Cover Your Assets KC Podcast

Episode 80: What Is The Strategy Behind A Roth Conversion?

If you think a Roth conversion might be the right thing for you, how do you do it correctly? Creating a strategic plan for your conversion can make a significant difference in your finances and we'll discuss the reasons many people are choosing to make this move. 
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-80-what-is-the-strategy-behind-a-roth-conversion/ 
 
Today's show schedule: 
1:14 - What is the strategy behind a Roth conversion?
3:47 - What is a Roth conversion?
6:11 - The longer your account grows tax-deferred, the bigger the account.
8:48 - It’s possible that the tax rates will go up in the future.
14:34 - How does this strategy relate to Medicare?  
16:02 - Consider your retirement plans and where the country is going

Episode 79: Uncommon Sense in Financial Planning

We’re told to use common sense when making decisions, yet often we still do otherwise. Today’s podcast will highlight several areas where people tend to go outside of the common sense and why.  
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-79-uncommon-sense-in-financial-planning/ 
 
Today's show schedule: 
0:53 - “Buy low and sell high.”
3:37 - Don’t pay more in taxes than you have to.
6:06 - Keep costs low within your investments.
8:33 - “Don’t put all of your eggs in one basket.”
10:22 - Market timing is virtually impossible.

Episode 78: How to Spot and Avoid Scams

Everybody likes to hear about scams but nobody likes to be involved in one. Today, let’s cover the two most common types of scams and then four ways to avoid a scam.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-78-how-to-spot-avoid-scams-in-the-coronavirus-environment/ 
 
Today's show schedule:
0:34 - Scams continue to be a risk.
2:26 - The most common scam is by phone.
4:22 - If you pick up the phone and they say they are from the IRS -- they aren’t.
7:07 - Be suspicious, especially with incoming calls.
8:35 - Unknown emails with a suspicious link shouldn’t be clicked on.
14:08 - Were you contacted out of the blue?
14:24 - Are they asking for personal information?
15:08 - Is there some sort of deadline or pressure to act now?
16:03 - Are they asking for money up front or with a VISA gift card?
17:27 - Use common sense and be skeptical.
21:05 - What happens if you respond to a scam email?

Episode 77: 3 Worst Financial Decisions You Can Make Near Retirement

Wondering what’s most important as you near retirement? How about, what’s the worst course of action you can be taking? Find out the top three worst financial decisions you can make as you enter into retirement.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-77-3-worst-financial-decisions-you-can-make-near-retirement/ 
 
Today's show schedule: 
1:56 - What are some of the worst decisions you can make as you approach retirement?
3:05 - Bad Decision #1: Entering retirement with too much debt.
5:40 - Bad Decision #2: Not having a strategy for claiming Social Security.
9:55 - Bad Decision #3: Not understanding the tax consequences on your retirement accounts.
12:46 - What is the estimate of where tax rates are going to go?
14:41 - What’s the solution to the potential tax later?
19:14 - What’s the current status at KC Financial Advisors and how are they conducting business?

Episode 76: Understanding Non-Correlated Income

Are you using non-correlated income wisely? On this episode, David explains what non-correlated income is and how you should use it within your financial plan.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-76-understanding-non-correlated-income/ 
 
Today's show schedule: 
0:22 - What is non-correlated income?
1:33 - Why is non-correlated income important?
2:45 - What are some examples of non-correlated income?
3:43 - How much of a retiree’s income should be non-correlated?
5:02 - What’s an example of someone who used non-correlated income to add stability to their retirement?

Episode 75: Financial Lessons from the World of Medicine

Just like you have a doctor to help you manage your health, a financial advisor helps manage your financial health. Let’s discuss some of the parallels between your relationship with your doctor and with your financial advisor.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-75-financial-lessons-from-the-world-of-medicine/ 
 
Today's show schedule: 
0:35 - Even if you feel fine, it’s good to get a regular check-up.
2:51 - Sometimes you can self-diagnose your issues, and sometimes you can’t.
5:38 - Different specialists will perform different functions.
9:31 - A second opinion may make a big difference.

Episode 74: Do You Really Need Life Insurance?

Do you actually need to have life insurance or is it just another expense? David talks through the importance of life insurance and how it might be worth having as a part of your financial plan.
 
Read more and get additional resources here: https://coveryourassetskc.com/episode-74-do-you-really-need-life-insurance/ 
 
Today's show schedule: 
0:22 - Why is “life insurance” a bit of a dirty word to some people?
1:17 - How do you know if you actually need life insurance?
3:05 - What is the right amount of life insurance to get?
4:42 - What are some strategic uses of life insurance that might be less obvious?
5:55 - How does this relate to your retirement savings? 

Episode 73: Coronavirus & the Economy - Navigating Through Turmoil

Between coronavirus fears and the current market volatility, how can you navigate this turmoil wisely? What should you be doing with your money?
 
Read more and get additional resources: https://coveryourassetskc.com/episode-73-coronavirus-the-economy-navigating-the-turmoil/ 
 
Today's show schedule: 
1:04 - It’s a lot to navigate through this pandemic. No one knows how it will all unfold.
2:08 - There was a market crash and then a bounce back. Will the volatility continue?
3:40 - What caused the market to drop?
5:24 - What caused the bounce back?
8:05 - Is the bounce back sustainable?
10:34 - How do you invest amidst uncertainty?
13:02 - What do you do now with your money?

Episode 72: 3 Key Provisions in the CARES Act

In response to coronavirus, the CARES Act has been passed. What will this mean for you and your financial planning? Let's look at the three biggest provisions in this stimulus bill. 
 
Read more and get additional resources here: https://coveryourassetskc.com/episode-72-3-key-provisions-in-the-cares-act/ 
 
Today's show rundown: 
2:11 - What are three key provisions in the CARES Act?
3:14 - Free money will be deposited into the bank accounts of most Americans.
7:21 - The tax filing deadline has been bumped back to July 15.
10:51 - RMDs are not required this year.
14:33 - Bonus: REAL IDs will have another year before being required for travel.

Episode 71: Financial Planning Wisdom and Quotes from Will Rogers

Sometimes you hear a quote that might have been said a long time ago, but it still rings true today. What quotes from Will Rogers apply when it comes to making financial decisions?
 
Read more and get additional resources here: https://coveryourassetskc.com/episode-71-financial-planning-wisdom-and-quotes-from-will-rogers/ 
 
Today's rundown: 
0:36 - There are three kinds of men says Will Rogers. What are they?
2:46 - What’s the difference between death and taxes?
5:03 - Is satisfaction all there is to success?
7:01 - “It’s not what you pay a man, but what he costs you that counts.”
9:13 - Are you concerned about the return on your money?