Kids benefit from Roth, just like grownups do. Children benefit from Roth can be great places to save money and it can be especially useful to start at early ages. In today’s episode learn how you can fund a Roth IRA for your children who are under age 18, what the rules and requirements are for kids to have Roth IRAs and what kind of access they will have to that money. We'll also compare Roth IRAs for kids to 529s and I Bonds. We'll also discuss how to use Roth IRAs to he

The number one financial skill for retirement means what you need to have mastered before you give up your job. It's not about investments. It's not about when to take social security. It doesn't have to do with IRA distributions. All of these can be important. But on today's episode we'll talk about the one thing you must know and be able to do before giving up your job. And you can practice this before you retire! What is it? Financial planners can't tell you what you s

Annuity vs Bond Ladder. Since bonds and CDs are making money again, people are interested in bonds and CD ladders. We wanted to get more in depth on what the difference are between bond ladders and annuities. Bridget Sullivan Mermel CFP(R) CPA and John Scherer CFP(R) talk about our definition of bond ladders and CD ladders--safe, guaranteed, reliable income by the US Government. The cash flow will show up for a period of time. Then we talk about what you do when you buy

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

What's NOT in the SECURE Act hasn't gotten much attention as everyone, including @FriendsTalkFinancialPlanning, have been focusing on explaining the changes that did make the cut. Before the SECURE 2.0 was passed, many ideas were put out there. In some cases advisors suggested taking pro-active action to avoid the negative impact of changes that ultimately haven't come to pass! Today on Friends Talk Financial Planning we’re going talk through six main ideas that are NOT

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

Don’t Buy I Bonds. Here's 4 reasons why Series I Bonds might NOT be right for you, or right for you now. There are drawbacks to I Bonds that you want to be aware of before you buy them. By the end of this episode, you’ll know the four reasons you might not want to buy I Bonds. Check out these videos on Series I Bonds: What to expect: https://youtu.be/AYr_7L6OaCs I Bonds to Kids: https://youtu.be/KCOmYjZhUGM How the latest rate works: https://youtu.be/3_9uVBdrb0A #ac

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.

Spending for Happiness: There are some easy ways to spend some money and get more happiness. In this video we talk about the ins and outs of one way--celebrating successes. It turns out that celebrating both big and small is a great way to improve relationships. We talk through the risks involved in telling people good news, celebrating with trips, big and small celebrations, plus why sharing the good news helps. #acpmemberwisdom #happiness 00:00 Welcome! 00:45 Beginni

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

Smart Charitable Giving is relevant during this time of year. In this video, we talk about how to give money and save on taxes. Give more money in donations and pay less in tax; we love this formula. Be smart about your charity. If you're smart about charitable giving, you'll think before you give gifts of cash. We've got three tips that you should be aware of before you make any gifts of cash to charities. The tax savings could be huge. By the end of this episode, you

I Bonds News: I bonds are one of our favorite investments. But now, with the new rates as of November 1st being down over 3% compared to the past, is it too late to invest? Have you missed out? By the end of the episode, you’ll know what’s changed with I- Bonds, what has actually improved, and why it can still be a smart place to invest some of your money. Plus, at one point, Bridget has a brain-freeze and forgets the news! John gently tries to cover but ends up with a

Understanding QCDs, or Qualified Charitable Contributions can save you big on your taxes. As a practical matter, there are important reasons to do QCDs before December. Many people know that at a certain age, the law requires you to take RMDs, or Required Minimum Distributions out pre-tax accounts. But did you know there are ways to take Required Minimum Distributions, or RMDs, and pay no tax at all? It sounds to be too good to be true, but the IRS explicitly approves

CDs, or Certificates of Deposit, Treasuries, and TBills are paying higher interest than they have been in years. You can start earning 3-4% interest on money that is safe and guaranteed. When we talk about parking cash, we think—what money might I need in the next 1-5 years. We want to make sure that it’s safe. In the past 10 years or so, there hasn’t been much variance between different types of safe investments. With interest rates going up, there are opportunities to

October 20th, 2022 is World Values Day. Everybody agrees that they want more happiness in their life. In honor of World Values Day, John Scherer and Bridget Sullivan Mermel talk about one of the keys to uncovering more happiness in your life while making the same amount of money (or more!): focusing on your values. Researchers have found that finding prioritizing your values and setting goals leads to a more meaningful life. Bridget puts this in terms of a deceptively simp

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

When it comes to how to save money for a college fund, John Scherer and Bridget Sullivan Mermel are unconventional financial planners. Here, they discuss the hows and whys of why they think that saving for college is over rated. It's not that you shouldn't save anything for college. It's that there are more things to consider than people usually do. From their perspective on what actually happens, they see a lot of options when it comes to college planning. 00:00 Welcom

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