Smart Money Questions

Let’s Talk About Retirement, Market Swings and Election Fears

Between the coronavirus, market swings and upcoming election, people have been calling our office with all kinds of investment and retirement questions and fears. Let’s talk about some of these common concerns. 
 
Read more and get additional financial resources here: https://wp.me/p9B077-Ln 
 
What we discuss on this episode: 
3:00 – Get serious about financial planning
8:22 – Don’t make emotional, fearful decisions
12:03 – How are you going to pay for health care?
15:22 – Which account should I withdraw from first?
19:44 – Where are we putting our investment monies?
21:44 – How to contact us

Mortgage Expert Lindsey Johnson Discusses PMI and Future of Real Estate

Did you know that more than 80% of all first-time homebuyers last year put less than 20% down on their homes? Mortgage expert Lindsey Johnson tells us about private mortgage insurance and what changes the mortgage and real estate industries may see.
 
For more information, visit https://www.lowdownpaymentfacts.com/ and http://www.usmi.org/.
 
Read more and get additional resources here: https://wp.me/p9B077-Lh 
 
About our guest: http://www.usmi.org/lindsey-johnson-usmi-president/ 
 
On today's show: 
0:29 – Meet Lindsey
1:20 – Her background
2:32 – What is private mortgage insurance and how does it work?
4:47 – Is PMI part of the complicated mortgage process?
9:37 – Does PMI automatically come off at 20%?
14:18 – Should buyers be speaking to multiple lenders?
15:49 – How will COVID-19 impact real estate, mortgage and insurance industries?
21:35 – Will rates go up as fast as they came down?
23:30 – Are any changes coming in the real estate and mortgage industry?
34:03 – Should there be underwriting metrics?
34:55 – Why does the mortgage process seem so complicated?
37:02 – Demographics, rates and inventory
39:00 – Helpful websites
On today's show: 
 
 

A Chat With Walter Storholt of Third Wheel Media

You may recognize his voice. Now, get to know more about Walter Storholt, our friend and former co-host who runs Third Wheel Media. How has the pandemic affected his business? What is the future of podcasting and media? And what is his dream job?
 
Read more and get additional financial resources here: https://wp.me/p9B077-L7 
 
About our guest: https://www.thirdwheelmedia.com/ 
 
On today's show: 
0:29 – Introducing special guest Walter Storholt
2:20 – What is Third Wheel Media?
3:18 – Why working from home has worked out well
6:00 – The story of Walter’s house purchase and renovations
10:44 – How locals are embracing working from home
12:00 – What business owners think about remote work
18:56 – Does Third Wheel Media do TV?
22:16 – The future of media
24:15 – A diversity of voices
26:43 – Local versus national media
29:55 – Social interaction during a pandemic
32:52 – Businesses doing more regional work and Walter’s dream of reading an audio book

Is It Worth Getting Out of An Annuity With High Fees?

Are you feeling stuck in an annuity? Do you have big plans to travel in retirement? Matt answers these questions and two others on today’s podcast.  
 
Read more and get additional financial resources here: https://wp.me/p9B077-L0 
 
Today's show schedule: 
1:01 - We’ll talk about four questions today.
2:56 - If a variable annuity has high fees but a high penalty to get out, what should you do?
8:25 - With travel plans in retirement, do you need more income than in your working years?
13:38 - Should your advisor be talking about life insurance, Social Security, and legacy plans?
15:28 - What kind of planning does Matt do?
18:44 - Should you pay off the house or rental property with a money market account?

Mortgage Rates and HSAs

Are you looking at the mortgage rates right now and considering making a home purchase or refinancing your home? If so, what do you need to know beforehand? Matt will also tackle a discussion of whether you should have a Health Savings Account.
Show Notes, Resources & Contact Info:
https://smartmoneyquestions.com/
Timestamps:
1:22 - Today we’re going over mortgages and HSAs.
4:17 - Mortgage rates have dropped to historic lows.
8:18 - What is a cash out refinance and rate and term refinance?
9:30 - What requirements are in your loan?
11:11 - How does a variable rate work?
12:27 - What are the closing costs?
15:55 - Are you eligible for any discounts?
17:20 - Make sure you understand what you are getting into.
20:01 - How is the bank expecting you to pay back a home equity line?
20:40 - A home equity line of credit can be very valuable when needed.
21:42 - What is a Health Savings Account?
23:31 - Qualified medical expenses can be paid out in the future, tax-free.
24:49 - How does Matt use his HSA?
26:15 - What are the drawbacks?

What To Know About Becoming a Consultant

Are you considering working as a consultant or independent contractor? What does that mean for your finances and what should you prepare for ahead of time? We’ll answer those questions plus talk about trusts on today’s episode
 
Read more and get additional financial resources here: https://wp.me/p9B077-KL 
 
Today's show schedule: 
0:30 - Matt shares his excitement for the hope of reopening when the time comes.
1:40 - What would it look like to come back to work as a consultant?
5:17 - Does it make sense to go from being retired to becoming a consultant?
6:31 - What expenses will you incur?
8:03 - What kind of expenses could be considered a write-off?
9:04 - How will you be paid?
10:09 - Does it make sense to set up an LLC or corporation?
11:47 - What kind of liability are you subjected to?
15:04 - Mailbag: Is it wise to have a trust as a part of a financial and estate plan?

Mark Twain, Traditional IRA vs. Roth and Other FAQs

Where is your retirement money saved? Will it benefit you more now or later? On this episode of Smart Money Questions, Matt answers several FAQs when it comes to your retirement accounts as well as another question about inheritance plans. 
 
Read more and get additional resources here: https://wp.me/p9B077-KD 
 
Today's show schedule: 
0:30 - Philadelphia is moving into the next phase of reopening.
1:54 - “Suppose you were an idiot and suppose you were a member of Congress…”
5:05 - What is a qualified retirement account?
7:18 - What is a Roth IRA or Roth 401(k)?
9:34 - What happens if the tax rate gets raised?
11:36 - What are the contribution limits?
13:12 - What is a Roth conversion?
17:29 - Mailbag: Should the anticipated sum of an inheritance be talked about or a surprise?

Listener Questions: Diversification, Retirement Savings & More

In today’s episode of Smart Money Questions, Matt answers a number of questions from listeners. From saving enough for retirement to claiming Social Security, we will talk through several scenarios listeners are currently facing.
 
Read more and get additional financial resources here: https://wp.me/p9B077-Ku 
 
Today's show schedule: 
0:38 - We’re about to kick off summer with the holiday weekend.
4:48 - Mailbag: I have 33 different funds, is that adequate diversification?
8:20 - What is your underlying asset class?
10:29 - Mailbag: Based on my age, am I saving enough?
15:18 - Mailbag: Can I start my Social Security benefits and still earn an income?
18:37 - Mailbag: I just inherited a large unexpected sum of money, what should I do?

Be Aware of the Latest Frauds

Have you heard of some of the latest frauds? The more you know, the better you can keep safe from being fooled by a fraud. We'll also talk about staying positive and maintaining your well-being before addressing some inheritance questions. 
 
Read more and get additional financial resources here: https://wp.me/p9B077-Kp 
 
Today's show schedule: 
0:33 - How is everyone making the best of the last six weeks? 
4:22 - How can you have a glass half full mentality?
9:09 - Make sure to be aware of the frauds happening right now.
12:57 - Be extra diligent with communication in regards to your stimulus check.
14:11 - Are your emails from credible sources?
16:23 - Navigating the complications of an inheritance takes a team of professionals.

What You Need to Know About the CARES Act

Are you wondering what the CARES Act is all about and how it might benefit you? What rules should you be aware of? Matt will share the key elements you should be aware of when it comes to the CARES Act in times of coronavirus.
 
Read more and get additional resources here: https://wp.me/p9B077-Ki 
 
Today's show rundown: 
3:09 - What is the CARES Act doing with RMDs?
5:52 - Can you still make qualified charitable distributions?
7:24 - What does it mean for charitable contributions?
9:07 - If you are under 59 and a half, what happens if you want to take money out of your retirement account?
12:58 - Who gets a stimulus check?