The Money Guy Show » Podcast Feed http://www.money-guy.com Brian Preston and Bo Hanson, fee-only financial planners and wealth managers, go beyond common sense in their bi-weekly blog/podcast as they restore order to your personal financial chaos. Their professional credentials, sophisticated topics, and approachable style have attracted thousands of iTunes listeners and made them a podcasting phenomena. Learn more about Brian and Bo, read the bi-weekly show notes, and follow the blog about managing your personal finances at www.money-guy.com. Thu, 27 Apr 2017 20:48:34 +0000 en-US hourly 1 https://wordpress.org/?v=4.6.5 http://www.money-guy.com/wp-content/uploads/2016/06/cropped-favicon-32x32.png The Money Guy Show » Podcast Feed http://www.money-guy.com 32 32 2919816 2006-2017 Brian@Money-Guy.com (Brian Preston, CPA, CFP, PFS) Brian@Money-Guy.com (Brian Preston, CPA, CFP, PFS) personal finance 1440 http://www.money-guy.com/images/MoneyGuyCoverArt144x144.jpg The Money Guy Show » Podcast Feed http://www.money-guy.com 144 144 Brian Preston and Bo Hanson, fee-only financial planners and wealth managers, go beyond common sense in their bi-weekly blog/podcast as they restore order to your personal financial chaos. Their professional credentials, sophisticated topics, and ap[...] Brian Preston and Bo Hanson, fee-only financial planners and wealth managers, go beyond common sense in their bi-weekly blog/podcast as they restore order to your personal financial chaos. Their professional credentials, sophisticated topics, and approachable style have attracted thousands of iTunes listeners and made them a podcasting phenomena. Learn more about Brian and Bo, read the bi-weekly show notes, and follow the blog about managing your personal finances at www.money-guy.com. personal, finance, money, Brian, Preston, Money, Guy, investment, retirement, taxes, social, security Brian Preston, CPA, CFP, PFS Brian Preston, CPA, CFP, PFS Brian@Money-Guy.com no no How to Take the ‘Wealth’ Less Traveled: Insights on Success & Pursuing Your Passion http://www.money-guy.com/2017/04/how-to-take-the-wealth-less-traveled-insights-on-success-pursuing-your-passion/ Fri, 21 Apr 2017 16:59:52 +0000 http://www.money-guy.com/?p=6224 how to take the wealth less traveledWhat would it take for you to step outside your comfort zone, to take a risk and pursue your dreams? In this episode, we give you the benefit of our experience and the preparation you need to be successful in whatever endeavor you pursue.]]> 6224 0:39:56 What would it take for you to step outside your comfort zone, to take a risk and pursue your dreams? In this episode, we give you the benefit of our experience and the preparation you need to be successful in whatever endeavor you pursue. What would it take for you to step outside your comfort zone, to take a risk and pursue your dreams? In this episode, we give you the benefit of our experience and the preparation you need to be successful in whatever endeavor you pursue. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Ways to Tackle Education Planning as Life Happens http://www.money-guy.com/2017/04/ways-to-tackle-education-planning-as-life-happens/ Fri, 07 Apr 2017 15:19:42 +0000 http://www.money-guy.com/?p=6193 Ways to Tackle Education Planning When Life HappensIn this week's episode of The Money Guy Show, we talk about all the ways you can plan for your child's education and which tools will be most flexible for you no matter what path your child takes.]]> 6193 0:41:31 In this week's episode of The Money Guy Show, we talk about all the ways you can plan for your child's education and which tools will be most flexible for you no matter what path your child takes. In this week's episode of The Money Guy Show, we talk about all the ways you can plan for your child's education and which tools will be most flexible for you no matter what path your child takes. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no The Best Investment That Only 20% of Investors Have http://www.money-guy.com/2017/03/the-best-investment-that-only-20-of-investors-have/ Sat, 25 Mar 2017 02:45:08 +0000 http://www.money-guy.com/?p=6170 The Best Investment That Only 20% of Investors HavePrepare to get a little nerdy with us as we dissect index funds, and why they are the best investment that only 20% of investors have.]]> 6170 0:36:48 Prepare to get a little nerdy with us as we dissect index funds, and why they are the best investment that only 20% of investors have. Prepare to get a little nerdy with us as we dissect index funds, and why they are the best investment that only 20% of investors have. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no How to Win in Finance Like Warren Buffett http://www.money-guy.com/2017/03/how-to-win-in-finance-like-warren-buffett/ Fri, 10 Mar 2017 20:36:13 +0000 http://www.money-guy.com/?p=6147 How to Win in Finance Like Warren BuffettTune in to hear us share ways you can win in finance like Warren Buffett. We'll explore the traits and behaviors that have made him such a financial success and how all of us can put his good money examples to work in our own lives.]]> 6147 0:46:48 Tune in to hear us share ways you can win in finance like Warren Buffett. We'll explore the traits and behaviors that have made him such a financial success and how all of us can put his good money examples to work in our own lives. Tune in to hear us share ways you can win in finance like Warren Buffett. We'll explore the traits and behaviors that have made him such a financial success and how all of us can put his good money examples to work in our own lives. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no 10 Huge Tax Mistakes You Don’t Want To Make http://www.money-guy.com/2017/02/10-huge-tax-mistakes-you-dont-want-to-make/ Fri, 24 Feb 2017 18:31:11 +0000 http://www.money-guy.com/?p=6116 10 huge tax mistakes you don't want to makeWith over two decades of tax preparation experience, this Money Guy Show episode shares tax preparation tips that you've probably never heard of before. We want to help you avoid the most common mistakes that people make when filing their income tax returns.]]> 6116 0:45:02 With over two decades of tax preparation experience, this Money Guy Show episode shares tax preparation tips that you've probably never heard of before. We want to help you avoid the most common mistakes that people make when filing their income tax[...] With over two decades of tax preparation experience, this Money Guy Show episode shares tax preparation tips that you've probably never heard of before. We want to help you avoid the most common mistakes that people make when filing their income tax returns. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no What to Do With Your Retirement Assets When You Change Jobs (or Retire) http://www.money-guy.com/2017/02/what-to-do-with-your-retirement-assets-when-you-change-jobs-or-retire/ Fri, 10 Feb 2017 23:04:22 +0000 http://www.money-guy.com/?p=6062 what to do with your retirement assets when you change jobsIn this week's episode of The Money Guy Show, we let you know how to assess the options for your money when you change jobs, or retire, and what you should consider before making your final decision. Wondering what to do with your retirement assets may be a detail that slips your mind in the midst of all the hustle and bustle of such a transition. That being said, you'll want to make a decision sooner rather than later over what to do with your hard-earned dollars when you leave an employer who provided your retirement plan. ]]> 6062 0:49:20 In this week's episode of The Money Guy Show, we let you know how to assess the options for your money when you change jobs, or retire, and what you should consider before making your final decision. Wondering what to do with your retirement assets [...] In this week's episode of The Money Guy Show, we let you know how to assess the options for your money when you change jobs, or retire, and what you should consider before making your final decision. Wondering what to do with your retirement assets may be a detail that slips your mind in the midst of all the hustle and bustle of such a transition. That being said, you'll want to make a decision sooner rather than later over what to do with your hard-earned dollars when you leave an employer who provided your retirement plan. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Eyebrow-Raising Facts About How the Top 1 Percent Manages Wealth http://www.money-guy.com/2017/01/eyebrow-raising-facts-about-how-the-top-1-percent-manages-wealth/ Sat, 28 Jan 2017 06:35:45 +0000 http://www.money-guy.com/?p=6031 Eyebrow-Raising Facts About How the Top 1 Percent Manages WealthEver wonder what is considered the top 1 percent of income earners in the United States? Or how they wind up managing their wealth differently from those of us still building wealth? Well, we've gotten some questions from our listeners about what to do with your wealth once you cross a certain threshold and how to approach some of the "fancier" products on the market that are designed specifically for people with sizable assets. The truth behind the top 1 percent of high income earners and what they do with their wealth may surprise you.]]> 6031 0:45:48 Ever wonder what is considered the top 1 percent of income earners in the United States? Or how they wind up managing their wealth differently from those of us still building wealth? Well, we've gotten some questions from our listeners about what to[...] Ever wonder what is considered the top 1 percent of income earners in the United States? Or how they wind up managing their wealth differently from those of us still building wealth? Well, we've gotten some questions from our listeners about what to do with your wealth once you cross a certain threshold and how to approach some of the "fancier" products on the market that are designed specifically for people with sizable assets. The truth behind the top 1 percent of high income earners and what they do with their wealth may surprise you. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Setting the Amount You Need for Retirement the Right Way http://www.money-guy.com/2017/01/setting-the-amount-you-need-for-retirement-the-right-way/ Fri, 13 Jan 2017 21:18:23 +0000 http://www.money-guy.com/?p=6012 Setting Your Retirement NumberIt's the beginning of a New Year and you may be wondering if you're doing everything you should be doing right now in order to secure enough money for your eventual retirement needs. Taking a pulse of where you are financially and how you measure up against other people in your age range is a wise step towards making sure you stay on track financially. It's not enough to simply hope there will be enough money for you to retire comfortably. That's why we dedicated this episode of The Money Guy Show to helping our listeners know where you are and what you can do to work towards a better retirement.]]> 6012 0:38:10 It's the beginning of a New Year and you may be wondering if you're doing everything you should be doing right now in order to secure enough money for your eventual retirement needs. Taking a pulse of where you are financially and how you measure up[...] It's the beginning of a New Year and you may be wondering if you're doing everything you should be doing right now in order to secure enough money for your eventual retirement needs. Taking a pulse of where you are financially and how you measure up against other people in your age range is a wise step towards making sure you stay on track financially. It's not enough to simply hope there will be enough money for you to retire comfortably. That's why we dedicated this episode of The Money Guy Show to helping our listeners know where you are and what you can do to work towards a better retirement. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no How to Build a Better Retirement in 2017 http://www.money-guy.com/2016/12/how-to-build-a-better-retirement/ Sat, 31 Dec 2016 01:12:34 +0000 http://www.money-guy.com/?p=5981 how to build a better retirementIt's the end of 2016 and the beginning of a New Year. Now is the perfect time to look forward to opportunities that are going to best help you reach your long-term financial goals. What better tools do we have to prepare for our future than retirement savings accounts? And with so many different types, it can get confusing over which ones to choose from. We take a deep dive into the different retirement planning tools you can use to build a better retirement in this episode of The Money Guy Show.]]> 5981 0:41:55 It's the end of 2016 and the beginning of a New Year. Now is the perfect time to look forward to opportunities that are going to best help you reach your long-term financial goals. What better tools do we have to prepare for our future than retireme[...] It's the end of 2016 and the beginning of a New Year. Now is the perfect time to look forward to opportunities that are going to best help you reach your long-term financial goals. What better tools do we have to prepare for our future than retirement savings accounts? And with so many different types, it can get confusing over which ones to choose from. We take a deep dive into the different retirement planning tools you can use to build a better retirement in this episode of The Money Guy Show. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Ways to Overcome Investment Analysis Paralysis http://www.money-guy.com/2016/12/ways-to-overcome-investment-analysis-paralysis/ Fri, 16 Dec 2016 19:27:34 +0000 http://www.money-guy.com/?p=5954 Ways to Overcome Investment Analysis ParalysisIf you've been watching the markets these last several weeks, you may be wondering what you should be doing with your investments. Rest easy, because in this episode of The Money Guy Show, we take a stroll down memory lane to explore how markets have performed over the last seventy years and what investors should do today when market performance is at an all-time high.]]> 5954 0:45:55 If you've been watching the markets these last several weeks, you may be wondering what you should be doing with your investments. Rest easy, because in this episode of The Money Guy Show, we take a stroll down memory lane to explore how markets hav[...] If you've been watching the markets these last several weeks, you may be wondering what you should be doing with your investments. Rest easy, because in this episode of The Money Guy Show, we take a stroll down memory lane to explore how markets have performed over the last seventy years and what investors should do today when market performance is at an all-time high. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no 3 Ways to Understand Your Money Mindset http://www.money-guy.com/2016/12/3-ways-to-understand-your-money-mindset/ Fri, 02 Dec 2016 18:49:34 +0000 http://www.money-guy.com/?p=5936 3 ways to understand your money mindsetIf you're wondering how to create a money mindset that leads to financial success, this is the show for you. In this episode we walk you through the three critical areas where you can shape how you think and feel about your finances so that you're better prepared to see opportunities and pursue your dreams. ]]> 5936 0:34:17 If you're wondering how to create a money mindset that leads to financial success, this is the show for you. In this episode we walk you through the three critical areas where you can shape how you think and feel about your finances so that you're b[...] If you're wondering how to create a money mindset that leads to financial success, this is the show for you. In this episode we walk you through the three critical areas where you can shape how you think and feel about your finances so that you're better prepared to see opportunities and pursue your dreams. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no How to Be a Retail Rambo this Black Friday http://www.money-guy.com/2016/11/how-to-be-a-retail-rambo-this-black-friday/ Fri, 18 Nov 2016 21:23:19 +0000 http://www.money-guy.com/?p=5923 how to be a retail rambo on black fridayBlack Friday is coming and we want to prepare our listeners to be judicious spenders and maximize your hard earned dollars this holiday shopping season. In this episode of The Money Guy Show, we walk you through how to avoid the Black Friday gimmicks and get the greatest bang for your buck. Hold on tight, because we cover a lot of ground in this fun segment of our podcast. ]]> 5923 0:39:47 Black Friday is coming and we want to prepare our listeners to be judicious spenders and maximize your hard earned dollars this holiday shopping season. In this episode of The Money Guy Show, we walk you through how to avoid the Black Friday gimmick[...] Black Friday is coming and we want to prepare our listeners to be judicious spenders and maximize your hard earned dollars this holiday shopping season. In this episode of The Money Guy Show, we walk you through how to avoid the Black Friday gimmicks and get the greatest bang for your buck. Hold on tight, because we cover a lot of ground in this fun segment of our podcast. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no How to Survive and Thrive Financially From This Year’s Presidential Election http://www.money-guy.com/2016/11/how-to-survive-and-thrive-financially-from-this-years-presidential-election/ Fri, 04 Nov 2016 20:46:18 +0000 http://www.money-guy.com/?p=5909 Legs on asphalt road with USA flag, american election conceptThis year's presidential election has a lot of investors on edge over what the outcome will mean to their bottom line. That's why in this week's episode of The Money Guy Show, Bo and I are talking about all the ways you can survive and prosper financially regardless of who gets elected into office come November 8.]]> 5909 0:46:12 This year's presidential election has a lot of investors on edge over what the outcome will mean to their bottom line. That's why in this week's episode of The Money Guy Show, Bo and I are talking about all the ways you can survive and prosper finan[...] This year's presidential election has a lot of investors on edge over what the outcome will mean to their bottom line. That's why in this week's episode of The Money Guy Show, Bo and I are talking about all the ways you can survive and prosper financially regardless of who gets elected into office come November 8. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Maximizing the Magic: All the Ways You Can Save Money at Walt Disney World http://www.money-guy.com/2016/10/maximizing-the-magic-all-the-ways-you-can-save-money-at-walt-disney-world/ Fri, 21 Oct 2016 17:40:03 +0000 http://www.money-guy.com/?p=5894 maximizing-the-magic_all-the-ways-you-can-save-money-at-walt-disney-worldIn this episode of The Money Guy Show, we have compiled a list of tips and tricks that will help you stretch your wallet and maximize your time when you plan your next Disney getaway. Tune in to hear Brian and Bo share their insights for maximizing the magic at Walt Disney World and also get an inside peek at Brian's most recent family trip to Disney World while Hurricane Matthew slammed the east coast.]]> 5894 0:50:40 In this episode of The Money Guy Show, we have compiled a list of tips and tricks that will help you stretch your wallet and maximize your time when you plan your next Disney getaway. Tune in to hear Brian and Bo share their insights for maximizing [...] In this episode of The Money Guy Show, we have compiled a list of tips and tricks that will help you stretch your wallet and maximize your time when you plan your next Disney getaway. Tune in to hear Brian and Bo share their insights for maximizing the magic at Walt Disney World and also get an inside peek at Brian's most recent family trip to Disney World while Hurricane Matthew slammed the east coast. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no How to Leverage Fear for Financial Opportunity http://www.money-guy.com/2016/10/how-to-leverage-fear-for-financial-opportunity/ Fri, 07 Oct 2016 20:33:55 +0000 http://www.money-guy.com/?p=5885 how-to-leverage-fear-for-financial-opportunityEveryone has fears. It's what you do with fear that determines whether or not you will allow it to help you or hurt you. In this episode of The Money Guy Show, Brian and Bo explore how investors can leverage fear to their financial advantage and discuss the steps you can take to overcome your fears to reach success.]]> 5885 0:30:47 Everyone has fears. It's what you do with fear that determines whether or not you will allow it to help you or hurt you. In this episode of The Money Guy Show, Brian and Bo explore how investors can leverage fear to their financial advantage and dis[...] Everyone has fears. It's what you do with fear that determines whether or not you will allow it to help you or hurt you. In this episode of The Money Guy Show, Brian and Bo explore how investors can leverage fear to their financial advantage and discuss the steps you can take to overcome your fears to reach success. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no 3 Steps You Can Take So You Don’t Screw Up Your Portfolio http://www.money-guy.com/2016/09/3-steps-you-can-take-so-you-dont-screw-up-your-portfolio/ Fri, 23 Sep 2016 16:01:45 +0000 http://www.money-guy.com/?p=5870 3-steps-you-can-take-so-you-dont-screw-up-your-portfolioThere are a series of things you can do in order to set yourself up for financial success. Likewise, there are a set of things that maybe you're not doing that could be negatively impacting your financial portfolio. In this episode of The Money Guy Show, Brian and Bo walk listeners through the three easy steps you can take so you don't screw up your portfolio.]]> 5870 0:43:30 There are a series of things you can do in order to set yourself up for financial success. Likewise, there are a set of things that maybe you're not doing that could be negatively impacting your financial portfolio. In this episode of The Money Guy [...] There are a series of things you can do in order to set yourself up for financial success. Likewise, there are a set of things that maybe you're not doing that could be negatively impacting your financial portfolio. In this episode of The Money Guy Show, Brian and Bo walk listeners through the three easy steps you can take so you don't screw up your portfolio. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no The Best Money Advice You’ve Ever Received http://www.money-guy.com/2016/09/the-best-money-advice-youve-ever-received/ Fri, 09 Sep 2016 16:03:52 +0000 http://www.money-guy.com/?p=5857 the-best-money-advice-youve-ever-receivedHave you ever stopped to think about what the best money advice you've ever received was? It's quite the loaded question that takes a little contemplation. Well, that's exactly what we do on this episode of The Money Guy Show. And what's even better? We invited a few of our friends to share their answer to this deep question with our listeners. ]]> 5857 0:34:41 Have you ever stopped to think about what the best money advice you've ever received was? It's quite the loaded question that takes a little contemplation. Well, that's exactly what we do on this episode of The Money Guy Show. And what's even better[...] Have you ever stopped to think about what the best money advice you've ever received was? It's quite the loaded question that takes a little contemplation. Well, that's exactly what we do on this episode of The Money Guy Show. And what's even better? We invited a few of our friends to share their answer to this deep question with our listeners. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no I Wish I Knew Then What I Know Now About Building Wealth http://www.money-guy.com/2016/08/i-wish-i-knew-then-what-i-know-now-about-building-wealth/ Fri, 26 Aug 2016 18:14:24 +0000 http://www.money-guy.com/?p=5837 the money guy showIn this episode of The Money Guy Show, Brian and Bo discuss the five biggest tips the future wealthy you would want you to know right now about building wealth. This is a truly universal topic that applies to everyone - every age and every income level.]]> 5837 0:35:00 In this episode of The Money Guy Show, Brian and Bo discuss the five biggest tips the future wealthy you would want you to know right now about building wealth. This is a truly universal topic that applies to everyone - every age and every income le[...] In this episode of The Money Guy Show, Brian and Bo discuss the five biggest tips the future wealthy you would want you to know right now about building wealth. This is a truly universal topic that applies to everyone - every age and every income level. Podcasts Brian Preston, CPA, CFP®, PFS no no Everything You Never Thought You Needed to Know About Health Savings Accounts http://www.money-guy.com/2016/08/everything-you-never-thought-you-needed-to-know-about-health-savings-accounts/ Fri, 12 Aug 2016 15:38:32 +0000 http://www.money-guy.com/?p=5824 health savings accountIn our latest installment of The Money Guy Show, we're tackling the wild topic of Health Savings Accounts. Now, upon first hearing the words "health savings account" you might be thinking you don't need one of those. Listen in, because Brian and Bo unpack this incredibly useful type of savings account and you won't believe the benefits they reveal.]]> 5824 0:35:07 In our latest installment of The Money Guy Show, we're tackling the wild topic of Health Savings Accounts. Now, upon first hearing the words "health savings account" you might be thinking you don't need one of those. Listen in, because Brian and Bo [...] In our latest installment of The Money Guy Show, we're tackling the wild topic of Health Savings Accounts. Now, upon first hearing the words "health savings account" you might be thinking you don't need one of those. Listen in, because Brian and Bo unpack this incredibly useful type of savings account and you won't believe the benefits they reveal. Podcasts Brian Preston, CPA, CFP®, PFS no no The Secrets to All-Inclusive Travel http://www.money-guy.com/2016/07/the-secrets-to-all-inclusive-travel/ Fri, 29 Jul 2016 14:00:52 +0000 http://www.money-guy.com/?p=5810 One of the primary things you dream about as you work towards financial independence is the day you get to travel and enjoy the fruit of your hard work. Most of those fantasies include a tropical beach, a cold adult beverage, and the smell of sunscreen. Unfortunately, many of us become such proficient savers that we have a hard time letting go of the purse strings to actually start spending.]]> 5810 0:42:40 One of the primary things you dream about as you work towards financial independence is the day you get to travel and enjoy the fruit of your hard work. Most of those fantasies include a tropical beach, a cold adult beverage, and the smell of sunscr[...] One of the primary things you dream about as you work towards financial independence is the day you get to travel and enjoy the fruit of your hard work. Most of those fantasies include a tropical beach, a cold adult beverage, and the smell of sunscreen. Unfortunately, many of us become such proficient savers that we have a hard time letting go of the purse strings to actually start spending. Podcasts Brian Preston, CPA, CFP®, PFS no no All You Need To Know About ABLE Accounts http://www.money-guy.com/2016/07/all-you-need-to-know-about-able-accounts/ Fri, 15 Jul 2016 15:28:06 +0000 http://www.money-guy.com/?p=5794 The ABLE Account is an incredibly valuable new savings vehicle specifically geared for individuals with disabilities. Brian shares his personal experiences raising a special needs child and gets into the details of how these accounts operate. The ABLE Account is essentially a way to save and invest on a tax free basis to use for the support costs of disabled individuals.]]> 5794 0:29:42 The ABLE Account is an incredibly valuable new savings vehicle specifically geared for individuals with disabilities. Brian shares his personal experiences raising a special needs child and gets into the details of how these accounts operate. The AB[...] The ABLE Account is an incredibly valuable new savings vehicle specifically geared for individuals with disabilities. Brian shares his personal experiences raising a special needs child and gets into the details of how these accounts operate. The ABLE Account is essentially a way to save and invest on a tax free basis to use for the support costs of disabled individuals. Podcasts Brian Preston, CPA, CFP®, PFS no no Brexit, ETFs and Mutual Funds – What You Need to Know http://www.money-guy.com/2016/07/brexit-etfs-and-mutual-funds-what-you-need-to-know/ Fri, 01 Jul 2016 15:00:40 +0000 http://www.money-guy.com/?p=5782 Brian and Bo jump into the Brexit conversation and give you their insight on the events and subsequent market volatility. The guys also talk through the differences between ETFs and Mutual Funds and explain which one may make the most sense for your situation]]> 5782 0:58:20 Brian and Bo jump into the Brexit conversation and give you their insight on the events and subsequent market volatility. The guys also talk through the differences between ETFs and Mutual Funds and explain which one may make the most sense for your[...] Brian and Bo jump into the Brexit conversation and give you their insight on the events and subsequent market volatility. The guys also talk through the differences between ETFs and Mutual Funds and explain which one may make the most sense for your situation Podcasts Brian Preston, CPA, CFP®, PFS no no Last Week Tonight – Retirement Plans http://www.money-guy.com/2016/06/last-week-tonight-retirement-plans/ Fri, 17 Jun 2016 14:59:45 +0000 http://www.money-guy.com/?p=5009 Finally! Someone in the mainstream media caught up with the times and discussed some of the issues within the financial advisory world that we have been sharing with listeners for over a decade now. HBO’s John Oliver, host of Last Week Tonight, put the commission based financial advisory world on blast by sharing his experience of implementing a 401k plan for the Last Week Tonight staff.]]> 5009 0:41:58 Finally! Someone in the mainstream media caught up with the times and discussed some of the issues within the financial advisory world that we have been sharing with listeners for over a decade now. HBO’s John Oliver, host of Last Week Tonight, put [...] Finally! Someone in the mainstream media caught up with the times and discussed some of the issues within the financial advisory world that we have been sharing with listeners for over a decade now. HBO’s John Oliver, host of Last Week Tonight, put the commission based financial advisory world on blast by sharing his experience of implementing a 401k plan for the Last Week Tonight staff. Podcasts Brian Preston, CPA, CFP®, PFS no no 3 Behavioral Finance Traits You Should Avoid http://www.money-guy.com/2016/06/3-behavioral-finance-traits-you-should-avoid/ Fri, 03 Jun 2016 15:49:17 +0000 http://www.money-guy.com/?p=4992 Without a doubt, humans are emotional creatures. You could even argue that we’re drawn to negative behaviors. A large part of becoming better and more efficient with managing your personal finances is to work to control and tame that emotional behavior. In this episode, we address 3 Behavioral Finance Phenomena That Impact Your Finances, and we give you a guide to restore order to financial chaos.]]> 4992 0:29:07 Without a doubt, humans are emotional creatures. You could even argue that we’re drawn to negative behaviors. A large part of becoming better and more efficient with managing your personal finances is to work to control and tame that emotional behav[...] Without a doubt, humans are emotional creatures. You could even argue that we’re drawn to negative behaviors. A large part of becoming better and more efficient with managing your personal finances is to work to control and tame that emotional behavior. In this episode, we address 3 Behavioral Finance Phenomena That Impact Your Finances, and we give you a guide to restore order to financial chaos. Podcasts Brian Preston, CPA, CFP®, PFS no no Use Tax Planning as a Window into Your Financial Future http://www.money-guy.com/2016/05/tax-planning/ Fri, 20 May 2016 15:00:44 +0000 http://www.money-guy.com/?p=4987 Tax PlanningWith April behind us, you might feel a sense of relief since you won’t have to deal with anything tax-related for a while. But just because you’ve completed your taxes for the year doesn’t mean you’re done with tax planning. Your tax return can tell you a lot about your financial life. In fact, we like to think of it as the window into all of your most important financial decisions. On this episode, we’ll help you put together your tax planning toolbox by sharing what you need to know to take as many deductions as possible, identify tax savings opportunities, and so much more!]]> 4987 0:37:48 With April behind us, you might feel a sense of relief since you won’t have to deal with anything tax-related for a while. But just because you’ve completed your taxes for the year doesn’t mean you’re done with tax planning. Your tax return can t[...] With April behind us, you might feel a sense of relief since you won’t have to deal with anything tax-related for a while. But just because you’ve completed your taxes for the year doesn’t mean you’re done with tax planning. Your tax return can tell you a lot about your financial life. In fact, we like to think of it as the window into all of your most important financial decisions. On this episode, we’ll help you put together your tax planning toolbox by sharing what you need to know to take as many deductions as possible, identify tax savings opportunities, and so much more! Podcasts Brian Preston, CPA, CFP®, PFS no no The Importance of a Proper Estate Plan http://www.money-guy.com/2016/05/estate-plan/ Fri, 06 May 2016 16:00:54 +0000 http://www.money-guy.com/?p=4972 window-view-1081788_960_720A few weeks ago, the death of musical icon Prince sent shockwaves through fans around the world. But perhaps what was more shocking than his untimely death, was the revelation that he passed away without a will or proper estate plan in place. Creating an estate plan isn’t something you do for your own benefit -- it’s for the loved ones left behind. Today, we're discussing what you need to structure in your life to ensure you have a solid estate plan in place so you can start developing your own.]]> 4972 0:48:35 A few weeks ago, the death of musical icon Prince sent shockwaves through fans around the world. But perhaps what was more shocking than his untimely death, was the revelation that he passed away without a will or proper estate plan in place. Creati[...] A few weeks ago, the death of musical icon Prince sent shockwaves through fans around the world. But perhaps what was more shocking than his untimely death, was the revelation that he passed away without a will or proper estate plan in place. Creating an estate plan isn’t something you do for your own benefit -- it’s for the loved ones left behind. Today, we're discussing what you need to structure in your life to ensure you have a solid estate plan in place so you can start developing your own. Podcasts Brian Preston, CPA, CFP®, PFS no no Breaking Down the It Factor http://www.money-guy.com/2016/04/the-it-factor/ Fri, 22 Apr 2016 15:21:57 +0000 http://www.money-guy.com/?p=4952 NV0eHnNkQDHA21GC3BAJ_Paris LouvrEver wondered how super-productive people seem to get everything done -- and make it look so easy in the process? You're not alone in asking this question. How do they do it, when we all have the same 24 hours in a day? We're bringing you the answer on this episode of The Money Guy Show! We discuss that elusive it factor and outline the actions that you can take to shift your focus and begin boosting your productivity to reach a higher level.]]> 4952 0:39:56 Ever wondered how super-productive people seem to get everything done -- and make it look so easy in the process? You're not alone in asking this question. How do they do it, when we all have the same 24 hours in a day? We're bringing you the answer[...] Ever wondered how super-productive people seem to get everything done -- and make it look so easy in the process? You're not alone in asking this question. How do they do it, when we all have the same 24 hours in a day? We're bringing you the answer on this episode of The Money Guy Show! We discuss that elusive it factor and outline the actions that you can take to shift your focus and begin boosting your productivity to reach a higher level. Podcasts Brian Preston, CPA, CFP®, PFS no no The Money Guy Mailbag Episode http://www.money-guy.com/2016/04/money-guy-mailbag-episode/ Fri, 08 Apr 2016 15:00:02 +0000 http://www.money-guy.com/?p=4937 Money Guy MailbagEver wish the Money Guys would answer YOUR money-related question? That's exactly what we're doing in today's episode, as we answer questions from members of the Money Guy family. A few weeks ago, we asked show listeners on Facebook to tell us what you want covered on the podcast -- and we got a wealth of great topics. Let's dig into the mailbag and respond to the questions that matter to you!]]> 4937 0:44:32 Ever wish the Money Guys would answer YOUR money-related question? That's exactly what we're doing in today's episode, as we answer questions from members of the Money Guy family. A few weeks ago, we asked show listeners on Facebook to tell us what [...] Ever wish the Money Guys would answer YOUR money-related question? That's exactly what we're doing in today's episode, as we answer questions from members of the Money Guy family. A few weeks ago, we asked show listeners on Facebook to tell us what you want covered on the podcast -- and we got a wealth of great topics. Let's dig into the mailbag and respond to the questions that matter to you! Podcasts Brian Preston, CPA, CFP®, PFS no no Everything You Need to Know About IRAs http://www.money-guy.com/2016/03/know-about-iras/ Fri, 25 Mar 2016 16:00:15 +0000 http://www.money-guy.com/?p=4933 What You Need to Know About IRAsHow much do you really know about IRAs? When you can choose between Traditional, Roth, SEP, SIMPLE, and more IRA options, it’s easy to get confused. How can you be sure that you’re choosing the right one? By tuning into the Money Guy Show, of course. On the show today, we’re talking about the evolution of IRAs and why they're not all created equal. We break down each account option available and help you make sense of their long-term benefit to your bottom line.]]> 4933 0:36:10 How much do you really know about IRAs? When you can choose between Traditional, Roth, SEP, SIMPLE, and more IRA options, it’s easy to get confused. How can you be sure that you’re choosing the right one? By tuning into the Money Guy Show, of cou[...] How much do you really know about IRAs? When you can choose between Traditional, Roth, SEP, SIMPLE, and more IRA options, it’s easy to get confused. How can you be sure that you’re choosing the right one? By tuning into the Money Guy Show, of course. On the show today, we’re talking about the evolution of IRAs and why they're not all created equal. We break down each account option available and help you make sense of their long-term benefit to your bottom line. Podcasts Brian Preston, CPA, CFP®, PFS no no Financial Order of Operations, Money Guy Style http://www.money-guy.com/2016/03/financial-order-of-operations/ Fri, 11 Mar 2016 17:00:20 +0000 http://www.money-guy.com/?p=4918 WorkspaceOften, not knowing all the good ways to put money to work for you isn't the problem stopping you from achieving financial success. It's knowing what to do first and how to prioritize when we all have so many competing financial goals. It'd be great if there was a sort of financial order of operations we could use to know the right order of steps to take to build wealth, right? Which is why, on today’s episode, we’re giving you that order of operations for managing your finances. Tune in and learn more!]]> 4918 0:29:07 Often, not knowing all the good ways to put money to work for you isn't the problem stopping you from achieving financial success. It's knowing what to do first and how to prioritize when we all have so many competing financial goals. It'd be great [...] Often, not knowing all the good ways to put money to work for you isn't the problem stopping you from achieving financial success. It's knowing what to do first and how to prioritize when we all have so many competing financial goals. It'd be great if there was a sort of financial order of operations we could use to know the right order of steps to take to build wealth, right? Which is why, on today’s episode, we’re giving you that order of operations for managing your finances. Tune in and learn more! Podcasts Brian Preston, CPA, CFP®, PFS no no The Secrets of the Financial Planning Industry http://www.money-guy.com/2016/02/secrets-of-the-financial-planning-industry/ Fri, 26 Feb 2016 17:00:22 +0000 http://www.money-guy.com/?p=4901 Secrets of the Financial Planning IndustryHave you ever felt confused about what REALLY goes on in the financial planning industry? Traditionally, financial planning as a profession has lacked transparency, and stories of bad experiences with salespeople disguised as "advisors" deter many people from even trying to seek out reliable, trustworthy financial planners. On today's episode, we're pulling back the curtain to shed light on what really goes on in the financial planning industry, what you need to know to identify sure signs of a good thing and red flags that serve as warnings, and much more.]]> 4901 0:36:14 Have you ever felt confused about what REALLY goes on in the financial planning industry? Traditionally, financial planning as a profession has lacked transparency, and stories of bad experiences with salespeople disguised as "advisors" deter many p[...] Have you ever felt confused about what REALLY goes on in the financial planning industry? Traditionally, financial planning as a profession has lacked transparency, and stories of bad experiences with salespeople disguised as "advisors" deter many people from even trying to seek out reliable, trustworthy financial planners. On today's episode, we're pulling back the curtain to shed light on what really goes on in the financial planning industry, what you need to know to identify sure signs of a good thing and red flags that serve as warnings, and much more. Podcasts Brian Preston, CPA, CFP®, PFS no no How to Spot and Maximize Opportunities http://www.money-guy.com/2016/02/maximize-opportunities/ Fri, 12 Feb 2016 20:09:42 +0000 http://www.money-guy.com/?p=4892 Maximize OpportunitiesThere’s not a single person that enjoys missing out on great opportunities -- especially those that have the potential to completely change the trajectory of life. And yet, many of us do this by not recognizing when opportunities are presented, or having all sorts of reasons why we can't pursue them when we DO recognize them. Today, let's talk about how to get past that so you can identify where you can make the most of your unique talents. Tune in and start maximizing the opportunities that come your way!]]> 4892 0:47:24 There’s not a single person that enjoys missing out on great opportunities -- especially those that have the potential to completely change the trajectory of life. And yet, many of us do this by not recognizing when opportunities are presented, or h[...] There’s not a single person that enjoys missing out on great opportunities -- especially those that have the potential to completely change the trajectory of life. And yet, many of us do this by not recognizing when opportunities are presented, or having all sorts of reasons why we can't pursue them when we DO recognize them. Today, let's talk about how to get past that so you can identify where you can make the most of your unique talents. Tune in and start maximizing the opportunities that come your way! Podcasts Brian Preston, CPA, CFP®, PFS no no Financial Mistakes You Hope Your Friends Will Make http://www.money-guy.com/2016/01/financial-mistakes-you-hope-your-friends-will-make/ Fri, 29 Jan 2016 19:09:44 +0000 http://www.money-guy.com/?p=4876 Financial MistakeIt’s always nice to enjoy your hard-earned money -- but not so much that you sabotage your future financial goals. But there may be ways to enjoy all the benefits of vacation homes, specialty vehicles, and other luxury, lifestyle purchases without allowing these potential landmines to derail your long-term financial plans. These are the kind of financial "mistakes" you want to avoid.. but may wish your friends make! It's all in good fun, and this week's episode takes a look at why these kinds of luxury purchases can put you off the path to financial success -- and some smarter, simpler ways to enjoy the good life without losing out on opportunities to grow real wealth.]]> 4876 0:32:42 It’s always nice to enjoy your hard-earned money -- but not so much that you sabotage your future financial goals. But there may be ways to enjoy all the benefits of vacation homes, specialty vehicles, and other luxury, lifestyle purchases without a[...] It’s always nice to enjoy your hard-earned money -- but not so much that you sabotage your future financial goals. But there may be ways to enjoy all the benefits of vacation homes, specialty vehicles, and other luxury, lifestyle purchases without allowing these potential landmines to derail your long-term financial plans. These are the kind of financial "mistakes" you want to avoid.. but may wish your friends make! It's all in good fun, and this week's episode takes a look at why these kinds of luxury purchases can put you off the path to financial success -- and some smarter, simpler ways to enjoy the good life without losing out on opportunities to grow real wealth. Podcasts Brian Preston, CPA, CFP®, PFS no no All the Financial Advice You Need on an Index Card http://www.money-guy.com/2016/01/financial-advice-index-card/ Fri, 15 Jan 2016 17:00:10 +0000 http://www.money-guy.com/?p=4863 Financial Advice You Can Fit on an Index CardHappy 2016! The Money-Guys are thrilled to celebrate 10 years of producing The Money Guy Show. It’s been an incredible decade of sharing this podcast with you. Thanks for being along for the ride. On this episode, we want to cover something you might have seen in the news recently: the claim that you can fit all the financial advice you need on an index card. But we’re putting a bit of Money Guy twist on things, and sharing some unique tips and ideas for smart and simple money management.]]> 4863 0:39:05 Happy 2016! The Money-Guys are thrilled to celebrate 10 years of producing The Money Guy Show. It’s been an incredible decade of sharing this podcast with you. Thanks for being along for the ride. On this episode, we want to cover something you m[...] Happy 2016! The Money-Guys are thrilled to celebrate 10 years of producing The Money Guy Show. It’s been an incredible decade of sharing this podcast with you. Thanks for being along for the ride. On this episode, we want to cover something you might have seen in the news recently: the claim that you can fit all the financial advice you need on an index card. But we’re putting a bit of Money Guy twist on things, and sharing some unique tips and ideas for smart and simple money management. Podcasts Brian Preston, CPA, CFP®, PFS no no The 30(ish) Minute Financial Plan http://www.money-guy.com/2016/01/the-30ish-minute-financial-plan-2/ Fri, 01 Jan 2016 18:02:06 +0000 http://www.money-guy.com/?p=4849 Financial PlanHappy New Year, y'all! We want to start your new year off right in this first Money Guy Show episode of 2016. Whether you just started your financial journey or you consider yourself a money master, today's podcast will get you on the right path to financial success. We're bringing you all you need to know to create your own financial plan in just about 30 minutes. Ready to get started?]]> 4849 0:54:03 Happy New Year, y'all! We want to start your new year off right in this first Money Guy Show episode of 2016. Whether you just started your financial journey or you consider yourself a money master, today's podcast will get you on the right path to [...] Happy New Year, y'all! We want to start your new year off right in this first Money Guy Show episode of 2016. Whether you just started your financial journey or you consider yourself a money master, today's podcast will get you on the right path to financial success. We're bringing you all you need to know to create your own financial plan in just about 30 minutes. Ready to get started? Podcasts Brian Preston, CPA, CFP®, PFS no no 7 Must-Read Books for Success in 2016 http://www.money-guy.com/2015/12/7-must-read-books-for-success-in-2016/ Fri, 18 Dec 2015 17:00:29 +0000 http://www.money-guy.com/?p=4837 Must Read BooksGet your New Year reading list in order with our 7 must-read book recommendations for 2016. Whether you want to improve your financial health or focus on self-development, these books have you covered. If you’ve ever wondered what information helped shape us into the financial experts we are today, this show provides the answers. After tuning in, don't forget to connect with us on Twitter @MoneyGuyPodcast, or check us out on Facebook. Share your own book recommendations with us on social media -- we’d love to hear what you think we missed.]]> 4837 0:30:12 Get your New Year reading list in order with our 7 must-read book recommendations for 2016. Whether you want to improve your financial health or focus on self-development, these books have you covered. If you’ve ever wondered what information helped[...] Get your New Year reading list in order with our 7 must-read book recommendations for 2016. Whether you want to improve your financial health or focus on self-development, these books have you covered. If you’ve ever wondered what information helped shape us into the financial experts we are today, this show provides the answers. After tuning in, don't forget to connect with us on Twitter @MoneyGuyPodcast, or check us out on Facebook. Share your own book recommendations with us on social media -- we’d love to hear what you think we missed. Podcasts Brian Preston, CPA, CFP®, PFS no no The Expensive Truth About Annuities http://www.money-guy.com/2015/12/truth-about-annuities/ Fri, 04 Dec 2015 17:01:32 +0000 http://www.money-guy.com/?p=4826 Truth about AnnuitiesToday, we want to expose a few truths about a type of investment that gets a lot of folks in the financial world fired up. We're sharing the truth about annuities on this episode of The Money-Guy Show, and explaining what you need to know about four different types of annuities and the expensive fees associated with each.]]> 4826 0:40:21 Today, we want to expose a few truths about a type of investment that gets a lot of folks in the financial world fired up. We're sharing the truth about annuities on this episode of The Money-Guy Show, and explaining what you need to know about four[...] Today, we want to expose a few truths about a type of investment that gets a lot of folks in the financial world fired up. We're sharing the truth about annuities on this episode of The Money-Guy Show, and explaining what you need to know about four different types of annuities and the expensive fees associated with each. Podcasts Brian Preston, CPA, CFP®, PFS no no 7 Steps for Successful Vision Planning in 2016 http://www.money-guy.com/2015/11/7-steps-for-successful-vision-planning-in-2016/ Fri, 20 Nov 2015 16:00:11 +0000 http://www.money-guy.com/?p=4816 Vision Planning for 2016In this episode, your Money Guys cover a few tips on Black Friday shopping before revealing 7 steps you can take to have a successful 2016. If you’ve found you’re not happy with where you are and want to push past boundaries in 2016, this show will leave you feeling inspired to take action.]]> 4816 0:36:43 In this episode, your Money Guys cover a few tips on Black Friday shopping before revealing 7 steps you can take to have a successful 2016. If you’ve found you’re not happy with where you are and want to push past boundaries in 2016, this show will [...] In this episode, your Money Guys cover a few tips on Black Friday shopping before revealing 7 steps you can take to have a successful 2016. If you’ve found you’re not happy with where you are and want to push past boundaries in 2016, this show will leave you feeling inspired to take action. Podcasts Brian Preston, CPA, CFP®, PFS no no 11 Dangerous Financial Mistakes Couples Make http://www.money-guy.com/2015/11/11-dangerous-financial-mistakes-couples-make/ Fri, 06 Nov 2015 16:00:14 +0000 http://www.money-guy.com/?p=4799 Dangerous Financial Mistakes Couples MakeDo you and your other half function as a team? If you’re the financially dominant one, do you include your spouse in all financial decisions? Does your spouse understand why you make those decisions? We’re covering these topics and more as we take a deep dive into how couples can successfully manage their financial lives together. Learn the 11 most common -- and dangerous -- mistakes we see couples make with their money, and gain insight into how you can avoid these missteps in your own marriage and life.]]> 4799 0:34:27 Do you and your other half function as a team? If you’re the financially dominant one, do you include your spouse in all financial decisions? Does your spouse understand why you make those decisions? We’re covering these topics and more as we tak[...] Do you and your other half function as a team? If you’re the financially dominant one, do you include your spouse in all financial decisions? Does your spouse understand why you make those decisions? We’re covering these topics and more as we take a deep dive into how couples can successfully manage their financial lives together. Learn the 11 most common -- and dangerous -- mistakes we see couples make with their money, and gain insight into how you can avoid these missteps in your own marriage and life. Podcasts Brian Preston, CPA, CFP®, PFS no no 3 Ways to Make Your Money Go Farther http://www.money-guy.com/2015/10/make-your-money-go-farther/ Fri, 23 Oct 2015 16:00:21 +0000 http://www.money-guy.com/?p=4786 ShoppingThe holidays are fast approaching, and that means holiday shopping. But if you want to learn how to take advantage of sales year-round -- and not just during the holidays -- then you’ll want to tune into this episode. We’re covering 3 simple but often overlooked ways you can make your money go 3 to 5% further than the rest of your peers.]]> 4786 0:36:45 The holidays are fast approaching, and that means holiday shopping. But if you want to learn how to take advantage of sales year-round -- and not just during the holidays -- then you’ll want to tune into this episode. We’re covering 3 simple but oft[...] The holidays are fast approaching, and that means holiday shopping. But if you want to learn how to take advantage of sales year-round -- and not just during the holidays -- then you’ll want to tune into this episode. We’re covering 3 simple but often overlooked ways you can make your money go 3 to 5% further than the rest of your peers. Podcasts Brian Preston, CPA, CFP®, PFS no no How to Get Out of Traps Laid by Bad Investments http://www.money-guy.com/2015/10/traps-laid-by-bad-investments/ Fri, 09 Oct 2015 18:25:20 +0000 http://www.money-guy.com/?p=4772 chart-594212_640Do you feel stuck with an individual stock you bought? Or maybe you bought into a front-loaded mutual fund a while ago, and now you’re not sure what to do with it. Perhaps you’ve got one of those variable annuities and it’s dragging your financial life down. On the show today, we’re talking about financial follies and the traps we fall into from bad investments -- and how to get out of them. ]]> 4772 0:44:56 Do you feel stuck with an individual stock you bought? Or maybe you bought into a front-loaded mutual fund a while ago, and now you’re not sure what to do with it. Perhaps you’ve got one of those variable annuities and it’s dragging your financial l[...] Do you feel stuck with an individual stock you bought? Or maybe you bought into a front-loaded mutual fund a while ago, and now you’re not sure what to do with it. Perhaps you’ve got one of those variable annuities and it’s dragging your financial life down. On the show today, we’re talking about financial follies and the traps we fall into from bad investments -- and how to get out of them. Podcasts Brian Preston, CPA, CFP®, PFS no no Have Kids? Here’s How to Save for College http://www.money-guy.com/2015/09/have-kids-heres-how-to-save-for-college/ Fri, 25 Sep 2015 16:00:59 +0000 http://www.money-guy.com/?p=4761 How to Save for CollegeIf you have children, you know a huge cost you'll face as a parent is higher education. In this episode of The Money-Guy Show, Brian and Bo cover 5 important areas that you need to think about in discovering how to save for college -- including where to put your savings and how to invest in plans like 529s.]]> 4761 0:45:19 If you have children, you know a huge cost you'll face as a parent is higher education. In this episode of The Money-Guy Show, Brian and Bo cover 5 important areas that you need to think about in discovering how to save for college -- including wher[...] If you have children, you know a huge cost you'll face as a parent is higher education. In this episode of The Money-Guy Show, Brian and Bo cover 5 important areas that you need to think about in discovering how to save for college -- including where to put your savings and how to invest in plans like 529s. Podcasts Brian Preston, CPA, CFP®, PFS no no Rethink the Way You Look at Cash http://www.money-guy.com/2015/09/rethink-the-way-you-look-at-cash/ Sat, 12 Sep 2015 00:49:43 +0000 http://www.money-guy.com/?p=4741 Rethink the way you look at cashFeel like cash is a boring way to go -- when you could be making great returns in the stock market? Cash may not be as exciting as smart investments, but it's still a vital part of a comprehensive financial plan. This week, Bo and Brian chat about why and how to rethink the way you look at cash.]]> 4741 0:34:22 Feel like cash is a boring way to go -- when you could be making great returns in the stock market? Cash may not be as exciting as smart investments, but it's still a vital part of a comprehensive financial plan. This week, Bo and Brian chat about w[...] Feel like cash is a boring way to go -- when you could be making great returns in the stock market? Cash may not be as exciting as smart investments, but it's still a vital part of a comprehensive financial plan. This week, Bo and Brian chat about why and how to rethink the way you look at cash. Podcasts Brian Preston, CPA, CFP®, PFS no no Are Robo-Advisors the Enemy? With Jon Stein from Betterment http://www.money-guy.com/2015/08/robo-advisors-jon-stein-betterment/ Fri, 28 Aug 2015 16:00:12 +0000 http://www.money-guy.com/?p=4733 Robo AdvisorsTune in today for an exclusive interview with an industry insider: CEO of robo-advisor platform Betterment, Jon Stein. Brian and Jon talk about everything from the future of the financial advice industry to how Betterment goes beyond technology to help its investors. You don't want to miss this episode of The Money-Guy Show!]]> 4733 0:31:56 Tune in today for an exclusive interview with an industry insider: CEO of robo-advisor platform Betterment, Jon Stein. Brian and Jon talk about everything from the future of the financial advice industry to how Betterment goes beyond technology to h[...] Tune in today for an exclusive interview with an industry insider: CEO of robo-advisor platform Betterment, Jon Stein. Brian and Jon talk about everything from the future of the financial advice industry to how Betterment goes beyond technology to help its investors. You don't want to miss this episode of The Money-Guy Show! Podcasts Brian Preston, CPA, CFP®, PFS no no Don’t Get Spooked by Market Volatility http://www.money-guy.com/2015/08/spooked-by-market-volatility/ Wed, 26 Aug 2015 16:00:46 +0000 http://www.money-guy.com/?p=4726 Stock Market Market VolatilityThis is a special bonus episode of The Money-Guy Show. In light of recent market activity, we're re-releasing a past show that covered the importance of staying rational and understanding what market volatility really means.]]> 4726 0:55:07 This is a special bonus episode of The Money-Guy Show. In light of recent market activity, we're re-releasing a past show that covered the importance of staying rational and understanding what market volatility really means. This is a special bonus episode of The Money-Guy Show. In light of recent market activity, we're re-releasing a past show that covered the importance of staying rational and understanding what market volatility really means. Podcasts Brian Preston, CPA, CFP®, PFS no no 5 Tips on Navigating Marriage and Money http://www.money-guy.com/2015/08/5-tips-on-navigating-marriage-and-money/ Fri, 14 Aug 2015 16:00:00 +0000 http://www.money-guy.com/?p=4717 Marriage and MoneyWhether you’re a newlywed or have been married for decades, navigating marriage and money can be tricky. Don't fall victim to financial arguments, miscommunications, and other mistakes. Here's how to blend marriage and money harmoniously so you can enjoy your wedded bliss.]]> 4717 0:31:58 Whether you’re a newlywed or have been married for decades, navigating marriage and money can be tricky. Don't fall victim to financial arguments, miscommunications, and other mistakes. Here's how to blend marriage and money harmoniously so you can [...] Whether you’re a newlywed or have been married for decades, navigating marriage and money can be tricky. Don't fall victim to financial arguments, miscommunications, and other mistakes. Here's how to blend marriage and money harmoniously so you can enjoy your wedded bliss. Podcasts Brian Preston, CPA, CFP®, PFS no no 6 Financial Mistakes Pro Athletes Make and How They Apply to You http://www.money-guy.com/2015/07/6-financial-mistakes-pro-athletes-make/ Fri, 31 Jul 2015 17:00:46 +0000 http://www.money-guy.com/?p=4694 Financial Mistakes AthletesAs with most shows on TV, HBO's new show Ballers depicts the pro athlete lifestyle as -- well, “baller.” Unfortunately, this is very different from the reality many athletes face day-to-day. Your Money Guys would know. Brian used to work at a firm assisting A-listers and athletes with their portfolios, and Bo has a few friends in the NFL and MLB. They’ve witnessed countless athletes making the same financial mistakes over and over. In this episode, Brian and Bo review six financial mistakes pro athletes tend to make -- and that you can avoid whether or not you've got millions in your bank account.]]> 4694 0:36:11 As with most shows on TV, HBO's new show Ballers depicts the pro athlete lifestyle as -- well, “baller.” Unfortunately, this is very different from the reality many athletes face day-to-day. Your Money Guys would know. Brian used to work at a firm a[...] As with most shows on TV, HBO's new show Ballers depicts the pro athlete lifestyle as -- well, “baller.” Unfortunately, this is very different from the reality many athletes face day-to-day. Your Money Guys would know. Brian used to work at a firm assisting A-listers and athletes with their portfolios, and Bo has a few friends in the NFL and MLB. They’ve witnessed countless athletes making the same financial mistakes over and over. In this episode, Brian and Bo review six financial mistakes pro athletes tend to make -- and that you can avoid whether or not you've got millions in your bank account. Podcasts Brian Preston, CPA, CFP®, PFS no no A Musical Money-Guy Mashup http://www.money-guy.com/2015/07/a-musical-money-guy-mashup/ Fri, 17 Jul 2015 17:00:03 +0000 http://www.money-guy.com/?p=4676 Muscial Money Guy MashupCurious about how music relates to your finances? This week, Brian revived an old Money-Guy show from way back in 2013. He takes the 7 principles in The Millionaire Next Door and matched them up with songs and lyrics. Ready to jam?]]> 4676 0:44:03 Curious about how music relates to your finances? This week, Brian revived an old Money-Guy show from way back in 2013. He takes the 7 principles in The Millionaire Next Door and matched them up with songs and lyrics. Ready to jam? Curious about how music relates to your finances? This week, Brian revived an old Money-Guy show from way back in 2013. He takes the 7 principles in The Millionaire Next Door and matched them up with songs and lyrics. Ready to jam? Podcasts Brian Preston, CPA, CFP®, PFS no no How to Avoid Cognitive Investing Biases on the Road to Financial Independence http://www.money-guy.com/2015/07/cognitive-investing-biases/ Fri, 03 Jul 2015 17:00:40 +0000 http://www.money-guy.com/?p=4669 Cognitive Investment BiasesLetting your emotions influence your financial decisions, especially when it comes to your investments, is a bad idea. How can we push our emotions aside so they don’t cause us to make grave mistakes with our portfolio? Brian and Bo give you the answers in this episode, and in honor of Independence Day this weekend, discuss 15 cognitive investing biases to avoid on the road to financial independence.]]> 4669 0:50:11 Letting your emotions influence your financial decisions, especially when it comes to your investments, is a bad idea. How can we push our emotions aside so they don’t cause us to make grave mistakes with our portfolio? Brian and Bo give you the ans[...] Letting your emotions influence your financial decisions, especially when it comes to your investments, is a bad idea. How can we push our emotions aside so they don’t cause us to make grave mistakes with our portfolio? Brian and Bo give you the answers in this episode, and in honor of Independence Day this weekend, discuss 15 cognitive investing biases to avoid on the road to financial independence. Podcasts Brian Preston, CPA, CFP®, PFS no no Why (and How) You Need to Plan for the Cost of College http://www.money-guy.com/2015/06/plan-for-the-cost-of-college/ Fri, 19 Jun 2015 17:00:31 +0000 http://www.money-guy.com/?p=4651 CollegeYour Money Guys are back on this Podcast Friday to share thoughts around the importance of planning ahead for the cost of college -- and how to do so. Brian and Bo discuss how thinking ahead now can save you from bad financial situations in the future, and share a few tips on steps to take to make sure college costs don't get out of control.]]> 4651 0:48:08 Your Money Guys are back on this Podcast Friday to share thoughts around the importance of planning ahead for the cost of college -- and how to do so. Brian and Bo discuss how thinking ahead now can save you from bad financial situations in the futu[...] Your Money Guys are back on this Podcast Friday to share thoughts around the importance of planning ahead for the cost of college -- and how to do so. Brian and Bo discuss how thinking ahead now can save you from bad financial situations in the future, and share a few tips on steps to take to make sure college costs don't get out of control. Podcasts Brian Preston, CPA, CFP®, PFS no no A Baby, a Wedding, and a House http://www.money-guy.com/2015/06/a-baby-a-wedding-and-a-house/ Fri, 05 Jun 2015 16:00:16 +0000 http://www.money-guy.com/?p=4641 Engagement RingThe Money-Guy Show family has been extremely busy lately! We’re excited to celebrate a number of big life milestones with the leaders of Tightwad Nation. This show is a bit different, as Bo is busy welcoming Baby Hanson to his family. Gabe joins the show today as a guest co-host. He's another UGA grad and soon-to-be CFP® -- and he just got engaged! To celebrate, the podcast covers info and resources on finding the right engagement ring and getting started with your wedding planning. Even if you're already married, Brian and Gabe take a deep dive into this subject and provide a lot of knowledge that you could pass along to other friends and family members who have yet to hit this milestone.]]> 4641 0:47:00 The Money-Guy Show family has been extremely busy lately! We’re excited to celebrate a number of big life milestones with the leaders of Tightwad Nation. This show is a bit different, as Bo is busy welcoming Baby Hanson to his family. Gabe joins the[...] The Money-Guy Show family has been extremely busy lately! We’re excited to celebrate a number of big life milestones with the leaders of Tightwad Nation. This show is a bit different, as Bo is busy welcoming Baby Hanson to his family. Gabe joins the show today as a guest co-host. He's another UGA grad and soon-to-be CFP® -- and he just got engaged! To celebrate, the podcast covers info and resources on finding the right engagement ring and getting started with your wedding planning. Even if you're already married, Brian and Gabe take a deep dive into this subject and provide a lot of knowledge that you could pass along to other friends and family members who have yet to hit this milestone. Podcasts Brian Preston, CPA, CFP®, PFS no no 10 Things to Know Before Applying for a Mortgage http://www.money-guy.com/2015/05/10-things-to-know-before-applying-for-a-mortgage/ Fri, 22 May 2015 17:00:26 +0000 http://www.money-guy.com/?p=4616 Applying for a MortgageRemember our rent vs. buy debate discussed in previous episodes of The Money-Guy Show? While that episode covered the arguments for and against both renting and buying, it didn't take a deep dive into the actual process of financing a home. Today, Brian and Bo look at the ins and outs of applying for a mortgage and cover what you need to know before you borrow money.]]> 4616 0:44:51 Remember our rent vs. buy debate discussed in previous episodes of The Money-Guy Show? While that episode covered the arguments for and against both renting and buying, it didn't take a deep dive into the actual process of financing a home. Today, B[...] Remember our rent vs. buy debate discussed in previous episodes of The Money-Guy Show? While that episode covered the arguments for and against both renting and buying, it didn't take a deep dive into the actual process of financing a home. Today, Brian and Bo look at the ins and outs of applying for a mortgage and cover what you need to know before you borrow money. Podcasts Brian Preston, CPA, CFP®, PFS no no 12 Mistakes to Avoid Making With Your IRA http://www.money-guy.com/2015/05/12-mistakes-to-avoid-making-with-your-ira/ Fri, 08 May 2015 17:00:11 +0000 http://www.money-guy.com/?p=4610 Mistakes to Avoid with IRAIndividual Retirement Accounts (IRAs) are critical in securing financial independence in retirement. Because of this, Brian and Bo took the opportunity to discuss what mistakes they see clients make -- and how you can avoid them. Tune in to learn about 12 errors that lead to financial trouble, and go beyond common sense with the latest advice from The Money Guys.]]> 4610 0:41:28 Individual Retirement Accounts (IRAs) are critical in securing financial independence in retirement. Because of this, Brian and Bo took the opportunity to discuss what mistakes they see clients make -- and how you can avoid them. Tune in to learn ab[...] Individual Retirement Accounts (IRAs) are critical in securing financial independence in retirement. Because of this, Brian and Bo took the opportunity to discuss what mistakes they see clients make -- and how you can avoid them. Tune in to learn about 12 errors that lead to financial trouble, and go beyond common sense with the latest advice from The Money Guys. Podcasts Brian Preston, CPA, CFP®, PFS no no 5 Habits of 401(k) Millionaires http://www.money-guy.com/2015/04/5-habits-of-401k-millionaires/ Fri, 24 Apr 2015 17:00:07 +0000 http://www.money-guy.com/?p=4598 401(k) MillionaireThink it's impossible to become a 401(k) millionaire? Wondering if you can commit to what's necessary to achieve this big goal? On this episode of The Money Guy Show, Brian and Bo review a recent study from Fidelity and dive into the 5 habits and actions that can get you to millionaire status in a working career.]]> 4598 0:43:11 Think it's impossible to become a 401(k) millionaire? Wondering if you can commit to what's necessary to achieve this big goal? On this episode of The Money Guy Show, Brian and Bo review a recent study from Fidelity and dive into the 5 habits and ac[...] Think it's impossible to become a 401(k) millionaire? Wondering if you can commit to what's necessary to achieve this big goal? On this episode of The Money Guy Show, Brian and Bo review a recent study from Fidelity and dive into the 5 habits and actions that can get you to millionaire status in a working career. Podcasts Brian Preston, CPA, CFP®, PFS no no 5 Ways to a Happier Financial Life http://www.money-guy.com/2015/04/5-ways-to-a-happier-financial-life/ Fri, 10 Apr 2015 17:00:04 +0000 http://www.money-guy.com/?p=4581 Have a Happy Financial LifeWho doesn’t want to learn how to live a happier financial life? Here's the good news: The Money-Guy Show explains how in this episode. Brian and Bo review an article from The Wall Street Journal and share 5 simple, common-sense keys to living a happier financial life.]]> 4581 0:26:32 Who doesn’t want to learn how to live a happier financial life? Here's the good news: The Money-Guy Show explains how in this episode. Brian and Bo review an article from The Wall Street Journal and share 5 simple, common-sense keys to living a happ[...] Who doesn’t want to learn how to live a happier financial life? Here's the good news: The Money-Guy Show explains how in this episode. Brian and Bo review an article from The Wall Street Journal and share 5 simple, common-sense keys to living a happier financial life. Podcasts Brian Preston, CPA, CFP®, PFS no no Recapping the 2015 Berkshire Hathaway Letter to Shareholders http://www.money-guy.com/2015/03/2015-berkshire-hathaway-letter-to-shareholders/ Fri, 27 Mar 2015 17:00:42 +0000 http://www.money-guy.com/?p=4566 BUFFETT CREDITIt's our favorite time of year! Well, it's close for financial fans and money nerds. Here's what's going down: Brian and Bo cover the 2015 Berkshire Hathaway Annual Letter to Shareholders in this episode of The Money-Guy Show. Here are the highlights from each.]]> 4566 0:55:39 It's our favorite time of year! Well, it's close for financial fans and money nerds. Here's what's going down: Brian and Bo cover the 2015 Berkshire Hathaway Annual Letter to Shareholders in this episode of The Money-Guy Show. Here are the highlight[...] It's our favorite time of year! Well, it's close for financial fans and money nerds. Here's what's going down: Brian and Bo cover the 2015 Berkshire Hathaway Annual Letter to Shareholders in this episode of The Money-Guy Show. Here are the highlights from each. Podcasts Brian Preston, CPA, CFP®, PFS no no Remembering a Personal Finance Icon and His Timeless Advice http://www.money-guy.com/2015/03/remembering-a-personal-finance-icon/ Fri, 13 Mar 2015 17:00:14 +0000 http://www.money-guy.com/?p=4541 Thomas J StanleyThis episode of The Money-Guy Show is a reflective one as Brian and Bo pay tribute to Thomas J. Stanley, co-author of the popular personal finance book, “The Millionaire Next Door.” They also discuss the importance of healthcare directives in light of Brian’s father-in-law passing away unexpectedly. As loss is unfortunately inevitable in our lives, Brian is also offering his wisdom on how we can turn loss into motivational fuel.]]> 4541 0:38:56 This episode of The Money-Guy Show is a reflective one as Brian and Bo pay tribute to Thomas J. Stanley, co-author of the popular personal finance book, “The Millionaire Next Door.” They also discuss the importance of healthcare directives in light [...] This episode of The Money-Guy Show is a reflective one as Brian and Bo pay tribute to Thomas J. Stanley, co-author of the popular personal finance book, “The Millionaire Next Door.” They also discuss the importance of healthcare directives in light of Brian’s father-in-law passing away unexpectedly. As loss is unfortunately inevitable in our lives, Brian is also offering his wisdom on how we can turn loss into motivational fuel. Podcasts Brian Preston, CPA, CFP®, PFS no no Lump Sum or Payout: How to Withdraw When You Retire http://www.money-guy.com/2015/02/lump-sum-or-payout/ Fri, 27 Feb 2015 17:00:30 +0000 http://www.money-guy.com/?p=4521 Lump Sum vs. Monthly PaymentsThis week, your Money Guys tackle a question often asked by their clients in regards to retirement planning: “Should I take a lump sum payment, or a monthly pension payment?” Brian and Bo walk listeners through the same decision-making process they offer their clients. They cover the pros and cons of each option, as well as the factors (and math) you need to take into consideration when making the decision.]]> 4521 0:31:25 This week, your Money Guys tackle a question often asked by their clients in regards to retirement planning: “Should I take a lump sum payment, or a monthly pension payment?” Brian and Bo walk listeners through the same decision-making process they [...] This week, your Money Guys tackle a question often asked by their clients in regards to retirement planning: “Should I take a lump sum payment, or a monthly pension payment?” Brian and Bo walk listeners through the same decision-making process they offer their clients. They cover the pros and cons of each option, as well as the factors (and math) you need to take into consideration when making the decision. Podcasts Brian Preston, CPA, CFP®, PFS no no What to Do When Life Happens http://www.money-guy.com/2015/02/when-life-happens/ Fri, 13 Feb 2015 17:00:17 +0000 http://www.money-guy.com/?p=4503 Financial Planning for the UnexpectedHere's a simple fact: life happens. Even though we try to plan for everything, we can’t possibly know what life is going to throw at us next. So how can we financially prepare ourselves for life's emergencies? How can we work in financial planning for the unexpected? Today, your Money Guys provide the steps you can take to ensure you’re prepared and can plan for the unexpected.]]> 4503 0:42:26 Here's a simple fact: life happens. Even though we try to plan for everything, we can’t possibly know what life is going to throw at us next. So how can we financially prepare ourselves for life's emergencies? How can we work in financial planning f[...] Here's a simple fact: life happens. Even though we try to plan for everything, we can’t possibly know what life is going to throw at us next. So how can we financially prepare ourselves for life's emergencies? How can we work in financial planning for the unexpected? Today, your Money Guys provide the steps you can take to ensure you’re prepared and can plan for the unexpected. Podcasts Brian Preston, CPA, CFP®, PFS no no Breaking Through the Mystery of Investing http://www.money-guy.com/2015/01/breaking-through-the-mystery-of-investing/ Fri, 30 Jan 2015 17:00:39 +0000 http://www.money-guy.com/?p=4492 InvestingBrian and Bo hate to see so many individuals out there put off by the idea of investing. Today, they're showing you how easy it is to get started by breaking through the mystery of investing your money -- because it's the fastest way to grow your wealth.]]> 4492 0:50:21 Brian and Bo hate to see so many individuals out there put off by the idea of investing. Today, they're showing you how easy it is to get started by breaking through the mystery of investing your money -- because it's the fastest way to grow your we[...] Brian and Bo hate to see so many individuals out there put off by the idea of investing. Today, they're showing you how easy it is to get started by breaking through the mystery of investing your money -- because it's the fastest way to grow your wealth. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Should You Rent or Buy? http://www.money-guy.com/2015/01/rent-or-buy/ Fri, 16 Jan 2015 17:00:57 +0000 http://www.money-guy.com/?p=4475 Rent or BuyRent or buy? It's a big debate and each side of the argument has its pros and cons -- and your age, your experience, and the way you view your money and your long-term goals can all impact whether you think it's better to rent or buy. In this podcast episode, Brian and Bo cover the emotional aspects of home ownership, when renting may make more sense, and why owning your own home can pay off financially.]]> 4475 0:39:18 Rent or buy? It's a big debate and each side of the argument has its pros and cons -- and your age, your experience, and the way you view your money and your long-term goals can all impact whether you think it's better to rent or buy. In this podcas[...] Rent or buy? It's a big debate and each side of the argument has its pros and cons -- and your age, your experience, and the way you view your money and your long-term goals can all impact whether you think it's better to rent or buy. In this podcast episode, Brian and Bo cover the emotional aspects of home ownership, when renting may make more sense, and why owning your own home can pay off financially. Podcasts Brian Preston, CPA, CFP®, PFS no no What to Look for When You Need a Financial Professional http://www.money-guy.com/2015/01/need-a-financial-professional/ Fri, 02 Jan 2015 17:00:19 +0000 http://www.money-guy.com/?p=4457 Financial ProfessionalYour Money Guys kick off the first podcast of 2015 with valuable advice on what to look for in a financial professional -- be it a tax preparer, insurance agent, or financial advisor. Nearly everyone uses (or should use!) services provided by these financial pros, so it's important to understand the questions to ask each of these individuals in order to make sure they’re in the right position to help you. This episode will also provide you with a better idea of how to vet each one so that you end up a happy client.]]> 4457 0:47:38 Your Money Guys kick off the first podcast of 2015 with valuable advice on what to look for in a financial professional -- be it a tax preparer, insurance agent, or financial advisor. Nearly everyone uses (or should use!) services provided by these [...] Your Money Guys kick off the first podcast of 2015 with valuable advice on what to look for in a financial professional -- be it a tax preparer, insurance agent, or financial advisor. Nearly everyone uses (or should use!) services provided by these financial pros, so it's important to understand the questions to ask each of these individuals in order to make sure they’re in the right position to help you. This episode will also provide you with a better idea of how to vet each one so that you end up a happy client. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Creating a Vision Plan for 2015 http://www.money-guy.com/2014/12/creating-a-vision-plan-for-2015/ Fri, 19 Dec 2014 17:00:33 +0000 http://www.money-guy.com/?p=4441 sunset-401541_640With this last show of the year, we wanted to do something a little different and get you set up for success in 2015. You can change your life in the new year with the right drive, determination, and dedication to your goals. There are no limits! Brian and Bo walk you through creating a personal vision plan for the new year and offer tips on creating a plan, taking action, and achieving success.]]> 4441 0:45:20 With this last show of the year, we wanted to do something a little different and get you set up for success in 2015. You can change your life in the new year with the right drive, determination, and dedication to your goals. There are no limits! Br[...] With this last show of the year, we wanted to do something a little different and get you set up for success in 2015. You can change your life in the new year with the right drive, determination, and dedication to your goals. There are no limits! Brian and Bo walk you through creating a personal vision plan for the new year and offer tips on creating a plan, taking action, and achieving success. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no The Financial Decisions to Get Right at Every Stage and Age http://www.money-guy.com/2014/12/financial-decisions-to-get-right/ Fri, 05 Dec 2014 17:00:29 +0000 http://www.money-guy.com/?p=4419 Financial DecisionsNo matter what your life stage, there are financial decisions to think about -- and to get right. It’s never too early (or too late!) to take smart action and improve your financial situation. In this episode of The Money-Guy Show, the guys are joined by guest Alan Moore of XY Planning Network to discuss the pitfalls, blind spots, and solutions to money matters and problems for all ages.]]> 4419 0:43:27 No matter what your life stage, there are financial decisions to think about -- and to get right. It’s never too early (or too late!) to take smart action and improve your financial situation. In this episode of The Money-Guy Show, the guys are join[...] No matter what your life stage, there are financial decisions to think about -- and to get right. It’s never too early (or too late!) to take smart action and improve your financial situation. In this episode of The Money-Guy Show, the guys are joined by guest Alan Moore of XY Planning Network to discuss the pitfalls, blind spots, and solutions to money matters and problems for all ages. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Black Friday and Bad Fees http://www.money-guy.com/2014/11/black-friday-and-bad-fees/ Fri, 21 Nov 2014 17:00:40 +0000 http://www.money-guy.com/?p=4406 Black Friday ShoppingWait -- what’s a tightwad doing talking about spending money for the holidays? Don't worry, Tightwad Nation. The guys discuss this retail "holiday" as an opportunity to buy things you actually need and at a much lower cost than any other time of the year.]]> 4406 0:32:34 Wait -- what’s a tightwad doing talking about spending money for the holidays? Don't worry, Tightwad Nation. The guys discuss this retail "holiday" as an opportunity to buy things you actually need and at a much lower cost than any other time of the[...] Wait -- what’s a tightwad doing talking about spending money for the holidays? Don't worry, Tightwad Nation. The guys discuss this retail "holiday" as an opportunity to buy things you actually need and at a much lower cost than any other time of the year. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no How to Prioritize Financial Goals http://www.money-guy.com/2014/11/prioritize-financial-goals/ Fri, 07 Nov 2014 17:00:31 +0000 http://www.money-guy.com/?p=4380 Here's how to prioritize your financial goalsThe guys got a great listener question a few months ago -- from a husband and wife team who listen to the podcast together! -- and are taking it on for this episode. The question: how much should you save and invest if you have debt? Brian and Bo answer with some basics we can all abide by when it comes to prioritizing financial goals, and wrap up with a discussion of some of the biggest money-wasters out there.]]> 4380 0:41:00 The guys got a great listener question a few months ago -- from a husband and wife team who listen to the podcast together! -- and are taking it on for this episode. The question: how much should you save and invest if you have debt? Brian and Bo an[...] The guys got a great listener question a few months ago -- from a husband and wife team who listen to the podcast together! -- and are taking it on for this episode. The question: how much should you save and invest if you have debt? Brian and Bo answer with some basics we can all abide by when it comes to prioritizing financial goals, and wrap up with a discussion of some of the biggest money-wasters out there. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Is the Sky Falling? How to Handle Market Volatility http://www.money-guy.com/2014/10/how-to-handle-market-volatility/ Wed, 22 Oct 2014 17:00:33 +0000 http://www.money-guy.com/?p=4349 Stock Market VolitilitySpoiler alert: no, the sky is not falling. Don’t let the financial media get you riled up when they start trying to develop an emotional frenzy. When you start hearing dramatic reports about the stock market from media outlets, it’s important to understand that the actual data paints a very different picture than the talking heads on your TV or radio.]]> 4349 0:53:23 Spoiler alert: no, the sky is not falling. Don’t let the financial media get you riled up when they start trying to develop an emotional frenzy. When you start hearing dramatic reports about the stock market from media outlets, it’s important to und[...] Spoiler alert: no, the sky is not falling. Don’t let the financial media get you riled up when they start trying to develop an emotional frenzy. When you start hearing dramatic reports about the stock market from media outlets, it’s important to understand that the actual data paints a very different picture than the talking heads on your TV or radio. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Financial Lessons Learned at FinCon http://www.money-guy.com/2014/10/financial-lessons-learned-at-fincon/ Fri, 10 Oct 2014 15:27:44 +0000 http://www.money-guy.com/?p=4316 fincon2Brian and Bo made their first appearance at FinCon this year and share their experiences with you. They also discuss when it makes sense to be a tightwad versus when you should pay the extra money for professional help. Brian and Bo start by reviewing a few tips found in Damian Davila’s article on WiseBread, […]]]> 4316 0:46:12 Brian and Bo made their first appearance at FinCon this year and share their experiences with you. They also discuss when it makes sense to be a tightwad versus when you should pay the extra money for professional help. Brian and Bo start by revie[...] Brian and Bo made their first appearance at FinCon this year and share their experiences with you. They also discuss when it makes sense to be a tightwad versus when you should pay the extra money for professional help. Brian and Bo start by reviewing a few tips found in Damian Davila’s article on WiseBread, “4 Times You Should Splurge and Hire a Pro.” Moving – 12% of Americans moved from 2012 to 2013. This is an area that we consider to be worth paying the extra money for professional expertise. Movers offer a few great benefits: they save a ton of time and effort, you can add insurance, you do not have to risk injury, and if you are moving more than 50 miles for work – your moving expensive could be tax deductible. Tax Preparation – Paying for a CPA is almost always a great idea, especially if you are a freelancer or entrepreneur. There are too many items to overlook, and too many mistakes to be made that could cost your business money. As we have always said, when dealing with your tax or legal issues it is always better to pay a little more to have someone to lean on if things were to go awry. Cleaning for a Move or Home Sale – Cleaning stinks. Paying someone else to clean your home for you can be a huge relief. No more arguing about whom is going to do what or spending a day wearing rubber gloves. It can actually save you money if you hire someone to clean for you, because you can spend your time and effort being productive at work or networking. Tree- Trimming and Removal – This seems like a no-brainer. There is too much to go wrong for it to makes sense to be a tightwad in this department. The Money-Guys added an additional 4 areas that constitute hiring a professional: Mechanic Work – If you are not an expert, you could do more harm than good. Often times the major problem you are facing is a minor or common issue for a professional. Yard Work – Believe it or not, you can save money by having someone maintain your yard, especially if you have been trying to have that perfectly green lawn by yourself. Frequent trips to the local hardware store for fertilizer can actually cost you more than professional maintenance. The pro’s probably have better resources and methods to make your yard look better than you ever could. Financial Advisor – We have a great podcast that is always free, titled, “Knowing When to Go Pro.” This is a topic that our podcast has been centered on for a long time. When financial moves become too significant for you to handle, hiring a pro can bring a ton of value to your financial life. We think that threshold is somewhere around the 250k mark in investable assets. Until then, it probably does not make great sense to spend money on a financial advisor, especially when target date retirement funds have become so efficient. Podcasts Brian Preston, CPA, CFP®, PFS no no Celebrity Money Mistakes and How to Prevent Them http://www.money-guy.com/2014/09/celebrity-money-mistakes-and-how-to-prevent-them/ Fri, 26 Sep 2014 19:43:20 +0000 http://www.money-guy.com/?p=4280 Mistakes2Brian and Bo run through money mistakes that celebrities have made and give you some advice on how to correct or avoid making the same mistakes yourself.]]> 4280 0:48:36 Brian and Bo run through money mistakes that celebrities have made and give you some advice on how to correct or avoid making the same mistakes yourself. Brian and Bo run through money mistakes that celebrities have made and give you some advice on how to correct or avoid making the same mistakes yourself. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Target Date Retirement Funds Pros and Cons http://www.money-guy.com/2014/09/target-date-retirement-funds-pros-and-cons/ Mon, 15 Sep 2014 19:52:30 +0000 http://www.money-guy.com/?p=4247 target3Target date funds have been around for two decades now and they continue to evolve and find their place in more and more portfolios. The funds are typically inexpensive and give you a great amount of diversification while targeting an appropriate amount of risk to fit your financial timeline.]]> 4247 0:34:57 Target date funds have been around for two decades now and they continue to evolve and find their place in more and more portfolios. The funds are typically inexpensive and give you a great amount of diversification while targeting an appropriate am[...] Target date funds have been around for two decades now and they continue to evolve and find their place in more and more portfolios. The funds are typically inexpensive and give you a great amount of diversification while targeting an appropriate amount of risk to fit your financial timeline. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no How Much Insurance Do I Need? http://www.money-guy.com/2014/08/how-much-insurance-do-i-need/ Fri, 29 Aug 2014 15:02:11 +0000 http://www.money-guy.com/?p=4229 4229 0:38:44 Brian and Bo discuss insurance necessities as well as the appropriate level of insurance to carry across varying career and life stages. The guys also discuss emergency reserves and disability insurance. If you are in the market for insurance this i[...] Brian and Bo discuss insurance necessities as well as the appropriate level of insurance to carry across varying career and life stages. The guys also discuss emergency reserves and disability insurance. If you are in the market for insurance this is the show for you! Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Savings Samurai – Nickel Ninja http://www.money-guy.com/2014/08/savings-samurai-nickel-ninja/ Fri, 15 Aug 2014 17:07:52 +0000 http://www.money-guy.com/?p=4204 4204 0:41:55 Brian and Bo give you the tips and tools you need to make your dollars stretch further than the rest. The guys share sites to help save you money shopping online, booking travel arrangements, negotiating utilities, and grabbing a cab. Brian and Bo give you the tips and tools you need to make your dollars stretch further than the rest. The guys share sites to help save you money shopping online, booking travel arrangements, negotiating utilities, and grabbing a cab. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Dollar Cost Averaging…The Discussion Continues http://www.money-guy.com/2014/08/dollar-cost-averaging-the-discussion-continues/ Fri, 01 Aug 2014 15:03:51 +0000 http://www.money-guy.com/?p=4163 4163 0:41:13 This week Brian and Bo dig into the dollar cost averaging discussion, and illustrate the pros and cons that DCA presents. The Dollar Cost Averaging strategy is fairly simple, it boils down to having systematic entry points into the market. This week Brian and Bo dig into the dollar cost averaging discussion, and illustrate the pros and cons that DCA presents. The Dollar Cost Averaging strategy is fairly simple, it boils down to having systematic entry points into the market. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Broken Dreams: Take 2 http://www.money-guy.com/2014/07/broken-dreams-take-2/ Fri, 18 Jul 2014 15:49:37 +0000 http://www.money-guy.com/?p=4131 4131 0:29:48 Brian and Bo pick up where they left off last week by detailing financial factors to consider when participating in the housing market. The guys even discuss some strategies and tools to utilize when reviewing non-mortgage, housing related expenses. Brian and Bo pick up where they left off last week by detailing financial factors to consider when participating in the housing market. The guys even discuss some strategies and tools to utilize when reviewing non-mortgage, housing related expenses. Podcasts Brian Preston, CPA, CFP®, PFS no no Broken Dreams: What’s Going on in Housing? http://www.money-guy.com/2014/07/broken-dreams-whats-going-on-in-housing/ Fri, 11 Jul 2014 13:28:31 +0000 http://www.money-guy.com/?p=4124 4124 0:44:15 Have you been waiting to buy or sell a house? Are you tired of renting and have been waiting to purchase your dream home? Brian and Bo give you their thoughts on the housing market so you can make sense of the current housing environment. The guys[...] Have you been waiting to buy or sell a house? Are you tired of renting and have been waiting to purchase your dream home? Brian and Bo give you their thoughts on the housing market so you can make sense of the current housing environment. The guys first look at few explanations for the suppressed housing market we have experienced the past few years by analyzing an article by Paula Pant, 5 Stats You Need To Know About The Housing Recovery. New Construction Starts Are Apartment-Centric Unemployment For Young People Is Still High Sales of Existing Homes Are Bumpy Delinquencies and Foreclosures Are Returning to Normal Homes Are Still Undervalued, But Improving Brian and Bo also look into an article from Tim Manni simply titled, Why Aren’t More Young People Buying Homes? Here is what they found: A large portion of the buying audience is still absent – young, first time buyers.  Young American’s are still in favor of home ownership. However, there are far fewer young buyers in today’s market than there were post-war baby boomers.  In today’s market, purchasing a home requires substantial savings, long-term job income, a decent down payment, and limited debt.  The trend is also different today than in years past as young buyers are coming to the table with more money and looking for smaller homes on smaller lots. Additionally, in recent years, townhomes have become very acceptable alternatives to single family homes.  The demographic in personal decision making has changed with younger people, who are now mainly looking for ownership after starting a family and having children. A trait contrary to the baby boomers, which would opt for a small starter home at a younger age.  Most young people today may not see a first home come into the picture until they are between 33-35 years old.  Homes have become less of a financial investment in recent years and more of a use asset. Up to this point, the guys only discussed the symptoms of the market. They continue by giving their thoughts on future interest rate environments and forecast how interest rates may affect the housing market moving forward. They look into the article, Why interest rates may stay very low for a lot longer, written by Tom Petruno. The article touches on the world debt crisis and how it contributes to lower domestic interest rates. The author even mentions PIMCO co-founder Bill Gross’ estimate of the Fed’s rate being no higher than 2% through the end of the decade! It seems that the Fed is still gunning for major economic growth and willing to maintain suppressed rates if they see any sign of an economic slowdown. Additionally, the overseas central banks comprised specifically of the EBC and Bank of Japan have shown no signs of increased rates. So, what did this mean for the future of domestic housing prices and interest rates? With no foreign pressure to increase domestic rates on the Fed, we should see the current trend continue, and we could expect thirty year mortgage rates from 4% to 5% for years to come, if all else holds equal. This means the marketplace for new loans could remain very affordable going forward, which would drive even more buyers to the market. Check back next week, that’s right, next week, for a follow up on this topic as well as further discussion on strategies for entering and exiting the marketplace and how to make home ownership as affordable as possible.   Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Is The Risk Worth The Reward? http://www.money-guy.com/2014/06/is-the-risk-worth-the-reward/ Fri, 27 Jun 2014 13:49:43 +0000 http://www.money-guy.com/?p=4091 4091 0:35:51 Brian dives into what it takes to be successful in business, finances, and your career, and how that success relates to the risks you take. He covers the habits that seem to drive successful people to push the envelope, and how those are the people [...] Brian dives into what it takes to be successful in business, finances, and your career, and how that success relates to the risks you take. He covers the habits that seem to drive successful people to push the envelope, and how those are the people who are willing to take risks more often in order to accomplish their goals. He also discusses why people tend to take the easy road and settle for a life that they may only be content with. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no How to Become a Millionaire http://www.money-guy.com/2014/06/how-to-become-a-millionaire/ Fri, 13 Jun 2014 15:46:03 +0000 http://www.money-guy.com/?p=4003 4003 0:41:06 A million dollars seems like such a magic number, but what does it take to get you there? It may be true that saving the first $100,000 is the hardest, but you have to start somewhere. This week Brian and Bo give you the basic steps necessary to b[...] A million dollars seems like such a magic number, but what does it take to get you there? It may be true that saving the first $100,000 is the hardest, but you have to start somewhere. This week Brian and Bo give you the basic steps necessary to becoming a millionaire by retirement age. The choice is yours, start early or start late...it can be done!! Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Top Tips to Prepare for Retirement http://www.money-guy.com/2014/05/top-tips-to-prepare-for-retirement/ http://www.money-guy.com/2014/05/top-tips-to-prepare-for-retirement/#comments Fri, 30 May 2014 14:09:00 +0000 http://www.money-guy.com/?p=3932 http://www.money-guy.com/2014/05/top-tips-to-prepare-for-retirement/feed/ 1 3932 0:40:46 Brian and Bo cover different strategies and steps to take when preparing for retirement and review features that are available in your 401k. The motivation for this show is two articles that finance blogger Dana Anspach recently released about 401k’[...] Brian and Bo cover different strategies and steps to take when preparing for retirement and review features that are available in your 401k. The motivation for this show is two articles that finance blogger Dana Anspach recently released about 401k’s and other retirement accounts, 7 Things I Wish People Knew About 401k Plans, and 7 to-do’s before you turn 59. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no How Do You Hold Your Assets? http://www.money-guy.com/2014/05/how-do-you-hold-your-assets/ Fri, 16 May 2014 13:56:53 +0000 http://www.money-guy.com/?p=3866 3866 0:39:58 Brian and Bo discuss the strategy behind asset location and give you a breakdown of their thoughts when designing investment portfolios. The guys give you the rundown on tax-efficiency and cover the three “pots” of money in the investing world 1) Ta[...] Brian and Bo discuss the strategy behind asset location and give you a breakdown of their thoughts when designing investment portfolios. The guys give you the rundown on tax-efficiency and cover the three “pots” of money in the investing world 1) Taxable 2) Tax-Deferred 3) Tax Free. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Is Lending Club a Good Idea? http://www.money-guy.com/2014/05/is-lending-club-a-good-idea/ http://www.money-guy.com/2014/05/is-lending-club-a-good-idea/#comments Fri, 02 May 2014 17:08:11 +0000 http://www.money-guy.com/?p=3855 http://www.money-guy.com/2014/05/is-lending-club-a-good-idea/feed/ 4 3855 0:51:23 The market downturn from 2007-2009 forced banks and other lending institutions to increase their lending standards for personal loans, as a result, peer-to-peer lending has found its footing. From this, Lending Club has jumped to the front of the m[...] The market downturn from 2007-2009 forced banks and other lending institutions to increase their lending standards for personal loans, as a result, peer-to-peer lending has found its footing. From this, Lending Club has jumped to the front of the market for these loans. Brian and Bo have been dabbling with the site over the past year, and in this show they give everyone a rundown of their experience over the past year. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Is Identity Theft Protection Worth It? http://www.money-guy.com/2014/04/is-identity-theft-protection-worth-it/ http://www.money-guy.com/2014/04/is-identity-theft-protection-worth-it/#comments Fri, 18 Apr 2014 13:30:37 +0000 http://www.money-guy.com/?p=3832 http://www.money-guy.com/2014/04/is-identity-theft-protection-worth-it/feed/ 3 3832 0:36:25 Brian and Bo investigate identity theft protection, and credit monitoring industries, as well as provide you with alternative methods to identity security that is available. This week’s episode is a must-listen and a great resource to keep an eye on[...] Brian and Bo investigate identity theft protection, and credit monitoring industries, as well as provide you with alternative methods to identity security that is available. This week’s episode is a must-listen and a great resource to keep an eye on your credit score, report, and security. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Discussing Money With Your Aging Parents http://www.money-guy.com/2014/04/discussing-money-with-your-aging-parents/ http://www.money-guy.com/2014/04/discussing-money-with-your-aging-parents/#comments Fri, 04 Apr 2014 16:45:02 +0000 http://www.money-guy.com/?p=3782 http://www.money-guy.com/2014/04/discussing-money-with-your-aging-parents/feed/ 1 3782 0:30:13 The core of this week’s show is staying informed with your parent’s financial situation. Brian and Bo cover what you need to know and when it makes sense to discuss finances with your parents or children. The core of this week’s show is staying informed with your parent’s financial situation. Brian and Bo cover what you need to know and when it makes sense to discuss finances with your parents or children. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Be An Advocate For Your Wallet http://www.money-guy.com/2014/03/be-an-advocate-for-your-wallet/ http://www.money-guy.com/2014/03/be-an-advocate-for-your-wallet/#comments Fri, 21 Mar 2014 13:46:03 +0000 http://www.money-guy.com/?p=3766 http://www.money-guy.com/2014/03/be-an-advocate-for-your-wallet/feed/ 2 3766 0:28:00 Brian and Bo share tips for saving money every month with a couple of phone calls. They stress being an advocate for your wallet by constantly looking for the best deals. This week we cover reducing your utility bills and explore resources online th[...] Brian and Bo share tips for saving money every month with a couple of phone calls. They stress being an advocate for your wallet by constantly looking for the best deals. This week we cover reducing your utility bills and explore resources online that allow you to compare the best prices for the services that you spend money on every month. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Has Warren Buffett Lost His Golden Touch? http://www.money-guy.com/2014/03/has-warren-buffett-lost-his-golden-touch/ Fri, 07 Mar 2014 19:44:10 +0000 http://www.money-guy.com/?p=3727 3727 0:50:27 In this week’s show Brian and Bo analyze Warren Buffett’s annual Letter to Shareholders. It does not matter the market the conditions, he always has a simplistic view and understanding of investing and can relay that information in layman’s terms. B[...] In this week’s show Brian and Bo analyze Warren Buffett’s annual Letter to Shareholders. It does not matter the market the conditions, he always has a simplistic view and understanding of investing and can relay that information in layman’s terms. Basically, Buffett's still got it. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Active vs. Passive Investing: Which Works? http://www.money-guy.com/2014/02/active-vs-passive-investing-which-works/ Fri, 21 Feb 2014 18:54:36 +0000 http://www.money-guy.com/?p=3705 3705 0:44:58 In this episode Brian and Bo dig into the active vs passive argument. It seems like there is a constant battle among investors and advisors about their stance on active and passive management. Brian and Bo share their opinions and give a behind the [...] In this episode Brian and Bo dig into the active vs passive argument. It seems like there is a constant battle among investors and advisors about their stance on active and passive management. Brian and Bo share their opinions and give a behind the scenes look of their investment philosophy. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Tax Essentials http://www.money-guy.com/2014/01/tax-essentials/ Fri, 31 Jan 2014 16:39:13 +0000 http://www.money-guy.com/?p=3686 3686 0:45:53 The IRS started accepting tax returns January 31st so we thought it was best that we give you some tips when filing your return. We cover some topics that will hopefully make filing your 2013 taxes a little less stressful. The IRS started accepting tax returns January 31st so we thought it was best that we give you some tips when filing your return. We cover some topics that will hopefully make filing your 2013 taxes a little less stressful. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Homeowners Insurance 101 http://www.money-guy.com/2014/01/homeowners-insurance-101/ http://www.money-guy.com/2014/01/homeowners-insurance-101/#comments Fri, 17 Jan 2014 16:12:19 +0000 http://www.money-guy.com/?p=3668 http://www.money-guy.com/2014/01/homeowners-insurance-101/feed/ 1 3668 0:40:26 Brian and Bo cover homeowners insurance in this week’s podcast. The topic surfaced after Brian had a pipe burst in his home and experienced pretty significant water damage. The guys give you a rundown of what to expect during an insurance claim as w[...] Brian and Bo cover homeowners insurance in this week’s podcast. The topic surfaced after Brian had a pipe burst in his home and experienced pretty significant water damage. The guys give you a rundown of what to expect during an insurance claim as well as the ins and outs of your homeowners insurance policy. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Benchmarking Financial Success http://www.money-guy.com/2014/01/benchmarking-financial-success/ Fri, 03 Jan 2014 18:56:02 +0000 http://www.money-guy.com/?p=3651 3651 0:46:04 Happy New Year! We are starting the year out by giving you a ton of great advice. The theme of this show is to stick to what works. We are not going to try to re-invent the wheel, but rather explore what creates success and benchmark it. This week [...] Happy New Year! We are starting the year out by giving you a ton of great advice. The theme of this show is to stick to what works. We are not going to try to re-invent the wheel, but rather explore what creates success and benchmark it. This week Brian and Bo cover some great financial concepts to implement in the New Year. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no The Big Give http://www.money-guy.com/2013/12/the-big-give/ Fri, 20 Dec 2013 16:15:07 +0000 http://www.money-guy.com/?p=3635 3635 0:37:37   This week we dig into charitable giving, it’s a perfect topic for this time of year. Brian and Bo cover donor advised funds as well as some cool tax tips. We also discuss our goals for 2014 and give you a sneak peak of what to expect from u[...]   This week we dig into charitable giving, it’s a perfect topic for this time of year. Brian and Bo cover donor advised funds as well as some cool tax tips. We also discuss our goals for 2014 and give you a sneak peak of what to expect from us in the coming year. Money-Guy News Our social media sites are still fairly young and are quickly becoming one of our main focal points. So, we have decided to reward our followers with some really cool gifts. The Money-Guy crew is also going to team up with a charity that supports autism. Brian announced our apparel line, which will start with a couple of t-shirts. Brian is going to pay for the shirts up front and as they sell we are going to donate 100% of the proceeds. We are also looking for someone to volunteer some of their time if you are experienced with graphic design or printing t-shirts. Charitable Giving If you are donating clothes make sure that you are documenting the items you are giving and ask for a receipt that notes the clothes are in at least good condition. Always have a bank record or written verification from the receiving organization that details the amount given and the date of the gift. Donor advised funds are always a great way to gift money or appreciated stock to charity. We are most familiar with Fidelity Charitable Gift Fund and Schwab Charitable programs.  If you need a large current year tax deduction a bigger donation can be made to the account this year and then you can grant the money or stock to the charity of your choice in later years. Essentially, when you make a gift to the charitable account you are making an irrevocable donation and are allowed to take the deduction in the year of the transfer. The down side is that if you grant the money to your charity in years following the transfer, there is no tax deduction because it has already been claimed upon the transfer. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Finding Your Place in Life http://www.money-guy.com/2013/12/finding-your-place-in-life/ Fri, 06 Dec 2013 17:16:32 +0000 http://www.money-guy.com/?p=3603 3603 0:41:48 Brian’s recent birthday is the inspiration for this week’s podcast. He reflects on the defining moments in his life so far and shares his thoughts on the factors that determine your place in life, both financially, and emotionally. The two key issu[...] Brian’s recent birthday is the inspiration for this week’s podcast. He reflects on the defining moments in his life so far and shares his thoughts on the factors that determine your place in life, both financially, and emotionally. The two key issues that he felt were pressing to address in this podcast are: 1. Where should you be financially, and 2. Doing things in life that make you happy. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Financial Lessons Learned in Vegas http://www.money-guy.com/2013/11/financial-lessons-learned-in-vegas/ Fri, 15 Nov 2013 18:53:54 +0000 http://www.money-guy.com/?p=3589 3589 0:55:31 Brian and Bo share funny stories and financial lessons learned from their recent trip to Las Vegas. They cover everything from playing the odds to knowing how to get free and discounted incentives. If you’re planning a trip or vacation in the future[...] Brian and Bo share funny stories and financial lessons learned from their recent trip to Las Vegas. They cover everything from playing the odds to knowing how to get free and discounted incentives. If you’re planning a trip or vacation in the future this show is a must listen. Check below the show notes for a list of links to topics from this podcast like celebrity gamblers and the wizard of odds. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Code Red http://www.money-guy.com/2013/11/code-red/ Fri, 01 Nov 2013 15:15:03 +0000 http://www.money-guy.com/?p=3566 3566 0:55:43 This week Brian summarizes the 2011 and 2012 Letter to Shareholders from Berkshire Hathaway. He notes that consistency is key when investing, especially during times of uncertainty. We also give you a rundown of the article: 10 ways to wipe out your[...] This week Brian summarizes the 2011 and 2012 Letter to Shareholders from Berkshire Hathaway. He notes that consistency is key when investing, especially during times of uncertainty. We also give you a rundown of the article: 10 ways to wipe out your retirement savings, by Dana Anspack, a fee-only advisor out of Arizona. Dana does a great job on each of her ten points, we feel like this is a must read for everyone. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no What Financial Pros Aren’t Telling You http://www.money-guy.com/2013/10/what-financial-pros-arent-telling-you/ Fri, 18 Oct 2013 19:02:09 +0000 http://www.money-guy.com/?p=3517 financial-professionalThis week we analyze the Truths Financial Pro’s Won’t Tell article from the October issue of Consumer Reports and share our thoughts and perspectives with you about working with financial advisors. We also cover the humble story of NFL running back Alfred Morris and his first car. ]]> 3517 0:39:19 This week we analyze the Truths Financial Pro’s Won’t Tell article from the October issue of Consumer Reports and share our thoughts and perspectives with you about working with financial advisors. We also cover the humble story of NFL running back [...] This week we analyze the Truths Financial Pro’s Won’t Tell article from the October issue of Consumer Reports and share our thoughts and perspectives with you about working with financial advisors. We also cover the humble story of NFL running back Alfred Morris and his first car. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Car Buying Tips and Tricks http://www.money-guy.com/2013/10/car-buying-tips-and-tricks/ http://www.money-guy.com/2013/10/car-buying-tips-and-tricks/#comments Fri, 04 Oct 2013 16:15:02 +0000 http://www.money-guy.com/?p=3476 http://www.money-guy.com/2013/10/car-buying-tips-and-tricks/feed/ 1 3476 0:32:34 This week we break down the car buying process to give you some helpful tips when purchasing or leasing a car. Over the years we have developed a system for helping clients buy cars we're giving you a behind the scenes peak at the Money-Guy's best p[...] This week we break down the car buying process to give you some helpful tips when purchasing or leasing a car. Over the years we have developed a system for helping clients buy cars we're giving you a behind the scenes peak at the Money-Guy's best practices for car purchases. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Money-Guy Mashup http://www.money-guy.com/2013/09/money-guy-mashup/ http://www.money-guy.com/2013/09/money-guy-mashup/#comments Fri, 20 Sep 2013 17:16:53 +0000 http://www.money-guy.com/?p=3425 http://www.money-guy.com/2013/09/money-guy-mashup/feed/ 1 3425 0:41:56 Everyone is in for a treat this week as we explore the way music relates to your finances. Brian dug through his iPod and iTunes to find a list of songs that solidify the advice we give on a daily basis. Another added bonus: The show notes this week[...] Everyone is in for a treat this week as we explore the way music relates to your finances. Brian dug through his iPod and iTunes to find a list of songs that solidify the advice we give on a daily basis. Another added bonus: The show notes this week are from Brian’s desk. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Addicted to Saving http://www.money-guy.com/2013/09/addicted-to-saving-2/ Fri, 06 Sep 2013 15:55:47 +0000 http://www.money-guy.com/?p=3399 3399 0:38:15 This week we look at the importance of saving early as well as evaluating your 401k and the investments inside it. Brian and Bo examine two articles: An Open Letter to Everyone Under 30, from The Motley Fool and How to Grow Your Savings, from Consum[...] This week we look at the importance of saving early as well as evaluating your 401k and the investments inside it. Brian and Bo examine two articles: An Open Letter to Everyone Under 30, from The Motley Fool and How to Grow Your Savings, from Consumer Reports. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Estate Planning 101 http://www.money-guy.com/2013/08/estate-planning-101/ Fri, 23 Aug 2013 14:00:06 +0000 http://www.money-guy.com/?p=3288 3288 0:41:54 Brian and Bo take a detailed look at estate planning that will be helpful no matter what stage you are in financially. This topic affects everyone differently and the guys are here to give you some insight. From the basics to complex strategies, the[...] Brian and Bo take a detailed look at estate planning that will be helpful no matter what stage you are in financially. This topic affects everyone differently and the guys are here to give you some insight. From the basics to complex strategies, the Money-Guy covers the realm of estate planning in this show! Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no One Stop Loan Shop http://www.money-guy.com/2013/08/one-stop-loan-shop/ http://www.money-guy.com/2013/08/one-stop-loan-shop/#comments Fri, 09 Aug 2013 18:18:53 +0000 http://www.money-guy.com/?p=3256 http://www.money-guy.com/2013/08/one-stop-loan-shop/feed/ 5 3256 0:44:02 Brian and Bo evaluate an alternative way to borrow and lend money in this week’s show. They get into the nitty gritty of peer to peer lending, as well as, the real estate research website Zillow. Brian shares his personal experiences with peer to pe[...] Brian and Bo evaluate an alternative way to borrow and lend money in this week’s show. They get into the nitty gritty of peer to peer lending, as well as, the real estate research website Zillow. Brian shares his personal experiences with peer to peer lending using the Lending Club website. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Yield! Watch for Dividends http://www.money-guy.com/2013/07/yield-watch-for-dividends/ Fri, 26 Jul 2013 18:05:27 +0000 http://www.money-guy.com/?p=3209 3209 0:34:51 Brian and Bo tackle the challenge of explaining how yield can affect the overall performance of a portfolio. They share historical numbers and some great quotes that reference the importance of making solid investments that keep dividend yield in mi[...] Brian and Bo tackle the challenge of explaining how yield can affect the overall performance of a portfolio. They share historical numbers and some great quotes that reference the importance of making solid investments that keep dividend yield in mind. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no When Investing Right Goes Oh So Wrong http://www.money-guy.com/2013/07/when-investing-right-goes-oh-so-wrong/ Fri, 12 Jul 2013 15:52:37 +0000 http://www.money-guy.com/?p=3190 3190 0:39:16 With the recent news and market movements, Brian and Bo share with you their views about investing. They look into asset classes from Fixed Income to Emerging Markets, sharing a lot of great advice about allocating your portfolio going forward. With the recent news and market movements, Brian and Bo share with you their views about investing. They look into asset classes from Fixed Income to Emerging Markets, sharing a lot of great advice about allocating your portfolio going forward. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no The 30ish Minute Financial Plan http://www.money-guy.com/2013/06/the-30ish-minute-financial-plan/ Fri, 28 Jun 2013 18:51:40 +0000 http://www.money-guy.com/?p=3163 3163 0:52:04 This week on The Money-Guy show, Brian and Bo run through a list of items that will help keep you on track throughout your financial marathon. They hit topics from estate planning to negotiating service rates. This is a great show to help establish [...] This week on The Money-Guy show, Brian and Bo run through a list of items that will help keep you on track throughout your financial marathon. They hit topics from estate planning to negotiating service rates. This is a great show to help establish future plans and to create a checklist to ensure you reach your financial goals. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Marriage…An Education http://www.money-guy.com/2013/06/marriage-an-education/ http://www.money-guy.com/2013/06/marriage-an-education/#comments Fri, 14 Jun 2013 17:50:04 +0000 http://www.money-guy.com/?p=3121 http://www.money-guy.com/2013/06/marriage-an-education/feed/ 1 3121 0:39:41 Brian and Bo jump into the deep end of Bo’s first year of marriage and how his financial life has changed. Bo sees how far off his predictions were a year ago when he got married. Largest monthly expense: miscellaneous. What is there to cut back on[...] Brian and Bo jump into the deep end of Bo’s first year of marriage and how his financial life has changed. Bo sees how far off his predictions were a year ago when he got married. Largest monthly expense: miscellaneous. What is there to cut back on when looking at your miscellaneous category? Everything is miscellaneous! Bo said, on average, he exceeded his miscellaneous budget by 110% per month (even with monthly adjustments)! Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Love and Marriage… and Finances (Rewind) http://www.money-guy.com/2013/05/love-and-marriage-and-finances-rewind/ http://www.money-guy.com/2013/05/love-and-marriage-and-finances-rewind/#comments Fri, 31 May 2013 16:23:35 +0000 http://www.money-guy.com/?p=3106 http://www.money-guy.com/2013/05/love-and-marriage-and-finances-rewind/feed/ 1 3106 0:53:56 We intro with today’s show as a preface to our next show, which will recap Bo’s first year of marriage. From there Brian and Bo replay last year’s show that happened two weeks before Bo and Jenna’s wedding. Make sure not to miss our next show whic[...] We intro with today’s show as a preface to our next show, which will recap Bo’s first year of marriage. From there Brian and Bo replay last year’s show that happened two weeks before Bo and Jenna’s wedding. Make sure not to miss our next show which will go into more depth of Bo’s initial year in marriage, while also hitting on the way that money can impact your marriage. After next week’s show we transition away from the topic of marriage and back to our Money-Guy array of topics. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no The Risk of Not Taking Risks http://www.money-guy.com/2013/05/the-risk-of-not-taking-risks/ http://www.money-guy.com/2013/05/the-risk-of-not-taking-risks/#comments Fri, 17 May 2013 18:13:44 +0000 http://www.money-guy.com/?p=3030 http://www.money-guy.com/2013/05/the-risk-of-not-taking-risks/feed/ 1 3030 0:32:24 Today, Brian and Bo tackle the risk that you take by sitting on the investment sidelines. They have been fielding a number of questions over the past few months covering this very topic. The moral of this episode is to get started doing something [...] Today, Brian and Bo tackle the risk that you take by sitting on the investment sidelines. They have been fielding a number of questions over the past few months covering this very topic. The moral of this episode is to get started doing something sooner rather than later so that you do not miss out on what the market has to offer. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no 10,000 Hours http://www.money-guy.com/2013/05/10000-hours/ Fri, 03 May 2013 19:35:39 +0000 http://www.money-guy.com/?p=3008 3008 0:49:39 Today’s show is more of a “life” podcast, giving you the motivation to move ahead and the challenge to believe in yourself. While on vacation last week, Brian read two very interesting books. Outliers by Malcolm Gladwell and How To Be Like Walt by[...] Today’s show is more of a “life” podcast, giving you the motivation to move ahead and the challenge to believe in yourself. While on vacation last week, Brian read two very interesting books. Outliers by Malcolm Gladwell and How To Be Like Walt by Pat Williams. These books help us to dream big and believe that you can accomplish those dreams. An individual with passion and the right opportunities can truly change the world. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Building Your Dollar Army http://www.money-guy.com/2013/04/building-your-dollar-army/ http://www.money-guy.com/2013/04/building-your-dollar-army/#comments Fri, 19 Apr 2013 14:45:40 +0000 http://www.money-guy.com/?p=2989 http://www.money-guy.com/2013/04/building-your-dollar-army/feed/ 1 2989 0:36:27 We are always happy to receive emails from our listeners, and, on this show, Brian shares two different emails, one from someone beginning their financial journey and one from someone who is far enough along in his journey to see the fruits of his l[...] We are always happy to receive emails from our listeners, and, on this show, Brian shares two different emails, one from someone beginning their financial journey and one from someone who is far enough along in his journey to see the fruits of his labor. The lesson from these listeners is simple: don’t let another day go by without saving for your future. Why are you waiting? Every day that goes by makes it harder to reach your goals. Start today to save and make it a part of your life that is automatic. Every dollar that you put away will help you build an army of soldiers that will work for you in the future. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Investing Truths and How to Avoid the Noise http://www.money-guy.com/2013/04/investing-truths-and-how-to-avoid-the-noise/ Fri, 05 Apr 2013 15:33:48 +0000 http://www.money-guy.com/?p=2972 2972 0:40:19 Downturns over the last 5 years have provided an incredible opportunity to learn core principles about investing. During crisis times, there is a lot of rich material about learning to become a good investor. 2008 was a monumentally historic year [...] Downturns over the last 5 years have provided an incredible opportunity to learn core principles about investing. During crisis times, there is a lot of rich material about learning to become a good investor. 2008 was a monumentally historic year for the stock market, but not in a good way. If we could bottle up the feeling we had during the crisis, it would be truly priceless. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no The A B C’s of Mutual Funds http://www.money-guy.com/2013/03/the-a-b-cs-of-mutual-funds/ Fri, 22 Mar 2013 19:28:06 +0000 http://www.money-guy.com/?p=2955 2955 0:36:48 When investing in mutual funds, you normally choose between Class A, Class B or Class C. The main difference in these options is the fees that you will be charged and how they are charged. A good way to understand how these fees work is to look at[...] When investing in mutual funds, you normally choose between Class A, Class B or Class C. The main difference in these options is the fees that you will be charged and how they are charged. A good way to understand how these fees work is to look at the funds one by one and determine which plan is best for you financially. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Money-Guy Misses http://www.money-guy.com/2013/03/money-guy-misses/ Fri, 08 Mar 2013 18:03:14 +0000 http://www.money-guy.com/?p=2937 2937 0:52:37 Almost everyone has a story about a financial mistake that they made at some point in their lives. These mistakes are some of our best learning moments, and they teach us a lot about how to make good choices in the future. We hope that by sharing [...] Almost everyone has a story about a financial mistake that they made at some point in their lives. These mistakes are some of our best learning moments, and they teach us a lot about how to make good choices in the future. We hope that by sharing our past mistakes with you, we can help you avoid these same mistakes. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Secrets for a Dream Retirement http://www.money-guy.com/2013/02/secrets-for-a-dream-retirement/ Fri, 22 Feb 2013 14:58:06 +0000 http://www.money-guy.com/?p=2921 2921 0:41:29 The basic key to a good retirement is to save money and earn a decent payback on your investments. However, there are other keys to working this plan, and they involve all stages of life from the early years into your retirement. Earning money an[...] The basic key to a good retirement is to save money and earn a decent payback on your investments. However, there are other keys to working this plan, and they involve all stages of life from the early years into your retirement. Earning money and investing it wisely is not the only thing to consider. According to an article from CNN Money, there are 6 important secrets to having your dream retirement. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Life Insurance 101 http://www.money-guy.com/2013/02/life-insurance-101-2/ http://www.money-guy.com/2013/02/life-insurance-101-2/#comments Fri, 08 Feb 2013 18:29:09 +0000 http://www.money-guy.com/?p=2899 http://www.money-guy.com/2013/02/life-insurance-101-2/feed/ 4 2899 0:32:50 Although life insurance may be a morbid discussion, it can be a very important piece of your financial plan. Rates can be very affordable, even for people in their 40’s and 50’s. We believe that it is important to educate yourself by doing your ho[...] Although life insurance may be a morbid discussion, it can be a very important piece of your financial plan. Rates can be very affordable, even for people in their 40’s and 50’s. We believe that it is important to educate yourself by doing your homework and getting a good understanding of what you are buying. Remember that your family is dependent on your income, and it will make such a difference in the lives of those you may leave behind. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no The Web Vs. Your Financial Advisor http://www.money-guy.com/2013/01/the-web-vs-your-financial-advisor/ http://www.money-guy.com/2013/01/the-web-vs-your-financial-advisor/#comments Fri, 25 Jan 2013 19:36:29 +0000 http://www.money-guy.com/?p=2879 http://www.money-guy.com/2013/01/the-web-vs-your-financial-advisor/feed/ 1 2879 0:49:09 The look and feel of the personal financial planner is changing. No longer is an office surrounded by mahogany and crown moldings the only choice. Some of today’s financial planners are much more laid back and casual, but maintain the same level o[...] The look and feel of the personal financial planner is changing. No longer is an office surrounded by mahogany and crown moldings the only choice. Some of today’s financial planners are much more laid back and casual, but maintain the same level of expertise and financial knowledge. The internet offers many choices for a planner as well, and it’s up to you to decide based on your needs and goals what will work best for you. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no The Money-Guy Answers Your Email http://www.money-guy.com/2013/01/the-money-guy-answers-your-email/ Fri, 11 Jan 2013 21:01:36 +0000 http://www.money-guy.com/?p=2868 2868 0:33:13 As a lead-off show for 2013, we decided to answer some email questions from our listeners. We love receiving your email questions and always enjoy when we get to share them on the show. As a lead-off show for 2013, we decided to answer some email questions from our listeners. We love receiving your email questions and always enjoy when we get to share them on the show. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Money Truths and Financial Life Lessons from the Money Guys http://www.money-guy.com/2012/12/money-truths-and-financial-life-lessons-from-the-money-guys/ http://www.money-guy.com/2012/12/money-truths-and-financial-life-lessons-from-the-money-guys/#comments Fri, 28 Dec 2012 20:22:09 +0000 http://www.money-guy.com/?p=2855 http://www.money-guy.com/2012/12/money-truths-and-financial-life-lessons-from-the-money-guys/feed/ 2 2855 0:56:49 Now that Christmas is over, remember that it is not about the gift itself but about the thought that went into it. With our New Year's resolutions right around the corner, we decided to share some Money-Guy insights with our listeners. Sometimes [...] Now that Christmas is over, remember that it is not about the gift itself but about the thought that went into it. With our New Year's resolutions right around the corner, we decided to share some Money-Guy insights with our listeners. Sometimes age changes how we look at life and financial planning. It’s so important to enjoy the smaller things in life. Here are some keys we feel are important to remember. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Is There a Perfect Income for Happiness? http://www.money-guy.com/2012/12/is-there-a-perfect-income-for-happiness/ Fri, 14 Dec 2012 21:01:24 +0000 http://www.money-guy.com/?p=2842 2842 0:36:34 The Christmas season is quickly approaching, and, in our office, the Michael Buble holiday Pandora channel has been playing nonstop (we are using the wireless speaker purchased on Black Friday) to help us get ready for the holidays... The Christmas season is quickly approaching, and, in our office, the Michael Buble holiday Pandora channel has been playing nonstop (we are using the wireless speaker purchased on Black Friday) to help us get ready for the holidays... Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no End of Year Tax Planning http://www.money-guy.com/2012/11/end-of-year-tax-planning/ http://www.money-guy.com/2012/11/end-of-year-tax-planning/#comments Fri, 30 Nov 2012 21:21:37 +0000 http://www.money-guy.com/?p=2823 http://www.money-guy.com/2012/11/end-of-year-tax-planning/feed/ 1 2823 0:28:28 Hopefully everyone had a great Thanksgiving. We certainly did and, as expected, ate way more that we should have! With the end of the year quickly approaching, we thought we would share some planning strategies you may want to begin thinking abou[...] Hopefully everyone had a great Thanksgiving. We certainly did and, as expected, ate way more that we should have! With the end of the year quickly approaching, we thought we would share some planning strategies you may want to begin thinking about as we close down 2012. From investment planning to tax planning, the end of the year is always a great time to put the ‘finishing touches’ on making sure your financial house is in order. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Now That the Election is Over… http://www.money-guy.com/2012/11/now-that-the-election-is-over/ Fri, 09 Nov 2012 20:57:59 +0000 http://www.money-guy.com/?p=2810 2810 0:40:47 Now that the Presidential election of 2012 is behind us, what will the future hold? Democrats and Republicans are currently deeply divided. With the victory for the President, our hopes are that he will use his re-election to help the country heal [...] Now that the Presidential election of 2012 is behind us, what will the future hold? Democrats and Republicans are currently deeply divided. With the victory for the President, our hopes are that he will use his re-election to help the country heal and find compromise. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Best 529 College Savings Plans http://www.money-guy.com/2012/10/best-529-college-savings-plans/ Fri, 26 Oct 2012 19:38:15 +0000 http://www.money-guy.com/?p=2798 2798 0:34:55 For many parents out there, one of the biggest concerns is providing their children with a college education. We have done shows in the past about the benefits of 529 savings plans and, in today's show, we revisit this topic and update you guys on [...] For many parents out there, one of the biggest concerns is providing their children with a college education. We have done shows in the past about the benefits of 529 savings plans and, in today's show, we revisit this topic and update you guys on the best plans of 2012. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Best Brokers and Retirement Rules of Thumb http://www.money-guy.com/2012/10/best-brokers-and-retirement-rules-of-thumb/ http://www.money-guy.com/2012/10/best-brokers-and-retirement-rules-of-thumb/#comments Fri, 12 Oct 2012 18:39:59 +0000 http://www.money-guy.com/?p=2785 http://www.money-guy.com/2012/10/best-brokers-and-retirement-rules-of-thumb/feed/ 1 2785 0:22:36 It is a great thing in life when you do good work for people, and good things turn around and happen to you. We started this podcast because we have a passion to share free advice for the "do-it-yourselfers" out there who need straight-forward, ho[...] It is a great thing in life when you do good work for people, and good things turn around and happen to you. We started this podcast because we have a passion to share free advice for the "do-it-yourselfers" out there who need straight-forward, honest advice. In turn, we have not only transformed many of those listeners into clients, but we have also been fortunate enough to connect with others in the podcast and blogging community. In today's show, we share some of the thoughts and research from members of the blogging world who we truly value having a supportive relationship with. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Addicted to Saving http://www.money-guy.com/2012/09/addicted-to-saving/ http://www.money-guy.com/2012/09/addicted-to-saving/#comments Fri, 28 Sep 2012 19:08:18 +0000 http://www.money-guy.com/?p=2768 http://www.money-guy.com/2012/09/addicted-to-saving/feed/ 2 2768 0:32:03 America is a country that is addicted to addiction. From Oprah to Dr. Phil, everywhere we turn there is fascination with the negativity surrounding alcoholism, overeating, overspending, etc. What you don’t hear a lot about are addictions that can [...] America is a country that is addicted to addiction. From Oprah to Dr. Phil, everywhere we turn there is fascination with the negativity surrounding alcoholism, overeating, overspending, etc. What you don’t hear a lot about are addictions that can have a positive impact on your life. In today’s show, we focus on a positive addiction to get you excited about being addicted to saving! Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Bringin’ Simple Back…Again! http://www.money-guy.com/2012/09/bringin-simple-back-again/ Thu, 13 Sep 2012 15:13:33 +0000 http://www.money-guy.com/?p=2759 2759 0:44:18 That’s right. We’re bringin’ simple back...again! Our 2009 show, Bringin' Simple Back, was one of our most popular shows to date, so today we are re-releasing this show to remind our listeners to keep it simple. Lately we have been reminded that, [...] That’s right. We’re bringin’ simple back...again! Our 2009 show, Bringin' Simple Back, was one of our most popular shows to date, so today we are re-releasing this show to remind our listeners to keep it simple. Lately we have been reminded that, regardless of complicated economic situations, simple is often better. Though it has been over three years since we recorded this podcast, it is incredible to see that with all of the changes in the economy since 2009, the information in this show is still very relevant. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Setting Yourself Up For Success http://www.money-guy.com/2012/08/setting-yourself-up-for-success/ http://www.money-guy.com/2012/08/setting-yourself-up-for-success/#comments Fri, 31 Aug 2012 17:56:54 +0000 http://www.money-guy.com/?p=2745 http://www.money-guy.com/2012/08/setting-yourself-up-for-success/feed/ 1 2745 0:44:10 Truly successful people are those who consistently do well in many different areas of life. There are actually patterns that successful people follow in order to reach their goals. In today's show, we share some traits and skills of highly effecti[...] Truly successful people are those who consistently do well in many different areas of life. There are actually patterns that successful people follow in order to reach their goals. In today's show, we share some traits and skills of highly effective people as well as some Money-Guy tips to apply all of this to your financial lives. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Back to Basics: The Power of Patience http://www.money-guy.com/2012/08/back-to-basics-the-power-of-patience/ Mon, 20 Aug 2012 14:52:28 +0000 http://www.money-guy.com/?p=2733 2733 0:40:11 We have all heard that patience is a virtue. But did you know that you can actually get paid for being patient? In today's show, we share some data that reveals just what a plan and a little patience can do for your portfolio returns. We have all heard that patience is a virtue. But did you know that you can actually get paid for being patient? In today's show, we share some data that reveals just what a plan and a little patience can do for your portfolio returns. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no A Gross Misconception http://www.money-guy.com/2012/08/a-gross-misconception/ Fri, 03 Aug 2012 19:37:09 +0000 http://www.money-guy.com/?p=2714 2714 0:37:21 Bill Gross is someone we respect greatly and we have been following his career for years. He co-founded Pacific Investment Management and runs the world's largest bond mutual fund, PIMCO Total Return. He recently released an Investment Outlook pie[...] Bill Gross is someone we respect greatly and we have been following his career for years. He co-founded Pacific Investment Management and runs the world's largest bond mutual fund, PIMCO Total Return. He recently released an Investment Outlook piece, titled Cult Figures, and we wanted to share our opinion on his thoughts in today's show. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no 2nd Quarter Wrap-Up http://www.money-guy.com/2012/07/2nd-quarter-wrap-up/ http://www.money-guy.com/2012/07/2nd-quarter-wrap-up/#comments Fri, 20 Jul 2012 19:11:38 +0000 http://www.money-guy.com/?p=2705 http://www.money-guy.com/2012/07/2nd-quarter-wrap-up/feed/ 1 2705 0:40:25 The year is halfway over and it's time for us to share our reflections of the year so far and what we are looking at going forward. At the end of each quarter, we send quarterly reports to our clients accompanied by our commentary on the financial [...] The year is halfway over and it's time for us to share our reflections of the year so far and what we are looking at going forward. At the end of each quarter, we send quarterly reports to our clients accompanied by our commentary on the financial world. Check out today's show for some highlights from this quarter's commentary that we wanted to share with our Money-Guy family. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Mortgage Rates, Refinancing, and Everything Real Estate http://www.money-guy.com/2012/07/mortgage-rates-refinancing-and-everything-real-estate/ http://www.money-guy.com/2012/07/mortgage-rates-refinancing-and-everything-real-estate/#comments Fri, 06 Jul 2012 19:14:14 +0000 http://www.money-guy.com/?p=2694 http://www.money-guy.com/2012/07/mortgage-rates-refinancing-and-everything-real-estate/feed/ 4 2694 0:38:10 With mortgage rates at record lows, a trending topic is refinancing and strategies for paying (or not paying) off your mortgage. In today’s show, we highlight some of the pros and cons of the various options for homeowners. With mortgage rates at record lows, a trending topic is refinancing and strategies for paying (or not paying) off your mortgage. In today’s show, we highlight some of the pros and cons of the various options for homeowners. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Tipping Tips http://www.money-guy.com/2012/06/tipping-tips/ http://www.money-guy.com/2012/06/tipping-tips/#comments Fri, 22 Jun 2012 19:09:24 +0000 http://www.money-guy.com/?p=2680 http://www.money-guy.com/2012/06/tipping-tips/feed/ 1 2680 0:50:23 Tipping someone for the service they are providing is meant to be a token of appreciation for a job well done. However, every time you turn around, there are tip jars making it very confusing as to when you should tip and how much. Listen to today[...] Tipping someone for the service they are providing is meant to be a token of appreciation for a job well done. However, every time you turn around, there are tip jars making it very confusing as to when you should tip and how much. Listen to today's show for our insights and experiences as someone handing out the tips as well as the perspective of one who has worked to increase their tips in the service industry. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Timeless Tips and Tax Advice http://www.money-guy.com/2012/06/timeless-tips-and-tax-advice/ http://www.money-guy.com/2012/06/timeless-tips-and-tax-advice/#comments Thu, 07 Jun 2012 21:03:51 +0000 http://www.money-guy.com/?p=2666 http://www.money-guy.com/2012/06/timeless-tips-and-tax-advice/feed/ 1 2666 0:52:25 Many investors are looking for a hot, flavor-of-the-week investment tactic to bring them success. With a long-term outlook, though, it is important to develop a sensible investing strategy that will withstand the test of time. In today's show, we [...] Many investors are looking for a hot, flavor-of-the-week investment tactic to bring them success. With a long-term outlook, though, it is important to develop a sensible investing strategy that will withstand the test of time. In today's show, we cover some timeless retirement planning and business tips to help you reach your goals. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Protecting Your Identity http://www.money-guy.com/2012/05/protecting-your-identity/ http://www.money-guy.com/2012/05/protecting-your-identity/#comments Thu, 24 May 2012 19:09:54 +0000 http://www.money-guy.com/?p=2641 http://www.money-guy.com/2012/05/protecting-your-identity/feed/ 3 2641 0:32:12 The number of identity theft cases continues to The June 2012 Consumer Reports Magazine focused on tips and products to help you protect your privacy.  They reported that 16 million households have been victims of identity theft over the past year ([...] The number of identity theft cases continues to The June 2012 Consumer Reports Magazine focused on tips and products to help you protect your privacy.  They reported that 16 million households have been victims of identity theft over the past year (up almost 50%).  Census bureau data for the same year shows that there were 114.8 million households total, so roughly 14% of U.S. households experienced identity theft in the past year. Also included in the Consumer Reports Magazine were privacy tips for Facebook users: Know that insurers, employers, enemies, criminals, and government investigators (such as the IRS) are watching Facebook activity. Think before you type – even deleted accounts can stay active for awhile. Protect basic information and be careful of “friends of friends” information sharing. “UnPublic” your Facebook wall so that only your friends may see your posts. Turn off Tag Suggest in your privacy settings What to do if your identity is stolen: Contact all three credit bureaus and issue a fraud alert.  Check your credit report to make sure there are not items you don’t recognize. Provide each agency’s fraud unit with a copy of your driver’s license in order to register an affidavit. Contact the proper authorities in writing. Inform the police department, Social Security Administration (800-269-0271), and all creditors you have accounts with. The three credit bureaus are: Equifax 800-525-6285 Experian 888-397-3742 Transunion 800-680-7289 Additional tips for protecting yourself: Even if you haven’t had your identity stolen, you should still check your credit report each year.  Visit annualcreditreport.com to get one free copy of your report per credit bureau per year. Be careful of which emails you open and be wary of any hyperlink in any email. Use a credit card over a checkbook or debit card. Don’t carry your Social Security card or number around with you. Shred documents with personal information on them when they need to be discarded. Look for the https at the beginning of a hyperlink when shopping online.  This indicates a secure site. Click here if you would like to sign up for Ebates! Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Facebook IPO Friend Request…Should You Accept? http://www.money-guy.com/2012/05/facebook-ipo-friend-request-should-you-accept/ http://www.money-guy.com/2012/05/facebook-ipo-friend-request-should-you-accept/#comments Fri, 11 May 2012 18:21:04 +0000 http://www.money-guy.com/?p=2622 http://www.money-guy.com/2012/05/facebook-ipo-friend-request-should-you-accept/feed/ 1 2622 0:36:20 The trending topic in the investment world is the fact that Facebook is going public. With the IPO date quickly approaching, we focus today's show on the ins and outs of initial public offerings and what happens when companies don't live up to the [...] The trending topic in the investment world is the fact that Facebook is going public. With the IPO date quickly approaching, we focus today's show on the ins and outs of initial public offerings and what happens when companies don't live up to the hype. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Love and Marriage…and Finances http://www.money-guy.com/2012/04/love-and-marriage-and-finances/ http://www.money-guy.com/2012/04/love-and-marriage-and-finances/#comments Fri, 27 Apr 2012 18:04:29 +0000 http://www.money-guy.com/?p=2598 http://www.money-guy.com/2012/04/love-and-marriage-and-finances/feed/ 2 2598 0:49:16 As many of you know, Bo is getting married in less than two months, so his upcoming wedding has been a hot and heavy topic around our office. We feel that Bo is a little naive about marriage and financial expectations, so picking on him has provide[...] As many of you know, Bo is getting married in less than two months, so his upcoming wedding has been a hot and heavy topic around our office. We feel that Bo is a little naive about marriage and financial expectations, so picking on him has provided a lot of entertainment for the rest of us lately. In today's show, we thought we would let you guys in on the fun and talk about the biggest financial mistakes couples make as well as some of the financial benefits that come along with marriage. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Above-Average Shopping and Investing http://www.money-guy.com/2012/04/above-average-shopping-and-investing/ http://www.money-guy.com/2012/04/above-average-shopping-and-investing/#comments Fri, 13 Apr 2012 18:59:09 +0000 http://www.money-guy.com/?p=2580 http://www.money-guy.com/2012/04/above-average-shopping-and-investing/feed/ 2 2580 0:28:31 The average shopper may blindly pay retail price for their goods. The average investor may make rookie investment choices that cost them dearly. But Money-Guy listeners are anything but average when it comes to financial matters. In today's show,[...] The average shopper may blindly pay retail price for their goods. The average investor may make rookie investment choices that cost them dearly. But Money-Guy listeners are anything but average when it comes to financial matters. In today's show, we talk about the rewards involved with being an above-average shopper and investor. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no How to Win Life’s Lottery http://www.money-guy.com/2012/03/how-to-win-lifes-lottery/ http://www.money-guy.com/2012/03/how-to-win-lifes-lottery/#comments Fri, 30 Mar 2012 19:47:31 +0000 http://www.money-guy.com/?p=2560 http://www.money-guy.com/2012/03/how-to-win-lifes-lottery/feed/ 1 2560 0:41:48 It seems that lottery fever is sweeping the nation, so today we give our thoughts on how you can still be a winner of life's lottery without hitting the jackpot. It seems that lottery fever is sweeping the nation, so today we give our thoughts on how you can still be a winner of life's lottery without hitting the jackpot. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Keys to Success http://www.money-guy.com/2012/03/keys-to-success/ Fri, 16 Mar 2012 19:36:31 +0000 http://www.money-guy.com/?p=2502 2502 0:40:00 In running a wealth management practice, we have the privilege to work with individuals who have experienced a large amount of success in life. Based on our own success, as well as that of our clients, we have some personal insight into what it tak[...] In running a wealth management practice, we have the privilege to work with individuals who have experienced a large amount of success in life. Based on our own success, as well as that of our clients, we have some personal insight into what it takes to set and accomplish your goals. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Berkshire Letter to Shareholders http://www.money-guy.com/2012/03/berkshire-letter-to-shareholders/ Fri, 02 Mar 2012 20:20:37 +0000 http://www.money-guy.com/?p=2489 2489 0:36:42 It's Warren Buffett Time! For a lot of us self-proclaimed nerds out there, the release of Warren Buffett’s annual letter to the shareholders of Berkshire Hathaway marks an exciting time. In today's show, we share some of the highlights that we too[...] It's Warren Buffett Time! For a lot of us self-proclaimed nerds out there, the release of Warren Buffett’s annual letter to the shareholders of Berkshire Hathaway marks an exciting time. In today's show, we share some of the highlights that we took away from this year’s message. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Tax Season 2012 http://www.money-guy.com/2012/02/tax-season-2012/ Fri, 17 Feb 2012 20:17:01 +0000 http://www.money-guy.com/?p=2472 2472 0:29:04 It's that time of year again! Tax season is upon us, and in today's show we focus on some tips to make your 2012 tax preparation as seamless as possible. It's that time of year again! Tax season is upon us, and in today's show we focus on some tips to make your 2012 tax preparation as seamless as possible. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Preparing For the Unknown http://www.money-guy.com/2012/02/preparing-for-the-unknown/ Fri, 03 Feb 2012 20:37:51 +0000 http://www.money-guy.com/?p=2451 2451 0:37:12 As is so often the case, this show was inspired by actual life events taking place. Unfortunately, this week's episode is not light and jovial as many of our shows are. In today's episode, Bo shares the unfortunate and tragic loss that he and his fa[...] As is so often the case, this show was inspired by actual life events taking place. Unfortunately, this week's episode is not light and jovial as many of our shows are. In today's episode, Bo shares the unfortunate and tragic loss that he and his family have recently endured. Our hope is that, through Bo's willingness to open up his personal life, today's show may serve as the needed push to begin the process of making sure you and your family are prepared and protected from unknown and unexpected life events. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Asset Location http://www.money-guy.com/2012/01/asset-location/ http://www.money-guy.com/2012/01/asset-location/#comments Fri, 20 Jan 2012 20:36:35 +0000 http://www.money-guy.com/?p=2431 http://www.money-guy.com/2012/01/asset-location/feed/ 2 2431 0:36:29 In past shows, we have often covered the topic of proper asset allocation when investing, but today's podcast focuses on the importance of asset location. This means focusing not only on diversification across asset classes in your portfolio, but a[...] In past shows, we have often covered the topic of proper asset allocation when investing, but today's podcast focuses on the importance of asset location. This means focusing not only on diversification across asset classes in your portfolio, but also tax diversification within all account types. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no 2012: A Brand New Year http://www.money-guy.com/2012/01/2012-a-brand-new-year/ http://www.money-guy.com/2012/01/2012-a-brand-new-year/#comments Fri, 06 Jan 2012 20:31:09 +0000 http://www.money-guy.com/?p=2406 http://www.money-guy.com/2012/01/2012-a-brand-new-year/feed/ 3 2406 0:45:55 Happy New Year from the Money-Guy team! It is great to be back after our holiday break, and we are very excited to share our thoughts on the economic outlook for 2012 in today's show. Happy New Year from the Money-Guy team! It is great to be back after our holiday break, and we are very excited to share our thoughts on the economic outlook for 2012 in today's show. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Block the Noise and Start Winning http://www.money-guy.com/2011/12/block-the-noise-and-start-winning/ Fri, 16 Dec 2011 19:15:13 +0000 http://www.money-guy.com/?p=2368 2368 0:36:42 The Christmas spirit has taken over and we have been excited all week here at the Money-Guy Show. In 2011, it has been tempting to get caught up in negativity between the pessimism in Washington and devastating stories on the nightly news. However[...] The Christmas spirit has taken over and we have been excited all week here at the Money-Guy Show. In 2011, it has been tempting to get caught up in negativity between the pessimism in Washington and devastating stories on the nightly news. However, in today's show, we offer some tips for blocking out the noise and steering your life in a positive direction for the New Year. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Portfolio Perseverance http://www.money-guy.com/2011/12/portfolio-perseverance/ Fri, 02 Dec 2011 19:58:16 +0000 http://www.money-guy.com/?p=2350 2350 0:43:37 With market fluctuations and continuous financial volatility, many are tempted to give up on investing altogether. The anxiety and fear that come along with an uncertain economy may seem overwhelming, but today’s show gives you the tips you need to[...] With market fluctuations and continuous financial volatility, many are tempted to give up on investing altogether. The anxiety and fear that come along with an uncertain economy may seem overwhelming, but today’s show gives you the tips you need to persevere with your long-term investing plan. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Black Friday 2011 http://www.money-guy.com/2011/11/black-friday-2011/ http://www.money-guy.com/2011/11/black-friday-2011/#comments Fri, 11 Nov 2011 20:10:24 +0000 http://www.money-guy.com/?p=2335 http://www.money-guy.com/2011/11/black-friday-2011/feed/ 1 2335 0:37:19 It's that time of year again...Black Friday is just around the corner, and the Money-Guy is here to make sure you have everything you need to get the best deals this holiday season. It's that time of year again...Black Friday is just around the corner, and the Money-Guy is here to make sure you have everything you need to get the best deals this holiday season. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Knowing When to Go Pro http://www.money-guy.com/2011/10/knowing-when-to-go-pro/ http://www.money-guy.com/2011/10/knowing-when-to-go-pro/#comments Fri, 28 Oct 2011 18:05:00 +0000 http://www.money-guy.com/?p=2316 http://www.money-guy.com/2011/10/knowing-when-to-go-pro/feed/ 1 2316 0:37:13 Hiring a professional financial planner could possibly be the key that unlocks the door to your financial success. At the same time, choosing the right advisor to work with is an important decision that can often seem overwhelming. In today's show[...] Hiring a professional financial planner could possibly be the key that unlocks the door to your financial success. At the same time, choosing the right advisor to work with is an important decision that can often seem overwhelming. In today's show, we discuss the services that planners will and will not provide as well as key things to look for when hiring a pro. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no The Money-Guy’s Take on 9-9-9 http://www.money-guy.com/2011/10/the-money-guys-take-on-9-9-9/ http://www.money-guy.com/2011/10/the-money-guys-take-on-9-9-9/#comments Fri, 14 Oct 2011 20:24:14 +0000 http://www.money-guy.com/?p=2295 http://www.money-guy.com/2011/10/the-money-guys-take-on-9-9-9/feed/ 6 2295 0:37:55 Everyone’s gearing up for Election 2012 and recently, there has been a lot of talk and debate about Herman Cain’s 9-9-9 plan. In today’s show, we evaluate Cain’s plan and tell you what we like about it, what hesitations we have, and share some numb[...] Everyone’s gearing up for Election 2012 and recently, there has been a lot of talk and debate about Herman Cain’s 9-9-9 plan. In today’s show, we evaluate Cain’s plan and tell you what we like about it, what hesitations we have, and share some numbers we ran to test it. Podcasts Brian Preston, CPA, CFP®, PFS no no Netflix, Millionaires, and Operation Twist http://www.money-guy.com/2011/09/netflix-millionaires-and-operation-twist/ Fri, 30 Sep 2011 18:53:15 +0000 http://www.money-guy.com/?p=2280 2280 0:35:43 There have been a lot of things going on here lately at the Money-Guy Show, so today's podcast covers a variety of topics including Netflix, becoming a millionaire, and Operation Twist. There have been a lot of things going on here lately at the Money-Guy Show, so today's podcast covers a variety of topics including Netflix, becoming a millionaire, and Operation Twist. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Mutual Fund Mastery http://www.money-guy.com/2011/09/mutual-fund-mastery/ http://www.money-guy.com/2011/09/mutual-fund-mastery/#comments Fri, 16 Sep 2011 17:35:49 +0000 http://www.money-guy.com/?p=2257 http://www.money-guy.com/2011/09/mutual-fund-mastery/feed/ 2 2257 0:35:30 Mutual fund investing is one of the easiest ways to get into the market. But whether you are a seasoned investor or just starting out, there are some important things you should know when it comes to choosing the right mutual funds. Mutual fund investing is one of the easiest ways to get into the market. But whether you are a seasoned investor or just starting out, there are some important things you should know when it comes to choosing the right mutual funds. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no How to Identify Opportunities (And Make Your Own Luck) http://www.money-guy.com/2011/09/how-to-identify-opportunities-and-make-your-own-luck/ http://www.money-guy.com/2011/09/how-to-identify-opportunities-and-make-your-own-luck/#comments Fri, 02 Sep 2011 16:41:05 +0000 http://www.money-guy.com/?p=2222 http://www.money-guy.com/2011/09/how-to-identify-opportunities-and-make-your-own-luck/feed/ 1 2222 0:38:14 Often times in life, we associate the successes of others with luck. If someone lands the perfect job, finds their soul mate, or wins the jackpot, we automatically think that luck is on their side. In the investment world, however, luck is not the[...] Often times in life, we associate the successes of others with luck. If someone lands the perfect job, finds their soul mate, or wins the jackpot, we automatically think that luck is on their side. In the investment world, however, luck is not the only factor involved... Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Utility Tips and Service Savings http://www.money-guy.com/2011/08/utility-tips-and-service-savings/ http://www.money-guy.com/2011/08/utility-tips-and-service-savings/#comments Fri, 19 Aug 2011 19:16:34 +0000 http://www.money-guy.com/?p=2208 http://www.money-guy.com/2011/08/utility-tips-and-service-savings/feed/ 2 2208 0:30:06 Whenever we get into these times of economic turmoil, it is always a good idea to step back and look at the ways you can trim spending on a small scale. Whenever we get into these times of economic turmoil, it is always a good idea to step back and look at the ways you can trim spending on a small scale. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Stewart vs. Cramer and Real Estate Update http://www.money-guy.com/2009/03/stewart-vs-cramer-and-real-estate-update/ http://www.money-guy.com/2009/03/stewart-vs-cramer-and-real-estate-update/#comments Thu, 19 Mar 2009 18:04:48 +0000 http://www.money-guy.com/?p=482 Daily Show's Jon Stewart and Mad Money's Jim Cramer. Due to all of the media attention, and considering that there were some very good points made, I felt like I would use this opportunity to share some of my opinions and insights on the matter. If you haven't had a chance to watch the interview in full yet, please do.]]> http://www.money-guy.com/2009/03/stewart-vs-cramer-and-real-estate-update/feed/ 1 482 0:22:58 You couldn't turn to a major network or listen to a major broadcast in the past week without hearing about the ongoing feud between the Daily Show's Jon Stewart and Mad Money's Jim Cramer. Due to all of the media attention, and considering that ther[...] You couldn't turn to a major network or listen to a major broadcast in the past week without hearing about the ongoing feud between the Daily Show's Jon Stewart and Mad Money's Jim Cramer. Due to all of the media attention, and considering that there were some very good points made, I felt like I would use this opportunity to share some of my opinions and insights on the matter. If you haven't had a chance to watch the interview in full yet, please do. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Buyer Protection, Listener Emails, and Economic Research http://www.money-guy.com/2009/03/buyer-protection-listener-emails-and-economic-research/ Thu, 05 Mar 2009 18:15:15 +0000 http://www.money-guy.com/?p=443 Ebay purchase, as well as my father-in-law's flat-screen woes.]]> 443 0:46:59 In trying times, it isn't enough to just be an intelligent investor. To truly get your financial house in order, you must also be a good consumer. It is so important today to make sure you can stretch your dollars as far as possible. This doesn't [...] In trying times, it isn't enough to just be an intelligent investor. To truly get your financial house in order, you must also be a good consumer. It is so important today to make sure you can stretch your dollars as far as possible. This doesn't just mean seeking out great deals, but it also means protecting your purchases. In the show today, I share a story that has recently happened with my associate Bo and his encounter with an Ebay purchase, as well as my father-in-law's flat-screen woes. Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no 529 College Savings and ‘The 2009 Stimulus’ http://www.money-guy.com/2009/02/529-college-savings-and-the-2009-stimulus-2/ http://www.money-guy.com/2009/02/529-college-savings-and-the-2009-stimulus-2/#comments Fri, 20 Feb 2009 18:11:08 +0000 http://www.money-guy.com/?p=414 http://www.money-guy.com/2009/02/529-college-savings-and-the-2009-stimulus-2/feed/ 1 414 0:55:37 Today’s show is brimming with information. In the first half of the show, I share a research study done by Consumer Reports in their Consumer Reports Money Adviser. In the report, they compare some of the best and the worst 529 college savings[...] Today’s show is brimming with information. In the first half of the show, I share a research study done by Consumer Reports in their Consumer Reports Money Adviser. In the report, they compare some of the best and the worst 529 college savings plans around the nation. I then go on to discuss the 2009 stimulus package, ‘The American Recovery and Reinvestment Act of 2009’, and the tax implications it could have on you. I try not to get too far into the government spending portion of it, but I do believe it is important to understand the ‘who and what’ of the tax portion, and how it could potentially affect our nation both now and in the long-term. In 2008, college costs rose by about 5.7%. The average cost of a public state university was $14,000 per year while the cost of private institutions was a whopping $34,000 per year. With the cost of providing Junior with a solid post-secondary education, it comes as no surprise that it is absolutely necessary to begin planning for these expenses early. One great way, maybe even the best way, to do so is by funding a state sponsored 529 college savings plan. 529 plans offer potentially tax-free growth on funds used for qualified educational expenses. The Consumer Reports piece explains what you should look for in a 529 plan and also lists the 5 best and 5 worst plans across the country. I explain the difference in risk tolerance and risk capacity and why this is a very important consideration that should be made when planning for college expenses. I also explain why prepaid tuition 529s may not be as good as they sound. Below are Consumer Report’s 5 best and 5 worst plans and the ranges of possible expenses association with each of them: (in no particular order) 5 Best Path2College 529 Plan Georgia – .08% – .33% College Savings Iowa – .03% – .06% Bright Start College Savings Program Illinois – .04% – .59% Mississippi Affordable College Savings Program – .14% – .41% Direct Portfolio College Savings Plan Colorado – .02% – .07% 5 Worst Tomorrow’s Scholar Wisconsin – .75% – 1.23% John Hancock Freedom 529 Alaska – .06% – 1.35% Franklin Templeton 529 College Saving New Jersey – .63% – 1.80% Columbia New York Advisor 529 Plan New York – .25% – 1.32% Columbia 529 Plan Nevada – .48% – 1.24% For more great information check out www.savingforcollege.com, a 529 site owned by Bankrate.com that contains information on all state programs. Also try www.collgesavings.org for information and links to your home state’s program. As you know, last week President Obama signed into law the American Recovery and Reinvestment Act of 2009. I just want to be completely honest and say that I am unsure about this stimulus package. The main fundamental problem with this package that I see is this: Excessive leverage and spending is what got us into this financial meltdown in the first place. Therefore, our government has decided that the best way for us to resolve this over leveraged and overwhelming debt is to spend our way out. This does not pass the Brian Preston common sense test. I do believe it is important to understand the tax implications of this stimulus package. As you listen to the show, I will walk through each of the tax incentives including: ‘Making Work Pay’ Credit – The $13 /week provision Economic Recovery Payment – A one-time $250 payment to retirees Refundable Credit For Certain Federal and State Pensioners – A $250 credit to certain government retirees who are not eligible for Social Security Unemployment Compensation Exclusion – A temporary suspension of taxability on the first $2,400 of unemployment benefits Expanded Earned Income Tax Credit – provides relief to certain families with three or more children Expanded Child Tax Credit – Lowers the threshold for the refundable child tax credit to $3,000 Expanded [...] Featured, Podcasts Brian Preston, CPA, CFP®, PFS no no Navigating Stormy Economic Waters http://www.money-guy.com/2008/07/navigating-stormy-investment-waters/ http://www.money-guy.com/2008/07/navigating-stormy-investment-waters/#comments Thu, 10 Jul 2008 18:30:07 +0000 http://320679014 http://www.money-guy.com/2008/07/navigating-stormy-investment-waters/feed/ 2 123 0:30:06 Pick your economic worry — there’s more than enough to go around: mortgage crisis? faltering U.S. economy? government deficits? skyrocketing oil prices? geo-political instability? rising inflation rates? As a financial planner, I see a[...] Pick your economic worry — there’s more than enough to go around: mortgage crisis? faltering U.S. economy? government deficits? skyrocketing oil prices? geo-political instability? rising inflation rates? As a financial planner, I see and feel the anxiety that my clients are experiencing. For most, the anxiety peaks each quarter with the arrival of their once-welcomed, now-dreaded brokerage statements. More than a few are disappointed to find their investment balance well below where it was a year ago — despite having made periodic contributions. If you factor in the popular media’s doom and gloom outlook, you have the perfect storm of investing negativity. In these stormy times, I try and help my clients see over the waves and through the fog. Selling out and fleeing the market may feel right, but it flies in the face of the best advice you’ll ever get about succeeding in the stock market: buy low and sell high. With the S&P 500 off more than 15% in the past year, perhaps it helps to think of the market as being temporarily on sale? By leaving the market now, you’re also implicitly betting that you can time the market and successfully re-enter when it begins to rise once again. In my experience, this rarely happens. Instead, market timers often end up buying back into the market at or near its next peak. They’ve thus sold low and bought high. Worse, cash itself is not an overly attractive alternative to the market at the moment either. Between taxes and inflation, most so-called safe havens are actually losing ground in real terms. If your savings account yields 3-5%, you’re losing spending power, not preserving it. As I advise my clients, (almost) every portfolio benefits over time from equity investments: if you want to grow your net worth in the long-term and outpace taxes and inflation, you need to be in the market. To the extent you’re anxious about the market and your risk exposure, I strongly encourage a rethinking of your asset allocation. Are you perhaps over-invested in the stock market? Maybe you’re over-invested in certain parts of the stock market? Or, perhaps you’ve overlooked ways to dampen volatility with non-traditional investment classes? (If this describes you, please check out the podcast I did on October 1, 2007 titled Asset Allocation Basics. In this podcast I talk about the significant impact asset allocation can have on your financial well-being and give you a starting point for determining your correct asset allocation. This is where you can incorporate fear into your financial plan. If it is adequately considered in your asset allocation, then it shouldn’t be a worry for you through turbulent times.) As you listen to this week’s podcast, I’ll attempt to answer 3 questions about navigating today’s stormy economic waters: 1) When should I invest? 2) Where should I invest? 3) How should I invest? *** Thanks for listening! If you enjoyed the show, please visit the Apple iTunes website and leave positive feedback. They often feature shows like this one that have consistently good feedback and a growing listenership. If we can do a better job, drop me a personal email. See you next week Podcasts Brian Preston, CPA, CFP®, PFS no no Are Tax-Deferred Savings a Ticking Time Bomb? http://www.money-guy.com/2008/06/tax-deferred-savings-time-bomb/ http://www.money-guy.com/2008/06/tax-deferred-savings-time-bomb/#comments Wed, 25 Jun 2008 16:32:53 +0000 http://1435450022 http://www.money-guy.com/2008/06/tax-deferred-savings-time-bomb/feed/ 3 122 0:00:01 "If Thomas Jefferson thought taxation without representation was bad, he should see how it is with representation." – Anonymous Deferring taxes has always been a bedrock principle of retirement planning. The logic is simple: why woul[...] "If Thomas Jefferson thought taxation without representation was bad, he should see how it is with representation." – Anonymous Deferring taxes has always been a bedrock principle of retirement planning. The logic is simple: why would anyone pay the government now when tax-deferred accounts allow you to delay your obligation for 15, 25, and maybe even 40 years? If a reduced household income after retirement put you in a lower tax bracket, the savings could be considerable. But, what would happen if your tax rate after retirement was actually higher then what you would pay today? Could we see a scenario where deferring 25 cents in taxes today ends up costing you 33 cents (or more) when you withdraw your money in retirement? It’s a frightening thought if you worry, as I do, about the sustainability of current tax rates. Given the poor financial health of the federal government and our unfunded liabilities associated with health care and social security, many experts believe that tax rates will surely rise over the coming years. The Wall Street Journal’s Jonathan Clements examined this concern in a fascinating article, "Protecting Your Retirement No Matter Who’s President". Under most reasonable tax rate scenarios, he concluded that tax-deferred accounts still generally make sense if you have a long enough time frame.  He ultimately recommended a sensible sounding 3-pronged strategy that should hedge your exposure to most tax code reform efforts. There are a lot of caveats in his analysis so I suggest you read the article carefully and run your own analysis. In today’s show, I also share my thoughts about a favorite fund of mine, Dodge & Cox Stock, that’s recently reopened its doors to individual investors. I generally don’t recommend actively managed large cap mutual funds, but this fund’s approach to investing and its long-term track record might make them worth a look for your portfolio. Since your situation will be unique, please reach your own conclusion by examining their prospectus and track record. *** Thanks for listening! If you enjoyed the show, please visit the Apple iTunes website and leave us some positive feedback. They often feature shows like this one that have consistently good feedback. If we can do a better job, drop me a personal email. See you next week Podcasts Brian Preston, CPA, CFP®, PFS no no Father’s Day 2008: Teaching Children About Money http://www.money-guy.com/2008/06/father-s-day-2008-teaching-children-about-money/ http://www.money-guy.com/2008/06/father-s-day-2008-teaching-children-about-money/#comments Thu, 19 Jun 2008 15:40:06 +0000 http://www.money-guy.com/?p=121 http://www.money-guy.com/2008/06/father-s-day-2008-teaching-children-about-money/feed/ 1 121 0:00:01 "Any man can be a father, but it takes a special person to be a Dad." – Anonymous Since we celebrated Father’s Day this past weekend, I thought it’d be fun to discuss how parents can help their children grow up to be finan[...] "Any man can be a father, but it takes a special person to be a Dad." – Anonymous Since we celebrated Father’s Day this past weekend, I thought it’d be fun to discuss how parents can help their children grow up to be financially responsible adults. Building on the ideas of Clark Howard, Dave Ramsey, listen to the show as I discuss four big questions about children and money: When should you begin teaching your children about money? Should you pay an allowance and how much? When should you consider opening a savings account for your children? How can you encourage investing in your household? The news of Tim Russert passing away hit me pretty hard. I really enjoyed Tim on NBC and felt a special kinship with him after reading his book, Big Russ & Me, a few years ago. The book shares a lot about the unique relationship he had with his father and remains to this day one of my favorites. Bonus link: J.D. at GetRichSlowly gets real personal as he shares a poignant letter from his late father. Great stuff — check it out. *** Thanks for listening! If you enjoyed the show, please visit the Apple iTunes website and leave us some positive feedback. They often feature shows like this one that have consistently good feedback. If we can do a better job, drop me a personal email. See you next week Podcasts Brian Preston, CPA, CFP®, PFS no no Rethinking Life’s Necessities, Wants, and Wishes http://www.money-guy.com/2008/06/deceiphering-life-s-necessities-wants-and-wishes/ http://www.money-guy.com/2008/06/deceiphering-life-s-necessities-wants-and-wishes/#comments Tue, 10 Jun 2008 19:59:31 +0000 http://www.money-guy.com/?p=115 http://www.money-guy.com/2008/06/deceiphering-life-s-necessities-wants-and-wishes/feed/ 4 115 0:23:27 I think a lot about our culture and how the virtues of frugality and simplicity seem to have been forgotten by many of us. As never before, the popular media show us how ultra-wealthy athletes, entertainers, and business titans live, travel, eat, a[...] I think a lot about our culture and how the virtues of frugality and simplicity seem to have been forgotten by many of us. As never before, the popular media show us how ultra-wealthy athletes, entertainers, and business titans live, travel, eat, and dress. Combined with easy credit and a "want-it-now" mindset, we’ve started to lose sight of life’s necessities, wants, and wishes. In reality — where we all actually live — we’re deluding ourselves when we blur the lines and turn everything into a must-have necessity. Wants and wishes aren’t necessities! Jay MacDonald, a favorite writer of mine on Bankrate, wrote recently about 12 new “necessities” that drain your cash. He shared a point of view that really hit home with me: … modern life has created a host of "new necessities" that many people swear they cannot live without — a daily latte, premium cable, a weekly manicure, a new leased automobile and cell phones for the family. In reality, there’s a more accurate word for those pricey add-ons: entitlements. If you want to significantly cut spending, it’s important to take a closer look at what you consider to be needs. MacDonald opens the article by reminding us that the true necessities in life never change: food, water, shelter, and clothing. He then goes on to list 12 "necessities" that individuals and families should reconsider if they want to save some serious cash. It’s not my intention to take all the fun out of life and not all the ideas will work for everyone, but the list may be a good starting point to rethink some of your spending. As you listen to the show, I’ll touch on some of these items: Daily lattes: Topping $5 in many cases, these drinks can be 100 times more expensive than what you brew at home. Save by buying your Starbucks coffee at Costco and investing in a high quality grinder and coffee maker. Cable television: How many channels do you really need? Could you watch your favorite shows online at Hulu? Consider dropping your premium channels or discontinuing cable altogether. Weekly manicures and pedicures: Getting these done every week feels like a possible indulgence, especially if you can alternate weeks where you do them yourself. Botox wrinkle treatment: Not my area of expertise, but consider letting more of your natural beauty show through. Like a fine wine, I’m letting myself age to perfection Bottled water: A genius business model! You can get water out of any faucet and treat it yourself with a charcoal tap filter. Many refrigerators will even filter tap water for you. Multiple cars: Your job and commute may necessitate multiple cars for your family, but a third and fourth start to feel excessive. Buying reliable used cars and maintaining the ones you have should always be part of your plan. Cell phone: The savings opportunity here will depend on your personal circumstances. That said, prepaid plans can help cap your spending and avoid month-end surprises. Scaling back on expensive plans with music, television, and Internet access can also deliver painless savings. Private school: Again, the opportunity here will depend on your circumstances. Public schools are certainly cheaper than privates ones, but you’ll need to feel comfortable with your decision. As I’ve done, you can get also involved locally to improve your school system. Childhood parties: Have you seen MTV’s "My Sweet Sixteen"? We all love our children, but I don’t think anyone should be expecting a BMW or Ashton Kutcher just because they aged another year. Keep your parties simple and avoid the temptation to compete with other parents. Pet grooming and walking: You can go online and learn how groom your pet with a $25 set of electric clippers. And who knows, maybe the daily dog walk will motivate you to cancel the gym membership you pay for but never use? In the show today, I also touch on some inte[...] Podcasts Brian Preston, CPA, CFP®, PFS no no William Shakespeare on Trust and Financial Planners http://www.money-guy.com/2008/05/william-shakespeare-on-trust-and-financial-planners/ http://www.money-guy.com/2008/05/william-shakespeare-on-trust-and-financial-planners/#comments Fri, 30 May 2008 05:04:21 +0000 http://www.money-guy.com/?p=112 http://www.money-guy.com/2008/05/william-shakespeare-on-trust-and-financial-planners/feed/ 2 112 0:00:01 Professional financial planning is built on a foundation of trust. You entrust not just your money but also your hopes and dreams with an adviser and planner like me. Above all, you want your planner acting with your best interests at heart. And ye[...] Professional financial planning is built on a foundation of trust. You entrust not just your money but also your hopes and dreams with an adviser and planner like me. Above all, you want your planner acting with your best interests at heart. And yet, Shakespeare’s famous advice — "Love all, trust a few" — rings as true today as it did hundreds of years ago. Trust and money can indeed be a dangerous combination Good financial planners expect to earn the trust of their clients every single day. Early in the relationship, I encourage you to ask your planner: What are your credentials and professional affiliations? Is your compensation aligned with my best interests? Do you have a fiduciary responsibility to your clients? Who are your 5-10 reference clients? Are you affiliated with a broker, insurer, or service provider? And later on: How are you being paid for the work you’re doing? Would other planners offer the same advice? Are there less risky or more economical ways to do this? How will your advice, specifically, help me achieve my goals? Can I sleep on this advice for a day or two? *** In today’s show, I tackle this basic question head-on: how, exactly, do you find a financial planner you can trust? And then, in more detail I look at some related questions: Is there an important difference between fee-only, fee-based, and commission-based advisers? Is it wise to deal with an adviser affiliated with a bank, mutual fund or brokerage? Why is an adviser with a fiduciary responsibility to their clients so important? As you listen, I’ll share my feelings on the difference between various pay structures, discuss the merits of advice from institutions like Fidelity, Vanguard, or Charles Schwab, and explain why transactional relationships usually aren’t the best for clients or planners in the long run. *** Thanks for listening! If you enjoyed the show, please visit the Apple iTunes website and leave us some positive feedback. They often feature shows like this one that have consistently good feedback. If we can do a better job, drop me a personal email. See you next week Podcasts Brian Preston, CPA, CFP®, PFS no no Dave Ramsey: Financial Planning Guru … or Charlatan? http://www.money-guy.com/2008/05/dave-ramsey-financial-planning-guru-or-charlatan/ http://www.money-guy.com/2008/05/dave-ramsey-financial-planning-guru-or-charlatan/#comments Tue, 20 May 2008 02:39:35 +0000 http://www.money-guy.com/?p=111 http://www.money-guy.com/2008/05/dave-ramsey-financial-planning-guru-or-charlatan/feed/ 29 111 0:33:20 Love him or not, Dave Ramsey is a financial planning phenomenon. Consider his popularity: Ramsey’s syndicated radio program, The Dave Ramsey Show, is heard on over 325 radio stations throughout the United States and Canada. Besides being a rad[...] Love him or not, Dave Ramsey is a financial planning phenomenon. Consider his popularity: Ramsey’s syndicated radio program, The Dave Ramsey Show, is heard on over 325 radio stations throughout the United States and Canada. Besides being a radio personality, he’s written almost 15 books, three of which have been on the New York Times Bestseller list. More recently, Ramsey’s also launched a popular show on the Fox Business Network, The Dave Ramsey Show. And yes, he’s a semi-regular on Oprah Ramsey’s core message is consistent. More than anything, he evangelizes his seven steps to financial independence: Start an emergency fund Pay off all consumer debt from smallest balance to largest Three to six months of expenses in savings Invest 15% of household income into Roth IRAs and pre-tax retirement accounts College funding for children Pay off home early Build wealth by investing Simple, no? And yet, many find Ramsey’s advice simplistic, misguided, or just wrong. Ignoring conventional wisdom on many topics, he draws upon his personal experiences to craft financial and life advice that’s often, to say the least, controversial. So where do I stand? I’ll surprise some with this, but I’d say I agree with about 90% of what Ramsey talks about. While he sometimes strays too far from what he knows best — human psychology — I still feel that Ramsey offers an incredibly valuable service to his listeners. While we pride ourselves here for going “beyond common sense”, we shouldn’t forget those just starting the personal finance journey. Kudos to Ramsey for seeing this group’s need for straight advice and the honor in serving them. In this show, I’d like to take some of Ramsey’s thoughts and processes, expand on them a bit, and even go a little farther in depth than he does on some investing topics. I’ll share my feelings on his steps to financial independence, his approach to investing, the difference between risk tolerance and risk capacity, the emotions associated with investing, and some of the benefits of saving for retirement early. Thanks for listening! If you enjoyed the show, please visit the Apple iTunes website and leave us some positive feedback. They often feature shows like this one that have consistently good feedback. If we can do a better job, drop me a personal email. See you next week Podcasts Brian Preston, CPA, CFP®, PFS no no 12 Investment Mistakes Couples Make http://www.money-guy.com/2008/05/12-investment-mistakes-couples-make/ http://www.money-guy.com/2008/05/12-investment-mistakes-couples-make/#comments Tue, 13 May 2008 17:20:23 +0000 http://www.money-guy.com/?p=109 http://www.money-guy.com/2008/05/12-investment-mistakes-couples-make/feed/ 9 109 0:00:01 Through my years as a financial planner, I’ve worked with a lot of couples and, unfortunately, seen many of the same money mistakes over and over again. Disappointing, yes … but also a sign that good advice for couples could help many [...] Through my years as a financial planner, I’ve worked with a lot of couples and, unfortunately, seen many of the same money mistakes over and over again. Disappointing, yes … but also a sign that good advice for couples could help many families dodge these common investing pitfalls. In a recent article on Bankrate.com, Dana Dratch touches on 12 investment mistakes that couples frequently make and offers advice from financial and legal professionals. As you listen to the show, I’ll touch on and share my opinions on these topics: Too many accounts. The family financial picture is one big pie and we’ve all got to be on the same page. Adding an excessive number of accounts only adds an excessive amount of confusion. One spouse deals with the adviser. Developing a family financial or investment plan requires both spouses to be up-to-date, well informed, and thoroughly engaged. Not saving enough for retirements. Is 10% really enough? Pension plans are a thing of the past and Social Security is in need of a dire make-over. Retirement is now on your shoulders! Too much in cash. Historically, equities have outperformed cash returns and will continue to do so. Price inflation and income taxes often lead to negative inflation-adjusted returns on cash accounts. One party isn’t getting a voice in investment decisions. So often the aggressor in the relationship steps up and drags the spouse behind. Investing is a process, and when dealing with couples, it’s a process that requires teamwork. Both parties must "buy in" to the plan. We don’t want to wake up one day and find ourselves asking, "What did he/she do?" Failing to diversify. How are you truly spreading out the risk of your overall portfolio? It’s not just a stock and bond game anymore. Are you exposed rationally to global markets and non-traditional asset classes? Common goal. There must be a goal, and that goal must be for both parties involved. For what reason are we saving this money? There must be roadmap of hopes and dreams. Skipping account maintenance. What should require more attention: a 4-year automobile or a lifetime retirement? This doesn’t mean that changes have to be constantly made, only that accounts need to be consistently reviewed. Who is the beneficiary on 401(k) and life insurance? Commingling inherited assets. This is a "his vs. her" inheritance. If both individuals are working towards a common goal, it shouldn’t matter if it’s titled in both names so long as it’s for the long-term benefit of both. Investing in things we don’t understand. Don’t let your adviser play pin the tail on the investor. It’s your money and you need to understand what you’re doing with it. Adviser conflicts of interest. Do your research and be sure you know how your adviser is being paid for helping you. Are they incented to help you … or are they incented to sell you financial products? Maxing out employer retirement contributions. I’ve said it over and over: it’s free money, TAKE IT! As a financial planner, I’m privileged to help couples work together to reach their shared goals. It’s a wonderful thing — but a wonderful thing that needs to be done the right way. Making sure that your financial lives are happy and healthy will make it that much easier to make sure your home lives are happy and healthy. Thanks for listening! If you enjoyed the show, please visit the Apple iTunes website and leave us some positive feedback. They watch for comments and then help promote shows like this one with consistently good feedback. If we can do a better job, drop me a personal email. See you next week Podcasts Brian Preston, CPA, CFP®, PFS no no The Price of Security – Immediate Annuities http://www.money-guy.com/2008/05/the-price-of-security-immediate-annuities/ http://www.money-guy.com/2008/05/the-price-of-security-immediate-annuities/#comments Tue, 06 May 2008 15:33:15 +0000 http://www.money-guy.com/?p=108 http://www.money-guy.com/2008/05/the-price-of-security-immediate-annuities/feed/ 2 108 0:00:01 Money-Guy 05-05-2008 With recent stock market ups and downs, immediate annuities are attracting attention from people looking to shelter themselves from volatility. But do they make financial sense? If so, for whom and when? (An immediate annuity, y[...] Money-Guy 05-05-2008 With recent stock market ups and downs, immediate annuities are attracting attention from people looking to shelter themselves from volatility. But do they make financial sense? If so, for whom and when? (An immediate annuity, you might recall, is an investment product that’s purchased with a single payment and begins to pay out a return right away. In its simplest form, the annuity will pay you a set amount without fail until your death.) Consumer Reports’ "Money Adviser Newsletter", a favorite resource of mine, recently examined immediate annuities in a research study titled, "Do immediate annuities really pay?". I enjoyed the article immensely because it provided a rare comparison of historical returns from buying an annuity versus investing in a diversified portfolio. It’s fact-based, highly detailed and data rich — qualities my listeners know I love Listen to the show and I’ll share my thoughts about both strategies and if/when they might be appropriate for you. As you’ll hear: Variable annuities charge sales commissions that average 6-7 percent Fixed immediate annuities charge sales commissions that average 2-3 percent A retirement account withdrawal rate of 8 percent only has a 41% percent probability of meeting income needs for 25 years (assuming 100 percent stock portfolio). You can increase that probability to 96-97 percent by diversifying and lowering your annual withdrawal rate to 4 percent. Overall, I’m excited that the immediate annuity market is evolving and becoming more competitive and more transparent. With savvy, low cost providers like Vanguard and Fidelity Investments focusing on this market, consumers should see even lower fees, better service levels, and more innovation going forward. *** I bought a rolling duffle from High Sierra Sport Company a while ago and was quite happy with it until two of the zippers recently quit working. With a little bit of research, I found that High Sierra has a lifetime warranty on their products — and that they actually stand behind their products. Even lacking a receipt or original tags, I had a brand new bag within a week. It’s nice when a company truly stands behind their promises. My long-term listeners already know that I’m a movie fanatic. Can I rave about Iron Man for a moment? I simply loved the movie. In an age when few movies are worth your time — let alone $9.25 for a ticket — this movie was worth every minute and every penny. Check out the movie and let me know if you enjoy it as much as I did. *** Thanks for supporting and listening to the show! You’re a big part of our grassroots success. As always, please tell the Apple iTunes world if you’re happy with what you’re hearing each week … and email me personally if I can do something better. [audio: http://www.money-guy.com/podcasts/Money-Guy%2005-05-2008.mp3] Podcasts Brian Preston, CPA, CFP®, PFS no no Finding a ‘Fiduciary’ Planner in a Sea of Snakes http://www.money-guy.com/2008/04/finding-a-fiduciary-planner-in-a-sea-of-snakes/ http://www.money-guy.com/2008/04/finding-a-fiduciary-planner-in-a-sea-of-snakes/#comments Tue, 29 Apr 2008 22:01:38 +0000 http://www.money-guy.com/?p=107 http://www.money-guy.com/2008/04/finding-a-fiduciary-planner-in-a-sea-of-snakes/feed/ 1 107 0:00:01 Being a financial planner myself, I loved an article that The New York Times featured over the weekend, "Pick a Planner Who Can Spell ‘Fiduciary’". For those who don’t know me, let me assure you that while I might not be a [...] Being a financial planner myself, I loved an article that The New York Times featured over the weekend, "Pick a Planner Who Can Spell ‘Fiduciary’". For those who don’t know me, let me assure you that while I might not be a great grammarian, I definitely know, understand, and can spell the word ‘fiduciary‘! In all seriousness, the article touched upon some interesting thoughts that I often hear from prospective clients: What, exactly, does a financial planner do? How is that different from the role played by a stockbroker or investment adviser? What might be the signs that I could benefit from hiring a planner? And, if I decide to engage one, how do I find a competent and reputable one? How will they charge me and what’s a reasonable fee for their work? Check out the article and then listen to my thoughts about what it means to have a fiduciary responsibility, why most experts favor fee-based planners over those paid on commissions, how to vet out a planner’s certifications and credentials, and how to ensure your planner is looking out for your interests. *** In today’s show, I also discuss the Lasik Surgery that I had last week. The procedure went very well and I can’t say enough positive things about my doctor, Dr. Alan Kozarsky, and his team at Piedmont Better Vision. While I wish Dr. Kozarsky was a client, I’m not working with him and he’s not compensating me for my praise. I just feel that exceptional service should be recognized. *** Thanks again to all of you for your support and engagement. I love hearing from listeners so please leave comments here on the blog or reach me personally by email. If you particularly enjoy what I’m doing, please leave positive feedback for me on the Apple iTunes website. They watch for happy listeners and will feature shows that consistently get positive feedback. Podcasts Brian Preston, CPA, CFP®, PFS no no Dateline and Equity-Indexed Annuities http://www.money-guy.com/2008/04/dateline-and-equity-indexed-annuities/ http://www.money-guy.com/2008/04/dateline-and-equity-indexed-annuities/#comments Tue, 22 Apr 2008 14:32:12 +0000 http://www.money-guy.com/?p=106 http://www.money-guy.com/2008/04/dateline-and-equity-indexed-annuities/feed/ 2 106 0:00:01 Chris Hansen from Dateline NBC devoted an entire hour on April 13, 2008 to the topic of equity-indexed annuities and the unscrupulous tactics sometimes used to sell them to seniors. (Recognize Hansen’s name? He’s best known for his work [...] Chris Hansen from Dateline NBC devoted an entire hour on April 13, 2008 to the topic of equity-indexed annuities and the unscrupulous tactics sometimes used to sell them to seniors. (Recognize Hansen’s name? He’s best known for his work on the Dateline NBC television segment To Catch a Predator. These controversial investigations revolved around catching Internet sex predators using a sting operation.) This week’s segment, titled Tricks of the Trade, used a hidden-camera investigation to see what insurance agents say — and what they don’t — when they think they are alone with a senior. The show promised, “Join us in a ground-breaking hidden-camera investigation, as we go behind the scenes to uncover the techniques they use: inside sales meetings — where we catch the questionable pitches; inside training sessions — where we discover agents being taught to scare seniors; and, finally, inside senior’s homes to reveal the tricks some agents use to puff their credentials to make a sale.” If you would like to see related articles and follow-up from the show, you can watch the segment online, read on the official transcripts, or visit some of their recommended links: Allianz statement to Dateline National Association of Fixed Annuities Minnesota’s Attorney General, Lori Swanson My First-Hand Experience with Equity-Indexed Annuities Interestingly, my very first Money Guy podcast covered this exact topic. I based the discussion on an article in the December 14, 2005 Wall Street Journal titled, Why Big Insurers Are Staying Away From This Year’s Hot Investment Product.I’ve also had experience dealing with individuals who have been sold unsuitable products. In today’s show, I revisit the Wall Street Journal article, discuss my impressions of Dateline NBC’s recent investigation, and share my experience dealing with the fallout from inappropriately sold equity-indexed annuities. Postscript: In today’s show, I mentioned a widow who came to me after investing all of her liquid assets into equity-indexed annuities. Since many of you have asked, I’m pleased to report that there was an unexpected but happy ending. Most states provide a small window of time after an insurance contract is issued for the purchaser to change their mind. This individual fortunately came to me during this period and we were able to undo the damage. If we’d missed that window, I would have first recommended that she contact the corporate office of the insurance company that issued the product. Then, I would have suggested engaging a lawyer and filing a complaint with the state insurance regulator. Note: Please know I’m not trying to pick on insurance agents. I’m a big fan of insurance and always recommend dealing with a reputable agent as part of an overall financial plan. Unfortunately, many agents either don’t understand their products and appropriate uses or don’t care about doing what’s right for their client. My advice? Find a local agent you trust, check their credentials and references, ask specifically how they get paid, and challenge their advice with informed questions. Checking prices with an online service can also be helpful, but I prefer to do business with a real agent. In an emergency, you’ll find this can make a big difference. Podcasts Brian Preston, CPA, CFP®, PFS no no An Inconvenient Truth (About Cash) http://www.money-guy.com/2008/04/an-inconvenient-truth-about-cash/ Wed, 16 Apr 2008 18:15:49 +0000 http://www.money-guy.com/?p=105 105 0:00:01 If I told you about a popular investment product that was yielding 40% less than it did last year, you’d probably think it was one of the great financial meltdowns of 2008. But, what if I also told you that investors seemed indifferent to this[...] If I told you about a popular investment product that was yielding 40% less than it did last year, you’d probably think it was one of the great financial meltdowns of 2008. But, what if I also told you that investors seemed indifferent to this product’s decreased yield and were actually accelerating their rate of investment? Quite a paradox, no? As you’ve probably realized, I’m talking about Money Market and Cash investments. Using data from Fidelity, I went back and pulled client statements to see what their blue chip Cash Reserves fund was paying as of March 31, 2007 and March 31, 2008. Over this 12 month period, the fund’s yield dropped from 5% to just over 3% – an astonishing 40% decrease. And yet, the Investment Company Institute (ICI) reports that over that same period Money Market fund assets increased from $2.4 to $3.1 trillion. The Impact of Inflation on Cash To make matters worse, inflation is eating away at the long-term value of these cash holdings. With the latest reading of the Consumer Price Index (CPI) at 4%, health care, food, and energy costs are much higher than a year ago. While cash does provide stability and is important for reserve funds, cash now has a negative real return. You can see fairly quickly that if you earn 3% on cash, pay taxes on the interest income, and then subtract an inflation rate of 4%, you now have a negative return of anywhere from 1 to 2% in the purchasing power of your cash. Maximize those Reserve Fund Returns With cash holdings generating negative returns in relation to inflation it is more important than ever that you maximize your return on those reserve funds. Having done some research, I’d suggest you at least consider these 2 FDIC-guaranteed banks (needless to say, I have no connection to either of these institutions): No Minimum: FNBOdirect.com = 3.25% – First National Bank Omaha $10,000 Minimum: WTdirect.com = 3.31% – Wilmington Trust Direct Listen to the show to hear my thoughts on how this relates to your overall portfolio and my thoughts about investing for the future. Podcasts Brian Preston, CPA, CFP®, PFS no no Recession and the First Quarter 2008 – Avoiding Advisers Who Push Risky Products http://www.money-guy.com/2008/04/recession-and-the-1st-qtr-2008-avoiding-advisers-that-push-risky-products/ http://www.money-guy.com/2008/04/recession-and-the-1st-qtr-2008-avoiding-advisers-that-push-risky-products/#comments Tue, 08 Apr 2008 16:07:04 +0000 http://236549456 http://www.money-guy.com/2008/04/recession-and-the-1st-qtr-2008-avoiding-advisers-that-push-risky-products/feed/ 2 100 0:00:01 I’m short on notes today, but heavy on great information in the audio of the show. I first provide my detailed perspective on the performance of the market in the first quarter of 2008. I then talk at length about staying focused on why you i[...] I’m short on notes today, but heavy on great information in the audio of the show. I first provide my detailed perspective on the performance of the market in the first quarter of 2008. I then talk at length about staying focused on why you invested in the financial markets in the first place. If you need a shot of "Good News and Financial Hope", download the bullish Monday Morning Outlook from Brian S. Wesbury, Chief Economist at First Trust Portfolios. I close out the show with my personal thoughts on avoiding schemes that have you risk your financial future by leveraging your house and other assets. These advisers are not looking out for you — they’re trying to fill-up their wallets with your money. Thanks for the great comments and feedback. You guys have been the foundation that has allowed us to grow. If you notice that the show sounds like the volume peaks and distorts a bit today, please bear with my adjustments. I’ve had a few complaints about the show volume and I was working with the output volume. I think I’ve got it figured out so you should see an improvement in upcoming shows. Lastly, please drop by Apple’s iTunes website if you have positive feedback to share with the world. The show’s prominent listing in the iTunes directory is a direct result of more than a hundred listeners like you sharing how much they enjoy my efforts. If I can do a better job, drop me a personal email at brian@moneyguy.net. See you next Monday Podcasts Brian Preston, CPA, CFP®, PFS no no Prioritize Retirement Savings and Where to Invest Cash http://www.money-guy.com/2008/03/prioritize-retirement-savings-and-where-to-invest-cash/ http://www.money-guy.com/2008/03/prioritize-retirement-savings-and-where-to-invest-cash/#comments Mon, 31 Mar 2008 22:24:01 +0000 http://www.money-guy.com/prioritize-retirement-savings-and-where-to-invest-cash http://www.money-guy.com/2008/03/prioritize-retirement-savings-and-where-to-invest-cash/feed/ 1 99 0:00:01 We’re currently in the final weeks of tax preparation season. As many of you know, I do just enough tax return preparation every year to make me wonder why I do taxes! Joking aside, I believe I’m a better adviser for my clients if I know[...] We’re currently in the final weeks of tax preparation season. As many of you know, I do just enough tax return preparation every year to make me wonder why I do taxes! Joking aside, I believe I’m a better adviser for my clients if I know how the tax code works. Still, it gets a little stressful trying to keep up with all of the work flow. I’m not complaining … I could have the opposite problem with nothing to do, so please know that I’m very happy to be busy! In today’s show, I try to help you recognize that retirement savings should be a priority in your life, and that you have to take advantage of all the opportunities that are available to you. Take Advantage of Employer Matching… it’s Free Money! * Contribute the minimum required to receive the maximum employer matching (usually 3 percent) * I am primarily talking about 401ks, 403bs, and Simple IRAs Fully Fund your ROTH IRA * There’s a reason that these accounts are only available to average investors: the government knows that they are leaving us with a bad deal, so they are trying to help you out with TAX-FREE Growth * It’s worth repeating: TAX FREE GROWTH! * 2007 contribution limit of $4,000 and 2008 contribution limit of $5,000 * You have until April to still make a 2007 contribution With the Federal Reserve Bank dropping interest rates, where do you invest your cash reserves and savings accounts? One day while I was researching an article on SmartMoney.com I noticed a banner ad for FNBOdirect.com. The interest rate advertised was a good bit higher than INGdirect.com and EmigrantDirect.com. I decided to do a little research and I found out that the company is indeed legit. I first went to the FDIC.gov website to make sure that there was a First National Bank of Omaha. I then called the 800 number for the bank to make sure that the FNBOdirect.com was part of the Omaha bank that has been around since 1857. I asked why I did’nt see an FNBOdirect.com link on their parent website, FirstNational.com, and was told they didn’t want their retail customers to switch for the higher rates. I also asked if their rates were teaser rates that would disappear shortly, and the spokesperson I talked with said no. They were committed to building market share in the online banking industry and knew this would mean higher interest rates. I have no affiliation with this bank and get nothing for the referral … I just like that their rate was better than what I could find anywhere else. As of today, they’re paying 3.25 percent (compared with 2.75 percent from Emigrant Direct and 3.00 percent from ING direct). FDIC website for First National Bank of Omaha … in case you want to do your own verification. I don’t blame you — I would Thanks for your great iTunes comments! We only need 4 more submissions to reach 100 comments — a great milestone for a fan-supported podcast like this one. And thanks as well for supporting the Money Guy show by signing up for the “Wealth Report”. The funds help offset some of my out-of-pocket expenses. I couldn’t do the show without your enthusiastic emails, comments, and support. Feel free to drop me a note at Brian@MoneyGuy.net … although I might not respond until after tax season Podcasts Brian Preston, CPA, CFP®, PFS no no Auto Accidents – Dealing with Insurance Companies http://www.money-guy.com/2008/03/auto-accident-dealing-with-insurance-companies/ http://www.money-guy.com/2008/03/auto-accident-dealing-with-insurance-companies/#comments Mon, 24 Mar 2008 14:31:12 +0000 http://www.money-guy.com/auto-accident-dealing-with-insurance-companies http://www.money-guy.com/2008/03/auto-accident-dealing-with-insurance-companies/feed/ 6 98 0:00:01 After you’ve been in an auto accident, you count your ten fingers and ten toes. Then, the stress sets in that you will have to deal with an insurance company. Don’t worry! In today’s show, I’m going to give you some tips to n[...] After you’ve been in an auto accident, you count your ten fingers and ten toes. Then, the stress sets in that you will have to deal with an insurance company. Don’t worry! In today’s show, I’m going to give you some tips to navigate through the process and protect yourself financially. Before we get into my personal advice on dealing with insurance companies, you’ll need to know what to do at the accident scene. Start your research with a great article from Edmunds: What To Do After a Car Accident. Advice Based Upon Personal Experience: A few months ago my wife was involved in a minor car accident. Fortunately, she was ok and it was determined by the officer at the scene that it was the other driver’s fault. My wife did a great job of recording the contact information of the other driver, their insurance information, and even the other driver’s license number. With this information, we called the other driver’s insurance company to see if the driver had notified them about the accident. The driver had indeed contacted their insurance provider, so they already had a case number assigned. They provided us with the case number and a phone number for a case manager that we could call with questions. We contacted the case manager and she let us know that the insurance company would be sending out an adjuster to determine the value of the damage. The adjuster met us at our house and took several photos of the vehicle and said that he would file a report and we would be hearing from the insurance company soon. Risk of Cashing The Check: Within two weeks of the adjuster reviewing the damage to our car, we received a check for $2,100 in the mail. Tempting! Insurance companies are truly hoping that you’ll cash that check and they’il never hear from you again — but that could be a big mistake if you make that choice. Adjusters do their best to estimate the damage to your vehicle, but their assessment is very limited. They can only see the external damage. They have no idea, for instance, if there is major damage hidden behind a bumper or if your frame is bent in a way not visible to the naked eye. So, there’s a real risk of them underestimating the damage to your car — and the expense to get your repairs done. Avoiding the $1,200 Mistake: If you had seen our car after the accident, you would have thought that it was only minor damage. My wife was able to driver the car away from the accident and we drove it for another month while we waited for our appointment with the body shop. However, consider this: the actual cost to repair the car was $2,500. Plus, it took the body shop close to three weeks to get it repaired so we needed a rental car that ended up costing us another $800. If you add those two expenses together, you can quickly see that cashing that first check and not fixing the car would not be the best long-term decision. Other Discussion Point… Rental Car: I also wanted to give you a heads up about another money saving “technique” that insurance companies will try to use on you. My wife drives a Toyota Highlander so we expected a comparable vehicle during the repair period. When we arrived at the rental car company to pick up our loaner, the insurance company had reserved a full size vehicle (according to Enterprise, that was a Ford Mustang or Ford Taurus). This was not acceptable because we needed the third row of seats and we needed the additional storage. We called the insurance company and with a little discussion they agreed to pay the $25-day upgrade cost. Your takeaway: know the terms of your policy and don’t be shy about asking for what you’ve paid for. Closing Advice: The insurance company did not do anything to make the process hard, but they also did not volunteer what they were willing to provide. It was as if the system was set up to see if they could get by with giving us nothing more than the absolut[...] Podcasts Brian Preston, CPA, CFP®, PFS no no Fear, Financial Markets, and Your Money http://www.money-guy.com/2008/03/fear-financial-markets-and-your-money/ http://www.money-guy.com/2008/03/fear-financial-markets-and-your-money/#comments Tue, 18 Mar 2008 17:23:15 +0000 http://www.money-guy.com/fear-financial-markets-and-your-money http://www.money-guy.com/2008/03/fear-financial-markets-and-your-money/feed/ 1 97 0:00:01 I’m a day late with this post because I spent most of yesterday fielding concerned phone calls and writing a market update letter for my clients. It’s during these volatile times that good advisers prove their worth to clients, and as yo[...] I’m a day late with this post because I spent most of yesterday fielding concerned phone calls and writing a market update letter for my clients. It’s during these volatile times that good advisers prove their worth to clients, and as you can imagine it’s also a stressful time. With that said, I know that there are quite a few listeners that are new investment advisers, students studying to become investment professionals, and others that are considering making the jump. For those individuals: look around and absorb the experience! Bear markets typically only occur once or twice a decade and the lessons to be learned are tremendous. First hand, you see the importance of diversification, the relationship between risk and reward, and of course the importance of controlling your emotions. When times are good it is easy to look at the average returns of the equity markets and jump in with the anticipation of letting your money work for you. Once there’s trouble on the horizon, that decision becomes cloudy and the desire for comfort and safety can take over. Here’s a few items that I discuss on today’s show. Hopefully each of these items will help you determine if you’re making the right decisions with your current investment portfolio: The Cycle of Emotional Investing The Footsteps of Past Bear Markets – detailing the length of every Bear Market since World War II and losses What You Should Know in an Uncertain Market is an article that I wrote back in October of 2002. The information is very important because I provide words of advice that we can now look back on and see just how important it is to be in the markets when they recover Bill’s recent column on volatility Barron’s Online Article titled Avoid the Most Common and Costliest Mistakes in Retirement Investing by Karen Hube Hopefully, this information will help you to make good decisions based upon your long-term goals and desire for financial independence. Learn to control your emotions with good planning and asset allocation, so that you do not make the dreaded Buy High and Sell Low mistake that plagues the average investor. As I often do, I wanted to thank you for your continued support and for the great comments on Apple’s iTunes website. Without the grassroots growth of the show from great listeners like you, I could not do the Money Guy Show. Please continue to spread the word about the show and website Note: I will be headed out of town for a long weekend on Friday, but I already have a show pre-recorded. I tell you only because the show notes will probably be shorter than usual. Podcasts Brian Preston, CPA, CFP®, PFS no no Buffett Time – 2007 Annual Shareholders Letter http://www.money-guy.com/2008/03/a-review-of-warren-buffett-s-letter-to-shareholders/ http://www.money-guy.com/2008/03/a-review-of-warren-buffett-s-letter-to-shareholders/#comments Mon, 10 Mar 2008 16:50:58 +0000 http://www.money-guy.com/a-review-of-warren-buffett-s-letter-to-shareholders http://www.money-guy.com/2008/03/a-review-of-warren-buffett-s-letter-to-shareholders/feed/ 2 96 0:00:01 If you’ve reviewed the Money Guy site recently, you’ve probably noticed that we added a fun "widget" which rotates through some of Warren Buffett’s wiser observations about money, business, and life. Most of those quotes co[...] If you’ve reviewed the Money Guy site recently, you’ve probably noticed that we added a fun "widget" which rotates through some of Warren Buffett’s wiser observations about money, business, and life. Most of those quotes come directly from his annual letter to the shareholders of Berkshire Hathaway. Every February, I eagerly await its release because it provides insight into the mind of the most successful investor of our lifetime. Not only does he share what he thinks of the current economy, Buffett also discusses his investment portfolio and shares general life advice. Even better, there is also quite a bit of humor added to the annual letter. On a personal note, my wife happened to walk by this week while I was reading this year’s just-released letter (PDF). I was giggling, reading quotes out loud, and in a great mood. Her look said it all: "You are such a dork!". I wear that badge with pride since this is one of my annual traditions that I eagerly look forward to each year. Some people have Star Trek conventions … I have Warren Buffett’s Shareholder Letters Click here for a link to Warren Buffett’s 2007 Letter To Berkshire Hathaway Shareholders I have provided an Executive Summary of the Letter and items that I find interesting: The recent downturn in real estate: Just about all Americans came to believe that house prices would forever rise. That conviction made a borrower’s income and cash equity seem unimportant to lenders, who shoveled out money, confident that house price appreciation (HPA) would cure all problems. Today, our country is experiencing widespread pain because of that erroneous belief. As house prices fall, a huge amount of financial folly is being exposed. You only learn who has been swimming naked when the tide goes out – and what we are witnessing at some of our largest financial institutions is an ugly sight. On page 4 Warren says something that many shareholders will probably find troubling. Berkshire’s past record can’t be duplicated or even approached. Our base of assets and earning is now far too large for us to make outsized gains in the future. Either Warren really believes this or he is just being a good investment manager and keeping shareholder expectations in check as we approach a period of financial uncertainty. Either way it is a bold statement. Businesses Warren likes: Every year in the letter Warren posts an open invitation for business owners to approach him for acquisition if they meet his business requirements. This year’s requirements are not much different from past letters, but he does expand more on what makes a business Great, Good, or Gruesome. First the basics… Warren and Charlie (Warren’s business partner) look for the following: a business they understand favorable long-term economics able and trustworthy management sensible price tag Good and great industries A great business requires an enduring moat that protects excellent returns on invested capital. The dynamics of capitalism guarantee that competitors will repeatedly assault any business castle that is earning high returns. Warren also looks for businesses whose success does not depend on having a great manager. If a business requires a superstar to produce great results, the business itself cannot be deemed great. “Gruesome” industries The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Warren provides an example of a gruesome Industry… the U.S. airline industry. Warren Buffett came and spoke at the University of Georgia a number of years ago and someone asked him to recall his worst investment. He quickly replied US Air. At that speech he went on to explain why… too much volatility in earnings because of fuel prices and competition. You also can not take for granted the damage that can occur to [...] Podcasts Brian Preston, CPA, CFP®, PFS no no $200 a Month with a Few Phone Calls http://www.money-guy.com/2008/03/200-a-month-with-a-few-phone-calls/ http://www.money-guy.com/2008/03/200-a-month-with-a-few-phone-calls/#comments Mon, 03 Mar 2008 20:04:34 +0000 http://www.money-guy.com/200-a-month-with-a-few-phone-calls http://www.money-guy.com/2008/03/200-a-month-with-a-few-phone-calls/feed/ 1 93 0:00:01 Money-Guy 03-03-2008 In this week’s show, I help you find $200 a month by just calling your "Ungrateful Providers". Now this does not mean that your auto or homeowner’s insurance agent is not appreciative of your relationship. I[...] Money-Guy 03-03-2008 In this week’s show, I help you find $200 a month by just calling your "Ungrateful Providers". Now this does not mean that your auto or homeowner’s insurance agent is not appreciative of your relationship. It means that the insurance and utility industry are set up to take advantage of laziness. I am going to provide you with the tools to protect yourself If you click on the following link… connectutilities.com, you can type in your address and the site will provide you with the contact information for all of your local utility providers and what their current rates are for new customers. This will allow you to see if your current provider is offering better deals to new customers and not showing the love they should to a loyal customer. It also allows you to see if you need to consider switching service providers. The site should help you with: Natural gas providers Power providers Phone service providers Cable or satellite providers In today’s show, I also discuss how your utility providers are not the only providers that may be taking you for granted. Your property and casualty insurance provider needs to reshop your auto, renters, and homeowners insurance every 3-4 years. This is one of those industries that has a premium creeping problem — meaning that every year you will notice a slight price increase. Keep them honest by reshopping the rates every few years. I mention in today’s show that you can shop rates at insure.com, but I always tell everyone to only use the Internet as a tool to shop rates — not to buy your actual policy. You will always want to deal with an actual agent so that you have someone to call if you ever have an issue or claim. State insurance regulation usually ensure that Internet rates are the same as what local insurance agents can provide. Listen to the show to also here my discussion on increasing your insurance deductibles to save even more money. I also briefly touch on a recent dip in mortgage rates, and how everyone that missed the great rates a few months ago may need to perk up and pay attention. Thanks for your support and as always feel free to contact me with show input at Brian@MoneyGuy.net Podcasts Brian Preston, CPA, CFP®, PFS no no Creating a Retirement Withdrawal Plan http://www.money-guy.com/2008/02/creating-a-retirement-withdrawal-plan/ http://www.money-guy.com/2008/02/creating-a-retirement-withdrawal-plan/#comments Mon, 25 Feb 2008 18:52:28 +0000 http://www.money-guy.com/creating-a-retirement-withdrawal-plan http://www.money-guy.com/2008/02/creating-a-retirement-withdrawal-plan/feed/ 2 91 0:00:01 I talk about the need to save for retirement all the time on the Money Guy Show. However, I have not done a show discussing what you can expect from these savings once you hit the retirement phase of your life. Before all of my young readers and li[...] I talk about the need to save for retirement all the time on the Money Guy Show. However, I have not done a show discussing what you can expect from these savings once you hit the retirement phase of your life. Before all of my young readers and listeners tune out or click to close this post let me remind you that retirement hits us all. If you are not personally approaching retirement age then you probably have friends and family that will be there shortly. I also have to believe that if you are listening to a financial podcast you are probably the person that your friends and family count on to know the answers to all of their financial questions. In other words hang in there with me and you just may learn something that could help you build your financial knowledge as well as understand what it takes to have a healthy retirement plan. The Quick and Dirty Method: The 5 percent rule…. I am asked frequently how do you know if you have saved enough money for retirement. This is a very difficult question because there are so many variables that go into the answer, but there is a quick and dirty calculation that can let you know if you are even in the ball park of retirement. In order to ball park the answer you need to know how much money will be required annually to pay your bills as well as allow you to enjoy life. Is $50k a year enough or do you need between $100k to $200k? Based upon the answer you can then quickly determine how big your investment portfolio needs to be. I provide details below: $50k = $50,000 divided by .05 = $1 million dollar portfolio $100k = $100,000 divided by .05 = $2 million dollar portfolio $200k = $200,000 divided by .05 = $4 million dollar portfolio Many of you are probably upset by these numbers because so much money has to be saved to generate resonable living expenses. Remember this is a very simple calculation and it is also designed to be conservative. Now if we ever entered into a prolonged bear market this calculation would not work but based upon historical market performance and a diversified portfolio with a moderate risk level there is a great chance the portfolio will generate enough growth and income to cover your retirement needs. Now that I have provided you with the quick and dirty method there is a great article that gets much deeper into the discussion that help you pinpoint what your actual retirement picture will look like. Once you determine that you probably have enough money saved based upon the 5 percent method you may want to research and read the work of William P. Bengen, CFP®. William has written a book titled Conserving Client Portfolios in Retirement, as implied from the title this is a book that was written for advisors to use as a tool when evaluating their clients’ retirement savings. You can read the following articles and get a pretty good understanding of Mr. Bengen’s research and how you can use it to determine if you should expand your withdrawal rate percentage from 5 percent to 7 percent or maybe you even need to be more conservative and lower your withdrawal rate to 4 percent. For my number lovers you are going to enjoy these articles: FPA Journal, "Baking a Withdrawal Plan ‘Layer Cake’ for Your Retirement Clients" Financial Planning Perspectives, "Conserving Your Portfolio in Retirement" A few good findings from the reports: 4.15 percent assuming a 30 year time horizon is perhaps the ideal withdrawal rate when using a portfolio made up of two asset classes with 64 percent investing in large company stocks and 37 percent invested in intermediate-term Government bonds, and which is rebalanced at the end of each calendar year. Adding a third asset class with 17.5 percent in small comany stocks, 42.5 percent invested in large-company stocks and 40 percent in intermediate term Government bonds will increase the withdrawal rate to 4.4 percent If you have a shorter time horizon you can increase you[...] Podcasts Brian Preston, CPA, CFP®, PFS no no Time and Money – it can be your best friend http://www.money-guy.com/2008/02/time-and-money-it-can-be-your-best-friend/ http://www.money-guy.com/2008/02/time-and-money-it-can-be-your-best-friend/#comments Mon, 18 Feb 2008 22:35:22 +0000 http://www.money-guy.com/time-and-money-it-can-be-your-best-friend http://www.money-guy.com/2008/02/time-and-money-it-can-be-your-best-friend/feed/ 1 89 Should You Prepay Your Mortgage and Mutual Fund Opportunities http://www.money-guy.com/2008/02/should-you-prepay-your-mortgage-and-mutual-fund-opportunities/ http://www.money-guy.com/2008/02/should-you-prepay-your-mortgage-and-mutual-fund-opportunities/#comments Mon, 11 Feb 2008 21:11:47 +0000 http://858588870 http://www.money-guy.com/2008/02/should-you-prepay-your-mortgage-and-mutual-fund-opportunities/feed/ 4 84 Nuts and Bolts of Obtaining a Mortgage and How to Cut Closing Costs http://www.money-guy.com/2008/02/nuts-and-bolts-of-obtaining-a-mortgage-and-how-to-cut-closing-costs/ http://www.money-guy.com/2008/02/nuts-and-bolts-of-obtaining-a-mortgage-and-how-to-cut-closing-costs/#comments Mon, 04 Feb 2008 15:26:03 +0000 http://www.Money-Guy.com/nuts-and-bolts-of-obtaining-a-mortgage-and-how-to-cut-closing-costs http://www.money-guy.com/2008/02/nuts-and-bolts-of-obtaining-a-mortgage-and-how-to-cut-closing-costs/feed/ 2 82 0:00:01 Money-Guy 02-04-2008 January is officially history and there was a tremendous amount of volatility. On today’s show I share how you can turn the lemons of January into sweet lemonade that can provide complete peace of mind on one of your large[...] Money-Guy 02-04-2008 January is officially history and there was a tremendous amount of volatility. On today’s show I share how you can turn the lemons of January into sweet lemonade that can provide complete peace of mind on one of your largest assets (your home). Specifically we cover: Why have fixed mortgage rates dropped? (hint Econ. 101) 15 year or 30 year fixed rate mortgage? Hopefully my insight can help you decide. How is your mortgage interest rate impacted by discount points and loan origination fees. I also provide you with an example of break even analysis that will determine if you should buy down your rate. I am sure many of you have heard the ads for no-cost mortgage refinances. I provide you with the information to understand what a true “No Cost” refinance is and how to determine if it is right for you. Understanding what Escrow is and how it impacts your mortgage I also discuss the importance of understanding the “Good Faith Estimate of Closing Costs” as well as the “HUD-1 Settlement Statement”. I have also provided an article that should provide you with insight into what closing costs that you can negotiate on as well as what you should expect to pay. Check out the SmartMoney.com article titled “Cut Those Closing Costs!” Thanks for the great emails over the last week. I have heard you guys loud and clear. The Money Guy Show format will retain its focus of educating you on important financial planning issues and topics primarily through my insight and experience (listener questions will be addressed through show topics, but actual phone calls from listeners will not be the primary focus of the Money Guy Show). In the future when opportunities come to interview individuals that are interesting or experts in areas that I believe we can learn from I will add those interviews to the Money Guy Show. Thanks again for your feedback. If you would like to contact me please feel free to email me at Brian@MoneyGuy.net Podcasts Brian Preston, CPA, CFP®, PFS no no Stimulus Package, Tax Preparation Discussion, and IRA Rollovers http://www.money-guy.com/2008/01/stimulus-package-tax-preparation-discussion-and-ira-rollovers/ http://www.money-guy.com/2008/01/stimulus-package-tax-preparation-discussion-and-ira-rollovers/#comments Mon, 28 Jan 2008 19:53:09 +0000 http://www.Money-Guy.com/stimulus-package-tax-preparation-discussion-and-ira-rollovers http://www.money-guy.com/2008/01/stimulus-package-tax-preparation-discussion-and-ira-rollovers/feed/ 1 81 Dealing with an Uncertain Market, US Credit under Fire, and What does $900 Gold Mean? http://www.money-guy.com/2008/01/coping-with-an-uncertain-market-us-credit-under-fire-and-what-does-900-gold-mean/ Mon, 21 Jan 2008 19:36:46 +0000 http://www.Money-Guy.com/coping-with-an-uncertain-market-us-credit-under-fire-and-what-does-900-gold-mean 80 2008 Financial Resolutions and How Not to Have a 1987 Portfolio http://www.money-guy.com/2008/01/2008-financial-resolutions-and-how-not-to-have-a-1987-portfolio/ Mon, 07 Jan 2008 16:41:33 +0000 http://www.Money-Guy.com/2008-financial-resolutions-and-how-not-to-have-a-1987-portfolio 78 0:00:01 I can not believe that it is already 2008. A new year can represent a fresh start for many. I know that many out there have made financial resolutions and I want to be a resource to help you reach that goal of financial independence. Let’s t[...] I can not believe that it is already 2008. A new year can represent a fresh start for many. I know that many out there have made financial resolutions and I want to be a resource to help you reach that goal of financial independence. Let’s talk about some of the big areas that may need attention and I will also add in links and articles that support my thoughts. 1) Wills – I know that I sound like a broken record, but make sure you have a Will. Especially if you have children. Otherwise, your state court system will determine who should raise the kids. 2) Life Insurance – As many of you know, I do not sell insurance, so you can relax: I am not here to push products on the Money Guy show. With that said life insurance can be a tremendous asset to your family (specifically term life insurance). Life insurance should be used as a tool to replace income as well as pay down debt. If you left this planet tomorrow how would your family pay off the mortgage, send the kids to college, or pay for utilities and groceries? If you are not already independently wealthy you probably need term life insurance coverage. The good news is that it is dirt cheap. I just purchased a $250,000 20 year level term policy on my wife and it only cost $140/year (that is only $12/ a month…). I personally have close to $2 million dollars worth of coverage on my life and it is all in term insurance and I pay just a little over $1,000/year. A good reference as to how much insurance you need is typically 10 times your annual salary. So if you make $50,000/year you should purchase a $500,000 policy. The term that the rates should remain level depends upon your current financial situation and how long you will need the coverage. If you have young children then 20 year term will provide enough time for them to become adults and hopefully move out of the house before the level premiums increase. If you want to see how cheap term insurance is then consider checking out the Michael Gasses agency’s website. Michael has a “GET A QUOTE” link on the right side of his home page that does not ask any personal information, but let’s you run term insurance quotes. Now who the heck is Michael Gasses and have I sold out? No, Michael has been a friend of my family since I was about 6 years old (I went to school with his daughter Angela and he has always been one of the few insurance agents that I truly trusted. He is also the agent that helped me with my wife’s policy). 3) Beneficiary Designations on Life Insurance and Retirement Plans – this is tremendously important. If your life has changed (children, divorce, new marriage) you need to update your beneficiary designations. It does not matter what your Will says for assets that pass via beneficiary designations (retirement plans, trusts, and life insurance). Also if you have young children you need to make sure that your will and beneficiary designations are working together because in many states a minor child is not allowed to inherit assets directly without a trust. The solution is to have your will create a trust that will handle the assets that your minor children will inherit. 4) Asset Allocation – There is a ton of bad news out there right now, and it is still not too late to evaluate the asset allocation of your investment capital. By the way, this does not mean just because times are getting tough that you should jump into cash investments (there is this cruddy thing called inflation that will make that a bad decision in the long-term). All investors should make sure that they do not have any money that they will require for the next 3-5 years invested in volatile investments (stock, bonds, real estate, and commodities). If you are approaching the end of your working years you need to make sure that your portfolio is positioned to weather the upcoming market volatility. Young investors should make sure that they do not outsmart themselve[...] Podcasts Brian Preston, CPA, CFP®, PFS no no Money and Your Brain, AMT Update http://www.money-guy.com/2007/12/money-and-your-brain-amt-update/ Sat, 22 Dec 2007 18:37:43 +0000 http://www.Money-Guy.com/money-and-your-brain-amt-update 77 GA Education Update, Financial Leftovers, and Sex, Drugs & Hedge Funds?! http://www.money-guy.com/2007/12/ga-education-update-financial-leftovers-and-sex-drugs-hedge-funds/ Mon, 17 Dec 2007 19:00:50 +0000 http://www.Money-Guy.com/ga-education-update-financial-leftovers-and-sex-drugs-hedge-funds 76 Mortgage Plan Review, E-Commerce Booming, and Candidates Take on Social Security http://www.money-guy.com/2007/12/mortgage-plan-review-e-commerce-booming-and-candidates-take-on-social-security/ Mon, 10 Dec 2007 02:48:33 +0000 http://www.Money-Guy.com/mortgage-plan-review-e-commerce-booming-and-candidates-take-on-social-security 75 The Economy, “Free” credit reports, and Improving Your 401k http://www.money-guy.com/2007/12/the-economy-free-credit-reports-and-improving-your-401k/ Mon, 03 Dec 2007 17:24:47 +0000 http://www.Money-Guy.com/the-economy-free-credit-reports-and-improving-your-401k 74 Capital Gains, Mortgages, and Retire Early but Beware http://www.money-guy.com/2007/11/capital-gains-mortgages-and-retire-early-but-beware/ Mon, 19 Nov 2007 17:38:54 +0000 http://www.Money-Guy.com/capital-gains-mortgages-and-retire-early-but-beware 73 Year End Taxes & Investments, Auto Insurance Savings, & Variable Annuities http://www.money-guy.com/2007/11/year-taxes-investments-auto-insurance-savings-variable-annuities/ Mon, 12 Nov 2007 14:09:55 +0000 http://www.Money-Guy.com/year-taxes-investments-auto-insurance-savings-variable-annuities 72 Great Personal Finance Advice, Are Credit Cards Evil, and the Wealth Spectrum http://www.money-guy.com/2007/11/great-personal-finance-advice-are-credit-cards-evil-and-the-wealth-spectrum/ Mon, 05 Nov 2007 16:05:37 +0000 http://www.Money-Guy.com/great-personal-finance-advice-are-credit-cards-evil-and-the-wealth-spectrum 71 Roth 401k, Financial Records to Keep, and Social Security http://www.money-guy.com/2007/10/roth-401k-financial-records-to-keep-and-social-security/ Mon, 29 Oct 2007 15:31:21 +0000 http://www.Money-Guy.com/roth-401k-financial-records-to-keep-and-social-security 70 Pizza and Other Financial Leftovers http://www.money-guy.com/2007/10/financial-leftovers/ Mon, 22 Oct 2007 17:14:54 +0000 http://www.Money-Guy.com/financial-leftovers 69 College Planning & Savings http://www.money-guy.com/2007/10/college-planning-savings/ http://www.money-guy.com/2007/10/college-planning-savings/#comments Mon, 08 Oct 2007 21:54:45 +0000 http://www.Money-Guy.com/college-planning-savings http://www.money-guy.com/2007/10/college-planning-savings/feed/ 1 68 0:00:01 Money-Guy October-08-2007 Points of Consideration for Education Planning Many of you have written to ask that I provide some guidance on education planning and I have stayed away from the subject because education planning is one of those subjects t[...] Money-Guy October-08-2007 Points of Consideration for Education Planning Many of you have written to ask that I provide some guidance on education planning and I have stayed away from the subject because education planning is one of those subjects that has a limited audience. I always try to do the Money Guy show with the understanding that we have listeners that are new to investing and personal financial planning as well as tried and true weathered investors that I can still enlighten from time to time with my insight. I have also stayed away from the subject because I worry that some may be putting their children first when it comes to their future financial independence. As a parent I know that statement sounds harsh, but what I mean is that there are many individuals that are not saving what they need to for retirement, but they are still contributing to Junior’s college account. For clarity on this issue consider this… Your child can go get a student loan that has a moderate interest rate meanwhile once you hit retirement there is no such product on the market that will allow you to borrow for retirement. Keep that point in mind when determining how much to allocate to education savings. I think that a completely financially independent parent is just as important to your child’s future as college savings because if you doing everything you are suppose to in order to create financial independence you will not be a financial burden on your children in the future. Now with all of that said I will tell you that I was fortunate enough to graduate from college (University of Georgia – Go Dawgs!) without any education debt because I was able to pay for my education expenses with scholarships and I had loving parents that were able to help me out with living expenses while I was in college. By graduating without student loans to pay back I had a huge advantage financially. I was able to immediately start saving for my own retirement and financial independence and that discipline and appreciation for good money management led me to where I am today, on the radio spreading the good word of hard work and good personal financial management. Education Funding Vehicles Coverdell Accounts: Contribution Levels = $2,000 subject to earnings limits of $110k for single filers and $220k MFJ Income Tax Breaks = Earning not taxed federally if used for education expenses Use of Money = Books, supplies, equipment, tuition, room and board (if at least half-time student; Elementary, secondary, and/or college costs Who has Control = Any balance left when child turns age 30 will be distributed Negatives: Low Contribution limit, income limit, adverse effect on financial aid, and could reduce ability to claim certain education tax credits UTMA/UGMA (custodial Account) Contribution Levels = $12k per persona annual gift tax limit Income Tax Breaks = Be careful of kiddie tax changes (in other words not as tax advantaged as in the past) Use of Money = Any purpose, except parental obligations Who has Control = Child controls at age of majority Negatives: Probably least tax advantaged savings option and loss of control once the child reaches adulthood. Detrimental to financial aid eligibility. If account balance is small your investment options can be limited and expensive. IRAs (including ROTH accounts) Contribution Levels = $4k, but must have earned income to contribute Income Tax Breaks = No 10% penalty if withdrawal for qualified expenses; Roth contributions (not earnings) can be withdrawn without penalty anytime Use of Money = Tuition, fees, books, supplies Who has Control = Account owner Negative = Very few children have enough earned income to be effective Savings Bonds (I Bonds & EE Bonds) Contribution Levels = $30,000/ year for I-Bonds; $15,000/ year for EE-Bonds Income Tax Breaks = Tax-exempt income if used for tuition and fees (be careful there are income/earnings limits) Use of Money = Tuition and fees Wh[...] Podcasts Brian Preston, CPA, CFP®, PFS no no Asset Allocation Basics http://www.money-guy.com/2007/10/asset-allocation-basics/ http://www.money-guy.com/2007/10/asset-allocation-basics/#comments Mon, 01 Oct 2007 16:18:01 +0000 http://www.Money-Guy.com/asset-allocation-basics http://www.money-guy.com/2007/10/asset-allocation-basics/feed/ 1 67 Mastering the World of Investing http://www.money-guy.com/2007/09/mastering-the-world-of-investing/ Mon, 24 Sep 2007 14:25:44 +0000 http://www.Money-Guy.com/mastering-the-world-of-investing 65 Retirement In Crisis – Update http://www.money-guy.com/2007/09/retirement-in-crisis-update/ Mon, 17 Sep 2007 17:19:14 +0000 http://www.Money-Guy.com/retirement-in-crisis-update 64 Simple Advice for Your Finances http://www.money-guy.com/2007/09/simple-advice-for-your-finances/ Mon, 10 Sep 2007 16:19:42 +0000 http://www.Money-Guy.com/simple-advice-for-your-finances 60 Financial Devastation Through Debt http://www.money-guy.com/2007/08/financial-devastation-through-debt/ Mon, 27 Aug 2007 17:38:50 +0000 http://www.Money-Guy.com/financial-devastation-through-debt 58 0:00:01 Money-Guy.com 08-27-2007 As many of you are aware¦ I am not the typical financial talk radio host that tells you that if you make use of credit cards or a home equity loan your wallet will catch on fire and your first born will be promised to the is[...] Money-Guy.com 08-27-2007 As many of you are aware¦ I am not the typical financial talk radio host that tells you that if you make use of credit cards or a home equity loan your wallet will catch on fire and your first born will be promised to the issuing bank or credit union. No I personally make use of both credit cards and the large sum of equity that I have in my personal residence.  I responsibly pay my credit cards off each month, but thoroughly enjoy the $1,200 to $1,500 of annual rewards and cash back that I receive.  I also use my home equity as a tool that allows me not to keep huge sums of cash sitting on the sidelines just in case I need money for an emergency. I want as much of my money working for me at all times, so that eventually my army of working dollars earns more than I can make with my back, hands, and brain. Let’s face it: Investment income that is automatic and pays your monthly bills can open your life to many more opportunities as well as complete financial independence. However, I am quickly realizing that many have gone too far in the use of debt. Just as Alan Greenspan spoke of the late 90s equity markets with the words, irrational exuberance, I think that we can use the exact the same logic and apply it to the average person’s use of debt.  Many have taken the tool of debt to levels that are now causing them to sink into financial ruin. This is unfortunate and we need to pay close attention to this trend because it will directly impact the performance of your investments and the financial markets. The dirty little secret about our recent economic growth is that most of it has been provided on the back of consumer spending.  Americans have had a healthy appetite for new cars, homes, electronics, and eating out.  All of these activities and purchases have driven the engine of the economy, and as a result corporate earning have been good and even exceeded expectations. However, if all of a sudden the spenders wake up and realize that the party of easy money is over: watch out below.  The Government guys that are supposed to keep up with this type of change realize this too.  Listen to this Press Release issued by the Federal Reserves’ Federal Open Market Committee on August 17th: Financial market conditions have deteriorated, and tighter credit conditions and increased uncertainty have the potential to restrain economic growth going forward. In these circumstances, although recent data suggest that the economy has continued to expand at a moderate pace, the Federal Open Market Committee judges that the downside risks to growth have increased appreciably. The Committee is monitoring the situation and is prepared to act as needed to mitigate the adverse effects on the economy arising from the disruptions in financial markets. Voting in favor of the policy announcement were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Richard W. Fisher; Thomas M. Hoenig; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; Michael H. Moskow; Eric Rosengren; and Kevin M. Warsh. In other words, I think they meant the following….Oh we might have misjudged how drunk on debt the banks and consumers of America have become. The thing about this statement that bothers me is that I do not want the Federal Reserve to jump to action too soon.  There are a lot of bank and individuals that knew what they were doing when they hung it all out there and essentially gambled with credit.  These people need to feel some pain, so that the market can adjust and become healthier and grow to new highs.  If the government jumps in too quickly to save these individuals, the activity that has led us to this period of huge market swings and volatility will not have been corrected.  It is essentially a slap on the wrist or like a doctor giving a patient a steroid instead of treating the actual cause of the sickness.  Sure the patient feels good in the short-term, but ultimately the sickness has n[...] Podcasts Brian Preston, CPA, CFP®, PFS no no Act Rich and Protect Yourself from a Down Market http://www.money-guy.com/2007/08/act-rich-and-protect-yourself-from-a-down-market/ Fri, 10 Aug 2007 12:24:38 +0000 http://www.Money-Guy.com/act-rich-and-protect-yourself-from-a-down-market 57 0:00:01 Money-Guy.com 08-10-2007 Important Money-Guy.com news!!! Due to the success of our podcast I have been offered a radio show on Atlanta’s Business Radio station AM 1160 (Follow the attached link to check out the station) I will be on air Mond[...] Money-Guy.com 08-10-2007 Important Money-Guy.com news!!! Due to the success of our podcast I have been offered a radio show on Atlanta’s Business Radio station AM 1160 (Follow the attached link to check out the station) I will be on air Monday’s 11AM to Noon starting in September.  Since so many of you are math minded you have probably already figured out that this also means that you will get twice as much of me since I currently only do shows every other week. The Money-Guy.com podcast format will change slightly since my shows will now be broadcast on both iTunes as well as AM 1160, but I think that this is a tremendous opportunity and I owe you the listeners and subscribers a big thank you!  On another matter I am also in discussion with the Fox Business Network to be a contributor.  I am not sure if anything will come of it, but it is pretty cool that this hobby that I started because I love technology and feel that most Americans are not getting good advice has led me to a radio show and potentially exposure through a television network. THANKS AGAIN FOR YOUR SUPPORT!!! The financial markets have a been a roller coaster for the last few weeks, and by all indications this could continue for quite sometime. It is times like this you need to make sure that you have not been too ambitious with your level of risk, and also an opportunity to make sure that your idea of diversification extends beyond traditional stocks, bonds, and cash holdings. Diversification is the element of your portfolio that is going to let you consistently take 2/3 to 3/4 of the upside profits of a rising market, but limit your loses to less than 50% of the overall market. On today’s show I am going to be discussing the benefits of using Long/Short Funds.  As many of you are aware I am a partner at a Wealth Management Firm on the southside of Atlanta.  We also have an office in Augusta, Georgia and it is run by my partner Bill Cleveland.  I have always said that Bill is the smart partner and I am the loud partner.  Bill has an article in the July 20, 2007 issue of Medical Economics titled, “Make Money with Long/Short funds” and the timing of this article could not be any better (Follow the attached link to see the full article). After listening to our show and then reading Bill’s article you are going to see that this asset class could be just what your portfolio needs to weather this type of uncertain market. So what is a “Long/Short” Mutual Fund – A long/short fund takes advantage of a technique that many hedge funds use that allows them to make money in both a rising and falling market. Long/short fund managers divide their funds’ assets into two types of positions (long and short holdings). Long positions – meaning they buy stocks expecting that they will rise in value and can be sold at some point in the future at a gain (this is the traditional form of investing that most investors are use to… buy value priced stocks with the anticipation of selling for a gain).   Short positions.  This technique allows managers to make a profit by anticipating a stock price decline, and then “selling short.” (The short seller borrows shares of a stock whose price may drop and immediately sells them, betting that they will be able to replace the borrowed shares with new ones bought at a lower price and pocket the gain from the decline). This type of money management is complex, but it can provide downside protection if the market hits a down period.  Consider the following examples: Hussman Strategic Growth Fund made 14% in 2002 when the S&P 500 dropped 22% Merger Fund returned 18% in 2000, a year the S&P 500 dropped over 9% Using these funds provides you with a similiar type of diversification that the wealthiest families are using in their private hedge funds without having to meet accredited investor status (fancy way of saying that you have[...] Podcasts Brian Preston, CPA, CFP®, PFS no no Attn. Small Business Owners… A Legal Way to hide money from the Tax Man http://www.money-guy.com/2007/07/attn-small-business-owners-a-legal-way-to-hide-money-from-the-tax-man/ Fri, 27 Jul 2007 16:53:36 +0000 http://www.Money-Guy.com/attn-small-business-owners-a-legal-way-to-hide-money-from-the-tax-man 56 Are You On the Road to Wealth and Independence? http://www.money-guy.com/2007/07/are-you-on-the-road-to-wealth-and-independence/ Fri, 13 Jul 2007 16:43:43 +0000 http://www.Money-Guy.com/are-you-on-the-road-to-wealth-and-independence 55 The 30 Minute Financial Plan http://www.money-guy.com/2007/06/the-30-minute-financial-plan/ Fri, 29 Jun 2007 13:51:14 +0000 http://www.Money-Guy.com/the-30-minute-financial-plan 54 How to Choose Mutual Funds http://www.money-guy.com/2007/06/how-to-choose-mutual-funds/ http://www.money-guy.com/2007/06/how-to-choose-mutual-funds/#comments Fri, 15 Jun 2007 18:14:19 +0000 http://www.Money-Guy.com/how-to-choose-mutual-funds http://www.money-guy.com/2007/06/how-to-choose-mutual-funds/feed/ 1 53 Take 2 = When, Where, and How to Invest (Investing 101) http://www.money-guy.com/2007/05/when-where-and-how-to-invest-investing-101/ Thu, 17 May 2007 10:58:34 +0000 http://www.Money-Guy.com/when-where-and-how-to-invest-investing-101 52 Money-Guy Update, 05-11-2007 http://www.money-guy.com/2007/05/money-guy-update-05-11-2007/ Fri, 11 May 2007 15:32:59 +0000 http://www.Money-Guy.com/money-guy-update-05-11-2007 51 0:00:01 Money-Guy 05-11-2007 Money-Guy 05-11-2007 Podcasts Brian Preston, CPA, CFP®, PFS no no Lazy Investing Can Be Good Investing http://www.money-guy.com/2007/04/lazy-investing-can-be-good-investing/ Wed, 18 Apr 2007 14:08:13 +0000 http://www.Money-Guy.com/lazy-investing-can-be-good-investing 50 0:00:01 Money-Guy 04-18-2007 Tax Refund Challenge: Now that you have filed your taxes it is time to evaluate where you are financially. Say what you will about filing tax returns they at least allow you to take inventory on how much you earned in 2006. I [...] Money-Guy 04-18-2007 Tax Refund Challenge: Now that you have filed your taxes it is time to evaluate where you are financially. Say what you will about filing tax returns they at least allow you to take inventory on how much you earned in 2006. I am always talking about saving for the future and making sure that you are locking away 15%-20% of your gross wages for the future. That is easy to say when you earn a good living, but I know from emails that I receive that many out there are struggling financially. The average refund was estimated to total $2,480 for 2006 up from $2,371 for 2005. I would challenge you to look at your return and if you are not happy with your income level do something about it. Success is easier than you think… You just have to believe and figure out where your passion is. Use the refund money as your initial savings for starting a business, or for going back to school. It is very fulfilling and can be financially rewarding to make a big change and have success that leads you to a better life. Understanding the Limitations of Human Behavior: In the last show I opened up and shared free websites to go and get information about the financial markets. The reason I did this is because the stock markets have been choppy recently, and volatility causes many of you to become fearful that you will lose your money and make bad decisions. I thought if I shared with you where to get good information it might help a number of you to make better decisions. Just providing resources is not enough. I also need to let you know the facts behind human behavior and your investment returns. There is a great resource that provides an analytical way to review the way many of us act in good and bad times. That resource is DALBAR and their “Quantitative Analysis of Investor Behavior” (click to check out the site yourself) Scary Stats and Figures: Annual Return From 1986-2005 (20 Years): Inflation = 3.0% Bond Investor Return = 1.8% Equity Investor Return = 3.9% Long-Term Gov’t Bd Index = 9.7% S&P 500 Return = 11.9% Average Retention Over 20 Years: Equity 2.9 Years Fixed Income 3.2 Years Asset Allocation Funds 4.1% Up vs Down Markets: Reviewing each month for the last 20 years the market moves up 60% of the time and down 40%. If you do not know what to do, then consider doing nothing. One of the first things that I let people know about investing is that anyone can make money when the market is up. There have been enough studies that support this by using Darts and Monkeys, but your real test as an investor comes when the market is down. I know that most of my listeners are overachievers that own or run successful companies, but even smart individuals can make bad decisions when fear overcomes them. Use this data to keep your thoughts rational if the market continues to be choppy or goes through a correction. If you buy and hold you are much more likely to be successful then trying to time the best time to come in and out of your financial investments. Now that you have an understanding of the numbers and the value to be a consistent and patient investor consider checking out the example that is provided on the site titled, “The Story of Quincy & Caroline” (click here). Good Luck! SIGN UP NOW FOR THE MONEY-GUY.COM “WEALTH REPORT” NEWSLETTER Subscribe Now to the Money-Guy.com “Wealth Report” print Newsletter. Only $29/year for quarterly issues that will help you make the best financial decisions and keep you up to date with the changing investment world. All proceeds directly help offset the cost of the podcast. You can subscribe by either: * Paypal email account: Brian@money-guy.com * Donate at the site (indicate on the donation form that the payment is for the “Wealth Report” Newsletter www.Money-Guy.com *Mail a check made payable to “Preston Financial, Inc.” to: Brian Preston Money-Guy.com Podcast 1611 S Zack Hin[...] Podcasts Brian Preston, CPA, CFP®, PFS no no Free Professional Advice and Research (My Little Blackbook) http://www.money-guy.com/2007/03/free-professional-advice-and-research-my-little-blackbook/ Fri, 23 Mar 2007 15:35:11 +0000 http://www.Money-Guy.com/free-professional-advice-and-research-my-little-blackbook 49 0:00:01 Money-Guy 03-23-2007 The financial markets have been very choppy this quarter. We started off 2007 with day after day of the stock markets hitting new highs. Then one crazy Tuesday in February (27th to be exact) the bottom fell out of the market ([...] Money-Guy 03-23-2007 The financial markets have been very choppy this quarter. We started off 2007 with day after day of the stock markets hitting new highs. Then one crazy Tuesday in February (27th to be exact) the bottom fell out of the market (I blame it on my producer Heidi; she was off that day spending time with her dentist and a root canal). Ever since it has been up and down to the point that many of you are wondering what in the world is going on. On today’s show I am going to share with you the resources that help me determine what is going on in the financial world. Before I let you into my Blackbook of economic research I feel that I need to offer some common sense to this discussion and the mind set you need to have to be a successful investor. Understand the weakness of your of gut. The short-term financial markets are driven by the fear and greed of investors. Most investors are their own worse enemies and because of it do everything backwards. According to the 2003 Dalbar Study “Market Chasing Mutual Fund Investors Earn Less than Inflation:” * The average equity investor earned a paltry 2.57% annually; compared to inflation of 3.14% and the 12.22% the S&P 500 index earned annually for the last 19 years. * The average fixed income investor earned 4.24% annually; compared to the long-term government bond index of 11.7% This shows me that most investors are “Buying High and Selling Low”. There is also this mentality that you should buy the best performing fund or sector from the previous year. This is demonstrated by the fact that the average investor held equity funds a little over 2 years. 2 years is not a realistic holding period. The secret to investing is to be focused on the long-term. Most of your investment assets are probably in retirement accounts that you will not have access to until your are 59.5 years old. With that being the case do not worry about what happens in the day to day market. You need to focus on your long-term plan with your ultimate planning goal, your risk profile, and coordinating these items into an effective asset allocation (check out my previous show on asset allocation if you need help). Ok now that I have climbed down from my soap box I will share with you where I go to research the health and future of the financial markets. General Financial Analysis and Entertainment: The Top Dog on what is going on with the finacial world is of course the Oracle from Omaha, Warren Buffett. On March 1st the Oracle released his review of 2006 through “Warren Buffett’s Letter to Bershire Shareholders”. Warren’s insight is very interesting and outright entertaining including his realization that Berkshire paid enough taxes in 2006 to run the government for more than half of one day. The Fixed Income Market Place (Bonds): The Warren Buffett of the Fixed Income marketplace is Bill Gross. Bill is the founder of Pimco and also runs the Pimco Total Return bond fund. Bill provides market commentary on his website and also has a Podcast that you can find on iTunes. I will warn you that Bill is not scared to express his politics in his podcast show, but with a record like his he can say whatever he cares to. Contrarian View Points (Alternative Investments): Dr. John P. Hussman is the founder of Hussman Funds and manager of the Hussman Strategic Growth fund which is classified by Morningstar as a Long-Short Fund. This category of investments seek to make money whether the equity markets are up or down and you can see that this holds true for Dr. Hussman if you review his fund’s historical returns. Caldwell & Orkin has been beat up pretty good because of their lack luster performance 2003-2006, but these guys know what to do when things get ugly in the equity marketplace. I was fortunate enough to own this fund in 2000 when the market started its fall, so I have a soft place in my heart for this investment. If you cli[...] Podcasts Brian Preston, CPA, CFP®, PFS no no Are 401k Fees Robbing you of your Retirement? http://www.money-guy.com/2007/03/are-401k-fees-robbing-you-of-your-retirement/ Mon, 12 Mar 2007 19:03:44 +0000 http://www.Money-Guy.com/are-401k-fees-robbing-you-of-your-retirement 48 0:00:01 03-12-2007 Podcast There is a storm of concern that has been building for quite some time, and it is finally getting the attention that it deserves…. 401K FEES: CNNMoney.com “Lawmakers to take close look at hidden 401(k) fees” US D[...] 03-12-2007 Podcast There is a storm of concern that has been building for quite some time, and it is finally getting the attention that it deserves…. 401K FEES: CNNMoney.com “Lawmakers to take close look at hidden 401(k) fees” US Deprtment of Labor “A Look at 401(k) Plan Fees” MarketWatch “More fee disclosure could save 401(k) owners money, Congress told” As I have discussed in past Chaos Topics there are many 401ks that have outrageous fees and limited investment options. This is very troubling because pensions are all but extinct, and most of us are relying on 401ks and 403bs to fund our future retirement. To get an idea of how much 401ks have grown consider this figure. In 2005 there were roughly 47 million individuals participating in a 401k. Compare that to 1984 when there were only 7.5 million participants. According to the CNNMoney.com article over 80% of 401(k) investors are not aware of how much they pay in fees. In this same article they site that excessive fees have penalized account balances by an average of 15% over the past 20 years. The scary part about all of this is that most employers do not realize that their bad retirement investments could be a ticking time bomb. In the Department of Labor piece titled “A Look At 401(k) Plan fees” the following statement is made: “You should be aware that your employer also has a specific obligation to consider the fees and expenses by your plan. ERISA requires employers to follow certain rules in managing 401(k) plans. Employers are held to a high standard of care and diligence and must discharge their duties solely in the interest of the plan participants and their beneficiaries. Among other things, this means that employers must: * Establish a prudent process for selecting investment alternatives and service providers * Ensure that fees paid to service providers and other expenses of the plan are reasonable in light of the level and quality of services provided * Select investment alternatives that are prudent and adequately diversified * Monitor investment alternatives and service providers once selected to see that they continue to be appropriate choices NOW HOW MANY OF YOU THAT LISTEN TO MY SHOW WHO ARE DECISION MAKERS DO EVERYTHING LISTED ON THE DEPT. OF LABOR LIST? Consider this a warning to get your act together. The government knows that they have blown it with Social Security and they recognize that pensions are all but gone. Our government is scared about where we will be as a country in 10 to 20 years as individuals reach retirement age and they do not have adequate assets to cover retirement living expenses and healthcare. Listen to the Podcast for details on the following: *WHAT ARE 401K PLAN FEES AND WHO PAYS FOR THEM? *SOME COMMON INVESTMENTS AND RELATED FEES *WHERE CAN I GET INFORMATION ABOUT THE FEES AND EXPENSES CHARGED TO MY 401K PLAN ACCOUNT? As many of you are aware I do this podcast as a hobby with minimal income expectations, but sometimes the hobby provides an opportunity for my business and I would be a fool not to use my audience to grow the business. My firm (Preston & Cleveland Wealth Management, LLC) provides 401k consulting services for plans with at least $1 Million in Plan Assets. If you are a decision maker at your company and have questions about the fees that you are paying please feel free to contact me directly at JBP@Preston-Cleveland.com or call (770) 898-4235. It could be a call that could save you thousands of dollars in plan fees, help you meet the government’s new Fiduciary requirements, and allow you and your employees access to funds and diversification that can steady the future of your retirement options. For all those that subscribed to the “Wealth Report” Newsletter… We will be mailing them out in the next 3-4 days. Enjoy and let me know your thoughts. Podcasts Brian Preston, CPA, CFP®, PFS no no Objective Term Life Insurance Advice…No, really. http://www.money-guy.com/2007/02/objective-life-insurance-adviceno-really/ Fri, 23 Feb 2007 21:06:35 +0000 http://www.Money-Guy.com/objective-life-insurance-adviceno-really 47 0:00:01 Podcast 02-23-2007 Term Life Insurance is appropriate for people who want life insurance only for a limited term, such as until your children are grown or you reach retirement age. Term life insurance has become much more affordable in recent years[...] Podcast 02-23-2007 Term Life Insurance is appropriate for people who want life insurance only for a limited term, such as until your children are grown or you reach retirement age. Term life insurance has become much more affordable in recent years due in part to the fact that people are living longer. A $500,000 term-life policy can now cost as little as $350 a year for 20 years, which is considerably cheaper in comparison to the more than $1,000 a year that it would have cost you in the early 1990s. Shopping for Insurance Be sure to stick to companies that get high ratings for financial strength from firms such as A.M. Best Co. Don’t drop your existing policy before you get approval for the new one; the initial premium you are quoted isn’t necessarily the price you’ll be charged once your health is evaluated. Increase your odds of getting a realistic quote by giving the insurance company some of your recent health readings, i.e. blood-pressure, cholesterol, height and weight. If you bought level-premium term life insurance years ago, you may be able to switch to a new policy with a lower annual cost-and possibly also extend the time period for which the rate is guaranteed. If you want to extend your coverage and aren’t in good health, you might do better to convert your term policy to a cash-value policy at the same insurer. Some web-sites to help you price insurance policies: AccuQuote.com Insurance.com Insure.com QuickQuote.com Term4Sale.com How Much is Enough? If you have young children or own a business, you could need substantial protection. A family is likely to need to replace 10 to 15 years of income if the breadwinner dies. A good rule of thumb is eight to ten times your earnings. My Trip to LA If you are heading to LA sometime in the future, here are a few places and activities that I enjoyed: Star Line Tours (ask for Tour Guide Brian) Koi The Warner Bros. VIP Studio Tour Dolce Enoteca Polo Club If you were interested in the article that we discussed about American Idol, you can find it here: For Fox’s Rivals, ’American Idol’ Remains a ’Schoolyard Bully’ For Your Free Copy of ”The Wealth Report” Newsletter, Email Your Mailing Address to: heidi@preston-cleveland.com or brian@money-guy.com This Edition of The Wealth Report Contains: *Should You Be Investing in the New ROTH 401K? *An Explanation of Investing in Exotic Investments With Your IRA *Tips for Teaching Children about Money *Keeping Financial News in Perspective *Free 411 Service Podcasts Brian Preston, CPA, CFP®, PFS no no Too scared to ask – Economic Indicators explained http://www.money-guy.com/2007/02/too-scared-to-ask-economic-indicators-explained/ Fri, 09 Feb 2007 19:33:54 +0000 http://www.Money-Guy.com/too-scared-to-ask-economic-indicators-explained 46 0:00:01 02-09-2007 Podcast When I use others’ research I always try to give proper credit to the source. Much of the information and research for today’s podcast comes from Consumer Reports Money Adviser (January 2007 Issue). If you are inter[...] 02-09-2007 Podcast When I use others’ research I always try to give proper credit to the source. Much of the information and research for today’s podcast comes from Consumer Reports Money Adviser (January 2007 Issue). If you are interested in subscribing click here (Money-Guy.com store). If you listen to AM radio, watch any of the cable news networks and/or your evening news, or read a newspaper, you have probably heard the following terms: Federal Reserve, Federal Reserve Chairman Ben Bernanke, Inverted Yield Curve, GDP, and Inflation Rate. How many of us really know what these figures and terms truly represent? I did a seminar last night, “Tips, Tricks, and Secrets to Mastering Your Money” for Gwinnett Federal Credit Union and had a great time and met some really fun individuals. While I was there I had the opportunity before the presentation to ask individuals several pop culture questions and then a few questions on today’s topic, “Economic Indicators and terms”. Listen to the show and you will see that the answers provided were just as I anticipated; most of us know a lot about current events, but very little about what drives the economy and our money. Let’s clear that up today by providing you with the tools to know what these terms means as well as provide you the chance to educate your friends and family. The Federal Reserve: The Federal Reserve, the central bank of the United States, was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Well what does that mean? It means that the Federal Reserve tries to influence the economy, inflation, and substain a healthy marketplace by controling the supply of money. When interest rates are low the Federal Reserve is encouraging us to spend and borrow more money because the cost of money is low (low interest rates = easy access to additional money/funds). When the Federal Reserve feels that the economy is getting too hot and expanding too rapidily they will tighten the money supply by raising interest rates. If you think about this in common sense terms you are less likely to borrow money for a new car or an addition to your house if you feel that interest rates are high. This influence tries to control the natural greed and fear that drives our short-term marketplace. For those that listened to the “Man About Town” segment: FYI… Alan Greenspan has retired and the current Federal Reserve Chairman is Ben S. Bernanke FYI… When the Federal Reserve raises interest rates it causes the value of your existing bonds to go down. The opposite is true when the Federal Reserve lowers interest rates / the value of your existing bonds go up. Strength of the US Dollar : The value of the dollar fluctuates compared to other currencies based upon our economy and other factors including interest rates. Common countries that our dollar is compared to include: The United Kingdom Pound; $1US Dollar = 0.50867 British Pound The Euro; $1 US Dollar = 0.76851 Euro The Japanese Yen; $1 US Dollar = 121.004 Yen Countries that sell a lot of goods in the US, like China, Japan, and the OPEC nations, have tons of dollars. They benefit when our currency maintains its strength, which they help ensure by investing in US Treasuries instead of dumping dollars on the open market. Yield Curve: The yield curve compares short-term and long-term US Treasury interest rates. Normally, debt that matures more quickly should offer a lower yield because your money is tied up for only a limited period of time. In contrast, longer-term debt should earn a higher interest rate because it carries more risk and your money is locked up for the long-term. However, since about February of 2006, the curve has been inverted (meaning that short-term bonds are yielding more than long-term bonds. Inverted yield curves have preceded several US recessions. This is most like[...] Podcasts Brian Preston, CPA, CFP®, PFS no no The ABCs of Asset Allocation http://www.money-guy.com/2007/01/the-abcs-of-asset-allocation/ Wed, 24 Jan 2007 19:15:39 +0000 http://www.Money-Guy.com/the-abcs-of-asset-allocation 45 0:00:01 Money-Guy Podcast, 01-24-07 It has been a good while since I did the last podcast on investing basics. The backbone of good investing is Asset Allocation, and today I am going to load you up with great information. Terms needed to understand asset [...] Money-Guy Podcast, 01-24-07 It has been a good while since I did the last podcast on investing basics. The backbone of good investing is Asset Allocation, and today I am going to load you up with great information. Terms needed to understand asset allocation: Domestic Stocks = US Companies Market Capitilization of US Stocks (According to Morningstar): Large Cap = US Companies with a Market Cap greater than $11 Billion (these are the companies that are household names like Wal-mart, GE, Home Depot, Coca-Cola, Pfizer, and so forth) Mid Cap = US Companies with a Market Cap between $2-$11 Billion (these are companies that you might have heard of like HR Block, but are not the size of the previous listed group. Small Cap = US Companies with a Market Cap below $2 Billion. Probably not going to recognize the small company unless you specifically use their product or they are in your town. International Stocks = Obviously companies that are based outside of the United States. Examples include: Nestle (Switzerland), Lafarge (France), GlaxoSmithKline (UK), Mitsubishi (Japan) Value Stocks vs. Growth Stocks (according to about.com): Value = Stocks that are under priced by the market for reasons that have nothing to do with their businesses. Often a stock’s only sin is not being a part of the current hot sector. Typically have a low price earnings ration (P/E), more equity than debt on their balance sheets, and current assets are twice current liabilities. (For an example of a Value stock lets look at Dodge & Cox Stock Fund’s top holding according to Morningstar: Hewlett-Packard Company (PE = 23.1)) Growth = Stocks that have projeted or historic strong growth rates, return on equity, and earnings per share (EPS). (For an example of a Growth stock lets look at Fidelity Contrafund’s top holding according to Morningstar: Google Inc.(PE = 61.7)). The easiest way to determine the style of a stock or mutual fund is to look it up at www.Morningstar.com Morningstar takes into account company valuations and other factors and make a determination on to class the holding. Now that we know a few terms how do you make them work for you? First where are you in the saving stage?: If you are just starting out and have not built up a nest egg over $100,000 I think you should stick to one of the good Fund of Fund investments like Fidelity’s Four In One Index (FFNOX) or Vanguard Total Stock Index Fund (VTSMX). These simple choices offer basic diversification with no commissions and practically free of any internal fees. For those that have built up some holdings… The basic asset classes I use in portfolio management include: Domestic Stocks, International Stocks, Fixed Income (Bonds), Commodities (Natural Resources, Oil & Gas Holdings), Real Estate (Both Domestic and International), Absolute Return Strategies (Hedge Funds), and of course Cash Equivalents. A hypothetical individual with a moderate tolerance for risk might have the following allocation: Cash & Equivalents = 5% Fixed Income = 15% Absolute Return Stategies = 20% Domestic Stocks = 37% International Stocks = 15% Real Estate = 3% Commodities = 5% Cash = Since a good money market fund is yielding around 5% you do not have to feel as guilty about having a portion of your money in unsexy cash Fixed Income = With an inverted yield curve you still want to have the majority of your money in Short Term holdings Absolute Return Strategies = This class use to be reserved for only the wealthiest individuals, but now anyone can invest in this unique investment class through mutual funds. Morningstar even added a new category (“Long-Short”) to cover this type of investment. Make sure you pay attention to the risk of the investments. I prefer the conservative funds with limited risk. Domestic Stocks = 50%-70% of your exposure to this investment class should be in large cap holdings. I personally like ETFs and Index Funds for Large Cap In[...] Podcasts Brian Preston, CPA, CFP®, PFS no no What to learn from 2006 and use in 2007 http://www.money-guy.com/2007/01/what-to-learn-from-2006-and-use-in-2007/ Wed, 10 Jan 2007 15:33:56 +0000 http://www.Money-Guy.com/what-to-learn-from-2006-and-use-in-2007 44 0:00:01 01-10-2007 Podcast Before we can look forward I think that it is smart to review what happened in 2006: Domestic Stock Markets: * The 2006 market was interesting in the fact that the first half was pretty flat as everyone tried to figure out what th[...] 01-10-2007 Podcast Before we can look forward I think that it is smart to review what happened in 2006: Domestic Stock Markets: * The 2006 market was interesting in the fact that the first half was pretty flat as everyone tried to figure out what the Federal Reserve was going to do with interest rates. * The second half was El Fuego (“ON FIRE” for my spanish challenged listeners). The Fed decided to take a break with interest rates, oil prices dropped, everybody and their brother decided it was a good time to merge with other businesses, corporate profits were better than anticipated, unemployment was lower than expected, and interest rates came down. * All of this was the perfect mix of optimism and lower inflationairy news that allowed patient long-term investors to be rewarded. * Actual numbers for 2006 (with dividends reinvested): S&P 500 Gained 16% Dow Jones Industrial Average returned 19% (at an all time high) NASDAQ was up 10% (still more than 50% below 2000 levels) Currencies: * The US dollar was hammered in 2006 with two heavy drops. One around May and another in November. This was attributed to countries spreading out their foreign-exchange holdings. The euro was the primary winner in this adjustment of the dollar Commodities: * Gold had a great run in 2006 hitting a peak of $750 an ounce in May, but has settled back below $600. A large part of this is attributable to inflation concerns for the first part of 2006. * Oil surged near $80/barrel when their was unrest concerning Lebanon and Israel, but that hot spot has settled down and oil has dropped below $55/barrel. Weather: * There were predictions from weather experts that nine or more hurricanes, including at least five with rooflifting winds of 111 to 130 miles per hour, would batter the Caribbean and US this fall (“Fair Weather’s Friend,” July 10, 2006). * 2006 hurricane season proved to be one of the mildest on record, with just five storms, none of which made landfall in the US. So What Can We Learn from 2006 and Use in 2007? * First a word of caution… It concerns me that the markets have started to attract the attention of the media. It is not a good indicator for the financial markets when the evening news programs focus on record stock prices and opportunities for the average investor. As many of you are aware, there are financial rewards for being a contrarian and moving away from the actions of the masses. Remember what the Oracle from Omaha Warren Buffet said in his 2005 Berkshire Hathaway annual report, “investors should try to be fearful when others are greedy and greedy only when others are fearful”. * However, there is enough pessimism in the marketplace to not be overly concerned and still feel that there is opportunity in 2007. Tax rates remain low, monetary policy is not too tight, valuations of US companies are not at unreasonable levels, corporate balance sheets are in their best shape in more than 50 years, and GDP growth should continue to be healthy. * Make 2007 the year that you get your financial house in order by making sure that your Wills are up to date, Life Insurance is adequate to replace your income for your family, and to finally diversify your investment holdings. * Let’s get into the numbers a little and speak about the opportunity that large US multinational Corporations have in 2007, especially those who derive a large percentage of their profits from overseas. According to Barron’s the following companies could take advantage of the dollar’s 10% value decrease and the slowing US economy with their foreign operations: Intel receives 85% of its revenue from outside the US, Coca-Cola – 71%, McDonald’s – 66%, IBM – 62%, and ExxonMobil – 69%. Remember that I am not a big fan of picking individual stocks. I think that average long-term investor would be better served by buying large cap index funds and Exchange Traded Fu[...] Podcasts Brian Preston, CPA, CFP®, PFS no no Planning Well and Avoiding the Sharks http://www.money-guy.com/2006/12/planning-well-and-avoiding-the-sharks/ Wed, 13 Dec 2006 18:56:01 +0000 http://www.Money-Guy.com/planning-well-and-avoiding-the-sharks 43 0:00:01 12-13-2006 Podcast This will be our last podcast until 2007. Heidi is going on vacation (New York), and will not be back in time for us to get another podcast recorded. Today’s topic is a recap on where to get good advice and what to watch ou[...] 12-13-2006 Podcast This will be our last podcast until 2007. Heidi is going on vacation (New York), and will not be back in time for us to get another podcast recorded. Today’s topic is a recap on where to get good advice and what to watch out for. Unfortunately, my industry still has too many short sighted individuals. What I mean by this statement is that there are a lot of advisors, brokers, agents, and reps that are looking for the big score, and could care less about the long term financial health of their clients. My personal belief is that if you do good things for others it comes right back to you. Fortunately for me and my company most have not realized that you can make more long-term money by being good to your clients. The Five Signs of Bad Financial Advice by Suze Orman According to Fair Isaac (the company that created the FICO credit score system) 79% of people surveyed stated that financial professionals were their most trusted source for personal finance and credit information. That is scary in light of the statement I made earlier about how many in my profession are blinded by the easy money and improper products for clients. Suze’s other bad advice indicators include: 1) You Own a mutual fund with the letter “B” in its name 2) You pay the advisor through commissions rather than a flat rate 3) Your life insurance is a cash-value policy 4) You own a variable annuity inside of an IRA 5) You’re saving for your kid’s college education rather than for your retirement Objective planners to help with your financial decisions: National Association of Personal Financial Advisors (NAPFA) – This is the group of planners that require all of their members to be Fee-Only advisors and everyone must take a Fidiciary Oath to put their clients interest ahead of their own. Not to mention they actually are concerned with the experience level and education of their members. This is the only organization that I smile as I write my annual renewal check each year. Garrett Planning Network – The only downside to NAPFA is that many of their members (including myself) have minimum asset requirements for new clients (This is not because we are snobs, but as with all service industries I am limited by my time. Minimums allow me to provide outstanding service and not over extend myself). Garrett Planner’s work only on an hourly basis, so they can help provide you with the objective advice you need without the high minimums. Have a Merry Christmas and THANK YOU for a tremendous 2006! My podcast could not have grown without your iTunes reviews, positive emails, monetary support, and subscribing to the show. May 2007 bring many blessings and opportunities to you and your family. Podcasts Brian Preston, CPA, CFP®, PFS no no Organizing Your Retirement Options http://www.money-guy.com/2006/11/organizing-your-retirement-options/ Wed, 22 Nov 2006 16:28:04 +0000 http://www.Money-Guy.com/organizing-your-retirement-options 42 0:00:01 Podcast, 11-22-2006 Changing Retirement Landscape If you have not been a devoted subscriber you may need to go back and listen to my last Podcast “Retirement in Crisis” to better appreciate how important retirement savings are to your fu[...] Podcast, 11-22-2006 Changing Retirement Landscape If you have not been a devoted subscriber you may need to go back and listen to my last Podcast “Retirement in Crisis” to better appreciate how important retirement savings are to your future. The government recognizes that most individuals have been asleep at the wheel when it comes to saving for their retirement, and they are also unaware that Social Security is only a few decades from a funding disaster (don’t worry I am not going to go there on today’s show). As a result of this SILENT BUT DEADLY BUILDING DISASTER the government has made several changes that provide tremendous opportunities for you to save for your future retirement and financial independence. What retirement option should you use and in which order should they be funded? To answer such a question we must understand all the different retirement options Traditional 401k: $15,000 annual contribution limit ($20,000 for those over 50). Contributions are tax deductible and earnings are not taxed until you start to take withdrawals. However, withdrawals are taxed at ordinary income tax rates instead of the lower capital gain and dividend rates. ROTH 401k: ROTH 401ks became available at the beginning of 2006, but most employers did not change their existing plans to add the new option because they were not permanent, but that changed this past August with the signing of the Pension Protection Act of 2006. I am prediciting that with the new legislation that ROTH 401ks will become much more common. Same contribution limits as normal 401k ($15,000 for 2006 & individuals over 50 can invest $20,000). The contributions are just like normal ROTH IRAs and are not deductible, but the earnings are never taxed. Unlike, ROTH IRAs there are no income limitations. ROTH IRA: You can contribute $4,000/year ($5,000 for those over 50). The contributions are not deductible, but the investment earnings are never taxed. You can no longer contribute to a ROTH IRA once your income exceeds the following limits: Married Filing Jointly ($150,000-$160,000) Single ($95,000-$110,000). Traditional IRA: $4,000/year contribution limit ($5,000 for those over 50). Fully deductible if you do not have an employer provided plan. Your earnings grow tax derred until you start to take withdrawals. However, just like traditional 401ks, traditional IRAs are taxed at ordinary tax rates. So now that we know our options where do you invest your money and in what order??? My advice is to load up on the ROTH options. I can not stand to pay taxes anymore than anyone else, but there is a good chance that your taxes are going to be higher when you retire based upon research done on what the requirements will be for our US Government in the future. I know that the conventional wisdom has always been you will be in a lower tax bracket in retirement than you will be at your peak earning years. However there are some issues facing our great country. ** Tax Revenues have not kept pace with future government obligations (Social Security, Medicare….) ** Congress has not fixed Social Security. Instead of investing the money to grow the funds were used to fund other general governement programs. When the IOUs come due money will have to come from somewhere. That will probably be higher income taxes. ** According to the US Government Accountability Office; Our Government will either need to cut spending by 60% or double federal taxes to balance the federal budget in 2040. Unfortunately, the Government is great at promising programs, but bad at ending programs. Therefore, I would count on higher taxes. Items to Consider: **If you are a high income earner and your company does not offer a ROTH 401k, start making some noise. This is very important since the ROTH IRAs have income limits. **If you have maxed out your 401k and income limits do not allow you to use the ROTH IRA consider contributing to a nondeductible Traditi[...] Podcasts Brian Preston, CPA, CFP®, PFS no no Retirement in Crisis http://www.money-guy.com/2006/11/retirement-in-crisis/ Fri, 10 Nov 2006 15:51:25 +0000 http://www.Money-Guy.com/retirement-in-crisis 41 0:00:01 11-09-2006 Podcast I received an email from a subscriber (thanks Helen) suggesting that I watch the PBS Frontline special titled “Can You Afford to Retire”. I was so impressed with the program that I have decided to focus today’s [...] 11-09-2006 Podcast I received an email from a subscriber (thanks Helen) suggesting that I watch the PBS Frontline special titled “Can You Afford to Retire”. I was so impressed with the program that I have decided to focus today’s podcast entirely on the special. Provided below is a link to watch the show for FREE: Frontline special; “CAN YOU AFFORD TO RETIRE?” The focus of the program is on the changing retirement landscape. 1974 Retirement Funding: 11% Employee 89% Employer 2006 Retirement Funding: 51% Employee 49% Employer “Defined Pensions”: The Endangered Species ** In the not so distant past employers provided for their employees retirement through pension plans. ** Changes in the Global marketplace have led all but a few companies away from Defined Benefit Pensions; instead favoring Defined Contribution Plans (i.e. 401ks, 403bs) ** Pensions have become too expensive for companies to offer in the competitive global marketplace ** Pensions also create legacy liabilities that can drain the financial health of companies (longer life expectancies of workers & loss of flexibility in financial streamlining) ** Pensions also had a tendency to be underfunded by corporations because of the unrealistic growth assumptions used based upon the run away stock market of the 90s How Deep is the Crisis? ** The Pension Benefit Guarantee Company (PBGC – government org. that provides a low level of pension insurance) estimates the following: ** There are 18,000 pensions that are currently underfunded (promised benefits do not equal assets of the plan) ** The estimated financial shortfall is over $450 Billion (that is Billion with a B!) The Horrible Truth = Bankruptcy has become an accepted tool for corporated America ** Unfortunately many corporations that struggle to compete in the marketplace have decided that the easiest path to recovery is to relieve themselves of their obligations/promises of a comfortable retirement for their employees Pension Alternative – 401ks and Employee Ownership ** 401ks and similiar plans have become the preferred retirement tool for the majoritiy of corporate America. ** 401ks offer tremendous opportunities to employees because they have complete ownership of their assets (this allows employees to grow their assets and potentially pass on wealth to their children and grandchildren) ** 401ks also offer the ability to lower your taxes by saving for retirement since the assets are not taxed until you actually take distributions (tax-deferred growth) The Problem: Most Workers are Lazy and Uninterested in their Retirement ** Low Participtation; 25-30% do not join thier plans ** Only 10% invest the maximum Many Use their Retirement Savings as a Rainy Day Fund ** 50% of workers liquidate and take the cash from their retirment plan when they change jobs Most Workers Underestimate how much they need to save for retirement ** Average balance of retirement savings account is $29,000 according to the Federal Reserve ** At a minimum you need 8-10 times your gross wages in a retirement account to cover the basics ** 15-20% is what you need to devote from each pay check towards your retirement Most Workers are Horrible Investors ** 2003 DALBAR Study – Average equity investor earned 2.57% (1984-2002) vs. 12.22% for the S&P 500 during the same period ** Yield Disparity = In most retirement plans the top 20% (based upon income) outperform the bottom 20% by 5-7 times their annual returns (in other words the rich get richer based upon understanding how investments work) CLOSING: TAKE YOUR RETIREMENT VERY SERIOUSLY OTHERWISE YOUR RETIREMENT WILL CONSIST OF YOU WORKING UNTIL THE DAY YOU DIE!!! Podcasts Brian Preston, CPA, CFP®, PFS no no Financial Advisor – 3rd Best Job in America? http://www.money-guy.com/2006/11/financial-advisor-3rd-best-job-in-america/ Wed, 01 Nov 2006 19:09:27 +0000 http://www.Money-Guy.com/financial-advisor-3rd-best-job-in-america 40 0:00:01 Ok everyone please quit sending me emails on how to become a Financial Advisor. I have been bullied enough that I will spill the beans. Money-Guy Podcast, 11-01-2006 According to CNNMoney.com I have the 3rd best job in America. To see the entire l[...] Ok everyone please quit sending me emails on how to become a Financial Advisor. I have been bullied enough that I will spill the beans. Money-Guy Podcast, 11-01-2006 According to CNNMoney.com I have the 3rd best job in America. To see the entire list click on this link Before you run out and decide to change careers let me provide you with my thoughts: * You have to be good at taking test and going to school * To be good you have to love numbers (and I mean truly love numbers) * This is also one of those professions that requires a unique personality mix – you have to be very analytical (to the point that you are truly a numbers nerd), but somehow enjoy talking with and building relationships with others. Trust me there are not many of us out there; most are good at one but not both and that can lead to limited success. * This is also one of those industries where you are not paid what you are truly worth for a number of years (3 years of experience required for CFP certification & 2 years of experience required for CPA). If I have not scared you off let me provide you with some good news: * If you are good you can make very good money (the average pay for advisors’ is $122,462 (according ot the CNNMoney.com research) * It is quite fulfilling to help others reach their financial goals * Service industry that allows you the opportunity to be your own boss There are hard choices to be made: What type of advisor do you want to be? (Fee-Only, Fee-Based, Commission Based, or Some Combination) Commissioned Advisors are the Rock Stars of the Group (not always a good thing)- Easy to get a job as a Commissioned Advisor because you do not get paid unless you produce clients and revenue. Fee-Only Advisors are the Warren Buffetts’ of the Group (slow and steady wins the race) – Harder Nut to crack in the industry because there are not as many, and honestly everyone wants to work at these firms. Typically there is not pressure to generate new clients or revenue while you learn the process and receive on the job training As you can see I have an opinion on this matter, but I feel that I have the right because I have worked on both sides of the industry. Next step if you decide to enter this industry: * Many colleges now allow you to major in Financial Planning (this was not an option when I was in school). This is also great because many of the good firms recruit directly from the school. * If your school does not offer such a program I personally love working with Accounting majors because to make it through accounting you already show a love for numbers and an analytical personality (the only catch is finding the social accountant in the bunch of dry individuals). Remember that I am an accountant so do not send me hate mail my fellow number crunchers. * Try to find a good firm to work with and absord as much information and training as possible. * Do not expect to make 6 figures right out of school. Remember like most good service industries there is a period where you are not paid what you are truly worth while you are trained. Now Good Luck on planning your future! Podcasts Brian Preston, CPA, CFP®, PFS no no The Tax Smart Way to Better the World http://www.money-guy.com/2006/10/the-tax-smart-way-to-better-the-world/ Fri, 20 Oct 2006 17:19:20 +0000 http://www.Money-Guy.com/the-tax-smart-way-to-better-the-world 39 0:00:01 October 20, 2006 Money-Guy Podcast 10-20-2006 In this weeks Financial Chaos Topic we discuss the following: A Creative Way to Give and Avoid Taxes at the Same Time If you give money to your church and other charitable groups and have appreciated mut[...] October 20, 2006 Money-Guy Podcast 10-20-2006 In this weeks Financial Chaos Topic we discuss the following: A Creative Way to Give and Avoid Taxes at the Same Time If you give money to your church and other charitable groups and have appreciated mutual funds, stocks, or other holdings you need to check out this recent press release from Fidelity. Fidelity Lowers Minimums to their Charitable Gift Fund If you are Charitable and Sick that the Government makes you take taxable RMD from your Retirement Accounts (read this) The Pension Protection Act of 2006 included some great new opportunities for charitable giving. Generous individuals over 70.5 can now give to their favorite charitable organization from their IRAs and the gifts count towards their required minimum distribution (RMD). There is no charitable income tax deduction, but also no inclusion for taxes. By making a gift to charity from your IRA you can lower or meet the required minimum distribution for that year. This allows you to accomplish your charitable goals and reduce your tax liability. Wesley Snipes joins the ranks of Willie Nelson and other not so tax smart celebrities. Don’t mess with the only organization that can show up and just take your stuff! Talking about surrounding yourself with yes men. Wesley Snipes has been indicted for an insane tax scheme. Somehow Wesley thought that he could make $19 million in 1997 and not pay any taxes. The Smoking Gun Podcasts Brian Preston, CPA, CFP®, PFS no no Market and Media Update – Oct 13, 2006 http://www.money-guy.com/2006/10/market-and-media-update-oct-13-2006/ Fri, 13 Oct 2006 15:33:17 +0000 http://www.Money-Guy.com/market-and-media-update-oct-13-2006 38 0:00:01 Money-Guy Podcast 10-13-2006 In this week’s Market and Media Update: ** Should we be concerned with the recent run up of the stock markets? Investor Apathy Means the Market Stays Bullish – Motley Fool ** Who is this YouTube Inc. guy (Cha[...] Money-Guy Podcast 10-13-2006 In this week’s Market and Media Update: ** Should we be concerned with the recent run up of the stock markets? Investor Apathy Means the Market Stays Bullish – Motley Fool ** Who is this YouTube Inc. guy (Chad Hurley) that is now worth $1.65 BILLION? Google’s Billionaire Boys Club Gets a New Member ** Now that I am depressed about reading about YouTube’s success I might as well play the lottery! How to Play the Lottery; The Smart Way – Howstuffworks Podcasts Brian Preston, CPA, CFP®, PFS no no Lazy Investors Are the Wealthiest http://www.money-guy.com/2006/10/lazy-investors-are-the-wealthest/ http://www.money-guy.com/2006/10/lazy-investors-are-the-wealthest/#comments Wed, 04 Oct 2006 15:53:14 +0000 http://www.Money-Guy.com/lazy-investors-are-the-wealthest http://www.money-guy.com/2006/10/lazy-investors-are-the-wealthest/feed/ 1 37 0:48:06 The Money-Guy Podcast, 10-04-2006 Listen to the show for the following information: * The Hierarchy of Investment Decisions * The Cycle of Market Emotions * Common Investing Mistakes * How to Solve Investing Mistakes * How to Accumulate $1 Million b[...] The Money-Guy Podcast, 10-04-2006 Listen to the show for the following information: * The Hierarchy of Investment Decisions * The Cycle of Market Emotions * Common Investing Mistakes * How to Solve Investing Mistakes * How to Accumulate $1 Million by Age 65 * Insight from Warren Buffett Another one of my rants on why social security stinks! Find the address of your government rep! Podcasts Brian Preston, CPA, CFP®, PFS no no Mkt and Media Update http://www.money-guy.com/2006/09/market-media-update-09-20-2006/ Wed, 20 Sep 2006 19:49:54 +0000 http://www.Money-Guy.com/?p=36 36 0:30:44 Market and Media Update (9/20/06) Market and Media Update (9/20/06) Podcasts Brian Preston, CPA, CFP®, PFS no no What are you doing to become Wealthy? Rich and Happy? http://www.money-guy.com/2006/09/what-are-you-doing-to-become-wealthy-rich-happy/ http://www.money-guy.com/2006/09/what-are-you-doing-to-become-wealthy-rich-happy/#comments Wed, 13 Sep 2006 14:21:26 +0000 http://www.Money-Guy.com/?p=35 http://www.money-guy.com/2006/09/what-are-you-doing-to-become-wealthy-rich-happy/feed/ 1 35 0:00:01 The Money-Guy.com Podcast, 9-13-2006 The following statement is harsh but true: Most individuals are not going to become affluent because they take the easy way out in the majority of their financial decisions. Examples: Putting off investing in yo[...] The Money-Guy.com Podcast, 9-13-2006 The following statement is harsh but true: Most individuals are not going to become affluent because they take the easy way out in the majority of their financial decisions. Examples: Putting off investing in your ROTH IRA or maximizing your 401k at work (I need the extra money to fake success for my friends and family. Hating your boss and job, but doing nothing to change your situation (scared to try something new and the interviewing process for a new job is stressful) Putting off the dream of being self employed (where will I get clients from and how do I get started) ** Renting your life and not have an ownership mentality (I really like my low rent payments and driving a flashy car) THE SECRET TO SUCCESS IS THROUGH DEFERRED GRATIFICATION AND TAKING THE ROAD LESS TRAVELED Who are the affluent? (from THE MILLIONAIRE NEXT DOOR; Stanley & Danko) The majority of wealthy families are business owners including self-employed professionals 20% of affluent households are retirees ** Of the remaining 80% more than 2/3 are headed by self-employed owners of businesses In the US only about 18% of households are headed by a business owner, but the business owner is four times more likely to be a millionaire than the families that work for others. Before you Quit your job know the Risk: According to the US Small Business Administration, over 50% of small businesses fail in the first year and 95% fail within the first five years. Small business owners work on average 52 hours a week vs. 34.2 of the average American production employee according to a 2000 study by New York marketing firm Willard & Shullman. Before you make the jump make sure you check out the following resource from the United States Small Business Administration: “Are you ready?” As a side note are you curious to know what the wealthy tell their children to become? Willy and Waylon had it right with “Mammas Don’t Let Your Babies Grow Up to Be Cowboys”. “Let them be doctors, lawyers and such!” According to The Millionaire Next Door millionaires advise their children to become self-employed professionals. Physicians, attorneys, engineers, architects, accountants, and dentists. Wealthy families are five times more likely to send their children to medical school and four times more likely to send them to law school over other parents in the US. Money and Happiness According to a column by Jonathan Clements in the 8/16/06 WSJ Personal Journal “money alone does not buy a whole lot of happiness”. Research in the column stated that our absolute level of wealth and income did not influence our hapiness. It is how our financial situation compares with friends and collegues. From my experience of working with Wealthy Families I think that the column missed the true secret to happiness…. FULFILLMENT Taking the Road that is less traveled and then succeeding is a very powerful influence on your life. Need proof ask any successful business owner to recall the first five years they were in business and be prepared to watch a glow cover their face and a sparkle come to their eye. They took on a substantial risk and conquered the task resulting in happiness and financial independence. THE SECRET TO LIFE IS PERSONAL FULFILLMENT! Podcasts Brian Preston, CPA, CFP®, PFS no no Winning the Car Buying Game! http://www.money-guy.com/2006/04/winning-the-car-buying-game/ http://www.money-guy.com/2006/04/winning-the-car-buying-game/#comments Wed, 19 Apr 2006 16:51:00 +0000 http://www.Money-Guy.com/?p=20 http://www.money-guy.com/2006/04/winning-the-car-buying-game/feed/ 4 20 0:00:01 Money-Guy 04-19-2006 While not great investments, cars are important purchases for most of us. Beyond how we feel driving them, they’re expensive to buy, own, and operate. Fortunately, smart buyers can get an edge by doing their homework, coll[...] Money-Guy 04-19-2006 While not great investments, cars are important purchases for most of us. Beyond how we feel driving them, they’re expensive to buy, own, and operate. Fortunately, smart buyers can get an edge by doing their homework, collecting the right data, and having a negotiating strategy. Being smart definitely pays off! 4 Steps to Winning the New Car Game Know what car you want first. Do your research and determine which car you want including which options are important to you. Help on model research can be obtained from Consumer Reports and Edmunds. Once you settle on a car, take a test drive, but promise yourself that once you test drive the vehicle you won’t go inside and begin negotiations (that’s what the dealer is counting on). Go to the manufacturer’s website (Honda, Ford, Toyota, etc.) and locate the exact cars you want. Find at least two cars but hopefully three to five. HINT: On most car websites they want you to input your zipcode so they can refer you to the closest dealer. This zipcode also limits what car inventory shows up on the internet. Find all the dealers within 30-60 miles of your house and use Yahoo or Google to determine their zipcodes. By using each dealer’s zipcode, you can see what they have on their lot. Most manufacturers have their inventory listed including Honda, Toyota, and General Motors. Figure out what to pay. I always start with CarsDirect to see what the MSRP and invoice prices are, including the options that I consider must-haves. The site will also provide you with a tentative price that a dealer is willing to sell at through the internet. Next, I always go to Edmunds and click the “Forums” button on the top of the page. From the “Forums” main page you can browse discussion by vehicle by first choosing the manufacturer, then the model, and finally choosing the discussion topic titled “Prices and Buying Experience”. From here there will be hundreds of postings from all over listing your model of car and what others have paid (this is valuable information because you are seeing what others in your area are paying for the cars). Now that you are loaded up with the research and pricing information, call the dealership directly and ask to speak with the sales manager. Let whomever answers the phone know that they have the car you want on their lot and that you are ready to buy. Also tell them that you need rock bottom price because you have located 2-3 other cars of the exact same model at other dealerships and you are showing up with a check to whichever dealership has the best price. Used Car Research Tools: Autotrader: Find used cars in your area that are for sale by individuals and dealers Kelley Blue Book: Evaluate what your current car is worth and what you should pay for the car you’re researching Edmunds: Provides true market value (what others are actually paying for new and used cars in your area) as well as other general research information General Advice: Avoid negotiating with the dealership on site. You will have much more leverage on the phone than you will on their sales floor. Never discuss whether or not you want to trade in your existing car until after you have reached a deal on the new car. Likewise, separate your possible need to finance a loan from the car’s actual purchase. They’re different transactions and shouldn’t be rolled together unless the numbers work for you. Research, research, and more research! You need to know more about the car than the guy selling it. Podcasts Brian Preston, CPA, CFP®, PFS no no