Dreams and Dollars: Navigating a Vacation/Rental Home Purchase
Emotional Balance Sheet with Paul Fenner
Release Date: 06/13/2024
Dr. Jennifer Dragonette – Uncovering Core Values for Financial Clarity and Emotional Balance
Emotional Balance Sheet with Paul Fenner
Imagine trying to find your way in the dark without a light. Even if you have a plan, do you have a light to help show you the way? Our purpose and values are the light that helps to guide us along our lives and weaves itself into our financial plans. Our resident therapist expert, Dr. Jennifer Dragonette, helps us explore how deeply our emotions and core values influence financial decisions, especially as we transition through various life stages. Dr. Jen shares a fascinating exercise to help you quickly identify your core values, providing a clear lens through which you can...
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Ayelet Fischbach – The Science of Motivation and Strategies to Help You Achieve Your Purpose
Emotional Balance Sheet with Paul Fenner
Have you ever set a goal and wondered why is this really important to me? Or did you set an objective and lose your motivation while trying to achieve it? I welcome back to the show Professor Ayelet Fishbach, Eric J. Gleacher Distinguished Service Professor of Behavioral Science and Marketing at the University of Chicago. Ayelet is a motivation scientist and author of Get it Done: Surprising Lessons from the Science of Motivation. Ayelet is also known as the godmother of motivation! Ayelet sheds light on the low correlation between wealth, happiness, and...
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Paul Fenner – Is the Election Over Yet?
Emotional Balance Sheet with Paul Fenner
By the time this episode is released, I sure hope we have an answer to who won the 2024 presidential election. I wanted to take a few minutes to explain my strategy of how I have handled this current election cycle, highlighting what I have done and, more importantly what I have not done. While tuning out the noise of the election is hard, patience and long-term strategies must win out vs. over-reactive decision-making based on political outcomes. Market performance is not solely dictated by what party is in power but rather by fundamental company performance and economic indicators. I...
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Dr. Teryn Clarke – Building Healthy Habits: Overcoming Fear and Anxiety Through Tiny Changes
Emotional Balance Sheet with Paul Fenner
Dr. Teryn Clarke – Building Healthy Habits: Overcoming Fear and Anxiety Through Tiny Changes Do you ever wonder why fear takes over when trying to gain traction when it comes to your physical or financial health? Dr. Teryn Clake, our resident neurologist expert, is back to discuss why negative feedback loops are stronger than positive ones, making change difficult. Making changes is challenging due to the conflict between the primitive "lizard brain" (focused on immediate gratification) and the human prefrontal cortex (capable of long-term planning). Successful habit formation requires...
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How to Use Emotions as Information - Dr. Jennifer Dragonette
Emotional Balance Sheet with Paul Fenner
Every day, we are surrounded by our emotions. But how can we use our emotions as information rather than be bullied by them? Our resident therapist expert, Dr. Jennifer Dragonette, joins us once again to discuss the concept of emotions as information and explore how our feelings significantly impact our financial decisions, careers, and overall life choices. Dr. Jen shares practical techniques to navigate powerful emotions like fear and anger, emphasizing the importance of mindfulness, grounding, and understanding our values. She also introduces the concept of agency, helping us...
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Why Politics Should Stay Out of Your Portfolio
Emotional Balance Sheet with Paul Fenner
If you haven't heard, a presidential election is happening this year. This often leads to a topic of conversation or a series of questions about what will happen to the stock market, depending on who wins. In this episode, I dive into why politics should stay out of your portfolio. Why time invested in the market is better than trying to time the market. And there is data that squarely proves this concept. This is the first episode that might be better to watch/listen to on our YouTube channel as I utilize various charts to illustrate that investment success isn't tied to...
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The Hidden Dangers of Seed Oils for Brain Health - Dr. Teryn Clarke
Emotional Balance Sheet with Paul Fenner
Dr. Teryn Clarke is back with us to delve into a topic affecting our health in surprising ways: seed oils. Have you ever wondered about the hidden impacts of common cooking oils on your brain and overall well-being? Dr. Clarke explains what seed oils are, where they come from, and how they contribute to inflammation—a key factor in diseases like Alzheimer's. In this episode, you'll gain clarity on which oils to avoid, discover healthier alternatives for your cooking, and understand how processed foods are a major source of these oils. We also address the significant role...
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Jill Benedict – How to Master and Save Money on Family Vacations
Emotional Balance Sheet with Paul Fenner
I am often asked how families master planning for vacation from a financial and experience standpoint. Jill Benedict, a seasoned travel agent who runs a unique travel agency, emphasizes that vacations aren't just about booking trips—they are about creating memorable experiences that align with personal and financial goals. Jill shares her insights on navigating family cruises, optimizing vacation costs, and making the most of the trip experiences. I have personally found that working with someone like Jill makes vacation planning less stressful while creating some unexpected...
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Unlocking Your Personal Power: Embrace Your Control
Emotional Balance Sheet with Paul Fenner
You have more power and control than you realize, has become a powerful theme emerging from my recent planning sessions with families. In this episode, we'll explore how taking control of your emotional and financial well-being can profoundly impact your life. Drawing insights from my own experiences and the wisdom of expert guests like neurologist Dr. Taryn Clark and psychologist Dr. Jennifer Dragonette, we'll discuss practical ways to focus on the positive aspects of life and harness your inner strength. Why is this conversation so important? Because your emotional...
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Dr. Jennifer Dragonette – Understanding the Role of Money Conversations in Relationships
Emotional Balance Sheet with Paul Fenner
How do you have money conversations with your spouse or partner? And just as important, what are you trying to achieve by having them? Today, we're diving deep into the intricate dance of relationships, communication, and money with our resident therapist, Dr. Jennifer Dragonette. We explore the importance of understanding each other's upbringing and values, particularly hot-button topics like finances. Dr. Jen stresses how curiosity can replace fear in these conversations while sharing techniques to bridge communication gaps and foster empathy by delving into each other's painful...
info_outlineAs we dive into the summer vacation season, a frequently asked question arises: should I buy a vacation home or rental property?
I share personal insights and experiences from when my family purchased a vacation home in Traverse City, Michigan, diving into the various considerations and decisions involved in such a significant financial commitment.
Here are some key takeaways to consider
- Understand the purpose: investment property vs. future retirement home
- Factor in costs: property management fees, higher taxes, maintenance/repairs
- Rental income may not cover all expenses, especially for a future retirement home
- Limits ability to travel elsewhere if frequently using the vacation home
I hope this episode provides helpful guidance as you navigate the complexities of owning a second home. Learn what factors you should weigh before taking the plunge into vacation home ownership.
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For resources discussed in this episode, visit tammacapital.com/podcast.
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And feel free to email Paul at [email protected] with any feedback, questions, or ideas for future guests and topics.
Resources Featured in This Episode:
Vacation Real Estate You Can Understand
HGTV Host Provides Insights on How to Make a Second Home a Reality