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How to "Budget" for Your Prosperity and Wealth

Wealth Talks

Release Date: 09/17/2019

Risk Tolerance... or Loss Aversion? show art Risk Tolerance... or Loss Aversion?

Wealth Talks

Risk Tolerance is a phrase that gets thrown around a lot in the typical financial world. is defined as the degree of variability in investment returns that you are willing to withstand. But this really doesn’t specify the amount of money you are willing to risk in order to possibly make a certain amount of money. In other words, how much money are you going to gamble with? Of course, just because you gamble with more and more money, that doesn’t mean you will make more, or even any, money in return. Sadly, it seems that many “risk tolerance” measures are just a new-fangled way of...

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The Corornavirus brings on a Black Swan show art The Corornavirus brings on a Black Swan

Wealth Talks

The market has plunged rapidly into a black swan, and a black swan is where typical financial planning fails. Typical financial planning tells you just to keep your money in, and let the market come back up. But many times, the best deals are to be found in times like these. If your money is all tied up, you are going to miss out. Traditional financial planning starts out by purchasing Whole Life Insurance, which is not tied to the market. When the market is in a time like this, your money is easily accessible to use for any opportunities that may arise. Sadly, many people who are losing money...

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Keep On Winning When You Win show art Keep On Winning When You Win

Wealth Talks

Some people have a big win followed by a devastating loss.  Sometimes the loss even nullifies the win.  Have you seen it? It’s the classic example of winning a battle but losing the war.

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Can you trust your financial plannning strategy? show art Can you trust your financial plannning strategy?

Wealth Talks

The market is a mess. Stocks are down, the Dow is down, the S&P 500 is down. Are you happy with your strategy for financial planning? Or does it feel more like gambling in Las Vegas? People are being failed by their financial planning strategy, leaving them dependent on Social Security. This is a problem. You need a foundation that isn’t affected by the latest plunge in the market. Listen now to find out why it is so critical to have this foundation, and how to get it.

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Pitfalls of Typical Fiancial Planning show art Pitfalls of Typical Fiancial Planning

Wealth Talks

Typical financial planning has failed, leaving many dependent on social security. 401Ks, simple IRAs and other Tax Qualified Plans, are the “golden goose” that can kill you financially if you don’t know and understand the “terms and conditions” of each. Although it seems like “free money” when your employer is contributing some sort of match, will that “free money” actually cost you in the long run? In today’s episode, Tom and John talk about some of the consequences that could ensue in the future with these typical systems. Surprises can be nice, but tax implications you...

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Clocks and Life Insurance Policies show art Clocks and Life Insurance Policies

Wealth Talks

Today on Wealth Talks Michele joins Tom and John… and so does Mr. Higgins! Well, sort of.  Poor Mr. Higgins lives in a book and has a clock but cannot tell if it is on time! Mr. Higgins buys another clock only to discover that neither clock displays the same time. Now Mr. Higgins is in despair! He can’t tell which clock is correct! Is Mr. Higgins doing the same thing with clocks that some people do with life insurance? Listen Now to find out, not only what some people do with life insurance, but also what Mr. Higgins does to fix his problem.

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Tax Advice from a former IRS Auditor show art Tax Advice from a former IRS Auditor

Wealth Talks

How can you tell if you’re paying more in taxes than you should be? Can section 199A really give businesses a leg up? What about the Secure Act? Is Life Insurance really a good tool to leave a legacy?   Jack Cohen worked as an IRS Auditor for 33 years, In fact, he won the IRS Employee of the Year Award in 2006. Since then, Jack has switched the “black hat” for the “white hat”, helping people pay as little as they legally can in taxes.   Today he joins Tom and John on Wealth Talks to answer questions about section 199A, the Secure Act, and others. Also, he offers to review...

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Health is Wealth with OHS show art Health is Wealth with OHS

Wealth Talks

Health is indeed a part of Wealth. And with so many options for diets and supplements in today’s world, where do you even start to start? Do nutrition and supplementation really play a role in helping you reach Optimal Health? Doug Grant is the founder of Optimal Health Systems (OHS). Before founding OHS in 1997, Doug was the 1st nutritionist ever hired by an NBA team. He has continued on to work with athletes in MLB, the NCAA, the Olympics, and even publishing Ironman magazine for a couple of years. Listen in as Doug Grant joins Tom and John to talk about health and nutritional needs, and...

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Planning for Retirement show art Planning for Retirement

Wealth Talks

There are many Retirement Calculators out there, insert your numbers and Ta-Dah! The calculator spits out how much money you need to have in order to retire. But these calculators can’t guarantee how much money you will need in retirement. What chunk of your money will inflation gnaw off throughout your retirement? Are your retirement savings tax free? Or only tax deferred? Will you ever require special medical care? What about assisted living? Or emergencies, or… or… or… Today on Wealth Talks, Tom and John talk about events that can catch you by surprise in retirement. Don’t trust...

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The Fedral Reserve and the Stock Market show art The Fedral Reserve and the Stock Market

Wealth Talks

The Federal Reserve has been artificially lowering interest rates for years. This has been driving up the cost of stocks, far beyond their economic value. Meanwhile, other central banks are printing up legal currency in order to buy shares of stock. Our own Federal Reserve is printing up currency with which they are purchasing mortgages. Sooner or later, a return to economic reality will have to take place. Today Tom and John are joined by Dr. Paul Cleveland, Ph.D. in Economics and Professor of Economics and Finance at Birmingham-Southern College. Join the conversation as they talk about the...

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More Episodes

Many budget systems give you a good feeling as you start, but cannot produce the sustainable results you need to build real prosperity. As an example take Senator & Presidential candidate Elizabeth Warren’s book which recommends a 50-20-30 budget system.

 

This budget system reminds you of a typical government budget when you realize that only 50% of your income is allocated to necessities that require 60% of an average American household income. Oops!

Maybe you could fit necessities into 50% of your income, especially if your income is above average, but this is not a great plan for keeping more of the money you make OR building prosperity.

 

Better start with something you know will be sustainable and a plan to NOT lose the money you save. Try the 10-20-70 system and make sure you “pay yourself first”. This system has been around for a long time. You know it will be sustainable and if you can save more than 10% (or 30%) of your income, all the better.

 

Resources:

See how the 10-20-70 Budget System Works + Get the Worksheets Free