Financial Freedom Podcast

There's a lot in the news these days on personal finance, including a possible new repayment plan for student loans, dealing with marital "financial incompatibility," and new laws pertaining to retirement savings. With all of this going on, it can be hard to keep track and get all of the key facts. Thant's why in this episode of the podcast I wanted to talk about these various news items, many of which are cause for optimism in the new year. I hope they can help you avoid a tax audit, reduce financial conflict with your spouse, and make for a better retirement savings plan. In this episode you will learn: - About a New Student Loan Repayment Plan - How Much Your Refund Could Be - About Resolving "Financial Incompatibility" with Couples - Status of the Federal $10,000 Deduction Limit for State & Local Taxes - Four Reasons the IRS May Flag Your Return for Audit - About a New Retirement Law That Increases Tax-Free Savings Options

With tax season having officially started on January 23, the IRS is expecting taxpayers to file more than 168 million returns, most of them before the April 18 deadline. But depending on how involved your finances are, this can be a rather stressful time. That's why in this episode of the podcast I wanted to talk about the preparation process for your 2022 tax return in an effort to relieve at least some of that stress. Here's what you need to know about preparing it, filing it, and some deductions you might have missed. In this episode you will learn: - What You Need to Know When Filing Your Tax Return - Tips for Making the Filing of Your Return Easier - Important Things to Need to Know - About Tax Deductions You May Be Missing

Positioning yourself for financial freedom early on in life is the best way to do it, and creates a greater chance of success. However, this can be done at any age through discipline and planning. Certified Financial Planner Eric Brotman has written several books on the process and helped countless people to achieve their goals. That's why on this episode of the podcast I wanted to talk to Eric about his books, his experience, and the advice he gives to his clients to help them to build their path to financial freedom. In this episode you will learn: - How to Pay Yourself First and Ensure Retirment Savings - How Saving for Retirement in Your 20s is Easier Thank You Think - About the Importance of Tax Planning in Your Retirement Portfolio - How to Leverage Your 401k If You Have Student Loans - How to Pay Down Debt Through Financial Triage

2022 was a rough year with inflation and recession rearing their ugly heads and causing us concern for our financial freedom (at least in the short term). But gas prices have dropped significantly, and recession has not been officially declared, so there's reason for hope in the new year. That's why in this episode of the podcast I wanted to talk about what the financial and economic experts are saying, whether you should listen to them, and what you should do to prepare your finances for the 12 months ahead. In this episode you will learn: - What the Experts Are Saying - Whether You Should Listen to Them - How to Prepare for the Year Ahead  

In Episode 128 I talked about the divorce of Bill & Melinda Gates, the fact that they didn't have a pre-nuptual agreement, and when these agreements might be a good idea. Although they are of particular importance in community property states, here in New Jersey and other equitable distribution states, it still might be a good idea. But what if you got married without a prenup? What happens then? Is it too late to agree on certain issues, such as the division of property, alimony, and child custody? Maybe not. Which is why in this episode of the podcast I wanted to talk about something called a post-nuptual agreement, what it is, what it does, and whether you should think about having one. In this episode you will learn: - What a Post-Nuptual Agreement Is - How it Differs from a Pre-Nuptual Agreement - Who Should Have One - Circumstances That Could Trigger the Need for One - The Pros and Cons

The Christmas of 2021 presented its own challenges. Shipping delays and supply chain bottlenecks made it difficult for stores to keep items on their shelves, which led to less than stellar deals and long delivery times. I talked about all of this in Episode 141. But this Christmas is different and requires a different strategy. You, as the consumer, are more in the driver's seat when it comes to getting deals and getting your gifts in time for the holiday. That's why in this episode of the podcast, I wanted to talk about shopping tips for the current situation to help you have the best holiday ever! In this episode you will learn: - Money Saving Shopping Tips - How to Make a Holiday Shopping Budgett - How to Do Your Whole List for $500 - Holiday Shopping for Busy People

Becoming permanently disabled can be devastating to your personal finances and seriously challenge your financial freedom and independence. In Episode 28 I covered how to deal with this if it's a result of a job-related injury. But what if it's for some other reason, like an auto accident or a debilitating disease? That's why in this episode of the podcast I bring back attorney Sam Gaylord to talk about how to get disability benefits, where you can get them, how you qualify for them, and how they can help you maintain your financial freedom. In this episode you will learn: - What disability benefits are available from Social Security - What the requirements are to get those benefits - How you apply for them - How do pension disability benefits work - What pensions offer them - How these disability benefits interact with each other

Financial freedom and independence can be achieved by diligently implementing proven strategies and tactics that will get you there. But if you don't have the right beliefs about money, it will be difficult, if not impossible to be successful. I discussed money mindsets in Episodes 34 through 36, but thought it was time to discuss it again. That's why in this episode of the podcast I talk with personal finance coach Derrick Kinney who has some great ideas, thoughts, and stories about having good money beliefs and how to get past the bad ones. In this episode you will learn: - How to keep fear of making an investment mistake from holding you back - How to let go of money fears and mindsets from your childhood - That you can still start investing for retirement in your 20s  

With issues like inflation, recession, and student loans being hot issues this Fall, there are lots of items in the news discussing them. People are concerned with the rising cost of living, salaries at their jobs that might not be tracking with it, and student loan debt that they are struggling to pay, if they can afford to pay them at all. That's why in this episode of the podcast I wanted to do a roundup of some of the stories in the news that discuss these issues in hopes that the information they provide will help you navigate the current financial landscape. In this episode you will learn: - How to Know Your Worth in the Job Market - What to Look for in Your Credit Report to Help Increase Your Score - How to Save on Groceries as Food Prices Soar - How to Prepare for a Recession - What To Do If Your Student Loan Forgiveness Application is Audited

With the pandemic essentially over with no more lockdowns of large gatherings, more and more people are setting dates and planning weddings. In Episode 96, I talked about getting your finances ready for marriage. But what about getting Ready for the Big Event itself? Weddings cost, on average, $20,000 at least, even before you pay for the guests at the reception ($70 per guest, average, so 100 guests would be another $7,000). This is a big expense before starting a life together. That's why in this episode of the podcast I wanted to talk about how to have a great wedding without mortgaging your future together! In this episode you will learn: - The Right Mindset for Wedding Planning - How to Set a Budget for the Wedding - Tips for Negotiating with Vendors - Tips on Saving Money from the Flowers to the Reception

Now is an exciting and hopeful time for student loan borrowers. President Biden has announced a forgiveness program that will help many people struggling with payments. But there's more at work here than that. There are programs already in place that could also allow you to pay off your remaining balances sooner or get out of default (and repair your credit) while getting an affordable monthly payment. That's why in this episode of the podcast I go into detail about these programs, which one will benefit you most, and when you need to take action. In this episode you will learn: - The details of the Biden loan forgiveness program - How you might be able to repay your unforgiven balance much sooner - How to get out of default after January 1, 2023 - The important deadlines for taking action

In the last episode, and in Episode 149, I talked about the credit myths that may be holding you beck from building good credit and FICO scores that reflect it. Good credit scores are key to financial freedom and a bright financial future. But what can you expect when you get there? What does good credit look like and what are the advantages? Knowing the answers to these questions and what you are working towards, will help keep you motivated towards your goal, which is why I discuss these answers in this episode of the podcast. In this episode you will learn: - What constitutes a high credit score - How better credit can help you get a job - How to get better perks on your credit card - How it will prepare you better for the future

Achieving and maintaining a good credit score is essential to maintaining your financial freedom. It allows you to get credit more easily and at more favorable rates. But many people are thwarted from doing this by all the myths and misconceptions that are out there about credit scores. I talked about this in Episode 149, but in my research I found a dozen more that are out there spreading "fake news" about what can help or harm your score. So let's dispel them right now. In this episode you will learn: - 12 Credit Card Myths to Disbelieve - The Truth Behind the Myths - How to Spot a Credit Repair Scammer - the Importance of Setting Short Term Financial goals

The news media has been talking a lot lately about inflation and the growing possibility of a recession. This has people worried about their short term financial plans, in dealing with inflation, and what a recession could do to their long term financial plans. That's why in this episode of the podcast I wanted to talk about not only inflation (which I've addressed in previous episodes), but recession as well, and offer a few tips for preparing your finances. In this way I hope to reduce your stress by knowing that you are ready for whatever comes. In this episode you will learn: - How to Prepare for Possible Layoffs - How to Take Advantage of Higher Interest Rates - What Financial Advisors Are Telling People They Should Do - Ways You Can Prepare for Recession Now

With inflation driving up prices and straining our budgets, we’re all looking for ways to save money. That includes increasing our take home pay by reducing the bite taken out of our paychecks by the government. That’s why in this episode of the podcast I wanted to talk about ways in which you can increase your tax deductions and decrease your taxable income. Also, because people are often afraid to do this because they fear an audit, I will also talk about audit red flags and how to avoid them. In this episode you will learn: - How your college education can help pay your taxes - How to leverage state sales tax to lower taxes - How personal mortgage insurance can help - How unreported income and mistakes can lead to an audit - How the home office deduction can get you in trouble

Although unemployment is low these days, there are many that are warning that we are headed into a recession, and that not only will the hot job market cool, but that layoffs may be headed our way. In addition, many companies that have made offers have since withdrawn them, often with people who accepted those offers having given notice at their previous job. That’s why in this episode of the podcast, I wanted to talk about what you should do if you should lose your job, or how to prepare for it if you think it will be happening in the near future. In this episode you will learn about: How to negotiate your exit How to maximize your benefits before they end Networking and building job skills How to conduct an effective job search

At its Worldwide Developers Conference earlier this month, Apple announced that it would be offering a Buy Now, Pay Later program as a part of its financial services to customers. This alternative form of payment for goods and services has had a resurgence during the pandemic, and Apple’s announcement has put it in the news. But what is Buy Now, Pay Later, and should you be making use of it as part of your household finances and budget? In this episode, I will dive deep into this service and advise as to whether it is a good idea for you. In this episode you will learn: What Buy Now, Pay Later Is Its Pros and Cons How it Affects Your Credit Whether You Should Use It  

Back in Episode 80 I talked about Health Savings Accounts in conjunction with some high deductible health insurance plans through the Affordable Care Act. An HSA is a great idea if you have one of these plans. However, since I have been talking about retirement planning and saving lately, I wanted to revisit this great savings option, as these accounts can serve two purposes: protect you from medial costs in a high deductible health plan and help you save for retirement at the same time. Find out how in this episode! In this episode you will learn: What an HSA is The pros and cons of having one Who can set one up Who can contribute to one (and how much) How an HSA helps with retirement planning Is one right for you? But to learn the most, talk to the HR person with your employer and/or a financial professional to get the right advice for you.

In the past two episodes, I have talked about financial education for our children and instilling them with a basic working knowledge and literacy when it comes to money. I also discussed in Episode 136 about how you should start saving for retirement in your 20s and how it can be done. But what if you started earlier than that? What if our kids started saving for retirement even before they graduated from high school? In this episode of the podcast, I will talk about how parents can help their children start saving for their retirement and get the earliest start doing it. In this episode you will learn: Why starting your child in saving for retirmenet is a good idea Why a Roth IRA is a better choice How to set up the IRA How to fund the IRA

In the last episode I talked with Jake Cousineau, a California educator who teaches financial literacy to high school students. But looking into this further I discovered that attitudes about money (called Financial Personalities) form way before a child reaches high school. Thus, teaching children from an early age (as I discussed in Episode 130) becomes very important. That’s why in this episode of the podcast I talk with Vince Shorb, a financial wellness advocate and educator, who has developed curricula to shape financial personalities early in a child’s life. In this episode you will learn: What a Financial Personality Is When They Are Formed How Parents and Teachers Can Guide How They Are Formed Why People Make Financial Decisions That Don’t Align With Their Goals About the Behavioral Aspects of Money