In this episode, we’re joined by Barbara Ginty for a sneak peek into our upcoming “Ask a Financial Planner” series. Barbara is another infamous YahooFinance alumni we had the pleasure of welcoming onto the show.
Barbara started her career on Wall Street working for Bloomberg in equity derivatives. In her spare time, she found herself helping friends and friends of friends gain confidence with their own personal finances and eventually discovered her true purpose through a mid-career shift.
Barbara received her Certified Financial Planner (CFP) from NYU and now owns a financial firm with two locations and an online presence at Planancial Podcast and BarbaraGinty.com. In addition to one-on-one client meetings, she also teaches in-person classes.
Rich and Marcus speak with Barbara about planning for a longer retirement, the difference between a will and a trust, and Barbara informs listeners of the Four L’s Of Financial Planning and who should be on your financial Dream Team.
- Does it make sense to pay off student loans or purchase your first home?
- Wills and trusts–when to create one, what assets justify putting one together?
- What’s the right amount of Term Insurance? Should I switch to long-term before it becomes too expensive?
- A Certified Financial Planner (CFP) is a certification that takes two years of classes along with continued education.
- Personal Finance is not the same as Investing. Personal finance includes insurance, taxes, budgeting, and estate planning.
- The Four L’s of Financial Planning: Longevity, Lifestyle, Liquidity, and Legacy.
- People are now planning for a 30-year retirement, rather than the standard 15-year retirement of the past.
- Work on your financial future proactively, don’t wait.
- As a general rule, if you’re looking to start a business you want to have close to zero personal debt. This can help alleviate financial pressure if your business begins to struggle.
- The Financial Dream Team consists of a CPA, CFP, and an Attorney.
- There are two types of Trusts. One that’s established during your lifetime and functions as its own entity with an EIN number. The other type of Trust is established through your Will and only comes into existence upon your death.
- The rule allows you to take money out of an IRA without having to take the 10% penalty for removing funds early.
- Take advantage of all the insurance and investment plans your company offers. Most people are uneducated about all the benefits their employer offers.
- Added top-secret bonus follow-up: You can contribute to both a 457 (government plan) and a 401(k) and max out BOTH! For the Debbie Downers who need the receipts, here is the link to the IRS section
The Takeaway: You don’t need an estate to have an estate plan. As soon as you have assets or anything of value you’ll want to set up a Will or Beneficiaries.
Barbara Ginty on Social Media:
References Mentioned on the Show:
- YahooFinance: Your Credit Card and Debt Questions Answered
- PB81: Don’t Leave Money on the Table ft. Jeanie Ahn of YahooFinance
- Are You Your Parents’ Retirement Plan? by PB53 Guest Erin Lowry
- Find or Become a Financial Planner
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