Cover Your Assets KC Podcast
Bite-sized financial and retirement planning guidance from David Dickens in Kansas City of CreativeOne Advisors Group. David Dickens is the President of CreativeOne Advisors Group and is a Chartered Financial Analyst (CFA®). He has more than 35 years of experience in the investment business. Any references to KC Financial Advisors should now be understood as referring to CreativeOne Advisors Group. Investment advisory services are offered through CreativeOne Wealth, LLC, a Registered Investment Adviser. CreativeOne Advisors Group is a DBA of CreativeOne Wealth. Insurance services are offered through Licensed Insurance Professionals.
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Episodes
Thursday Mar 19, 2020
Thursday Mar 19, 2020
What can you do while the market goes downward? What kind of impact with the coronavirus make on your financial plan? Today we'll lay out three steps you can take in the midst of the volatility.
Read more and get additional resources here: https://coveryourassetskc.com/episode-68-coron…ntinues-downward/
Today's rundown:
0:28- Continuing the conversation about the coronavirus and economic uncertainty.
0:57- What does it mean to be uncomfortable financially right now?
3:28- Step 1: Don’t react emotionally.
6:26- Step 2: Understand exactly what you own.
7:26- Step 3: Review your plan and rebalance.
Thursday Mar 12, 2020
Thursday Mar 12, 2020
The market has fluctuated dramatically in recent weeks and we’ve seen much more down than up. What is causing this? Is it all about the coronavirus? Should we be concerned or do something different with our portfolios?
Read more and get additional resources here: https://coveryourassetskc.com/episode-67-coronavirus-market-volatility-3-reasons-stocks-are-down/
Today's rundown:
0:41 - People are worried about market volatility.
4:46 - Reason #1: The coronavirus has caused economic uncertainty.
6:57 - An oil trade war added to the economic uncertainty.
8:31 - Reason #2: Political uncertainty is occurring with the upcoming election.
10:39 - Reason #3: Excessive leverage
15:36 - What do you do if you’re nervous?
Thursday Mar 05, 2020
Thursday Mar 05, 2020
Have you heard about Roth conversions? Wonder if it’s the right thing for you? David talks through different scenarios related to Roth conversions to see if it’s something that could benefit you.
Read more and get additional resources here: https://coveryourassetskc.com/episode-66-everything-you-need-to-know-about-roth-conversions/
Today's rundown:
1:38 - What is a Roth conversion?
3:37 - What benefit does a Roth conversion provide?
8:33 - What are common mistakes when it comes to Roth conversions?
11:11 - What’s the right way to do a Roth conversion?
13:47 - Who should not do a Roth conversion?
17:02 - What does this process look like when working with David’s team?
Thursday Feb 27, 2020
Thursday Feb 27, 2020
Do you want your net worth to be higher? How can you increase it? You can do it by implementing these four simple strategies.
Check out the show notes and get additional resources here: https://coveryourassetskc.com/episode-65-4-simple-strategies-to-increase-your-net-worth/
Today's show rundown:
2:19 - You may know the strategies to do, but you have to take action.
3:10 - Start by knowing what your net worth is.
4:15 - Step 1: Understand your debts.
11:21 - Step 2: Cut your expenses.
13:40 - Step 3: Have an emergency fund.
16:01 - Step 4: Increase your income.
Wednesday Feb 19, 2020
Wednesday Feb 19, 2020
It’s never a great idea to make assumptions and that’s especially true when it comes to your money and your retirement. Let’s identify the common assumptions people make with their financial planning that could end up really costing you in retirement.
Check out the show notes and get additional resources here: https://coveryourassetskc.com/ep-64-dont-make-these-retirement-assumptions/
Today's show rundown:
0:20 – The first retirement assumption we hear is that you’re going to spend less money once you retire.
1:26 – A lot of people assume taxes are going to be lower in retirement but don’t bank on that.
2:19 – Did you realize you have a partner in your 401k and IRA? It’s the IRS.
4:26 – Many people worry about putting their children through college before saving for their own retirement.
5:17 – Get a plan in place no matter what age you are.
8:13 – Mailbag question #1: Should I buy gold coins or gold bars? Or no gold at all?
9:58 – Mailbag question #2: I’m in my late 50s and recently divorced and extremely worried about what retirement will look like with one Social Security benefit and half of the assets that I planned on having. Can I overcome a divorce this late in life?
Thursday Feb 13, 2020
Thursday Feb 13, 2020
Ever wonder what it is they aren’t telling you when it comes to your financial decisions? What are those dirty little secrets in the financial world? And how can you strategize accordingly?
Show notes and additional resources: https://coveryourassetskc.com/episode-63-the-dirty-little-financial-secrets/
Today's rundown:
0:58 - Nobody can predict the future.
2:06 - Most of the things we argue about aren’t all that important.
4:01 - It’s difficult to differentiate between skill and luck.
5:30 - The bolder the headline, the more people pay attention to it.
7:51 - Mailbag: Is it typical to spend a lot of money early in retirement and less later on?
Thursday Feb 06, 2020
Thursday Feb 06, 2020
What are the rules now when you inherit an IRA? How has the SECURE Act changed things, and what was a stretch IRA? It’s the second installment of our series on the SECURE Act and what it means for your retirement.
Show notes and additional resources: https://coveryourassetskc.com/episode-62-secure-act-changes-part-2-inherited-iras/
Today's rundown:
0:47 - What are inherited IRAs and how does the SECURE Act change it?
3:09 - Other than a few exceptions, you will have to clear out your inherited IRA within 10 years.
4:00 - The money is taken out sooner and therefore taxed sooner.
4:48 - What are the exceptions to the rule?
6:39 - Minor children will have a ten-year timeframe once they meet majority.
7:12 - If you set up your IRAs to list your trust as your beneficiary, you’ll want to talk to an estate planning attorney right away.
10:48 - When you inherit money, that’s not a bad problem to have, but you’ll want some good advice on how to best handle it.
Thursday Jan 30, 2020
Thursday Jan 30, 2020
Are you wondering what the SECURE Act means for you? Whether you are in your childbearing years or 70 and a half, the changes will impact you and your financial plan.
Read more about the SECURE Act here: https://coveryourassetskc.com/episode-61-six-key-changes-in-the-secure-act-part-1/
Today's Rundown:
1:53 - Is the SECURE Act significant?
2:41 - There is no maximum age to contribute to an IRA.
4:38 - The required minimum distribution age is now 72.
7:44 - Are you making qualified charitable deductions in retirement?
9:49 - New parents can now take $5,000 or less out of your IRA or 401(k) without penalty based on the birth or adoption of a child.
10:48 - Taxable fellowships and stipends are now considered compensation.
11:43 - Inherited IRAs cannot be stretched out anymore, with a few exceptions.
Thursday Jan 23, 2020
Thursday Jan 23, 2020
While it’s not a fun topic to consider, long term care is an important part of a financial plan. Do you know how you plan to address long term care needs?
Show notes and additional resources: https://coveryourassetskc.com/episode-60-how-to-plan-for-long-term-care-needs/
Today's rundown:
0:12 - How important is long term care?
1:10 - How realistic is it for someone to self-insure?
2:30 - What are the pros and cons of long term care insurance?
4:47 - How can you protect yourself against long term care expenses?
8:39 - Mailbag: What is the rule of 100?
Thursday Jan 16, 2020
Thursday Jan 16, 2020
Do you want the good news or the bad news first? When it comes to financial situations, you hope to not have any bad news. In these four statements, David explains why the good news to follow isn’t really enough to soften the bad news.
Show notes and additional resources: https://coveryourassetskc.com/episode-59-the-good-news-and-bad-news-in-financial-situations/
Today's rundown:
0:44 - The bad news is you have a lot of debt, but the good news is some of the interest you’re paying is tax deductible.
1:56 - The bad news is, the mutual fund hasn’t performed well but the fees are low.
2:58 - The bad news is you don’t have enough money to pay for nursing home care, but the good news is that Medicaid will step in.
3:42 - The bad news is your portfolio lost 40 percent, but the good news is that it will come back eventually.
6:46 - Mailbag: When forced into an early retirement at 57, should I find another job since my pension is not enough to live on?