Cover Your Assets KC Podcast

Episode 110: Financial Resolutions - Answering Your Questions

Have you started working on your financial resolutions yet? What kind of questions have delayed you from reaching your goals? Today we’ll provide answers to help you stay on track financially this year.  
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-110-financial-resolutions-answering-your-questions/ 
 
What we discuss on this episode: 
1:31 - Mailbag: How do I make a plan to address $30k in credit card debt?
2:49 - What five steps will get you to where you want to be?
12:24 - Mailbag: Should I be concerned about my retirement if my net worth didn’t grow last year?
16:00 - Looking at the net worth statement gives you forward momentum.
18:25 - Mailbag: Am I falling behind if I haven’t started saving for retirement at age 32?
19:25 - What can you do if you don’t have a 401(k)?

Episode 109: SLY - Safety, Liquidity, and Yield

Does your portfolio contain these three qualities? How can you create a balanced portfolio Today we’ll talk about some foundational principles that David’s business and financial security are built on.
 
Show notes and additional financial resources: https://coveryourassetskc.com/episode-109-sly-safety-liquidity-and-yield/ 
 
What we discuss on this episode: 
0:41 - What are the three qualities of money?
2:16 - What qualities do you want in a portfolio?
3:26 - Why can’t I have all three qualities at once?
6:27 - What’s a balanced portfolio look like?
9:22 - What types of annuities could be considered?
11:17 - What qualities does real estate have?
14:34 - How does David help clients find the right balance?

Episode 108: 5 Important Retirement Statistics

What can we learn from these retirement statistics? Sometimes the data available can help guide you and your decisions when it comes to planning for retirement. On today’s episode of the Cover Your Assets KC podcast, we discuss five important statistics you’ll want to keep in mind.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-108-5-important-retirement-statistics/ 
 
What we discuss on this episode: 
1:35 - What are important retirement statistics?
2:29 - 17 percent of American workers are confident they’ll have enough money in retirement.
7:27 - The average 65-year-old woman has a life expectancy of 20.7 more years.
9:31 - 16.5 percent of our population is over age 65.
11:58 - The average retiree will spend almost $300k for out-of-pocket medical expenses.
15:47 - 90 percent of people over 60 years old say a written plan is important.

Episode 107: 2021 New Year's Financial Resolutions, Part 2

Ready to hit the ground running with your financial resolutions? David gives a list of seven things to cover in this two-part series.
 
Check out part 1 here: https://coveryourassetskc.com/episode-106-2021-financial-new-years-resolutions-part-1/ 
 
Read more and get additional resources here: https://coveryourassetskc.com/episode-107-2021-financial-resolutions-part-2/ 
 
What we discuss on this episode: 
0:54 - What were the first three financial resolutions?
3:00 - Save as much as you can as early as you can.
7:11 - Are you taking advantage of systematic savings? 
12:36 - Have you done your annual net worth statement?
19:17 - Have you checked your beneficiary designations?

Episode 106: 2021 Financial New Year’s Resolutions, Part 1

As we kick off the new year, let’s look to some financial resolutions. Have you set resolutions for the year yet or are you feeling a bit of the 2020 burnout? These resolutions are really important to your financial future--so important, that this will be a two-part series. Hopefully by the end of January, you have all seven of these action steps nailed down.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-106-2021-financial-new-years-resolutions-part-1/ 
 
What we discuss on this episode:
1:25 - What are some financial New Year’s resolutions you can make?
4:05 - Resolution #1: Do you have an emergency fund?
8:54 - Resolution #2: Pay off your credit card debt.
14:10 - Is a car loan or mortgage okay to have?
16:21 - Resolution #3: Cover your assets!

Episode 105: No Democratic Sweep? Some Final Tax Strategies Of 2020

What can you still do before the year ends? David talks through four strategies that you’ll want to consider before the clock strikes midnight on December 31.
 
Read more and get additional financial resources here: 
https://coveryourassetskc.com/episode-105-no-democratic-sweep-final-tax-strategies-of-2020/
 
What we discuss on this show: 
0:23 - This is our final show of 2020. Ready for 2021!
3:43 - Biden will be taking over the presidency, but we don’t know yet about the Democratic sweep.
6:47 - Make sure you know where you stand from a gain/loss standpoint and consider tax loss selling.
8:57 - Are there long-term capital gains in your portfolio that you want to harvest?
13:09 - The Roth conversion deadline for 2020 is December 31. 
17:35 - What do you need to know about the gift tax?

Episode 104: Are You Counting On Social Security?

What will happen to Social Security? Can you plan on it as a part of your retirement plan? How can you set realistic expectations for what’s to come? We’ll talk about this important piece of income planning.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-104-are-you-counting-on-social-security/ 
 
What we discuss on this show: 
1:13 - Should you count on getting Social Security?
4:25 - When will Social Security run out of money?
8:47 - Will my benefits be reduced?
11:07 - Will Social Security be there for me?
17:00 - Most people ask David about Social Security.

Episode 103: Things Nobody Says About Their Financial Plan

Wondering what to do with your financial plan but don’t want to later regret it? Here’s a few things people never seem to come back and complain about.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-103-things-nobody-says-about-their-financial-plan/ 
 
What we discuss on this show: 
2:05 - What are some things nobody says?
2:35 - “I regret putting money into my Roth IRA every year.”
5:25 - “I should have spent more and saved less.”
7:36 - “The life insurance payout was insulting.”
12:08 - “Paying more taxes than I have to makes me feel patriotic.” 
14:35 - “I love the big market corrections.”

Episode 102: When’s a Good Time for a Roth Conversion?

We cover one of David’s favorite topics while answering three questions from the mailbag today. From Roth conversions, investment choices, and pension decisions, we’ve got you covered when it comes to retirement planning.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-102-whens-a-good-time-for-a-roth-conversion/ 
 
What we discuss on this show:
0:58 - Happy Thanksgiving!
2:31 - Mailbag: Is it a bad idea to do a Roth conversion on a high income?
7:50 - What would be considered “high income”?
9:36 - Mailbag: What do you think about investments that require you to keep your money locked in?
13:13 - Mailbag: Should you take a monthly income or lump-sum for your pension?

Episode 101: End-of-Year Financial Planning

A lot has happened this year, particularly in the past few weeks. As 2021 approaches, how do we need to prepare? What’s significant about changing from one year to the next? What financial moves do you need to make now?
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-101-end-of-year-financial-planning/ 
 
2:17 - 2021 is around the corner.
4:07 - Tax moves you might want to make.
7:35 - What would happen if Biden increases the tax rate on long-term capital gains?
10:51 - What is the gift tax?
14:33 - Are you considering a Roth conversion?