050: Your Guide to an Out-of-State Retirement Relocation
A Place of Possibility
The New York Times reported that people leaving California outnumbered newcomers by more than 700,000 people between April 2020 and July 2022. A further breakdown shows that over 407,000 people left between July 2021 and 2022, plus an additional 343,000 people left California in 2022 alone. That's the highest exodus of any state in the US in history. So, why are we seeing such a mass movement? The reasons are plenty, from cheaper homes and lower cost of living to lower taxes, escaping a rise in crime, the desire for a more relaxed, family-friendly lifestyle, and even political dissatisfaction....
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049: Tips to Unlock New Financial Successes in 2024
A Place of Possibility
With the roller coaster of inflation, interest rates, and more, 2023 was a wild ride. But the real driving force seems to be the dramatically pessimistic media. If one of your goals for 2024 is to improve your financial health, then you’re in the right place. In our opinion, the first step is to ignore market predictions, no matter how scary they seem. They’re usually far from accurate! We have real-life examples and stories to prove it if you don't believe us. After all, the market has shown time and time again that it always bounces back. Along with a look back at 2023’s good, bad, and...
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048: Your Ultimate Guide to 2023 Year-End Tax and Financial Planning
A Place of Possibility
As the calendar pages flip towards the imminent 2024, it’s the perfect moment to execute those strategic financial maneuvers that will set the stage for a successful tax season and ensure you leave the year on a high note. If you’ve been tuning in regularly, you already know we’ve been through the year-end rodeo before, and for our newcomers, buckle up because we’ve meticulously crafted a hit list that’s bound to elevate your financial game. You’ll want to act quickly; many must be completed by December 31st. In this info-packed episode, we’re diving deep into the realm of tax...
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047: What's Going on in the Bay Area Housing Market?
A Place of Possibility
Discussions about the housing market are always a hot topic. Here in the Bay Area, the housing market has been interesting, to say the least! Local reports say that since August of 2023, home prices are back on the rise after a 14-month decline, the longest period since 2012. And yet demand is still high, with some homes selling within just nine days of being on the market and interest rates hitting around 7% at the time of recording this episode. Many people panic over interest rates, but if we look at it from a historical perspective, it’s still historically low. “The market supply is...
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046: Preventing and Recognizing Elder Abuse
A Place of Possibility
Elder abuse - it’s a topic often avoided because the reality of it is difficult to face. However, it’s a vital conversation and brings forward the importance of combating mistreatment through education and advocacy. Unfortunately, the elderly population is more susceptible to being taken advantage of due to physical and mental decline, and believe it or not, 1 in 10 Americans over the age of 60 will experience some form of elder abuse. It can come in various forms, from neglect and psychological abuse to physical and financial abuse. To make matters worse, only 1 in 44 cases of elder abuse...
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045: Want to Retire on a Lump Sum? Here’s How
A Place of Possibility
Retirement is a milestone we all aspire to, and for many, choosing a lump sum can be the key to financial freedom. However, it can also be daunting. While enticing, the prospect of receiving a substantial cash payout from your employer can come with a particular responsibility and the need to make critical financial decisions. This lump sum represents your life’s work, and it can be challenging to make it last throughout your retirement. The fear of not outliving your savings, the uncertainty of how to invest wisely, and the ever-present question of whether you’re making the right choices...
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044: Senior Living Options: What’s Right for Me?
A Place of Possibility
With aging comes many difficult decisions. One of those is determining the best living situation for your later years, specifically, choosing a senior living community. In fact, the US Department of Health and Human Services estimates that the number of adults 65 and older who will need to move into senior living communities is expected to reach 27 million by 2050. That’s a lot of people! While many options are available, ranging from independent living and assisted living to memory care and boarding, it’s easy to become overwhelmed. So, whether you’re looking for opportunities for a...
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043: Why is Pre-Need Planning for Funeral and Cemetery Arrangements So Important?
A Place of Possibility
Contemplating what will happen to you after you die can be emotionally challenging, so it’s no wonder most of us avoid it at all costs. However, certain end-of-life choices have to be dealt with one way or another. 82% of people don’t pre-plan their funeral and cemetery details, which means their family members are left to make tough decisions at the last minute while grieving, as well as take on financial burdens. In fact, 37% of funeral overspending is due to a lack of pre-planning. In this episode of A Place of Possibility, we’re ripping off the band-aid, discussing death and how to...
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042: Could a Family Legacy Documentary Help Preserve Your History and Family’s Future?
A Place of Possibility
Have you ever heard of the adage “shirtsleeve to shirtsleeves in three generations?” It refers to the inability of children and grandchildren to manage family wealth that has been passed down. And it starts with the classic American dream story. One of the first generations hits it out of the park with success, but by the third generation, two things have happened: One, the money is all gone, and two, family relationships have been laid to waste because of the impact of the money on the family. In fact, there have been studies done on affluent families to understand the reasoning better,...
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041: Planning for Retirement? Avoid These 10 Investment Blunders
A Place of Possibility
In simple terms, retirement planning is what we do to prepare for life when we stop working – financially and via lifestyle choices. It’s about determining specific goals for this future time in our lives and how we can achieve them by identifying income sources, estimating expenses, building necessary savings plans, and much more. We all know that preparing for retirement is an important endeavor that you can never start too early. However, it can be a challenge that even the savviest individual can struggle with, making mistakes that cost them significantly in the long run - especially...
info_outlineIn most industries, you can generally rely on a legitimate professional’s opinion for guidance. But the investment industry — or more specifically, the investment PREDICTION industry — is an altogether different animal. That seems counterintuitive, doesn’t it? It sure feels like that trade would be filled with legitimate pros whose advice you could literally take to the bank. After all, we’re inundated with supposed experts each day on television, in podcasts, and in the newspapers, providing their takes on the financial road just ahead.
They must know something we don’t and are standing by, ready to alert us to the dangers — or financial renaissance — that may be just around the corner, right? Wrong!
Financial media is a BUSINESS. Those personalities on business-centric outlets like MSNBC or the Wall Street Journal aren’t plying their trade out of benevolence or a sense of service. They’re on the air to generate ratings — ratings that translate into advertising dollars.
There’s just one problem, and it’s a big one. These financial pundits are wrong much more often than you might think. In fact, there’s really no reliable evidence that anyone — regardless of their experience or education — can effectively predict the short-term direction of the stock markets. And, if you hitch your investment wagon to these predictions, it can do some serious harm to your financial future.
That sounds a little disconcerting, but it’s true. Want proof? We’ve got it in the newest episode of A Place of Possibility™.
We’ll be talking about:
- How the investment prediction industry uses sensationalistic headlines, accompanied by evocative imagery, to prey upon your intrinsic human need to want to avoid pain.
- One particular financial pundit — a household name — who is usually so off the mark with his predictions that evidence suggests you’d be better served doing the exact opposite of his recommendations.
- An ever-present faction of the investment prediction industry that’s always ready to stoke fear in our hearts and how they do it.
- The real key to successful investing that will prepare you for those tumultuous events that will always crop up to disrupt the financial markets in the short term.
And more!
We know, we know! It’s hard to turn off the tv and put the remote down, but we promise that once you do, your financial and mental health will be much better off! And if you know someone else who may be struggling with turning off the financial white noise, please share this episode with them.