On this week’s show, we’re joined by Barbara Ginty for a sneak peek into our upcoming “Ask a Financial Planner” series. Barbara is another infamous YahooFinance alumni that 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. On today’s pod, 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.

#AskaCFP #AskPB

  1. Does it make sense to pay off student loans or purchase your first home?
  2. Wills and trusts–when to create one, what assets justify putting one together?
  3. What’s the right amount of Term Insurance? Should I switch to long-term before it becomes too expensive?

Show Highlights:

  • 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 pro actively, 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 CPA, CFP, and an Attorney.
  • There are two types of Trusts. One that’s established during your lifetime and functions as it’s 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 that 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 setup a Will or Beneficiaries.

Barbara Ginty on Social Media:

References Mentioned on the Show:

Our Fav Tools and Resources

  • We created a free guide, The 15 Minute Paychecks & Balances Money Plan: Your Guide to Financial Freedom, exclusively for our email subscribers. Sign-up today and see why just 15-minutes can change the next 15 years of your life.
  • Struggle saving money? Sign-up for Digit today!
  • Need to collect money or invoice clients? Sign-up with Square!
  • Marcus Debt Free or Die Trying book series is available on Amazon.com.

Announcements

  • Marcus latest book review is out! Your Credit Score: How to Improve the 3-Digit Number That Shapes Your Financial Future by Liz Weston.
  • Support Rich for #SXSW2018! It’s easy!! Just visit PickThisPanel.com, follow the instructions, and let’s send Rich to Austin Texas to spread the P&B greatness!!!
  • Are you a financial blogger or podcaster? Are you interested in taking your financial brand to the next level? Or maybe you just want to see the Dulcet Brothers in person! Whatever your motivation may be, FinCon2018 is the place to do it. FinCon is where money & media meet — a great conference that Paychecks and Balances has faithfully attended the last three years. This year they’re taking their talents to Florida, September 26-28. Learn more and purchase your ticket here at: Paybal.co/fincon18
  • Visit our *updated* PATREON page for more info! We revamped the page to include a new tier system and even more exclusive information for subscribers. We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.

Support Paychecks & Balances

Get Our Free Guide

Guide book

Get our FREE 15-Minute Money Plan today! We will use this to send you emails about our products and special offers. You'll also receive actionable work and money tips and interesting reads that'll keep you professionally and financially woke.

No Spam. Zone. Unsubscribe at any time. Powered by ConvertKit