Financial Planning

The Griever's To-Do List (Rebroadcast)

This episode focuses on the importance of life planning to prepare for unforeseen circumstances like illness or death. Through the story of Maria and her husband Tom, the episode highlights the emotional, financial, and logistical challenges faced by families without proper planning.
Key Takeaways 💡
The episode emphasizes the importance of taking action to prepare for unforeseen life events, such as illness or death, to reduce the burden on loved ones. Angela encourages listeners to reflect on their responsibilities and take proactive steps to care for their families.
Maria's story illustrates the challenges of navigating life after her husband Tom suffered a severe stroke, which left him physically impaired and behaviorally changed. Their retirement dreams were disrupted, and Maria had to manage alone, highlighting the unpredictability of life.
Maria faced a steep learning curve in managing financial and estate matters after Tom's passing, despite having a financial cushion from selling their business. This underscores the need for a comprehensive retirement and estate plan.
The episode discusses the limitations of Medicare and health insurance, which often do not cover long-term care needs. Maria had to navigate the complexities of Medicare, Medicaid, and out-of-pocket expenses during a health crisis.
Financial planning challenges included managing the proceeds from their business sale, understanding tax implications, and dealing with inflation's impact on savings. Maria also had to make difficult decisions about social security and her late husband's belongings.
The emotional and logistical burden of funeral planning and addressing her own future needs led Maria to realize the importance of having a plan in place. The episode stresses that planning is a gift that provides peace and allows survivors to thrive.
Angela encourages listeners to consider what should be on their 'griever's to-do list' to avoid placing unnecessary burdens on family members during difficult times. Proactive planning can ease the challenges faced by survivors.

What Isn't New in D.C.?

This week, Angela discusses key financial and legislative updates, including the Corporate Transparency Act, Social Security Fairness Act, Secure Act 2.0, the impact of executive orders on financial markets, and more.
 
Key Takeaways 💡
The Corporate Transparency Act, though not currently enforced, could impose significant fines and prison time for non-compliance. A new rule is expected by March 21st, and Congress is discussing potential changes or elimination of the act, which could benefit businesses.
The Social Security Fairness Act addresses unfair provisions like the windfall elimination provision and government pension offset, benefiting 3.2 million people retroactively from January 2024. Listeners are encouraged to check their eligibility for potential benefits.
The Secure Act 2.0 introduces automatic enrollment in retirement plans and increased catch-up contributions for employees aged 60-62, effective in 2025. These changes provide an opportunity to maximize retirement savings.
Executive orders are creating uncertainty in financial markets, with reactions depending on whether policies are pro-business. Angela emphasizes the importance of seeking opportunities amidst the chaos and adapting to the evolving landscape.
The Tax Cuts and Jobs Act of 2017 faces slow progress for extension in Congress due to political strategies and reconciliation bill complications. Angela highlights the implications for business deductions, tax brackets, and the challenges of balancing the budget.
Angela stresses the urgency of addressing the debt ceiling and the limited timeframe Congress has to achieve proposed goals. It's important to stay informed about tax cuts and legislative changes through reliable resources.
Listeners are urged to adapt to inevitable changes and find growth opportunities, quoting Jack Canfield. Proactive planning is recommended to navigate the ongoing changes from Washington.

Are You Taking Your Financial Supplements? (Rebroadcast)

Recently I was speaking with a client about how important it is to take preventative measures in regard to health - eating right, exercising, and taking the right supplements. It is just as important that we take preventative measures in regard to our finances - planning for the worst-case and best-case scenarios, exercising good financial habits, and revisiting your plan on a regular basis to make necessary changes.

Family Disaster Planning (Rebroadcast)

You have great power over the destiny of your family. In fact, you have the ability save your family… or destroy it. Too many of us make all the excuses in the world to not work on our estate plan or just throw darts at an attorney, get documents in place, and say we have one. Neither of these add up to a Family Disaster Plan.

Getting in Financial Shape

Getting in financial shape is tough. The problem with getting in financial shape is that most people don’t really give it a go until the pain is bad enough. Here’s a news flash…this is not good!
 
About the Podcast 🎙
Angela discusses the challenges of achieving financial stability and compares it to physical fitness. The episode focuses on the importance of discipline, prioritization, and long-term planning to improve financial health. Angela shares insights, real-life examples, and actionable tips to motivate listeners to take control of their financial future.
Key Takeaways 💡
Angela highlights the common struggle with New Year's resolutions, particularly in fitness and financial goals, noting that many people fail to follow through as the year progresses.
Financial fitness, like physical fitness, requires effort, discipline, and a focus on various areas such as budgeting, estate planning, retirement readiness, and asset protection.
Achieving financial goals is a long-term process that often requires individuals to reach a point where the pain of not changing outweighs the pain of making changes.
Many people only take financial action during significant life events or crises, which is not ideal for long-term stability.
Angela emphasizes that financial stability requires prioritization and commitment, and excuses for inaction are not valid.
Listeners are encouraged to identify what they need to do to prioritize financial stability, such as using reminders of loved ones or seeking accountability from others.
Listeners are encouraged to find motivation to improve their financial situation and are directed to the organization's website for additional resources.

Understanding How Other Generations Think About Money

There is an ongoing disconnect between generations and the way they think about a lot of things, including money. This is evident in any family, so the good news is that you are not alone.
 
About the Podcast 🎙
Angela discusses generational perspectives on money, exploring how different generations approach finances, savings, and legacy planning. The episode emphasizes the importance of understanding these differences to foster better communication and financial planning within families.
Key Takeaways 💡
The Silent Generation's financial habits were shaped by the Great Depression and World War II, leading to frugality, hoarding, and a reluctance to discuss money. This lack of communication often leaves heirs unprepared for managing their financial legacies.
Baby Boomers, influenced by their parents' experiences, often prefer to spend their wealth rather than leave it behind. Despite being the wealthiest generation, many lack proper financial legacy planning and face health issues that necessitate long-term care planning.
Millennials, shaped by a spending culture and their parents' financial support, now make up 75% of the global workforce. They prioritize work-life balance but often struggle with saving for retirement and rely on diverse, sometimes unreliable, sources for financial advice.
Gen X, often overlooked, is characterized by self-reliance and skepticism due to challenges like student loans and the Great Recession. Many are now at their peak earning age but feel unprepared for retirement, with a significant portion lacking a retirement plan.
Gen Z, despite their youth, shows a proactive approach to finances, with 54% holding investments. However, they face challenges with information overload and need guidance to make informed financial decisions.
Understanding generational financial perspectives can help families break cycles of misunderstanding and foster better communication. Angela emphasizes the importance of making money serve individuals rather than the other way around.

Family Support Checklist (Rebroadcast)

As a life planning firm, it is our mission to help you take the essential steps needed to face each of life’s stages with confidence and clarity. We were asked if we could compile a list of the things that need to be addressed on every level when you find it necessary to assume physical, emotional, and financial responsibility for your parents.

Are Your Assets Protected?

Are your assets protected? What good is all the hard work it took to build your success if you don’t take the time to protect it? We’re talking asset protection on this week’s episode. Here are some of the most common issues we see.

Have You Outgrown Your Advisor?

I believe one of the hardest things to do is find the “right fit” advisor for you and your family. Because of this, I thought I might take a minute to educate you a little about our industry.

Life After Graduation (Rebroadcast)

Graduation is a major step for those important young adults in our life. A parent’s goal is always to see their kids launch successfully and stay successfully launched. How do you do that? Well, we have few ideas for you.
You can read the corresponding article on our website at: https://www.kennedy-financial.com/blog/life-after-graduation-what-should-your-kids-know.

Finding Money to Save

In the 4th quarter of 2023, household debt reached 17.5 trillion dollars with credit card debt. Here are a few ideas to possibly help you save money for retirement.

How is Your Financial Health?

Every motion you make, whether with purpose or not, is compounding toward or away from a Life lived on purpose. Your financial health should be a priority today.