January 23, 2020
Do you believe you need to be completely debt free to retire successfully? Or are you okay carrying some balances beyond your working years? There are many opinions about the best way to handle debt and retirement planning, so we’ll tackle them all on today’s show.
Read more here: https://principalpreservationservices.com/ep-20-do-you-need-to-be-debt-free-to-retire/
2:12 – In the News: President Trump changed his state of residence from New York to Florida for tax purposes. How often do our clients consider moving in retirement?
5:01 – Our main topic today is debt heading into retirement.
5:22 – Clients can consistently create more wealth when they don’t have debt.
7:30 – Do you have to be debt-free heading into retirement or is that able to be managed?
8:55 – Does Mike believe there’s such a thing as ‘good debt’?
10:40 – What are some examples of bad debt?
12:04 – Car debts aren’t the best but it could make sense in certain situations.
13:38 – How do you work with clients to develop a plan to become debt-free?
15:42 – Mike and his wife overcame a lot of debt earlier in their life.
17:09 – That client Mike helped was able to retire, which was great to see.
January 16, 2020
Nearly everyone invests in mutual funds at one point or another, but is that the best strategy for your retirement plan? As the landscape continues to change, we wanted to look at the ins and outs of mutual funds to give you a better understanding of what you’re buying into. We’re joined by advisor Kasey Byrd to talk about our strategy when it comes to this investment option.
Read more on this topic here: https://principalpreservationservices.com/ep-19-the-ins-and-outs-of-mutual-funds/
1:12 – Welcoming on a guest today, Kasey Byrd.
2:57 – What percentage of our clients own mutual funds when they come to see us?
5:02 – Understanding expense rations and the three classes of mutual funds.
8:14 – Explain what the term ‘loaded’ means?
9:07 – Even though they’re actively managed, mutual funds still don’t have much flexibility when downturns occur.
10:14 – What tax considerations do we need to make with mutual funds?
12:04 – So what’s the future of mutual funds? Do they have a purpose?
15:25 – Mailbag Question: My husband’s military pension is a nice benefit but I won’t get any of it when he dies. That was a mistake in retrospect but how can we address this problem moving forward?
18:08 – Mailbag Question: Because of a mutual friend, I have the opportunity to work with an advisor who works primarily with people who have $5 million or more. Do you agree that this is a great opportunity for me?
January 9, 2020
Sometimes people say they don’t want to retire and they really mean it. But other times it’s just a defense mechanism to mask the opinion that they don’t feel like they can retire. Let’s look at the common excuses people make and explore the possible meanings behind why you don’t want to retire
Show notes and additional resources: https://principalpreservationservices.com/ep-18-are-you-making-these-excuses-to-avoid-retiring/
2:15 – We’re talking about excuses people make for not retiring.
2:33 – “I love my career.” What’s the deeper meaning to that statement?
4:43 – “If I’m not working, I’m going to be bored.”
6:30 – “I don’t have enough money to retire.”
8:01 – Mike shares a recent meeting he had where they discovered the client was going to run out of money.
9:59 – The final excuse is when someone says they don’t have the confidence in their plan/portfolio.
13:56 – Mailbag Question: I’ll be retiring in exactly one year. What’s on the list of things I need to do before I retire.
15:32 – Mailbag Question: I’m overwhelmed by how many accounts we have accumulated through our careers. How much can we consolidate and how does that all work?
January 2, 2020
How do you know if an advisor is a good fit? That’s a question that keeps many people from working with a professional so let’s identify the essential traits every advisor should possess. That might be easier said than done so let’s also talk about how you can determine whether an advisor has these characteristics.
Show notes and additional resources: https://principalpreservationservices.com/5-traits-your-financial-advisor-should-have/
1:23 – Excited for the new year and what 2020 will bring.
2:42 – In the News: For the first time in 37 years, the inventory of homes is at its lowest level nationally. Is that the case in Minnesota and Wisconsin as well?
6:13 – Personality trait: Trust. How do you identify if someone is trustworthy?
8:20 – Trait: Likeability. How can you assess whether or not you want to work someone?
9:45 – Trait: Area of expertise that matches your needs.
11:50 – Trait: Good listener. You need someone that can key in on what your needs are.
13:39 – Trait: Problem Finder
16:50 – Mike adds one final trait to the list: full disclosure.