Welcome! Bridget Sullivan Mermel and John Scherer talk introduce themselves and talk about why they started the channel, Friends Talk Financial Planning.

Your 200 Year Legacy is something that can be difficult to wrap your head around. Thinking about your legacy can enrich your life and help you find meaning. John Scherer details how he thinks through this legacy, then he and Bridget Sullivan Mermel discuss how this can help reframe your thinking so that you get beyond the day-in-day out troubles. Bridget's grandma passed along values to her, while John experienced a 200 year legacy moment with his family at the Hoover Dam

Money Buys Happiness But: Researchers have been trying to nail down how much money contributes to happiness for years. Daniel Kahneman published a landmark study that showed that happiness increased with more money, but up to the point of making about 75K per year for a household. Another researcher, Matthew Killingsworth, took on the same question and found that happiness and income kept going up. So which one is right? They went through a collaborative mediation proc

The debt limit ceiling is worrying a lot of people. By the end of this episode, you'll know: What is causing the debt ceiling crisis; What are the consequences of the US defaulting; The likelihood that we won't pass debt ceiling relief; What you can do about it. Bridget Sullivan Mermel and John Scherer are joined in this episode by Ken Robinson, JD, CFP(R). We discuss what we're telling clients about the debt ceiling, and what we suggest clients do about it. #debtcri

When you've reached a point in your life when you know you've got more than enough, you may think about passing along your financial wealth to your kids, grandkids, and charity. Tax-efficiency means youYou want to give money and pay less tax! Bridget Sullivan Mermel and John Scherer explain how to give money and pay the least in taxes for everyone involved. #acpmemberwisdom #estate Here's another video we shot about estate planning mistakes: https://youtu.be/VSvzddIDN

Reasons to Sell I Bonds: The new rate announced with Series I Bonds is 4.30%, which includes a .9% fixed rate. With the new interest rate announced that is lower than the interest rate has been recently on I Bonds, you may be asking yourself--when is it time to sell your I bond? Bridget Sullivan Mermel and John Scherer talk through how to approach the decision. There are more factors to consider than you may think! Savings Bond Series I Bonds have been great investments fo

Paying zero tax in retirement is possible, but it doesn't generally happen by accident. In this episode we discuss major sources of tax free income that you might not have considered. We'll talk about what to focus on when thinking about paying zero tax. If you want to pay zero tax, you're not going to do it unless you focus on it! This episode was inspired by @Jazzwealth Youtube video: https://youtu.be/B05OtAHXuJI John's firm website: https://www.trinfin.com For

Hi, this is Bridget Sullivan Mermel. Why financial planning? Why fee-only? What's important to John Scherer and I? The first time John Scherer and I were able to connect when COVID restrictions were lifted, I drove up from Chicago and we filmed this video in his office in Middleton, a suburb of Madison, Wisconsin. John talks about his reaction to selling insurance, while I talk about Dad's stock club. Why is financial planning meaningful to us? Tune in to find out!

Athlete Investment Advice | Sloan Stevens and Blake Griffith are two athletes who were profiled in a recent article. Both detailed their investment philosophy. In this episode Bridget Sullivan Mermel and John Scherer dissect the athlete's advice. Is it worth taking? We talk about being influenced by people, investing in the stocks of your favorite products, and fear of going broke. Here's a video we made about Socially Responsible Investing: https://youtu.be/bcZlJQm

Will Schwab fail? Is @CharlesSchwab next to go down? With recent uncertainty at banks, Schwab is in the news for all the wrong reasons. Schwab's stock, SCHW, is down, and they issued a special statement. Bridget Sullivan Mermel and John Scherer talk through the different issues at play when we talk about recent bank failure. How does Silicon Valley Bank compare to Schwab? Why does the amount of FDIC insured assets matter? What does the term "custody" really mean? Why

Buying Series I Bonds before the rates drops make sense for many people. The rate changes on May 1 for new purchases, but in 2023, you need to get the I Bonds bought before April 27 to get the existing 6.46% annualized rate. Bridget Sullivan Mermel and John Scherer talk about why the interest rate on I bonds is expected to drop, and why there might be a silver lining. The variable rate is tied to inflation, which is not as high as it has been. But the fixed rate is importa

It seems like every day we hear about new scams and new scandals with people stealing our identity. On this episode, we’ll talk about actions you can take to protect your identity. Part of our work is helping people pay attention to what they should pay attention to and ignore the rest. We talk about email, passwords, sending codes to your cell phone, as well as how to handle calls from the IRS, Social Security or other government agencies. Feel safe, don't fall prey to

If you're worried about what the Silicon Valley Bank and Signature Bank's recent closings, you'll want to understand exactly what money that you have that might be at risk. In this episode, we cover why you might be worried, and if you are worried what you can do about it. The FDIC insures bank deposits. When banks collapse, the FDIC insurance kicks in. It's important to know when a bank fails how much you are insured for. Also, it's important to understand basic strategi

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

Recession-Proof Your Finances: Which gives better advice on recession-proofing your finances? Experts or ChatGPT? That's what we decided to figure out in this episode. We agree on several recession-proofing ideas. However, our most important tips are different than Chat GPT (whew!) John's firm website: https://www.trinfin.com For advisors around the US: https://www.acplanners.org/home Thanks for watching and please subscribe! TRANSCRIPT: Bridget: Hey, John, th

Mutual Fund vs Exchange Traded Fund? There are basic differences you should know. We talk about why the two forms of investment have developed over time, when ETFs are better than mutual funds, when you must use mutual funds, and finally some new developments that you should know about exchange traded funds, especially if you're interested in socially responsible investing (SRI) or Environmental Social and Governance investing (ESG) John's firm website: https://www.trinfi

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

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

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.