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Take Back Retirement

1
Take Back Retirement

Stephanie McCullough & Kevin Gaines

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You’re a woman on the cusp of “retirement” naturally feeling some anxiety. We are two financial planners who take this subject seriously (but ourselves less so). We will help you feel more confident about your choices by cutting through the myths and mysteries. Through conversations and interviews with both subject-experts and women who have gone through what you are approaching, you will have the correct information and motivation to be in control of your future.
 
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show series
 
From the perspective of a financial advisor, Bill and Anastasia tackle the meaty topic of U.S. health care in this two-part episode series. In Part Two, Bill offers strategies that consumers can use to help mitigate the cost of health care. Bill and Anastasia touch on different health insurance options and the benefits of a HSA (Health Savings Acco…
 
Today, Stephanie and Kevin dissect stock market downturns. They first warn their audience not to get thrown by points, and to instead evaluate percentages as points are subject to change and can exaggerate the reality of a change. Stephanie emphasizes the importance of timeframes when looking at returns, addressing the human fixation on annual retu…
 
From the perspective of a financial advisor, Bill and Anastasia tackle the meaty topic of U.S. health care in this two-part episode series. In Part One, Bill covers reasons why the U.S. spends more on health care per capita than any country in the world. Additionally, why are Anastasia's friends receiving bills before insurance kicks in of $38,000+…
 
Today’s guest is Diane Blumenthal, who has been incredibly generous in sharing her own retirement story. She took the leap into becoming a self-employed consultant after a long and very illustrious career in pharma and biotechnology. Diane has helped build and transition companies from the startup and research and development phase into a fully int…
 
With the recent stock market volatility, Bill and Anastasia set out to provide some perspective on persevering during the ups and downs. Bill discusses how investors and the overall market are feeling, how he is feeling personally, and how this volatile period compares to the rest of his career. Bill analogizes Mito Pereira's recent PGA Championshi…
 
Bill explains the basic concept behind inflation, why core CPI is lower than actual inflation, how often inflation occurs, and how governments may stop it, before outlining steps that individuals can take to reduce the impact of inflation on their budgets. Bill answers the question of whether investing in the stock market is still a good way to com…
 
In episode 33, Stephanie and Kevin gave us a broad overview of the estate and gift tax system. Now that we’ve reached the tail-end of tax season, our hosts sit down to do a timely deep dive on what women need to know about income tax—a subject that, unfortunately, isn’t as simple as all of us would love to believe it is. While state taxes are obvio…
 
Bill and Anastasia continue answering listener questions in this second of a two-part series. In Part Two, they discuss what to do if your significant other has different spending priorities, why a 401(k) plan is named "401(k)," how to know whether you are saving enough for retirement, when is a good time to set up a checking or savings account for…
 
Bill and Anastasia tackle several questions from listeners in this two-part series. In Part One, they discuss rolling over a 401(k) account, how to prioritize credit card repayment, contributing to a Roth vs. a traditional IRA and how to prioritize contributions to various retirement accounts, and whether to get a second credit card. Bill and Anast…
 
“I’d like to work with a financial advisor, but I just don’t have enough money.” Sound familiar? It’s a common objection when it comes to that all-important decision to get help in managing your money. But to this, Stephanie and Kevin have only this to say: “But you have questions. Therefore, you need answers.” Remember, there are no one-size-fits-…
 
Today, Stephanie and Kevin welcome Joe Saul-Sehy and Emily Guy Birken, the co-authors of Stacked: Your Super-Serious Guide to Modern Money Management. Emily is a former educator, lifelong money nerd, and a Plutus Award-winning freelance writer who specializes in the scientific research behind irrational money behaviors. She has the amazing ability …
 
What are paper hands versus diamond hands, and is it effective to think in these terms when it comes to investing? Bill and Anastasia use these terms to dive into several recent questions they've been receiving from nervous or curious investors. Should you change your investment strategy in anticipation of a downturn? Are there certain strategies t…
 
Today, Stephanie and Kevin welcome special guest Kylelane Purcell, who for over 30 years has been writing, editing, and managing communications in the investment industry. She has worked as an analyst at Morningstar, a manager at American Century Investments, and VP of Investment Communications at T. Rowe Price. In 2005, she started her own company…
 
What should you know about credit scores? What actually affects your credit score, and what doesn't? Bill and Anastasia dive into the evolution of credit lending and offer advice and information for those with credit or looking to start. Bill and Anastasia also briefly covered this topic in "Life Advice From Financial Experts," as well as the pros …
 
Today, Stephanie and Kevin sit down with Janine Firpo, a seasoned values-aligned investor and social innovator. She has been working at the intersection of women and money for a long time, having held positions in Apple Computer, Hewlett Packard, The World Bank, and the Bill and Melinda Gates Foundation. In 2017, she left her successful career to f…
 
“We focus on sustainability not because we’re environmentalists, but because we’re capitalists and fiduciaries to our clients.” That’s a quote by Larry Fink, CEO of BlackRock, the world’s largest asset manager, and it gets to the heart of today’s episode, in which Stephanie and Kevin revisit the topic of ESG (Environmental, Social, and Governance) …
 
Bill and Anastasia answer questions they have been receiving from individuals recently related to the U.S. stock market downturn in January 2022. Was the market drop a correction and how often does this happen? What does the level of volatility in the market mean for you? Is it time to buy the dip? Why are these questions arising now? Bill and Anas…
 
Today, Stephanie and Kevin sit down with Liz Simmie, Co-Founder of Toronto-based Honeytree Investment Management, which just so happens to be one of the very few women-led responsible asset management firms around the world. Honeytree truly believes that ESG (Environmental, Social, and Governance) data is just as important to assessing a company’s …
 
In this follow up to last year's episode, "Forming an Annual Budget," Bill and Anastasia cover more tools that are available for budgeting. What is an income statement, balance sheet, and cash flow statement, and why are these important in creating a budget? Bill and Anastasia also discuss what software programs they prefer to use and tips for thos…
 
Today, Stephanie and Kevin cover a topic that can often get confusing for many people: the estate and gift tax system. This is different from the income tax system, and both are federal tax systems that everyone needs to be aware of when planning for retirement. At the end of the day, the IRS is getting paid. The only two questions, then, are: Who …
 
When can you retire? What savings rate is needed to achieve a secure retirement? What impact will Social Security have on your retirement? What are the different retirement accounts that may be available to you? How do you balance other life expenses with saving for retirement, and how should you prioritize them? Bill relates his answers to his dec…
 
Today, Stephanie and Kevin offer a unique perspective on the show by diving deep into their own backgrounds as financial planners. The two kick things off with a brief history of their first jobs before reflecting on their first ever roles in the financial services industry. Then, Stephanie discusses the inspiration behind Sofia Financial and how s…
 
In practice of having an abundance mindset, Bill and Anastasia return to their end of year tradition in taking stock of what they and others are grateful for in the past year. A special thanks to those who shared their messages of gratitude with Creating Wealth, and to healthcare workers who continue to save lives. For questions and comments, you c…
 
Trusts. What the heck are they and why might it be a good idea for you to have one? Most people believe that trusts are this elusive thing reserved for the uber-wealthy… …or have only heard of it as being a sort of plot device in a movie or murder mystery. Joining us today is attorney Shannon Evans, a recognized expert in the area of trusts and est…
 
What is an interest rate and why do investors pay close attention to them? In this episode, Bill and Anastasia discuss how interest rates affect stocks, bonds, and how the Federal Reserve's actions impact the broader economy. They cover what is going on with today's interest rates, how that compares to the historical average, and what investors sho…
 
This is a continuation of the conversation on investing styles from the previous episode (How Do You Invest?). In this second part, Bill and Anastasia cover several other concepts - sector funds, dollar cost averaging, margin of safety. And investing styles including momentum and contrarian investing. They discuss the importance of where you get yo…
 
You did it. You made the leap. You left behind that corporate 9-to-5, the micromanaging boss, the freeloading coworker... Now, you’ve started your own thing. You have endless potential. The world is your oyster. You can do what you’ve always dreamed of. It’s a dream many of us are striving for. But, it’s easy to forget that we still should be savin…
 
“How much money should I have in the bank?” It’s a question that Stephanie and Kevin hear on a very regular basis. No doubt about it: it’s important to have cash on hand; but, with a well-thought-out financial plan, you can really start to make cash work for you. Listen in as Stephanie and Kevin invite listeners to sort out the purpose of their dol…
 
What are the common obstacles that small business owners face? This is the second of a two-part series on starting and running your own business with special guest speaker, Bob Clements--Cofounder, Partner, and General Counsel of Benchmark Business Group. Part Two covers the obstacles that owners typically face as their business grows: For example,…
 
This is a two-part series on starting and running your own business with a special guest speaker, Bob Clements--Cofounder, Partner, and General Counsel of Benchmark Business Group. Part One covers what people should consider if they want to start their own business. Why would an individual prefer to be self-employed vs. work for someone else? In wh…
 
Today’s guest is Dr. Barbara Provost, a business coach, professor, and entrepreneur with a Doctorate in Adult and Higher Education. She has a long history as a consultant in the financial services sector. Dr. Barb has taken her expertise into her latest venture, Purse Strings, which offers free financial education and resources for women. Listen in…
 
What is going on in the stock market? Before diving into the topic, Anastasia provides news updates relating to topics discussed in previous episodes: The Rise of GameStop (GME) Stock, Investing in Common Stock Part Two, and How to Pay for College. Bill and Anastasia then discuss inflation concerns, what the autumnal dip is and why it happens, the …
 
Today we talk all things Health Savings Accounts. An HSA can be a really powerful savings tool but, like everything else in the world of finance, it literally pays to know the game and play by the rules. The HSA can serve as a long-term savings account for medical expenses sometime in your lifetime—whether one week down the road or 40 years down th…
 
How can you fund attending college in the U.S.? Bill and Anastasia first discuss reasons why an individual should attend college and when they shouldn't, before launching into a discussion of the various ways you can save or pay for college if you are a U.S. citizen. How does FAFSA work? What type of student loans are available? How and when should…
 
Today, we sit down with Kathleen Burns Kingsbury, a wealth psychology expert, founder of KBK Wealth Connection, and host of the Breaking Money Silence® Podcast. Kathleen is a highly sought-after speaker for financial industry conferences and is the author of five books, her latest being Breaking Money Silence®: How to Shatter Money Taboos, Talk Mor…
 
Is investing the same as gambling? Bill and Anastasia dive into a topic that has come up in separate conversations with millennials about cryptocurrency trading. They start by defining investing, gambling, and speculating, then launch into a discussion of casino gambling, sports betting, why people may conflate investing with gambling, and why the …
 
A lot of folks believe that there is a magic number that they need to work towards in order to be able to retire. There is a myth out there that there is some perfect number of dollars you need to accumulate so that you can retire. That it’s really all just one mathematical equation with one distinct, perfect answer. …Except this belief is complete…
 
What are the common financial concerns of those in their 60s and 70s? Bill and Anastasia tackle the third and final life stage to discuss common questions that individuals ask before, during, or after retirement. How should you balance your portfolio in this life stage? How do you receive Social Security benefits - do you have to register for it? A…
 
Today’s guest is KT, who speaks on how she was able to retire at the age of 54. She was inspired to retire early only a decade prior. It wasn’t an easy road, but it was absolutely worth it. Listen in as KT describes her unique retirement journey and the money mindset transformation that she had to undergo to reach her goals. She shares her favorite…
 
What are the common financial concerns of those in their 40s and 50s? Bill and Anastasia tackle the second of three life stages to discuss common questions that individuals ask in the middle of adulthood, sometimes called "The Sandwich Generation." How do you balance a family budget of food, utilities, travel, child care costs, assisting any aging …
 
What nuggets of wisdom can we take away about retirement planning from a famous baseball contract? It turns out, quite a few! Listen in as Stephanie and Kevin unpack Bobby Bonilla Day and the circumstances that led to the former MLB player receiving a $1.19 million paycheck every year for 25 years—and the lessons you can extract from this story to …
 
What are the common financial concerns of those in their 20s and 30s? Bill and Anastasia tackle the first of three life stages to discuss common questions that individuals ask at the beginning of adulthood. When should you start saving for retirement? When you get married, how do you merge financial assets? If you have kids, how should you start fu…
 
We’re naturally spenders and not savers. It’s just how we’re wired. By the time we realize we may have a problem with how we’re managing and spending our money, we’ve already built up intense feelings of overwhelm and shame that are difficult to overcome. How can we begin to change our negative money scripts and move from a mindset of scarcity to a…
 
Medicare is a huge part of your retirement. Whether you’re looking to arm yourself with the information you need in preparation for the next stage of your life, or you’re already there and simply want to learn how you can do better with what you currently have, this is the episode for you. Susan Sloan, a licensed agent and longtime friend, joins us…
 
In the last few years, cryptocurrency has become a full blown phenomenon. In Part Two, Bill and Anastasia discuss listeners' questions on the tax ramifications and liquidity of cryptocurrencies, and where they see cryptocurrency going from here. Stay tuned: Anastasia makes an important announcement near the end of their discussion. Since this is a …
 
In the United States, we can’t talk finances without talking taxes. It shouldn’t come as a surprise that taxes are an inevitable part of our reality and are inescapable. The best (and only) way to go about navigating taxes is to, as Stephanie and Kevin like to say, “be smart about it, know what’s going on, then make your decisions.” A Roth IRA is a…
 
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