Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff
• Natalie 
• Allie
• Jen

About this time every year, we make some pointless predictions to see who from the Greenway team can most accurately guess the year-end level of the Dow Jones Industrial Average (a mostly pointless, but widely used market barometer).

We’re back reviewing our guesses from last year, and making new ones for the year ahead. Don’t miss it! 

Understanding Required Minimum Distributions

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jen

We're continuing our series called "Ask an Advisor," featuring blog content and podcast discussions from our advisors.

In this episode, Jen and Nick delve into the topic of Required Minimum Distributions (RMDs). We'll give you an overview of this important financial milestone and discuss strategies to plan for and manage it when the time arrives.

• Background
• Distribution options
• Frequently used approaches

Open Enrollment Season: A Financial Advisor’s Guide to Making Smart Benefit Choices

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff

We're continuing our series called "Ask an Advisor," featuring blog content and podcast discussions from our advisors.

Today's episode is a discussion with Jeff all about open enrollment season. We provide a guide to making smart benefit choices.

1. Revisit Your Health Insurance Plan
2. Don’t Overlook Disability and Life Insurance
3. Take Advantage of Flexible Spending Accounts (FSAs)
4. Review Your Retirement Contributions
5. Update Your Beneficiaries and Emergency Contacts
6. Need an Estate Plan? Get one here…

Home Refinancing FAQs

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Natalie

This month we're launching a new series called "Ask an Advisor," featuring blog content and podcast discussions from our advisors.

Today's episode is a discussion with Natalie answering some frequently asked questions about home refinancing. 

• Who might refinancing might be beneficial for?
• Mortgage rates are largely influenced by the 10-year Treasury yield, and anticipated rate cuts are typically already factored into current rates.
• Key considerations for refinancing
• Obtain multiple mortgage quotes and compare them without "points"
• The decision between a 30-year fixed mortgage and an adjustable-rate mortgage (ARM) should be based on individual circumstances
• Non-recurring refinancing fees

Talking to your spouse/S.O. about money

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff
• Allie
• Natalie
• Jen

Welcome to part 3 of our series, How to talk to your _______ about money. Next up: Spouse/S.O. 

The number one cause of arguments for married couples? Money. This can be a sensitive topic, but having the conversation before it’s too late can save a lot of money and avoid a lot of heartaches and headaches.

Topics:

• Pre-Marital Money Questions
• Ongoing Money Conversations for Married Couples
• Tips for Success

Talking to your kids about money

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff
• Allie
• Natalie
• Jen

Welcome to part 2 of our series, How to talk to your _______ about money. Next up: Kids. 

This can be a sensitive topic, but having the conversation before it’s too late can save a lot of money and avoid a lot of heartaches and headaches.

• When’s the best time to start? What’s a good way to open the conversation?
• Who should be involved?
• What should you say?
• What topics should you cover?
• How does complexity change over time?

Resources:

https://stockmarketgame.org/

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff
• Natalie
• Jen
• Allie

Welcome to part 1 of our series - How To Talk To Your _____________ About Money. 

Money can be a sensitive topic, but having the conversations before it’s too late can save a lot of money and avoid a lot of heartaches and headaches. We're going to talk through some tips and tricks for approaching this conversation with those important people in your life.

First up: Parents.

• When’s the best time to start? What’s a good way to open the conversation?
• Who should be involved?
• What should you say?
• What topics should you cover?

Episode 60 - Greenway Profiles - Nick

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them.

Meet the voices behind this episode of Making Margin:

Nick

This month we’re ending our series, Greenway Profiles, where we’ve introduced you to our team and found out more about how they got to where they are. Last up is Nick, our founder.

Tell me about your background. Where are you from? Where did you go to school?

What was your first job?

Talk about your transition from working with institutional dollars to working with individuals and families. Why did you decide to do that?

What are some consistent challenges you find that people have with their finances when you first meet with them?

Who is your role model for retirement?

This year, we’re back reviewing our guesses from last year, and making new ones for the year ahead. Don’t miss it! 

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jen

Welcome to part 4 of our series, Greenway Profiles, where we’ll introduce you to our team and find out more about how they got to where they are. Next up is Jen Hill. Jen joined Greenway in October 2023 and serves as an associate advisor with our firm. 

• Tell me about your background. Where are you from? Where did you go to school? 
• What was your first job?
• Consistent challenges among people who walk into our office
• Who is your role model for retirement?

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Allie

Welcome to part 3 of our series, Greenway Profiles, where we’ll introduce you to our team and find out more about how they got to where they are. Next up is Allie, who serves as our director of client experience.

• Tell me about your background. Where are you from? Where did you go to school? 
• What was your first job?
• Consistent challenges among people who walk into our office
• Who is your role model for retirement?

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff

Welcome to part 2 of our series, Greenway Profiles, where we’ll introduce you to our team and find out more about how they got to where they are. Next up is Jeff, who serves as a senior advisor at our firm.

• Tell me about your background. Where are you from? Where did you go to school? 
• What was your first job?
• What are some consistent challenges you find that people have with their finances when you first meet with them?
• Who is your role model for retirement?

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Natalie

This month we’re starting a new series, Greenway Profiles, where we’ll introduce you to our team and find out more about how they got to where they are. First up is Natalie, who serves as our firm CFO and a senior advisor.

• Tell me about your background. Where are you from? Where did you go to school? 
• What was your first job?
• Talk about your transition from working with institutional dollars to working with individuals and families. Why did you decide to do that?
• What are some consistent challenges you find that people have with their finances when you first meet with them?
• Who is your role model for retirement?

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Natalie 
• Jeff
• Jen

In this episode, we're sharing some of our favorite tax tips! While we're not tax professionals, we've gathered some valuable insights that could benefit you. Keep in mind that these suggestions might not fit every situation, but we're optimistic that there's something useful here for everyone.

Questions

• Nick: Donating assets instead of cash
• Natalie: Tracking cost basis on your house
• Jeff: don’t sleep on your FSA options
• Jen: Staying organized

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff
• Natalie 
• Allie
• Jen

In this episode, we continue our conversation on using your finances to live your values, focusing on spending with intent. The discussion is inspired by Morgan Housel's blog post titled ‘A Few Thoughts on Spending Money,’ sharing our own ideas and tweaks to his advice. Join us as we chat about getting intentional with our spending!

Questions:

• “There are two ways to use money. One is as a tool to live a better life. The other is as a yardstick of status to measure yourself against others. Many people aspire for the former but get caught up chasing the latter.” 
  
  Is that true? Are there only two ways to use money?
   
• “Money is a tool you can use. But if you’re not careful, it will use you. Sometimes the stuff you spend money on has so much influence over your autonomy and sanity that it’s not clear whether you own things or the things own you.” Where do we see this happening?
   
• “How you spend money can be a reflection of what you’ve experienced in life. To someone who grew up snubbed by poverty, owning a fancy car might be the ultimate symbol of what you’ve overcome. To an old-money family, it might be the ultimate symbol of ego and insecurity. People don’t just spend money on things they find fun or useful. Their decisions often reflect the psychological wounds of their life experiences.”
  
  Does this explain a lot of what we see?
   
• “The more money you have, the harder it becomes to know how to spend it in a way that will make you happy. And that confusion sets in at fairly low levels of income. Luke Burgis writes: ‘After meeting our basic needs as creatures, we enter into the human universe of desire. And knowing what to want is much harder than knowing what to need.’”

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff
• Jen
• Natalie 

In this episode we talk about applying your values to your finances. We think it’s important to create a structure that allows you to live out what’s most important to you, and to view money in a way that provides you the opportunity to do that. Every spending (or giving, or saving) decision can then be viewed through this lens.

The Periodic Table of Investment Returns: https://www.callan.com/research/2022-classic-periodic-table/

Dave guessing his Mom's Thanksgiving Pies: https://www.youtube.com/watch?v=1xa_ICrQHCM

Meet the voices behind this episode of Making Margin:

• Nick
• Natalie 
• Jeff
• Allie

Since its inception, the 529 has been a popular education savings vehicle. Over the years, it has received a few enhancements, but none better than the most recent one thanks to the Secure Act 2.0. We’ll talk about the 529, the changes, and how it might fit into a financial plan.

In 1996, U.S. Senator Bob Graham of Florida, where a prepaid plan was well established, and U.S. Senator Mitch McConnell of Kentucky, which had a savings trust, led a bipartisan effort to provide federal tax relief for all plans, resulting in the creation of Section 529 of the Internal Revenue Code (IRC).

Questions

• What have been the changes to 529 plans, previously and in 2023?
• How should a plan most appropriately be utilized? Who does it make sense for?

Resources:

https://www.collegesavings.org/history-of-529-plans#:~:text=In%201996%2C%20U.S.%20Senator%20Bob,Internal%20Revenue%20Code%20(IRC).

https://finaid.org/savings/state529deductions/

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff
• Natalie 
• Allie

“A subtle problem with money is that assets are easy to measure but liabilities can be hidden.”-Morgan Housel

Today we’re talking about the psychology of spending, and why setting arbitrary limits that are well below what you can currently “afford” can make it easier to build wealth.

Questions

• Do you set arbitrary spending limits on certain things, even those things that you enjoy and can afford?
• What influences cause people to overspend, either relative to what they can spend or what they should spend? 

Resources:

https://www.apa.org/monitor/2023/06/psychology-of-spending

https://collabfund.com/blog/rich-and-anonymous/

https://spectrum.mit.edu/winter-1999/the-psychology-of-spending/

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff
• Allie
• Natalie 
• Drew

We often talk to our clients about the importance of avoiding mistakes with their money. So much about personal finance isn’t about trying to hit home runs; it’s consistently hitting singles and avoiding mistakes. But what are the most common mistakes we see people make with their money?

We’re looking at an old Nick Magguilli (Mah-Julie) post from his blog Of Dollars and Data to guide our discussion, and where we agree and don’t agree with his assessment. 

Discussion Topics:

• What does he get right, what does he get wrong?
• Any other things that we would add? 

Resources:

https://ofdollarsanddata.com/biggest-money-mistakes/

• What happened to SVB? Explain it to me like I’m 5.
   
• What’s the risk of broader contagion?
   
• How do these events impact your 2023 market forecast?
   
• What should we be doing differently with our money?

Resources:

https://www.investopedia.com/what-happened-to-silicon-valley-bank-7368676

https://www.investopedia.com/terms/t/twofactor-authentication-2fa.asp

Questions

• The Dow is currently at ~34,000. Will it end the year higher or lower than 34,000?
   
• Michael Burry: why is pessimism so popular?
   
• Personally (and for the market) are you optimistic or pessimistic over the near-term? What about in the intermediate-long term?

Resources:

https://www.bloomberg.com/news/articles/2023-02-01/will-stocks-fall-michael-burry-says-sell-in-ominous-tweet-ahead-of-fed

https://www.kiplinger.com/retirement/bipartisan-retirement-savings-package-in-massive-budget-bill

https://www.schwab.com/learn/story/secure-20-how-does-it-affect-retirement-plans

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind Making Margin:

• Nick
• Jeff
• Drew

On Aug. 24 Biden announced that his administration will waive student loan debt for qualifying Americans — $10,000 for individuals earning less than $125,000, plus an additional $10,000 for those who had received Pell Grants, which support tuition for lower-income students. We discuss everything we know about it.

Resources

• https://www.cnbc.com/2022/08/30/how-to-get-ready-to-apply-for-student-loan-forgiveness.html?utm_content=Main&utm_medium=Social&utm_source=Twitter#Echobox=1661945050-1
• https://www.politifact.com/article/2022/aug/30/joe-bidens-student-debt-forgiveness-plan-legal/

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind Making Margin:

• Nick
• Jeff
• Allie
• Natalie 
• Drew

Today we’re talking about skimping and splurging. 

Lifestyle choices have an enormous impact on people’s financial futures. It’s important to align your expenses with your values if you want to experience financial success. But that might mean skimping some places and splurging in others. So where do we skimp and where do we splurge?

Discussion Topics:

• Shopping
  • Clothes
  • Food
• Travel
• Restaurants
• Cars
• Household stuff

Resources

• https://ringgitohringgit.com/saving-money/rules-splurge-skimp/

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff
• Allie
• Natalie 
• Drew

Today we’re talking about the housing market. Mortgage rates for 30-year fixed loans hit roughly 6% in June, up from a little over 3% a year ago, according to Bankrate data. Now there are early signs that some places have excess inventory. How should would-be homebuyers react?

Discussion Topics:

• How would we expect interest rates to impact the housing market overall?
• What should first time homebuyers do?

Resources:

https://www.marketwatch.com/picks/im-the-director-of-forecasting-for-the-national-association-of-realtors-here-are-6-things-you-should-know-about-the-housing-market-now-01656706585

https://fred.stlouisfed.org/series/MORTGAGE30US

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Natalie 
• Jeff
• Drew

Today’s topic is all about the current market. The US Stock market (S&P 500) suffered the worst first half since 1970 - down nearly 20% since the beginning of 2022. People are mostly blaming inflation. So what’s to come? And how should investors prepare?

Discussion Topics:

• How are our clients handling the market insanity so far?
• What should people be doing to make sure they’re in the best possible place financially?
• Where does it go from here?
• VOO 10 year average annual return 12.92%. Reversion to the mean?

Resources:

https://www.cnbc.com/2022/06/30/the-markets-worst-first-half-in-50-years-has-all-come-down-to-one-thing.html

*When the S&P 500 plunged 21% in the first half of 1970, it promptly reversed those losses to gain 26.5% in the second half and eke out a gain for the year.*

https://www.wsj.com/articles/mutual-funds-managers-positive-returns-11656881703

https://www.dimensional.com/us-en/insights/so-whats-your-plan-for-the-bear-market

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff
• Drew

Today we’re talking about Roth IRA and 401(k); something we discuss with almost every client. What are the advantages and disadvantages? Who do they make the most sense for?

Discussion Topics:

• A quick overview of Roth rules
• Who should take advantage of the Roth option?
• Tax diversification
• RMDs
• Legacy

Resources:

https://www.schwab.com/ira/roth-ira/what-is-a-roth-ira
https://www.schwab.com/resource-center/insights/content/should-you-consider-roth-401k

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Natalie 
• Jeff
• Drew
• Allie

Today’s topic is all about money & marriage. What are the key ingredients for couples to be successful financially?

Discussion Topics:

• How do you and your spouse approach money (practically and theoretically)?
• What are some common traits held by our married clients of ours who seem to have found some success financially?

Couples who succeed financially relate to money similarly, and execute a plan based on shared vision and goals.

Resources:

https://www.amazon.com/Important-Money-Decisions-Every-Couple/dp/0736946225?asin=0736946225&revisionId=&format=4&depth=1

https://financialtherapyassociation.org/find-a-financial-therapist/

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind Making Margin:

• Nick
• Jeff
• Allie
• Natalie 
• Drew

Today we’re talking about generosity. Part of our mission as a firm is to become more generous and to develop a culture of generosity with our clients. What does that actually mean though, and why would we do that?

• It turns out that being generous is really beneficial not only for the recipient, but also for the giver.
• In a recent study linked below, people were asked about how generous they were, how likely they were to donate, to voluntarily do something for someone else, to give directions to a stranger, and high-generosity respondents were more than twice as likely to be "very satisfied" with their life over the past year.

Discussion Topics:

• When was the first time you remember giving money or time to something that was meaningful to you?
• What are some smart ways for people to think about giving (taxes, assets, etc.)
• How would you recommend someone who hasn’t participated in giving start doing so?

Resources

• https://www.fool.com/the-ascent/research/study-it-pays-be-generous/

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff
• Drew

Today’s topic is all about life insurance. Do you need it? What should you get?

Discussion Topics:

• Jeff explains cash value life insurance
  • Whole
  • Universal
  • Variable
• Drew explains term life insurance
• What are the advantages and disadvantages to them?
• How do people know which one they need?
• What if you have a policy already that may or may not be a good fit?
• Who should you trust?

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind Making Margin:

• Nick
• Jeff
• Allie
• Natalie 
• Drew

Today we’re talking about rental properties. Should you buy one?

• More than 10 million Americans earn income from rental properties according to the IRS. Half of them manage their own properties, and the average landlord has three properties to their name. On average, they field 6 repair calls a year from tenants.
   

Discussion Topics:

• What are the upsides?
• Why do people show interest?
• What are the downsides?
• Who is a good candidate to own a rental property?
• Any pitfalls to avoid?

Resources

• https://learn.roofstock.com/blog/should-i-buy-a-rental-property
• https://getflex.com/blog/landlord-statistics/

Meet the voices behind this episode of Making Margin:

• Nick
• Natalie 
• Jeff
• Drew

Today’s topic is all about why people, including us, buy what we buy and what influences our purchasing decisions.

A common refrain for us (and our clients) is spending money without really knowing where the money went. So what are those things (tangible and intangible) that influence your purchasing decisions?

Discussion Topics:

• Once you’ve decided you want to buy something, how do you go about determining how much to spend and which one to get?
• Does advertising influence your decisions?
• Do other people influence your decisions?
• What guardrails should people have in place to keep from overspending?

Resource:

• https://marketingistheproduct.com/35-factors-that-influence-consumer-buying-decisions/

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff
• Natalie 
• Drew

Today’s topic is all about the changing car market, and how our recommendations have changed with it.

• How do we perceive our clients handling car buying decisions?
• How do we handle car shopping?
• What’s changed?
• What mistakes do people make when looking for a car?

Resources:

• https://awealthofcommonsense.com/2018/07/are-suvs-ruining-retirement-savings/
• https://www.autoblog.com/2021/12/13/average-new-car-transaction-prices-kbb/

Meet the voices behind this episode of Making Margin:

• Nick
• Natalie
• Jeff
• Drew

Crypto is all the rage. Clients, friends, everyone asks about it.

So what do we think?

"Everything you don’t understand about money combined with everything you don’t understand about computers.”—HBO’s Last Week Tonight with John Oliver, March 11, 2018

In this episode we help you understand what crypto is and answer the questions:

What are our expectations for the future of crypto?

Does it have a place in portfolios?

Meet the voices behind Making Margin:

• Nick
• Jeff
• Allie

Today we’re talking about a scam that one of our own fell prey to: interstate movers.

• We like helping people avoid scams, but one of our own got scammed recently. We’re sharing tips on how you can avoid being a victim. 
• After looking into it more we realized that this type of scam is actually really widespread

Discussion Topics:

• Allie tells her experience
• Ways to avoid getting scammed

Resources

• https://www.aarp.org/money/scams-fraud/info-2019/moving.html
• https://www.fmcsa.dot.gov/protect-your-move

Meet the voices behind this episode of Making Margin:

• Nick
• Allie  
• Jeff
• Drew

Today’s topic is all about housing, specifically the recent housing price boom.

Discussion Topics:

• Home prices are up 15.8% on average year-over-year across the country according to a recent National Association of Realtors’ report (and in some places like Miami are already officially in super-boom mode).
• Supply hasn’t kept up, demand has accelerated during pandemic.
• What’s leading to this?
• Is it a bubble?
• What’s our advice?

Resource:

https://www.forbes.com/sites/petertaylor/2021/04/18/yes-americas-housing-market-is-officially-over-heating-everywhere-how-long-can-it-last/?sh=1afb56a24437

Meet the voices behind this episode of Making Margin:

• Nick
• Jeff

Today’s topic is all about sustainable investing. 

• Socially responsible investing, social investment, sustainable socially conscious, "green" or ethical investing, is any investment strategy which seeks to consider both financial return and social/environmental good to bring about social change regarded as positive by proponents.
• All sorts of different ways to look at this but today we’ll talk through our approach for clients who are looking for this sort of thing.

Resources:

Give.org to see details on orgs

Meet the voices behind Making Margin:

• Nick
• Jeff
• Drew
• Allie

Today we’re talking about changing your mind, which seems abstract, but actually has a lot of applications to finance.

• As we start to get to know our clients, we like to find out about their background; then we talk through where they are now, then where they (think) they want to go
• Reality is that a financial plan is just a lot of assumptions about an unknown future, and we’re creating it with our current selves
  
   

Discussion Topics:

• Tell me something you were convinced about that you’ve changed your mind on (style, preference, whatever). Do you think you’ll change your mind about that thing again?
• Are there other things you’re convinced you will/won’t change your mind about?
• How can we build plans that allow for people to change their mind (a potentially expensive reality)?
• We all have inherent biases due to our way of thinking. Here is just a small sample of common cognitive biases:
• Law of small numbers: We bias towards anecdotal examples rather than statistically significant data. So we may generalize one incident to an entire population.
• Confirmation bias: We may be too quick to seize on limited evidence that confirms our existing perspective. And we may be too quick to dismiss contradictory evidence for the same reason.
• Over-optimism: We tend to come up with plans and forecasts that are unrealistically close to best-case scenarios.
• Assigning cause to random chance: We are quick to assign causality to events that may in fact be unconnected.
• Recency bias: We bias towards recent events when we make judgments and decisions.

Resources:

“Strong opinions, weakly held”: https://medium.com/@ameet/strong-opinions-weakly-held-a-framework-for-thinking-6530d417e364

How Risky Is It, Really?: Why Our Fears Don't Always Match the Facts

https://www.amazon.com/gp/product/B003O86EZK/ref=dbs_a_def_rwt_bibl_vppi_i0

Meet the voices behind Making Margin:

• Nick
• Allie  
• Jeff
• Natalie
• Drew

Today’s episode: 

• Second part of our Kids and Money series talking about expenses for kids. What should they be responsible for? And when? How much of their allowance should we allow them to spend?
  
   

Discussion Topics:

• Tell me your experience with spending as a kid.
• How do you go about offering advice on what kids can buy?
• What spending limits should we put in place for kids?
• What about giving and saving? 

Resource:

http://myclassroomeconomy.org/

Meet the voices behind this episode of Making Margin:

• Nick
• Allie  
• Jeff
• Natalie
• Drew

Today’s topic is all about kids and allowances. When to give? How much? For what?

Discussion Topics:

• We talk about our experience with allowance as kids.
• Should you give allowance for something specific or just for existing as your kid?
• How much should it be given? Cash? Debit card? 
• When should it start?
• Should it change as time goes on? Does it grow as they get older?
• Should we give them money or gifts for holidays/birthdays?

Resource:

https://www.greenlightcard.com/

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind Making Margin:

• Nick
• Jeff
• Natalie
• Drew

Today’s topic is all about who actually needs financial advice. 

• Because of resolutions, a lot of people start looking at what a good financial advisor does at the start of the new year.
• We’re trying to redefine what a financial advisor can provide and to whom they can provide it.
  
   

Discussion Topics:

1. According to Advice That Sticks there are a few main reasons why people initially seek out an advisor: 
   1. Confirmation for a decision they are making
   2. A solution to a long standing problem
   3. A solution to a new problem (i.e. inheritance)
   4. Wanting help or guidance during an emotional time (i.e. divorce)
2. People think that most of the conversations we have with clients is surrounding investments, when in reality we primarily discuss their personal goals and things outside of the typical portfolio of stocks and bonds. One of our main goals is to help people avoid mistakes, and that doesn’t just mean investment mistakes. 
3. The person that doesn’t need an investment advisor is the person that has the time, knowledge, and desire. If you don’t have all 3 then it is probably worth outsourcing.
4. A financial advisor provides an unattached and unemotional approach to investments.

Take Away:  More people could find significant value in a good financial advisor than you might think. Traditionally, high-quality advisors were reserved only for the uber-wealthy, while the rest of us were stuck with product salesman masquerading as advisors. That’s changed, though, and now a solid financial plan is available to just about everyone.

Resources:

Advice That Sticks by Moira Somers

Meet the voices behind Making Margin:

• Nick
• Jeff
• Natalie
• Allie

Today’s topic is all about Christmas traditions and how to create a generous family culture. 

• Christmas Traditions: Past, present, future.
• What was gift giving/receiving like growing up?
• What traditions do you want to continue? What do you want to change?

Advice

• Create traditions that put others first
• Include some sort of charitable intent; include kids in it
• Limit the number of gifts; maximize the number of experiences

Meet the voices behind Making Margin:

• Nick
• Drew
• Natalie

Today’s episode: 

• How can we be confident in 6% (or higher!) growth rate?
• Why do we think it’s important to have equities (and/or bonds) in a portfolio?
• We have to set some expectations regarding investment planning. So, how do we come to the conclusions that we do when designing a portfolio?
  
   

Discussion Topics:

• There is an equity premium.  We know intuitively that the founder of a company has more to gain and more to lose than the bank from which he borrows the money.  A bond is comparable to a bank that is lending out money.  The bank expects the return of their capital and a slight return on their capital.  A business owner is looking for a multiplication of capital.
• The longer the history, the more confidence you can have -- Looking at monthly data in the US from January 1926 to July of 2020, there have been just over 1130 months.  This means that there have been over 1000, 10-year periods - 120 months squished together.  
• Have a realistic expectation - Morgan Housel wrote, “Markets crash all the time. You should, at minimum, expect stocks to fall at least 10% once a year, 20% once every few years, 30% or more once or twice a decade, and 50% or more once or twice during your lifetime.”
• What’s the point of investing? Maximizing return or reaching a goal?
• Investor’s Manifesto

Meet the voices behind this episode of Making Margin:

• Nick
• Allie
• Jeff

Today’s topic is all about alternative investments.

• For some time now, university endowments have included alternative investments in their portfolios attempting to both diversify their risk, and increase their return on investment.
• Most have been unsuccessful in actually increasing their returns, and according to a recent report, that lack of success is in direct proportion to the percentage of alternative investments in the portfolio
• Should individual investors hold alternative assets, or are plain vanilla portfolios just fine?

Discussion Topics:

• Traditional asset classes
  • Stocks, Bonds, & cash
• Alternative assets
  • Commodities
  • Real estate
  • Master limited partnerships (mostly in the energy industry)
  • Private equity
  • Hedge funds
• In theory, who might be a good fit for alternative asset classes? What’s the potential benefit?
  • Wealthy investors
  • Large endowments/non-profits
• In reality, what have the drawbacks been?
  • Lower return, Higher cost, & Dependence on manager selection
• Do we hold any ‘alternative’ assets in our client portfolios?
  • closest we get is REITs
• Do people need the additional diversification benefit that alternatives bring?
  • Mostly no

Take Away: A plain vanilla portfolio may be just what you're looking for.

References: 
https://bit.ly/3evtgL1 
https://bit.ly/3mZFm1M

Meet the voices behind Making Margin:

• Nick
• Jeff
• Natalie

Today’s topic is all about open enrollment and how to know which plan is best for you.

• For many, health insurance is the largest single expense.
• According to the Kaiser Family Foundation, the $20,576 average family premium in 2019 is 22% higher than the average family premium in 2014 and 54% higher than the average family premium in 2009.
• At some point, you have to figure these costs are unsustainable.
  
   

Advice:

1. Even if you like your current plan, you should review what’s available out there.
   1. Have your needs changed?
      1. Pregnancy coverage? Adoption coverage? Childcare FSA availability?
   2. Has the plan changed?
   3. Has there been a change in providers available within the plan?
2. Compare estimated annual costs, not just monthly premiums
   1. Premium
   2. Deductible (including co-insurance/co-payments)
   3. Out of pocket max
   4. Most open enrollment options have a calculator to help calculate needs
   5. HDHP might be a better option, even with heavy health care users. Does cash flow support?
3. Factor in the tax savings associated with an HSA
4. Purchasing an exchange plan? Get free help
5. Beyond health insurance….
   1. Disability insurance?
      1. FLU
   2. Life insurance outside of work?
   3. Vision and dental?
   4. Legal plans?

Take Away:  Be careful when considering the plans available to you. Make sure to look at the overall cost/tax savings, not just the premium and deductible.

Resources:
https://www.kff.org/health-costs/report/2019-employer-health-benefits-survey/

1. Revisit your budget 
2. Consider alternative housing options 
3. Prioritize emergency savings 
4. Pay Off Debt 
5. Consider your health insurance options
6. Look at your mortgage 
7. Review your cell phone bill 
8. Network, network, network 
9. Avoid draining retirement accounts 
10.  Find some additional income source 
11.  Apply for unemployment benefits 
12.  Establish a HELOC 

Take Away: There are simple, and more complex, steps you can take to put yourself in a position where you can withstand a furlough, pay cut, or lost job. Many of these consist of sound financial principles at all times, whether the economy is expanding or contracting. 

Resources:

Greenway’s Spending Plan

Greenway’s Goal Setting Workbook

Meet the voices behind Making Margin:

• Nick
• Allie  
• Jeff
• Drew
• Natalie

Today’s topic: Every day, we get to talk to people who regret financial choices and prior viewpoints, and the impact that it has had on their lives. Today, we’re going to try to talk some sense into our own former selves.

 

Discussion topics:

• If you could go back in time, and tell your 22-year old self something about money, what would it be?
  • Drew: Limit your fixed expenses.
  • Jeff: Build healthy habits & build credit carefully.
  • Allie: Be aware of cash drag.
  • Natalie: Preserve your right to abandon & be prepared for the unexpected.
  • Nick: Price is what you pay, value is what you get.

Take Away: Some simple financial concepts can make a big difference when it comes to your finances.

Resources:

Greenway’s Spending Plan

Greenway’s Goal Setting Workbook

Meet the voices behind Making Margin:

• Nick
• Allie  
• Jeff
• Drew

Today’s topic is all about our predictions for the world to come.

 

Discussion topics:

• What do we think will happen with large gatherings? Concerts, football games, etc?
• What about movie theatres? WIll they survive? Would you go to the movies?
• Will offices still be a thing? Will working from home become the norm?
• Economic impacts? Supply chains?
• Who will be the winners and the losers out of this?

Take Away:  We’re not much for making predictions, but we thought we’d take the opportunity to share our thoughts on how things may change as a result of the COVID-19 pandemic. We have no idea what the world will look like, but we’re convinced that some things will be different.

Meet the voices behind Making Margin:

• Nick
• Allie  
• Jeff
• Drew

Today’s topic is all about investing through a global pandemic.

• On February 13, 2020, we released a podcast episode entitled “Investing is Boring” where we discussed the evidence behind our investment approach, and why investing shouldn’t be a thrill ride. Then, the entire world changed.
• Today we’re going to be talking about whether or not we’ve modified our approach, and what we’ve been up to for our clients.
• Also, we’re going to talk about the disconnect between the market and the economy. Why has the market recovered much of its losses while unemployment has skyrocketed?
  
   

Discussion topics:

• Who saw this coming?
• What has surprised you most about the way the market has reacted as of today?
• Why is it so tempting to want to make predictions about a totally unknowable future?

Take Away:  Have an investment plan that you are confident in no matter what happens in the world, then stick to it.

Resources:

Thinking Fast and Slow

 by Daniel Kahneman

Meet the voices behind Making Margin:

• Nick
• Allie
• Jeff

Special Guest: Allen Starrett

Today’s topic is all about saving for college. 

• College is expensive, and saving for it can be a big challenge, especially as it competes with other priorities
• According to US News,  the average four year in-state college costs about $10000 year, just for tuition, and the average private college costs almost $37000per year
• They point out multiple times on their site that most students pay less than the sticker prices, thanks to financial aid and scholarships
• While an institution like Yale University in Connecticut, for instance, advertises a sticker price of more than $55,000 for tuition and fees in 2019-2020, the average cost to students last year after receiving need-based grants was around $17,000.
• And, college graduates earn more over their lifetime. A recent study from Georgetown University found that, on average, college graduates earn $1 million more in earnings over their lifetime. Another recent study by the Pew Research Center found that the median yearly income gap between high school and college graduates is around $17,500.

Discussion Topics:

• Saving for college vs. competing priorities
• Is college going to look like it does now when our kids are old enough to go?
• What are the best vehicles to use to save for college? How can they be utilized most effectively?

Take Away: Having a plan, for whatever you decide to do, is key.

Resources:
- Here is a good recap of ownership of a 529 by a grandparent and all the implications. 

Meet the voices behind Making Margin:

• Nick

Special Guest: Allen Starrett

Today’s topic is all about estate planning and why it is so important.

Discussion topics:

• How Allen decided to get into estate law
• What are the important components of a complete estate plan?
• Why is it important for people to have those items?
• What can happen if they don’t?
• We find that convincing our clients that they need estate documents is one of the most difficult boxes to check. Why is that?

Take away: Make sure you have an estate plan and it is up to date!

Meet the voices behind Making Margin:

• Nick
• Allie  
• Jeff
• Drew

Today’s topic is all about the cost of having and raising kids:

• The estimated cost of raising a child from birth through age 17 is $233,610 -- or as much as almost $14,000 annually, the Department of Agriculture says. That’s the average for a middle-income couple with two children. It’s a bit more expensive in urban parts of the country, and less so in rural areas. 
• Up to a third of the total cost is housing, accounting for 26 to 33 percent of the total expense of raising a child. USDA comes up with those numbers by calculating the average cost of an additional bedroom - an approach the department says is probably conservative, because it doesn’t account for those families who pay more to live in communities that have better schools or other amenities for children.
• According to the University of New Hampshire: Child care expenses can be a large portion of family income. The average share of income spent on child care among families with young children who pay for child care is 8.8 percent. Nationwide, 26.8 percent of these families, or 1.4 million, spend more than 10 percent of their income on child care

Discussion topics:

• Do these stats deter people from having kids?
• Our own childcare story, as a kid and as a parent
• Why is it discussed so much less frequently than college expense? 
• How do we help people plan for it?

Take Away: Kids are expensive. Planning for those expenses can dramatically help.

Resources:

• https://www.cbsnews.com/news/cost-of-raising-a-child-parents-save-up/
• https://scholars.unh.edu/cgi/viewcontent.cgi?article=1287&context=carsey

Meet the voices behind Making Margin:

• Nick
• Allie  
• Jeff
• Drew

Today’s topic is all about buying a home vs. renting a home.

• Last week the updated S&P CoreLogic Case-Shiller home price index came out showing the change in home values for 20 major urban areas. Charlotte is one of the 20 cities listed, and over the last year had the third biggest home-price gains behind only Phoenix and Tampa. The weakest markets were SF, Chicago, and NY.
• Over the past year, home prices in charlotte rose 4.76% as of October (data delayed by three months) and over the past 5 years, Charlotte home prices have average annual returns of 5.3%
• Nationally home prices have risen an average of 4.75% per year over the past 5 years
• Zillow and other sites have made accessing an estimated home value much easier, but it made us re-visit the question: when does it actually make sense to buy a home, if ever?
  
   

Discussion topics:

• First home purchase. What made you decide to buy? What was the process like?
• Our favorite unexpected maintenance stories.
• When does it make sense to buy vs. continuing to rent?
• 10-year returns of residental real estate: 4.08%. 10-year returns for global commercial REIT index: 9.31% (as of 12/31). Global stocks (MSCI World Index) averaged 9.47%. Is a home actually an investment? Should we view it that way?
• If it’s a terrible investment, what is it?

Take Away:  Buying a home can be wonderful, but renting can be as well. What makes the most sense for your specific situation?

Home repair budgeting resources:

https://www.upnest.com/1/post/what-is-the-annual-cost-of-maintaining-a-home/

https://www.thebalance.com/home-maintenance-budget-453820

https://www.nerdwallet.com/blog/mortgages/the-real-cost-of-your-house/

Meet the voices behind Making Margin:

• Nick
• Allie  
• Jeff
• Drew

Today’s topic is why investing should be boring. We take a broad look at what we believe investing should look like and why.

Discussion Topics:

• How we design a portfolio for our clients
• How we use decades of historical data to guide our investment process
  • A 2016 study by S&P Dow Jones Indices showed that about 90 percent of active stock managers failed to beat their index targets over the previous one-year, five-year and 10-year periods; fees explain a significant part of that under performance.
• What exactly is an ETF, stock, bond, mutual fund, etc.?
• What’s the most important predictor of a relative investment return? 
  • Morningstar: https://www.morningstar.com/articles/347327/article
• What other types of fees should people be looking for?
• A lot of people now have target dated funds in their 401k. Positives and negatives?
• Investing is like amateur tennis 

Take Away: If investing seems boring to you, you’re probably doing something right. 

Meet the voices behind Making Margin:

• Nick
• Allie  
• Jeff
• Drew

Special Guest: Blake Edwards

Today’s topic is all about premarital financial planning. Our special guest, Blake Edwards, is recently engaged and came to the table with questions that span from combining bank accounts to when to buy a house.

Discussion topics:

• Possible tax benefits of being married
• Renting vs. buying a house
• 
   

Take away: Make sure the financial decisions that you make are what’s best for your specific situation. Don’t do something (like buy a house) just because you feel like “it’s time.”

Resources:

Greenway’s Spending Plan

Greenway’s Goal Setting Workbook

Marriage365

Meet the voices behind Making Margin:

• Nick
• Allie  
• Jeff
• Drew

Special Guest: Blake Edwards

Today’s topic is all about premarital financial planning. Our special guest, Blake Edwards, is recently engaged and came to the table with questions that span from combining bank accounts to when to buy a house.

Discussion topics:

• How to handle two inconsistent incomes?
• How much cash and where should it be held?
• Do you share debt or keep it separate?  

Take Away: Open communication before and during marriage is key. Discuss the past and the future. 

Resources:

Greenway’s Spending Plan

Greenway’s Goal Setting Workbook

Bankrate

MagnifyMoney

MaxMyInterest

Meet the voices behind Making Margin:

• Nick
• Allie  
• Jeff
• Drew

Today’s topic is all about cash:

• What’s the right amount to hold?
• Where should it be held?
• What should I do if I have too much?
• What should I do if I don’t have enough?
• What’s the difference between saving and investing?
• How come so few people know this stuff?

Take Away:

Hold about 3-6 months of living expenses in a high yield savings account as an emergency fund, any

References:

https://www.cnbc.com/2019/01/23/most-americans-dont-have-the-savings-to-cover-a-1000-emergency.html

https://www.federalreserve.gov/publications/files/2018-report-economic-well-being-us-households-201905.pdf

https://www.bankrate.com/banking/savings/financial-security-january-2019/

Meet the voices behind Making Margin:

• Nick
• Allie  
• Jeff

Today’s topic is retirement: When did the idea of retirement start? What should retirement look like? How do we plan for it?

• The concept of retirement hasn’t existed for very long, really only since the late 19th century
• More and more research is forcing us to question this made up 20th century phenomenon and whether it’s necessarily good or healthy for us. But our entire industry is built around creating a stable retirement. Why is that the goal? Should it be? If not, what should be?
• New Retirementality
• Happiness Equation “And those four S's of social, structure, stimulation and story bring us great joy and deep happiness.”

Discussion Topics:

• What images make up what you think of as the right way to retire?
• Is there anyone in your life who has retired well?
• What do we hear from (most of) our clients when we discuss retirement as a goal?
• Why is there a generational gap?
• How do people plan for something other than retirement?

Take Away:

Planning for “Financial Independence” rather than “Retirement” may actually be better for your health AND your wallet.

Meet the voices behind Making Margin:

• Nick
• Allie  
• Jeff

Today’s topic is health insurance and HSAs: What are some ideas to combat the ever rising cost?

• Last year, employers spent an average of $15,159 in premiums to cover a family of four, according to an analysis from the Kaiser Family Foundation. In all, that’s an increase of 51% from a decade ago.
  • The average family of four paid a total of $7,726 in 2018, according to the foundation. That’s an increase of 67% from 10 years ago. Of that amount, families paid $4,706 in premium contributions for coverage at work, plus $3,020 in cost-sharing — that is, deductibles, coinsurance and copayments. (Bear in mind, employers still shoulder a large share of premiums. Employees also have the advantage of paying premiums on a pretax basis, as opposed to buying coverage elsewhere with after-tax dollars.)
  • In contrast, on the private market, a family of four with an annual household income of $80,000 would pay $7,888 per year in premiums for a silver plan purchased through the health insurance marketplace — provided they are eligible for a premium tax credit of $9,961 per year, according to Kaiser. 
    Without the credit, the plan would cost close to $18,000 per year.
  • “Insurance companies get a lot of heat for raising deductibles and premiums,” said Cynthia Cox, vice president at the Kaiser Family Foundation. “But if you look at what’s driving health-care costs year to year, it’s the price of health care: the cost of doctor’s visit, the cost of a hospital stay,” she added. “That’s really what’s making those premiums and deductibles go up each year.”

Discussion topics:

• A medical bill that we have each received that was shockingly high.
• Policy wise: What’s the solution?
• HSA: Is it the magic bullet to combat rising health costs?
• As Advisors, how do we estimate future health care costs with so much uncertainty?

Take away:

Take advantage of an HSA if you are able to. They’re a great hedge against unexpected health care costs.

Meet the voices behind Making Margin:

• Nick
• Allie  
• Jeff

Today’s topic is credit cards. Should you use them? How should they be used? Do they lead to excessive spending and impulse buys?

• As of February, Americans have over $4 trillion in consumer debt
• The average American has a credit card balance of $4,293, according to the latest Experian data.
• At the same time, credit card interest rates have never been higher. The average card interest rate is currently 17.41 percent, according to CreditCards.com’s latest report. That’s up from 16.15 percent one year earlier and 15.22 percent two years ago.
• Studies have suggested that people spend 12-18% more when they use credit cards instead of cash
• McDonald’s reported that the average ticket is $7 when people use credit cards, $4.50 for cash.

Discussion topics:

• There is nothing inherently wrong with credit cards, but they may lead to impulse buying, which can often lead to discontentment. 
• This doesn’t necessarily mean that you are unhappy with your purchase, but usually that purchase takes money away from an area that would have added more value to your life. Little things can quickly add up to big money.
• Internet buying makes impulse buying/over spending that much easier. One click versus the hassle of getting to a store.
• One tip to help with this is to not store your credit card data on any sites; sometimes having to enter it is too much of a burden.

Take Away:

Choose your credit cards wisely and pay them off each month. If used in this way then they can be a great tool for free money, assuming you can control your spending.

Resources:

Greenway’s Spending Plan

Greenway’s Goal Setting Workbook

Meet the voices behind Making Margin:

• Nick
• Allie  
• Jeff

Today’s topic is spending on experience vs. things: What’s generally a better use of our money?

• A study conducted by the Harris Group that found out that 72 percent of millennials prefer to spend more money on experiences than on material things.
• Your money and your brain by Jason Zweig - our predictions of what makes us happy are so unreliable. 
  “Take that SUV. When you first drive it off the dealer’s lot, it glistens like a gigantic jewel and feels just as fast and safe and soft and roomy as you had dreamed...In a couple of weeks, that last trace of new car smell is gone….the contrast between your vision of what ownership would be and the reality of what it has turned out to be will become more glaring.”
• Compare that to memories made via experiences. As time goes on, experiences that don’t turn out as we had hoped can still become great memories (assuming everyone survived). You usually can't say the same about a thing that you purchased that didn’t turn out well.

Take Away:

Spending money on experiences over things generally produces more joy in the long run. Planning and saving for those same experiences can also increase the pleasure by minimizing guilt and adding anticipation.