Episode 19 - The Many Hats of the Business Owner

Financial Implications of business ownership and how to do it well.

Being a business owner doesn’t just involve being a good practitioner of one’s craft. Are many business owners experts in their chosen field? Absolutely. But running a successful business often involves having a better-than-average understanding of finances, budgeting, logistics, communication, strategic planning, marketing, human resources, and so much more. In this episode of Inglorious Finance, Patrick and Mike introduce some of the financial implications of business ownership and how business owners can plan for financial stability, a happy workplace and eventually, their own profitable succession.

Episode 18 - Planning for College

College, should you even go and how do you pay for it?

Mike, Patrick, and Andrew sit down to discuss the current state of higher education, how to plan for it, and what it is going to cost. The guys share their own experiences on college and what tools are available to students looking to save time and money.

 

  1. https://www.bls.gov/emp/chart-unemployment-earnings-education.htm

  2. https://trends.collegeboard.org/sites/default/files/education-pays-2016-full-report.pdf

  3. https://modernstates.org/

  4. Here is the Wisconsin 529 Plan: https://529plans.investments.voya.com/Wisconsin/index.htm#.W6AYEOS0VHM


Check out our 3 part college planning series on our blog


Any opinions are those of the Mike Macco, Patrick Stoa, and Andrew Froelich not necessarily those of Raymond James or RJFS. Expressions of opinion are as of this date and are subject to change without notice. Information was received from sources believed to be reliable but accuracy is not guaranteed. Information presented is general in nature and is not a complete statement of all information necessary for making an investment, and should not be construed as a recommendation to buy or to sell any security. Investing always involves risk and you may incur a profit or loss. No investment strategy can guarantee success. Rules and laws governing 529 plans are varied and subject to change. As with other investments, there are generally fees and expenses associated with participation in a 529 plan. There is also a risk that these plans may lose money or not perform well enough to cover college costs as anticipated. Most states offer their own 529 programs, which may provide advantages and benefits exclusively for their residents. Investors should consider, before investing, whether the investor’s or the designated beneficiary’s home state offers any tax or other benefits that are only available for investment in such state’s 529 college savings plan. Such benefits include financial aid, scholarship funds, and protection from creditors. The tax implications can vary significantly from state to state. Changes in tax laws or regulations may occur at any time and could substantially impact your situation. Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional. Death of the contributor prior to the end of the five-year period may result in a portion of the contribution to be included in the contributor’s estate. Tax-free withdrawals may be made for qualified education expenses. Otherwise, the deferred earnings portion may be subject to taxes and a 10% penalty.

Investors should carefully consider the investment objectives, risks, charges and expenses associated with 529 college savings plans before investing. More information about 529 college savings plans is available in the issuer’s official statement. The official statement is available through your financial advisor, and should be read carefully before investing. Before investing, it is important to consider whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.


Episode 17 - Social Security with Special Guest Scott Stolz

How did Social Security start? Where are we now? Where do we go from here?

You don’t have to look too hard to find a news article regarding the Social Security Program and its flaws. But how did we get to where we are today and what can be done going forward? Join Mike Macco, Patrick Stoa, and special guest Scott Stolz Senior Vice President from Raymond James as they discuss some of the hottest topics regarding the Social Security Administration.

 

Any opinions are those of Mike Macco, Patrick Stoa, and Scott Stolz, and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. Information was received from sources believed to be reliable, but accuracy is not guaranteed. It is general in nature and is not a complete statement of all information necessary for making an investment decision.

Episode 16 - How to Buy a House

How to buy the best house for you.

Are you stepping into the house market for the first time?  Listen in, as Mike and Patrick discuss the home buying process, from whether you should own or rent, features to consider, and a bonus bad neighbor story!  Stay tuned to the end, as we discuss how to think about your mortgage as well.

 

https://www.maccofinancial.com/blog/is-your-house-sabotaging-your-retirement

 

Any opinions are those of Mike Macco and Patrick Stoa and not necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. Information was received from sources believed to be reliable, but accuracy is not guaranteed. Raymond James Financial Services, Inc., and your Raymond James Financial Advisor do not solicit or offer residential mortgage products and are unable to accept any residential mortgage loan applications or to offer or negotiate terms of any such loan. You will be referred to a qualified Bank employee for your residential mortgage lending needs.

Episode 15 - Ready, Set, Go! How to Get Started

Are you unsure how to get started on your own financial future?

Mike and Patrick share their thoughts on the basic financial steps a young person can take to prepare their financial foundation.  As the conversation grows, they expand the conversation to the transition time when it maybe makes sense to engage a financial planner.  Stay tuned to the end, to hear just how easy (maybe even pleasurable?) the process can be.

https://www.maccofinancial.com/smartvestor-pro

https://www.maccofinancial.com/blog/is-your-house-sabotaging-your-retirement

If you want to get the process off the ground: Get Started

Episode 14 - Behavioral Finance & Investor Psychology

Does your mind work for you, or against you, when making decisions about money and investments?

Have you ever had a hard time making an important financial decision, or later discovered you made a major mistake? Join Mike and Patrick as they talk about several well-known, but perhaps not well understood, aspects of behavioral finance. Stay tuned to the end, as this episode may make you ponder the objectivity of your own decisions!  

 

Resources:

https://www.wsj.com/articles/impatient-investors-get-caught-in-the-return-gap-1525658940

https://www.kitces.com/blog/datapoints-building-wealth-assessments-sarah-fallaw-thomas-stanley-millionaire-next-door-book/?utm_campaign=coschedule&utm_source=pinterest&utm_medium=Michael%20Kitces&utm_content=Predicting%20Wealth%20Building%20Behavior%20With%20DataPoints%20Assessment%20Tools

https://ofdollarsanddata.com/be-careful-what-you-choose-dd3cf7b45dd9

Episode 13 - Teaching Kids About Money

Have you wondered if your kids will have a responsible and healthy relationship with money?

Have you ever wondered how to teach your kids about money?  Perhaps you have wondered if you are missing an important lesson?  Join Mike and Patrick as they share their own experiences and stories.  Not only will their share some of their own history growing up, but also how they are teaching their own children right now, with kids ranging from pre-school to college age.

 

Resources:

https://www.daveramsey.com/blog/how-to-teach-kids-about-money
http://wimedialab.org/finance/
https://www.parents.com/parenting/money/family-finances/teaching-kids-about-money-an-age-by-age-guide/
https://www.mint.com/ultimate-resources-for-teaching-kids-about-money

Episode 12 - The Wedding Episode!

How to plan for rings, weddings, and finances in marriage.

When you know, you know, but what about all the things that happen after asking the question? Mike, Patrick, and Andrew sit down to discuss some of the financial implications of getting married. They also share some of their experiences and tips for couples planning a wedding as well as just starting out in their marriage.

Episode 10 - Aging Gracefully & The MIT AgeLab

Who doesn't want to age gracefully?

Patrick and Mike discuss the human realities of aging, sharing real life examples from their own families. They focus the conversation around three key questions developed by the research team at the MIT AgeLab. Key resources are available with this podcast, to help you strike up this important conversation within your family.

Additional Resources
Quality of Life Worksheet
To a Long and Healthy Retirement
The Apps, Sites & Devices Changing the Way We Age
Three Questions That Can Predict Future Quality of Life

 

Raymond James is not affiliated with and does not endorse the opinions or services of the MIT AgeLab.

Episode 9 - How to buy a car: Lease vs Finance, New vs Used

Avoid costly mistakes by taking control of the car buying process.

There are a number of important steps involved in buying a car. In this episode, Mike and Patrick get into the weeds of the car buying process to help you become an informed consumer. From researching vehicles, getting rid of your old one, fees involved in buying a car and the math and logic behind paying cash, leasing or financing your next vehicle.

Lease Report

These services are not offered through Raymond James.

Episode 8 – The Longevity Episode! Social Security, LTC & Medicare

People are living longer, but what does that mean for your retirement plan?

Whether you are close to retiring or 30 years away, it’s hard to envision living into your 90’s. But with life expectancies continuing to rise, this can be one of the most crucial factors in retirement planning. Join Mike Macco and Andrew Froelich as they discuss how Social Security, long term care, and Medicare can all play a role in planning for a long life.

 

Long Term Care Insurance or Asset based Long Term Care Insurance Products may not be suitable for all investors. Surrender charges may apply for early withdrawals and, if made prior to age 59 ½, may be subject to a 10% federal tax penalty in addition to any gains being taxed as ordinary income. Please consult with a licensed financial professional when considering your insurance options. These policies have exclusions and/or limitations. The cost and availability of LTC insurance depend on factors such as age, health, and the type and amount of insurance purchased. As with most financial decisions, there are expenses associated with the purchase of LTC insurance. Guarantees are based on the claims paying ability of the insurance company. Changes in tax laws or regulations may occur at any time and could substantially impact your situation. Raymond James Financial Services advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.

Episode 7 - 2017 Market Update & New Tax Law

The economy is hot, the Tax Law is new, its 2018, so what do you do?

Everyone knows the stock market was great in 2017, but where will it go from here? Patrick and Mike discuss the major themes of the US economy looking into 2018, and reveal the potential thorns that could slow things down. They also take an in-depth look how the new tax law changes might affect you.

Notes:

2018 Withholding Tables

https://www.irs.gov/pub/irs-pdf/n1036.pdf

Average savings for various income levels

http://www.businessinsider.com/trump-tax-plan-senate-take-home-pay-changes-every-income-level-2017-12

Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Raymond James Financial Services advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.

Episode 3 - Tulips, Beanie Babies and… Bitcoin?

What is Bitcoin? Is it a bubble? What should you do about it?

You have undoubtedly heard about the hot “cryptocurrency”, Bitcoin. But what is it? And what will become of it? Financial advisors, Mike Macco and Patrick Stoa discuss just that, as well as how criminals and governments feel about it and how it compares to our traditional monetary system.

 

Prior to making an investment decision, please consult with your financial advisor about your individual situation. Bitcoin and other cryptocurrencies are a very speculative investment and involves a high degree of risk. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment, ad a potential total loss of their investment. The prominent underlying risk of using bitcoin as a medium of exchange is that it is not authorized or regulated by any central bank. Bitcoin issuers are not registered with the SEC, and the bitcoin marketplace is currently unregulated. Securities that have been classified as Bitcoin-related cannot be purchased or deposited in Raymond James client accounts.

Episode 1 - Beer & The Stock Market

A sobering look at the state of global markets

Mike & Patrick enjoy a Spotted Cow a delve into where markets are, where we think they're going and what you should do about it.

View/Download JP Morgan's Guide to the Markets for Q4 2017.

Inclusion of these indexes is for illustrative purposes only. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor's results will vary. Past performance does not guarantee future results. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. stock market. Diversification and asset allocation do not ensure a profit or protect against a loss.