In this episode, Melisa Horn and Alden Rowe from Heritage Financial Strategies discussed an article that reveals 45% of adult children receive financial support from their parents, even after graduating college. The support includes groceries, rent, tuition fees, and more. The conversation touches on the impact of economic crises on millennials' financial situations and the importance of having a clear vision for one's future to build momentum toward financial independence. They also explore how parenting styles may contribute to this trend and mention the prevalence of anxiety among millennials.

Seek advice from financial experts like Melisa Horn and Alden Rowe to navigate economic challenges and build a solid foundation for your financial well-being.  

About the Guest

Melisa Horn  

- Melisa Horn is a highly experienced professional with over 30 years of experience working in banks and credit unions. As Financial Coach with Mindful Money Financial Coaching, Melisa helps clients with budgeting and financial education and is passionate about helping people achieve their financial goals through intelligent planning and guidance. As Brand Ambassador for Heritage Financial Strategies, Melisa is excited to help Heritage Financial Strategies reach and resonate with those that are seeking help making the most of their money. With a strong focus on customer service, Melisa always goes above and beyond to ensure that everyone receives the highest quality care and support.  

Melisa has a Bachelor of Science Degree in Marketing from Arkansas State University; she is authentic with clients and team members and highly energetic, caring, and smart. With her vast knowledge of the banking and finance industry, Melisa is always up to date on the latest trends and strategies in financial services. Throughout her career, Melisa has received numerous awards for excellence. She is known for her ability to forge strong relationships with clients by building trust and rapport. And she is dedicated to helping others achieve their best financial future - whether by completing a personal or professional goal or simply navigating life transitions.  

Alden Rowe

- Alden Rowe is a financial planner with Heritage Financial Strategies whose goal is to help you achieve financial peace. He believes this can be accomplished through comprehensive financial planning and careful investing. Alden understands the role of a financial advisor is to coach and educate just as much as it is to build a plan. He is passionate about demystifying the world of investing and helping people engage with their finances on a deeper level. He earned a Bachelor’s and Master’s of Business Administration degree from MIU, in addition to holding financial industry licenses FINRA Series 7, 66, 24, and 3. Alden worked for Heritage’s broker-dealer Cambridge Investment Research for three years before joining the Heritage team in 2020.

Connect with the Guest:

● Website | heritagefinancialaz.com

● Linked In | www.linkedin.com/in/alden-rowe (Alden Rowe)

                    www.linkedin.com/in/melisa-horn (Melisa Horn)

Resources mentioned:

Failure to Launch: Why Your Twenty-Something Hasn't Grown Up...and What to Do About It  

In this episode, I discussed the S&P 500, a stock market index measuring the performance of the 500 largest companies listed on the US stock exchange. Additionally, it is crucial to consider other investment options as relying solely on the S&P entails greater risk, given its potential fluctuations on a daily, weekly, or monthly basis. Therefore, for a diversified investment strategy, it is advisable to include a mix of asset classes and sectors, such as bonds, in order to mitigate losses.

Tune in now to learn more about S & P 500 and take control of your financial future!

Episode Highlights

• What is S & P 500
• Considering a broader range of investment options
• Finding other categories of investments
• Managing and mitigating risk or potential losses in an investment portfolio

Listen now!

• We-make-money-fun

Indices mentioned are unmanaged and cannot be invested into directly. Past performance is not a guarantee of future results. Diversification and asset allocation strategies do not assure profit or protect against loss. Investing involves risk. Depending on the different types of investments, there may be varying degrees of risk, including loss of original principal."

Eric Tingom, the Director of Technology and Tax Strategy and Shannon's husband and business partner at Heritage Financial Strategies discusses his background in accounting, finance, and business management consulting. He highlights his role in building and managing Heritage, sharing the challenges they faced, including his extensive traveling before COVID and the process of rebuilding their office space. The importance of providing clients with a comprehensive financial planning experience and working towards their future goals is emphasized throughout the discussion.

Join us at Heritage Financial Strategies for a comprehensive and personalized financial planning experience that will help you achieve your future goals.

Episode Highlights

● Eric’s background in accounting

● Building their brand new office from scratch

● How his experience working with small businesses and government contracts has prepared him for his current role.  

● Producing a plan  

About the Guest

Eric Tingom is the director of technology and tax strategy of Heritage Financial strategies. He is a lifelong entrepreneur, starting his first technology company while in college at Arizona State University, where he earned a degree in Accounting. Right out of ASU, he worked in public auditing for Cooper and Lybrand, now Price Waterhouse Cooper (PWC). He has worked with private companies as well as large government agencies helping them comply with new rules and regulations and streamlining their policies and procedures.  

His past work experiences are part of why Eric joined Heritage Financial Strategies. He has played an integral part in setting up the technology, data security, and integration so that it meets all FINRA requirements. His work has been instrumental in the success of the business, where employees and clients enjoy the latest technological advances.  Eric will continue to have more interactions with clients as his role expands to bring new tax and insurance services to Heritage Financial Strategies clients.  

Our guest in this episode is Juan Te Dailey, who achieved the remarkable feat of sending her son to college debt-free. Juan Te's journey is a testament to the power of financial planning and hard work and by following Dave Ramsey's advice from his book, "The Total Money Makeover," Juan Te was able to take crucial steps to achieve financial freedom. Graduating from college debt-free can be an incredibly empowering experience. It allows our children to start their careers without the burden of student loans, giving them a sense of financial freedom and the ability to pursue their dreams.

Don't miss this inspiring episode on how one parent achieved the goal of sending their child to college debt-free!

They were all victims of financial mismanagement, where their money was stolen or misappropriated by the companies or individuals they entrusted to manage it. Olympic runner Usain Bolt is the latest among this group to experience this misfortune - he recently had nearly 13 million dollars taken from him over a 13-year period. Tom Brady lost 650 million with FTX, Steven Curry lost 160 million with FTX, and Mike Tyson and Kareem Abdul Jabar (Elvis Presley) have had undisclosed amounts of money stolen or misappropriated. John McEnroe lost two million investing in a painting fraud, while Dennis Rodman has been liable for 3.5 million stolen by his financial advisor Peggy Ann Fulford.

These types of fraud typically fall into one of two categories: fraudulent activities such as theft or embezzlement; or Ponzi schemes where non-existent returns are promised, but only payouts come from other people's investments. In both cases, recovery of funds can be difficult if the money has already been spent.

So how can we learn these celebrity lessons regarding our investments and choosing the right advisors? Here are some tips to keep in mind:

1. Never invest in something you don't understand – research it if uncertain!
2. It's important to have measures like custodians that provide administrative oversight and accountability for your investments (like Pershing Fidelity Schwab). You should be able to look at statements and tax forms with their name on them that verify they are managing your funds correctly.
3. Make sure you have easy contact access with your advisor – emails, phone numbers, texts, etc – so you can stay updated on your accounts activity quickly if anything arises that looks suspicious. Logging into our client portal once a month is also recommended so you can watch for any irregularities early on before they become larger problems.

I began by taking blood tests following a diagnosis of dangerously low iron from my primary care doctor. I was referred to a hematologist and booked in for an iron infusion that same week. Then the journey began.

I underwent hormone testing which showed something unexpected, as well as blood tests to check iron levels and food sensitivity tests which highlighted some common triggers including peanuts, almonds, pineapple, and gluten.

In response to the dietary advice, I started a gluten-free diet in the fall of 2021. This has led to weight loss of around 30 pounds so far with more to go! I feel better at 50 than I did at 30!

The Secure Act of 2019 was the biggest legislative change to retirement planning since 2006, and it quickly became overshadowed by the COVID-19 pandemic. But Secure Act 2.0 brings even more changes that could significantly impact how you plan for your retirement.

Required Minimum Distributions (RMDs)

Under the Secure Act, the age at which individuals must withdraw money from certain retirement accounts has changed. The RMD age has now been set at 72 for anyone born in 1950 or earlier, 73 for those born in 1951-59, and 75 for anyone born in 1960 or later. There is also the possibility that some in the group with 73 as their RMD age may be changed to 74. Additionally, distributions must happen by April 1 of the year after attaining the RMD age. If you wait until the following calendar year to withdraw, two distributions will be due that year. And if you fail to take an RMD, penalty fees can be reduced from 50% to 25%, which could go down to 10% if corrected promptly.

Employer-Sponsored Plans

The legislation changes Roth accounts under employer-sponsored plans - they no longer have any required minimum distributions unless they are inherited - while sep IRAs and SIMPLE accounts can now offer Roth options instead of being purely pre-tax investments. Contributions to employee 401k's can also now be made directly into their Roth side, which could create tax consequences for those individuals. It is also possible for 529 college savings plans proceeds to be transferred into Roth accounts under narrow conditions, creating new tax planning opportunities in this area.

Contribution Limits

Secure Act 2.0 provides annual contribution increases based on inflation rather than unpredictable fluctuations. This may provide more predictability when budgeting your long-term savings goals each year..

Other Changes

Other notable changes include incentives for small businesses offering 401(k) plans and employers making student loan payments for employees in place of matching contributions.

Ever wished that you had your very own guardian angel to help you navigate the course of your finances? Well, look no further because your wish has been granted!

Join us and our guest, Lisa, on this episode as she shares her personal experience and journey towards building and improving the financial health of she and her partner, Nick. A loyal client of over 8 years, Lisa is a health, wellness and clinical practitioner, as well as a business leader who is planning on launching her newest venture, "Adventures with Lisa" next year.

She shares what it's like to be lost and what led her and her partner to bring in a financial planner on their quest for financial freedom and security. According to Lisa, seeking help is not necessarily a sign of weakness but a mark of courage. She also talks about how engaging the services of a financial planner transformed her life and facilitated her early retirement plan, along with allowing her and Nick to purchase a house and pursue their passions debt-free. 

Listen to the podcast to get the full details!

Connect with us on LinkedIn and Facebook @Heritagefinancialstrategies and on Instagram and Twitter @Wemakemoneyfun.

For more information on the aesthetics of hiring a financial planner, subscribe to @Wemakemoneyfun on Apple podcast or wherever you listen to podcasts.

If you know a windfall is coming, be honest.  For example, if you're anticipating an inheritance, talk to those relatives while they're here so that you're all on the same page.

Next, it's vital to have a team in place to help you with this money.  This can include a financial advisor, attorney, CPA, and more.  Lean on their expertise.  And keep things quiet!  Only tell your team members and close people that you trust.  The last thing you want is to be under siege from people asking for money.

If you're dealing with a current or future windfall situation, or have any questions related to your financial future, you can always reach out to Shanna and her team at Heritage Financial Strategies at https://www.heritagefinancialaz.com/

Three main factors playing into all of this are inflation, low consumer confidence, and changes around access to reproductive healthcare.

59% of women stress about money once a week, and 43% of women actively worry about money at least once a day!

Shanna and Jon also compare differences between generation of women - and where their priorities aren't the same.   However, more women are making their financial health a priority.

Mentioned in today's show: The Ellevest Study "The State of Women's Financial Wellness in 2022:"  https://s3.amazonaws.com/production.assets.ellevest.com/documents/Ellevest-The-State-of-Womens-Financial-Wellness-in-2022.pdf

Reach out to Shanna and her team at Heritage Financial Strategies at https://www.heritagefinancialaz.com/

The ERC started with the CARES Act in April of 2020, but it was revised in December of 2020, and again under "Build Back Better" in February of 2021.  

The latest revision includes the language: “if your business was fully or partially impacted by a governmental shutdown order." This makes it easier for businesses with non-relative W2 employees to qualify.  The affected "pandemic period" includes Q2, Q3, and Q4 of 2020, as well as Q1, Q2, and Q3 of 2021. These income-tax-free, refundable credits can run as high as up to $26k per employee over this covered period – making this an extremely valuable shot of cash in the arm of businesses, both large and small.

Aaron also breaks down how PPP and EIDL loans could affect eligibility.  

How do you apply for the ERC? What are the terms, time period, and processes?  Aaron gives us an overview.

Resources:

Aaron's White Paper:

Aaron's Website: https://wittenfinancial.com/

Aaron's Phone Number: 270-200-1056

Shanna's Website: https://www.heritagefinancialaz.com/

Shanna's Phone Number: 480-397-1184

In September, the Fed raised the interest rate another 0.75%.  What does that mean for our listeners, and are we closer to a recession than we were a quarter ago?

While that's not an easy question to answer, it's important to look at what makes our current condition unique. This includes household debt to asset ratios, and the differences in personal consumption of goods vs services.

Should our listeners hold tight?  Shanna closes by answering that question.

Want to know more? Contact Shanna Tingom and the team at Heritage Financial Strategies: https://www.heritagefinancialaz.com/

Shanna and Jon agree this plan is a good step in the right direction to help many Americans get back on their feet financially, so they'll have more money they can spend, and get out from crippling student loan debt.   The plan doesn't address the root problem here - the skyrocketing cost of higher education - but that's a conversation for another podcast.    Also, financial education is so critically important - both of our cohosts made the mistake of signing up for a credit card in college in exchange for a free T-shirt.  But Shanna also got pizza out of the deal. Jon did not.

This new plan will provide $10,000 of student loan forgiveness for those who qualify, and that number goes up to $20,000 if you received a need-based Pell Grant.  In other words, if your family was below a certain income threshold when you were a student, there's more opportunity here for you.   In addition, the "pause" on student loan repayments we've seen throughout COVID will be extended one more time, with an end date of December 31, 2022.

Finally, if you made payments during this period since March of 2020, you may be eligible for a refund.

While some of aspects of Public Service Loan Forgiveness, or PSLF, may go into effect automatically, the best advice is to do your research.   Check in with your loan servicer online.  Shanna even went to StudentAid.Gov to re-activate her account to look up the most updated information.  And, depending on which state you live in, you may be required to pay taxes on the forgiven about.   There are many moving parts here, and every situation is different.  So do you research, and talk to a professional.

To reach Shanna and her team at Heritage Financial Strategies, visit them online at https://www.heritagefinancialaz.com/

We also talk about the legal troubles faced both by a big-name backer of crypto, as well as a popular trading app.   And what about taxes?   What are the tax implications for people who buy and sell cryptocurrencies?

If you'd like to reach out to Shanna Tingom and her team at Heritage Financial Strategies, find them online at https://www.heritagefinancialaz.com/

Additional Resources:

Previous podcast episode on Gamestop and "Meme Stocks:" https://makingmoneyfun.simplecast.com/episodes/explaining-the-gamestop-story

Reuters Article on Robinhood:  https://www.reuters.com/markets/us/robinhood-must-face-us-market-manipulation-claims-over-meme-stock-rally-judge-2022-08-11/

Tech Crunch Article on Voyager:  https://techcrunch.com/2022/08/11/mark-cuban-mavericks-face-lawsuit-over-crypto-voyager-ponzi-scheme/

Harvard Gazette article:What Happened to Crypto:  https://news.harvard.edu/gazette/story/2022/07/so-what-happened-to-crypto/#:~:text=Recent%20high%2Dprofile%20financial%20meltdowns,less%20than%20%24900%20billion%20today.

First, this will not affect Roth conversions or so-called "back door" Roth IRA contributions.  Shanna gives us a refresher on what's involved with those strategies and moves.

We also talk about tax rates, and how the Inflation Reduction Act will affect health care and prescription drug prices. 

What about the IRS? There's been a lot of talk about increasing the number of IRS employees.  Should that scare you?

To contact Shanna Tingom and the team at Heritage Financial Strategies, visit https://www.heritagefinancialaz.com/

Additional Resources:

Investopedia ROTH IRA Rules:https://www.investopedia.com/articles/personal-finance/081615/basics-roth-ira-contribution-rules.asp

Kaiser Family Foundation:https://www.kff.org/slideshow/what-are-the-prescription-drug-provisions-in-the-inflation-reduction-act/

Tax Foundation:  https://taxfoundation.org/inflation-reduction-act/

Senate Democrats:  https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_one_page_summary.pdf

Coaches can be hired to help solve a short-term problem, or on a longer term basis.  Shanna, in her business,  has coaches for business and personal leadership.  In the past, she's also worked with career, relationship, and even financial coaches! (Yes, you read that right.)

This leads to Shanna and Jon talking about how their respective relationships evolved in COVID, and how coaching even helped with that.

At Heritage Financial Strategies, they offer several different types of coaching relationships, and that's how they help you manage your money and plan your future.   

To reach the team at Heritage, visit them online to schedule an appointment at https://www.heritagefinancialaz.com/

And if you haven't heard the amazing story around Dana Croschere, Heritage's Financial Coach, you can check out that episode of the podcast here: https://makingmoneyfun.simplecast.com/episodes/danapart1

Chris Spear:  Website / LinkedIn

Mike Strati:  Website / LinkedIn

Roger Reitzel:  Website / LinkedIn

Chris Raup:  Website / LinkedIn

Dana Crochere and Mindful Money: Website / LinkedIn

If you need help with estate planning, retirement planning, investing, or anything related to your financial future, you can contact Shanna and her team at Heritage Financial Strategies by visiting https://www.heritagefinancialaz.com/

Shanna Tingom of Heritage Financial Strategies is a huge Suns fan, and this collapse got her thinking about her role as a financial advisor.   What happens when the proverbial wheels come off?  It's her job to re-assure her clients, make adjustments if necessary, but above all, make sure they don't panic.

Need to discuss something related to your financial future?  Shanna Tingom and her team at Heritage Financial Strategies are here to help.  Find them here:

https://www.heritagefinancialaz.com/

First, we define what a recession technically is.  And Shanna explains why it's not necessarily a bad thing.  And if we hit one, Shanna talks about why it will be completely different than any one we've experienced previously.  This is tied to the current job market and supply chain issues.

Jon asks Shanna the, no pun intended, million dollar question.  Are we headed to a recession? Her answer may surprise you.  She doesn't think so, and she explains the data behind this assumption.

So what does this mean for your investments?  Shanna and Jon explain.

Need to discuss something related to these topics or anything about your financial future?  Shanna Tingom and her team at Heritage Financial Strategies are here to help.  Find them here:

https://www.heritagefinancialaz.com/

While some details vary between states, a 529 plan has special tax savings on the way in, and on its growth (similar to a Roth), as long as that money is being used for educational expenses.  Sure, that includes tuition and room & board.  But it can be applied to a number of other things, like textbooks, computers, off-campus housing (within reason), and even primary education up through grade 12.  They can also be applied to trade school education.

Different relatives can contribute to a 529 plan for a single beneficiary, and if that beneficiary doesn't use the money, it can be transferred to another beneficiary (in many cases). And of course, if the money isn't spent on qualified educational expenses, Alden explains the penalties involved.

How much should you put in to a 529 plan?  Of course that depends.  Alden talks about some of the different factors to consider in that decision.

Finally, some states limit which plans you can participate in.  But these plans can be used for schools in any state.

For more info on 529 plans, or anything related to your financial future, contact Alden, Shanna Tingom, and the team at Heritage Financial Strategies.  https://www.heritagefinancialaz.com/ or  (480) 397-1184

Going to college can be daunting enough, without figuring out how to pay for it.  Tom walks us through the process, starting with the FAFSA - the Free Application for Federal Student Aid.  The FAFSA can be found on FAFSA.gov, which redirects you to https://studentaid.gov.   There are scammers out there, so be sure your URL ends with .gov.  And it's FREE - don't be scammed by someone who wants you to pay for it.

Fill out the FAFSA with your student in the fall of their senior year of high school.  In the spring, when they are narrowing their list to specific schools, many will have their own calculators to look at as well.

Financial aid comes in three forms - loans, grants (usually from the federal or state government), and scholarships.  You'll need to figure out what combination these will come in for your student when figuring out your out of pocket expense.  You'll also want to start a 529 savings plan as early as possible - Alden and Jon will get into that in our next episode.

Finally, Tom mentions that college isn't for everyone.  It's often too expensive a proposition for someone who's not sure what they want to do.  There are many other options out there to start highly successful careers.  We cover some of those as well.

Need more help with this topic, or anything related to your financial future?  Contact Alden Rowe, Shanna Tingom, and the team at Heritage Financial Strategies.   Shanna Tingom and her team at Heritage Financial Strategies are here to help.  Find them here:

https://www.heritagefinancialaz.com/

Or  (480) 397-1184.

The first is what's being called The SECURE Act 2.0.  You may remember that the original SECURE Act was passed by Congress in November 2019, shortly before the pandemic.  Among other changes, it raised the age on RMD's - required minimum distributions.

After dealing with COVID, the legislature has now gone back to addressing retirement accounts.  Shanna breaks down the different aspects of SECURE 2.0, including another RMD age jump, auto enrollment in workplace savings plans, more employer contributions to these plans, and employer contributions to match student loan payments.   

It's important to remember two things here.  1) The government is trying to make sure Americans do a better job saving for retirement.  2) The government needs more money in retirement accounts to that it can make more money in taxes.   For a detailed breakdown, you can read the following article:

Secure Act 2.0:  https://www.kiplinger.com/retirement/retirement-plans/602821/secure-act-2

The other piece of legislation Shanna addresses is what's known as the "Pro Act."  On its face, it's designed to make it easier for employees to unionize and protect themselves.  However, the result will be many 1099 employees becoming W2 employees.  This, in turn, will cost employers more and may drive up the prices of their services, in Shanna's opinion.  We walk through this potential new law, and offer this article for more info.

Pro Act:  https://www.uschamber.com/employment-law/unions/labors-litany-of-dangerous-ideas-the-pro-act-updated

Have questions about SECURE Act 2 or the Pro Act?  Or need to discuss anything related to your retirement or financial future?  Shanna Tingom and her team at Heritage Financial Strategies are here to help.  Find them here:

https://www.heritagefinancialaz.com/

The Russian Invasion of Ukraine

Rising Interest Rates

Global Supply Chain issues 

Shanna and Jon break down how each of these forces are affecting the market and your investments, and show why its as important as ever to stay diversified in your portfolio.  We may know who the winners have been in the past - but we just can't know for the future.

Here's a link to the Jellybean Chart Shanna references in this episode: https://novelinvestor.com/asset-class-returns/

Heritage Financial Website: https://heritagefinancialaz.com/

A financial coach does not deal with investments. In fact, Dana herself has been a Heritage client in that regard.  Her focus is on your budget. Her approach is value based spending - figuring out how to prioritize the things that are important to you - whether that's travel, dining out, or whatever "sets your heart on fire."   This will be different for every client, so Dana takes time to get to know you, and what makes you tick.  This is done without judgement of current or past activity, and is designed to get you where you need to be on a month-to-month basis.  She can even be an accountability partner.

Jon shares some real world examples of the power of budgeting - giving out take-out in the month of January, and a fancy trip to Hawaii, all because of budgeting.

If you're interested in talking to Dana, Adam, and the rest of the Heritage Financial Strategies team, you can find us and contact us online here: heritagefinancialaz.com

In her 20's, Dana had a financial crime committed against her, when a boyfriend bought a boat and trailer in her name and took off. All of a sudden, she was faced with paying off big-ticket items she didn't even possess.  Through tenacity and discipline, she was able to claw her way out of a desperate situation.   Inspired by her own work and experience, she went to Wells Fargo, and climbed the ladder in their Financial Crimes division.

Following some health challenges, she's re-defining herself yet again, and really wants to help people meet their financial goals. She's got the chops and experience, and she knows how to put together a budget, collaboratively, with our clients.  

Dana also explains how she ended up as the protagonist in a documentary, produced by her partner Krisanna, about her journey back.

Resources: 

Love Heals Movie: https://lovehealsfilm.com/

Heritage Financial Website: https://heritagefinancialaz.com/

Many of us put money away into our employer-sponsored retirement plans and forget about it.   However, you may have more control over those investments than you think.   Adam Miller and Shanna Tingom of Heritage Financial Strategies explain how they work with their clients to make sure that their retirement plans and investments are best suited to their individual needs.

Hayden Gerwein from Howard Capital Management is back today, joining Shanna Tingom and Adam Miller from Heritage Financial.  And we are discussing Pooled Employer Plans - a way for small business owners to pool resources to offer retirement benefits to their employees.

(Disclosure: The Heritage Financial Strategies Team will be using a PEP from Howard Capital for their employees beginning January 1, 2022.)

Hayden explains how these Pooled Employer Plans work, and Shanna explains why, in the wake of the SECURE Act, this was the right time to implement it for her employees.

We go through the flexibility of these plans, including what small business owners control when putting together options for their employees, and why they can be advantageous in terms of the financial cost as well as time invested.

Today, Shanna Tingom is rejoined by Hayden Gerwien of Howard Capital Management.  Did you know that you may have more control of your work retirement plan than you realize, including 401k, 403b, and 457 plans?

A self directed brokerage account, or SDBA, allows you to utilize a third party money manager.  About 40% of employers allow this in their retirement plans, including some large companies in the area, including ASU, U of A, and Intel.

If you don't have this option through your employer plan, there are other tools offered by Heritage Financial and Howard Capital Management. 

The 401K Optimizer Plan is an overlay tool that will look at the options available to you in your retirement account, recommend an initial investment, and provide ongoing advice as well.

Howard's Guided Retirement Plan takes the pressure off of the investor and actively manages your portfolio.

For more information about any of these services, Howard Capital Management and Heritage Financial work together, and you can contact Shanna at https://www.heritagefinancialaz.com/

Today, Shanna Tingom of Heritage Financial is joined by Hayden Gerwien of Howard Capital Management, a firm that Heritage works with closely for its clients.

Howard Capital Management is a third party money manager, and Hayden gives us a bit of background on the company. Then explains their patented HCM-BuyLine® investment process.   This is a computer algorithm that allow for a more tactical and defensive strategy to manage your money.  And this will recommend when to buy and when to sell.

Hayden walks us through how this algorithm worked during the COVID-19 volatility we saw last year, taking the emotion out of investing.  And Shanna explains how they've become a partner to help manage the portfolios of her clients at Heritage Financial.

For more information about how Howard Capital Management and Heritage Financial work together, and you can contact Shanna at https://www.heritagefinancialaz.com/

Trusts can provide for:

How your bills will be paid if you are hospitalized

• A financial power of attorney
• A trustee to manage your assets
• Avoiding costly probate court costs
• And more...

There are also different types of trusts, including pet trusts, and IRA trusts.  The latter can be especially important in wake of the SECURE Act and recent changes to the stretch IRA rules. 

Most importantly, you should have a team working together for your estate planning.  This can include a financial advisor, accountant, attorney, and more.

Resources:

The Parker Law Office: https://www.parkerlawaz.com/

Heather Parker's Office Number: 480-264-5177

Heritage Financial Strategies: https://heritagefinancialaz.com/

The move was a several-months long process, and Shanna Tingom and the team realized it's similar to finding a financial advisor. They needed to find the right fit for their needs.  They then worked with a general contractor to find the labor, parts, and tools that were uniquely suited to what they wanted to accomplish - just like a financial advisor will help you find the best fit for your needs.

Another thing the Heritage team learned - if a vendor seems like a bad fit - trust your gut.  Shanna explains.

Medical:

1. HIPAA Release - who can be given information about your condition?
2. Medical Power Of Attorney - who can make medical decisions for you?
3. End of Life Documents - what are your final wishes in terms of treatment?

Heather explains that not having these documents in place can have dire consequences, and she gives some real world examples.  These conversations can be difficult to have, but they are vitally important.  She also explains how to give the right people access to these documents.

On the money side, Heather breaks down the differences between a will and a trust. People often have misperceptions about what a will accomplishes.   For many situations, a trust is required.  And it's not as hard to set up as you might think.   And a trust can provide for many circumstances that a will cannot.  We'll explore this in more detail in part 2.

Resources:

The Parker Law Office: https://www.parkerlawaz.com/

Heather Parker's Office Number: 480-264-5177

Heritage Financial Strategies: https://heritagefinancialaz.com/

We start with a look back at the SECURE Act - how it raised the age for required minimum distributions and eliminated the so-called "Stretch IRA."

Shanna asks Aaron what a potential "SECURE Act 2.0" could mean for RMDs and stretch IRAs going forward.   We also look at potential changes to 529 Education Savings Plans, the so-called "step up in basis," and capital gains tax rates.

For more information:

Find Aaron Blau at The Blau Company: https://blauco.com/

Find Shanna Tingom at Heritage Financial Strategies: https://www.heritagefinancialaz.com/

First, Shanna and Aaron cover the rules around retirement distributions during 2020 - what you could take out, under what terms you have to pay it back, and how it will affect your taxes.

We also cover economic impact payments (EIP's) for personal, and the economic injury disaster loans (EIDL's) for businesses.  While grant money is gone, loan money is still available under the right circumstances.   Next, Aaron explains the Paycheck Protection Program (PPP) and all of its various implications.

Congress actually changed a number of rules around these different programs, often times in your favor, with potentially more to come.  This episode is definitely worth a listen.

For more information:

Find Aaron Blau at The Blau Company: https://blauco.com/

Find Shanna Tingom at Heritage Financial Strategies: https://www.heritagefinancialaz.com/

In this episode, we are looking at the effects of the pandemic on the mortgage process.  Most notably, it has become much more difficult for small business owners to qualify for mortgages. Because so many businesses failed during COVID-19, many banks are now requiring Profit and Loss (P&L) statements from business before approving mortgages.

We also explore the world of "Jumbo," loans above $548,250.  With the explosion of the real estate market, these types of loans have become much more relevant.  There are strategies around having to apply for these loans, with their even more stringent requirements.  We explore those.

Karen also explains that Guild services their own mortgages, and why that can be advantageous to borrowers.

Finally, we discuss why it's important for your lender, CPA, financial advisor, and more to act cohesively as a team.

More:

Karen at Guild Mortgage: https://branches.guildmortgage.com/az/gilbert/karen-camblin-424-evkc.html

Call Karen at 480-390-1732

Email Karen at kcamblin@guildmortgage.net

Heritage Financial Strategies Website: https://www.heritagefinancialaz.com/

Call Shanna at: 480-397-1184

Email Shanna at Shanna@heritagefinancialaz.com

Karen explains the dangers of qualifying for the highest loan you can, and why she takes a more practical approach.  It's not about what you can approved for - it's about what you can pay every month.

We then walk through credit checks, pre-approvals, and the entire process you undergo as a buyer.  This includes explaining why you should NOT make major purchases during this time.

Finally, Karen explains some of the unique services and products that Guild Mortgage offers to its clients.

More:

Karen at Guild Mortgage: https://branches.guildmortgage.com/az/gilbert/karen-camblin-424-evkc.html

Call Karen at 480-390-1732

Email Karen at kcamblin@guildmortgage.net

Heritage Financial Strategies Website: https://www.heritagefinancialaz.com/

Call Shanna at: 480-397-1184

Email Shanna at Shanna@heritagefinancialaz.com

You need to have a strategy, and that includes having a good real estate agent.  That agent must also be a good negotiator!  Jean shares some examples.

Normally, Jean gives the advice of "you don't get what you don't ask for."  But because we are in such a seller's market, many of the items buyers would traditionally ask for will take them out of contention immediately.

Jean talks about the standard process she uses when putting a house on the market, and the different approaches she uses when putting in an offer.  Often, relationships with other agents are key.

What about a personal letter?  Jean explains why the wording of such letters is extremely important.

We also cover topics such as appraisal waivers, clean offers, contingencies, and more.

More info:

Jean Pomeroy, Realty One Group

Phone: 602-741-3897

Website: https://azrealtymatch.com/

Email: jean@azrealtymatch.com

Shanna Tingom, Heritage Financial Strategies

Phone: (480) 397-1184

Website: https://www.heritagefinancialaz.com/

Email: shanna@heritagefinancialaz.com

Over the last decade, technology has changed the way real estate transactions have been done - everything from video chats to digital document signatures.  And of course, this was accelerated by the COVID-19 pandemic.  This is especially true in the Phoenix market, where many buyers are purchasing from out of state.

For those worried about a housing crisis similar to 2008, Jean puts your mind at ease.  She explains the difference between that climate and the one we are in today, including how the pandemic has altered lifestyle choices for many buyers.  Another factor is the companies building homes - and the skyrocketing costs of supplies.

It truly is a seller's market, and sometimes trying to score the home of your dreams is like playing the lottery.  But working with an experienced agent can help.

More info:

Jean Pomeroy, Realty One Group

Phone: 602-741-3897

Website: https://azrealtymatch.com/

Email: jean@azrealtymatch.com

Shanna Tingom, Heritage Financial Strategies

Phone: (480) 397-1184

Website: https://www.heritagefinancialaz.com/

Email: shanna@heritagefinancialaz.com

1. Not Automating Savings and Bill Pay
2. Not Saving for Retirement
3. Not Taking Advantage of Employer Sponsored Retirement Plans
4. Not Bringing Your Coffee and/or Lunch From Home
5. Paying for Adult Children or Grandchildren
6. Not Planning Your Estate
7. Not Having Enough (or any) Life Insurance and Long-Term Care Insurance

Resources:

Heritage Financial Blog: https://www.heritagefinancialaz.com/blog

Don't Eat Out as Often (The Simple Dollar): https://www.thesimpledollar.com/save-money/dont-eat-out-as-often/

Boundaries Audio Book: https://www.amazon.com/Boundaries-When-Take-Control-Your/dp/1480554979

For help with your retirement future, reach Shanna at Heritage Financial:

https://www.heritagefinancialaz.com/

Some divorces involve no kids, no disputed property, and can really can be resolved simply.  There are ways to do that.  However, if you have any issues or conflicts, you should definitely consult an attorney. Once the divorce is settled, it's very difficult to change the initial settlement.  Also, should you have any specific questions, it's best to do at least an initial consult with a lawyer.

Billie and Shanna also talk about one of the biggest mistakes that spouses make in a divorce - and that's giving into emotions, and just wanting to sign the papers to make the pain stop.  Often, that causes much more pain later.

Resources:

My Modern Law: https://mymodernlaw.com/

I Do Over: https://idoover.life/

The Modern Law Divorce Podcast: https://mymodernlaw.com/the-modern-divorce-podcast/

Heritage Financial Strategies: https://www.heritagefinancialaz.com/

You would think with so many people stuck at home together, divorce rates would be skyrocketing, but Billie explains why that many not necessarily be the case.  

Unfortunately, there are people in some very bad situations that have been exacerbated by COVID, and we look at what options are available for them.  One thing is for sure: do not sign away your marriage under duress without speaking to a qualified professional.

Resources:

My Modern Law: https://mymodernlaw.com/

I Do Over: https://idoover.life/

The Modern Law Divorce Podcast: https://mymodernlaw.com/the-modern-divorce-podcast/

Heritage Financial Strategies: https://www.heritagefinancialaz.com/

When investors believe a stock is about to fall, they can bet against it by "shorting" it - they profit when the value falls.  But they also lose when the value rises.  Tough times for a brick-and-mortar video game retailer had been well documented and Wall Street assumed the stock price would fall.   Then the investors on Reddit jumped in, buying up the stock so quickly it shot the share price from $18 to $347, costing hedge funds $5 billion by some estimates.

The Robin Hood app temporarily stopped day traders from  buying up the stock, not because of collusion with Wall Street, but to meet their financial obligations as an RIA. 

The bottom line - investing in short-term fads or trends is dangerous.  Retirement planning should be a slow, long-term cautious approach that won't be affected by momentary market swings.

For help with your retirement future, reach Shanna at Heritage Financial:

https://www.heritagefinancialaz.com/

• How do you get the conversation started?
• What are some of the biggest and most common mistakes family members make?
• What needs to be considered when creating the plan?
• How often should the plan be reviewed?
• How important is self-care for the caregiver?

If you'd like to discuss long term planning, or any other financial matter with Shanna Tingom and the team at Heritage Financial, reach out at https://www.heritagefinancialaz.com/

What are the different loan types?

• Primary
• Fixed Second or Second
• HELOC
• Also a Second mortgage

What happens to my 2nd or HELOC if I refinance my primary loan?

• 2nd or HELOC will need to be subordinated.  The lender needs to agree to let you keep it, and this usually adds more time to underwriting.
• Alternatively, any balance may be able to be included in the new primary mortgage and then the loan closes, so you could need to apply for a new 2nd or HELOC once you are done with your refinance.

When does it make sense to refinance?

• Current rates are lower than the existing rate.  Usually want this to be at least 1% below your current rate, but the cost to refinance plays into that decision.
• Have a large HELOC or 2nd balance and the interest rate on that loan is high enough that it makes sense from a cashflow perspective to refinance the primary loan even when there isn’t a significant rate difference between current rates and the rate on the existing primary loan.

What is the process to refinance?  Can someone else (my advisor) handle this for me?

• Someone else cannot handle this for you. 
• Do research on options.  Nerdwallet.com can be a good resource, local credit unions, trusted mortgage broker.
• Give them all the same details, including an approximation of your credit score, and ask them to provide what they believe your options are including all costs.
• Some will balk…avoid them.
• Once you have quotes, compare. We often review and weigh in for clients.
• Apply with the lender you chose.
• Paperwork to collect.
• Appraisal may be needed.
• Underwriting.
• Sign.
• Fund.
• Check sent to you or wired for cash out.

What if my house is paid off?  What are my choices?

• Any of the three loans are options.
• Need to figure out your need to know which makes sense.

For more information on anything related to financial planning, find Shanna Tingom at  https://www.heritagefinancialaz.com/

The three virtues that matter, with relation to money, are  humanity, wisdom, and courage.  And all of these are subject to bias, as Carrie explains.

There are four personas, or "bulls," when it comes to finance,:

• Yellow Bulls are big picture.
• Orange Bulls need detail.
• Purple Bulls want detail, but to connect information with people 
• Blue Bulls are big picture, but also want those same connections.

Carrie breaks each of these down in further detail.

For more information:

Atlas Point Website: https://theatlaspoint.com/

Heritage Financial Website: https://www.heritagefinancialaz.com/

To learn more about your financial personality, click on "What's Your Investment IQ," about 2/3 down the page.

Carrie takes us through her background, a 20 year career that included stops at EY and Experian.  She realized that it was important to have more meaningful financial conversations, particularly between advisors and clients.  Atlas Point began looking at the psychology of money, and how to overcome challenges on both sides of the relationship.

Atlas point deals in behavioral finance and character science, and Carrie walks us through how those relate to your money.

More info:

Atlas Point Website: https://theatlaspoint.com/https://theatlaspoint.com/

Heritage Financial Website: https://www.heritagefinancialaz.com/

Alden explains the decision to move to the advisor side of the industry and his desire to help clients with their financial futures, from a 360 degree perspective.

Alden and Shanna share a passion for a financial planning first model to working with clients.  They also share a passion for dogs, and Alden tells us why his pup may be a fugitive.  

Find Heritage Financial on the web and book an appointment:

https://www.heritagefinancialaz.com/

Today, we look at what this could mean for your financial future.  Shanna Tingom explains what markets have done historically, both under Democratic administrations and under divided government.  We also take a look at where the Trump Presidency ranked in terms of market growth.

Next, we look at what the "lame duck" period could mean for the markets - as President Donald Trump continues to avoid conceding the race, and what that might translate to for your investments between now and January 20th, 2021.

Finally, we hit this all important question. What should - or shouldn't - you do with your money right now?

Resources mentioned in this episode:

Business Insider Article on Democratic Presidents and the Market: https://markets.businessinsider.com/news/stocks/stock-market-election-democratic-republican-presidents-better-performance-economy-gdp-2020-8-1029528932

Forbes Article on market performance under all modern Presidents: https://www.forbes.com/sites/sergeiklebnikov/2020/07/23/historical-stock-market-returns-under-every-us-president/?sh=40a14637faaf

Fortune piece on what a divided Congress can mean: https://fortune.com/2020/11/04/stock-market-2020-election-results-divided-congress-house-senate-democrats-republicans-us-economy/

To speak with Shanna about YOUR financial future, find Heritage Financial online at https://www.heritagefinancialaz.com/

Before you bring in a four-legged family member, it's important to consider costs, including:

• Specialists
• Emergency Room Visits
• Regular Vet Visits
• Food
• Grooming
• and more!

We look at pet insurance, financing offered by many vets, and having a "sinking fund" of cash on hand for when an unexpected pet expense pops up.

And we discuss some of our own pet experiences too.

Heritage Financial Website: https://www.heritagefinancialaz.com/

Book an appointment online or call Shanna at 480-397-1184

You would think that a Financial Planner and an accountant would have an easy time when it comes to money matters, but that's not necessarily the case. Like most couples, money can be a challenging topic, particularly when you have two professionals with strong opinions!

Shanna walks us through why she and her husband brought in outside help, including Kelsa Dickey, the financial planner we met in a previous episode.

Resources:

Fiscal Fitness Phoenix Website: https://fiscalfitnessphx.com/

Boundaries by Dr. Henry Cloud: https://www.amazon.com/Boundaries-Updated-Expanded-When-Control/dp/0310351804/ref=sr_1_2?crid=2DIDRNY2YRJKW&dchild=1&keywords=dr+henry+cloud+boundaries&qid=1599323422&sprefix=dr+henry+%2Caps%2C440&sr=8-2

Heritage Financial Website: https://www.heritagefinancialaz.com/

Book an appointment online or call Shanna at 480-397-1184

We look at the options of collecting social security early at 62, waiting until your full retirement age (and figuring out what age that is), or delaying until age 70.

There are also penalties for working after collecting in some cases, the ability to pay back your benefits if you change your mind within 6 months, and even some folks who are not eligible to collect social security.  We explain all of it in today's episode.

Resources:2

Social Security Website - verify earnings, check calculator, and more: https://www.ssa.gov/

Shanna's Contact Info:

Website: https://www.heritagefinancialaz.com/

Call Heritage Financial at: (480) 397-1184

Today we break down where new stimulus legislation is, as well as the executive actions taken by President Trump with regard to the economy.  

The important thing to note is that many of these actions result in deferments, not cuts. In other words, what you don't have to pay now - you very well may need to pay later.  We discuss specifics of student loans, rents/mortgages, and the payroll tax.

Shanna's Contact Info:

Website: https://www.heritagefinancialaz.com/

Call Heritage Financial at: (480) 397-1184

Shanna and Jon also discuss Robin Hood and other apps that let you invest on your own.  There's an advantage to using them, but you need to be very careful. Shanna shares a tragic story of a young man who took his life based on what his app was telling him.

Shanna's Contact Info:

Website: https://www.heritagefinancialaz.com/

Call Heritage Financial at: (480) 397-1184

We explain the differences in "Letter" recoveries - what L-shaped, V-shaped, and W-shaped recoveries look like.

We also cover what opportunities may exist for investors at this time.

Shanna's Contact Info:

Website: https://www.heritagefinancialaz.com/

Call Heritage Financial at: (480) 397-1184

A Financial Planning First advisor starts with planning and a general understanding of your financial situation, before worrying about your investments.  In the first meeting with Shanna or Amy, you may be asked questions you weren't expecting, in order for your advisor to gain a 360 degree understanding of your world.

A Financial Planning agreement very specifically outlines the responsibility of the client to keep information updated, so that the advisor can keep the plan updated.

There's a common misconception that advisors are either commission based or fee based.  Amy and Shanna are both hybrid advisors, enabling them to offer their clients a wider array of services and products to meet their individual needs.

Shanna's Contact Info:

Website: https://www.heritagefinancialaz.com/

Call Heritage Financial at: (480) 397-1184

Amy's Contact Info:

Website: https://thimbleberryfinancial.com/

Email: info@thimbleberryfinancial.com

Call Thimbleberry Financial at: 503-610-6510

They became fast friends, despite a hiccup at the beginning of the relationship that they explain.

First, Shanna and Amy were tasked with creating a "Disaster Recovery Plan" - what to do in the event of a natural disaster.  It ended up being fortunate that they were in different states, to back each other up if one office went offline.

Beyond that, Shanna and Amy created a "Continuity Plan," to work for each other's clients in the event something happened to one of them.  This meant having a shared set of values and approaches to dealing with their clients.

Shanna's Contact Info:

Website: https://www.heritagefinancialaz.com/

Call Heritage Financial at: (480) 397-1184

Amy's Contact Info:

Website: https://thimbleberryfinancial.com/

Email: info@thimbleberryfinancial.com

Call: 503-610-6510

Documents 

Will or trust - what's the difference?

POA - Power of Attorney - for Health Care and Mental Health Issues

HIPPA form - granting others access to your medical information

You should review these forms at least once a year, or any time you encounter a major life event, such as marriage, divorce, or death of a family member.

The "Love Drawer"

All of these documents are important to have - but they are useless if your loved ones can't find - or access them.  Have all of this information in a physical - or digital - place, and make sure the people who will need to access it know where it is, and how to get it. Shanna shares a heartbreaking personal story of how important this is.

Heritage Financial Website

Call Heritage Financial at: (480) 397-1184

Health Insurance

This is the obvious one. Most Americans have health insurance tied to their jobs. When they lose one, they lose the other.  We examine the different ways to get health insurance if you're out of work.

Life Insurance

This is another big one, often tied to your employer as well.  Many policies don't go with you when you leave a job.  Shanna recommends coverage equal to ten times your annual income - and the different ways to protect yourself.

Short Term and Long Term Disability Insurance

We typically think of disability related to broken bones, car accidents, and the like. Many of us could continue desk jobs with a broken leg. But Coronavirus has taught us that we can become unable to do any job if we get sick. Short term and Long term disability insurance should be something to look into. And for business owners, own occupation and business expense coverage are also great ideas.

Long Term Care Coverage

Nursing home and other long term care facilities are prohibitively expensive. And it's a common misconception that the government picks up these costs.  That's usually not the case.  Long term care coverage can protect you against losing all of the money in your retirement assets.

Umbrella Coverage

This is the catch all - which can cover you above and beyond your other insurance plans.  Shanna explains what this can cover, and why it's so important.

Heritage Financial Website

Call Heritage Financial at: (480) 397-1184

The Economic Injury Disaster  Loan Grant

The Paycheck Protection Program

Which payouts will become loans and which will become grants

More resources available to get more information

Resources:

SBA.gov Loan and Grant Resources

Heritage Financial Website

• Call Heritage Financial at: (480) 397-1184

Stimulus Checks

Retirement Contributions

Resources:

Stimulus Check Calculator

Heritage Financial Website

Call Heritage Financial at: (480) 397-1184

We start with an explanation of terms, including The Market, correction, and bear market. 

We also look at historical data when it comes to market volatility and other disease epidemics.

Finally, we get into the psychology of market volatility and why you often need to fight your instincts, and not sell when the market drops.

Resources from today's episode:

Shanna's resource on market volatility

Resources:

Heritage Financial Website

• Call Heritage Financial at: (480) 397-1184

Resources:

Heritage Financial Website

• Call Heritage Financial at: (480) 397-1184

These include making arrangements for:

• 529 Plans
• Roth IRAs (hint: you can start one for your kids/grandkids)
• Estate Planning
• Trusts
• Life Insurance
• Advance Directives

Resources:

Heritage Financial Website

• Call Heritage Financial at: (480) 397-1184

• IRA Contributions
• Required Minimum Distributions
• Legacy Retirement Accounts (for your heirs)
• Implications for Small Businesses
• 529 College Savings Plans

Shanna Tingom of Heritage Financial breaks down each of these areas of the SECURE Act.

Resources:

Heritage Financial Website

• Call Heritage Financial at: (480) 397-1184

Reviewing beneficiaries on accounts and life insurance

Making sure you have enough life insurance coverage and checking the expiration date

Checking the investments of your retirement accounts

Reviewing your estate plan

Reviewing your insurance

Hiring someone to help if you need it!

Resources:

Heritage Financial Website

• Call Heritage Financial at: (480) 397-1184

• Make Them Tangible
• Make Them Obvious
• Keep Believing You Can Do It
• Build In Accountability

Resources:

Heritage Financial Website

• Call Heritage Financial at: (480) 397-1184

We cover the different ways to get divorced in Maricopa county, as well as more challenging situations, such as a spouse living in another state or being deployed.

Resources:

Second Saturday Divorce Resource Workshops

Women's Institute for Financial Education - wife.org

Heritage Financial Website

Call Heritage Financial at: (480) 397-1184

Today, Shanna Tingom explains what it means to be a Certified Divorce Financial Analyst, and why it's so important to have one  when you enter the divorce process.  She explains her experience and why she got this certification.   We also cover how a CDFA can work with  other professionals, such as attorneys and mediators.  

Resources:

Second Saturday Divorce Resource Workshops

Women's Institute for Financial Education - wife.org

Heritage Financial Website

Call Heritage Financial at: (480) 397-1184

• What does her Fiduciary Obligation mean when it comes to evaluating clients' 
• investments?  
• Why does it sometimes seem other people's investments are performing so much higher?
• How can a client see how they are doing?  What questions should they ask you?  

Resources:

Heritage Financial Website

Call Heritage Financial at: (480) 397-1184

What is an investment philosophy?

Why is it important to understand your advisor’s investment philosophy?

Shanna's investment philosophy and how she manages the buying and selling of investments.

What kinds of investments should you be cautious of?

What kinds of investments won’t Shanna help you with?

Resources:

Heritage Financial Website

Call Heritage Financial at: (480) 397-1184

Also, don't try to hide money from your financial advisers. Especially if it's a $500,000 Lamborghini.

For more information. to book an appointment with Shanna, or to check out many of Heritage Financial's resources, click here.

It's important  to have an open, honest relationship with your financial adviser. There's no need to be embarrassed over past mistakes, or even what your parents taught (or didn't teach) you.  Shanna explains the financial models she has, and is transparent about how she's compensated.

For more information. to book an appointment with Shanna, or to check out many of Heritage Financial's resources, click here.

Book a meeting with Shanna here.