Government and the Economy
Mark Elam, Senior Investment Strategist at Ronald Blue Trust, joins Mike to discuss how projected policies of the new administration may affect our economy.
Questions answered include:
- How does the makeup of congress affect the economy?
- Does all of this stimulus money drive inflation up?
- It seems the US Dollar is getting weaker in the global economy, is that a cause for concern?
- What about investing in things like gold?
- Is there a bubble in the stock market? How does diversification help stabilize a portfolio in a stock bubble?
COVID Tax Relief Information
Alan Cox, CPA, CKA, Director of Estate/Trust Planning and Estate Settlement at Ronald Blue Trust joins Mike to discuss some of the ins and outs of the latest Coronavirus relief package.
- modifications to charitable contribution limitations, including above the line deductions for non-itemizers
- relief checks and their calculations: information on how you can figure out how much you may be getting!
- difference between Adjusted Gross Income and Taxable Income
- expansion of the paycheck protection loans
- deductibility of business meals
- IRA conversion considerations
Listen to the Episode
Taxes and Estates: Listener Questions Answered
On this episode of Talking Money, Mike answers a variety of listener submitted questions:
- I have a life insurance policy my parents purchased for me when I was a child. I would like to cash it in to buy some property. How will that affect my taxes?
- Do I need an estate planner? What professionals should I hire to make sure my estate is in order?
- How can I make sure my cars and mobile home or house don’t go through probate?
- I am close to retirement, what is a good way to make sure I have access to the cash flow I need without completely emptying my retirement accounts?
He also discusses the previously offered homegoing document, found here.
Listen to the EpisodeBest Of Talking Money: Estate Planning Q&A
Highlights from show aired June 6, 2020
Is it a good idea to leave specific dollar amounts to my beneficiaries? How do special needs children factor into my estate plan? Mike answers these listener questions and more about estate planning.
Listen to the EpisodeBest of Talking Money: Estate Planning Much More than a Will
Highlights from show aired May 30, 2020
Estate Planning covers a wide range of documents and details. Will your loved ones know how to access your important documents and the funds necessary to take care of your final expenses? Should you hire an estate planning attorney? Is it better to hold your assets in Joint Ownership or just let your assets pass by way of your will or probate? These questions and more are answered on this episode of Talking Money.
Listen to the EpisodeWhat is Your Financial Plan?
Scott Clark, CFP®, CKA®, joins Mike to discuss the Everyday Steward division of Ronald Blue Trust. They discuss the importance of having a financial plan, having your estate in order, and making sure you are truly diversified in your investments.
Mike ends by reading this holiday greeting from Nick Stonestreet, CEO of Ronald Blue Trust.
A special offer for our listeners! For $500 you can get a professional financial plan overview for yourself or to give as a gift!
Scott and his team will help you answer five major questions:
- Do you have written financial goals or responsibilities driving your decisions?
- Are you purposefully giving, saving, and spending?
- Are you prepared for the impact of death or disability?
- Are you on track to meet your written goals or responsibilities?
- Are you making wise investments? Does your portfolio flow from your plan?
This offer will include one hour of planning by Scott and his team, one hour meeting with Scott to discuss the plan they have drafted, and a binder with the plan all printed out for you.
Two books will also come with the plan: Your Money Made Simple and Your Life Well Spent, both by Russ Crosson, the chief mission officer of Ronald Blue Trust.
To begin the process, you simply need to request a questionnaire. You will have no obligation until you return the questionnaire and you agree to engage us
For more information, please email mike@talkingmoneyradio.com or scott.clark@ronblue.com, or you may call Scott at 864-335-6744 or the Greenville office at 800-588-7526.
Listen to the EpisodeListener Questions: Answered
In this episode, Mike answers a variety of listener questions:
- What about helping the homeless veterans or other people out begging on the roadside?
- My mutual fund has some Puerto Rican funds in it. Should I be concerned? Should I trade out of that fund?
- Should I look at transferring some of my employee stock ownership plan (ESOP) into an IRA?
- How does using a Qualified Charitable Distribution (QCD) affect my Adjusted Gross Income (AGI)?
- What are some of the considerations for the Required Minimum Distribution (RMD)?
- What about using a Donor Advised Fund?
- I am just generally concerned about the current state of the stock market, should I sell everything and move to cash only?
Are you ready?
Mike discusses the biggest thing we all need to be ready for. He also answers listener questions about mutual funds and how the election and potential future shut downs could affect the market. He shares some positive words from the investment team of Ronald Blue Trust.
Listen to the EpisodeBest of Talking Money: Raising Money Smart Kids
Highlights from show aired June 27, 2020
How can I help my kids visualize the value of a dollar? How can I teach my children the value of giving? What are some ideas to teach my kids about using money wisely? On this episode of Talking Money, Mike and special guest Dan Grover explore some creative ways to help your children see the importance of being wise with their money.
White papers offered on this week’s show:
Financial Assistance to Others
Listen to the EpisodeBest of Talking Money: Financial Assistance to Others
Highlights from show aired June 20, 2020
Should I help my struggling family member financially?
How do I know if I am actually helping or hurting them?
Dan Grover, CFP® professional and senior private wealth advisor at Ronald Blue Trust in Charlotte, joins Mike to discuss considerations when helping others financially.
The document “Financial Assistance to Others,” offered and discussed in the show, is available here for download.
Listen to the EpisodePlan Ahead Tax Strategies
Is there anything you can be doing now to save some on your taxes when you file next year? Why is it important to look at these strategies?
Mike is joined by Justin Meade, CFP®, CRPC®, CKA®, to discuss some strategies you may want to consider at the end of the year to maximize your deductions on your tax return. They answer questions like:
- What is your marginal tax bracket. and why is it important?
- How does knowing your adjusted gross income (AGI) play into your tax strategy?
- How does “bunching deductions” work?
- What are some advantages of giving through a Donor Advised Fund?
- Are long term care premiums or assisted living expenses deductible?
- What about property taxes or SALT (state and local tax)?
They also discuss how the election results may or may not affect your tax planning strategies, the pros and cons of a ROTH conversion, Qualified Charitable Distributions (QCDs), and capital gains.
Click here to read the article Justin recently wrote on this subject!
Listen to the EpisodeThe Election and the Stock Market
Mike answers a number of listener questions, including:
- I am getting an inheritance/life insurance claim, what is a good way to invest that money?
- What are some options when transferring from a CD that is maturing?
- What are my options in emerging markets? Can I invest in those without being heavily invested in China or another country?
- How are the election results affecting the stock market? Why might they be affecting it that way?
- How has COVID affected the world economy?
Here is some more information about the Miracle Hill event we are participating in.
Listen to the EpisodeBest of Talking Money: How “Independent” is Your Independent Advisor
How “Independent” is your Independent financial adviser? Do they really have your best interest at heart?
Mike discusses the good and potentially bad of being an independent adviser; plus a review of the new Code of Ethics from the CFP® Board of Standards. He also looks at some questions you should not be afraid to ask your financial advisor–and questions you should be asking.
(original air date April 18, 2020)
Listen to the EpisodeBest of Talking Money: What Is Your Financial Finish Line?
Do you know your financial finish line? What is a financial finish line? Why is knowing this even important? How does knowing your financial finish line help you be more generous with the resources God has blessed you with?
Mike answers these questions and discusses ways you can be generous with your money and time.
(original air date: March 14, 2020)
Listen to the EpisodeIs That Financial Advisor Right for You?
After a quick recap of last week’s show and a brief discussion of private investments (private equity, private credit, real assets and hedge funds ), Mike discusses questions you should ask your financial advisor or any financial advisor you are thinking about hiring:
- What is their continuity plan? What happens to your money if something were to happen to that advisor?
- What designations (CFP® professional, CPA, CFA®, CRPC®, etc.) does the person have and what exactly do those letters mean?
- How is the advisor paid? How do you pay the fees? What are the fees?
- How well do they know taxes?
- What regulatory agencies are they under?
He also mentions a few external sources where you can check out advisor credentials.
Listen to the EpisodeMarket Update: Election and COVID Considerations
Will the upcoming election affect my stock investments? How will COVID continue to affect my investments? Should I sell everything and get into cash to “wait things out”? These questions are asked frequently these days. Wouldn’t it be easier if someone could accurately predict the future of the market? Unfortunately, no one can accurately predict the future. As Warren Buffett said, “We’ve long felt that the only value of stock forecasters is to make fortune tellers look good.” And Howard Marks, author and co-founder Oaktree Capital Management, echoed that, “I’d advise you to approach the entire subject of forecasts and forecasters with extreme mistrust.”
Mike gives an update on market conditions. The Ronald Blue Trust investment team put out a helpful report recently. Mike plays that on the show, and you can watch the video of that PowerPoint presentation here.
Towards the end of show, Mike discusses another recent market update document from the Ronald Blue Trust team. You can follow along with that by downloading that document here.
“I don’t believe in predicting markets. I believe in buying great companies – especially companies that are undervalued, and/or under appreciated.”
Peter Lynch, long-time manager of Fidelity Magellan Fund
Listen to the EpisodeHomegoing Checklist: Preplanning Guide Part 2
Have you thought about who will handle your estate when you pass? Have you communicated to that person where your important information is? Do they know where to find information about bank accounts, investments, and insurance policies? Are there valuable items you want to pass to a specific person? Do you have special requests for your funeral or burial arrangements? How will your loved ones know all this information?
Listen as Nick Stonestreet, CEO of Ronald Blue Trust, joins Mike to discuss the importance of communicating these items to your family before it’s too late. They walk through a helpful home going planning document, which you can download a copy of here.
Listen to the EpisodeHomegoing Checklist: Preplanning Guide
Have you thought about who will handle your estate when you pass? Have you communicated to that person where your important information is? Do they know where to find information about bank accounts, investments, and insurance policies? Are there valuable items you want to pass to a specific person? Do you have special requests for your funeral or burial arrangements? How will your loved ones know all this information?
Listen as Mike discusses the importance of communicating these items to your family before it’s too late. He walks through a helpful home going planning document, which you can download a copy of here.
Listen to the EpisodeSpecial Guest: Bart Bryant
Bart Bryant, professional golfer, joins Mike to discuss golf, the “behind the scenes” of the PGA Tour, and what it was like to have Tiger Woods be your runner up!
They also talk about things Bart has learned about money–from the importance of generosity to the value of having a like-minded financial advisor.
Video clip played at beginning of the episode can be viewed here.
Bart Bryant’s experiences may not be representative of the experience of other clients of Ronald Blue Trust. His experiences are also not indicative of future performance or success.
Listen to the EpisodeBest of Talking Money: Medicare and Social Security, Part 2
Is that free Social Security analysis I saw advertised really as good as it sounds? Free sounds too good to be true!
What about the spousal benefit for Social Security? How does that work?
What are the implications of drawing before full retirement age?
Eddie Holland, CPA, CFP®, CKA®, and Social Security expert, joins Mike to answer these questions from listeners.
(original air date March 28, 2020)
Listen to the Episode