/supplies. Pre-school. Appliances. Everything seems to cost more and you just can’t buy as much with the same budget anymore. This got me wondering about ...
REPLAY: How to set and rebalance your asset allocation efficiently
December 27, 2021 09:00 - 36 minutes - 25.1 MB#84: Today's episode is about an important end-of-year planning topic: asset allocation and portfolio rebalancing. Many otherwise smart investors set their portfolio once, but then fail to rigorously monitor their asset allocation and rebalance regularly. Whether due to inertia or hassle, this inaction is costly. It results in lower returns and greater risk as your asset allocation drifts…bad for wealth-building. How do you set your target asset allocation optimally and rigorously? And ho...
Retirement withdrawal strategies: tax-efficient portfolio drawdowns
November 02, 2021 08:00 - 52 minutes - 36 MB#83: You’ve worked hard all your life. At retirement, it’s time to kick back and relax, right? Not so fast. You still have to get THROUGH retirement. That means knowing how to draw down your portfolio to: meet all your monthly cash flow needs cushion against unexpected expenses minimize tax liability ideally help your kids / grandkids, give to charity, or leave a legacy ensure your retirement nut doesn’t run out before you do This is very challenging because you have to forecast thi...
Annuities explained: are annuities a good investment for retirement?
October 19, 2021 08:00 - 1 hour - 42.3 MB#82: Are annuities a good investment for retirement? With $250 billion in sales each year, and $2.5 trillion in retirement annuity assets under contract, annuities comprise a huge slice of US retirement assets. Understanding annuities – whether annuities are right for you, and how annuities fit into your retirement strategy – can get complicated given all the annuity options out there and the extreme uncertainty in today’s markets. So this week, I sat down with Stan Haithcock, aka “Stan T...
Taxes on stock gains: how to avoid capital gains tax on stocks
October 05, 2021 08:00 - 40 minutes - 28 MB#81: With the market rallying like crazy this past year, you might have significant capital gains on stocks right now. Now might be a good time for some of you investors to harvest some capital gains. Maybe you’re looking to buy a house. Or maybe you just want to rebalance your investments. But when you sell stock, you pay taxes on the sale. And capital gains taxes can get complex because the effective tax rate you pay when you sell stock depends on whether there are long-term vs. short-t...
Teaching your kids about money and financial independence
September 21, 2021 08:00 - 1 hour - 58.1 MB#80: Teaching kids about money isn’t easy, but it’s crucial if you want to boot them off your payroll after they graduate from school. But while financial literacy is good, helping your kids build the mindset and momentum to achieve financial independence is even better. It requires that they internalize (and value) aggressive saving, investing, and compounding…not just living within their means. That’s why I was so excited to chat this week with Doug Nordman and Carol Pittner, father and...
College student financial aid changes coming to the FAFSA application
September 07, 2021 08:00 - 55 minutes - 38 MB#79: This one’s for you parents who have kids in college or soon going to college… In the COVID relief stimulus bill that passed at the end of 2020, there was a big chunk about federal student financial aid. New rules are bringing significant changes to college financial aid. This week, I deep dive with my friend Ann Garcia, aka The College Financial Lady, on what these changes are and how they will impact you and your family. We discuss: Overview of the federal student financial aid app...
Money lessons for kids: Tips from other personal finance influencers
August 24, 2021 08:00 - 11 minutes - 7.59 MB#78: For this episode, I polled other influencers in the personal finance community to ask for their best tip on teaching money lessons to kids. I had four different personal finance influencers weigh in – a range of bloggers, podcasters, authors, and community admins. All of them are parents themselves. I asked each person to answer one simple question: “When it comes to teaching your kids about money, what single method or strategy have you personally found to be most effective?” Check...
Financial literacy for kids: how to teach your kids about money
August 10, 2021 08:00 - 1 hour - 41.4 MB#77: Teaching financial literacy for kids may seem like a tall order…when considering that financial literacy even for adults is a national deficiency. But teaching kids about money is crucial if you want your kids to grow up financially responsible and independent. As a parent, you will have a strong vested interest in it, because if you fail at it you’ll eventually pay the consequences (literally), e.g., if your adult kid can’t support themselves and move out of the house. And early ret...
Language learning through travel immersion courses in early retirement
July 27, 2021 08:00 - 1 hour - 49.2 MB#76: Retiring early to travel the world is a common goal for FIRE aspirants. But full-time travel can lose appeal quickly. Churches and temples quickly start to look the same. Gardens and palaces quickly look the same. When you’re responsible for creating all the structure to your day – every day for weeks and months on end – it gets exhausting and can feel purposeless. But what if you could design early retirement travel around language learning? By enrolling in language immersion cours...
How this middle income couple built a real estate portfolio of 25 doors (in expensive California!)
July 13, 2021 08:00 - 1 hour - 47.4 MB#75: Real estate investing might seem like something only wealthy people can do. It’s expensive, down payments can be high, and you may feel you don’t have enough income to afford it. Maybe you think: “I can’t even afford a house to LIVE in…how would I afford a house to invest in?” But the plain truth is: there are lots of average Joes who do it…and who build a lot of wealth from it! Today’s podcast guest is one such (inspiring) example. John and Rosalina Steiner reached out to me (afte...
How to early retire (FIRE) if your spouse isn’t on board
June 29, 2021 08:00 - 55 minutes - 37.9 MB#74: This week, I chat with Caroline Ceniza-Levine, a career coach now early retired, whose own spouse wasn’t on board with early retirement for many years before she finally convinced him to get on the FIRE train. We talk about tips and advice for how to convince your spouse about early retirement – and all it entails... We discuss: Caroline’s own path to FIRE – from music, to strategy consulting, to corporate, to coaching, to FIRE Her spouse’s main concerns when it came to early retire...
Stock option and RSU tax planning
June 15, 2021 08:00 - 1 hour - 46.6 MB#73: One big reason the tech industry attracts a lot of talent: you get partly compensated in stock, and if you’re early enough at a company that IPOs, your stock options or RSUs can make you a millionaire multiple times over when the company goes public. Google created >1000 millionaires at IPO. Facebook too. Microsoft has created >10k millionaires. Amazon probably even more. But with stock compensation, your taxes can quickly get complicated. You need thoughtful tax planning to make sure...
1031 exchanges: what real estate investors need to know
June 01, 2021 08:00 - 1 hour - 48.8 MB#72: This week, I invited Bill Exeter to teach us about 1031 exchanges. He is the CEO of Exeter 1031 Exchange Services and has been doing 1031s for nearly four decades. You might know at a high level that a 1031 exchange means deferring real estate capital gains taxes. But the details are important to avoid dumb mistakes that will disqualify you. We discuss: Different types of 1031 exchanges Key criteria and deadlines + step-by-step process for executing a 1031 How to optimize timing yo...
Buying tax deeds to invest in real estate at a deep discount
May 18, 2021 08:00 - 1 hour - 52.2 MB#71: Tax deed auctions provide an opportunity to buy tax-delinquent properties at a discount, wipe away existing liens and mortgages, and earn sizable profits in the process. This week, I invited my friend Phil Kessler back to the podcast to teach us how this unique type of real estate investing works. If you’ve ever wondered how tax deed auctions work, how to win them, and how to due diligence this type of real estate, then don’t miss this insight-packed episode. What you’ll learn: How ...
Is rental real estate a safer type of “yield shield”?
May 04, 2021 08:00 - 29 minutes - 20.2 MB#70: Last time, we talked about the pros and cons of the “yield shield” and the impassioned views on both sides of that debate. But what if you sidestep that entirely and generate your dividend yield through rental real estate instead? Unlike stock dividends, which can be cut by company management, rents are arguably way more stable. Plus, real estate can be leveraged with a mortgage to juice a higher capital return. Separately, regardless of which strategy you use, how should retirees th...
Does a “yield shield” really protect against sequence of returns risk?
April 20, 2021 08:00 - 1 hour - 41.7 MB#69: Last time we talked about using a “bond tent” strategy to reduce sequence risk in the years just before and just after retirement. In FIRE communities, an alternate strategy that has become popular is the “yield shield.” A yield shield strategy involves holding primarily investments that pay a high dividend yield. The theory is: if the investment pays a dividend yield of 3-4% that might be all you need to cover your safe withdrawal rate. If you don’t ever have to touch the principal,...
How to use a bond tent to reduce sequence of returns risk
April 06, 2021 08:00 - 56 minutes - 38.9 MB#68: This week, in part 1 of a 3-part series on asset allocation, I talk with Karsten Jeske, CFA, about how to implement bond/equity glide paths, both leading into retirement and in the initial years after retirement. Getting your asset allocation right, and shrewdly changing its composition in the years just before and just after retirement is one of the most impactful things you can do to offset sequence of returns risk. If you want to understand how to do this effectively, don’t miss to...
Tax filing updates to be aware of this year (tax year 2020)
March 23, 2021 08:00 - 38 minutes - 26.5 MB#67: Given how big of a shock the events of 2020 were for just about everyone on the planet, what changes to the tax rules happened as a result? This week I invited Katelynn Minott, CPA and managing partner at Bright!Tax, to share key tax filing updates to be aware of when you file your tax returns this year. What you’ll learn: Tax treatment of CARES Act stimulus checks Healthcare related tax updates (e.g., qualified medical expense deductions) Updates to retirement plan rules (e.g., co...
How tax lien investing works and how to buy tax lien certificates
March 09, 2021 09:00 - 1 hour - 51.3 MB#66: Investing in tax liens may sound scary and complicated. But as you’ll see from today’s podcast interview, with a little bit of research upfront, it can be as easy as buying toilet paper on Amazon. And the capital required to invest can be as little as a couple hundred bucks, making it a low-risk way (compared to buy-and-hold real estate) to try a new investing strategy. This week, I deep dive on tax lien investing with Phil Kessler, a prolific tax lien investor who has extensively rese...
Marriage and money: why spouses fight about money, how to fight with empathy, and how to convince your spouse to FIRE
February 23, 2021 09:00 - 50 minutes - 35 MB#65: Last time we talked about money issues when dating. But dating isn’t the end game (for most). As the schoolyard song goes: “First comes love, then comes marriage…” …And money matters, if anything, get amplified once you’re married. It’s why money problems are the top or second leading cause of failed marriages (read: divorce) depending on which study you read…and it’s always a contributing factor even if it isn’t the straw that breaks the camel’s back. So this week, I continue my c...
How to talk about money when you’re dating
February 09, 2021 09:00 - 48 minutes - 33.5 MB#64: How do you have difficult conversations about money when you’re dating? What words should you use? What do you do if the conversations go south? This week, I invited Megan McCoy and Ed Coambs, two leading couples therapists who specialize in financial therapy and conflict, to share insights about how to talk about money matters when you’re dating. We discuss: Questions to ask (and behaviors to observe) early in a relationship to learn your partner’s financial values Tips for asking ...
Asset location for non-traditional assets + considerations for early retirees
February 02, 2021 09:00 - 35 minutes - 24.5 MB#63: Last time, we talked about general asset location principles, plus best practices for major asset classes like stocks, bonds, and real estate. But what about non-traditional asset classes? Also, if you’re planning to early retire, should your asset location considerations change at all…given that you generally cannot touch your tax-advantaged accounts until you’re nearly 60? This week, we continue our discussion with Jonathan Duong, CFA, about both these topics as they relate to tax-...
What assets should you hold in each account to minimize taxes?
January 19, 2021 09:00 - 37 minutes - 25.4 MB#62: It might seem obvious that the best performing car isn’t just a function of the car itself…but also WHERE you’re driving it. Ferraris vs. Hummers will perform best in very different environments. When it comes to asset management, a similar thing is true. A few episodes back, I did a 3-part series on asset allocation. However, asset allocation is only part of the puzzle to optimizing your portfolio. To maximize total after-tax returns, WHERE you hold your assets is just as important...
FIRE goal setting for the new year
January 05, 2021 09:00 - 12 minutes - 8.93 MB#61: All right champs – new year! That means a fresh opportunity for goal setting to transform your financial situation this year. To kick off the new year, I recorded a short episode this week about goal setting, mindset, and behaviors to help you make big strides toward your FIRE goals in 2021. I also invited a couple other leaders in the FIRE community to share their best advice when it comes to financial goal setting for people who are serious about pursuing FIRE. Check it out here: ...
How to FIRE with confidence, step by step
December 08, 2020 09:00 - 1 hour - 44.1 MB#60: Over the past year, I’ve done various podcast episodes about early retirement. I’ve also had numerous guests share their FIRE stories. But what about the tactical steps for how to FIRE? Many FIRE blogs talk a bit too high-level and not enough about the mechanics of how to do it, step by step. So in today’s episode, I share tactics and best practices I’ve observed on how to retire early. With confidence and assurance. With hard numbers and analysis. With a proper weighing of risks and...
How to pick the best index fund
December 01, 2020 09:00 - 1 hour - 44.5 MB#59: It’s hard to consistently beat the market as an investor…but it takes zero effort to match the market. Picking good index funds lets you match the market for near-zero cost. And matching the market produces some pretty good results. If you had invested – and held – $100k (and not a dime more) in a plain vanilla S&P 500 index fund in January 1990, today it would be worth over $1M. That’s 10x growth in 3 decades, or +7.7% annualized returns. That’s despite a 1990 recession, 2000-2002 ...
How to set your target asset allocation and rebalance your portfolio efficiently
November 24, 2020 09:00 - 36 minutes - 25.1 MB#58: How to set your target asset allocation can feel like a mystery. How do you do it rigorously? How do you know what’s optimal? Rebalancing can also feel like a chore. Where do you start? How do you make sure you’re doing it rigorously and tax-efficiently? This week, I show you how to set your target asset allocation tailored to your investment and risk profile. I share how to track your allocation over time and analyze drift from your target allocation. And I explain how to tax-efficie...
Why writing an investment policy statement will make you a better investor
November 17, 2020 09:00 - 17 minutes - 12.1 MB#57: When it comes to investment management, it is crucial to write down your investing goals/plan in order to stay disciplined as an investor and get the returns you need with the least amount of risk possible. The way to do this is by writing an investment policy statement. This week, I explain about investment policy statements: what they are, why they’re important, and how to write a good one. What you’ll learn: What an investment policy statement is and why it’s important to your fi...
Section 199A: how small business owners can skip 20% of their taxes
November 10, 2020 09:00 - 1 hour - 53.1 MB#56: This week, I invited CPA Steve Nelson, whose tax blog I’ve followed for years, to chat with us about the details of how Section 199A works and the restrictions around it. 199A created a huge new tax break for small business owners, partnerships, real estate investors, and contractors. But there was a lot of uncertainty initially due to seeming ambiguities and loopholes in 199A without clear guidance/regulations to address them. Now, two years later, a lot has become clearer. We discu...
Election day special: potential tax law changes coming?
November 03, 2020 09:00 - 20 minutes - 14.1 MB#55: This week, I explain 6 key areas where there may be significant tax code changes under a Biden administration – including how these changes may impact your personal financial planning and what actions you can take to prepare for them. What you’ll learn: How Biden’s proposal would impact income tax rates, deductions, and Section 199A How it could impact capital gains and qualified dividends tax rates How estate taxes and the step-up in basis at death could change Important changes t...
How a self-directed 401k can help you beef up retirement investing, with Dmitriy Fomichenko
October 27, 2020 08:00 - 1 hour - 46.8 MB#54: In all my prior jobs except the current one, I can now say in hindsight that my 401k sucked. It only offered 10-15 fund options…which is like being forced to shop for weekly groceries in a gas station mini-mart when you know that Kroger is on the other side of the street. Their fund expense ratios were mediocre, even for the passive funds. You couldn’t beef up pre-tax money with additional after-tax money. There was no mega-backdoor Roth conversion option. These are really easy ways ...
College financial aid tips and strategies, with Ann Garcia
October 20, 2020 08:00 - 1 hour - 55.1 MB#53: No matter how you cut it, the cost of college these days is pretty crushing. And getting into your top choice college is well and good and all, but it doesn’t matter much unless you can afford to attend! How can parents and families afford college (potentially for multiple kids) without ravaging their retirement savings? This week, I invited my friend Ann Garcia, aka the “College Financial Lady,” back to the podcast to explain the intricacies of how college financial aid works. She s...
How to get into the best colleges in America, with Shirag Shemmassian
October 13, 2020 08:00 - 53 minutes - 36.6 MB#52: The competition for admissions to the most elite colleges in America (think Ivy League, US News top 10) is fiercer than ever. That’s because top colleges provide the best academic opportunities. Resources. Career opportunities. Pathways to elite grad schools. Student and alumni communities (where you’ll forge lifelong connections, friendships, potentially even meet your spouse). Not to mention, you’ll have a powerful brand associated with you for life. How can students and parents wit...
Estate planning basics: wills, trusts, power of attorney, and probate
October 06, 2020 08:00 - 1 hour - 64.2 MB#51: Despite the pain (and cost) that not having an estate plan will cause your heirs, fully two-thirds of Americans don’t even have so much as a will if they got hit by a bus. There are many reasons why people fail to create an estate plan. None are good. So for this week’s podcast, I invited Spiro Verras, a Florida estate planning attorney, to share key things you need to know about creating a proper estate plan. We discuss: Elements of a good estate plan How probate works step by ste...
Social Security: How it works and optimal claiming strategies
September 29, 2020 08:00 - 59 minutes - 40.8 MB#50: Social Security is crucial to American retirement. 1 in 5 Americans and 1 in 4 families depend on it. That’s 65M people who will collect $1 trillion in Social Security benefits in 2020. I said, $1 trillion. With this massive of an entitlement program, it serves you well to understand how it works in gory detail so you can maximize your benefits. Sound good? (If you’re a youngster, don’t glaze your eyes over…you may think Social Security is not relevant to you anytime soon, but what y...
How to use HSAs to avoid taxes and take charge of your healthcare, with the guy who implemented the HSA law, Roy Ramthun (aka “Mr. HSA”)
September 22, 2020 08:00 - 1 hour - 49.9 MB#49: The Health Savings Account is an incredible tool to take greater control over your healthcare. It is the most tax-efficient investment account on the planet. So, if you’re eligible for it and not at least considering how to take advantage of it, you’re missing out. In this week’s podcast, I deep dive on HSAs with Roy Ramthun. Roy is a nationally-recognized HSA expert, because he led the Treasury Department’s implementation of HSAs when they were signed into law in 2003, and then he se...
How Medicare works: eligibility, enrollment, cost, and coverage options, with Danielle Roberts
September 15, 2020 08:00 - 1 hour - 53.5 MB#48: Seniors often enter retirement (a) thinking Medicare is free, and (b) not at ALL clear how the details work – rules, restrictions, limitations, costs. But it’s most certainly not free: your portion of costs could be unlimited and bankrupt you. And, like other healthcare matters in the US, “how it works” gets complicated fast! How can seniors (and their loved ones, like you) make sense of it all? This week, I talk with Danielle Kunkle Roberts, a nationally-recognized expert on Medicar...
11 Essential Categories of Financial Info For Family Emergency Binders
September 08, 2020 08:00 - 24 minutes - 17 MB#47: In this week’s podcast, I explain how to create a family emergency binder using 11 essential categories of info to make it easy for loved ones to understand your finances and figure out what you have, what you owe, and what you’re owed. What you’ll learn: 11 essential types of info to include in your binder Tips on how to organize documents, PDFs, spreadsheets, and videos How often to update it + tips on staying organized Why it’s worth starting now, even if it takes a long time to...
How to use whole life insurance to avoid taxes and grow wealth, with Eric Brotman
September 01, 2020 08:00 - 1 hour - 44.2 MB#46: Most people know what life insurance is. But they tend to think of it as term life: fixed payments for 20-30 years that pay out a death benefit if you die before the term is up (while paying nothing if you outlive it). There’s another type of life insurance called permanent life insurance. It never expires. The most common type is whole life insurance. Whole life insurance can get very complicated, so I invited a financial planning veteran with extensive experience in it (not affiliat...