Cover Your Assets KC Podcast

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?

Episode 70: Are These Financial Views Fact or Fiction?

When it comes to your financial plan, are you basing it off of facts or fiction? Consider the decisions you’re making and where you’re getting your information. We'll help you do that on this episode.
 
Read more and get additional resources: https://coveryourassetskc.com/episode-70-are-these-financial-views-fact-or-fiction/ 
 
Today's rundown: 
0:29 - Fact or Fiction: Your Social Security is taxable.
2:22 - Fact or Fiction: Your taxes will likely be lower in retirement.
4:00 - Fact or Fiction: Term life insurance is better than whole insurance.
5:25 - Fact or Fiction: Medicare will cover most of your medical needs in retirement.
6:14 - Fact or Fiction: As you get older, you should gradually switch from stocks to bonds.

Episode 69: Financial Strategy On and Off the Court

In March, we usually spend a lot of time paying attention to basketball. While it’s not on right now, let’s talk though some of the strategy behind the game as it applies in our own lives.
 
Read more and get additional resources here: https://coveryourassetskc.com/episode-69-finan…nd-off-the-court/ 
 
Today's rundown: 
0:52- How does the shot clock in basketball relate to financial planning?
2:54- Do you have a plan for what happens with Social Security?
4:31- If you have a pension, how much do you want the surviving spouse to have?
6:51- When somebody commits a foul in basketball, what does that do to the team?