In this episode of Friends Talk Financial Planning, John and Bridget dig into the world of fixed annuities. They discuss the components of a fixed annuity, how it works, and why it differs from a variable annuity. If you're curious about whether buying a fixed annuity is a good idea, this video will provide valuable insights. John's firm website: https://www.trinfin.com Don't forget to subscribe to Friends Talk Financial Planning for more insightful discussions on financi

In this episode of Friends Talk Financial Planning, John and Bridget discuss the three deadly annuity mistakes that individuals should avoid. They delve into the complexities of annuities, uncovering hidden fees, surrender charges, and the implications of placing annuities in IRAs. 🔔 Subscribe for more insights on financial planning and investment strategies! John's firm website: https://www.trinfin.com The Alliance of Comprehensive Planners: acplanners.org #Annuities #Fi

In this episode, Bridget and John share six important questions to ask when hiring a financial advisor or financial planner. They discuss the significance of credentials, fiduciary responsibilities, tax advice, comprehensive financial planning, advisor experience, and transparent fee structures. (1). "Are you a CFP or certified financial planner?" (2). "Are you a fiduciary?" (3). "Will you give specific tax advice or will it be, I need to talk to my tax person about those th

In this episode of Friends Talk Financial Planning, John Scherer and Bridget Sullivan Mermel dive into the intricate balance between making financially sound decisions and honoring our emotions and personal values. They discuss the scenario of paying off a mortgage early, the importance of liquidity and emergency funds, the emotional attachment to concentrated stock positions, and the significance of being intentional with financial choices. As they share their insights, they

In this episode of Friends Talk Financial Planning, John and Bridget discuss the benefits of hiring a financial advisor and how it can be valuable for regular people. They cover various aspects of financial advising and when it might be the right time to seek professional help. In this episode, John and Bridget discuss the different types of financial advisors, such as financial coaches and financial therapists, and how they can help individuals at various stages of their fin

In this episode of Friends Talk Financial Planning, John and Bridget reveal the secrets to the backdoor Roth IRA strategy. If you think you make too much money to contribute to a Roth IRA, think again! They discuss how to navigate the income limits and take advantage of this little-known strategy to maximize your retirement savings. Join them as they break down the steps and provide valuable insights on tax planning. Don't miss out on this valuable financial strategy, and mak

Join us as we welcome a very special guest, Ken Robinson, the author of Don't Make a Budget: Why it's So Hard to Save Money and What to Do About it . Ken Robinson has revolutionized the concept of budgeting with his groundbreaking system that prioritizes paying yourself first. Through his book, he provides invaluable insights and actionable steps to help you regain control over your financial well-being. We all know that using cash allows us to witness the tangible nature

Financial planning can be compared to playing football in many ways. Just as a football team needs both an offense and a good defense, families need financial equivalents with good investment and tax planning, plus insurance and estate planning. Football teams often win ugly. They don't necessarily look great while doing it, or have a lot of excitement. It's important for them to stay on task and grind out victories. Good football teams win the games they're supposed to

Individual 401Ks, otherwise known as Solo 401Ks, are retirement plans is specifically designed for self-employed individuals and small business owners. They're great if you're eligible! We talk through the benefits and advantages of a Solo 401K, including high contribution limits and the ability to invest in a wide range of assets. We also cover record-keeping, plus why your tax preparer or CPA might not be up on the latest details of the plans. For us, they're tax plus l

One of the new provisions o the Secure Act 2.0 is that 529 College Savings Plans are now going to be able to be rolled over into Roth IRAs. This is a big planning idea. But financial planners are scratching their collective heads. How is this going to work? We've got a special guest and Roth expert, Sean Mullaney, in to talk it through. Secure Act 2.0 came in at end of 2022. Now we’ll be able take 529s and covert them into Roths. We talk about what the rules are, when

Secure Act 2.0 Summary. The late December passage of the Secure Act 2.0 means that a lot of us missed it. Those of us paying attention are scratching our heads wondering--what does it mean for me? John Scherer CFP(R) and Bridget Sullivan Mermel CFP(R) CPA summarize the 4 key provisions that are in effect for 2023. At the end of the episode they cover the provisions that you've got time to find more about because they go into effect in 2024 or 2025. Join us to find out th

Financial Resolutions for 2023. Both John Scherer and Bridget Sullivan Mermel are making them! And we're revealing them in this video. First, we discuss the first resolution that John recommends--the grandparent to all the other resolutions--resolve to spend some time on your long term finances in 2023. That means setting aside a specific amount of time each month or quarter to tackle some of the financial tasks that aren't that fun, but sure feel good when they're done.

Year End Bear Market Tax Moves--The stock market has been down this year, and we're approaching year end. It's a great time to take a look at your portfolio and make the best out of a situation that you might not like that much--your portfolio being down. We talk through the best ways to make the best out of the situation--through your taxes. We discuss how to two tax strategies that can help you make the best a bear market. #acpmemberwisdom #financialplanning #tax 00:

Knowing if you want investment management vs financial planning is a key element in finding the right advice. In this episode, we gently sort out the marketing from the reality. You know the financial industry jargon zone: wealth Management, investment management, financial planning, fee-only, fee-based. These words mean something specific to regulators, but marketers throw them around to get your attention. What's a real person to do when the powerful combination of th

Buy A New Car from Dealer? This video, tells you everything Bridget Sullivan Mermel learned from her Dad about the process of buying a new car from a dealership. Buying a new car can be difficult. It's a large ticket item that you don't buy very often. The sales staff and dealer know a lot more about the transaction than you do. They do this all the time, while you do this every 3-20 years. This means you can be at a serious disadvantage when buying a car. We talk about

Inflation= Opportunity. There are upsides to inflation. Sure, inflation increases uncertainty and that makes people feel bad. But we're going to flip the script. We’ve got 3 ways to take advantage of inflation. In this video we’ll talk about how you can take the focus away from “I feel bad,” and switch the focus to “I’m making best use of the situation.” You’ll learn how to act on the things you can control. First tip: travel overseas. The dollar is high and other curr

Should I Take Student Loans If I Don't Need Them? Are you missing out by not taking student loans? We’re going to talk about the pros and cons of getting student loans in the new era of student loan debt forgiveness. You don't want to feel like you're missing out because there's free money out there now. You want to make sure that you're being smart while you go to school. There's a lot to consider. We talk about the potential downsides to depending on debt forgivenes

3 Student Loan Mistakes To Avoid. With the new rules on student loans, there is a lot of confusion, and a lot of opportunity. But, you want to avoid mistakes. Student loans can be tricky. By the end of this episode you’re going to know three mistakes that you can avoid. We’re joined by Patti Hughes, CPA, CFP® and Certified Student Loan Professional. In this episode, we discuss both the major things that people should know from the "old" rules, but also what opportunitie

What's the biggest financial mistake that parents make when having a child? That's the topic of this video. We won't be coy here: it's not buying life insurance or not having enough of it. And, no, we don't have any life insurance to sell. We just have personal experience with parents who did and didn't buy life insurance. We talk about how much to buy, what type to buy, then share our personal experience. We'll also cover how much life insurance to buy, what type to bu

John bought a boat! How do financial planners think through (rationalize?) if they or clients can afford a boat or other splurge? We discuss the happiness factors, the social factors, as well as the financial factors that play into boats, big trips, and fill in the blank--whatever you like to splurge on! John talks about his experience with his twenty year old boat. He lives near a lake, owns a cottage, has kids who are just the right age. He says he knows what he's getting