Wealthy Habits Podcast

Ep 121: Mailbag: Mortgages, Dividends and College

It’s time for another mailbag episode, and we bet these questions (and our answers) will help many of you. This episode could really help if you’re looking to improve your financial situation and prepare for retirement. We will discuss whether to pay off your mortgage, what to do about dividends, and whether to prioritize paying for college or saving for retirement. Listen to hear some of the questions our listeners have, and maybe you’ll gain some valuable knowledge from our answers! On...

Ep 120: Making Smart Decisions During Major Life Events

You need to make smart decisions during major life events, and we are here to help guide you. Whether it's a job change or divorce, we recommend taking your time to work everything out. Most people like to think that they always make decisions based on logic and facts, but the truth is that emotions usually play a role for all of us in the decision-making process. We’ll explain how to handle big changes the right way. On today’s show, we’ll share: How to handle a job change. (3:14) Ho...

Ep 119: Stock Market Topics To Know

If you’ve ever wanted to learn a little more about investing in the stock market, this episode is for you. We’re going to cover some of those terms you’ve probably heard before, but perhaps never truly knew what they meant. From the bid-ask spread in the stock market to bull and bear markets, we’ll explain some hot topics you need to know. On today’s show, we’ll share: The difference between the bid and the ask in the stock market. (2:40) Why we need to understand bull versus bear mar...

Ep 118: Mailbag: Good Retirement Age and Conservative Investing

It’s time for another mailbag episode, and we bet these questions (and our answers) will help many of you. This episode could really help if you’re looking to improve your financial situation and prepare for retirement.   We will discuss when you should switch from being an aggressive investor to a conservative one, what’s a good age to retire and more. Listen to hear some of the questions our other listeners have and maybe you’ll gain some valuable knowledge from our answers! On today...

Ep 117: Most Common Retirement Planning Questions About Taxes

As we approach the end of the year, saving money on taxes becomes a bigger focus for many people. Today we’re focusing on some of the most common retirement planning questions about taxes. We’ll talk about mistakes to avoid and how a proper plan can significantly impact your tax savings. We’ll also explain why a tax deduction is not a dollar-for-dollar reduction. On today’s show, we’ll share: Can you improve your tax situation as you approach retirement? (2:50) Are all retirement acco...

Ep 116: How Bonds Work: What Retirees Need To Know

Bonds have been a pretty hot topic this year. Oftentimes, people misunderstand how they work and what role they play in a proper financial plan. On today’s show, we’re addressing some of the misinformation and explaining why this has not been a good year for bonds.  A lot of people consider bonds to be the safe and conservative part of their portfolio. But is that the right mindset? How are intermediate-term bonds doing this year? On today’s show, we’ll share: What are bonds, and how ...

Ep 115: 5 Common Questions People Ask When Forced Into Retirement

Today we're sharing five common questions people ask when they’re forced into retirement. Hopefully you won’t be in this position, but more and more people are these days. Others are leaving work early as part of the Great Resignation. No matter how it happens, people leaving work early is becoming more prevalent. If this scenario does come your way, it’s best to be prepared. On today’s show, we’ll share: Should you accept a buyout offer to retire early? (2:01) Should you get a lump s...

Ep 114: Warning Signs: How To Spot Problems In Your Financial Life

Just like the lights on your dashboard can indicate if something is wrong with your car, like low tire pressure or leaking oil, there are indicators in your financial life that might point out that you have a problem that needs to be addressed. On today’s show, we’ll explain why your net worth, view of retirement, and thoughts on nursing homes might be problematic. On today’s show, we’ll share: Why your guess of what it takes to fund your lifestyle is probably way off. (3:26) Why trac...

Ep 113: Mailbag: Roths, Social Security and Inheritance

We’re opening up the mailbag today to answer your questions. We got a lot of good feedback and had some interesting questions come in. On today’s show, we’ll share whether you should convert money to a Roth, when not to take Social Security early and how to handle inheritance money. On today’s show, we’ll share: Harold is almost 60 and doesn’t have any money in a Roth. Should he convert some? (4:11) Should Donald take Social Security at 62 and pay his house off sooner? (7:27) Elizab...

Ep 112: Please Read the Fine Print

On this episode, we’ll talk about some of the things we hear from people when they don’t pay enough attention to the fine print. On today’s show, we’ll share: Why you might get a big rate increase on your long-term care insurance. (3:40) Why the fees with annuities can be a lot higher than you thought. (7:02) Why a mutual fund can tank when you get into it. (10:39)   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 111: Will the Federal Reserve Continue Raising Interest Rates?

Interest rates have been top of mind for a lot of us this year. It’s been impossible to ignore. So, what do we need to know about interest rates, and what should we be paying attention to when it comes to this topic? On today’s show, we’ll explain how interest rates can affect our overall financial plan and us as investors. So, is the news all doom and gloom, or are there hopeful times ahead? On today’s show, we’ll share: Why the Federal Reserve is raising rates. (4:01) Why the housin...

Ep 110: Can’t Get No Satisfaction… Or Can You?

Want to know the secrets to experiencing satisfaction in retirement? We’ve discovered five key situations to which your financial plan needs to lead you. If you can key in on these five points, you’ll have a high chance to achieve retirement satisfaction. We’ll explain why these elements are so important and how your planning process helps achieve them. On today’s show, we’ll share: How you can have peace of mind regardless of what’s happening in the stock market or around the world. (3...

Ep 109: Mailbag: 401k Contributions, Investing and Rental Properties

We’re opening up the mailbag today to answer your questions. We got a lot of good feedback and had some interesting questions come in. On today’s show, we’ll share how you can contribute to your 401k when you make differing amounts of money each month. We also discuss the pros and cons of being a very conservative investor and whether to pay off your mortgage before investing in rentals. On today’s show, we’ll share: How can I contribute to a 401k when my base salary is low and I get co...

Ep 108: Planning For Retirement’s Uncertainties

We know we’ll have to deal with many things in retirement. We just don’t know how to predict when or to what degree. In today’s show, we’ll share how you can construct a plan that deals with the unpredictability of these different factors. From life expectancy to future tax rates, we’ll cover the essential topics you need to know to get your retirement plan together. On today’s show, we’ll share: How do you plan for retirement when you don’t know how long you’ll live? (3:10) Where wil...

Ep 107: Going Against The Grain

Buckle up! We’re going against the grain today and sharing some financial advice we disagree with and why. As advisors, our job is not to be your best friend. We share tough love and help you get where you want to be financially. It can be hard for people to go against the grain and do something different, but it’s important to know that not all financial advice suits everyone the same. On today’s show, we’ll share: The appropriate amount of risk for a retiree or pre-retiree (3:39) ...

Ep 106: How Procrastination Dooms Your Financial Future

People have many reasons for procrastinating when it comes to putting a retirement plan together. Today we’ll explore some of those excuses, why they can be dangerous, and how to overcome them.   What we discuss today:  2:20 – Parents didn’t plan 5:21 – Who to listen to 9:55 – Stress 12:10 – Too busy 14:16 – Where to start 15:51 – Perfectionists   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/ 

Ep 105: Should You Follow These Popular Retirement Rules of Thumb?

You’ve most likely heard plenty of “rules” you’re supposed to follow to retire successfully. Some of these rules are stated so confidently that you’d be crazy not to immediately accept them as fact. But we don’t mind the threat of being called crazy, so let’s dive into some of the most popular retirement “rules of thumb.”   What we discuss today:  4:09 - Rule of 100 6:04 - 75% rule 8:22 - Rule of 72 10:07 - Rule of 5 13:49 - Rule of 10 16:35 - 4% rule   Get Additional Inf...

Ep 104: Financial Planning Considerations When You’re In Between Jobs

Ep 103: Can You Ace Our Retirement Planning Quiz?

How prepared are you for retirement? Do you know how much income you’ll need and what retirees fear the most? Today we’re testing your knowledge to see if you have what it takes to retire successfully.   What we discuss today:  2:02 – Saving for retirement 4:36 – Income estimate 8:06 – Retiree fears 10:37 – Diversification 12:44 – Withdrawals   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 102: Mailbag - Inheritance, Kids, and Medicare

Today we’re diving into the mailbag to answer questions from listeners just like you. We’re taking questions about inheritance squabbles, when to leave money to kids and Medicare.   What we discuss today:  3:11 – Inheritance 6:03 – Financial advisors 8:30 – Market jumping 12:44 – Unused leave 14:51 – Medicare 18:03 – Money for kids   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 101: Retirement Planning Ain’t What It Used To Be

In some ways, retirement planning was easier for past generations. On today’s show, we’ll explore how a good financial advisor can help you overcome the additional challenges facing retirees today, such as lower interest rates and longer life expectancies.   What we discuss today:  3:17 – Pensions 6:01 – Life expectancy 10:19 – Interest rates 12:48 – Information overload 16:07 – Stock market   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 100: How to See If Your Tolerance For Risk Matches Your Plan

Let’s see if your tolerance for risk matches your financial plan. What should you do if that balance is out of whack? What if you’re a natural risk taker, but you really shouldn’t be when it comes to your finances? We’ll explore all of these angles as we break down the role of risk in your financial and retirement plan.   What we discuss today:  1:50 – Client risk 4:49 – Portfolios 6:48 – Telltale signs 8:25 – Unnecessary risks 9:28 – Fear of missing out   Get Additional In...

Ep 99: Picking Sides In Important Financial Debates

Today we’re picking sides of some important financial debates. From paying off your mortgage early to life insurance and more, we’ll share our opinions on these hot financial topics. Find out where Dave and Drue stand on each of these planning items.   What we discuss today:  2:34 – Mortgage 7:47 – Life insurance 11:05 – Advisors 17:27 – Annuities 20:14 – Taxes   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 98: Are These Retirement Statistics Encouraging or Disturbing?

Numbers often drive a lot of the conversation in the financial world, and people like to see how they measure up against others. Today we’re sharing some statistics and our thoughts on whether they’re encouraging or disturbing.   What we discuss today:  2:39 – $1.04 million 6:48 – Keep working 10:10 – Increase savings 11:53 – Social Security 15:44 – Health care   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 97: Secret To Retirement Success: Get Out Of Your Own Way

There are plenty of external factors that often negatively influence our chances of having a successful retirement. But often, failure comes from within. On this episode, we’ll talk about some of the common ways people get in their own way when it comes to financial planning.   What we discuss today:  3:43 – Fear and greed 7:01 – Taxes 8:18 – Cash 13:36 – Overthinking 14:48 – Opinions   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 96: What to Do As You're Counting Down the Days to Retirement

If you’re counting down the days until retirement, we have a checklist of things you need to keep in mind. We’ll help you get ready for the big day and make sure you are ready financially and otherwise.   What we discuss today:  2:20 – Getting healthy 4:37 – Free time 5:48 – Work 7:19 – Save more 9:37 – Debt 11:47 – Risk   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 95: Can I Retire at 55?

Can I retire at 55? We get this question a lot, especially with the recent trend of people trying to retire earlier. Most people don’t know if they can retire early, but we can help.   What we discuss today:  2:26 – Peanut gallery 3:40 – Retire at 55? 5:09 – Social Security 8:27 – Financial advisers 10:22 – Health care 12:11 – Planning to retire early 14:20 – Comment: Pensions 16:33 – Comment: Inflation 17:56 – Comment: Savers   Get Additional Information: https://w...

Ep 94: Managing the Cash in Your Portfolio

It’s always a good idea to have cash set aside for emergencies or for major purchases you might have coming up. But when is a healthy bank account actually counterproductive? With today’s challenging financial environment, we thought it would be a good idea to have the cash conversation again.   What we discuss today:  1:48 – Good reasons to have cash on hand 4:14 – How much cash should I have? 7:54 – Why it’s counterproductive to have more cash on hand 9:29 – Client example 10:2...

Ep 93: Mailbag - 401k Debt Relief, Selling Mom’s House and Picking Advisors

Should I take money out of my 401k to pay off debt? What are the tax implications of selling my mom’s house? Why are financial advisors paying more attention to my husband? These are a few of the questions we’re answering in today’s mailbag.   What we discuss today:  2:30 – 401k debt relief 7:57 – Selling mom’s house 10:25 – Ignoring the wife 11:28 – Taking Social Security 14:05 – Diversified 16:09 – Nursing home care   Get Additional Information: https://www.truefinancia...

Ep 92: Common Housing Questions From Retirees

Housing is a really important topic for a lot of retirees because, for many of us, it’s the biggest asset we’ll ever own or manage. On this episode, we’ll cover some common housing questions we get from retirees.   What we discuss today:  2:51 – Interest rates 8:50 – Downsizing 10:58 – Home equity 15:03 – Sign house to kids 17:35 – Complications   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 91: Mailbag - College Costs, Budgeting, and Financial Advisors

Should you pay for an expensive college for your child? Should you budget or meet with a financial advisor first? These are a few of the questions we’re answering in today’s mailbag.   What we discuss today:  3:28 – College costs 5:31 – Budgeting 7:33 – Money in the bank 10:47 – Life insurance 12:55 – Retiring spouse   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 90: Reasons Why You SHOULD Get Life Insurance

When you hear the words “life insurance,” what comes to mind? Some people avoid the topic or don’t understand how it works. Let’s lay out seven reasons why you should at least be considering life insurance in your portfolio.   What we discuss today:  3:02 – Income replacement 5:31 – Leveraging life insurance 8:20 – Premiums 12:35 – Businesses 14:25 – High incomes 17:32 – Long-term care   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 89: The Most Important Birthdays in Retirement

Today we're sharing the most important birthdays in retirement planning. We'll take you through some of the key ages, why they are important and what you should be thinking about as you approach retirement.   What we discuss today:  2:25 – Age 50 4:52 – Age 55 8:05 – Age 59.5 10:25 – Age 62 12:55 – Age 65 14:03 – Age 66-67 16:48 – Age 72   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/  

Ep 88: Clearing Up Common Financial Jargon

Every industry has its own jargon, and financial planning is no different. Today, we’re explaining some common financial jargon, what it means, and why it's important to understand.    What we discuss today:  3:20 – Diversification 7:21 – Inflation 11:50 – Volatility 13:30 – Risk tolerance 16:41 – Stocks and bonds 19:35 – Capital gains   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 87: How To Recognize Your Voice of Greed and Fight Against It

When it comes to your money, you might have several different voices in your head — maybe the voice of greed, or the voice of fear, and sometimes the voice of wisdom. Let’s look at some things we might hear from the voice of greed so you know how to recognize it when you hear it.   What we discuss today:  3:20 – Investment timing 10:49 – Advice 12:29 – Couple next door 14:52 – Emergency fund 16:55 – Do it yourself   Get Additional Information: https://www.truefinancialpartner...

Ep 86: When Guessing At Retirement’s Most Important Questions Goes Wrong

Most people, when trying to plan their retirement, have to guess about the answers to some important questions. Today we’re talking about some of those questions and why you need to have a better answer than just a guess.   What we discuss today:  3:12 – Monthly income 10:04 – Major purchases 13:10 – Inflation 17:30 – Health care   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 85: What’s the Most Important Part of Retirement Planning?

Planning for retirement is relatively complex. There are a lot of different moving parts and factors to consider. Adjusting any of these variables can impact the end result. But is there one part of the retirement planning process that’s most important?   What we discuss today:  2:06 – Deciding what you do 5:51 – Start now 7:36 – How much income? 9:44 – How much to spend? 10:31 – Proper portfolio allocation 12:50 – Making retirement fulfilling 14:07 – Picking the right adviso...

Ep 84: Why Values-Based Planning Is Essential

Putting together a solid retirement plan isn’t just about dollars and cents. We need to determine what really matters to you. Today’s show is all about why values-based planning is so important.   What we discuss today:  3:17 – Family 6:53 – Career 10:01 – Education 13:50 – Charitable giving 18:09 – Fun   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 83: Who Even Needs an Advisor?

Some people feel that they’ll save money by handling their investments themselves instead of working with an advisor. Others may like the challenge of doing it themselves. Still, others just don’t know who to trust so they end up not working with anyone. We’ll share some reasons that you might need an advisor.   What we discuss today:  2:13 – Are you a procrastinator? 6:01 – Don’t know where to start 8:09 – You don’t know what you don’t know 11:07 – Advisors are on your team 15...

Ep 82: Planning for Things You Can’t Predict

There are some things in life you can’t predict, but you can try to plan for them. For example, when is the next market crash going to happen? We don’t know, but here’s how you can prepare for this and other things in your financial life.   What we discuss today:  2:34 – Market crashes 8:47 – Health care 12:42 – Taxes 17:08 – Life expectancy   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 81: What They’re Saying - 2022 Economic Predictions

At the beginning of every year, people love to make predictions and prognostications about what’s going to happen to the economy in the coming months. Let’s take a look at what the experts are saying about the economic outlook of 2022.   What we discuss today:  2:53 – GDP 9:29 – Housing market 12:43 – Inflation 17:05 – Great resignation 20:42 – Battlegrounds 24:42 – Clients’ worries   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/  

Ep 80: Retirement Potpourri: Let’s Play Fill In The Blank

Time for a little fun on this episode. We’ll use some fill-in-the-blank prompts to spark a good discussion about relationships between advisors and their clients, the stock market, common planning mistakes, and much more!   What we discuss today:  3:15 – Don’t run out of money 7:45 – Stock market 13:16 – Run the other way 14:33 – Client worries 15:32 – Common mistakes 18:01 – Gratifying part of their job   Get Additional Information: https://www.truefinancialpartners.com/...

Ep 79: How Children Become Part of the Retirement Discussion

For many parents, everything revolves around their children. That’s why today we’re talking about retirement and how your children should become part of the discussion.   What we discuss today:  4:13 – College expenses 6:44 – Living with parents 10:49 – Grandkids 12:49 – Children with special needs 17:01 – Generational wealth   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 78: Are You in the Financial Red Zone?

Just like football players don’t want to fumble the ball in the red zone, you don’t want to fumble your finances as you get close to retirement. We’ll explain how to protect your finances.   What we discuss today:  3:54 – What is the financial red zone? 4:45 – Planning in retirement 7:08 – Mistakes 10:21 – Work on your plan   Read more and get additional financial resources here: https://www.truefinancialpartners.com/media/podcast/   Call Dave and Drue: 563-359-8783

Ep 77: Mailbag - Working Part-Time, Mortgage Payments, and More

We’re answering your mailbag questions, today. Dean wants to know whether to keep working or retire. Claire wonders if she should split her mortgage payments. We’ll also be answering questions on entering the market, generational wealth, and more.   What we discuss today:  1:44 – Working on retiring 3:19 – Splitting mortgage payments 8:05 – Savings rate 10:51 – New money 14:11 – Generational wealth 18:34 – Money in marriage   Get Additional Information: https://www.truefi...

Ep 76: Sorting Out What's Important About Legacy Planning

Most people realize that it’s usually best to have an estate-planning attorney helping them with their estate plan, but it’s also important for the financial advisor to be part of that conversation. On today’s show, we’ll explain why.   What we discuss today:  2:47 – Importance of financial advisor 5:59 – How people view legacy 8:37 – Helping kids 10:30 – Mistakes people make 15:54 – Examples   Get Additional Information: https://www.truefinancialpartners.com/media/podcast/

Ep 75: 5 Signs You're in Good Financial Health

Today we're sharing five signs that you're in good financial health. It's a good checklist to measure where you stand and whether or not you're in a good position for retirement. How do you measure up?   Read more and get additional financial information: https://www.truefinancialpartners.com/ep-75-5-signs-youre-in-good-financial-health/   What we discuss today:  4:22 – Spend less than you make 8:00 – Understand taxes 11:13 – Understand your plan 14:37 – Have a retirement in...

Ep 74: 22 Money Resolutions For 2022

You might not be able to follow through on all 22 of these resolutions, but implement even just a few of these and you’ll be well on your way to a more prosperous financial life in the coming year.   Read more and get additional financial information: https://www.truefinancialpartners.com/ep-74-22-money-resolutions-for-2022/   What we discuss today:  2:24 – Reducing debt 3:10 – Boost savings 4:59 – Prepare for unexpected 6:15 – Don’t overreact 7:19 – Budget 8:02 – Meet w...

Ep 73: Quit Cutting Financial Corners

Today we’re talking about something we all occasionally do in life – cutting corners. Whether we do this with our finances, exercising, etc., we’re all guilty of this sometimes. When you do this financially, it can really hurt you in the long term.   Read more and get additional financial information: https://www.truefinancialpartners.com/ep-73-quit-cutting-financial-corners/ https://www.truefinancialpartners.com   What we discuss today:  3:13 – Too much risk 6:27 – Legal docume...

Ep 72: The Jigsaw Puzzle of Retirement

To successfully complete a jigsaw puzzle, there are some strategies you’ll want to keep in mind, and many of those same strategies apply to retirement planning.   Read more and get additional financial information: https://www.truefinancialpartners.com/ep-72-the-jigsaw-puzzle-of-retirement/   What we discuss today:  3:28 – Look at the big picture 6:31 – Build a framework 8:42 – Sort by color 10:23 – Have an end game in mind 13:55 – Easier with experience