In this week's episode, we're diving into a powerful approach to investing that's gaining traction among financial advisors and investors alike: Goals-Based Investing. We will discuss the "Power of Naming Your Financial Accounts" and how this can help you have a better chance to stay on track to reach all your most important goals.

Let's start with a fundamental truth: Money isn't just about numbers on a screen. It's about what those numbers can help you achieve in your life. According to research by SEI Investments, investors who align their portfolios with specific life goals are not only more likely to stick to their investment strategy during market volatility but also report higher satisfaction with their financial planning.

In this week's episode, I am diving into a topic that affects every financial decision you make: your money personality. Understanding your relationship with money is crucial for making sound financial decisions and achieving your goals.

What is a Money Personality?

Your money personality is the set of attitudes, beliefs, and behaviors you have about money. It's shaped by your upbringing, experiences, and values. Just like your regular personality influences how you interact with people, your money personality influences how you interact with your finances.

Understanding your money personality can help you:

1. Make better financial decisions

2. Reduce money-related stress

3. Improve your relationships, especially when it comes to financial matters

4. Set realistic financial goals

What is Your Story with Money? We all have a unique narrative when it comes to money - a story that's been shaped by our upbringing, experiences, and beliefs. These narratives often operate in the background, influencing our financial decisions without us even realizing it. Today, we'll explore five common money narratives that people often hold. As we go through these, I encourage you to reflect on which ones resonate with you.

The 5 Common Money Narratives:

1. The Scarcity Narrative

2. The Freedom Narrative

3. The Status Narrative

4. The Security Narrative

5. The Tool Narrative

In this week's episiode we are diving into a question that many of us grapple with: "Should you starve now to feed retirement goals?" We'll explore the delicate balance between living fully today and saving for tomorrow, discussing what makes people feel wealthy, smart withdrawal strategies, and finding the right savings rate for you.

The Psychology of Investing: Understanding Your Mind to Make Better Investment Decisions

Introduction

In today’s episode we're going to explore how our minds influence our financial decisions, often in ways we don't even realize.Whether you're a seasoned investor or just starting to dip your toes into the financial markets, understanding the psychological factors that drive our investment choices can be a game-changer. By the end of this episode, you'll have a better grasp of your own mental processes and biases, and you'll be equipped with strategies to make more rational, effective investment decisions.

In this week's episode, I explore a topic at the intersection of financial planning and personal growth called the 3 S's of Wealth: Success, Significance, and Security.

I examine how these concepts shape our money mindset and, ultimately, our financial decisions.

1. Success

When most people think about financial success, they often focus solely on the numbers - how much money they make, the size of their investment portfolio, or the value of their assets. But true success goes beyond just accumulating wealth.

2. Significance

Significance is about the impact your wealth can have on the world around you. It's the realization that money is not just a tool for personal gain but a means to create positive change.

3. Security

Security, is about creating stability and peace of mind in your financial life. It's the foundation that allows you to pursue success and significance without constant worry about your financial future.

I hope this framework helps you approach your finances with a more balanced and purposeful mindset. Remember, true wealth is not just about the numbers in your bank account, but about creating a life of meaning, impact, and stability.

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In this week's episode, we're diving into a topic that's been making waves in the world of retirement savings: The SECURE Act 2.0. 

This legislation, passed in late 2022, brings significant changes to how Americans can save for retirement. Whether you're just starting your career or nearing retirement age, these changes could have a big impact on your financial future.

The SECURE Act 2.0 is a follow-up to the original SECURE Act (Setting Every Community Up for Retirement Enhancement) passed in 2019. This new legislation aims to address the ongoing retirement savings crisis in America by making it easier for people to save and by providing more options for how they can use their retirement funds.

Some positive changes in the SECURE Act 2.0:

1. RMD Age Increase

2. New Catch-Up Contributions

3. Auto-Enrollment in 401(k) Plans

4. Student Loan Debt and Retirement Savings

5. Part-Time Worker Eligibility

6. Emergency Savings Accounts

7. 529 Plan to Roth IRA Rollovers

8. Saver's Match

Are you really maxing out your 401k? You might be surprised to learn that what you think is "maxing out" might not be taking full advantage of this powerful retirement tool. So, let's break it down and ensure you're on the right track to a comfortable retirement.

What Does "Maxing Out" Really Mean? When most people talk about maxing out their 401k, they're typically referring to contributing up to the annual limit set by the IRS. For 2024, that limit is $23,000 for those under 50, and $30,500 for those 50 and older, thanks to catch-up contributions.

Contributing to this limit might not actually be "maxing out" in the true sense. There's more to consider, such as employer matching, after-tax contributions, and even the mega backdoor Roth strategy.

In this week's episode, I dive into a topic that affects nearly everyone at some point in their lives: Some kind of financial pain or setback. I discuss "6 Financial Pains and How to Fix Them:

 1. Living Paycheck to Paycheck

One of the most common financial pains is living paycheck to paycheck. This situation can cause immense stress and leave you vulnerable to unexpected expenses.

2. High Credit Card Debt

Credit card debt can quickly spiral out of control due to high interest rates, leaving you feeling trapped.

3. Lack of Retirement Savings

Many people worry about not having enough saved for retirement, which can lead to anxiety about the future.

4. Student Loan Burden

The weight of student loans can be overwhelming, especially for recent graduates.

5. Inability to Save for Major Life Goals

Whether it's buying a home, starting a family, or traveling the world, financial constraints can hinder your ability to achieve major life goals.

6. Poor Credit Score

A low credit score can limit your financial options and lead to higher interest rates on loans and credit cards.