Highlights for Your Safe Money Show for the week of July 23

We have a great show for you this week. Summertime, people are headed to their cabins or vacation homes. Many of these places have been in the family for years. I will have four questions to ask before you pass the vacation home onto your children.

Also how does your mind work when it comes to money? We’ll look at common money mindsets that can hold you back and how your brain gets in the way of making smart money decisions. The best part is we can “change” our minds for the better and I’ll tell you how.

Budgeting

Over my 20 plus years in the financial service field, I have helped many of my clients find their way to financial freedom, by establishing a “budget”. My advice is to save every bill statement, receipt, or check for one month, three months would be better.
A great way to really know what you’re spending, write it down in a notebook. The idea is to discover what you’re spending your money on. Obviously there are required services like utilities (electric, gas, sewer, water) but there’s also not-required utilities (internet and cable). I am sure some feel internet is a must these days. But as you really fine tune what your spending your money on, you can find ways to save. Once you’ve accumulated a months’ worth or longer of bills, receipt’s ect. balance that against what money your taking in via a paycheck or other monies. With that information you can now decide where you can save. Usually the cuts in spending are easier than you think. 
If you need help setting a budget call me for an appointment 855-226-6639.

Your Safe Money Show Selling On Line 7 16 16

Highlights for this week's (July 16th) Your Safe Money Show

On this week's Your Safe Money Show, I found a comprehensive report of 1 million U.S. consumers and how lower gas prices have impacted them in many ways. The report gives us an accurate picture of what people have done with their extra income from lower gas prices, and what that means for our economy.

In this day and age more and more people are selling items online. We’ll see what it takes to be profitable.
And people are refinancing their mortgages like crazy right now. Why is that? 

Your Safe Money Show Is our economy rigged 7 9 16

Highlights for this weeks July 9 Your Safe Money Show

For this weeks Your Safe Money Show, I want to start by talking about when you turn seventy and a half, you have to start paying on tax deferred savings accounts. Turns out the oldest baby boomers reach that magic seventy and a half this week with more to follow. So I'll explain taking those RMD's (required minimum distributions) and what tax implications might follow.
I also found an eye opening article on how Americans feel that our economy is rigged, and more people are unhappy in retirement than ever before. We'll see why people feel the way they do on both topics. 

401(k)'s

Since pensions are few and far between these days, 401(k)’s have become a retirement saving vehicle for many companies. During the 1980’s the costs of running pensions climbed and employers started replacing them with 401(k)’s.

The name 401(k) is for the section of the tax code that governs them. A 401(k) is a retirement savings plan sponsored by an employer. It lets workers save and invest a piece of their paycheck before taxes are taken out. Taxes aren’t paid until the money is withdrawn from the account. Many 401(k)’s have a match which is usually a percentage maybe 3%, so if you put in an amount the employer will match up to that percent. I always say whatever you do take the match that’s “free” money!

Over years of working, someone could have several 401(k)’s from various jobs and consolidating and rolling those accounts over to a safe money account can make a lot of sense since fees can eat up gains and even move you backward. These days we have to be in charge of our own retirements.