In this week's Finance Friday host Stacy Johnson shares personal reflections and tackles key financial topics:
Social Security: When to claim? Waiting until 70 maximizes benefits, but isn't right for everyone. Consider your health, job satisfaction, and financial needs.
Stock market outlook: Currently overvalued, but timing the market is risky. Instead, invest regularly and buy more when prices dip.
Retirement savings: The 4% withdrawal rule can work, but there's no one-size-fits-all answer. Save as much as possible and adjust based on your specific situation.
Mortgage payoff vs. investing: With today's low rates, you may be better off investing extra cash than paying off a low-interest mortgage early.

Stacy also reminds listeners to stay informed and vote in upcoming elections, as political outcomes can significantly impact both health and wealth. As always, he emphasizes that while money doesn't buy happiness, it sure can be fun if you're already content. So build wealth, but don't forget to enjoy life along the way!

Watch now on Youtube: https://youtu.be/7UMHs7fs2L4

Join MoneyTalksNews' Retirement Facebook Group for more straight-talking financial advice from Stacy and the team. https://www.facebook.com/groups/moneytalksnewsretirement

In this week's Finance Friday host Stacy Johnson shares personal reflections and tackles key financial topics:
<ul>
<li>Social Security: When to claim? Waiting until 70 maximizes benefits, but isn't right for everyone. Consider your health, job satisfaction, and financial needs.</li>
<li>Stock market outlook: Currently overvalued, but timing the market is risky. Instead, invest regularly and buy more when prices dip.</li>
<li>Retirement savings: The 4% withdrawal rule can work, but there's no one-size-fits-all answer. Save as much as possible and adjust based on your specific situation.</li>
<li>Mortgage payoff vs. investing: With today's low rates, you may be better off investing extra cash than paying off a low-interest mortgage early.</li>
</ul>
Stacy also reminds listeners to stay informed and vote in upcoming elections, as political outcomes can significantly impact both health and wealth. As always, he emphasizes that while money doesn't buy happiness, it sure can be fun if you're already content. So build wealth, but don't forget to enjoy life along the way!
Watch now on Youtube: https://youtu.be/7UMHs7fs2L4
Join MoneyTalksNews' Retirement Facebook Group for more straight-talking financial advice from Stacy and the team. https://www.facebook.com/groups/moneytalksnewsretirement

Welcome to Money Talks News: The Podcast, a podcast devoted to everything money: how to get it, how to grow it and how to keep it. From the creators of MoneyTalksNews.com, a leading source of personal finance news and advice since 1991.

Welcome to Money Talks News: The Podcast, a podcast devoted to everything money: how to get it, how to grow it and how to keep it. From the creators of MoneyTalksNews.com, a leading source of personal finance news and advice since 1991.

Money Talks News: The Podcast

Mail Bag | Finance Friday with Stacy Johnson | Oct 4th 2024

https://api.omny.fm/orgs/67ee9ddc-11a3-4cec-841d-ac9a015d5b41/clips/3f27acbe-9735-4823-8138-b1ff0143932c/transcript

Last year, a NerdWallet survey found that 84% of Americans with a monthly budget spend beyond it. So what gives? If you have a budget, shouldn't that help you stay on track?

Maybe it's less about creating a budget and more about understanding your cash flow or how money moves through your personal economy.



To help us tackle our cash flow, we've invited Jason Vitug back to talk about his six-step system for better moving your money. You can find his system in his latest book, Make Your Money Smile.




You can download the episode wherever you get your podcasts:
Listen on Apple Podcasts
Listen on YouTube Music (formerly Google Podcasts)
Listen on Spotify

Don't forget to check out our podcast page for more episodes designed to help you make the most of your money.

Understanding cash flow vs. budget

One of the most important things to understand is how money moves through your personal economy. We discuss how your monthly cash flow is more than your budget. Some of the items we tackle with our guest Jason include:
How to find your cash flow number
Figuring out your broad categories
Paying attention to when you get paid and when your bills are due
Part of syncing your budget with your cash flow is understanding your values

We have some great past podcast episodes on money management, including how to make money management fun and manage your money the lazy way.

Tips for better money management

We also discuss ways to improve money management. One of the easiest ways to do this is to automate your finances. We have some suggestions for personal finance apps, like YNAB, that can help you automatically track your spending and see where your money is going.

Automated finances also include scheduling your bills and using autopay (although not all bills should be on autopay).

Other tips we talk about include making sure you save some money for fun things. Cutting everything you enjoy out of your budget can lead to binging later. We also have a few tips for saving money on everyday things, so you can spend more on things you love.

Focusing on your cash flow and setting up the right systems will help you make better financial decisions and get your money back on track.

Meet this week's guest, Jason Vitug

Jason Vitug is an award-winning creator, author, speaker, entrepreneur, and producer. He is the founder of the personal finance website phroogal.com, creator of the Road to Financial Wellness, and champion of #theSmileLifestyle, a community devoted to experiential and purposeful living.

Jason is the author of the bestselling and New York Times-reviewed book, You Only Live Once: The Roadmap to Financial Wellness and a Purposeful Life. His TEDx talk about breaking the money taboo is one of the most viewed talks on money.

In his previous life, Jason was a nationally recognized credit union executive championing financial wellness. He currently works on wellness initiatives with Fortune 500 companies, credit unions, community banks, and fintech startups.

Jason received his bachelor's at Rutgers University and MBA at Norwich University. He's an avid traveler, having visited all 50 states, explored 45 countries, and stepped foot on five continents. He is also a certified yoga teacher and breathwork specialist.
Website
Twitter
Instagram

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Last year, a <a href="https://www.nerdwallet.com/article/finance/data-2023-budgeting-report?ajs_uid=8c4d2f61e4e601d5a8a1417223c770df576d32e78fc47ed9789f79ea2a253410">NerdWallet survey</a> found that 84% of Americans with a monthly budget spend beyond it. So what gives? If you have a budget, shouldn't that help you stay on track?
Maybe it's less about creating a budget and more about understanding your cash flow or how money moves through your personal economy.

To help us tackle our cash flow, we've invited Jason Vitug back to talk about his six-step system for better moving your money. You can find his system in his latest book, <a href="https://www.amazon.com/Make-Your-Money-Smile-Guide/dp/1394259093">Make Your Money Smile</a>. 

You can download the episode wherever you get your podcasts:
<ul>
<li>Listen on <a href="https://podcasts.apple.com/us/podcast/money/id1465774878">Apple Podcasts</a></li>
<li>Listen on <a href="https://music.youtube.com/">YouTube Music</a> (formerly Google Podcasts)</li>
<li>Listen on <a href="https://open.spotify.com/show/4XzsoL58984FkzefrRay0c">Spotify</a></li>
</ul>
Don't forget to <a href="https://www.moneytalksnews.com/podcasts/">check out our podcast page</a> for more episodes designed to help you make the most of your money.
Understanding cash flow vs. budget
One of the most important things to understand is how money moves through your personal economy. We discuss how your monthly cash flow is more than <a href="https://www.moneytalksnews.com/loud-budgeting/">your budget</a>. Some of the items we tackle with our guest Jason include:
<ul>
<li>How to find your cash flow number</li>
<li>Figuring out your broad categories</li>
<li>Paying attention to when you get paid and when your bills are due</li>
<li>Part of syncing your budget with your cash flow is understanding your values</li>
</ul>
We have some great past podcast episodes on money management, including how to <a href="https://www.moneytalksnews.com/5-tips-to-make-money-management-fun/">make money management fun</a> and <a href="https://www.moneytalksnews.com/the-lazy-persons-guide-to-money-management-2/">manage your money the lazy way</a>.
Tips for better money management
We also discuss ways to improve money management. One of the easiest ways to do this is to automate your finances. We have some suggestions for personal finance apps, like <a href="https://www.moneytalksnews.com/rates/budget/">YNAB</a>, that can help you automatically track your spending and see where your money is going.
Automated finances also include scheduling your bills and using autopay (although <a href="https://www.moneytalksnews.com/slideshows/bills-you-shouldnt-put-on-autopay/">not all bills should be on autopay</a>).
Other tips we talk about include making sure you save some money for fun things. Cutting everything you enjoy out of your budget can lead to binging later. We also have a few <a href="https://www.moneytalksnews.com/slideshows/7-ways-to-trick-yourself-into-saving-money/">tips for saving money</a> on everyday things, so you can spend more on things you love.
Focusing on your cash flow and setting up the right systems will help you <a href="https://www.moneytalksnews.com/slideshows/ways-to-improve-your-financial-decision-making/">make better financial decisions</a> and get your money back on track.
Meet this week's guest, Jason Vitug
Jason Vitug is an award-winning creator, author, speaker, entrepreneur, and producer. He is the founder of the personal finance website <a href="http://phroogal.com">phroogal.com</a>, creator of the Road to Financial Wellness, and champion of #theSmileLifestyle, a community devoted to experiential and purposeful living.
Jason is the author of the bestselling and New York Times-reviewed book, You Only Live Once: The Roadmap to Financial Wellness and a Purposeful Life. His TEDx talk about breaking the money taboo is one of the most viewed talks on money.
In his previous life, Jason was a nationally recognized credit union executive championing financial wellness. He currently works on wellness initiatives with Fortune 500 companies, credit unions, community banks, and fintech startups.
Jason received his bachelor's at Rutgers University and MBA at Norwich University. He's an avid traveler, having visited all 50 states, explored 45 countries, and stepped foot on five continents. He is also a certified yoga teacher and breathwork specialist.
<ul>
<li><a href="http://www.phroogal.com/happy">Website</a></li>
<li><a href="https://twitter.com/jasonvitug">Twitter</a></li>
<li><a href="https://www.instagram.com/phroogal">Instagram</a></li>
</ul>
Don't listen to podcasts?
A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.
You can listen to our latest podcasts <a href="https://www.moneytalksnews.com/podcasts/">here</a> or download them to your phone from any number of places, including <a href="https://podcasts.apple.com/us/podcast/money/id1465774878">Apple</a>, <a href="https://open.spotify.com/show/4XzsoL58984FkzefrRay0c">Spotify</a>, <a href="https://radiopublic.com/money-6rRgm9">RadioPublic</a>, <a href="https://www.stitcher.com/podcast/money-talks-news/money-104">Stitcher</a> and <a href="https://api.podcache.net/shows/ebc88ef1-73be-4580-abab-483adb44d09c/feed">RSS</a>.
If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!
About the hosts
Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.
Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Your 6-Step Guide to Monthly Money Management

https://api.omny.fm/orgs/67ee9ddc-11a3-4cec-841d-ac9a015d5b41/clips/2921d204-abe7-447a-9620-b1fb0134bdea/transcript

Join financial expert Stacy Johnson as he breaks down the recent Federal Reserve interest rate cut and its impact on your wallet. In this engaging live session, recorded on September 20, 2024, in the Money Talks News Retirement Facebook Group, Stacy explains:
Why the Fed lowered rates and what it means for the economy
How falling interest rates affect savers, borrowers, and investors
Strategies for locking in higher rates before they disappear
Tips for managing your stock portfolio in a changing market

With over 45 years of experience in finance, Stacy offers practical advice and answers viewer questions in real-time. Whether you're concerned about your savings, considering a mortgage, or wondering how to adjust your investment strategy, this episode provides valuable insights for navigating the current financial landscape.

Don't miss this opportunity to learn from a seasoned professional and get your money questions answered. Tune in to "Money Talks Live" for straightforward financial advice you can use today!

Want to be part of future live sessions? Join our Retirement Facebook Group: www.facebook.com/groups/moneytalksnewsretirement/

Join financial expert Stacy Johnson as he breaks down the recent Federal Reserve interest rate cut and its impact on your wallet. In this engaging live session, recorded on September 20, 2024, in the Money Talks News Retirement Facebook Group, Stacy explains:
<ul>
<li>Why the Fed lowered rates and what it means for the economy</li>
<li>How falling interest rates affect savers, borrowers, and investors</li>
<li>Strategies for locking in higher rates before they disappear</li>
<li>Tips for managing your stock portfolio in a changing market</li>
</ul>
With over 45 years of experience in finance, Stacy offers practical advice and answers viewer questions in real-time. Whether you're concerned about your savings, considering a mortgage, or wondering how to adjust your investment strategy, this episode provides valuable insights for navigating the current financial landscape.
Don't miss this opportunity to learn from a seasoned professional and get your money questions answered. Tune in to "Money Talks Live" for straightforward financial advice you can use today!
Want to be part of future live sessions? Join our Retirement Facebook Group: <a href="http://www.facebook.com/groups/moneytalksnewsretirement/">www.facebook.com/groups/moneytalksnewsretirement/</a>

The Fed Just Lowered Rates: What It Means for Your Money

The great wealth transfer of trillions of dollars in assets – approximately $72.6 trillion over the next 20 years – has begun.

Among those assets are inherited properties, but it's tough to deal with the baggage that comes with an inherited house.

Pam Krueger from Wealthramp is back to go over essential questions to ask when you inherit a house.



You can download the episode wherever you get your podcasts:
Listen on Apple Podcasts
Listen on YouTube Music (formerly Google Podcasts)
Listen on Spotify

Don't forget to check out our podcast page for more episodes designed to help you make the most of your money.

Getting ready to inherit a house

It's not unusual to consider a home as part of an inheritance. However, if you're on the receiving end of that inheritance, you might not be sure what to do.

Pam points out that any type of inheritance can be emotional and lead to difficult conversations. If you need help talking to your parents, we have a podcast episode about how to talk to your aging parents about money.

When you decide to talk about inheriting a house with your parents and siblings, it might also be a good idea to bring in a financial planning professional or estate planner. Getting everyone together so you're all on the same page can reduce the stress involved later.

How to deal with an inherited house

As you review the inheritance, there are some important questions to ask, and plenty of pitfalls to avoid. Some of the most important things to address include:
Is there a reverse mortgage on the home? Once your parents pass, a reverse mortgage can potentially put some limitations on your ability to keep the home in the family. Miranda shares a story of a friend who had no idea there was a reverse mortgage on an inherited house and is dealing with the fallout.
Do you understand the capital gains? Pam talks about stepped-up basis for capital gains taxes on an inherited house. The good news is that you'll be protected from some of the tax consequences of inheriting.
Should you buyout the home? Talk to your siblings about a buyout if you want to be able to do what you want with the inherited house.
How do you split the proceeds? If you're sharing, you need to know how to split the proceeds—after the estate pays out for taxes and upkeep and other expenses.
What's the family situation? Be realistic about your family situation and your parents as you discuss family matters and take into account everyone's preferences.

Meet this week's guest, Pam Krueger

Pam Krueger is a recognized investor advocate, award-winning personal finance journalist and author. She is the founder and CEO of Wealthramp, an advisor-matching platform that connects consumers with rigorously vetted and qualified fee-only financial advisors. It is the only advisor referral service that gives people full control over when and how they talk to their referred advisors.

Her perspectives on personal finance regularly appear in Marketwatch, Forbes, PBS Next Avenue, and she is a frequent speaker on fiduciary financial advice. In addition, Pam is an active volunteer member of the Retirement Income Committee at the Defined Contribution Institutional Investment Association (DCIIA), a non-profit dedicated to enhancing the retirement security of America's workers. She has also served on the California Jump$tart Coalition, an organization dedicated to increasing financial literacy among children and teens, where she created one of their most successful curricula available for K-12 teachers called, Investing Pays Off For Kids.

Each year, she spends part of her time in San Francisco, California and lives in Cape Cod, Massachusetts.
Wealthramp
Podcast: MoneyTrack
Podcast: Friends Talk Money
Twitter
LinkedIn

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

The great wealth transfer of trillions of dollars in assets – approximately $72.6 trillion over the next 20 years – has begun.
Among those assets are inherited properties, but it's tough to deal with the baggage that comes with an inherited house.
Pam Krueger from <a href="https://wealthramp.com/">Wealthramp</a> is back to go over essential questions to ask when you inherit a house.

You can download the episode wherever you get your podcasts:
<ul>
<li>Listen on <a href="https://podcasts.apple.com/us/podcast/money/id1465774878">Apple Podcasts</a></li>
<li>Listen on <a href="https://music.youtube.com/">YouTube Music</a> (formerly Google Podcasts)</li>
<li>Listen on <a href="https://open.spotify.com/show/4XzsoL58984FkzefrRay0c">Spotify</a></li>
</ul>
Don't forget to <a href="https://www.moneytalksnews.com/podcasts/">check out our podcast page</a> for more episodes designed to help you make the most of your money.
Getting ready to inherit a house
It's not unusual to <a href="https://www.moneytalksnews.com/slideshows/the-pros-and-cons-of-using-your-home-as-an-inheritance-for-your-heirs/">consider a home as part of an inheritance</a>. However, if you're on the receiving end of that inheritance, you might not be sure what to do.
Pam points out that any type of inheritance can be emotional and lead to difficult conversations. If you need help talking to your parents, we have a podcast episode about <a href="https://www.moneytalksnews.com/tips-for-talking-to-your-aging-parents-about-their-money/">how to talk to your aging parents about money</a>.
When you decide to talk about inheriting a house with your parents and siblings, it might also be a good idea to bring in a <a href="https://www.moneytalksnews.com/slideshows/of-the-most-important-financial-advisor-credentials/">financial planning professional</a> or estate planner. Getting everyone together so you're all on the same page can reduce the stress involved later.
How to deal with an inherited house
As you review the inheritance, there are some important questions to ask, and plenty of pitfalls to avoid. Some of the most important things to address include:
<ul>
<li>Is there a <a href="https://www.moneytalksnews.com/slideshows/of-the-most-important-financial-advisor-credentials/">reverse mortgage</a> on the home? Once your parents pass, a reverse mortgage can potentially put some limitations on your ability to keep the home in the family. Miranda shares a story of a friend who had no idea there was a reverse mortgage on an inherited house and is dealing with the fallout.</li>
<li>Do you understand the capital gains? Pam talks about stepped-up basis for capital gains taxes on an inherited house. The good news is that you'll be protected from some of the <a href="https://www.moneytalksnews.com/will-i-have-to-pay-income-tax-on-an-inherited-house/">tax consequences of inheriting</a>.</li>
<li>Should you buyout the home? Talk to your siblings about a buyout if you want to be able to do what you want with the inherited house.</li>
<li>How do you split the proceeds? If you're sharing, you need to know how to split the proceeds—after the estate pays out for taxes and upkeep and other expenses.</li>
<li>What's the family situation? Be realistic about your family situation and your parents as you discuss family matters and take into account everyone's preferences.</li>
</ul>
Meet this week's guest, Pam Krueger
Pam Krueger is a recognized investor advocate, award-winning personal finance journalist and author. She is the founder and CEO of <a href="http://www.wealthramp.com/">Wealthramp</a>, an advisor-matching platform that connects consumers with rigorously vetted and qualified fee-only financial advisors. It is the only advisor referral service that gives people full control over when and how they talk to their referred advisors.
Her perspectives on personal finance regularly appear in Marketwatch, Forbes, PBS Next Avenue, and she is a frequent speaker on fiduciary financial advice. In addition, Pam is an active volunteer member of the Retirement Income Committee at the Defined Contribution Institutional Investment Association (DCIIA), a non-profit dedicated to enhancing the retirement security of America's workers. She has also served on the California Jump$tart Coalition, an organization dedicated to increasing financial literacy among children and teens, where she created one of their most successful curricula available for K-12 teachers called, Investing Pays Off For Kids.
Each year, she spends part of her time in San Francisco, California and lives in Cape Cod, Massachusetts.
<ul>
<li><a href="http://www.wealthramp.com/">Wealthramp</a></li>
<li>Podcast: <a href="https://na01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fmoneytrack.org%2F&amp;data=04%7C01%7C%7C097423ab6d554d19887f08d94b011b19%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637623290391605962%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=WUsiTzQXcc7VOQ41OZQDAlwyHk9WNLl3nv7CqX3ogQ8%3D&amp;reserved=0">MoneyTrack</a></li>
<li>Podcast: <a href="https://friendstalkmoney.org/">Friends Talk Money</a></li>
<li><a href="https://twitter.com/PamkruegerTV">Twitter</a></li>
<li><a href="https://www.linkedin.com/in/pamkrueger/">LinkedIn</a></li>
</ul>
Don't listen to podcasts?
A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.
You can listen to our latest podcasts <a href="https://www.moneytalksnews.com/podcasts/">here</a> or download them to your phone from any number of places, including <a href="https://podcasts.apple.com/us/podcast/money/id1465774878">Apple</a>, <a href="https://open.spotify.com/show/4XzsoL58984FkzefrRay0c">Spotify</a>, <a href="https://radiopublic.com/money-6rRgm9">RadioPublic</a>, <a href="https://www.stitcher.com/podcast/money-talks-news/money-104">Stitcher</a> and <a href="https://api.podcache.net/shows/ebc88ef1-73be-4580-abab-483adb44d09c/feed">RSS</a>.
If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!
About the hosts
Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.
Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

5 Things to Do Before You Inherit Your Parent's House

https://api.omny.fm/orgs/67ee9ddc-11a3-4cec-841d-ac9a015d5b41/clips/344043a5-e7f1-420a-9e88-b1ea011e3006/transcript

Mail Bag | Finance Friday with Stacy Johnson | Oct 4th 2024

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