Listen to Episodes of the Talking Money^® Podcast & Radio Show

Beneficiaries, Part 2

Air Date: June 12th, 2021

Mike continues his discussion of setting up beneficiaries on your various accounts.

• Remember that beneficiary designations will take priority over anything named in your will.
• Don’t unknowingly disinherit your grandkids: a helpful tool for this is using per stirpes language.
• Is there a danger to naming only one child as the beneficiary and trusting them to distribute to the other heirs according to your desires?
• How can you make sure your IRA assets get paid out over time instead of one lump sum?
• Life Events such as birth of a new child, death of a loved one, divorce, marriage should act as triggers for you to double check your beneficiaries.
• What is the difference between Tenants in Common and Joint Tenants With Right of Survivorship (JWROS) on a real estate deed?
  • When was the last time you double checked your deed to see how it is titled?
• What about having JWROS on a bank account or a brokerage account?
• Is it a good idea to have a joint account with an elderly parent and their child who helps them with day to day responsibilities?
• What about your child’s spouse (your in-laws) and your grandchildren? Have you drafted your documents to make sure they get the assets as you intend?
• What about 2^nd marriages and kids from previous marriages?
• There are times when a trust would be the most appropriate. Have you considered that route?
• What about minor children?
• There are certain people you shouldn’t name as beneficiaries: who are they?
• Did you know you can name your church or favorite charity as a beneficiary? There are special considerations for this, too.

Beneficiaries, Part 1

Air Date: June 5th, 2021

Beneficiary designations may sound simple, but can actually be quite complex, especially when you start thinking of all the different possible scenarios:

• Are you sure your money will go where you want it to?
• When was the last time you looked at the beneficiary designations on all your accounts?
• How can naming beneficiaries help you make your heirs’ lives easier after you pass?
• If your beneficiary designations and your Will don’t match, who gets the money?
• Should you name your estate as the beneficiary?
• Are your beneficiaries emotionally and financially ready to get the money all at once?
• If your spouse dies, how important is it for you to claim their retirement accounts?
• What about taxes?
• Have you unknowingly disinherited your grandkids? Have you implemented per stirpes language to ensure this doesn’t happen?

Best of Talking Money: The Professional Athlete Division

Air Date: May 29th, 2021

Highlights from show aired February 20, 2021

Don Christensen, EVP of the Professional Athlete Division of Ronald Blue Trust, joins Mike to share his background and discuss the challenges specific to working with professional athletes:

• What are some differences between working with professional athletes versus people in other careers?
• Why is it important to have a trusted financial advisor, regardless of your career?
• What are some mistakes that professional athletes seem to make with their finances?
• How does the length of time an athlete’s career lasts come into play?
• What about endorsements?
• How do you counsel them on handling friends and family in financial areas?
• What are some of the more exciting or memorable experiences from working with athletes?
• How rewarding is it when the athletes follow your advice and are pleased with the results?
• What’s the hardest sport to deal with and why?

Economic Recovery

Air Date: May 22nd, 2021

Is the economy recovering from the effects of the COVID pandemic? Mark Elam, Senior Investment Strategist at Ronald Blue Trust, joins Mike to look at this issue from a variety of viewpoints. They answer questions such as:

• Has the economy started recovering already?
• How robust could the recovery be?
• Is inflation staying and increasing or will it be transitory?
• How will new legislation affect the economy?
• What is the velocity of money and why is it important?
• How can I protect myself against inflation?

How retirement literate are you?

Air Date: May 15th, 2021

After taking some time to answer some tax questions from last week, Mike discusses a recent survey put out by the American College of Financial Services regarding retirement literacy.

• How aware are you of different scenarios of retirement?
• Are you really retirement literate?

You can take the quiz here. (Hint: Mike gives several of the answers in this episode, so listen first and then go test your knowledge!)

Mike also discusses the importance of working with a financial planning professional to help you weed through all of the information about retirement.

Income Tax Strategies

Air Date: May 8th, 2021

As the extended income tax deadline draws near, Mike looks at some strategies you can use to potentially adjust your taxes from 2020.

• Are you aware of the different IRA rules?
• How does contributing to a retirement account affect taxes? If you contribute now, does it benefit last year’s taxes or this years?
• Are you contributing to and using an HSA if you are eligible?

Several listeners also called or texted in with questions like:

• I just moved a mobile home and plan to rent it out. Can I write off those moving and/or setup expenses?
• Is it possible to list rental income as passive income to offset taxes?
• What are the limits for an IRA contribution?
• Is there a good strategy for getting out of cryptocurrency to try to avoid paying future capital gains taxes?

The Emotions of Retirement, Part 2

Air Date: May 1st, 2021

Mike continues his discussion of a recent Wall Street Journal Article asking if you are emotionally ready for retirement. Some more questions to ask yourself:

• Would I like to go part time or should I just quit “cold turkey”?
• Do I have things to fill my time like hobbies or volunteering?
• Do I have friends that aren’t connected to my job or to my partner?
• What role is my partner playing in this decision?
• Do my partner and I have similar ideas about traveling in retirement or where we are going to live?

He also answers some listener questions:

• When my annuity reaches its surrender period, should I renew or transfer to an IRA?
• Would you bypass a 401(k) and go straight to a Roth IRA?

The Emotions of Retirement, Part 1

Air Date: April 24th, 2021

Are you emotionally ready for retirement? Mike looks at a recent Wall Street Journal article that proposes 8 questions you need to ask yourself. In this episode, he looks at the first three:

• On Sunday evening, how do you feel about work on Monday? Do you feel dread or anticipation?
• Have you thought carefully about your financial picture? Are you financially independent?
• What do my already retired friends and family think about retirement?

He also answers listener questions and issues:

• How to tell if that email or text telling you your account needs attention is legitimate or if it is someone else trying to scam you.
• With the potential of rising tax rates, should I convert all my retirement accounts to Roth accounts?
• What are my options for giving through a fixed annuity? Can I use a Qualified Charitable Distribution?
• What are some ways to donate assets to a non-profit?

Are We In a Bubble?

Air Date: April 17th, 2021

Mike reviews the most recent Economic Review and Outlook from Ronald Blue Trust. He discusses various market bubbles throughout history and whether or not the market is currently in a bubble environment. He also shares some thoughts on the life and schemes of Bernie Madoff who passed away earlier this week.

Living Generously Today

Air Date: April 10th, 2021

Dan Glaze, National Relationship Manager at the National Christian Foundation, joins Mike to discuss the many benefits being generous with what God has given you.

• Is giving via your estate plan really sacrificial giving?
• What exactly is a donor advised fund?
• Are there giving and tax strategies you can implement when selling your business?
• Do financial discussions or issues stress you out?
• Want to get your children more involved in your giving?
• What are some ideas for communicating with your spouse about giving?

Mike and Dan discuss all these areas and more!

Best of Talking Money: Financial Lessons

Air Date: April 3rd, 2021

Highlights from show aired February 6, 2021

Mike discusses the importance of being grounded in your faith so you don’t become overcome with fear in troublesome times. He also discusses the recent article from the Wall Street Journal, “15 Personal-Finance Lessons We Can All Learn From the Year of Covid-19.”

He covers:

• How to financially prepare for inevitable emergencies
• Creating financial discipline
• Buying when others are scared
• Managing your risks

Questions to Ask the Annuity Salesman

Air Date: March 27th, 2021

There are many things to consider when looking at all the options for retirement. Many annuity salespeople make glittering promises, but are the products really all they say?

Some questions you should ask before signing up:
• What happens if you withdraw before you turn 59.5? Are there surrender charges? Taxes?
• What is the step up in basis?
• How did you find this annuity? Why did you pick it?
• How many others have you researched? How do they compare?
• What are the restrictions—especially if there is an upfront bonus?
• What is the actual performance history (not back tested with current index) net of fees?

Some other tips when looking at annuities:
• Compare the annuity to the bond market, not just the stock market.
• Ask for a detailed explanation of the return numbers and earnings numbers they are presenting.
• Look up the insurance company at different regulators to make sure it is a strong company.
• Remember to diversify: don’t put all your retirement funds in one annuity.
• Consider staggering your contributions so that you have different maturity dates.

If you have any other questions or need more clarification, please use the contact form below or call 1-800-588-7526.

Interview with Ron Blue

Air Date: March 20th, 2021

Mike interviews Ron Blue, the founder of Ronald Blue Trust and author of several books on biblical financial management.

They discuss Ron’s background as a CPA and what led him to start Ron Blue & Co, that eventually became Ronald Blue Trust. They also discuss some of the financial advice and wisdom they have gleaned over the years:

• Materialism isn’t only a first world problem.
• Asking, “how much is enough?” when setting up a financial plan.
• The benefits of being generous now.
• “If it’s true, it’s not new; if it’s new, it’s not true.”
• You can’t feel financial independence.
• Contentment is a choice.

They finish by talking about some of the other organizations Ron has been influential in starting: Kingdom Advisors and the Ron Blue Institute.

I Timothy 6:17-19  “Instruct those who are rich in this present world not to be conceited or to fix their hope on the uncertainty of riches, but on God, who richly supplies us with all things to enjoy. Instruct them to do good, to be rich in good works, to be generous and ready to share, storing up for themselves the treasure of a good foundation for the future, so that they my take hold of that which is life indeed.”

Best of Talking Money: Government and the Economy

Air Date: March 13th, 2021

Highlights from show aired January 23, 2021

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?

Best of Talking Money: Special Guest: Bart Bryant

Air Date: March 6th, 2021

Highlights from show aired September 19, 2020

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.

Financial Intimacy

Air Date: February 27th, 2021

John Dodd, Sr. Private Wealth Advisor in Ronald Blue Trust’s Nashville, TN office, joins Mike to discuss how someone’s philosophy of money affects their day to day financial decisions.

They discuss some ideas such as:

1. 1. Money has gravity: the more you have, the more force it exerts on you.
   2. Money has power: it promises what it can’t deliver.
   3. Money makes us more of who we are: it reveals our hearts.

They also discuss this Financial Intimacy Assessment: a document that Ronald Blue Trust advisors use as they help counsel couples through some of their financial questions and issues. This document covers areas such as:

• Describe how your parents handled money and what impact that had on you.
• What is a financial value you want to and don’t want to emulate?
• What are the primary money messages your children are learning from you and your spouse?
• If you had an extra $50,000 this year, what would you do with it?
• If you had one money “do-over” in life, what would it be?

The Professional Athlete Division

Air Date: February 20th, 2021

Don Christensen, EVP of the Professional Athlete Division of Ronald Blue Trust, joins Mike to share his background and discuss the challenges specific to working with professional athletes:

• What are some differences between working with professional athletes versus people in other careers?
• Why is it important to have a trusted financial advisor, regardless of your career?
• What are some mistakes that professional athletes seem to make with their finances?
• How does the length of time an athlete’s career lasts come into play?
• What about endorsements?
• How do you counsel them on handling friends and family in financial areas?
• What are some of the more exciting or memorable experiences from working with athletes?
• How rewarding is it when the athletes follow your advice and are pleased with the results?
• What’s the hardest sport to deal with and why?

Financial Lessons Part 2

Air Date: February 13th, 2021

Mike answers recently submitted listener questions. He then finishes discussing the recent article from the Wall Street Journal, “15 Personal-Finance Lessons We Can All Learn From the Year of Covid-19.”

He covers:

• You need a will.
• How your personal finances reflect your values.
• The importance of flexibility in you retirement plans.
• Things won’t always be bad or good.
• “This Time is different. Not.”
• The markets fool us: “If we can’t even explain the past, just think how futile it is to try to predict the market’s future.”
• The three bucket strategy.
• “Rebalancing Pays Off.”
• Stay the course: stay invested.
• Maybe start a side gig.
• Bonds are still important for diversification.

Financial Lessons

Air Date: February 6th, 2021

Mike discusses the importance of being grounded in your faith so you don’t become overcome with fear in troublesome times. He also discusses the recent article from the Wall Street Journal, “15 Personal-Finance Lessons We Can All Learn From the Year of Covid-19.”

He covers:

• How to financially prepare for inevitable emergencies
• Creating financial discipline
• Buying when others are scared
• Managing your risks

Best of Talking Money: What is Your Financial Plan?

Air Date: January 30th, 2021

Highlights from show aired December 19, 2020

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.

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:

1. Do you have written financial goals or responsibilities driving your decisions?
2. Are you purposefully giving, saving, and spending?
3. Are you prepared for the impact of death or disability?
4. Are you on track to meet your written goals or responsibilities?
5. 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.