Hot Sauna, Book: Tools of Titans, Photography
Uncommon Cents with Bowman Financial Strategies
Release Date: 11/17/2018
Uncommon Cents with Bowman Financial Strategies
If you find yourself newly single, it can be an incredibly difficult time emotionally. Add in the major financial changes that happen during this transition and it becomes overwhelming for anyone to try to navigate on their own. Today, we are going to be talking about three things that a divorcee or widow can do to get a hold on their finances during this tumultuous time. Here’s what we discuss in this episode: 0:00 – Intro 0:34 – Understand your finances now 1:20 – Tax considerations 2:33 – Knowing your expenses 3:27 – Challenges Get...
info_outline QCDs: Who They’re For, How They Work & Key BenefitsUncommon Cents with Bowman Financial Strategies
Are you looking for ways to make the most of your retirement savings while also supporting a cause you care about? In this episode, Erik dives into the ins and outs of Qualified Charitable Distributions (QCDs), a smart financial strategy that allows retirees to fulfill required minimum distributions (RMDs) while reducing taxable income. You'll learn exactly how QCDs work, who they’re best suited for, and the key tax benefits they offer. Here’s what we discuss in this episode: 0:00 – Intro 1:34 – How QCDs work 4:19 – When does it make sense to do this? Get access to all...
info_outline The Power of Diversifying Your Retirement Accounts By TaxabilityUncommon Cents with Bowman Financial Strategies
If you could save tens of thousands of dollars in taxes every year, you’d have more freedom to pursue what truly matters- whether it's travel, hobbies, or leaving a financial legacy. In this episode, Erik explains how diversifying your retirement accounts by taxability can help you do just that. By building a mix of IRAs, 401(k)s, Roth IRAs, and non-qualified brokerage accounts, you gain more control over how and when your income is taxed, helping you protect your wealth from future tax hikes and legislative changes. Tune in as Erik walks you through the tax rules for each type of account,...
info_outline How Do You Become Tax Efficient in Retirement?Uncommon Cents with Bowman Financial Strategies
People talk all the time about tax efficiency in retirement, but what does that truly mean and why does it matter? It’s much more than a buzzword; it’s a vital strategy for preserving more of your money in retirement. Today we’re going to explain why tax efficiency matters, the risks of not being tax efficient, and strategies for becoming tax efficient. You’ll be able to learn about different types of retirement accounts, the impact of legislative risk, and how to prepare for potential changes in tax laws. Plus, we’ll explain our Roth conversion analysis tool and how it helps us...
info_outline Should You Rollover Your 401k Into an IRA?Uncommon Cents with Bowman Financial Strategies
Are you nearing retirement or thinking about changing jobs? One of the most common questions people face is what to do with their 401(k). Should you keep it where it is, or roll it over into an IRA? In this video, we’re going to discuss the reasons you might want to rollover your old 401k today. Here’s what we discuss in this episode: 0:00 – Intro 1:58 – Scenarios that allow you to roll over old 401Ks 3:42 – Benefits of a rollover IRA 6:42 – Tax considerations in rollovers 9:35 – Consolidation & fees 12:13 – Common concerns 14:04 – Reason you’d keep the old 401k...
info_outline Is Social Security Going to Run Out?Uncommon Cents with Bowman Financial Strategies
One of the most common questions we get is about Social Security and whether it’s going to run out. If you only read headlines, it seems to be a valid concern. But what’s the reality of the situation and how does it impact you when it’s time to file for Social Security? Here’s what we discuss in this episode: 0:00 – Intro 1:43 – 2024 Trustees Report 2:40 – What goes into the projection? 4:30 – What happens if it runs out? 6:10 – Making Social Security more viable 10:15 – When will change happen? 12:34 – Retirement planning 14:47 – Filing strategies Get in...
info_outline Inherited IRA Changes You Need to Know AboutUncommon Cents with Bowman Financial Strategies
Recent rule changes have made it more crucial than ever to understand the tax implications and distribution timelines associated with inherited IRAs. Listen in as Erik and Ben break down the latest IRS rule changes affecting inherited IRAs, including the newly condensed 10-year distribution timeline. They explore the implications of these rules for both spousal and non-spousal beneficiaries and share some strategies to help navigate these changes effectively. Here’s what we discuss in this episode: 0:00 – Intro 1:09 – How the rules for inherited IRAs have changed 4:08 – What are...
info_outline Combatting Popular Excuses For Poor Financial Decision-MakingUncommon Cents with Bowman Financial Strategies
Very often, we see people who know that the financial decisions that they’re making aren’t the best decisions, but they try to create excuses or explanations for why they’re doing what they’re doing. Let’s talk about why these excuses usually don’t hold water. Whether it’s procrastination, fear of market crashes, or misunderstanding Social Security, these common excuses can have long-term impacts on your financial health. Here’s what we discuss in this episode: 0:00 – Intro 1:49 – Social Security at 62 5:34 – Taking too much risk 7:57 – Having too much in cash...
info_outline The Beauty of Simplicity When Planning For RetirementUncommon Cents with Bowman Financial Strategies
Retirement planning doesn’t have to be overwhelmingly complicated. It certainly doesn’t have to be as complicated as some people make it. So, in today’s episode, we’ll talk about the beauty of straightforward financial planning. Here’s what we discuss in this episode: 0:00 – Intro 0:46 – The 80/20 retirement formula 2:26 – How financial planning gets overcomplicated 4:10 – Does technology help or hurt? 5:57 – Accumulate, protect, and avoid 8:19 – Saving as much as you can 10:13 – Social Security education, minimizing taxes, and protecting assets Get in...
info_outline Getting To Know Your Host, Erik BowmanUncommon Cents with Bowman Financial Strategies
Welcome back to Uncommon Cents, where Eric Bowman of Bowman Financial Strategies brings clarity to the world of financial planning. We're back with a revamped version of the show on YouTube and all your favorite podcast streaming platforms. We have a lot of exciting content coming your way- but first, let’s get to know your host! Here’s some of what we discuss in this episode: 0:00 – Intro 0:52 – How he got into financial planning 3:31 – What he likes most about the business 4:17 – What our financial planning looks like 5:39 – An event that changed his life 7:39 – What...
info_outlineHi All!
Thank you for taking the time to read Episode 2 of Mastering Monday. My name is Erik Bowman and I hope you are having a fantastic day, after all, it is the only like it you will ever experience. The primary reason we create financial plans at Bowman Financial Strategies is so you can live the life you want to live without worrying about finances. I like to think of it as creating a predictable Income Plan and an Exciting Retirement.
So in order to provide ideas, tools, life hacks and resources to help you enjoy your Retirement (or any phase of life for that matter) keep reading!
Below are areas of focus for me this week. I’d love to know if any of these ideas inspire you and how. Enjoy! You can listen to the audio version by clicking here: Mastering Mondays Episode #2.
SAUNA..get your heat on!
Sauna. This one is too good to keep from you any longer. Sitting in a hot Sauna feels great but also seems to have scientifically proven health benefits. Here are the noticeable changes I have seen. First, after I Sauna, I just feel amazing. I feel calm, focused, relaxed and have and experience an elevated mood. Second, I have almost no post-workout muscle soreness since I started Sauna. Finally, when we do sauna at night, it feels like I’ve had a glass of wine and I sleep like a baby. If we have had a long day of work, we will sometimes go to the gym, skip the workout and just do Sauna. As I write this, I just came back from a second sauna session of the day. I admit I am addicted. If I have limited time, I will pick sauna over workout at this point and we have done so many times. This is a new lifelong habit I wish I would have started decades ago.
Sauna is a cultural tradition in Finland and thus provides a perfect cohort of people to study and evaluate the benefits of heat acclimation and sauna. For the details, click the link below to see a comprehensive Finnish Study reviewed by the Mayo Clinic https://www.mayoclinicproceedings.org/article/S0025-6196(18)30275-1/fulltext.
The study showed for example, a 62% reduction in Stroke, reduction in risk of Sudden Cardiac Death, protective effects from Nuero-Cognitive Disease, improved lung function, and 78% reduction in psychosis. The data are so astounding it’s hard to believe Sauna isn’t used by everyone. It seems to be gaining traction however. Interesting note, one of the most common behaviors of provably successful people in their field……Sauna!
My wife and I started Sauna about 2 months ago and we now use the sauna 5-6 days per week directly after a workout. Most fitness centers have them. We go to 24-hour fitness and they have a very nice, clean, dry-sauna. The first few times we went, it was a bit of shock and our duration was only a few minutes (3-7). However, after about a week we built up a tolerance and now stay in the sauna for 20-30 minutes at roughly 185 F. A few keys to successful sauna time; 1) bring a water bottle filled with ice and water. 2) Build up to 15-20 minutes as that is the recommended duration the studies have shown provide measurable cardiac benefits, 3) Use flip flops. The floor can get hot! In general, we change into a bathing suit (many stay in workout clothes) and sit on a towel on the upper bench. Within 3-6 minutes the sweat will begin to show. We sip ice water the entire time and have met some very interesting people during our visits. After our allotted time of 20-30 minutes, I immediately go into the coldest shower possible. That too was a shock the first few times. Now I just walk right into the cold water and it feels great. It immediately cools you down and forces the blood back to your body core. Another benefit of the cold shower is you won’t be sweating for the hour following the Sauna. Decrease the temperature gradually if your coldwater-phobic.
Reading is Fundemental
Tools of Titans by Tim Ferris. This book explores the daily habits of over 150 billionaires, icons and world class performers. What I like is that each person is asked similar questions and you can pick our tactics that are a good fit for you. Examining their approach to life and evaluating their habits (daily morning rituals), reading list, problem solving methods, techniques for controlling their emotional outlook and methods of communication provides some truly powerful information. You can skip around the book looking for people, or categories (i.e Athletes) that interest you. I have changed my entire workout routine and applied many principals learned from this book. It’s a book you will keep on your bedside table for a long time!
Photography “The interview segment”
You won’t have a professional photographer with you when you at your grandchild’s birthday party or when you’re having dinner at your favorite restaurant. Listen to my 25-minute Podcast with professional Photographer Kristine Lynn to learn tips and techniques used by the pros to take better pictures with your phone or XLR camera. Topics include, staging a scene, lighting basics, framing a picture, and importantly convenient ways to back up your photos so you never lose a cherished memory due to space constraints on your phone.
You can listen to the podcast by clicking the link: Mastering Mondays Interview Segment 2 (time 26 minutes)
Take Action
If you read these pages and think, “I really should do that” or, “I will read/do/drink/experiment with that”. Don’t wait ~Take action.
“It's the action, not the fruit of the action, that's important. You have to do the right thing. It may not be in your power, may not be in your time, that there will be any fruit. But that doesn't mean you stop doing the right thing. You may never know what results come from your action. But if you do nothing, there will be no result.”
~ Mahatma Gandhi
Master your Monday and have a great week.
Erik