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Welcome to "Money Roots," the podcast where personal finance becomes personal. Join host Amy Irvine, CEO of Rooted Planning Group, as she demystifies the world of finance and makes it approachable for everyone, from beginners to financial experts. In each episode, Amy and her guests dig deep into the financial soil, planting the seeds of financial knowledge and helping you nurture your financial future. Whether you're looking to build a solid budget, invest wisely, or plan for retirement, "Money Roots" has you covered. Get ready to explore practical advice, inspiring stories, and expert insights that will empower you to take control of your financial destiny. It's time to grow your money roots and thrive financially! Subscribe to "Money Roots" now and join Amy on this exciting journey to financial empowerment. Let's put down some roots and flourish together.
- 314 - Understanding and Managing Estimated Tax Payments for 2024
About the Guest(s):
Kerrie Beene: Kerrie Beene is a CERTIFIED FINANCIAL PLANNER™ at the Root Planning Group. With extensive experience in personal finance, Kerrie is dedicated to helping clients navigate their financial journeys. She specializes in providing practical advice on budgeting, investing, tax planning, and more. Her approach is centered around making complex financial topics understandable and actionable for everyone.
Episode Summary:
In this insightful episode of the Money Roots podcast, Certified Financial Planner Kerrie Beene takes the spotlight to delve into the essential topic of estimated tax payments. With her wealth of knowledge, Kerrie provides a thorough breakdown of what estimated tax payments are, who needs to make them, and the crucial timelines involved. Whether you're self-employed, an investor, or earning rental income, this episode is packed with valuable insights to help you stay ahead of your tax obligations.
Kerrie begins by explaining the concept of estimated tax payments, highlighting their importance for individuals who have income not subject to withholding, such as freelancers, landlords, retirees, and those with side gigs. She discusses the general rule of thumb for those who need to make these payments, emphasizing the significance of being proactive to avoid any surprises during tax season. Kerrie also outlines the quarterly deadlines for estimated payments and the potential penalties for underpayment, stressing the benefits of staying on top of your tax game.
Moving forward, Kerrie provides actionable steps on how to determine the amount you need to pay and offers multiple methods for making these payments. Whether you're paying online, by mail, or through automatic withdrawals, she ensures you have the knowledge to choose the most convenient option for you. Throughout the episode, Kerrie emphasizes the importance of consulting with a tax professional to ensure accuracy and avoid penalties. This episode is a must-listen for anyone looking to manage their estimated tax payments effectively and reduce the stress of tax season.
Key Takeaways:
Importance of Estimated Tax Payments: Understand why estimated tax payments are crucial for those with income not subject to withholding.Who Should Make Payments: Learn about the different types of individuals who need to consider making estimated tax payments, from freelancers to retirees.Due Dates and Penalties: Get to know the quarterly deadlines and the consequences of missing these payments, including potential penalties.Calculation Methods: Discover how to calculate the amount you need to pay based on last year's tax liability or this year's estimated income.Payment Options: Explore the various methods available for making estimated tax payments, including online payments, mail, and automatic withdrawals.Notable Quotes:
- "Estimated tax payments are simply just prepayments of your income that the IRS expects you to make throughout the year.""If you expect to owe at least $1,000 in taxes when you file your return and you haven't paid enough through your withholdings, you'll probably need to make estimated tax payments.""The IRS wants its cut as you earn that income, not just at the end of the year when you file your tax return.""Being proactive and taking care of your estimated tax payments ahead of time can help you avoid penalties and make tax season less stressful.""Always reach out to a tax professional if you're unsure about your tax obligations to ensure you're doing everything correctly."
Resources:
Root Planning GroupIRS Estimated Tax Payments InformationSubmitting Form 1040-ESOnline Payment Options with the IRSStay tuned to the Money Roots podcast for more episodes packed with practical financial advice and insights that can help you cultivate a thriving financial future. Don't forget to subscribe to never miss an episode!
Thu, 12 Sep 2024 - 12min - 313 - Smart Spending for Busy Women
About the Guest(s):
Kate Welker is a CERTIFIED FINANCIAL PLANNER® at Rooted Planning Group with a passion for helping individuals cultivate a thriving financial future. With a background in finance and a keen understanding of the importance of intentional spending, Kate provides valuable insights and guidance to clients seeking to achieve their financial goals.
Becky Eason is a CERTIFIED FINANCIAL PLANNER® at Rooted Planning Group. With years of experience in personal finance and strategic wealth management, she specializes in assisting busy professional women to manage their financial lives with confidence and clarity. Becky’s expertise spans various domains including savings, investments, budgeting, and planning, making her an invaluable resource for her clients and podcast listeners alike.
Episode Summary:
In this vibrant episode of Money Roots, Kate Welker and Becky Eason delve into the intricate world of personal finance for busy professional women. The episode emphasizes the importance of intentional spending to enhance quality of life, offering practical advice, relatable experiences, and expert insights to help you navigate your financial journey efficiently.
Kate and Becky kick off the discussion with the high costs and critical choices surrounding childcare. They outline the various solutions for managing this essential yet hefty expense, from leveraging family support to selecting the best daycare options. The conversation then flows into the benefits of outsourcing household services, acknowledging the relief of freeing up personal time by hiring help versus handling all tasks independently. The hosts also dissect meal planning strategies, from subscription services to grocery delivery, all tailored to support busy schedules.
Key Takeaways:
Prioritize Intentional Spending: Focus on what brings joy and efficiency in your life, whether through convenience services or personal indulgences.Utilize Childcare Options: Explore all avenues for managing childcare expenses, including daycare, family support, and summer camps.Outsource Household Tasks: Hiring help for cleaning, laundry, and other chores can significantly improve work-life balance and reduce stress.Invest in Personal Care: Allocate funds for self-care activities like exercise, spa visits, grooming, and hobbies to maintain overall well-being.Plan for Travel and Entertainment: Budget for travel and entertainment to enjoy life’s experiences, embracing both everyday joys and occasional splurges.Notable Quotes:
"It's okay to spend money. Like, that's the part that I think today we want get into first, setting goals, really making sure you're achieving those." — Kate Welker"I will continue to work as hard as I need to did not have to do laundry." — Kate Welker"You are essentially buying time." — Becky Eason"Gym memberships and kind of circling back to childcare. A lot of gyms actually have childcare. So if you are able to find the time to go to the gym, you know, someone's there to watch your kids at a lot of spots. So a win win." — Becky Eason"For me, anywhere on or near the water is very relaxing." — Kate WelkerResources:
Follow the Rooted Planning Group on Facebook, LinkedIn, and Instagram for ongoing insights and resources.Explore meal delivery subscription options (such as HelloFresh, Blue Apron) for convenient meal planning.Look into personal care services like local gyms, spas, and salons to enhance your self-care routine.Plan and budget for leisure activities, including travel and entertainment, tailored to your personal interests and family enjoyment.Engage in this insightful conversation to explore how intention and strategy in spending can lead to a richer, more fulfilling life. Tune in to discover more ways to nurture and grow your financial roots with Money Roots!
Wed, 28 Aug 2024 - 23min - 312 - Embracing Underconsumption: Spending Intentionally and Saving Wisely
About the Guest(s):
Kate Welker is a CERTIFIED FINANCIAL PLANNER® at Rooted Planning Group with a passion for helping individuals cultivate a thriving financial future. With a background in finance and a keen understanding of the importance of intentional spending, Kate provides valuable insights and guidance to clients seeking to achieve their financial goals.
Episode Summary:
In this episode of Money Roots, Kerrie Beene and Kate Welker delve into the trending topic of underconsumption, exploring the practice of spending less, saving more, and avoiding unnecessary expenses. The discussion revolves around the influence of social media, historical trends, and the importance of being intentional with money. The episode emphasizes the significance of aligning spending with personal values, finding balance, and utilizing resources wisely to achieve financial goals.
Key themes include understanding the concept of underconsumption, the impact of inflation and de-influencing, and the historical shift towards intentional spending. Kate and Kerrie highlight the significance of identifying personal values, setting financial goals, and making mindful choices to achieve financial well-being.
Key Takeaways:
Underconsumption promotes spending less, saving more, and avoiding unnecessary expenses.Being intentional with money involves aligning spending with personal values and setting financial goals.Historical trends and societal influences play a role in shaping spending habits and preferences.Finding a balance between needs, wants, and resources is essential for financial well-being.Utilizing safeguards, setting reminders, and having an accountability partner can help curb impulsive spending.Notable Quotes:
"Just because it's on sale doesn't mean you saved money if you didn't plan to buy it to start with.""Underconsumption isn't about being as frugal as possible; it's about finding balance and being wise with your finances.""Identifying personal values and spending on what matters to you is key to financial well-being."Resources:
Rooted Planning Group: WebsiteDon't miss out on the insightful conversation about underconsumption and intentional spending in this episode of Money Roots. Tune in to gain valuable tips and strategies for nurturing your financial future.
Wed, 14 Aug 2024 - 20min - 311 - Stress and Gratitude: A Conversation with Dr. Laura Carapella
About the Guest(s):
Dr. Laura Carapella earned her doctorate degree at Columbia University and has achieved tenure at two colleges in New York state. With over 25 years of experience teaching health behavior and human dynamics, she has also conducted over 200 leadership workshops, retreats, and keynotes. Dr. Carapella is known for her passion for helping individuals feel seen, heard, and understood, especially during periods of transition. She is a member of the LGBTQ+ community, a mother of two boys, a spouse to a chiropractor, and a dog mom to their pets.
Episode Summary:
In this episode of Money Roots, Dr. Laura Carapella discusses stress, anxiety, and the impact of gratitude on mental well-being with host Kate Welker. Dr. Carapella shares insights from her research, focusing on proactive gratitude as a tool for rewiring the brain and reducing anxiety levels. By shifting from judgment to productivity, individuals can experience cognitive restructuring, enhanced neurotransmitter function, and reduced fear and anxiety.
Key themes in the episode include:
Drastic increase in anxiety levels over the yearsThe benefits of gratitude in rewiring the brain and reducing anxietyPracticing proactive gratitude beyond current boundaries and shifting from judgment to productivityKey Takeaways:
Over the years, there has been a significant increase in anxiety levels, with gratitude showing promise in reducing anxiety and fostering well-being.Proactive gratitude involves moving beyond current boundaries, replacing judgment with appreciation, and authentically believing in what one is grateful for.Shifting from judgment to productivity can lead to cognitive restructuring, enhanced neurotransmitter function, and reduced fear and anxiety.Practicing gratitude in challenging moments can result in a positive impact on mental health and overall well-being.Gratitude serves as an opportunity for growth, change, and a shift in perspective towards life’s experiences.Notable Quotes:
"Anxiety was playing a significant role in our students' lives, prompting me to focus on researching the effects of gratitude." - Dr. Laura Carapella"Proactive gratitude involves moving beyond current boundaries and replacing judgment with appreciation." - Dr. Laura Carapella"Gratitude rewires the brain, enhances neurotransmitter function, and fosters cognitive restructuring." - Dr. Laura CarapellaResources:
Dr. Laura Carapella's websiteDon't miss the full episode to dive deeper into the impact of gratitude on reducing anxiety and enhancing well-being. Tune in for more insightful discussions and valuable insights from Money Roots.
Wed, 26 Jun 2024 - 32min - 310 - Crafting Your Financial Story: Be the Hero of Your Life
About the Guest(s):
Amy Irvine is a financial expert who is passionate about helping individuals take control of their financial well-being. With extensive experience in financial planning and coaching, Amy empowers her clients to write their own financial stories and achieve their goals. She is known for her innovative and personalized approach to financial advice, emphasizing the alignment of values with spending habits to create lasting financial stability.
Episode Summary:
In this episode, Amy Irvine delves into the importance of taking control of your financial narrative by writing your own story. Drawing parallels between crafting a compelling movie plot and designing your financial journey, Amy encourages listeners to identify themselves as the hero of their story and navigate challenges with a strategic mindset. By leveraging the concept of a hero, a villain, and a guide, Amy provides a unique perspective on reshaping financial narratives to achieve success and fulfillment.
Key themes discussed include the significance of self-empowerment, the role of financial obstacles as villains in our stories, and the importance of seeking guidance to overcome challenges. Amy highlights the impact of setting clear financial goals, aligning spending with values, and utilizing resources to thrive financially. By emphasizing the power of intentional financial planning and storytelling, Amy inspires listeners to take charge of their financial destinies and build a secure future.
Key Takeaways:
Embrace your role as the hero of your financial story and proactively shape your narrative.Identify financial obstacles as villains that impede your progress and seek guidance to overcome them.Define clear financial goals, align spending with values, and utilize resources to thrive financially.Craft a strategic plan of action with the guidance of mentors or resources to steer your financial journey toward success.Take ownership of your financial narrative, eliminate distractions, and focus on creating a fulfilling and sustainable financial future.Notable Quotes:
"Your life is about events supported by your dollars and cents.""Sometimes the villains in our financial stories can also be opportunities for growth and transformation.""Write your own financial story by defining your goals, aligning spending with values, and seeking guidance when needed."Tune in to the full episode to discover how you can rewrite your financial story, overcome obstacles, and achieve financial success. Don't miss out on valuable insights and empowering strategies from Amy Irvine to transform your financial future.
Wed, 19 Jun 2024 - 09min - 309 - Facing Financial Fears: Strategies for Overcoming Money Anxiety
About the Guest(s):
Kate Welker is a seasoned financial planner with a passion for helping individuals overcome financial stress and anxiety. With a background in empowering clients to take control of their money management, Kate is dedicated to providing actionable steps to improve financial well-being. Her expertise lies in debt management, reducing spending, preparing for emergencies, and setting realistic financial goals.
Episode Summary:
In this insightful episode of "Money Roots," Kate Welker dives into specific areas of financial concerns and fears that often plague individuals. From tackling debt to reducing spending and preparing for financial emergencies, Kate provides practical advice and tools to help listeners take charge of their financial well-being. By addressing common fears like running out of money or losing a job, she offers actionable steps to build confidence and security in one's financial future.
Kate emphasizes the importance of facing financial challenges head-on, developing strategies to manage debt effectively, and building emergency savings. By understanding fixed sources of income, utilizing tools like the 4% rule, and creating ideal and lean budgets, listeners can gain clarity and direction in their financial planning journey.
Key Takeaways:
Confront your financial fears by understanding your current financial situation.Develop a clear debt management strategy using methods like the avalanche or snowball method.Reduce spending by analyzing expenses and creating ideal and lean budgets based on personal goals.Build emergency savings to prepare for unexpected financial setbacks.Utilize fixed sources of income and the 4% rule to estimate retirement needs and ensure financial security.Notable Quotes:
"Figure out where you're at, know what you have, and understand where your money is going to have some control." - Kate Welker"Confront your financial fears by understanding your current financial situation and taking actionable steps to improve it." - Kate Welker"Developing a clear debt management strategy and reducing spending can lead to financial empowerment and security." - Kate WelkerResources:
Rooted Planning Group - Visit the website for more financial planning resources and to schedule a call with a financial planner.Listen to the full episode of "Money Roots" with Kate Welker for valuable insights and practical tips on overcoming financial fears and achieving financial stability. Tune in for more expert advice on managing your money effectively and securing your financial future.
Wed, 12 Jun 2024 - 21min - 308 - Reducing Stress and Anxiety Around Money: Tips for Taking Control
About the Guest(s):
Kate Welker is a CERTIFIED FINANCIAL PLANNER™ at Rooted Planning Group. With years of experience in the financial industry, Kate is passionate about helping individuals reduce stress and anxiety around money. She believes in empowering her clients by providing them with the knowledge and tools they need to take control of their finances. Kate's expertise lies in budgeting, debt management, and retirement planning.
Episode Summary:
In this episode of Money Roots, Kate Welker addresses the common issue of stress and anxiety surrounding the topic of money. She shares her own personal journey of overcoming financial anxiety and provides practical strategies to help listeners reduce their stress and feel more in control of their finances. Kate emphasizes the importance of facing your current financial situation, avoiding comparisons with others, creating a plan, and continuously learning about money management. By implementing these steps, individuals can gain a sense of empowerment and confidence in their financial decisions.
Key Takeaways:
Facing your current financial situation is the first step to reducing stress and anxiety around money. Take the time to gather all your financial information, including assets, debts, and monthly expenses.Avoid comparing yourself to others when it comes to money. Everyone has their own unique financial journey, and it's important to focus on your own goals and progress.Create a plan by identifying one small thing you can control and take action on. Whether it's increasing your savings or paying off debt, making incremental changes can lead to significant improvements over time.Knowledge is power when it comes to money management. Take the initiative to learn about personal finance through reputable resources, such as books, podcasts, or working with a financial planner.Seek professional help if needed. Consider working with a fee-only financial planner who can provide guidance tailored to your specific situation and goals.Notable Quotes:
"When you talk about money, think about money, it comes up in conversations. Do you find yourself anxious or stressful? Are you having uncomfortable reactions? Maybe sweaty palms? Maybe your heart rate accelerates? Maybe your gut is churning?" - Kate Welker"Stop comparing. Your journey is your own, your money is your own, your lifestyle is your own." - Kate Welker"Pick one small thing you can control and start doing that. Small steps you can control begin to add up over time." - Kate WelkerResources:
Rooted Planning Group - WebsiteWed, 05 Jun 2024 - 21min - 307 - The Importance of a Home Inspector: Answering Common Questions
About the Guest(s):
Liz Zemak is an experienced financial advisor and homeowner. With a background in personal finance and a passion for helping others, Liz has dedicated her career to educating individuals on the importance of financial planning and homeownership. She has successfully navigated the challenges, providing them with expert guidance and support. Liz is known for her attention to detail and commitment to ensuring her clients make informed decisions. With a deep understanding of the local market, Liz is able to offer valuable insights and advice to those looking to buy or sell a home. She is dedicated to helping her clients achieve their real estate goals and is passionate about providing exceptional service.
Episode Summary:
In this episode, Liz Zemak addresses various questions and concerns related to homeownership. She begins by emphasizing the importance of hiring a reputable home inspector when purchasing a home. Liz provides tips on finding a reliable inspector and highlights the benefits of utilizing technology for inspection reports. She then discusses how to prioritize home improvement projects when you realize there are more repairs needed than anticipated. Liz advises making a comprehensive list and categorizing the repairs based on safety and urgency. She also suggests seeking the expertise of a general contractor and shares tips on finding a trustworthy contractor. Lastly, Liz emphasizes the importance of creating a designated drop zone in your home to keep things organized and create a sense of calm when entering your living space.
Key Takeaways:
Hiring a reputable home inspector is crucial when purchasing a home to ensure you are aware of any potential issues or repairs needed.Prioritize home improvement projects by creating a comprehensive list and categorizing repairs based on safety and urgency.Having a reliable general contractor in your contacts can provide valuable insights and cost estimates for potential home improvement projects.Creating a designated drop zone in your home can help keep things organized and create a sense of calm when entering your living space.Utilizing technology for inspection reports and organizing paperwork can streamline the home buying and maintenance process.Notable Quotes:
"Before you make that purchase offer or decide that you want to have that house, make sure that you have it inspected." - Liz Zemak"Take it one step at a time and do what you can manage, and just starting somewhere will help you build that momentum." - Liz Zemak"Having one or two good general contractors in your contacts is a really, really good idea." - Liz Zemak"A drop zone in your home is a really great thing, whether you rent or you own." - Liz ZemakListen to the full episode here to gain valuable insights and tips for navigating the home buying and maintenance process. Stay tuned for more informative episodes from Money Roots.
Wed, 29 May 2024 - 16min - 306 - Creating a Home Management Binder for Effective Household Organization
About the Guest(s):
Liz Zemak is a homeowner and home management expert. With years of experience in maintaining and managing her own home, Liz has developed effective strategies and systems to keep her house in order. She is passionate about helping others create a well-organized and efficient home management system. Liz shares her knowledge and tips through her podcast, Money Roots, where she provides valuable insights on various aspects of homeownership and home management.
Episode Summary:
In this episode of Money Roots, host Liz Zemak discusses the importance of creating a home management binder. She explains that a home management binder is a customizable tool that helps homeowners keep track of important information and tasks related to their homes. Liz shares her own experience and provides practical advice on how to create and maintain a home management binder. She suggests different categories to include in the binder, such as contact information, reminders, manuals, planning, and financial records. Liz emphasizes the benefits of having a home management binder, including better organization, easier maintenance, and the ability to pass on important information to future homeowners. She encourages listeners to start building their own home management binder and offers tips on how to maintain and update it regularly.
Key Takeaways:
Creating a home management binder is a valuable tool for homeowners to keep track of important information and tasks related to their homes.A home management binder can be customized to fit individual needs and preferences, whether in physical or electronic form.Categories to include in a home management binder may include contact information, reminders, manuals, planning, and financial records.Maintaining a home management binder helps homeowners stay organized, prioritize tasks, and easily access important information.A home management binder can be a useful resource to pass on to future homeowners when selling a house.Notable Quotes:
"A home management binder is a great way to keep all the documents and information you need for your home in one place." - Liz Zemak"Having a home management binder helps free up brain space and allows you to easily access important information when needed." - Liz Zemak"Including financial records in your home management binder helps you keep track of maintenance costs and provides valuable information for future homeowners." - Liz ZemakResources:
Money Roots website: rootedpg.comDon't miss out on Liz Zemak's insightful discussion on creating a home management binder. Tune in to the full episode of the Money Roots podcast to learn more about how this tool can help you stay organized and maintain your home efficiently. Visit rootedpg.com for more helpful tips and financial pointers.
Wed, 22 May 2024 - 19min - 305 - Creating a Personal Property Inventory for Homeowners: Tips and Benefits
About the Guest(s):
Liz Zemak is an experienced financial advisor and homeowner. With a background in personal finance and a passion for helping others, Liz has dedicated her career to educating individuals on the importance of financial planning and homeownership. She has successfully navigated the challenges of building a home and has firsthand experience with needing a personal property inventory. Liz is committed to empowering others to take control of their finances and protect their assets.
Episode Summary:
In this episode of Money Roots, Liz Zemak discusses the importance of creating a personal property inventory. She shares her own experience of having her tools stolen during the construction of her home and emphasizes the need for proper documentation when filing an insurance claim. Liz provides practical tips on how to get started with a home inventory, including listing items room by room, capturing detailed information such as purchase date and cost, and taking photos or videos of valuable items. She also highlights the benefits of maintaining an up-to-date inventory, such as accurate insurance coverage and estate planning. Liz emphasizes the importance of revisiting the inventory regularly and keeping it secure.
Key Takeaways:
Creating a personal property inventory is crucial in the event of a loss or damage to your belongings.The burden of proof is on the property owner when filing an insurance claim, so having a detailed inventory is essential.Start by picking an easy spot to begin, such as a room with valuable items, and list everything in that room with as much detail as possible.Include purchase date, cost, make, model, and serial numbers for items that have them.Take photos or videos of each item, including the model and serial numbers, and keep receipts and appraisals with the inventory.Store the inventory securely, either in a safe, a safe deposit box, or with a trusted contact.Regularly update the inventory and review your insurance coverage to ensure you are adequately protected.A personal property inventory can also be useful for financial planning and estate planning purposes.Notable Quotes:
"The burden of proof is on the property owner, not the insurance company. So you're gonna have to have something to present to the insurance company to say that these are the items that I owned and, you know, that they were damaged or stolen." - Liz Zemak"The more detailed you can be, the better off you're going to be when and if you need to make that claim." - Liz ZemakResources:
Rooted Planning GroupListen to the full episode of Money Roots to learn more about the importance of creating a personal property inventory and how to get started. Stay tuned for more valuable insights and practical advice on personal finance and homeownership.
Wed, 15 May 2024 - 20min - 304 - Exploring Home Improvements vs. Buying a New Home in Today's Market
About the Guest(s):
Liz Zemak is a financial planner and this weeks host of the Money Roots podcast. With years of experience in the financial industry, Liz helps individuals and families make informed decisions about their money and investments. She is passionate about helping people create a comfortable and enjoyable living space without breaking the bank. Through her podcast and articles, Liz provides valuable insights and tips on home improvements, budgeting, and financial planning.
Episode Summary:
In this episode of the Money Roots podcast, host Liz Zemak explores the decision between making home improvements or purchasing a new home. With current mortgage interest rates high, Liz suggests considering upgrading your existing space to create a comfortable and desirable living environment She discusses various ideas for home improvements, such as installing a home security system, investing in a generator, adding an addition to your home, and creating a multigenerational living space. Liz emphasizes the importance of setting priorities, communicating with family members, and creating a budget or spending plan for these upgrades. She also highlights the value of landscaping and curb appeal in enhancing the overall enjoyment of your home. With the current interest rate environment, Liz encourages listeners to explore the possibilities of improving their current homes rather than moving.
Key Takeaways:
Evaluate your current mortgage interest rate compared to the rates for selling and buying a new home.Lay out your priorities and determine the upgrades you want for your home.Consider installing a home security system or investing in a generator for added security and convenience.Explore the possibility of adding an addition to your home to create more space.Communicate with family members to determine their needs and desires for the living space.Create a budget or spending plan for the home improvements over time.Enhance the curb appeal of your home through landscaping and other exterior upgrades.Notable Quotes:
"In today's interest rate environment, it's important to really make the choice to stay in the home that you're currently in if you have one of the lower interest rates." - Liz Zemak"Make sure you're communicating with each other and really laying out what's important and what you each are desiring." - Liz Zemak"Think about what you can do to create a space that you truly enjoy, even if you rent." - Liz ZemakResources:
Rooted Planning GroupListen to the full episode of the Money Roots podcast to learn more about making home improvements versus purchasing a new home. Stay tuned for valuable insights and tips on financial planning and creating a comfortable living space.
Wed, 08 May 2024 - 13min - 303 - Multi-generational Living: The Importance of Starting the Conversation Early
About the Guest(s):
John Graham: John is an author and professor who has taught international marketing for 40 years at USC and UCI. He co-authored the book "Under One Roof: Creating Harmony for Multi-Generational Living" with his sister Sharon and daughter Emily. John brings his expertise in marketing and his personal experience with multi-generational living to the book.Emily Graham: Emily is the daughter of John Graham and co-author of "Under One Roof." She has a background in palliative and hospice care, end-of-life care, and grief counseling. Emily's contribution to the book focuses on these topics and provides valuable insights into the healthcare considerations of multi-generational living.Episode Summary:
In this episode, host Amy Irvine is joined by John Graham and Emily Graham to discuss their book "Under One Roof: Creating Harmony for Multi-Generational Living." They explore the importance of multi-generational living, the challenges and benefits it brings, and how to navigate the complexities of living with multiple generations under one roof. They emphasize the need for open and honest conversations, planning for healthcare and end-of-life care, and finding a balance between privacy and proximity. The book provides practical advice and guidance for families considering multi-generational living and offers insights into creating a harmonious and supportive living arrangement.
Key Takeaways:
Multi-generational living is a solution to the challenges faced by families today, such as the high cost of housing and the need for support and care for aging parents.Open and honest conversations are crucial when considering multi-generational living, allowing all family members to express their needs, concerns, and expectations.Planning for healthcare and end-of-life care is essential in multi-generational living arrangements, ensuring that everyone's needs are met and that there is a support system in place.Finding a balance between privacy and proximity is key to successful multi-generational living. Separate living spaces, clear boundaries, and open communication can help maintain individual privacy while fostering a sense of togetherness.Multi-generational living can provide emotional support, companionship, and shared responsibilities, creating a strong sense of family and community.Notable Quotes:
"Multi-generational living is a renaissance of an idea that has been practiced in many cultures throughout history." - Emily Graham"Having open and honest conversations about multi-generational living can prevent crises and help make informed decisions." - John Graham"Multi-generational living is about creating a supportive and loving environment where everyone's needs are met." - Emily GrahamResources:
Book: "Under One Roof: Creating Harmony for Multi-Generational Living" by John Graham, Sharon Graham, and Emily Graham (Amazon link: Book)Please watch/listen to the full webinar for more enlightening insights and practical advice on multi-generational living. Stay tuned for future episodes of the podcast/webinar/series for more valuable content.
Watch this episode on YouTube
Wed, 01 May 2024 - 57min - 302 - The Pros and Cons of Taking Out a 401K Loan
About the Guest(s):
Kerrie Beene is a certified financial planner and the Chief Investment Officer at Rooted Planning Group. With years of experience in the financial industry, Kerrie has helped numerous clients navigate their financial journeys and make informed decisions about their investments. She specializes in retirement planning and is passionate about helping individuals achieve their long-term financial goals.
Episode Summary:
In this episode of Money Roots, Kerrie Beene, a certified financial planner, explores the topic of 401K loans and the tax implications associated with them. She discusses how 401K loans work, the rules set by the Internal Revenue Service (IRS), and the importance of understanding your employer's specific rules. Kerrie highlights key considerations such as loan limits, repayment periods, interest rates, loan purposes, and employment status. She also emphasizes the tax implications of 401K loans, including potential income tax and withdrawal penalties. Kerrie advises listeners to explore alternative options before taking out a 401K loan and to consult with a financial advisor to ensure alignment with long-term financial goals.
Key Takeaways:
401K loans are available to anyone with a 401K account and have a simpler and quicker application process compared to traditional loans.The IRS sets limits on how much you can borrow from your 401K, generally up to 50% of your vested account balance or $50,000, whichever is less.Repayment periods for 401K loans are typically within five years, although longer periods may be allowed for loans used to purchase a primary residence.The interest rate on a 401K loan is often based on the prime rate plus an additional percentage determined by your plan. However, the interest paid is not tax deductible.Some plans may have restrictions on the type of expenses for which you can borrow from a 401K loan, so it's important to check with your employer.If you leave your job, the outstanding balance of the loan may become due immediately, potentially subjecting it to taxes and penalties.Failure to repay the loan according to the terms outlined in your plan could be considered a distribution, resulting in income tax and a potential 10% withdrawal penalty.Administrative fees may be charged for processing and maintaining the loan, which are typically deducted from your account balance.Taking out a 401K loan means missing out on potential growth in your retirement savings, so it's crucial to consider the long-term impact on your financial plan.Notable Quotes:
- "While you are repaying yourself, that money did become uninvested, and you will be investing it later, but you are missing out on that growth there." - Kerrie Beene"If you decide to take out a 401K loan, make sure you only borrow what you need and have a solid plan in place to repay it promptly." - Kerrie Beene
Resources:
Rooted Planning GroupListen to the full episode of Money Roots to gain a comprehensive understanding of 401K loans and their tax implications. Stay tuned for more insightful episodes from the podcast to enhance your financial knowledge and make informed decisions.
Wed, 24 Apr 2024 - 11min - 301 - Slow and Steady Wins the Race: Lessons in Financial Planning
About the Guest(s):
Kerrie Beene is a certified financial planner and the Chief Investment Officer at Rooted Planning Group. With years of experience in the financial industry, Kerrie is dedicated to helping individuals achieve their long-term financial goals through strategic planning and disciplined investing. She is known for her expertise in investment management and her ability to guide clients towards financial success. Kerrie's passion for educating others about personal finance has made her a sought-after speaker and advisor in the field.
Episode Summary:
In this episode, Kerrie Beene, a certified financial planner and Chief Investment Officer at Rooted Planning Group, shares the timeless wisdom of the fable "The Tortoise and the Hare" and how it applies to our financial lives. She emphasizes the importance of consistency, avoiding impulsive behavior, the power of compounding, and the virtue of patience in achieving long-term financial success. Kerrie highlights the parallels between the fable and investing, encouraging listeners to adopt a slow and steady approach to their financial goals.
Key Takeaways:
Consistency wins the race: Just as the tortoise consistently plods along the course, investors who consistently contribute to their portfolios or retirement accounts tend to achieve better long-term results than those who try to time the market or chase short-term gains.Avoiding impulsive behavior: The hare's impulsive decision to take a nap during the race serves as a cautionary tale against impulsive investment decisions driven by emotions such as fear and greed. Investors should avoid chasing hot stocks or market trends and instead focus on a long-term strategy.The power of compounding: Similar to the tortoise's slow but steady progress, compounded growth can have a significant impact on investment returns over time. Understanding and harnessing the power of compounding interest can lead to substantial financial gains.Patience pays off: The fable of the tortoise and hare emphasizes the virtues of patience and discipline. Successful financial planning requires individuals to exercise patience in pursuing their goals and adhere to saving and investing strategies. Historically, the stock market has delivered positive returns over the long term, and embracing a long-term perspective can help investors benefit from the power of compounding.Notable Quotes:
- "Slow and steady wins the race." - Kerrie Beene"Consistency and discipline are key to achieving long-term financial success." - Kerrie Beene"Avoid impulsive investment decisions driven by fear or greed." - Kerrie Beene"Understanding the power of compounding interest is crucial for maximizing investment returns." - Kerrie Beene"Patience and perseverance are essential for successful financial planning." - Kerrie Beene
Resources:
Rooted Planning Group: WebsiteConclusion:
In this insightful episode, Kerrie Beene reminds us of the timeless wisdom found in the fable of "The Tortoise and the Hare" and how it relates to our financial lives. By emphasizing the importance of consistency, avoiding impulsive behavior, harnessing the power of compounding, and practicing patience, Kerrie provides valuable guidance for achieving long-term financial success. Tune in to the full episode to gain a deeper understanding of these principles and learn how to apply them to your own financial journey.
Wed, 17 Apr 2024 - 11min - 300 - Understanding Your Tax Return: A Line-by-Line Guide
About the Guest(s):
Kerrie Beene: Certified Financial Planner at Rooted Planning Group.Kate Welker: Certified Financial Planner at Rooted Planning Group.Episode Summary:
In this episode, certified financial planners Kerrie Beene and Kate Welker from Rooted Planning Group dive into the details of the 1040 tax return form. They discuss each line item and explain what it means for taxpayers. From reporting income to deductions and credits, Kerrie and Kate provide valuable insights into how the tax return can tell a story about an individual's financial situation. They also touch on topics such as capital gains, itemized deductions, and the standard deduction. Whether you're a tax expert or just starting to understand your tax return, this episode offers helpful information and tips for optimizing your tax situation.
Key Takeaways:
The total amount from Form W-2, Box 1 represents taxable wages and includes deductions such as retirement plan contributions and health insurance premiums.Interest and dividends are reported on lines 2 and 3 of the 1040 tax return and can come from various sources such as bank accounts, savings bonds, and investments.Lines 4, 5, and 6 cover retirement income, including distributions from IRAs, pensions, and annuities. It's important to understand the tax implications of these distributions and consider withholding taxes if necessary.Line 7 deals with capital gains and losses, which occur when selling assets such as stocks or mutual funds. Long-term capital gains are taxed at a lower rate than ordinary income.Line 8 includes other income from Schedule 1, which can encompass various sources such as business income, unemployment benefits, alimony, and gambling winnings.The decision to take the standard deduction or itemize deductions depends on individual circumstances. The standard deduction is often the more beneficial option for many taxpayers.The qualified business income deduction can provide tax benefits for business owners, allowing them to deduct a portion of their income.Notable Quotes:
"Your tax return tells a story. It can provide valuable insights into your financial situation and help you make informed decisions for the future." - Kerrie Beene"Understanding the different tax rates and how they apply to your income can help you optimize your tax situation and potentially save money." - Kate WelkerResources:
Rooted Planning Group: WebsiteDon't miss this informative episode where Kerrie Beene and Kate Welker break down the 1040 tax form and provide valuable insights into optimizing your tax situation. Listen now for expert advice and tips on understanding your tax return. Stay tuned for more enlightening content from Rooted Planning Group.
Wed, 10 Apr 2024 - 29min - 299 - Understanding the Tax Bucket Strategy for Retirement Planning
About the Guest(s):
Kerrie Beene is a certified financial planner and the chief investment officer at Rooted Planning Group. With years of experience in the financial planning industry, Kerrie is well-versed in helping clients navigate the complexities of taxes, investments, and retirement planning. She is dedicated to educating individuals on the tax bucket strategy and providing them with the tools and knowledge to make informed financial decisions.
Episode Summary:
In this episode, Kerrie Beene discusses the tax bucket strategy and its importance in retirement planning. She explains the concept of dividing money into three different tax buckets: tax deferred, tax free, and after tax. The tax deferred bucket includes accounts like 401(k)s and traditional IRAs, where contributions are made with pre-tax money and taxes are paid upon withdrawal. The tax free bucket includes Roth accounts and health savings accounts, where contributions are made with after-tax money and withdrawals are tax-free. The after tax bucket includes checking, savings, and investment accounts that are funded with after-tax money and may be subject to capital gains tax. Kerrie emphasizes the need for flexibility in retirement planning due to the uncertainty of future tax laws. By understanding and utilizing the tax bucket strategy, individuals can have more control over their tax situation in retirement.
Key Takeaways:
The tax bucket strategy involves dividing money into three different tax buckets: tax deferred, tax free, and after tax.Tax deferred accounts, such as 401(k)s and traditional IRAs, allow contributions to be made with pre-tax money and taxes to be paid upon withdrawal.Tax free accounts, like Roth accounts and health savings accounts, require contributions to be made with after-tax money, but withdrawals are tax-free.After tax accounts include checking, savings, and investment accounts that are funded with after-tax money and may be subject to capital gains tax.Planning for retirement should involve a combination of these tax buckets to provide flexibility and control over future tax situations.Notable Quotes:
- "The goal is to have some control over your tax situation in retirement.""While it could be better, it could also be worse. So we can plan for the unknown by thinking about different buckets of money that'll provide you with a little bit more flexibility.""The tax deferred bucket or the tax me later bucket... has your 401(k), your traditional IRA, 403(b)s.""The tax free bucket or the tax me never bucket... includes things such as Roth accounts and health savings accounts.""The taxable bucket or the tax me now bucket... includes things such as checking, savings, and investment accounts."
Resources:
Rooted Planning Group: WebsiteTo learn more about the tax bucket strategy and how it can impact your retirement planning, listen to the full episode. Stay tuned for more insightful discussions on taxes, investments, and financial planning from Rooted Planning Group.
Wed, 03 Apr 2024 - 11min - 298 - Spring Cleaning Your Finances
About the Guest(s):
Amy Irvine is the CEO and founder of Rooted Planning Group. With years of experience in the financial planning industry, Amy is dedicated to helping individuals and families achieve their financial goals. She is known for her expertise in tax planning, retirement planning, and estate planning. Amy is passionate about educating her clients and providing them with the tools and resources they need to make informed financial decisions.
Episode Summary:
In this episode, Amy Irvine, CEO and founder of Rooted Planning Group, shares valuable insights on organizing and decluttering your finances. With tax season in full swing, Amy provides guidance on how long to keep tax returns and supporting documents. She also discusses the importance of maintaining healthcare documents, legal documents, and other essential paperwork. Amy emphasizes the significance of securely storing important documents and suggests creating a system to easily access them when needed. Whether you're a small business owner, a homeowner, or a student, Amy offers practical advice on managing and preserving important financial records.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Key Takeaways:
It is recommended to keep state and federal tax returns and supporting documents for about three years. However, if you forgot to report income or have certain deductions, you may need to keep them for a longer period.Healthcare documents, such as Medicare notices and records related to Medicaid applications, should be kept for specific durations to support your healthcare needs.Legal documents, including Social Security cards, birth certificates, passports, and estate planning documents, should be stored securely. Copies of important documents should be accessible to trusted individuals, especially healthcare proxies and power of attorney documents.Debt and asset-related documents, such as investment account statements and loan documents, should be retained for specific periods. Keeping track of cost basis for investments and maintaining records of home office expenses are crucial for tax purposes.Property-related documents, such as deeds, settlement statements, and insurance policies, should be kept permanently. Additionally, maintaining records of completed coursework and employment contracts is essential.Notable Quotes:
- "If you think you forgot income to report, then if it's more than 25% of your gross income, you want to keep six years." - Amy Irvine"If you have estate planning documents, such as a will, a trust, a power of attorney, a healthcare proxy, a living will, any beneficiary designation, store those originals." - Amy Irvine"If you're a small business owner, you want to keep a copy of your federal Ein number. This is something you should keep permanently in a secure location." - Amy Irvine"If you have any home improvements, keep receipts or a ledger that documents those because you may be able to adjust up your cost basis of your property if you ever sell the property in the future." - Amy Irvine"If you're currently employed, keep any contract signed, including non-solicit, non-compete agreements." - Amy Irvine
Resources:
Rooted Planning GroupThis episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 27 Mar 2024 - 15min - 297 - Saving for College and Other Priorities: Insights from a Parent
As parents, we often find ourselves juggling multiple financial goals, from saving for our children's education to providing them with vehicles and ensuring our own long-term financial security. In this article, we will explore the insights and experiences of a parent who has successfully navigated these competing priorities.
In this episode, Becky Eason interviews Kerrie Beene, a parent who has successfully saved for her children's education while managing other financial priorities. Kerrie shares her experience of opening a 529 savings account for her children when they were young and consistently contributing to it over the years. She also discusses how she encouraged family members to contribute to the 529 as gifts for birthdays and holidays. Kerrie's daughter was able to graduate from college a year early, saving on tuition and room and board expenses. Kerrie also talks about how her children's different interests and circumstances have influenced their financial goals, such as saving for a vehicle. She emphasizes the importance of starting to save early and automating contributions to make it easier.
Key Takeaways
Starting early and automating savings can make a significant difference in achieving financial goals for your children.Encouraging family members to contribute to a 529 plan can provide a boost to college savings.Taking advantage of opportunities for dual enrollment and summer classes can help students graduate early and save on tuition.Balancing the financial support for different children can be challenging, but it's important to consider each child's unique needs and circumstances.Notable Quotes:
"If you can start saving money when they're young, just knowing who knows what your kid may like or what the future holds, you just never know." - Kerrie Beene"Teaching your kids, if they do work, to maybe save a little and then from the parent perspective, saving what you can and automating it so you don't have to be thinking about it all the time." - Kerrie BeeneAbout the Guest(s):
Kerrie Beene is a parent of two children, one in college and one in high school. She has firsthand experience in saving for her children's education and managing competing financial priorities.Becky Eason is a financial planner at Rooted Planning Group. With a background in finance and a passion for helping clients navigate their financial goals, Becky brings a wealth of knowledge and expertise to her role. She has experience working with clients at various stages of life, from early career professionals to those in retirement. Becky understands the challenges of balancing competing goals and priorities and is dedicated to helping her clients create a financial plan that aligns with their unique circumstances and aspirations.RESOURCES:
Rooted Planning Group - WebsiteMoney Roots Podcast - WebsiteListen to the full episode to gain valuable insights on how to navigate competing goals and priorities in your financial journey. Stay tuned for more episodes of the Money Roots podcast for expert advice and guidance on personal finance.
Wed, 20 Mar 2024 - 20min - 296 - Navigating Competing Goals and Priorities in Personal Finances
About the Guest(s):
Becky Eason is a financial planner at Rooted Planning Group. With a background in finance and a passion for helping clients navigate their financial goals, Becky brings a wealth of knowledge and expertise to her role. She has experience working with clients at various stages of life, from early career professionals to those in retirement. Becky understands the challenges of balancing competing goals and priorities and is dedicated to helping her clients create a financial plan that aligns with their unique circumstances and aspirations.
Episode Summary:
In this episode of the Money Roots podcast, Becky Eason, a financial planner at Rooted Planning Group, discusses the challenges of balancing competing goals and priorities, particularly for individuals in the early stages of their careers. Becky shares her personal experiences and provides practical advice on how to navigate financial decisions when faced with everyday expenses, short-term goals, and long-term goals. She emphasizes the importance of creating a budget, prioritizing goals, and openly communicating with partners about financial aspirations. Becky also highlights the significance of saving for retirement and offers insights on how to allocate resources effectively to achieve multiple goals simultaneously.
Key Takeaways:
Balancing competing goals and priorities is a common challenge faced by individuals at various stages of life, including early career professionals.Creating a budget is essential to determine available cash flow and identify excess or shortfall of funds.Short-term goals, such as travel or vehicle replacements, can be achieved by saving a little each month and prioritizing based on personal preferences and financial circumstances.Long-term goals, like retirement or saving for children's education, should not be neglected, and it is advisable to save at least the amount of the employer match in retirement accounts.Open communication with partners about financial goals is crucial to ensure alignment and avoid potential tension or misunderstandings.Notable Quotes:
"Money is a very limited resource, so every day you have to make decisions on how you're going to spend it." - Becky Eason"Saving for retirement is important, and at the very least, make sure you save the amount of your employer match." - Becky Eason"Writing down your goals and regularly reviewing them helps you stay true to what you want for yourself and your family." - Becky EasonResources:
Rooted Planning Group - WebsiteMoney Roots Podcast - WebsiteListen to the full episode to gain valuable insights on how to navigate competing goals and priorities in your financial journey. Stay tuned for more episodes of the Money Roots podcast for expert advice and guidance on personal finance.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 13 Mar 2024 - 14min - 295 - Navigating Competing Goals: Tips for Managing Finances in 2024
How to Manage Competing Goals: Insights from Rooted Planning Group
About the Guest(s):
Becky Eason is a long-term team member of Rooted Planning Group. With her extensive experience in financial planning, Becky has helped numerous clients navigate competing goals and make informed decisions about their finances. She specializes in providing guidance on interest rates, credit card debt, and finding ways to save money while achieving financial goals.
Episode Summary:
In this episode, Amy Irvine and Becky Eason discuss the challenges and successes clients are facing in the first quarter of 2024. They focus on the topic of competing goals, particularly in relation to interest rates and credit card debt. The conversation explores strategies for managing debt, prioritizing goals, and finding ways to save money. Becky shares her insights on topics such as health insurance options, meal planning, and shopping for bargains. Listeners will gain valuable tips and advice on how to navigate competing goals and make informed financial decisions.
Key Takeaways:
Managing credit card debt: It is important to have a handle on your cash flow and excess funds before making extra payments on credit cards. Without sufficient cash flow, paying down one credit card may result in another card's balance increasing.Balancing debt and investments: When faced with high-interest credit card debt, it may be more beneficial to invest extra funds rather than paying down the debt. Comparing the potential returns on investments to the interest rates on debt can help inform this decision.Emergency funds: It is crucial to maintain an emergency fund to avoid relying on credit cards in case of unexpected expenses. While paying down debt is important, depleting emergency funds can lead to further financial stress.Health insurance options: Exploring different health insurance plans can help save money, especially when there are specific medical needs. Programs like Child Health Plus in New York State can provide better coverage and lower deductibles for children with specialized medical requirements.Saving on groceries: Meal planning, shopping for bargains, and looking for buy-one-get-one deals can help save money on groceries. Being mindful of prices, opting for healthier options, and freezing bulk purchases can also contribute to savings.Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Prioritize and Focus
One of the first steps in managing competing goals is to prioritize and focus on one goal at a time. Becky suggests going through your list of goals and asking yourself, "If there's only one thing that I could achieve, what would that be?" By identifying your top priority, you can allocate your resources and energy towards that goal, making it more attainable. Once you've achieved that goal, you can move on to the next one.
Becky emphasizes the importance of setting realistic expectations and not putting too much pressure on yourself. It's easy to get overwhelmed when you have multiple goals competing for your attention. By breaking them down and focusing on one at a time, you can make steady progress and avoid feeling discouraged.
Saving on Expenses
One of the challenges many people face when managing competing goals is finding ways to save money. Rising grocery prices, for example, can put a strain on your budget. Becky suggests several strategies to help you save on expenses and free up more money for your goals.
Meal planning is a simple yet effective way to reduce waste and save money on groceries. By planning your meals in advance and using up items you already have, you can avoid unnecessary trips to the store and make the most of what you already have in your pantry. Additionally, Becky recommends looking for deals and discounts at stores like Aldi's and Save-A-Lot. By being mindful of prices and taking advantage of sales, you can stretch your grocery budget further.
Another area where you can potentially save money is health insurance. Becky shares her personal experience of comparing employer-sponsored plans with a New York state plan for her daughter. By carefully considering the coverage and costs, she was able to find a plan that offered better overall coverage and saved her money in the long run. It's important to explore different options and find the best fit for your specific needs.
You're Not Alone
Lastly, it's essential to remember that you're not alone in facing competing goals. It's easy to feel isolated or like you're the only one struggling to balance different priorities. However, many people are going through similar challenges. Talking to others and sharing your experiences can provide valuable insights and support.
Becky encourages individuals to reach out to their peers and have open conversations about their financial goals and challenges. By doing so, you may discover that others are facing similar situations and can offer advice or share strategies that have worked for them. Knowing that you're not alone can provide a sense of relief and motivation to keep pushing forward.
In conclusion, managing competing goals requires prioritization, resourcefulness, and a supportive community. By focusing on one goal at a time, finding ways to save on expenses, and seeking support from others, you can make progress towards your financial objectives. Remember, it's a journey, and setbacks are normal. Stay committed, stay flexible, and keep working towards your goals.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 06 Mar 2024 - 21min - 294 - Under One Roof: A Guide to Multigenerational Living and Care
About the Guest(s):
Emily Graham is a co-author of the book "Under One Roof: Creating Harmony for Multigenerational Living." She has a decade of experience working in home health, palliative, and hospice care. Emily's expertise in the field, combined with her personal experience of caring for her family members, has shaped her understanding of the challenges and benefits of multigenerational living. She brings a unique perspective to the topic and offers practical advice for families considering this living arrangement.
Episode Summary:
In this episode of Money Roots, Amy Irvine interviews Emily Graham, co-author of the book "Under One Roof: Creating Harmony for Multigenerational Living." The book explores the concept of multigenerational living and provides guidance on how families can navigate the challenges and benefits of living together under one roof. Emily shares her personal experience of caring for her family members and discusses the importance of planning and communication in creating a harmonious living arrangement. The episode highlights the need for creative solutions to support aging parents and explores the idea of sharing wealth and resources within the family. Whether it's through remodeling, building separate living spaces, or considering alternative living arrangements, the book offers practical advice and real-life examples to help families make informed decisions about multigenerational living.
Key Takeaways:
Multigenerational living is not a new concept and has been practiced in many cultures around the world. It offers a way for families to support each other and share resources.The book "Under One Roof" provides a comprehensive guide to multigenerational living, covering topics such as remodeling, creating separate living spaces, and navigating the challenges that may arise.Separate kitchens and entrances are important considerations when planning for multigenerational living, as they allow for privacy and independence within the shared living space.The book emphasizes the importance of open communication and setting clear expectations to avoid conflicts and ensure a harmonious living arrangement.Multigenerational living can be a solution for families looking to prevent their aging parents from moving into nursing homes, but it also offers opportunities for wealth sharing and collaborative projects within the family.Notable Quotes:
"Planning helps decrease a stressful crisis in someone's life, and that's what I want to impart in my career." - Emily Graham"This is a return to how people have lived all around the world. Many cultures live this way." - Emily GrahamResources:
Book: "Under One Roof: Creating Harmony for Multigenerational Living" by Emily Graham, Sharon Nederhouse, and Michael J. GentryAmazonBarnes and NobleDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 28 Feb 2024 - 33min - 293 - From Anxiety to Action: Transforming Your Money Conversations
Navigating Money and Relationships: Insights from a Licensed Clinical Social Worker
About the Guest(s):
Sheila Nissim is a licensed clinical social worker with extensive experience in psychotherapy. She works with individuals of all ages, helping them navigate various emotional and relational issues. Sheila has a particular interest in the intersection of money and relationships, and she helps clients explore their beliefs, anxieties, and experiences related to money. Through her work, she aims to empower individuals to develop a healthier and more positive relationship with money.
Episode Summary:
In this episode of Money Roots, host Kate Welker is joined by Sheila Nissim, a licensed clinical social worker, to discuss the complex relationship between money and relationships. They delve into the psychological aspects of money and how our upbringing and experiences shape our beliefs and behaviors around finances. The conversation highlights the importance of open communication, understanding each other's perspectives, and finding common ground when it comes to managing money as a couple. Sheila emphasizes the need for patience, compassion, and self-reflection in order to navigate the challenges that arise in money-related discussions.
Key Takeaways:
Money is a loaded topic that can evoke various emotions and anxieties in individuals. Understanding our own money stories and beliefs is crucial for developing a healthier relationship with money.Each person in a relationship may have different experiences and perspectives when it comes to money. It is important to acknowledge and respect these differences, and engage in open and non-judgmental communication.Combining finances in a relationship can be a significant step. Couples should have conversations about their expectations, fears, and goals related to money. Starting with small steps and gradually building trust and understanding can help navigate this process.Autonomy and individual financial independence can coexist with shared finances. Couples can consider designating separate accounts for personal expenses while maintaining joint accounts for shared expenses.Patience, compassion, and self-reflection are essential in money-related discussions. It is important to create a safe space for open dialogue, take breaks when needed, and approach the conversation with a willingness to understand and compromise.Notable Quotes:
"Understanding what's so upsetting about money is important. It's not only about the money itself; it symbolizes deeper emotions and needs." - Sheila Nissim"Having separate accounts doesn't mean hiding money; it can be about autonomy and individual needs within a shared financial framework." - Sheila NissimTo listen to the full episode and gain valuable insights into navigating money and relationships, tune in to the Money Roots podcast. Stay tuned for more engaging discussions on personal finance and emotional well-being.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 21 Feb 2024 - 25min - 292 - Teaching Children Money Skills: A Guide for Parents
In this episode, financial planner Kate Welker discusses the importance of teaching children about money and shares her own experiences and strategies for instilling good money management skills. She emphasizes the value of open communication about finances, introducing children to tangible money, allowing them to make reasonable mistakes, and gradually introducing them to digital payment systems. Kate also highlights the significance of savings accounts and the lessons they teach about budgeting and interest. Tune in for practical tips on raising financially responsible children.
As parents, one of the most important life skills we can teach our children is how to manage money. Money is not an intuitive skill, and it takes time and experience to develop good money management habits. In this episode, we will explore the importance of teaching children about money and share practical tips for instilling good money skills in them.
Key Takeaways
Teaching children about money is an essential life skill that will benefit them in the long run.Start conversations about money from a young age to help children develop an understanding of its value and how it is used.Use tangible money, such as coins and dollars, to help children grasp the concept of exchange and the value of money.Allow children to make reasonable mistakes with money, as it helps them learn valuable lessons about budgeting and decision-making.Introduce bank accounts and debit cards to older children to teach them about saving, spending, and managing their own finances.Starting Conversations about Money
One of the best ways to teach children about money is to start conversations about it from a young age. Money is often seen as a taboo subject, but it is important to expose children to these conversations so they can develop an understanding of how money works and its role in their lives.
Growing up, I was fortunate to have parents who openly discussed money with me. They would talk about household expenses, such as the cost of repairs or groceries, and involve me in discussions about budgeting and financial decisions. These conversations helped me develop a sense of awareness about money and its value.
In my own family, I have continued this tradition by having conversations with my children about money. We discuss the cost of household expenses, such as internet or streaming services, and I explain to them why we make certain financial decisions. By involving them in these discussions, they gain a better understanding of how money is managed and the importance of making informed choices.
Using Tangible Money
In today's digital age, it is easy for children to lose touch with the concept of money as a tangible object. With the prevalence of credit cards and digital payment systems, children may not fully grasp the value of money and the exchange that takes place when making a purchase.
To help children understand the concept of exchange and the value of money, it is important to use tangible money, such as coins and dollars. When making purchases, let your children hand over the money and experience the transaction firsthand. This helps them develop a sense of responsibility and understand that money is exchanged for goods or services.
Additionally, encourage children to save their own money and see it grow over time. Opening a bank account for them and explaining the concept of interest can be a great way to teach them about saving and the benefits of long-term financial planning. Seeing their savings increase and setting goals for their money can be exciting and motivating for children.
Allowing Reasonable Mistakes
Making mistakes is a natural part of learning, and the same applies to money management. Allowing children to make reasonable mistakes with money can be a valuable learning experience for them. It teaches them about the consequences of their financial decisions and helps them develop better money management skills.
For example, if your child wants to buy a toy or a video game, let them make the purchase with their own money. If they later realize that they didn't really want or need the item, it can be a lesson in buyer's remorse and the importance of thoughtful spending. These small mistakes can help children understand the value of their money and make better decisions in the future.
It is important, however, to provide guidance and support to prevent children from making significant financial mistakes. As they get older and have more responsibility, such as a part-time job or an allowance, encourage them to budget their money and make informed choices. Teach them about the importance of saving, budgeting, and avoiding unnecessary debt.
Introducing Bank Accounts and Debit Cards
As children grow older and become more independent, it is important to introduce them to the world of banking and financial management. Opening a bank account for them and providing them with a debit card can be a great way to teach them about saving, spending, and managing their own finances.
Having a bank account allows children to see their money grow and understand the concept of interest. It also teaches them about the responsibilities that come with managing their own finances, such as tracking their balance, avoiding overdraft fees, and protecting their card and personal information.
Recently, I introduced my own children to the world of debit cards. While I initially had reservations about the convenience of digital payments, I realized that it is essential for them to learn how to manage their finances in a digital world. We discussed terms like deposits, transfers, and available balance, and they now have a better understanding of how to use their debit cards responsibly.
Conclusion
Teaching children about money is an important responsibility for parents. By starting conversations about money, using tangible money, allowing reasonable mistakes, and introducing bank accounts and debit cards, we can help our children develop essential money management skills.
Remember, every child is different, and it is important to tailor your approach to their individual needs and abilities. By instilling good money habits from a young age, we can set our children up for a lifetime of financial success.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 14 Feb 2024 - 22min - 291 - Navigating Couples and Money: Tips for Building Financial Harmony
Episode Summary:
In this episode, Amy Irvine and Kate Welker discuss the integration of money within relationships, specifically focusing on couples. They provide tips and suggestions for having open and productive conversations about money, even when one partner may be hesitant. The hosts emphasize the importance of setting regular "money dates" to review finances, celebrate wins, and address any concerns. They also explore the psychology of money within relationships, highlighting how different individuals may view money through the lens of survival, safety and security, love and belonging, self-esteem, or self-actualization. By understanding each partner's money personality, couples can navigate potential conflicts and find common ground.
Key Takeaways:
Setting regular "money dates" can help couples stay on the same page about their finances, celebrate wins, and address any concerns.When one partner is hesitant to discuss money, starting with small conversations in casual settings can gradually involve them in financial discussions.Understanding each partner's money personality, such as viewing money through the lens of survival, safety and security, love and belonging, self-esteem, or self-actualization, can help couples navigate potential conflicts and find common ground.Couples should communicate openly about their financial goals, values, and concerns to ensure both partners feel involved and understood.Celebrating financial wins, no matter how small, can create a positive and joyful environment around money within a relationship.Notable Quotes:
"Just coming together and looking at where are we, maybe digging your head out of the sand a little bit to look at things together, if that is causing a roadblock or celebrate wins, too, while you're doing it." - Kate Welker"Where can you start that there is that common ground? And then how do you build around that?" - Amy Irvine"Understanding your style becomes so important in your communication." - Kate Welker"By understanding yourself and your partner, you can navigate potential conflicts and find common ground." - Amy Irvine"Having that check-in and looking at it and the understanding and the confidence and where the numbers are coming from." - Kate WelkerResources:
Rooted Planning Group website: rootedpg.comSetting Money Dates: Celebrating Wins and Addressing Challenges
One effective strategy for couples to stay on the same page financially is to set regular money dates. These dates provide an opportunity to review the state of their finances, celebrate achievements, and address any challenges they may be facing. Amy Irvine and Kate Welker emphasize the importance of creating a positive and joyful atmosphere during these conversations.
For Amy and her husband, they have an annual financial summit every January. They review their spending plan, track their expenses, and discuss areas where they may need to make adjustments. By approaching this process as a team, they are able to identify areas of overspending, such as wine purchases, and make necessary changes. Kate, on the other hand, has more casual conversations with her husband, discussing the status of their finances and upcoming expenses during car rides or while relaxing at home.
The key takeaway from these approaches is that couples should find a system that works for them. Whether it's a formal financial summit or more informal check-ins, the goal is to ensure both partners are aware of their financial situation and can make decisions together. By celebrating wins and addressing challenges as a team, couples can strengthen their financial bond and reduce stress around money.
Engaging Reluctant Partners in Financial Conversations
In some relationships, one partner may be hesitant to discuss money or take an active role in financial matters. This can create a burden on the partner who handles the finances and may lead to feelings of anxiety and stress. In such cases, it is important to approach the conversation with empathy and understanding.
Amy and Kate suggest starting with small steps to involve the reluctant partner in financial discussions. This can be as simple as sharing brief updates on the state of the finances during casual moments, such as car rides or while watching TV. By gradually increasing their involvement, the reluctant partner may feel more comfortable and willing to take on additional responsibilities.
It is also crucial to have open and honest communication about the impact of financial anxiety on the relationship. If one partner is feeling overwhelmed by the responsibility of managing the finances alone, they should express their concerns and ask for support. By sharing the emotional burden, couples can work together to find a balance that works for both of them.
Understanding Money Personalities: Finding Common Ground
Each individual has their own unique money personality, shaped by their upbringing, experiences, and values. Understanding these money personalities can help couples navigate conflicts and find common ground. Amy and Kate highlight the importance of recognizing the different perspectives that arise from varying money personalities.
One common money personality is the safety and security mindset. Individuals with this mindset prioritize financial stability and may feel anxious when bank accounts drop too low or debt increases. They view money as a means of survival and may struggle to see gifts or spending as expressions of love. On the other hand, individuals with a love and belonging mindset see money as a way to express their affection and may prioritize spending on others, even at the expense of their own financial security.
Conflicts can arise when partners with different money personalities clash. For example, a safety and security-minded individual may feel threatened by their partner's spending, while the love and belonging-minded partner may feel misunderstood. By recognizing and discussing these differences, couples can find ways to compromise and meet each other's needs.
Another important money personality is self-esteem. Individuals with a self-esteem mindset may view certain purchases as necessary for building confidence and self-worth. They may feel judged by others and believe that spending money on themselves is essential for their well-being. Understanding this mindset can help partners support each other's emotional needs while maintaining financial responsibility.
By acknowledging and respecting each other's money personalities, couples can work towards finding a balance that aligns with their shared values and goals. This understanding can foster empathy and reduce conflicts related to money.
Conclusion
Navigating the complexities of financial relationships requires open communication, empathy, and an understanding of each other's money personalities. Setting regular money dates can help couples stay on the same page and celebrate financial wins together. When one partner is reluctant to discuss money, starting with small conversations and gradually increasing involvement can help them feel more comfortable. Understanding and respecting each other's money personalities can also help couples find common ground and reduce conflicts.
By approaching money as a team and supporting each other's emotional needs, couples can build a strong foundation for their financial future. Remember, it's not just about the numbers; it's about the journey and the joy that comes from working together towards shared goals.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 07 Feb 2024 - 29min - 290 - Tips for Managing Finances After Losing Your Job
In this episode, Amy Irvine, CEO and founder of Rooted Planning Group, discusses the financial issues to consider when facing job loss. She provides valuable tips and insights to help individuals navigate through this challenging period. Amy covers topics such as cash flow management, health insurance options, debt management, retirement accounts, and tax planning. She emphasizes the importance of reviewing budgets, exploring available resources, and seeking assistance when needed. Listeners will gain practical advice and strategies to help them maintain financial stability during a job loss.
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Key Takeaways:
Evaluate your cash flow and emergency funds to determine how long they can sustain you during a period of unemployment.Explore options such as severance packages, unemployment benefits, and flexible spending accounts to supplement your income.Consider health insurance options, including COBRA, marketplace plans, and Medicare, to ensure continued coverage.Contact lenders to discuss possible payment reductions or deferments for student loans and credit cards.Review retirement accounts and consider options such as loan repayments, distributions, or rollovers.Take advantage of tax planning opportunities in a low-income year, such as Roth conversions and deductible contributions.Be aware of non-solicitation or non-compete agreements and their impact on job searching.Update contact information and online subscriptions associated with your previous employer's email address.Seek outplacement services and utilize professional networks to aid in your job search.Resources:
Rooted Planning Group website: https://www.rootedpg.com/Rooted Planning Group Checklist: https://www.rootedpg.com/s/What-Issues-Should-I-Consider-If-I-Lose-My-Job-2024.pdfMarketplace health insurance: https://www.healthcare.gov/Medicare: https://www.medicare.gov/Losing your job can be a challenging and emotional experience, but by understanding the key issues and taking proactive steps, you can navigate this period with greater confidence. Assessing your cash flow, understanding your benefits, reviewing and adjusting your budget, exploring alternative income sources, addressing health insurance concerns, communicating with lenders, evaluating retirement account options, leveraging home equity options, exploring tax planning opportunities, navigating non-compete agreements, and updating your contact information are all crucial aspects to consider.
Remember, this is a temporary setback, and with careful planning and perseverance, you can overcome this challenge and find new opportunities. Reach out to resources available to you, such as recruiters and career services, and don't hesitate to seek professional financial advice to ensure you make informed decisions during this transition.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Wed, 31 Jan 2024 - 15min - 289 - Financial Wellness: Tips for a Successful Year
Financial Wellness: Tips for a Successful Year
As we enter a new year, many of us have resolutions and goals in mind, but sometimes it can be challenging to find the momentum to get started. In this article, we will explore some financial tips and ideas to help you kickstart your journey towards financial wellness. Whether you are already on track or looking to make changes, evaluating your current situation and aligning your values with your financial goals are essential steps to take. Let's dive in and explore these key themes in more detail.
Key Takeaways:
Evaluate your current financial situation and determine if there are any changes or goals you want to pursue.Align your values with your financial goals to ensure your spending is in line with what is most important to you.Take practical steps such as tracking your expenses, exploring cash back credit cards, and reviewing your insurance coverages to optimize your financial wellness.Evaluating Your Financial Situation
Before embarking on any financial journey, it is crucial to evaluate your current situation. Take a moment to assess your goals and determine if there are any changes you want to make. If you find yourself content with your financial life, congratulations! You have likely put in the hard work to reach that point. However, if you have goals or know someone who does, it's important to share these tips with them.
Aligning Your Values with Your Financial Goals
To ensure your financial wellness, it is essential to align your values with your financial goals. Assigning a purpose to every dollar you earn will help you prioritize your spending and make intentional choices. Consider what is truly important to you and evaluate if your current spending aligns with those values. For example, if you find yourself spending extra money at the grocery store, consider redirecting those funds towards goals that hold more value for you. Additionally, take the time to review your insurance coverages and make sure they align with your needs.
Practical Steps for Financial Wellness
Once you have evaluated your financial situation and aligned your values with your goals, it's time to take practical steps towards financial wellness. Start by tracking your monthly income and expenses. This can be as simple as creating a spreadsheet or writing it down on paper. By doing so, you can identify areas where you can save or reallocate funds towards your goals.
Consider exploring cash back credit cards that offer higher interest rates than your savings account. This option is suitable for individuals who pay off their credit card balance in full each month. By using a cash back credit card for everyday expenses like groceries, you can earn rewards that can be put towards your goals.
Another practical step is to review the interest rates on your loans. If you have loans with high-interest rates, consider putting additional money towards paying down the principal balance. This will help you save on interest payments in the long run.
Checking Your Credit Report and Living Below Your Means
To ensure your financial wellness, it's important to regularly check your credit report for any discrepancies or fraudulent activity. This will help you maintain a good credit score and protect yourself from identity theft. Additionally, consider freezing your credit to prevent unauthorized access.
Lastly, learning to live below your means is a crucial aspect of financial wellness. By spending less than you earn, you create a cushion that allows you to save for future goals and unexpected expenses. Take the time to assess your expenses and ensure they align with your values. Avoid falling into the trap of keeping up with societal pressures and focus on what truly matters to you.
Conclusion
In conclusion, achieving financial wellness requires evaluating your current situation, aligning your values with your goals, and taking practical steps towards financial success. By tracking your income and expenses, exploring cash back credit cards, reviewing your insurance coverages, and living below your means, you can set yourself up for a successful financial year. Remember, if you feel overwhelmed, don't hesitate to seek help from professionals who can guide you on your journey towards financial wellness.
Wed, 24 Jan 2024 - 16min - 288 - The Journey of First-Time Moms: Health and Financial Tips
As first-time moms, Becky Eason and Liz Zemak have embarked on a journey filled with joy, challenges, and learning experiences. In this episode, we will delve into their insights and tips on how to navigate the world of motherhood while also taking care of their health and finances. Both Becky and Liz are members of the Rooted Planning Group, a women-owned financial planning group that empowers women to take control of their financial futures. Let's explore the main themes they discussed and the implications they have for new moms.
Summary:
Becky and Liz, first-time moms and members of the Rooted Planning Group team discuss their experiences and provide tips on health and financial planning for new moms. They emphasize the importance of finding time for self-care, incorporating outdoor activities, and reflecting on personal goals. In terms of financial planning, they recommend starting early by setting up brokerage accounts or 529 plans for their children. They also discuss the importance of teaching children financial responsibility and monitoring their spending habits.
Key Takeaways:
- Finding time for self-care is essential for new moms, even if it's just a few minutes each day.Incorporating outdoor activities, regardless of the weather, can benefit both moms and children.Starting early with financial planning by setting up brokerage accounts or 529 plans can provide future financial security for children.Teaching children financial responsibility and monitoring their spending habits are crucial for their financial well-being.
Quotes:
"Just take whatever moments you can for yourself, and know that it's important and that it is okay." - Liz Zemak"Even if you're not doing the full taking care of yourself that you were beforehand, finding time to even go for a walk and make that your family time." - Becky Eason"Just start something and know that you're going to have to monitor what is best for your child." - Liz Zemak"It's so easy to want to spend money on your child that you forget about spending money on yourself." - Becky EasonDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 17 Jan 2024 - 18min - 287 - The Connection Between Nutrition and Financial Planning
As we enter a new year, many of us have set resolutions to improve our health and financial well-being. It's no secret that nutrition and financial planning are both important aspects of our lives, but have you ever considered the similarities between the two? In this edition of Money Roots, we explore the connection between nutrition and financial planning and how they can impact our overall well-being.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Summary:
In this episode of the Money Roots podcast, Amy Irvine and Liz Lemak discuss the connection between nutrition and financial planning. They highlight three key similarities between the two:
- Food as Fuel: Just as nutrition is important for fueling the body, financial planning involves being intentional about what you're putting into your portfolio. Both require mindfulness and a long-term perspective.Ingredients Matter: Paying attention to the ingredients in your food is crucial for maintaining good health. Similarly, when building a portfolio, it's important to carefully consider the ingredients, or investments, that make up your portfolio. Being mindful of what you're putting in and how it aligns with your long-term goals is essential.Macronutrients and Micronutrients: Nutrition involves balancing macronutrients (fats, carbohydrates, and proteins) and micronutrients (vitamins and minerals) for optimal health. Similarly, a well-diversified portfolio includes a balance of equities (macronutrients) and fixed income investments (micronutrients) to ensure long-term success.
Taking care of your health, both through nutrition and financial planning, is important for overall well-being and can have a significant impact on your future.
Key Takeaways:
- Food is fuel for the body, and financial planning involves being intentional about what you're putting into your portfolio.Pay attention to the ingredients in your food and the investments in your portfolio to ensure they align with your long-term goals.Balancing macronutrients and micronutrients in nutrition is similar to balancing equities and fixed income investments in a portfolio.
Fueling Your Body and Your Portfolio
When it comes to nutrition, one of the key principles is to view food as fuel for your body. Liz Lemak, a nutrition and fitness expert, emphasizes the importance of being intentional about what we put into our bodies. She explains, "If you know you're going to be extra active on a certain day, make sure you're fueling yourself enough. And on days when you're taking it easy, be mindful of what you're eating."
This concept of being mindful and intentional applies to financial planning as well. Just as we need to fuel our bodies with the right nutrients, we also need to fuel our portfolios with the right investments. Liz highlights the importance of building a portfolio that aligns with our long-term needs and goals. She states, "It's not about getting rich quick, but rather building habits and routines that will serve us well in the long run."
Ingredients Matter: What's in Your Food and Your Portfolio
When it comes to nutrition, paying attention to the ingredients in our food is crucial. Liz advises, "Flip the box over, pay attention to the calories, serving size, and the ingredients. Be mindful of what you're putting into your body." This awareness allows us to make informed choices about what we consume and how it affects our health.
Similarly, when it comes to financial planning, the ingredients in our portfolio matter. Liz compares the ingredients in our food to the investments in our portfolio, stating, "When we do portfolio reviews, we look at the different investments within a portfolio. We pay attention to the ingredients, so to speak, that make up a certain fund or company." It's important to carefully consider the investments we choose and ensure they align with our long-term goals.
Macronutrients and Equities: Finding the Right Balance
In the world of nutrition, macronutrients play a vital role in providing our bodies with energy. Liz explains, "You have your fats, carbohydrates, and proteins. They all have a purpose and a reason to give us energy." It's important to find the right balance of these macronutrients based on our individual needs and preferences.
Similarly, in financial planning, equities can be compared to macronutrients. Liz advises, "Don't cut out a certain sector or focus too heavily on one sector. It's important to have a balanced portfolio." Just as we need a balance of macronutrients for optimal health, we need a balanced portfolio to achieve our financial goals.
On the other hand, micronutrients in nutrition are like fixed income investments in our portfolio. Liz explains, "They help fuel us for the long term. Things like bonds and CDs provide stability and act as a safety net for our portfolio." It's important to consider both equities and fixed income investments to ensure a well-rounded and resilient portfolio.
The Impact on Health and Retirement
The connection between nutrition and financial planning becomes even more significant when we consider the impact on our health and retirement. Amy Irvine, the host of Money Roots, highlights the correlation between the two. She explains, "If you are someone who will require a lot of healthcare in retirement and you're not taking care of your nutrition, then your portfolio may need to be more risky or you'll have to cut out other expenses to pay for your healthcare."
Our health plays a crucial role in our financial well-being, especially in retirement. Taking care of our nutrition and overall health can help reduce healthcare costs and ensure a more secure retirement. Amy emphasizes the importance of strong roots in both our financial and physical health, stating, "If your roots are strong, if your health is strong, then your branches can be strong."
Conclusion and Future Outlook
The connection between nutrition and financial planning is undeniable. Both require mindfulness, intentionality, and a long-term perspective. By viewing food as fuel for our bodies and investments as fuel for our portfolios, we can make informed choices that support our overall well-being.
As we move forward, it's important to continue exploring the connection between nutrition and financial planning. By understanding the impact of our choices on our health and retirement, we can make better decisions that align with our long-term goals. Let us remember that our health is our first wealth, and by nourishing our bodies and portfolios, we can build a strong foundation for a prosperous future.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 10 Jan 2024 - 19min - 286 - Happiness Coach Sandra Miller Shares Tips for Finding Authentic Joy
Live Like an Otter: Finding Happiness in Everyday Moments
Welcome to the first episode of Money Roots, where we explore the intersection of personal finance and personal growth. Today, I am thrilled to have Sandra Miller, a happiness coach and host of the sassy podcast "A Sassy Little Podcast," as our guest. Sandra has embarked on a journey to find happiness and has now become a happiness coach herself. In this episode, we delve into Sandra's personal journey, the concept of happiness coaching, and how we can all cultivate more happiness in our lives.
Key Takeaways:
Authentic happiness comes from within and is not dependent on external factors.Gratitude and appreciation are powerful tools for building happiness.Shifting one's perspective and allowing oneself to be happy are key steps in the happiness journey.Feeling all emotions is important, but it's possible to come back to a baseline of happiness.Small moments of joy and fun can have a significant impact on overall happiness.About The Guest(s):
Sandra Miller is a happiness coach and the host of a popular podcast. She embarked on a journey to find happiness after feeling a lack of optimism and joy in her life. Through her own experiences and research, she discovered the power of authentic happiness and decided to become a happiness coach to help others find their own happiness.
A Sassy Little Substack | Sandra Ann Miller | Substack
Email Sandra - sassy@asassylittle.com
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
The Journey to Happiness
Sandra shares that she had been in a bit of a funk since the end of 2016, feeling a lack of optimism and overall dissatisfaction. However, by the end of 2022, she realized that something needed to change. She wanted to be happy, but not in a superficial or toxic way. Sandra emphasizes that happiness is not about pretending everything is great or ignoring negative emotions. It is about authentic happiness, feeling all of our feelings, and understanding that we can always find our way back to happiness.
"I wanted to be happy. And I'm going to do a big caveat right now in saying happiness is one thing. Toxic positivity is the antithesis of happiness. So this isn't putting on a smile. This isn't pretending like everything's great. This is really getting into authentic happiness, feeling all of your feelings, being in whatever mood you're going to be in, but also understanding you can get back to being happy."
The Role of a Happiness Coach
Sandra stumbled upon the concept of happiness coaching during her journey to find happiness. She realized that she wanted to help others find their own happiness and become a happiness coach herself. But what exactly does a happiness coach do?
"For me, I kind of spent all of 2023 making sure my philosophy kind of worked because what was important to me was that I still got to be me. I didn't have to turn into a pod person... I wanted to keep all of that because even though those aren't necessarily wonderful traits that everybody wants to aspire to, I kind of like those parts of myself. So I didn't want to have to abandon who I was in order to be happy."
Sandra explains that a happiness coach helps individuals discover their own happiness by focusing on two types of happiness: hedonic and eudaimonic. Hedonic happiness is derived from external factors such as material possessions, experiences, and relationships. On the other hand, eudaimonic happiness comes from within, from knowing one's worth, understanding one's purpose, and appreciating what one has.
Building the Foundation of Happiness
Sandra believes that happiness starts with the little things in life. It is about finding joy in everyday moments and shifting our perspective to appreciate what we have. She encourages individuals to give themselves permission to be happy and to pay attention to the moments that bring them joy.
"It's really important that we learn to be happy. And it's really as simple as two steps. Give yourself permission and shift your perspective... So allow yourself, like literally say, I allow myself to be happy... and then just pay attention. If you're in a good mood, kind of wonder why. Think about it for a little bit. Oh, yeah, I got that green light. I was on time for work today. That kind of stuff."
Sandra emphasizes that building happiness is a gradual process, akin to building a foundation with Lego blocks. It may seem silly at first, but by focusing on the little things that bring us joy, we can gradually strengthen our happiness muscle.
Authenticity and Feeling All Emotions
One of the misconceptions about happiness is that it requires suppressing or ignoring negative emotions. Sandra dispels this notion and emphasizes the importance of feeling all emotions authentically.
"You have to feel all of your feelings. They're telling you something. They're telling you something about yourself and the situation you're in. They're there to teach you, not to annoy you... You're going to feel everything. And just because you feel another emotion doesn't mean you're unhappy... It's just you're having this experience in this moment, and that's fine."
Sandra encourages individuals to embrace their authentic selves and to allow themselves to experience a range of emotions. Being happy doesn't mean being a doormat or ignoring the challenges of life. It means finding peace within oneself and being able to return to a state of happiness even amidst difficult circumstances.
The Power of Gratitude and Appreciation
Gratitude plays a significant role in cultivating happiness, but Sandra prefers to use the term "appreciation" to avoid the association with toxic positivity. She suggests taking the time to appreciate and be thankful for the things that make us happy, no matter how small.
"If you are thankful for things, if you are appreciative of things... write it down. Even if it's just three things or just mentally note three things in the morning and the evening that you're grateful for, that you're thankful for, that you appreciate, that made your day easier... because a lot of this is the words around it... Because when you appreciate something or when something is appreciating, it's growing."
Sandra highlights the importance of acknowledging and expressing appreciation for the positive aspects of our lives. By doing so, we can shift our focus from what is lacking to what we already have, fostering a sense of contentment and happiness.
Spreading Happiness and Finding Connection
Loneliness and the feeling of being alone in our struggles can hinder our happiness. Sandra believes that coming together as a community and sharing our experiences can be incredibly powerful in cultivating happiness.
"I think we need to remind ourselves of that, that we've been on overload for so long, and the people around us are on overload for so long that if we can start bringing in some happiness and some joy, it really does benefit everyone around us... It's not that binary. It's not like if I'm happy, I'm ignoring everything else... You're present with what's happening in the world, but you're also present with how you're feeling as you."
Sandra envisions hosting seminars and workshops to bring people together and create a space for sharing experiences and learning from one another. By finding connection and realizing that we are not alone in our pursuit of happiness, we can uplift and support each other on our individual journeys.
The Future of Happiness Coaching
Sandra plans to continue offering webinars and individual coaching sessions to help individuals find their own happiness. She aims to create a safe and supportive environment where people can explore their own happiness and set and achieve their goals.
"I'm doing what I call podlets for my paid subscribers on Substack, which is just shorter versions of the podcast, and just to kind of get my feet wet again in doing that because it's just so much fun... I do want to get back to that. So I'm hoping maybe by mid-year."
Sandra also plans to revive her podcast, "A Sassy Little Podcast," in the future, as it was a source of joy and connection for her. She believes that laughter and fun are essential components of happiness and hopes to continue spreading happiness through her podcast.
Conclusion: Living Like an Otter
In conclusion, Sandra Miller's journey to happiness and her role as a happiness coach offer valuable insights into cultivating happiness in our lives. By giving ourselves permission to be happy, shifting our perspective, and appreciating the little things, we can build a foundation of happiness that sustains us through life's ups and downs. Authenticity, feeling all emotions, and expressing gratitude or appreciation further contribute to our overall happiness.
As we navigate the challenges of life, it is essential to remember that happiness is not about ignoring or suppressing negative emotions. It is about finding peace within ourselves and being able to return to a state of happiness even amidst difficult circumstances. By embracing our authentic selves and allowing ourselves to feel all emotions, we can experience true happiness.
Sandra's vision of creating a community of individuals on the happiness journey is a powerful reminder that we are not alone. By coming together, sharing our experiences, and supporting one another, we can uplift and inspire each other to live happier lives.
So, let us all take a page from Sandra's book and live like otters—finding joy in everyday moments, making life fun, and spreading happiness wherever we go. May this new year be filled with laughter, appreciation, and the pursuit of authentic happiness.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Mentioned in this episode:
Summer Break
Wed, 03 Jan 2024 - 33min - 285 - Money Roots: A New Direction for Wine and Dime
Welcome to the final edition of Wine and Dime for 2023! As we wrap up the year, I am thrilled to have the whole team here today to share our favorite financial tips. But before we dive into that, I want to make a special announcement. In 2024, we will be rebranding the podcast as Money Roots. This exciting change will bring a fresh perspective and allow us to explore a wider range of topics related to personal finance. So, stay tuned for an even more engaging and informative podcast next year!
Now, let's get back to the main focus of today's episode. Each member of our team will be sharing their one financial tip that they hope you will take with you into 2024. These tips are not only applicable to your finances but can also be applied to various aspects of your life. So, without further ado, let's hear from our team!
Key Takeaways:
Discipline is freedom: Applying discipline to all areas of life, including finances, can lead to a sense of freedom and progress.Start small: Taking small steps towards financial goals can build discipline and lead to long-term success.Reflect on joy: Reflecting on what brings joy and setting intentions to continue those experiences can enhance overall well-being.Let go of past mistakes: Dwelling on past financial mistakes can hinder progress, so it's important to focus on the present and future.Embrace new challenges: Doing something scary can lead to personal growth and positive outcomes.Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Discipline is Freedom: A Tip for Life
Kerrie Beene kicks off our discussion with a powerful tip that applies to all areas of life, including finances. She shares, "Discipline is freedom. It's a skill that you can apply to every area of your life." Carrie emphasizes the importance of not procrastinating and taking care of things upfront. By being disciplined, we can avoid piling up tasks and instead experience a sense of freedom and control. This tip is especially relevant when it comes to managing our finances and not ignoring important financial matters.
Start Small: Setting Yourself Up for Success
Liz Zemak builds on Carrie's tip by encouraging listeners to start small when implementing change. She advises, "Take little bite-sized amounts that you can handle. Start small and set yourself up for success." Liz highlights the significance of starting with achievable goals, even if it's just saving a small amount each week. By starting small and experiencing success, we can build discipline and gradually work towards bigger financial goals.
Reflecting on Joy: Setting Intentions for the Future
Becky Eason suggests using the end of the year as a reflection point to identify what brought you joy and how you can continue that into the next year. She explains, "Think about what you spent money on that brought you joy and what you're proud of." By reflecting on joyful experiences and spending habits, we can set ourselves up for continued happiness and make intentional choices that align with our values. This practice can be particularly valuable when setting financial goals and making spending decisions.
Life Happens: Embracing Change and Moving Forward
Kate Welker reminds us that life happens and that we should not dwell on past mistakes or missed opportunities. She shares, "Life happens. You can't change what you did, but let's make a plan to go forward." Kate emphasizes the importance of letting go of shame and regrets and instead focusing on creating a new perspective and setting new intentions. This tip is especially relevant for those who may have made financial mistakes in the past and need to shift their mindset to move forward.
Do Something Scary: Embracing Growth and Change
As the host of the podcast, I want to share my own tip for the new year: do something scary. I encourage listeners to step out of their comfort zones and embrace opportunities for growth and change. I share, "This year, we've been doing a lot of things that have made me lay in bed at night and worry, and you know what? The result has not been as scary as I made it." By taking risks and facing our fears, we open ourselves up to new possibilities and experiences. This tip can be applied to both our personal and financial lives, as it encourages us to challenge ourselves and pursue our goals with courage and determination.
Conclusion: Looking Ahead to Money Roots
As we wrap up this episode and the year, I want to express my gratitude to all our listeners and to TJ Meehanof Meehan Media for his invaluable support in producing the podcast. I am excited about the future of Money Roots and the opportunity to bring you even more engaging and informative content in 2024. We hope that these financial tips from our team will inspire you to make positive changes in your life and set yourself up for a successful and fulfilling year ahead. Cheers to a bright future and a prosperous 2024!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 13 Dec 2023 - 18min - 284 - Navigating Family Finances During the Holidays: Tips and Insights
As the year comes to a close, it's natural for us to reflect on our experiences and prepare for the holiday season. However, for many families, this time of year can also stir up a mix of emotions, particularly when it comes to finances. In this podcast episode, we delve into the complex dynamics of family, finance, and the emotional impact it can have during the holidays.
Key Takeaways:
Families can have different approaches to money, even if they were raised under the same roof.Understanding the input, throughput, output, and feedback of family finances can help manage emotions around money.Setting ranges of comfort, eliminating negative feedback, establishing patterns of interaction, and using positive feedback loops can improve family financial discussions.Asking questions about spending that brings joy, things to be proud of, and what one can't imagine life without can help align spending with values.Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
The Complexity of Family Systems
To understand the dynamics at play, it's important to consider the concept of family as a system. According to general systems theory, families are open systems that continuously interact with their environment. They sustain themselves through the exchange of resources, such as money, time, labor, and energy. However, families can also exhibit characteristics of closed systems, where they become insulated or isolated within their environment.
When it comes to family finances, we can break down the system into four key components: input, throughput, output, and feedback. Input refers to the money and resources a family receives, while throughput involves the processes used to convert those inputs into products or services. Output represents the goods and services that the family utilizes, and feedback provides information to make the system more efficient.
Navigating Differences in Family Values
One of the challenges that families often face is navigating differences in values and approaches to money, even when raised under the same roof. This can lead to tension and disagreements, especially during the holiday season when financial decisions are at the forefront. To address these differences, it's essential to establish clear family rules and guidelines.
Firstly, families should define the range of behaviors they are comfortable with when it comes to finances. This allows for a middle ground where everyone's needs and preferences are considered. Secondly, it's important to eliminate negative feedback and punishment as mechanisms for enforcing financial rules. Instead, focus on positive feedback and constructive conversations that promote growth and understanding.
Setting patterns of family interactions is another crucial aspect. By establishing how the family will react and handle situations when financial boundaries are breached, you can create a supportive and respectful environment. Lastly, recognize the power of positive feedback loops and incorporate them into your family dynamics. Celebrate and reinforce behaviors that align with your financial goals and values.
The Power of Positive Conversations
As we approach the holiday season, it's an opportune time to engage in positive conversations about money and values within the family. Reflecting on the past year, ask yourselves what financial decisions or experiences have brought you joy. This exercise helps identify the areas where your money is aligned with your values and can guide future spending decisions.
Additionally, consider what you are proud of, both financially and non-financially. This broader perspective allows you to appreciate the progress you've made as a family and reinforces positive behaviors. Finally, imagine life without certain aspects that bring you joy or fulfillment. This exercise helps prioritize your spending and focus on what truly matters to you as a family.
Implications and Future Outlook
By addressing the emotional aspects of family finances, we can create a healthier and more harmonious environment. Open and honest conversations about money can lead to a deeper understanding of each family member's values and priorities. This, in turn, allows for more effective financial planning and decision-making.
As we look to the future, it's important to continue these conversations and adapt as circumstances change. Financial dynamics within families evolve over time, and it's crucial to regularly reassess and realign your goals and values. By maintaining open lines of communication and a willingness to compromise, families can navigate the complexities of finance and strengthen their relationships.
In conclusion, the holiday season can be a time of joy and celebration, but it can also bring about financial stress and emotional turmoil within families. By understanding the dynamics of family systems and implementing positive communication strategies, we can create a more harmonious and fulfilling experience. As we embark on a new year, let us prioritize open and honest conversations about money and values, ensuring that our financial decisions align with our true priorities as a family.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 06 Dec 2023 - 16min - 283 - What Issues Should I Consider Before the End of the Year?
Amy Irvine discusses important financial considerations to keep in mind before the end of the year. She covers topics such as unrealized investment losses, capital gain distributions, required minimum distributions (RMDs), qualified charitable distributions (QCDs), income and tax planning, capital gains, thresholds for tax brackets and Medicare premiums, business expenses, retirement plans, changes in marital status, maximizing health savings accounts (HSAs), insurance planning, estate planning, and financial aid strategies for college.
Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Key Takeaways:
Consider taking losses on unrealized investments in taxable accounts before the end of the year.Include end-of-year capital gain distributions in tax estimates for taxable accounts.Ensure compliance with RMD requirements, including from inherited IRAs.Utilize QCDs for charitable giving to avoid claiming income from IRA donations.Plan for future income changes and consider IRA contributions, conversions, and Roth contributions.Utilize carry forward losses and be aware of tax thresholds for various deductions and surcharges.Consider maximizing charitable contributions to potentially itemize tax returns.Evaluate income tax implications of future windfalls or stock options.Explore QBI deductions for pass-through income from businesses.Consider deferring or accelerating business expenses to optimize tax liability.Update W-4 forms after changes in marital status to avoid unexpected tax bills.Maximize contributions to HSAs, retirement plans, and 529 plans before year-end.Utilize FSA funds before the end of the year and be aware of rollover and grace period options.Review estate plans for changes in family or assets and consider annual exclusion gifts.Implement financial aid strategies for college, such as reducing income in specific years.Links to the Checklists Mentioned in this episode
Important Numbers 2024Important Numbers 2023What Issues Should I Consider Before the End of the Year?This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 29 Nov 2023 - 14min - 282 - The Sandwich Generation: Navigating the Challenges of Aging Parents
In this episode, Amy Irvine continues the conversation on the challenges faced by the sandwich generation, those who are simultaneously caring for their aging parents and their own children. She provides practical advice on various aspects of caregiving, including healthcare plans, transportation options, community involvement, hiring a fiduciary, and backing up important documents. Amy also discusses the benefits of considering a continuing care retirement community and emphasizes the importance of having ongoing conversations about aging parents' care.
Key Takeaways:
- Find the right healthcare plan for your aging parents based on their specific needs and circumstances.Explore transportation options for your parents, such as public transportation or organizations that provide free transportation for seniors.Ensure that your parents have a sense of community and social interaction to prevent feelings of isolation and depression.Consider hiring a fiduciary to manage your parents' finances and protect against fraudulent activity.Back up important documents and photos on your parents' phones to ensure easy access and documentation of their belongings.Explore continuing care retirement communities as a potential option for comprehensive care and a sense of community for aging parents.
Quotes:
"Finding somebody to help you find the right insurance plan for your parents will be very helpful in the financial toll that it takes on them.""Being aware of the circle of friends, being aware of their community involvement, and making sure that your parents don't stay locked up in their home, unintentionally, of course, but that's certainly something to be aware of.""A fiduciary can pay the bills, can be a protectant against any kind of fraudulent activity.""Making sure that your parents don't get ripped off as part of that process is really important.""Doing some tours just like you do tours of college campuses, considering doing some tours of some of the wonderful communities that are actually out there."Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
The Importance of Healthcare Planning
One of the first considerations when it comes to caring for aging parents is their healthcare plan. It's crucial to find the right insurance coverage that suits their specific needs. This can be a daunting task, but there are resources available to help. The Office for the Aging and Medicare brokers can assist in determining the most suitable plan based on factors such as medications, doctors, and chronic conditions. Finding the right insurance plan can alleviate the financial burden on your parents and ensure they receive the necessary care.
Transportation Solutions for Aging Parents
As driving becomes more challenging for aging parents, finding reliable transportation options becomes essential. Public transportation services for the elderly may be available in certain counties or states. Additionally, some organizations offer free transportation services for individuals over the age of 65. Consulting with your parents' physicians or local community organizations can provide valuable information on transportation options. Ensuring that your parents have access to transportation not only helps them maintain their independence but also fosters a sense of community and prevents isolation.
Building and Maintaining a Supportive Community
The lack of interaction and community can be a significant concern for aging parents who live alone. As their circle of friends diminishes, they may experience feelings of loneliness and depression. It's crucial to be aware of their community involvement and encourage social connections. Engaging in activities and programs specifically designed for seniors can help combat isolation and provide a sense of belonging. By actively supporting your parents' social interactions, you can contribute to their overall well-being.
The Role of a Fiduciary in Financial Management
When distance becomes a barrier to providing hands-on financial assistance, hiring a fiduciary can be a viable solution. A fiduciary acts as a financial guardian, ensuring bills are paid, protecting against fraudulent activity, and overseeing the overall financial well-being of your parents. This can be particularly beneficial if you are unable to be physically present to manage their finances. Many organizations offer fiduciary services, allowing you to entrust the financial aspects of your parents' care to a qualified professional.
Safeguarding Memories and Assets
Preserving memories and safeguarding assets is another crucial aspect of caring for aging parents. By ensuring that your parents have access to a cell phone or emergency phone, you can facilitate communication and provide a lifeline in case of emergencies. It's essential to back up any important photos or documents stored on their phones, either by adding them to your plan or regularly receiving copies. This way, you can protect cherished memories and have documentation of their possessions, which can be valuable in case of any issues or concerns.
Exploring Continuing Care Retirement Communities
As the aging process continues, it's important to consider long-term care options for your parents. Continuing Care Retirement Communities (CCRCs) offer a comprehensive solution by providing a sense of community, transportation services, and various levels of care. CCRCs often require an upfront commitment, but some communities offer the possibility of a return on this investment. By choosing a CCRC, you can ensure that your parents receive the care they need while potentially recouping a portion of the initial commitment. Exploring different CCRCs and taking tours can help you make an informed decision while your parents still have a say in their future.
Conclusion: Nurturing the Sandwich Generation
Caring for aging parents while raising a family of your own is a delicate balancing act. It requires careful planning, open communication, and a proactive approach to ensure the well-being of everyone involved. By addressing the key themes discussed in this conversation, such as healthcare planning, transportation solutions, community engagement, fiduciary services, asset protection, and exploring CCRCs, you can navigate the challenges of the sandwich generation with greater ease.
As we continue to explore this topic, it's important to remember that the care of aging parents is an ongoing process. By having open and honest conversations, touring potential care facilities, and staying informed about available resources, you can make informed decisions that prioritize the health and happiness of your loved ones. The journey may be challenging, but with the right support and strategies in place, you can provide the care and support your parents need while maintaining your own well-being.
Thank you for joining us on this journey, and we encourage you to share this article with others who may benefit from these insights. Together, we can navigate the complexities of the sandwich generation and create a brighter future for our families.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 15 Nov 2023 - 11min - 281 - Caring for Aging Parents: The Sandwich Generation Struggle
As we approach the end of the year, many of us find ourselves reflecting on the challenges and joys of the past months. For some, this reflection includes the realization that they are part of the "sandwich generation" - a group of individuals who are caught between the responsibilities of caring for their aging parents and raising their own children. This delicate balancing act can be emotionally and physically draining, leaving individuals feeling torn between their parents, their children, and their careers.
In this edition of Wine and Dime, we will explore the unique challenges faced by the sandwich generation and discuss practical steps that can be taken to navigate this complex situation. We will delve into the importance of creating a "red file" for your parents, which includes essential documents and information, and we will also explore the financial implications of providing care for aging parents. Finally, we will discuss the importance of open and honest communication with your parents about their wishes and the potential need for long-term care.
Key Takeaways:
Create a red file with important documents and information about your parents to be prepared for any emergencies or care needs.Map out different scenarios for caring for parents, considering short-term, medium-term, and long-term care needs.Discuss your parents' wishes and preferences for care, including the possibility of relocating to a retirement community.Have open and honest conversations with parents about their healthcare proxies, power of attorney, and HIPAA releases.Consider the impact of caregiving on the spouse and explore resources and support available for caregivers.Red FileChecklist Download
Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Creating a Red File: Ensuring Preparedness
One of the first steps in preparing to care for aging parents is to create a "red file" - a comprehensive document that contains all the essential information and documents needed in case of an emergency. This file should include copies of important documents such as Social Security cards, driver's licenses, passports, insurance cards, and birth certificates. It should also include information about any military service, vaccinations, and a list of contacts for banks, lawyers, doctors, and insurance agents.
"It's a very important topic to bring up with both you and your folks and your kids, potentially." - Amy Irvine
By having this information readily available, you can quickly and efficiently handle any necessary paperwork or inquiries that may arise in the event of an emergency. Additionally, it is crucial to include a list of medications and any legal documentation, such as a healthcare proxy or HIPAA agreement, to ensure that you can make informed decisions on behalf of your parents if needed.
The Financial Implications of Caregiving
Caring for aging parents can have significant financial implications, and it is essential to consider these factors when planning for the future. Whether it is providing financial assistance or taking time off work to care for parents, there are costs associated with supporting aging loved ones.
"Start mapping out what if my parents need short-term help? What if my parents need a medium amount, somewhere between short and long? And what if they need long-term? What would that look like in my life, our lives?" - Amy Irvine
To begin, it is crucial to assess the potential impact on your career. Will your employer allow you to work remotely or take extended leave if necessary? Understanding your company's family leave policies and the potential impact on your benefits, such as health insurance and retirement contributions, is essential for financial planning.
Additionally, consider the potential costs of hiring additional help or assistance for your parents. If you need to take time off work, you may need to hire someone to provide care or assistance at home. This can include transportation services, in-home caregivers, or daycare for your children if they are young and require additional support during this time.
Communicating with Your Parents: Understanding Their Wishes
Open and honest communication with your parents about their wishes and preferences is crucial when planning for their care. While these conversations can be challenging, they are essential for ensuring that their needs are met and that you can provide the support they require.
"What are your wishes? Do you have a healthcare proxy? Do you have a power of attorney? Do you have a HIPAA release? Can I have a copy of that so that I can have it on file? What would your wishes be if you need some care, so that I can build that into my plan?" - Amy Irvine
Approach the conversation by expressing your concern and love for your parents. Let them know that you want to ensure they are taken care of and that you are there to support them. If they become defensive or resistant, reassure them that your intention is to help, not take something away from them.
It is also important to discuss the topic of driving and establish clear guidelines for when your parents may need to stop driving. This can be a sensitive issue, but having a plan in place and agreeing upon specific triggers for when alternative transportation options should be considered can help alleviate potential conflicts in the future.
Conclusion and Future Outlook
Caring for aging parents while raising a family and managing a career is undoubtedly challenging. However, by taking proactive steps to prepare for the future, such as creating a red file, considering the financial implications, and engaging in open communication with your parents, you can navigate this complex situation with greater ease.
"We understand that this is an area of stress for them, and certainly, it happens from time to time. You can kind of ease into the conversation and say, 'I didn't mean to upset you, but I just want to make sure that you're taken care of because I love you.'" - Amy Irvine
In the coming weeks, we will explore these topics in more detail, providing resources and guidance to help you navigate the challenges of caring for aging parents. Remember, you are not alone in this journey, and there are professionals available to support you every step of the way.
As we gather with our families during the holiday season, let us use this time to have open and honest conversations about the future and ensure that our loved ones' needs are met. By planning ahead and addressing these important topics, we can provide the care and support our parents deserve while maintaining balance in our own lives.
Thank you for joining us on this edition of Wine and Dime. We appreciate your support and encourage you to share this podcast with friends and family who may find it helpful. Together, we can navigate the challenges of the sandwich generation and create a brighter future for ourselves and our loved ones.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 08 Nov 2023 - 14min - 280 - Considering the Financial and Emotional Factors of Buying a Home
As the fall season approaches in upstate New York, I find myself drawn to the local wineries, indulging in the flavors and experiences they offer. Recently, I discovered a new winery called Billsboro, located in Geneva. Their Pinot Noir and unique blended rose caught my attention. If you're looking for a wine adventure, I highly recommend checking out their website and exploring their offerings. But today, I want to shift gears and discuss a topic that has been on many people's minds lately: the decision to buy a home.
In the current economic climate, with high interest rates making headlines, buying a home may seem like an impossible dream for many. However, the decision to buy a home is not solely driven by interest rates. It is a complex mix of financial and emotional factors that must be carefully considered. In this article, I will guide you through the key elements to consider when deciding whether to buy a home or continue renting.
To download our handy flowchart, Click Here
Key Takeaways:
Buying a home is not just a financial decision, but also an emotional one.Consider factors such as mortgage payments, maintenance costs, and long-term plans when deciding whether to buy a home.Interest rates may fluctuate, but refinancing is an option if rates go down in the future.Quotes:
"Buying a home is something more than just interest rates driven.""It's important to sit there and do a checklist of the reasons why you want to buy a home and whether or not it makes financial sense for you.""Interest rates may come down at some time in the future, and you could always refinance."Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Financial Considerations: Crunching the Numbers
When evaluating the financial aspect of buying a home, it is crucial to compare the costs of renting versus owning. To do this, start by listing all your rent-related expenses in column A. This includes rent, homeowners insurance, and any additional costs associated with renting. In column B, calculate the potential mortgage payment, breaking it down into principal and interest, insurance, taxes, and maintenance costs.
It's important to note that the principal and interest portion of the mortgage payment can change over time. By breaking it out separately, you can better understand the long-term financial commitment. Additionally, consider non-financial factors such as the duration of your stay. If you plan to relocate within five years, renting may be a more suitable option. However, if you're looking for a long-term commitment, buying a home may make more sense.
The Emotional Side of Homeownership
While the financial aspect is crucial, the decision to buy a home is also deeply emotional. For some, owning a home represents stability and a sense of settling down. This is particularly true for individuals in the military who frequently move and long for a place they can call their own. Owning a home provides a sense of safety and permanence.
When considering the emotional side of homeownership, it's essential to evaluate your personal goals and aspirations. Are you looking for a place to put down roots? Do you envision yourself making changes and improvements to a property? These factors can greatly influence your decision.
A Comprehensive Checklist for Homebuyers
To help you navigate the decision-making process, I have compiled a comprehensive checklist of questions to consider:
- Determining the Cost: Do you need assistance in estimating the total cost of owning and maintaining a home, including mortgage payments, utilities, and commuting expenses?Impact on Savings: Will purchasing a home impact your ability to save for other financial goals?Living on One Income: If you have a spouse or partner, do you plan to live on one income at any point? Ensure that the home you choose fits within that budget.Long-Term Commitment: Do you plan to live in the home for five years or longer? This is crucial for calculating the break-even point and determining if buying is financially viable.Mortgage Considerations: Do you need assistance in understanding the financial impact of different types of mortgages, such as HSA loans or fixed versus variable rates?
By carefully considering these questions, you can gain a clearer understanding of your personal situation and make an informed decision.
The Impact of Interest Rates and Market Conditions
Interest rates play a significant role in the decision to buy a home. Currently, interest rates are at a historic high, which may deter some potential buyers. However, it's important to remember that interest rates can fluctuate over time. If rates go down in the future, you have the option to refinance your mortgage. Additionally, adjustable-rate mortgages offer the flexibility of lower rates initially, with the ability to refinance into a fixed-rate mortgage later.
While the current market conditions may seem challenging, it's worth noting that inventory levels have started to stabilize. The frenzy of over-asking price situations has diminished, and more listings are being reduced. This could indicate a potential stabilization or even a slight decrease in prices. Therefore, it's crucial to evaluate the market conditions in your area and consider the long-term implications.
Conclusion and Future Outlook
In conclusion, the decision to buy a home is a complex one that requires careful consideration of both financial and emotional factors. While high interest rates may seem daunting, it's important to evaluate the long-term benefits and potential for refinancing in the future. By using the checklist provided and thoroughly analyzing your personal situation, you can make an informed decision that aligns with your goals and aspirations.
As the real estate market continues to evolve, it's essential to stay informed and seek professional advice when needed. The decision to buy a home is a significant milestone in life, and it's crucial to approach it with a clear understanding of the financial and emotional implications. Remember, there is no right or wrong answer—what matters is finding the path that aligns with your unique circumstances and aspirations.
Thank you for joining me on this exploration of the decision to buy a home. I hope this comprehensive guide has provided valuable insights and guidance. If you have any further questions or need assistance, please don't hesitate to reach out. Cheers to finding your perfect home and enjoying the journey along the way!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 01 Nov 2023 - 10min - 279 - Exploring Financial Information Sources with Liz Zemak
In this episode of the Wine and Dime podcast, host Amy Irvine welcomes Liz Zemak, a financial planner and tax professional. They discuss various sources of financial information that people can explore to enhance their financial knowledge. They highlight The Morning Brew, Wall Street Journal, CNBC, Bloomberg, Yahoo Finance, The Balance, Nerd Wallet, and Finra.org as reliable sources for financial news and education. Liz also mentions Student Loan Planner as a valuable resource for individuals dealing with student loans. The conversation emphasizes the importance of finding resources that present information in an easily understandable and digestible manner.
Key Takeaways:
- The Morning Brew, Wall Street Journal, CNBC, Bloomberg, Yahoo Finance, The Balance, Nerd Wallet, and FINRA.org are reliable sources for financial information.Student Loan Planner is a valuable resource for individuals dealing with student loans.It is crucial to find resources that present information in an easily understandable and digestible manner.
About The Guest:
Liz Zemak is a financial planner and tax professional with over ten years of experience. She joined the Rooted Planning Group in July 2023 and has been dedicated to building client relationships and providing valuable financial advice. Liz is passionate about helping clients achieve their financial goals and has been pursuing certifications to enhance her expertise in the field.
Quotes:
"Finding those resources that really present information in a way that's easy for you to understand is important." - Liz Zemak"If you make slight changes on a day-to-day basis, you can reach your financial goals." - Liz ZemakRemember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Exploring Financial Resources: A Comprehensive Guide
Welcome to Wine and Dime, where we uncork the world of personal finance and explore the various sources of financial information available to individuals. In today's episode, we have Liz Zemak, a seasoned financial planner, joining us to discuss the different resources people can turn to for financial knowledge. As we delve into this topic, we'll highlight some of our favorite sources and the reasons why we find them valuable.
The Morning Brew: A Digestible Source of Financial News
One resource that our team unanimously recommends is The Morning Brew. This platform offers both a newsletter and a podcast, making it convenient for individuals to stay informed even on the go. Liz and I particularly appreciate The Morning Brew because it provides concise and easily digestible summaries of the top financial stories. It serves as a great starting point for exploring further information on specific topics.
Established Financial News Outlets
When it comes to financial news, there are several established outlets that consistently produce high-quality content. The Wall Street Journal, CNBC, Bloomberg, and Yahoo Finance are among our team's top picks. These sources cover a wide range of financial topics and provide in-depth analysis of current events. Their reputation and credibility make them reliable sources for staying updated on the latest developments in the financial world.
Going Back to Basics: The Balance and Nerd Wallet
Sometimes, it's essential to revisit the fundamentals of personal finance. The Balance and Nerd Wallet are two resources that excel in breaking down complex financial concepts into easily understandable language. Whether you're looking for information on different types of accounts, benefits offered at work, or general financial literacy content, these platforms offer valuable insights. They are particularly useful for individuals who are new to the world of finance or want to refresh their knowledge.
FINRA.org: A Trustworthy Consumer Education Resource
For those seeking factual and well-researched information, Finra.org is an excellent resource. While primarily known as a platform for broker registration, Finra.org also provides comprehensive consumer education. The content on this website undergoes rigorous checks, ensuring accuracy and reliability. It serves as a valuable resource for individuals looking to enhance their financial knowledge and make informed decisions.
Student Loan Planner: Navigating the Complexities of Student Loans
Student loans can be a significant financial burden for many individuals. That's why our team highly recommends Student Loan Planner, a resource dedicated to helping individuals navigate the complexities of student loans. With the rising costs of education, understanding repayment plans and exploring strategies for managing student debt is crucial. Student Loan Planner offers valuable insights and tools to help individuals make informed decisions regarding their student loans.
The Interplay Between Financial and Personal Health
As we wrap up our discussion on financial resources, it's worth highlighting the connection between financial health and personal health. Liz, with her background in bodybuilding and health training, emphasizes the importance of self-control, discipline, and consistency in both realms. Just as we develop healthy habits to take care of our physical well-being, we must cultivate similar habits to achieve financial goals. Whether it's practicing self-control in spending or consistently working towards financial objectives, these habits contribute to overall financial and personal well-being.
Conclusion: Empowering Yourself with Financial Knowledge
In today's digital age, there is an abundance of financial resources available at our fingertips. By exploring a variety of sources, we can empower ourselves with the knowledge needed to make informed financial decisions. From trusted news outlets like The Morning Brew, The Wall Street Journal, CNBC, Bloomberg, and Yahoo Finance to educational platforms like The Balance, Nerd Wallet, and Finra.org, each resource offers unique insights and perspectives. Additionally, specialized resources like Student Loan Planner cater to specific financial needs.
As we continue on our financial journey, let us remember the importance of consistency, self-control, and discipline. Just as we prioritize our physical health, we must prioritize our financial health. By leveraging the wealth of information available and developing healthy financial habits, we can achieve our goals and secure a brighter financial future.
So, grab a glass of your favorite wine or beverage of choice, and dive into the world of financial knowledge. Cheers to your financial well-being!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 25 Oct 2023 - 18min - 278 - Investment Long Game: Why Staying in Stocks Pays Off
Amy Irvine and Kate Welker discuss whether people should be pulling money out of the stock market and putting it into cash. They explain that while cash may currently be yielding a high rate of return, historically, a stock market-based portfolio will provide a higher rate of return over the long term. They also discuss the concept of the yield curve and how it affects different investment options. Additionally, they provide tips for saving on taxes at the end of the year, such as maximizing contributions to retirement plans and considering Roth conversions.
Key Takeaways:
Historically, a stock market-based portfolio will provide a higher rate of return over the long term compared to cash.The yield curve refers to the relationship between short-term and long-term interest rates. A normal yield curve has lower short-term rates and higher long-term rates.Consider maximizing contributions to retirement plans and exploring Roth conversions to save on taxes at the end of the year.Quotes:
"For a long-term investment, staying steady in the market is more successful." - Kate Welker"Run some numbers right now. Once you get to the end of the year, you don't have a lot of options." - Amy IrvineRemember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Should You Pull Money Out of the Stock Market?
The question of whether to pull money out of the stock market and invest in cash is a common one, especially during periods of market volatility. However, it is important to consider one's long-term goals and objectives before making any decisions based on fear. As Kate Welker, one of the financial planners at Rooted Planning Group, explains:
"If you have one side of your equation allocated to stocks and equities, and the other side allocated to fixed income, such as bonds, CDs, cash, or money market funds, it may be ideal to allocate a portion of your cash to a money market fund that is currently yielding a higher rate of return. While this rate is not guaranteed and may change in the future, it is currently around 5%."
It is crucial to remember that historically, a stock market-based portfolio has provided a higher rate of return over the long term compared to cash investments. As Kate points out, cash investments have historically averaged around 1.2% return, while a stock market-based portfolio can yield a historical rate of return of 7% to 9%. Therefore, staying invested in the stock market is generally more beneficial for long-term investment goals.
Understanding the Yield Curve
To fully grasp the implications of investing in different types of fixed income vehicles, it is important to understand the concept of the yield curve. The yield curve represents the relationship between the interest rates and the time to maturity of bonds of the same credit quality. A flat yield curve occurs when short-term and long-term interest rates are relatively equal, while an inverted yield curve occurs when short-term interest rates are higher than long-term rates.
As Amy Irvine, the CEO and founder of Rooted Planning Group, explains:
"A flat yield curve would mean that a three-month CD, a five-year CD, and a ten-year CD all have the same interest rate, for example, 5%. An inverted yield curve, on the other hand, occurs when shorter-term interest rates are higher than longer-term rates."
In recent years, the yield curve has been inverted, with shorter-term rates being higher than longer-term rates. However, the yield curve is starting to level out, and longer-term rates are beginning to rise. This normalization of the yield curve suggests that investing in longer-term fixed income vehicles may become more attractive in the future.
Last-Minute Tips for Maximizing Tax Savings
As the end of the year approaches, it is essential to consider strategies for maximizing tax savings. One such strategy is to contribute to retirement plans, such as 401(k)s or 403(b)s, before the end of the year. By increasing your deferral rate, you can lower your taxable income for the current year. Kate Welker advises:
"If you have extra cash flow available or have not maximized your employer-sponsored retirement plan, it may be beneficial to increase your deferral rate. This can help lower your taxable income for the current year."
Another strategy to consider is a Roth conversion. A Roth conversion involves transferring funds from a tax-deferred account, such as a traditional IRA, to a Roth IRA. By paying taxes on the converted amount now, you can potentially enjoy tax-free growth in the Roth IRA. Kate explains the importance of timing when considering a Roth conversion:
"If you anticipate being in a higher tax bracket in the future, it may make sense to do a Roth conversion now. By projecting your income for the year and determining your tax bracket, you can assess whether a Roth conversion would be beneficial."
Conclusion and Future Outlook
In conclusion, it is generally advisable to stay invested in the stock market for long-term investment goals, rather than pulling money out and investing in cash. While cash investments may offer a higher rate of return in the short term, historical data shows that stock market-based portfolios provide higher returns over the long term. Additionally, understanding the yield curve can help investors make informed decisions about fixed income investments.
As the end of the year approaches, it is crucial to consider strategies for maximizing tax savings. Contributing to retirement plans and considering Roth conversions can help lower taxable income and potentially provide tax-free growth in the future. By running projections and assessing one's tax bracket, individuals can make informed decisions about their financial future.
Looking ahead, it is important to stay informed about market trends, interest rates, and tax regulations. Consulting with a financial planner can provide valuable insights and guidance in navigating these complex financial decisions. By staying proactive and informed, individuals can make the most of their investments and optimize their financial well-being.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 18 Oct 2023 - 14min - 277 - Budgeting Tips and Tricks for a Successful Spending Plan
Wine and Dime is back with a new episode...
Budgeting. The mere mention of the word can send shivers down the spine of even the most financially savvy individuals. It's a topic that often elicits feelings of overwhelm and anxiety. But fear not, for today we have the wonderful Becky Eason, a financial planner with Rooted Planning Group, here to share her expertise and shed some light on the art of budgeting.
About The Guest(s):
Becky Eason is a financial planner at Rooted Planning Group. She has been with the company since 2018 and is known for her expertise in budgeting and finding deals. Becky is passionate about helping clients achieve their financial goals and make the most of their money.
Key Takeaways:
Evaluate past spending to understand where your money is going and assign values to each expense.Set goals and automate savings to achieve them.Use apps and tools like Mint.com to track spending and find discounts.Be flexible with travel plans to take advantage of lower prices.Seek out local resources and workshops for financial guidance and counseling.Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
The Power of Intentionality
When it comes to budgeting, it's important to start with a clear goal in mind. Are you budgeting to address a cash flow deficit or simply to gain a better understanding of where your money is going? This distinction will shape your approach to budgeting.
Becky suggests starting by examining your historical spending patterns. Take a look at your bank and credit card statements from the past few months and categorize each transaction. This exercise will give you a clear picture of where your money has been going. From there, you can assign value to each category and determine if any adjustments need to be made.
"By going historical, you're not really being conscious of what you should be spending your money on. It's okay, this is what I actually am doing. And then once you build that out, then you can analyze what you've been spending and put the value to it," Becky explains.
The Importance of Setting Goals
Once you have a clear understanding of your spending habits, it's time to set goals. Becky emphasizes the importance of being intentional with your spending and aligning it with your values. If travel brings you joy, for example, you can shift your spending in other areas to create a travel budget.
By incorporating your goals into your spending plan, you can visualize how much you can allocate toward each goal. Becky recommends automating your savings for these goals, ensuring that the money is set aside and easily accessible when needed.
Strategies for Reducing Spending and Increasing Income
For those facing a cash flow deficit, reducing spending and increasing income are key strategies. Becky suggests finding a balance between saving for retirement and paying off high-interest debt. It may be necessary to scale back on retirement contributions to prioritize debt repayment.
She also advises exploring resources within your community, such as government organizations, local churches, and nonprofits, that offer workshops or counseling on financial management. These resources can provide guidance and support as you navigate your financial journey.
The Art of Finding Deals
Becky is known for her knack for finding deals and discounts. She shares some of her tips and tricks for saving money, particularly when it comes to travel. Setting price alerts on flight bookings, monitoring prices for potential adjustments, and being flexible with travel dates can all lead to significant savings.
Additionally, Becky suggests utilizing apps and working with travel agents who can help find the best deals and save you time. Travel agents often have access to exclusive discounts and can assist with price adjustments if the cost of your trip decreases after booking.
Overcoming Fear and Taking Action
Budgeting can be a daunting task, but Becky encourages individuals not to be afraid of it. She emphasizes the importance of facing your financial situation head-on and taking the necessary steps to gain control over your money.
"Don't be afraid of it. There's a lot of fear around looking at your spending, and it can be fearful and time-consuming, but the sooner you do it, the sooner you'll be able to see the results," Becky advises.
Conclusion and Future Outlook
Budgeting is a powerful tool that allows individuals to take control of their finances and work towards their goals. By being intentional with spending, setting clear goals, and exploring strategies for reducing spending and increasing income, anyone can create a solid financial plan.
As technology continues to advance, there are more resources than ever to assist individuals in their budgeting journey. From apps that track spending to online workshops and counseling services, the options are endless. The key is to find the tools and strategies that work best for you and your unique financial situation.
In conclusion, budgeting is not something to be feared or avoided. It is a valuable skill that can transform your financial future. By taking the time to evaluate your spending, set goals, and explore strategies for reducing spending and increasing income, you can create a spending plan that aligns with your values and helps you achieve your dreams. So, don't wait any longer. Start your budgeting journey today and take control of your financial destiny.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 11 Oct 2023 - 20min - 276 - Understanding Asset Allocation: A Simplified Guide for Investors
Hello, everyone! Welcome to another episode of the Wine and Dime Podcast! In this episode, I have the pleasure of chatting with Kerrie Beene about a topic that sometimes gets a bad rap: asset allocation. Kerrie isn’t a fan of the term, explaining that it can be somewhat intimidating and confusing for clients. Together, we delve into the critical importance of comprehending asset allocation, especially regarding its relation to risk tolerance and investment goals. We also explore the intriguing concept of asset location and discuss the different types of accounts that you might utilize in your investment journey. Our conversation underscores the crucial need for all clients to educate themselves and seek advice from reliable, trusted sources in the investment world. Join us for a deep dive into making asset allocation and investment more accessible and understandable!
Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Key Takeaways:
Asset allocation is the mixture of investments within a portfolio and is based on an individual's risk tolerance and investment goals.It is important to understand the different types of investments, such as stocks and bonds, and how they can be allocated within different accounts.Tax allocation is also a consideration when determining asset allocation, as different types of accounts have different tax implications.Target date funds can be a good option for beginners, as they automatically adjust the asset allocation based on the investor's age and retirement timeline.Quotes:
"Don't let this terminology scare you. Take the time to educate yourself." - Kerrie Beene"Asset allocation is the mixture of investments within your account or portfolio." - Kerrie Beene"Don't put all your eggs in one basket. Diversify your investments." - Amy Irvine"Target date funds are a great way to start investing, as they automatically adjust the allocation based on your age and retirement timeline." - Kerrie BeeneAbout The Guest(s):
Kerrie Beene is a financial planner with Rooted Planning Group. She has a high level of understanding of retirement and investments and is passionate about helping clients understand complex financial concepts.
A Conundrum Called Jargon
We've all been there – enveloped by the perplexing jargon of the financial world, feeling somewhat adrift in a sea of terminologies like "asset allocation." As your guide through this maze, I aim to demystify these terms, breaking them into digestible insights that won’t leave you lost in translation.
The Essence of Asset Allocation
Asset allocation isn’t just a term; it's an instrumental strategy shaping your investment portfolio, tailored meticulously according to your risk tolerance and financial goals. How do we decipher our comfort levels and preferences concerning various investment options? The episode provides a magnifying glass over the methodologies that assist in crafting a strategy sculpted to your needs.
Diversification: Your Financial Safety Net
"Diversifying" is more than a catchphrase; it's a safety net, ensuring you're not entrusting your financial future to a singular investment basket. Spreading your investments judiciously across varied asset classes, we unearth the secret to mitigating risks while simultaneously maximizing potential returns.
Exploring Beyond with Asset Location
While we dissect the realm of asset allocation, we also saunter into the domain of asset location, exploring how this extends our investment strategy beyond mere allocation, considering the type of accounts and their respective tax implications.
Your Pathway to Financial Literacy
Navigating the financial world requires a semblance of understanding of its intricate terminologies. Fear not, for embarking on this journey with us equips you with the knowledge, to decode complex jargon into straightforward, actionable insights.
Embarking on Investment Journeys with Target Date Funds
For the nascent investor, target date funds might be your starting point, offering a simplified, hands-off investment approach, progressively re-balancing itself as you inch closer to your retirement. But is it the one-stop solution?
The Impact and Future of Asset Allocation
Asset allocation isn’t merely a set-and-forget strategy; it’s a dynamic, evolving approach, requiring periodic reviews and realignment, especially as technological advancements like robo-advisors become intertwined with investment strategies.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 04 Oct 2023 - 25min - 275 - How to Sell Yourself at a Job Interview, Without Sounding Like a Jerk With Sarah Connors
As the job market continues to evolve and adapt, it is essential for individuals to approach their career transitions with confidence and purpose. Whether you are seeking a new opportunity or have been displaced from your current position, understanding the recruitment process and effectively positioning yourself in the market is crucial. In this article, we will explore the insights and expertise of Sarah Connors, a seasoned recruitment professional, as she shares her knowledge on navigating the job market and finding the right fit for your career aspirations.
About The Guest(s):
Sarah Connors is the Senior VP of Planet Professional, a staffing firm based in Boston. With over 12 years of experience in recruiting, Sarah has a passion for helping individuals find their dream jobs and guiding them through the placement process. She specializes in administrative, accounting, finance, HR, and recruiting roles.
Summary:
Sarah Connors, Senior VP of Planet Professional, joins Amy Irvine, founder and CEO of Rooted Planning Group, to discuss the process of finding the right job placement. Sarah shares her background in recruiting and explains the importance of the intake call in understanding a candidate's needs and preferences. She provides tips on how to sell yourself in an interview without sounding arrogant and emphasizes the significance of researching the company before an interview. Sarah also advises individuals to regularly evaluate their happiness and career goals to ensure they are on the right path.
Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Key Takeaways:
- The intake call is crucial in understanding a candidate's needs and preferences.Confidence in an interview comes from listening, asking insightful questions, and showing passion for your work.Researching the company before an interview is essential to demonstrate your interest and preparedness.Regularly evaluate your happiness and career goals to ensure you are on the right path.Did you know that the average resume initially only gets a 5 - 10-secondlook, so what do you need to do to make it stand out?How to self-promote without sounding overconfident like a jerkWhen to apply for a job even when you aren’t sure you have all the qualifications
To learn more about Sarah Connors and her expertise in recruitment, you can connect with her on LinkedIn or reach out to her via email at sconnors@planet-pro.com.
Wine Recommendations:
As the fall starts to approach upstate NY, so will the fall colors! I’m looking forward to being a tourist this fall, exploring the beauty of the area. I’m planning on touring the east side of Seneca Lake using a “travel guide” I found online - Finger Lake Vineyards, Part II: The Best Wine Trails Around Seneca Lake (thetravel.com)Sarah’s Favorite Wine is bubbly - for a good sparkling wine in the Finger Lakes region consider exploring: 9 Outstanding Finger Lakes Wineries Making Sparkling Wine (winetraveler.com)This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting or looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Mentioned in this episode:
Summer Break
Wed, 20 Sep 2023 - 36min - 274 - To Divorce or Not To Divorce: Moving Gracefully Through Your Journey with Paula Lesso
Hello, dear listeners! In this special episode of the "Wine and Dime" podcast, we are venturing into a topic that intertwines personal growth and financial wisdom - navigating the complex journey of divorce. I am thrilled to introduce you to the remarkable Paula Lesso, a seasoned divorce coach and author, who has transformed her personal experiences into a beacon of support and guidance for many women. And here's a little sprinkle of excitement - Paula has a heartwarming exclusive offer just for our listeners, which we can't wait to unveil in the episode!
Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
What You Will Learn
Join us as we uncork a bottle of empathy, understanding, and financial savvy in this episode. Here are some nuggets of wisdom you can look forward to:
The Three H's to Happiness: Discover Paula's unique approach to finding joy and fulfillment during and after divorce, focusing on the Head, Heart, and Health.Making the Go or No-Go Decision: Learn how to evaluate your relationship critically and make informed decisions that protect your best interests.How Paula’s coaching can help you gain clarity on your journeyReasons to build your “team” should you decide to move forward with a divorceFinancial Planning During Divorce: Gain insights into the financial intricacies of divorce and how to navigate them with grace and foresight.Communication and Self-Reflection: Uncover the power of effective communication and self-reflection in healing and rebuilding relationships.Wine Recommendation
Dr. Konstantin Frank Salmon Run Riesling
As we delve into this enriching conversation, let's raise a glass of the exquisite Salmon Run Riesling 2021. Best described as bright fresh fruit with dominant characters of fresh pineapple and lemon sorbet. The light sweetness is well balanced by a refreshing acidity and a soft mouth feel.
Pair with Middle Eastern, Moroccan, Thai, and Asian cuisines. Pairs well with Spicy and Aromatic Ingredients like Pepper, Ginger, Curry, Sesame, and Soy. Spicy BBQ and Wings. Pork.
Conclusion
As we wrap up this preview, I, Amy Irvine, invite you to join us in this comforting and enlightening session. Together, we'll explore the realms of personal growth and financial stability during one of life's most challenging transitions. Let's uncork both a bottle of fine wine and the wisdom Paula Lesso has to offer, fostering a community of support, understanding, and resilience.
Remember, whether you're going through a divorce or simply interested in personal finance nuances during such a transition, this episode promises a blend of heartfelt advice and financial expertise. So, grab your favorite wine glass and join us for a session that promises warmth, camaraderie, and a journey to rediscovering happiness.
Cheers to moving gracefully through life's journeys, one step (and one sip) at a time!
Find More About Our Special Guest and Today's Wine Recommendation:
Paula Lesso: Learn more about Paula's transformative coaching services and her journey on her official website.Book Recommendation: Embark on a journey of self-discovery and resilience with Paula's book, "What Are You Waiting For? Today is the Best Day to Start Living", available on Amazon.Wine Recommendation: Treat yourself to a bottle of the refreshing Salmon Run Riesling 2021 from Dr. Konstantin Frank Winery, a perfect companion as we navigate through this episode's enriching conversation.This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Disclaimer: The information provided in this episode is for informational purposes only and should not be considered legal or financial advice. Every individual's situation is unique, and it is recommended to consult with a qualified professional before making any decisions related to divorce or financial planning.
Wed, 13 Sep 2023 - 36min - 273 - Diving into the 529 Plan: College Savings and Strategies
Welcome back Wine and Dime listeners! As the CEO and founder of Rooted Planning Group, I am fervent about assisting families in steering through the intricate world of college planning. This episode will dissect the nuances of 529 plans, a favored college savings avenue. We will scrutinize the advantages and considerations of these plans, coupled with shedding light on other savings prospects and strategies. So, pour yourself a glass of wine and accompany me as we venture into college planning, equipped with the finest insights and a splash of exquisite wine.
Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for complete show notes and links!
Key Takeaways:
529 plans are a tool for college savings but should not be overfunded.Contributions to 529 plans are made with after-tax dollars and grow tax-free.529 plans may have minimal impact on financial aid eligibility.Consider other savings opportunities and prioritize retirement savings.Engage with the college financial aid office early and be aware of hidden costs.Exploring the East Side of Seneca Lake
Before we immerse ourselves in the complexities of 529 plans, I wish to impart some reflections on the wines I am venturing into this autumn. As the fall season graces upstate New York, I am eager to traverse the east side of Seneca Lake. A vineyard that has piqued my interest is Caywood Vineyards. Nestled near the Finger Lakes National Forest, Caywood Vineyards boasts a tasting room adorned with handcrafted redwood and oak, complemented by a three-story fireplace. It seems to be the quintessential locale to bask in the fall atmosphere. Caywood Vineyards, a subsidiary of the Pleasant Valley Wine Company family based in Hammondsport. If you happen to be in the vicinity, I strongly advocate for a visit to appreciate the scenery and ambiance. Learn more about them here and discover the best wine trails around Seneca Lake here.
Understanding 529 Plans
Transitioning our attention to the focal point of this article - 529 plans. These plans serve as a vital instrument for college savings, yet it's imperative to avoid overfunding them. Contributions to 529 plans are facilitated with after-tax dollars and flourish tax-free. Withdrawals utilized for qualified education expenses are also exempt from tax. In certain states, like New York, tax deductions or credits are accessible for contributions to 529 plans. A notable merit of 529 plans is their negligible effect on financial aid eligibility, being categorized as a parental asset. In instances where the 529 plan is held by someone other than the parents or student, it might be excluded entirely.
Strategizing Contributions and Gift Tax Exclusion
When orchestrating contributions to 529 plans, awareness of the gift tax exclusion is vital. For 2023, the gift tax exclusion stands at $17,000, allowing anyone to bestow a gift up to this amount per annum to your child without triggering gift tax repercussions. Furthermore, direct tuition payments to colleges are unrestricted and can diminish taxable estates. Strategic planning of your contributions to 529 plans is essential, taking into account other savings avenues. Prioritizing retirement savings is prudent, as borrowing for retirement is not an option. A diversified investment approach, encompassing both 529 plans and conventional brokerage accounts, can facilitate a balanced strategy for college planning.
The True Cost of College
In the realm of college planning, recognizing that the advertised tuition rate may not be the final figure is crucial. A substantial number of students, even those hailing from families with incomes surpassing $200,000, do not bear the full price. A majority of colleges propose monthly payment schemes to assist families in managing education costs. Tailoring a 529 plan to your unique circumstances and seeking professional advice is vital. Early engagement with college financial aid offices can unveil valuable insights and aid in steering financial aid choices. Additionally, it's noteworthy that supplementary funds might become accessible later in the process, and alumni could offer scholarships for their offspring. Being vigilant of the concealed costs of college, which can accumulate, is essential.
Exploring Different Types of 529 Plans
In the context of 529 plans, distinguishing between the various types available is crucial. The primary categories are savings plans and prepaid plans. Savings plans operate akin to other investments, fostering the growth of your savings over time. Conversely, prepaid plans permit you to secure current tuition rates. Private savings plans are crafted specifically for private colleges, while state plans offer prepaid options as well. Adapting your strategy to your circumstances and evaluating all potential options, including brokerage accounts, is vital when saving for college.
Understanding the Cost of Prepaid Plans
The pricing of prepaid plans fluctuates based on elements such as your child's age and the duration of your savings period. Unit plans, for instance, enable the purchase of fractional units redeemable in the future. A thorough analysis of all options, weighing the pros and cons, including potential returns and investment flexibility, is essential. While 529 plans present tax benefits and serve as a potent tool for college planning, exploring other savings prospects and investment avenues to ensure a comprehensive approach is crucial.
Conclusion and Future Outlook
To conclude, 529 plans stand as a potent tool in college planning, offering tax benefits and adaptability. However, approaching them with a discerning eye and not relying on them as the sole college savings mechanism is vital. By diversifying your investments and exploring other savings prospects, like regular brokerage accounts, you can craft a holistic strategy for financing your child's education. Engaging early with the college financial aid office and investigating all scholarship and financial aid opportunities is also key. As college costs escalate, staying abreast of developments and modifying your college planning strategy is essential.
Looking ahead, the dynamics of college planning are set to evolve continually. Keeping pace with regulatory changes and uncovering new avenues for education funding is vital. By adopting a proactive stance and seeking expert guidance, you can navigate the intricacies of college planning, securing a promising future for your child. Here's to a triumphant journey in college planning!
Thank you for joining us on Wine and Dime. If this podcast resonated with you, we encourage you to share it with your friends and family. We'd appreciate your support in rating us on iTunes to help others discover us. A heartfelt thank you to TJ Meehan at Meehan Media for his expertise in production. Until next time, cheers!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 06 Sep 2023 - 12min - 272 - Exploring the Changes in FAFSA: A Comprehensive Guide
Welcome back, Wine and Dime listeners! In this four-part series on college planning, we have been discussing the major changes coming to the Free Application for Federal Student Aid (FAFSA). In part one, we explored college savings options, and in part two, we delved into ten changes to the FAFSA. Today, in part three, we will continue our discussion on the FAFSA changes, focusing on income and other factors that will impact students and their families.
But before we dive into the details, let's take a moment to appreciate the beauty of the upcoming fall season in upstate New York. As the fall colors start to grace our surroundings, I am reminded of the stunning landscapes in the Adirondacks. However, it's important to remember that we live in an equally beautiful area. So, why not act like a tourist in our own backyard? I am excited to explore the east side of Seneca Lake and visit Silver Thread Winery. If you have any recommendations or information about this winery, please let me know. Now, let's shift our focus to the changes in the FAFSA process.
Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Key Takeaways:
- The Income Protection Allowance will increase by about 20% for parents and 35% for dependent students.The allowance for state taxes is going away, resulting in an increase in overall income.The Employment Expense Allowance is being adjusted to allow married couples with only one working spouse to qualify.Students who can't provide their parents' financial information can now file as a provincial independent student.Reporting for two household families will require information on both parents and spouses who provide the majority of the student's financial support.
Key Changes
Income Protection Allowance increasing, but multiple students in college no longer a factorEmployment Expense Allowance tweaked - now calculated based on total family incomeOption for students unable to provide parent info; can file as Provisional IndependentNew formula for reporting income if parents are divorced/separatedChanges already enacted: Pell Grants for incarcerated students, required disclosure of aid adjustmentsTimeline and Effects
FAFSA available starting in December 2023, not OctoberDelayed timeline could impact acceptance letters, grant deadlines, award letter timingSteps to take: Use Estimator Tool, get FSA ID, check college websites for updatesWinery Recommendation
Host Amy Irvine recommends visiting Silver Thread Vineyard on the east side of Seneca Lake in the Finger Lakes region.
Founded in 1982, Silver Thread is an owner-operated, boutique winery known for sustainably-grown estate wines. Acclaimed winemaker Paul Brock and wine educator Shannon Brock took the helm in 2011 and practice a holistic, regenerative style of farming called biointensive viticulture. The winery generates 100% of its energy needs from a 28kw solar array located on-site.
Silver Thread produces about 3,000 cases annually of premium vinifera wines like Riesling, Chardonnay, Cabernet Franc, and Lemberger. Wines are available in their relaxed tasting room, through the wine club, via mail order, and in select stores and restaurants.
The winery is tucked away off the main wine trail, overlooking Seneca Lake. Wine lovers will enjoy discovering this hidden gem and sampling outstanding, terroir-driven wines that capture the essence of the Finger Lakes.
Silver Thread is still being written - the team is constantly learning, improving their sustainable practices, and applying new knowledge. Thanks for joining their journey!
Conclusion and Future Outlook
In conclusion, the changes to the FAFSA process under the FAFSA Simplification Act will have a significant impact on students and families. While some changes, such as the increase in the Income Protection Allowance, provide relief, others, like the reporting requirements for two-household families, pose challenges. The expansion of the professional judgment process and the eligibility of incarcerated students for Pell Grants aim to provide more equitable opportunities for students. However, the delayed availability of the FAFSA this year may create additional stress and time constraints for families.
As we move forward, it is crucial for families to stay informed and prepared. Utilizing available resources, attending informational sessions, and staying updated on deadlines will help navigate the changing landscape of college planning. While the FAFSA changes may present initial difficulties, they also offer an opportunity for families to gain a clearer understanding of the true cost of education and explore available financial aid options.
Thank you for joining me on this journey through the changes in the FAFSA process. I hope this comprehensive guide has provided valuable insights and guidance. If you found this information helpful, please share it with your friends and family. Your support and feedback are greatly appreciated. Cheers to a successful college planning journey!
Helpful Links:
The FAFSA Simplification Act - Upcoming FAFSA Changes - College Aid Pro - B2CA New FAFSA Form Is Coming, Along With Changes in College Aid - The New York Times (nytimes.com)What is the Student Aid Index (SAI) - Savingforcollege.com How To Navigate Financial Aid Appeals With Your College-Bound Student - College Aid Pro Finger Lake Vineyards, Part II: The Best Wine Trails Around Seneca Lake (thetravel.com)Home - Silver Thread WineryThis episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 30 Aug 2023 - 15min - 271 - Top 10 Changes to the FAFSA for the 2023 - 2024 FAFSA Season
Welcome back to another episode of Wine and Dine! In today's discussion, we will be diving into the changes in the Free Application for Federal Student Aid (FAFSA). As a financial planner, it is my goal to provide you with valuable information that can help you navigate the complexities of college planning. So grab a glass of wine, sit back, and let's explore the recent updates to the FAFSA.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Introduction
The FAFSA is a crucial tool for families seeking financial aid for college education. It helps determine the expected family contribution (EFC) and the amount of financial aid a student may be eligible for. In this episode, we will be focusing on the changes in the FAFSA, including the transition from EFC to the student aid index, the shorter FAFSA form, and the impact on small businesses and farms. We will also discuss the expansion of the Pell Grant and the changes in reporting assets and income. So let's dive right in!
Key Takeaways:
- The FAFSA is transitioning from the expected family contribution to the student aid index.The FAFSA form is getting shorter, reducing the number of questions.Small business and farm owners will now have to report the value of their businesses on the FAFSA.The student aid index can be below zero, allowing for more financial aid for needy students.The Pell Grant formula is linked to family size and the federal poverty level, providing additional funding opportunities.Families with an AGI up to $60,000 will not be required to report assets on the FAFSA.Contributions to pre-tax retirement plans will no longer be added back to AGI for FAFSA calculations.Child support received will no longer be added to income, but the amount will be added to non-retirement assets.Financial help from family members or friends will no longer be considered untaxed income for students.Funds used from a grandparent-owned 529 plan will not be considered untaxed income for students.
Adirondack Winery
Adirondack Winery, nestled in the scenic beauty of Lake George and the Adirondacks, is a testament to the passionate pursuit of Mike & Sasha Pardy. Starting as a micro-winery in 2008, their dedication has transformed it into a renowned establishment with a state-of-the-art $2.6 million Tasting Room and Winemaking Facility in Queensbury. Throughout the years, they've seamlessly combined traditional wine-making with innovative techniques, resulting in award-winning wines that showcase the region's charm. With a history rich in family, innovation, and a dedication to excellence, Adirondack Winery invites you to be a part of their wine journey. Discover more and plan your visit at https://www.adirondackwinery.com/
Conclusion and Future Outlook
In conclusion, the changes in the FAFSA aim to simplify the application process and provide more accurate financial aid assessments. While some changes may pose challenges for families, such as the inclusion of small businesses and farms in the formula, there are also opportunities for families to strategically manage their assets and increase their eligibility for financial aid.
As the FAFSA continues to evolve, it is essential for families to stay informed and seek professional guidance to navigate the complexities of college planning. By understanding the changes in the FAFSA and exploring the planning opportunities they present, families can make informed decisions and ensure a smoother path to funding their children's education.
Remember, college planning is a journey, and with the right knowledge and resources, you can navigate the financial vineyard and craft a delicious life for yourself and your loved ones. Cheers to a fruitful future!
Links for more information:
The FAFSA Simplification Act - Upcoming FAFSA Changes - College Aid Pro - B2C
A New FAFSA Form Is Coming, Along With Changes in College Aid - The New York Times (nytimes.com)
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 23 Aug 2023 - 14min - 270 - College Planning Fundamentals: Terminology and Financial Aid Tips
Welcome to Wine and Dime, where we explore the intersection of wine and finances. In this series on college planning fundamentals, we will delve into the terminology and strategies that can help you navigate the complex world of college planning. Just like a fine wine, college planning requires careful consideration and aging to achieve the desired outcome. So, grab a glass of your favorite vintage and join me on this journey of financial education.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Key Takeaways:
- Define your college funding goals and prioritize them based on timing and resources.Fill out the FAFSA form even if you don't think you qualify for financial aid.Need blind colleges consider a student's ability to pay tuition cost in the admissions decision.Merit scholarships are based on a student's merit and do not need to be repaid.Parent PLUS loans can bridge the gap between need-based aid and family resources.
Quotes:
"You can borrow for education, but you can't borrow for retirement.""Don't assume anything. Fill out the FAFSA form.""Need blind colleges are schools where a student's ability to pay tuition cost is not factored into the admissions decision.""Merit scholarships are based on the student's merit and do not need to be repaid.""Parent PLUS loans are taken by the parent and often close the final gap between need-based aid, merit scholarships, and family resources."Exploring the Vineyards of Shaw Vineyard
Before we dive into the intricacies of college planning, let's take a moment to appreciate the beauty of the vineyards. Shaw Vineyard, located on Seneca Lake, is known for its dedication to aging their wines. Their reds spend five or more years in the cellar before they are bottled, resulting in a rich and flavorful experience. They also offer a unique blend called the Cuca Hill Reserve, which combines Merlot, Cabernet Sauvignon, and Cabernet Franc. I am eager to explore this winery and discover the nuances of their wines. If you have had the pleasure of trying Shaw Vineyard's wines, I would love to hear about your experience. And if you find yourself in the Finger Lakes area, I encourage you to visit and embark on your own wine adventure.
The Five Essential Steps of College Planning
Now, let's shift our focus to the topic at hand: college planning fundamentals. It is important to approach college planning with a clear understanding of your goals and priorities. Defining your goals involves determining how much responsibility you and your child will have in funding their education, as well as considering other financial goals that may require attention. It is crucial to establish a timeline for each goal and anticipate any potential detours along the way. By mapping out your college planning journey, you can create a comprehensive and adaptable plan that aligns with your family's unique circumstances.
The Power of Savings: Understanding 529 Plans
When it comes to saving for college, 529 plans are a popular choice. These education savings plans offer tax advantages and can be customized to suit your needs. There are different types of 529 plans, including savings plans, prepaid plans, and private plans. A savings plan allows you to invest money that will grow over time, while a prepaid plan involves prepaying the cost of education within your state's system. Private plans, on the other hand, provide the flexibility to save for private school education. It is important to consider your family's situation and consult with a financial planner to determine the best approach for your college savings.
Navigating the FAFSA: Your Gateway to Financial Aid
The Free Application for Federal Student Aid (FAFSA) is a crucial step in accessing financial aid for college. Regardless of your financial situation, it is essential to complete the FAFSA to determine your eligibility for various forms of aid. Filling out the FAFSA opens the door to institutional aid, academic scholarships, and federal loans. It is important to note that the FAFSA includes the student's name and may require reporting of the parents' assets, excluding retirement assets, the value of the home, and life insurance. However, some colleges may require additional information through the CSS profile, including the cash value of life insurance. To ensure a smooth FAFSA process, consider working with a financial planner who can guide you through the application.
Need-Based Aid vs. Merit Scholarships: Understanding the Difference
Financial aid can come in various forms, including need-based aid and merit scholarships. Need-based aid is determined by the academic institution and is based on the student's financial need. It may include loans, tuition reductions, or work-study opportunities. Merit scholarships, on the other hand, are awarded by colleges based on the student's academic achievements and do not need to be repaid. It is important to explore both need-based aid and merit scholarships to maximize your financial resources for college.
Federal Student Loans: A Tool for Financing Education
Federal student loans can be a valuable tool for financing education. Undergraduate students can borrow a maximum amount each year, depending on their dependency status and whether they qualify for subsidized or unsubsidized loans. Subsidized loans are based on financial need and do not accrue interest until after graduation, while unsubsidized loans accrue interest from the day they are dispersed. Parent PLUS loans are another option for closing the gap between financial aid and tuition costs. It is important to understand the terms and conditions of federal student loans and consider them as part of your overall college financing strategy.
The FAFSA Simplification Act: Changes on the Horizon
The FAFSA Simplification Act, set to take effect in 2024, will bring significant changes to the college financial aid landscape. These changes aim to simplify the FAFSA process and provide more transparency in determining financial aid eligibility. It is crucial to stay informed about these changes and their potential impact on your college planning. In our next episode, we will delve deeper into the FAFSA Simplification Act and explore its implications for families navigating the college planning journey.
Conclusion: Nurturing the Vines of Financial Success
College planning is a complex and multifaceted process that requires careful consideration and strategic decision-making. By defining your goals, exploring savings options, understanding the FAFSA, and navigating financial aid opportunities, you can set the stage for a successful college experience. Remember, college planning should be customized to your family's unique circumstances, and seeking guidance from a financial planner can provide invaluable support along the way. So, raise a glass to the journey ahead and toast to the fruitful vines of financial success.
Thank you for joining me on this exploration of college planning fundamentals. I hope you found this episode informative and insightful. If you have any questions or would like further guidance on college planning, please reach out to us at Rooted Planning Group. Cheers to a bright future!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 09 Aug 2023 - 16min - 269 - Special Needs Trusts: A Guide to Protecting Your Loved Ones
Special Needs Trusts: A Guide to Protecting Your Loved Ones
Welcome back to another estate planning edition of Wine and Dime. In this episode, we will be delving into the topic of special needs trusts. As the CEO and founder of Rooted Planning Group, I have had the privilege of gaining valuable insights from the Encore Estate's Team, who have provided me with guidance and educational language on this subject. Before we dive in, I would also like to highlight a winery that I recently visited, Kemmeter, located in the Finger Lakes area of New York. Their unique approach to winemaking, influenced by music, has brought a fresh perspective to the industry. But now, let's turn our attention to the important matter at hand - special needs trusts.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Key Takeaways
Here's a brief summary of the episode for all you time-pressed listeners who want your information as crisp and light as a glass of Pinot Grigio:
A Special Needs Trust helps a beneficiary inherit assets without jeopardizing their eligibility for government benefits.The trust allows clients to appoint a professional fiduciary to manage the funds.Assets in the trust never directly belong to the beneficiary.Tailor your Special Needs Trust to the specific needs and circumstances of each beneficiary.Unveiling the Special Needs Trusts
In this episode, we delve into what a Special Needs Trust is all about. This is a financial safety net designed to ensure that beneficiaries continue receiving needs-based government benefits, like Medicaid and Supplemental Security Income (SSI), even after they inherit assets. It's a supplement, not a replacement. Think of it like adding that perfect splash of creamer to your morning coffee – it doesn't replace the coffee, just enhances it.
Maintaining Control with Special Needs Trusts
One of the unique aspects of a Special Needs Trust is that the assets never directly belong to the beneficiary. This means they can inherit assets and still maintain their benefits. Also, a Special Needs Trust allows me as a client to appoint a trusted individual or professional fiduciary to manage the funds for the beneficiary's benefit. It's all about preserving control and ensuring the beneficiary's financial safety.
When Do You Need a Special Needs Trust?
In this episode, I highlight various circumstances that might require a Special Needs Trust. From caring for a sibling who can't make independent financial decisions to securing a future for a child with a learning disability, the scenarios are as varied as the wine varietals in Napa Valley. However, it's crucial to remember that a Special Needs Trust isn't a one-size-fits-all solution. Always make sure to consult with a qualified attorney or legal counsel to tailor the trust to your specific needs.
My Wine Recommendation
Now, what would an episode of "Wine and Dime" be without a wine recommendation? This time, I'm suggesting a Riesling from Kemmeter in the Finger Lakes area of New York. It's a wine that harmonizes just right with our discussion on Special Needs Trusts, delivering both sweetness and depth. Here's to savoring every note!
I hope you find this episode as enlightening as I found it enjoyable to create. And don't forget to rate us on iTunes and share your thoughts. Your feedback is the secret ingredient to making this podcast better and better. Until next time, here's to responsible drinking and even more responsible financial planning!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 02 Aug 2023 - 10min - 268 - Understanding the Five Wishes: A Comprehensive Guide to End-of-Life Planning
Hello, Wine and Dime listeners! Thank you once again for joining the show. Today, we are diving into a topic that is often overlooked but incredibly important in estate planning: The Five Wishes. This document, created by the organization Five Wishes, is the first living will that addresses not only your medical wishes but also your personal, emotional, and spiritual needs. It allows you to choose the person who will make healthcare decisions for you if you are unable to do so yourself.
Key Takeaways:
- The Five Wishes is a comprehensive living will that addresses personal, emotional, and spiritual needs, in addition to medical wishes.The document allows individuals to choose a healthcare decision-maker and specify their medical treatment preferences.It covers how individuals want to be treated, what they want loved ones to know about them, and their funeral wishes.Distribute copies of the Five Wishes to relevant parties and keep the original in a safe place at home.Aging with dignity involves ensuring that family members are aware of an individual's final wishes.
Before we delve into the details of The Five Wishes, let's take a moment to talk about something a little lighter. In our previous episodes, we featured a winery called Billsboro on Seneca Lake. If you ever find yourself in the Finger Lakes area of New York, I highly recommend visiting Billsboro. Their wines are delightful, and the setting in their beautiful old barn is truly picturesque. One wine that stood out to me was their 2022 Sarah, which will be released soon. It's a light and rich-flavored wine that I believe many wine enthusiasts will enjoy.
Now, let's get back to the topic at hand: The Five Wishes. This document is a comprehensive living will that covers various aspects of your healthcare and end-of-life wishes. It was created with the help of the American Bar Association Commission on Law and Aging and is available in 29 languages.
The Five Wishes addresses five key areas:
1. Choosing a Healthcare Decision-Maker
The first wish allows you to designate the person you want to make healthcare decisions for you if you are unable to do so yourself. This person, known as your healthcare proxy or agent, will have the authority to make medical decisions on your behalf. It's crucial to choose someone you trust and who understands your values and wishes.
2. Defining Your Medical Treatment Preferences
The second wish focuses on your preferences for medical treatment. It allows you to specify the kind of medical treatment you want or don't want in various scenarios. You can outline your preferences for pain management, comfort, and life-supporting treatments. The document provides options for you to be as specific as you'd like, ensuring that your wishes are known and respected.
3. Ensuring Comfort and Dignity
The third wish centers around your desire for comfort and dignity. You can express how you want to be cared for, including specific requests such as having pictures of loved ones in your room, being treated with kindness and cheerfulness, or even being called by a particular name or nickname. This wish allows you to define how you want people to treat you during your healthcare journey.
4. Communicating Your Personal Wishes
The fourth wish is an opportunity for you to communicate your personal wishes to your loved ones. You can express forgiveness, love, and any other sentiments you want your family and friends to know. Additionally, you can outline your preferences for your body after death, such as burial, cremation, or donation. This wish ensures that your loved ones have a clear understanding of your final wishes.
5. Funeral and Memorial Service Preferences
The fifth and final wish covers your preferences for funeral and memorial services. You can specify whether you want a burial or cremation, provide details about your desired memorial service, and even mention how you want to be remembered. This wish allows you to leave a lasting impression and ensure that your funeral arrangements align with your wishes.
The Five Wishes document is easy to use, with checkboxes, circles, and spaces for you to fill in your specific preferences. Once you sign the document, it becomes legally binding and supersedes any previous living will or durable power of attorney for healthcare that you may have had. It's important to distribute copies of the document to your healthcare proxy, family members, doctors, and anyone else involved in your care.
By completing The Five Wishes, you can age with dignity and have peace of mind knowing that your wishes will be respected. It also relieves your loved ones of the burden of making difficult decisions without knowing your preferences.
In conclusion, estate planning is not just about financial matters; it also involves making decisions about your healthcare and end-of-life wishes. The Five Wishes provides a comprehensive framework for addressing these important aspects of your life. By utilizing this document, you can ensure that your wishes are known and respected, and you can spare your loved ones from unnecessary stress and conflict during difficult times.
I encourage you to visit the Five Wishes website or reach out to us at info@rootedpg.com to obtain a copy of this invaluable document. Take the time to complete The Five Wishes and have open conversations with your loved ones about your wishes. It may not be the most enjoyable topic to discuss, but it is an essential part of planning for the future. Remember, aging with dignity is a gift we can give ourselves and our loved ones.
Thank you for joining us on this episode of Wine and Dime. If you found this information valuable, please share it with your friends and leave us a review on iTunes. Your support helps us reach more people like you who can benefit from our financial insights. Stay tuned for our next episode, where we will be discussing special needs trusts. Cheers to a well-planned future!
Wed, 26 Jul 2023 - 15min - 267 - Power of Attorney: Your Financial Lifeline in a Bottle
Hey there, wine enthusiasts and financial aficionados! In this episode of "Wine and Dime," I'm thrilled to uncork the complex topic of Power of Attorney in Estate Planning. We'll pour out the details, swirl them around, and give you a taste of why this legal document is a crucial part of your financial vineyard. So, grab your favorite glass, sit back, and let's dive into the world of Power of Attorney, one sip at a time.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Key Takeaways:
Powers of attorney can be either temporary or permanent and are essential for planning for emergencies and incapacity.A durable power of attorney remains in effect even if the principal becomes incapacitated, while a nondurable power of attorney ends in such situations.It is crucial to appoint a trustworthy agent with integrity and consider appointing a secondary agent as a backup.A durable financial power of attorney allows the agent to handle the principal's financial affairs, while a durable healthcare power of attorney enables the agent to make medical decisions.Powers of attorney do not continue beyond a person's life, and separate documents are needed for financial and healthcare powers of attorney.A Journey to Billsboro Winery
I kicked off the episode with a delightful recount of my visit to Billsboro Winery. Nestled on the shores of Seneca Lake, this winery is a must-visit for all wine lovers. My recommendation? The Alberino - a refreshing white grape wine that's perfect for summer. So, whether you're a local or a visitor, make sure to add Billsboro Winery to your itinerary.
Decoding Power of Attorney
Next, I uncorked the main topic of the episode: Power of Attorney. I explained the two types of Power of Attorney - financial and healthcare - and the difference between durable and non-durable. I emphasized the importance of appointing a trustworthy agent and having a successor in place. Remember, this isn't legal advice, but a guide to help you understand the terminology and its relevance to your life.
Pitfalls to Avoid
I also highlighted some common pitfalls to avoid when dealing with Power of Attorney. From appointing the wrong agent to not having access to the physical document, I outlined potential issues that could leave a sour taste in your financial planning.
Recommended Wine
To pair with this episode's theme, I recommend the Alberino from Billsboro Winery. Much like a Power of Attorney, this wine is there for you when you need it most, providing a refreshing, reliable taste that you can count on. So, as you navigate the complexities of estate planning, take a moment to savor Alberino's crisp, light flavors. After all, who said legal discussions couldn't be paired with a delightful wine?
That's it for this episode of "Wine and Dime." Stay tuned for our next episode, where we'll delve deeper into your final wishes. Until then, keep sipping, keep learning, and remember - life, like wine, should be savored, not judged. Cheers!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Thu, 20 Jul 2023 - 12min - 266 - Supreme Decisions: The Impact on Student Loans
Welcome to another illuminating episode of Wine and Dime, where we explore and demystify financial landscapes while celebrating life's finer things. This week's episode is packed with insightful discussions, unraveling the latest updates on student loan repayments following a recent Supreme Court ruling.
Hosted by Amy Irvine, CEO and Owner of Rooted Planning Group, this episode will guide you through this complex situation, equipping you with knowledge to navigate the shifting sands of student loans in the United States.
Wine or Winery Recommendation
Let's kick off this episode with a wine recommendation. This week, we introduce you to Billsboro Winery located on the picturesque Seneca Lake. Offering a unique mix of European style wines, Billsboro specializes in blended wines and a delightful summer Rosé.
Indulge in their flavorful Cabsellagnon and Sarah blends, or savor their diverse and vibrant Rosé. Besides the wines, you can delight in their specially curated charcuterie board. The winery also offers a delectable chocolate pairing for those with a sweet tooth. To learn more about their offerings or plan your visit, head over to Billsborowinery.com.
Remember:
Make a reservation due to the winery's intimate sizeVisit their website for online purchases if you're outside the Finger Lakes areaEnjoy their uniquely blended wines and pairingsMain Discussion: Current State of Student Loans and the Supreme Court Decision
In the wake of the COVID-19 pandemic, federal student loans were temporarily paused. However, a recent Supreme Court decision has stirred the waters. This ruling blocks the Biden administration's efforts to cancel up to $20,000 in federal student loans.
Key Highlights:
Interest on federal student loans will start accruing from September 1, with payments beginning in OctoberUpdating personal information and balances with your student loan provider is essentialConsider income-driven repayment and public service loan forgiveness to cancel student loan debtAmy goes on to delve into specific repayment plans like IBR (Income Based Repayment) and ICR (Income Contingent Repayment). She also shares valuable tips for managing and planning for your student loan repayment.
Closing Remarks
The world of student loans can be confusing and daunting. Stay tuned with Wine and Dime for more updates, especially with the unveiling of the new SAVE plan that offers several benefits to student loan borrowers.
In the meantime, do start budgeting for your repayments and explore organizations like Tisla, which provide free and fair student loan advice.
Key Takeaways
Review and update your student loan provider accountReconsider your repayment options, especially income-driven onesStart budgeting for repayments, potentially setting aside money in a savings accountIf you need additional help, consult organizations like TISLAStay informed about the upcoming SAVE planRecommended Wine
Billsboro Winery
Located on Seneca Lake, Billsboro Winery produces elegant wines to suit various occasions. Their unique blends, like Cabsellagnon and Sarah, offer a rich and full-bodied flavor profile. Their summer Rosé is a refreshing treat. Visit their website or make a reservation to experience their exceptional wine tasting experience.
Website: Billsboro Winery
Ensure to tune in next time for another exciting episode of Wine and Dime, where we make financial education as enjoyable as a glass of your favorite wine!
Wed, 05 Jul 2023 - 15min - 265 - Healthcare Proxies & Your Comprehensive Estate Plan
Welcome back to Wine and Dime, where we delve into the rich nuances of financial planning, just as one might explore the complexities of a fine wine. In this episode, Amy Irvine, CEO and Founder of Rooted Planning Group, uncorks the topic of healthcare proxies in estate planning.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
What You'll Learn
The definition and purpose of a healthcare proxy within the context of comprehensive estate planning.The importance of selecting a trusted person (or persons) who can make healthcare decisions on your behalf during difficult and emotional times.Various scenarios and preferences you can outline in your healthcare proxy, including end-of-life decisions, organ donations, and specific medical treatments.An understanding of the Health Insurance Portability and Accountability Act (HIPAA) and its impact on your healthcare information.The relevance and importance of advanced directives and how they complement a healthcare proxy.How to manage healthcare-related decisions in case of permanent unconsciousness or terminal conditions.The necessity of open conversations with loved ones about your healthcare preferences and end-of-life wishes.Wine Tour Recommendation
Rooted Vine Wine Tours | Santa Barbara Wine Tours & Tastings (rootedvinetours.com)
In keeping with the tradition of discovering wineries with a rooted theme, Amy brings to our attention the Rooted Vine Wine Tours based out of Santa Barbara. It's not a winery in itself but offers an exciting opportunity to explore various wineries in the region.
Whether you're a novice enthusiast or a seasoned connoisseur, Rooted Vine Wine Tours promises a delightful expedition through some of the finest vineyards Santa Barbara has to offer. Ideal for those planning a visit to the area or looking for a unique wine adventure.
Remember, like our financial journey, wine tasting is not just about the destination but the journey itself. You may just find your new favorite vine on the Rooted Vine Wine Tour!
Check out their website for more details and plan your wine tour extravaganza.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 28 Jun 2023 - 12min - 264 - "Trust" Me, You Need to Listen to This Episode on Estate Planning
Hey there Wine and Dime listener!
Are you ready to dive into the world of estate planning with me? In this episode, we're going to talk about trusts - and trust me, it's not as complicated as you might think!
First, I'll give you an overview of the different types of trusts, including testamentary trusts, living trusts, and irrevocable trusts. We'll also dive into specific types of irrevocable trusts, like irrevocable life insurance trusts and charitable remainder trusts. Don't worry, I'll make sure you understand all the parties involved in a trust, including the grantor, beneficiary, and trustee.
One thing that I find super important is having a pour-over provision will to account for any assets accidentally left out of the trust. As a trustee, it's crucial to know about this provision and how it works - trust me on this one!
There are so many reasons for forming a trust, like blended households, clear asset distribution, privacy of asset distribution, and asset protection. And if you want to learn more, you can always check out the resources on the Rooted Planning Group website.
As always, don't forget to rate and subscribe to the show. And a big shoutout to T.J. Meehan, who helps with production. If you have any questions or want to learn more, you can contact me through the Rooted Planning Group website or follow us on social media.
In my opinion, estate planning is not just for the wealthy. It's for anyone who wants to make sure their assets are distributed according to their wishes. So, let's get started on securing our future by playing this episode now.
What You'll Learn:
- The types and purpose of various trusts, including Testamentary Trusts, Living Trusts, and Irrevocable Trusts.The parties involved in a trust: The Grantor, The Beneficiary, and The Trustee.The role of an executor in the trust process.The various scenarios where forming a trust could be beneficial.The nuances of estate planning with blended families.
Summary of Discussion:
In this fruitful discussion, Amy Irvine, founder of Rooted Planning Group, takes a deep dive into estate planning with a focus on trusts. Trusts are vital tools in estate planning that ensure your assets are handled according to your wishes. The episode uncovers the different types of trusts, including Testamentary, Living, and Irrevocable Trusts, each serving unique purposes.
Amy also explains the roles of the three key players in a trust: The Grantor (who creates and funds the trust), the Beneficiary (who ultimately receives the proceeds from the trust), and the Trustee (who has a fiduciary responsibility to manage the trust).
Amy touches on the vital role of an executor who works closely with the trustee to ensure a smooth asset transfer. This episode also explores situations where forming a trust could be particularly beneficial, including blended households, probate reduction, privacy of asset distribution, and asset protection.
Winery Recommendation:
Get your corkscrews ready because this episode's wine recommendation is Bricoleur Vineyards, a French winery in beautiful Sonoma County. While Amy hasn't tasted their wines yet, she was drawn to their theme of "roots," which resonates with the spirit of the Rooted Planning Group. They have a strong focus on their vineyard's roots, reminding us of the deep-seated connections between life, finances, and good wine.
Wrapping Up:
This episode is a must-listen for anyone looking to take a deeper understanding of trusts and estate planning. As always, Amy encourages listeners to refer to additional resources available on rootedpg.com. Don't forget to share this episode with friends, rate it on iTunes, and prepare for the next episode. Now, raise a glass to smart financial planning and exceptional wine!
Remember, this is not legal advice. If you're looking for legal advice on estate planning, please consult an estate planning attorney or an elder law attorney who specializes in this topic.
FAQ
Q1. What is estate planning?
Estate planning is the preparation of tasks that serve to manage an individual's asset base in the event of their incapacitation or death. Learn more about it in Episode 1 of our series.
Q2. What is a Trust in estate planning?
A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.
Q3. What types of Trusts are there?
There are several types of trusts including testamentary trusts, living (or revocable) trusts, and irrevocable trusts. Each has unique features and benefits. You can listen to Amy's deep dive into each one in this episode.
Q4. What are the roles involved in a Trust?
There are three main roles involved in a trust: The grantor (who creates and funds the trust), the beneficiary (who receives proceeds from the trust), and the trustee (who has a fiduciary responsibility to follow the trust language and act in the best interest of both the grantor and beneficiary).
Q5. Why would I want a Trust in my estate plan?
Trusts are often used in estate planning to achieve a variety of objectives including privacy of asset distribution, potential reduction of probate, and protection of assets, especially in cases of blended families.
Q6. Can I change the terms of my Trust?
It depends on the type of trust. Revocable (or living) trusts can be altered or even revoked entirely by the grantor, while irrevocable trusts, once established, cannot be changed.
Q7. What is an ILIT and how does it work?
An Irrevocable Life Insurance Trust (ILIT) is a trust that is set up to own a life insurance policy. This can be a beneficial strategy for reducing estate taxes. Find more information here.
Q8. What's a Charitable Remainder Trust?
A Charitable Remainder Trust is an irrevocable trust that generates a potential income stream for you, or other beneficiaries, with the remainder of the donated assets going to your favorite charity or charities. Find more information here.
Q9. What are the resources for more information?
You can find further resources and information on our website.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 21 Jun 2023 - 12min - 263 - Simplifying Wealth Transfer: The Power of Trusts in Estate Planning
Hey there, folks! I'm excited to share with you this episode of Wine and Dime, where I talk about the significance of estate planning. Trust me, it's a topic that you don't want to miss out on!
During this episode, I stress the importance of reviewing beneficiaries annually and provide some helpful tips, such as creating a spreadsheet or list of all accounts with named beneficiaries. I also explain the probate process and how it varies by state.
Furthermore, I dive into the importance of having a will and how creating an estate plan that includes a trust can protect financial details from becoming part of a public record. Trust me, it's a game-changer!
If you're feeling overwhelmed by the idea of estate planning, don't worry! I recommend consulting with an attorney or financial planner for complicated situations. It's always better to be safe than sorry when it comes to your finances.
So, grab a glass of your favorite wine, and tune in to this episode. You won't regret it!
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Topics Covered:
Probate and its process:
The probate process and its requirement can vary by state.In some states, like California, probate is automatic.The process involves several steps including obtaining a death certificate, identifying an executor or administrator for the estate, identifying assets, paying expenses like debts or taxes, and notifying or paying beneficiaries.If there's a will, a judge validates it, and it usually needs to have witnesses. In some states, these witnesses must appear at probate, while in others, they can sign an affidavit when the will is signed.Role of an Executor:
When there's a will, it identifies the executor, assets, beneficiaries, and any outstanding debts and obligations.The executor's job can be simple or very involved, depending on the complexity of the estate.The executor's responsibilities include taking stock of the decedent's assets, including those not listed in the will, ensuring control of the assets during the probate process, and possibly hiring an appraiser to determine the value of certain assets.The executor also needs to notify creditors about the death, which includes banks and even publishing an obituary to alert unknown creditors.Finally, the executor must resolve the estate, which includes paying off debts and distributing assets to the beneficiaries.Probate without a Will (Intestacy):
If there's no will, either because the decedent did not prepare one or because the court rules the one they have to be invalid, the estate is said to be intestate.In this case, any remaining assets, after debts are paid, go to the closest living relative. The determination of who this relative is can vary depending on state laws and personal circumstances.Avoiding Probate:
While having a will can facilitate probate, it does not avoid the process entirely.Some ways to potentially avoid probate include naming beneficiaries on all accounts, transfer-on-death arrangements, and trusts.However, it's important to note that some assets are exempt from probate, such as life insurance trusts, jointly owned properties, and payable-on-death arrangements. Most retirement plans also fall outside of probate if beneficiaries are named.For those wishing to avoid probate and protect financial details from becoming part of the public record, consider creating an estate plan that includes a trust.Wine Recommendation - Rooted Souls Winery
WHERE IT ALL STARTED…, RED MOUNTAIN
The idea of Rooted Souls Winery started when Steve’s passion for wine took off after a wine-tasting trip to Red Mountain AVA in Benton City, WA. He followed his passion and studied enology at Washington State University in eastern WA, making his first vintage in 2016. After a successful barrel of Merlot, the business officially started in 2018. Hustling at farmers markets and selling wine to local restaurants eventually led to finding Woodin Creek’s Wine Alley where the first tasting room was opened in July 2021.
FROM TERROIR TO BOTTLE
The “Rooted Souls” name stems from the desire to highlight WA state terroir and to create unique wines that can properly highlight such terroir. “Rooted Souls” also goes beyond just terroir as it is an extension of Steve and his wife Erica’s artistic vision to create a wine that truly expresses liquid art.
FOR LOVE
Rooted Souls Winery is a labor of love by Steve, Erica, and their fabulous tasting room associate Hannah. We hope that our wines, and the environment we create within our tasting room and beyond provide you a sense of love.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 14 Jun 2023 - 18min - 262 - Estate Planning: Why It's Essential and How to Get Started - Part 1 of a Comprehensive Series
Hey there! Welcome to this episode of Wine and Dime, where I am going to introduce you to a new series on estate planning. Trust me, it's going to be a blast!
So, let's dive right in! Estate planning is an important process that involves making some major decisions. And, if you're wondering why you need an estate plan, let me tell you, there are three basic reasons - privacy, protection of loved ones, and peace of mind.
Now, let's talk about the five components of estate planning. First up, we have a will, which is a legal document that outlines your wishes for your assets after you pass away. Then, we have a healthcare proxy, which is a document that designates someone to make medical decisions for you if you're unable to do so. Next, we have a HIPAA release, which allows your designated person to access your medical records. After that, we have a power of attorney, which gives someone the authority to make financial decisions on your behalf. And last but not least, we have naming guardians for any minor children.
It's important to do an annual review of your estate planning documents and pick primary and contingent guardians. Trust me, it's better to be safe than sorry. So, let's get started on this exciting journey of estate planning together!
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Shout Out to the Winery of the Week
Amy gives a shout out to our sponsor, Living Roots. This unique winery boasts wines from Australia and Rochester, New York. If you're a wine enthusiast, you might want to check them out!Estate Planning Explained
Amy defines estate planning as legal planning that helps you control who inherits your assets and who can make medical and financial decisions on your behalf. She emphasizes that her goal is to educate, not provide specific legal advice.Why is Estate Planning Necessary?
Amy discusses three reasons why estate planning is crucial:
Control: Having an estate plan lets you decide who inherits your assets and makes important decisions for you.Peace of Mind: By determining the distribution of your assets in advance, you reduce potential conflicts after your death.Privacy: Proper planning ensures that your wishes are respected and your loved ones' privacy is protected.Key Components of an Estate Plan
Beneficiary Designations: Deciding who will inherit your assets.Method of Distribution: Establishing how and when your beneficiaries will receive their inheritance.Trustees, Executors, and Powers of Attorney: Choosing the people who will make financial decisions for you if you're unable to do so.Health Care Proxies: Appointing someone to make healthcare decisions on your behalf.Guardians: If you have minor children, deciding who will care for them in your absence.Wills vs Trusts
Amy explains the differences between a will and a trust. While both documents allow you to control who gets your assets, trusts offer more control and privacy.Remember to review your estate plan regularly and ensure that your designated executors, proxies, and guardians are aware of their responsibilities.
Stay tuned for our upcoming episodes, where we'll delve deeper into different types of trusts, beneficiary designations, and end-of-life decisions. Don't forget to check the show notes for a checklist on estate planning!
Please note that the information provided in this episode is meant for educational purposes only. Consult with your legal advisor for advice pertaining to your specific situation.
Next Time on Wine and Dime
Join us as we continue our journey into the world of estate planning. We'll unpack the intricacies of trusts, highlight key aspects of beneficiary designations, and much more. Don't miss it!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 07 Jun 2023 - 16min - 261 - Exploring the Debt Ceiling: Impact and Implications on Personal Finance
Welcome to another episode of our podcast, where we believe in blending financial acuity with the art of living well. Today, we're tackling a topic that can seem as complex and intimidating as a sommelier's wine list—the Debt Ceiling. In this session, our very own Amy Irvine, CEO and Founder of Rooted Planning Group, takes us on a guided tour of the fiscal landscape.
We'll be getting to grips with the intricacies of the Debt Ceiling, its importance in the U.S. economic system, and its potential implications on personal finance. Just as every grape variety has its own unique character, every financial concept has nuances that can profoundly impact your financial health. We'll distill these complex matters down into palatable, easy-to-understand bites.
And, speaking of bites, we won't be leaving you parched. Amy will be sharing her recent wine adventure as she takes us to the Walla Walla Valley in Washington State, promising us some delightful deep reds that are as surprising and fascinating as our topic of discussion. So, pour yourself a glass and get comfortable as we uncork the mysteries of the Debt Ceiling in this episode.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Key Discussion Points:
- What is the Debt Ceiling?: This episode unpacks the debt ceiling concept, which is the maximum amount of money Congress authorizes the federal government to borrow to meet its bills. It's crucial to note that these expenses are pre-approved, indicating that Congress is aware of expenses surpassing the revenue.The Global Perspective: In a world where only the US and Denmark have a fixed debt ceiling, we ponder whether this approach is antiquated. Should the discussion also revolve around changing the formula?Historical Precedents: We reflect on the four instances when the US, arguably, defaulted, and the closest we came to a default in 2011, which resulted in the loss of the AAA rating.Potential Impact of a Default: The episode then explores the sobering potential consequences if the US were to default - including substantial GDP drop, millions of job losses, and the consequent hike in borrowing costs.The 14th Amendment as a Solution? Finally, we discuss the implications of invoking the 14th Amendment to entirely remove the debt ceiling, a significant shift in our financial structure.
If you found our episode enlightening and engaging, don't hesitate to like, rate, and subscribe to Wine and Dime for more discussions that harmonize the world of wine and personal finance. Got queries or topics you want us to uncork in our future episodes? Feel free to reach out. Tune in next time for more financial insights as we continue our journey from the roots of your financial vineyard to the tips of your flourishing vines. Cheers to your financial well-being!
Wine Region Recommendation:
In true Wine and Dime fashion, we can't explore the complexities of the Debt Ceiling without a fine wine to accompany our discussion. This episode, Amy takes us on a virtual wine tour to the lesser-known but nonetheless impressive Walla Walla Valley in Washington State.
Amy's journey into this stunning viticulture region reveals a treasure trove of deep, sumptuous red wines that promise to delight your palate. The Walla Walla Valley might not be as famous as its neighbors, the Columbia Valley and Willamette Valley, but its wines have a distinctive character that's worth seeking out. With rich, full-bodied flavors that echo the valley's unique terroir, these wines are a hidden gem for wine lovers looking to broaden their tasting experiences.
You can even explore this region further by visiting wallawallawine.com, which offers a wealth of information on the area, the vineyards, and even the possibility of membership options. Next time you find yourself perusing the wine store, look out for a bottle from Walla Walla Valley and discover the delicious secrets of this underappreciated wine region. Much like understanding the nuances of personal finance, you'll find that a little exploration can lead to rich rewards.
Want to learn more:
- Understanding the Debt Ceiling: Here is an accessible, easy-to-understand primer from Investopedia that explains the concept of the Debt Ceiling and its implications.The US Debt Ceiling History: This article from The Balance presents a historical overview of the U.S. Debt Ceiling, providing insight into its past increases and the reasons behind them.The US has never defaulted on its debt — except the four times it did | The HillThe Potential Impact of a Default: A report from Moody's Analytics (login required) provides data-driven predictions about the potential fallout if the U.S. were to default on its debts.Debt Ceiling and the 14th Amendment: This National Constitution Center article explores the debates around the potential application of the 14th Amendment to bypass the Debt Ceiling.Walla Walla Valley Wines: Learn more about the Walla Walla Valley and its exquisite wines on the official Walla Walla Valley Wine Alliance website.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 24 May 2023 - 11min - 260 - Economics 101: Understanding Economic Terms
Economics 101: Understanding Economic Terms
Get ready to dive into the world of finance like you've never done before! In this episode, our financial wizard Amy Irvine takes us on a whirlwind tour, decoding complex financial jargon and making it as easy as ABC. From short selling to capital gains, Amy breaks down intricate financial terms with her knack for making tricky concepts digestible. Ever wondered what 'market capitalization' really means? Or how about the strategy behind 'dollar cost averaging'? Well, you're in the right place.
But that's not all! Get ready to journey with Amy to the lush vineyards of Tennessee as she shares her wine region recommendation for this episode. With a glass of enchanting French Hybrid wine in hand, we promise you an enlightening experience where finance meets fun. So, buckle up for a roller coaster ride through the finance world and get ready to become the savvy investor you've always dreamed of being. Cheers to knowledge and good wine!
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Market Capitalization
Amy kicks things off with a clear definition of market capitalization and how it divides companies into categories of large cap, mid cap, and small cap. These terms, based on the overall value of a company's publicly traded shares, can greatly influence investment strategies.Dollar Cost Averaging
Next up, we discuss dollar cost averaging, a strategy that involves regularly investing a fixed amount of money, regardless of asset price. Amy explains why this method can help investors avoid the pitfalls of market timing and reduce the impact of market volatility.Liquidity
Amy gives a great explanation of liquidity, referring to how quickly assets can be converted into cash. She also introduces us to its opposite - illiquidity - and discusses how these concepts can affect your financial decisions.Short Selling
We then move onto short selling, a topic that has made headlines in recent years. Amy breaks down this high-risk investment strategy and why it's not typically recommended for most investors.ETFs vs Mutual Funds
Amy helps us understand the difference between exchange-traded funds (ETFs) and mutual funds. While they may seem similar, they're traded differently and can have distinct implications for your investment portfolio.Capital Gains & Capital Gain Distributions
Finally, we delve into the world of capital gains and capital gain distributions. Amy highlights the important differences between these two terms and how they can affect your tax return.If there are any financial terms you've heard and want to learn more about, we encourages listeners to reach out. We are always eager to help unravel the complexities of financial terminology and make finance more accessible to everyone.
Wine Region Recommendation
In this episode, Amy invites us on a captivating journey through the flourishing vineyards of Tennessee, USA. Tennessee is making its mark in the wine world with its French Hybrid wines. These wines, bred to resist the harsh American winters and various vine diseases, provide a unique flavor profile that sets Tennessee wines apart.
From the Appalachian High Country to the banks of the Mississippi River, Tennessee's diverse landscape offers a myriad of wine experiences. The state's vineyards, characterized by their Southern charm and hospitality, provide unforgettable tastings, guided tours, and a deep immersion into the vibrant local culture. If you're a wine enthusiast, your next adventure in the heart of America should be exploring Tennessee's burgeoning wine industry!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 17 May 2023 - 18min - 259 - Economics 101: Sipping on Stock Market Trends and New Mexico's Uncharted Vineyards
Welcome to another exciting episode of Wine and Dime, where we blend the fascinating world of economics with the delightful flavors of wine. Today, we're diving into the intriguing depths of investor sentiment, market trends, and stock valuations, all while taking a virtual trip to the captivating wine regions of New Mexico! Sit back, pour yourself a glass of your favorite vino, and join us as we unravel the mysteries of the stock market and uncover the hidden treasures of New Mexico's rich wine heritage. Let's embark on this delectable journey together! Cheers!
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
In this insightful episode of Economics 101, we dive into some key economic concepts and indicators that impact our financial lives. Here's what you'll learn:
Investor Sentiment:
The role of investor sentiment in the stock marketHow the American Association of Individual Investors (AAII) survey measures market optimismStock Market and the Economy:
The relationship between the stock market and the economyHow the stock market serves as a leading indicatorStock Market Valuations and Earnings Growth:
The significance of corporate earnings growth and its relationship to market valuationsHow the S&P 500 earnings have evolved over time and its impact on the stock marketMoving Averages in the Stock Market:
The importance of moving averages as a tool to understand market trendsAn overview of the 50-day, 100-day, and 200-day moving averages and their significanceWine Region:
In this scrumptious episode of Wine and Dime, we're venturing off the beaten path and exploring the captivating wine region of New Mexico. Often overlooked in favor of its more famous neighbors, New Mexico boasts a rich viticultural history dating back to 1629, when Franciscan friars first planted wine grapes in the fertile soil of the Rio Grande Valley.
So, grab your wine glasses, adventurers, as we embark on a sensory journey through the enchanting landscapes of New Mexico's flourishing vineyards. From the historic Middle Rio Grande Valley to the picturesque valleys of Mimbres and Mesilla, we'll unearth the secrets of New Mexico's winemaking past and present.
Prepare to be amazed as we uncover how the local wineries have collaborated with Italian, Spanish, and French vintners to create innovative hybrid grapes that capture the essence of New Mexico's unique terroir. As you sip on your favorite beverage, imagine the sun-drenched vines, the whispers of the desert winds, and the tantalizing aromas of New Mexican wines waiting to be discovered.
Whether you're a seasoned wine connoisseur or a curious newbie, let this episode of Wine and Dime be your guide to the hidden gems of New Mexico's wine country. Who knows? You might just find your next favorite bottle or plan a trip to this enchanting region. So, let's toast to the spirit of adventure and the delightful flavors that await us in the vineyards of New Mexico. Cheers!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 10 May 2023 - 14min - 258 - Economics 101: Understanding CPI, Unemployment, and Consumer Sentiment
Welcome to another exciting episode of Wine and Dime with your host, Amy Irvine! In this episode, we'll not only dive deep into the world of economics, but also embark on a delightful exploration of the Virginia wine region. Get ready to learn about the state's rich history of wine production, the unique varietals it offers, and the beautiful landscapes where these grapes flourish. So, pour yourself a glass of your favorite Virginia wine, sit back, and join Amy as she uncorks a wealth of knowledge about both CPI and unemployment, as well as the fascinating world of Virginia's wine industry. Cheers!
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Episode Summary:
In today's episode, Amy Irvine explores the connection between economic indicators like the Consumer Price Index (CPI) and unemployment, and how they influence consumer sentiment. As Amy breaks down the complexity of CPI, she highlights its various components and how they relate to inflation.
The discussion then moves on to the relationship between unemployment and inflation, with Amy explaining the significance of the U3 and U6 unemployment rates. She emphasizes the importance of monitoring these rates to understand their potential impact on the economy.
Lastly, Amy delves into the connection between consumer and investment sentiment, explaining the importance of consumer sentiment as an economic indicator. By understanding consumer sentiment, we can better grasp how it affects spending and overall GDP.
Don't miss out on this informative episode that sheds light on the complex relationships between economic indicators and consumer behavior. And if you haven't already, make sure to listen to the previous episodes in this six-part series to get a comprehensive understanding of the economy and its impact on our daily lives.
Virginia is for Wine Lovers:
In this episode, host Amy Irvine takes a detour from the economic discussion to share her passion for wine, specifically exploring the wine industry in Virginia. She reveals that wine production in the state dates back to the early days of European colonization in the 17th century. Despite the hot and humid summers that can pose a challenge to viticulture, the Virginia wine industry has grown significantly in the last 20 years.
Amy highlights that French hybrid varieties account for about 20% of the total grape production in Virginia, while American varietals make up approximately 5%. She shares the top ten varietals produced in the region, such as Chardonnay, Cabernet Franc, Merlot, and Viognier. Amy also notes that the central and northern Virginia County area, particularly just east of the Blue Ridge Mountains, is responsible for a significant portion of the state's wine production.
Amy's enthusiasm for the Virginia wine industry is evident as she expresses her desire to visit and explore the region in person, and she encourages listeners to share their recommendations for great Virginia wines that she could try and potentially feature on the show in the future.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 03 May 2023 - 14min - 257 - Economics 101: From Wine Trails to Trade Balance - A Beginner's Guide to GDP
Welcome back, Wine and Dime listeners! In this episode, we're popping open a bottle of something special as we continue our journey through Economics 101. But before we dive into the intricacies of GDP and the trade balance, let's take a moment to savor the flavors of Michigan's wine industry. Yes, you heard me right - Michigan! From Cabernet Franc to Riesling, Michigan's wineries are producing over 3 million gallons of wine each year. And with over 200 commercial wineries in the state, there's plenty to explore on our tasting tour. But don't worry, we'll make sure to keep our glasses full as we also dive into the ins and outs of GDP, consumer spending, investment, government spending, and net exports. So sit back, pour yourself a glass of your favorite vintage, and join us as we explore the fascinating world of Economics 101.
What you will learn:
Recap of the importance of the Fed funds rate and understanding economic indicatorsWhat is GDP and how it is measuredThe components of GDP: consumer spending, investment spending, government spending, and the trade balanceThe significance of the trade balance and the concept of a trade surplusOverview of Michigan's wine industry and the variety of grapes grown in the regionThe difference between net exports and total exports and importsDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Outline:
Introduction: Recap of the first two episodes on the Fed funds rate and understanding economic indicatorsUnderstanding GDP: Definition of GDP as the total value of finished goods and services produced within a country's bordersDiscussion of the different ways GDP is reported (nominal, real, and PPP)Explanation of the components of GDP: consumer spending, investment spending, government spending, and the trade balanceComponents of GDP: Breakdown of the overall percentages of GDP: consumer spending (68%), investment spending (18%), government spending (18%), and net exports (-3%)Explanation of each component: consumption, investment, government spending, and net exportsDefinition of a trade surplus and how it measures a country's positive trade balanceConclusion: Preview of the next episode on CPI and unemploymentWine Recommendations:
The Michigan wine scene is full of surprises, and we've got the inside scoop on some of the most interesting facts:
Michigan wine refers to any wine made within the state's borders, and with over 200 commercial wineries producing 3 million US gallons of wine, there's plenty to explore.European grape varieties such as Cabernet Franc, Chardonnay, Gewürztraminer, Dornfelder, Pinot Noir, Merlot, Syrah, Pinot Gris and Riesling are grown in the region, making for a diverse and delicious selection of wines.The wine industry in Michigan has been growing rapidly, with 3375 acres under wine grape cultivation as of 2020, up from 112 operating wineries in 2007.Michigan's unique climate and geography, with its proximity to the Great Lakes, provide the perfect conditions for grape growing, resulting in high-quality wines that are winning awards and gaining recognition around the world.If you're planning a trip to Michigan to explore its wine scene, make sure to check out the wine trails, which offer a fun and educational way to experience the region's wineries and tasting rooms.Whether you're a seasoned wine connoisseur or just starting to explore the world of wine, Michigan's wine scene is definitely worth a visit!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 26 Apr 2023 - 10min - 256 - Economics 101: Decoding Leading Economic Indicators and Recession Risks
Welcome to another fun episode of Wine and Dime with Amy Irvine, where we chat about money matters while enjoying some fantastic wine. In today's episode, we'll explore the world of economic indicators, making it easy to understand for everyone. And what better way to learn than with a tasty glass of Airlie Winery's Rosé of Pinot Noir by our side? So, grab your favorite wine glass and join us as we dive into the world of finance with a touch of Oregon's finest wine. Get ready to learn, laugh, and sip with us. Cheers!
What You Will Learn:
Economic terms and their impact on everyday lifeUnderstanding leading economic indicators (LEIs) and how they signal a recessionThe role of the Institute for Supply Management (ISM) in tracking economic activityDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Understanding Economic Indicators:
The importance of LEIs and how they help predict a recessionAverage weekly hours in manufacturing
Average weekly initial claims for unemployment insuranceManufacturers' new orders for consumer goods and materialsManufacturers' new orders for non-defense capital goods (excluding aircraft orders)Building permits for new private housing unitsS&P 500 leading credit indexInterest rate spreadsAverage consumer expectations for business conditionsInstitute for Supply Management (ISM) activity growth manufacturing index: composite of new orders, production, employment, supplier deliveries, and inventories
Non-manufacturing index: composite of business activity, new orders, employment, and supplier deliveriesWine Recommendation Highlight:
Sipping on Airlie Winery's Rosé of Pinot Noir
Amy shares her love for Airlie Winery's Rosé of Pinot Noir, a refreshing and spicy wine that she enjoyed during her visit to Oregon's Willamette Valley. This delightful wine helped her get through the 2023 tax season, making it a personal favorite.
Featured Wine:
Airlie Winery's Rosé of Pinot Noir: A refreshing and spicy Rosé perfect for wine enthusiasts looking for something different.For more information on Airlie Winery and their range of wines, visit their website or check them out when you're in the Oregon Willamette Valley area. And remember to share your favorite wine recommendations with us on Facebook and Instagram @rootedpg. Cheers!
Helpful Links:
- Rooted Planning Group: Learn more about the financial planning services offered by the episode's sponsor, Rooted Planning Group - www.rootedpg.comAirlie Winery: Discover Airlie Winery's Rosé of Pinot Noir and their other wines - www.airliewinery.comNational Bureau of Economic Research (NBER): Find information on leading economic indicators and other economic data - www.nber.orgInstitute for Supply Management (ISM): Learn more about the ISM indices and economic activity - www.ismworld.orgWine and Dime Facebook: Follow Wine and Dime on Facebook for the latest news and updates - www.facebook.com/rootedpgWine and Dime Instagram: Stay connected with Wine and Dime on Instagram - www.instagram.com/rootedpg
Explore these helpful links to learn more about the topics discussed in this episode and stay informed about economic indicators, financial planning, and, of course, great wine recommendations!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 19 Apr 2023 - 12min - 255 - Economics 101: Understanding the Importance of the Fed Funds Rate
Hi there, Wine and Dime listeners! Amy Irvine here, and I want to start a series on economics. I've realized that during some of my presentations, not everyone may be familiar with some of the terms I use. So, over the next six weeks, I'll be discussing various economic topics that may be new to you but are important to understand. This week, let's start with understanding the importance of the Fed Funds Rate.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Understanding the Importance of the Fed Funds Rate
The Fed Funds Rate has been making headlines over the past year and a half, with projections showing interest rate hikes to slow inflation. Here's what you need to know:
What is the Fed Funds Rate? The Fed Funds Rate is the interest rate at which banks lend to each other overnight. It's set by the Federal Reserve to influence economic activity.Why is it important? The Fed Funds Rate affects everything from the yield on your savings account to the price of goods and services.How does it affect you? Changes in the Fed Funds Rate can impact your borrowing costs, your investments, and even your job opportunities.Other Key Terms to Know
Yield Curve: The yield curve is the difference between short-term and long-term interest rates. An inverted yield curve, where short-term rates are higher than long-term rates, can signal an economic slowdown.APR vs. APY: APR (annual percentage rate) is the interest rate you pay on a loan, while APY (annual percentage yield) is the interest rate you earn on an investment. Make sure you know the difference!Basis Points: A fancy term for percentage points. 100 basis points equal 1%.My Exploration of Scottish Wine
As many of you know, I'm planning a trip to Scotland in 2024, and I've started to get educated about the country. Believe it or not, Scotland has some wineries! While they don't produce a lot of wine, I came across a winery called Chateau Largo during my research. I'm always up for trying new things, so I'm challenging you to find a Scottish wine that you enjoy. If you do, please report back to me!
Where to Learn More
If you want to learn more about the Fed Funds Rate and other economic terms, check out the links below:
Federal Reserve: What is the Fed Funds Rate?Investopedia: Yield CurveNerdWallet: APR vs. APYThat's all for now. Stay tuned for more economic topics in the coming weeks. Cheers!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 12 Apr 2023 - 17min - 254 - Wine and Dime Your Way Through Small Business Tax Planning
Welcome to Wine and Dime, the podcast that uncorks the mysteries of personal finance! Today, we're diving into the nitty-gritty of business expenses. As a solopreneur or small business owner, you want to maximize your deductions and minimize your tax bill, right? Well, buckle up, because our guest experts, Kate Welker and Amy Irvine, are ready to help you do just that. From office supplies to travel expenses, from depreciation to employee benefits, they'll guide you through the maze of IRS rules and regulations. So grab a glass of your favorite vintage, and get ready to toast to your financial success!
What you will learn:
The importance of keeping accurate records of business expenses for tax purposesThe difference between deductible and non-deductible expenses, and how to determine which category an expense falls underHow to calculate depreciation on assets and determine when to list them separately on tax returnsThe nuances of travel and meal expenses, including what is deductible and what is notThe importance of paying both the employer and employee side of Medicare and Social Security taxes as a self-employed individualThe benefits of solo 401k plans and other employee benefit programs for solo entrepreneursDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
The Wine - 2015 WALLA WALLA VALLEY SYRAH DESSERT
If you're a fan of dessert wines, you won't want to miss out on the 2015 WALLA WALLA VALLEY SYRAH DESSERT from Pudding River Winery. This rich and complex wine offers flavors of black cherry, chocolate, and spice, with a smooth finish that lingers on the palate. It's the perfect wine to enjoy after a meal or to pair with a decadent chocolate dessert. Visit Pudding River Winery's website to learn more about this delicious wine and how to get your hands on a bottle.
Useful Links
IRS Schedule C: https://www.irs.gov/forms-pubs/about-schedule-c-form-1040IRS Publication 535 (Business Expenses): https://www.irs.gov/forms-pubs/about-publication-535IRS Publication 463 (Travel, Entertainment, Gift, and Car Expenses): https://www.irs.gov/forms-pubs/about-publication-463IRS Publication 587 (Business Use of Your Home): https://www.irs.gov/forms-pubs/about-publication-587Solo 401k: https://www.irs.gov/retirement-plans/one-participant-401k-plansSelf-employment taxes: https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxesPudding River Winery: Pudding River Wine Cellars Boutique-styled wines from OregonWALLA WALLA VALLEY SYRAH DESSERT: Pudding River Wine Cellars 2015 Walla Walla Valley Syrah Dessert (Port Style)Rooted Planning Group: Rooted Planning Group (rootedpg.com)Overall, this episode of the Wine and Dime podcast offers a wealth of information for anyone trying to navigate the world of business expenses. Whether you're a seasoned business owner or just starting out, you're sure to learn something new and valuable. So, pour yourself a glass of your favorite wine and tune in to this informative and engaging episode!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 05 Apr 2023 - 35min - 253 - Bank Failures and Insurance Limits
Bank Failures and Insurance Limits
Welcome to the Wine and Dime podcast, where financial topics are uncorked and discussed like a fine bottle of wine.
In today's episode, Amy talks about the recent bank failures and the insurance limits that protect your funds. Before diving into the topic, Amy mentions her wine recommendation for the day - a 2019 Bourbon Barrel Cab from Berklee Winery in Lubbock, Texas. Moving on to the topic, Amy explains the different types of insurances available, such as FDIC and NCUA, and the limits for each. She also highlights the differences between the types of accounts that are covered and not covered. Investments made in stocks, bonds, mutual funds, crypto assets, and annuities are not covered under FDIC insurance. Amy provides a useful link to help listeners check if their funds exceed the FDIC limits.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
What you'll learn:
Recent bank failures have caused concerns about the safety of deposited fundsDifferent types of insurance available: SIPC, FDIC and NCUAFDIC insurance covers checking accounts, savings accounts, CDs, money market deposit accounts, and other official checks issued by a bankFDIC insurance does not cover stock investments, bond investments, mutual funds, any kind of crypto assets, life insurance policies, annuities, any kind of municipal securities, safe deposit boxes or their contents, and then U.S. Treasury bills or bonds or notesThe standard insurance amount is $250,000 per depositorWine Recommended: 2019 Bourbon Barrel Cab from Berklee Winery
The 2019 Bourbon Barrel Cab from Berklee Winery in Lubbock, Texas is a wine that is sure to please any wine enthusiast. This wine is a Cabernet Sauvignon that has been aged in bourbon barrels, giving it a unique flavor profile that is sure to impress.
The wine is dark and rich, with aromas of blackberry, black cherry, vanilla, and oak. On the palate, the wine is full-bodied with flavors of dark fruit, vanilla, and a hint of caramel. The bourbon barrel aging adds a subtle smokiness and complexity to the wine, making it a great pairing for rich, hearty dishes like grilled steak or roasted lamb.
Berklee Winery is located in Lubbock, Texas, which is known for its hot and dry climate. Despite this challenging environment, Berklee Winery has managed to produce some exceptional wines using sustainable farming practices and a commitment to quality.
Overall, the 2019 Bourbon Barrel Cab from Berklee Winery is a fantastic choice for anyone looking to try something new and exciting in the world of wine. Whether you're a seasoned wine drinker or a beginner, this wine is sure to impress with its unique flavor profile and exceptional quality.
Helpful Links:
Rooted Planning Group: www.rootedpg.comBerklee Hill Vineyards: www.berkleyhillvineyards.comFDIC Insurance: www.fdic.gov/deposit/depositsFDIC Insurance Estimator: www.fdic.gov/edie/NCUA share insurance: https://www.ncua.gov/insured-fundsSIPC coverage: https://www.sipc.org/for-investors/what-sipc-protectsThis episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 29 Mar 2023 - 15min - 252 - Pairing Schedule 3 with the Perfect Wine: A Tax Season Guide
Pairing Schedule 3 with the Perfect Wine: A Tax Season Guide
In this episode of the Wine and Dime podcast, host Amy Irvine discusses Schedule 3 of the 1040 tax form, which covers additional credits and payments. Schedule 3 of the 1040 tax form is like the third glass of wine - it's necessary to finish, but you're not sure if it's worth the headache tomorrow.
Kidding aside,
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Here are some key points from the episode:
Schedule 3 is where you might get some additional credits and payments after your taxes have been calculated.The first part of Schedule 3 is for non-refundable credits. If you don't pay enough in taxes, these credits will offset any amount of liability or tax computation that you might owe.You can also get a foreign tax credit if you paid taxes on international funds held within your brokerage account.The credit for child and dependent care expenses can provide some benefit based on your income level and the amount paid for childcare, with the maximum credit being $3,000 for one child and $6,000 for two or more qualifying children.Education credits such as the American Opportunity Credit and the Lifetime Learning Credit are available for those who have college expenses.If you are saving for retirement, you may be eligible for a retirement credit.Winery Recommendation:
Pudding River Winery is a family-owned and operated vineyard located in Salem, Oregon, that has been producing award-winning wines since 2003. The winery's name is inspired by the nearby Pudding River, which flows through the beautiful Willamette Valley. The winery's mission is to create unique and high-quality wines that reflect the distinct terroir of their vineyard.
Pudding River Winery's vineyard spans over 22 acres, and it is planted with several grape varietals, including Pinot Noir, Chardonnay, Pinot Gris, Riesling, and Syrah. The winery uses sustainable farming practices, such as composting and cover cropping, to ensure that their grapes are healthy and vibrant. Their wines are handcrafted in small batches, using traditional winemaking techniques and minimal intervention, to showcase the natural flavors and aromas of the grapes.
The winery's tasting room is a charming and cozy space, decorated with warm wood accents and beautiful artwork. Visitors can taste a selection of the winery's current releases, including their Pinot Noir, Chardonnay, Pinot Gris, and Riesling. Pudding River Winery also offers guided tours of their vineyard and winery, where visitors can learn about their winemaking process and the history of the winery.
If you are interested in trying Pudding River Winery's wines, you can purchase them directly from their website or visit their tasting room in Salem. Some of their wines are also available for purchase at local wine shops and restaurants in Oregon. Here are some additional links to explore their wine selection:
Pudding River Winery's online store: https://puddingriver.orderport.net/wines/Current-ReleasesWine Enthusiast's review of Pudding River Winery's 2018 Pinot Noir: https://www.winemag.com/buying-guide/pudding-river-2018-pinot-noir-willamette-valley/Pudding River Winery's Instagram page: https://www.instagram.com/puddingriverwine/Helpful Resources:
The IRS website has information on Schedule 3, including the instructions for completing the form: https://www.irs.gov/forms-pubs/about-schedule-3-form-1040The IRS also has a page dedicated to foreign tax credits: https://www.irs.gov/individuals/international-taxpayers/foreign-tax-creditThe credit for child and dependent care expenses is explained on this page of the IRS website: https://www.irs.gov/credits-deductions/individuals/child-and-dependent-care-creditThe American Opportunity Credit and Lifetime Learning Credit are explained on this page of the IRS website: https://www.irs.gov/credits-deductions/individuals/education-credits-aotc-llcThe IRS website has information on the Retirement Savings Contributions Credit (also known as the Saver's Credit): https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-creditFAQ:
Q: What is Schedule 3 of the 1040 tax form?
A: Schedule 3 is an attachment to the 1040 tax form used to report certain tax credits and payments, such as the foreign tax credit or the additional child tax credit.
Q: Can I file my taxes without using Schedule 3?
A: It depends on your individual tax situation. If you do not have any eligible tax credits or payments to report, you may not need to file Schedule 3. However, it's important to consult with a tax professional or use tax preparation software to ensure you are filing correctly.
Q: What types of wine does Pudding River Winery offer?
A: Pudding River Winery offers a variety of wines, including Pinot Noir, Pinot Gris, Chardonnay, Syrah, and more. You can check out their selection on their website or visit their tasting room to sample their wines in person.
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 22 Mar 2023 - 14min - 251 - Uncorking Schedule 2: Sipping on Taxes with Amy Irvine
Amy Irvine of Wine and Dime is back with another episode, and this time she's uncorking the secrets of Schedule 2 from the 1040 tax document. It may sound daunting, but Amy breaks it down like a fine wine, explaining the different types of taxes and penalties that can show up on Schedule 2.
But what's a tax episode without a wine recommendation? Amy suggests pairing your tax prep with a glass of Pudding River Winery's Willamette Valley Chardonnay. This "delightful" wine is the perfect complement to your financial musings, with its notes of apple and pear and a smooth finish that will leave you feeling refreshed and ready to tackle your taxes.
So next time you're faced with the daunting task of Schedule 2, remember to take it one sip at a time and pair it with a delicious glass of wine. Cheers to financial wellness and a well-stocked wine rack!
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Main Discussion: Amy discusses Schedule 2 from the 1040 tax document, which includes additional taxes and penalties that a taxpayer may owe. She explains that Schedule 2 is used to report alternative minimum tax, excess advance premium tax credit repayment, additional taxes on IRA or other qualified retirement plans, and other taxes. Amy provides a helpful overview of each of these taxes and explains how they may apply to individual taxpayers.
In conclusion, Amy highlights the importance of understanding Schedule 2 and how it impacts your taxes. And of course, they recommend enjoying a glass of Pudding River Winery's Willamette Valley Chardonnay while reviewing your taxes.
Wine Recommendation: On this episode, Amy recommends a 2015 Willamette Valley Chardonnay from Pudding River Winery. She describes the wine as "delightful" with notes of apple and pear, a touch of vanilla, and a smooth finish. Pudding River Winery is a small, family-owned vineyard located in Salem, Oregon. Visit their website at puddingriver.com to learn more about their wines and vineyard.
Links that you might find helpful:
- Schedule 2 of the 1040 tax document - The IRS website provides information on Schedule 2, including the different types of taxes and penalties that are reported on it: https://www.irs.gov/forms-pubs/about-schedule-2-form-1040Alternative Minimum Tax (AMT) - The Tax Foundation has an article that provides a comprehensive overview of AMT, including how it works and who may be subject to it: https://taxfoundation.org/alternative-minimum-tax/Excess Advance Premium Tax Credit Repayment - The healthcare.gov website provides information on this tax, including how it is calculated and who may be subject to it: https://www.healthcare.gov/glossary/excess-advance-premium-tax-credit-repayment/Additional Taxes on IRA or other Qualified Retirement Plans - The IRS website provides information on these taxes, including the different types of retirement plans that may be subject to them: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributionsPudding River Winery - The winery's website provides information on their wines, vineyard, and tasting room: https://puddingriver.com/Rooted Planning Group - The financial planning group's website provides information on their services, team, and approach to financial planning: https://www.rootedpg.com/
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 15 Mar 2023 - 15min - 250 - Uncorking Your Income: Making Adjustments on Schedule 1
In this episode of Wine and Dime, Amy Irvine is back to talk about the wonderful and illustrious 1040! Amy dives into Schedule 1, which is actually an extension of the front side of the 1040. Schedule 1 is all about additional income and adjustments to income.
What you'll learn:
Different income items included in Schedule 1 Form 4797 and Form 2550Types of income need to be reported on Schedule 1Pudding River Pinot Noir for International Women's DayDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
I. Additional Income Items
Taxable refunds, credits, and offsets to state and local income taxesAlimony payments received (before or after 2019)Business income or loss (covered in more detail in part five)Other gains or losses (reported on Form 4797)Rental income (reported on Schedule E)Farm income or loss (reported on Schedule F)Unemployment compensationAny other income received (e.g. net operating loss, gambling, foreign earned income exclusion)Income from other resources (various forms may be required)Alaska permanent fund dividendsJury duty payPrizes or awardsII. Adjustments to Income
Educator expensesCertain business expenses of reservists, performing artists, and fee-basis government officials.Health savings account (HSA) contributionsMoving expensesDeductible part of self-employment taxSelf-employed SEP, SIMPLE, and qualified plansSelf-employed health insurance deductionPenalty on early withdrawal of savingsAlimony paid (before or after 2019)IRA contributionsStudent loan interest deductionTuition and fees deductionConclusion:
Schedule 1 is an important part of the 1040 tax form that covers additional income and adjustments to income.By understanding what needs to be reported and deducted, taxpayers can ensure they are accurately completing their tax return.Pudding River Winery's Pinot Noir:
From the Willamette Valley in Oregon, Pudding River Winery's Pinot Noir is a complex and elegant wine with a deep ruby color and aromas of cherry, raspberry, and vanilla.On the palate, it has a smooth and silky texture with flavors of red fruit, spice, and a hint of earthiness.This wine pairs well with grilled salmon, roasted duck, or mushroom risotto.It has received high ratings from wine critics and is a great choice for those looking to explore the world of Oregon Pinot Noir.Links discussed in this episode:
- The IRS website provides detailed instructions on how to fill out Schedule 1, including a line-by-line breakdown: https://www.irs.gov/forms-pubs/about-schedule-1-form-1040Pudding River Winery: https://www.puddingriverwinecellars.com/Oregon Wine Board: https://industry.oregonwine.org/Willamette Valley: https://willamettewines.com/
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help. Visit www.rootedpg.com to learn more.
Wed, 08 Mar 2023 - 16min - 249 - Demystifying Page 1 of the 1040 Tax Form
Summary: In this episode, we break down page 1 of the 1040 tax form and explain each section in plain language. We cover everything from personal information to income sources, deductions, and tax credits, so you can better understand how to fill out this important document.
Outline:
IntroductionPersonal Information: The first section of the 1040 form requires you to provide your name, address, and Social Security number. You also need to indicate your filing status, which can be single, married filing jointly, married filing separately, head of household, or qualifying widow(er).Income Sources: The next section asks you to report your income, which can come from various sources such as wages, salaries, tips, interest, dividends, and capital gains. You also need to include any taxable refunds, unemployment compensation, and Social Security benefits you received during the year.Adjustments to Income: This section allows you to reduce your taxable income by reporting certain deductions such as contributions to a traditional IRA or student loan interest. These deductions are sometimes called "above-the-line" deductions because you can take them even if you don't itemize your deductions.Deductions: The next section asks you to report your itemized deductions, which can include things like mortgage interest, state and local taxes, charitable contributions, and medical expenses. You can choose to take the standard deduction instead of itemizing if it results in a lower tax liability.Tax Credits: This section allows you to reduce your tax liability by claiming certain credits such as the Child Tax Credit, Earned Income Credit, or American Opportunity Credit.Calculating Your Tax Liability: The final section of page 1 asks you to calculate your tax liability based on your income, deductions, and credits. You can use the tax tables provided by the IRS to determine your tax liability based on your filing status and taxable income.Conclusion and Final ThoughtsWinery and Wine Recommendations:
If you're looking for a delicious wine to enjoy while working on your taxes, we recommend the Pudding River Wine Cellars Walla Walla Valley Malbec. This wine boasts bold and juicy flavors of dark fruit and chocolate, with a smooth finish. You can purchase this wine directly from the winery's website at https://puddingriver.com/our_wines/2014-w-v-melbec/
Links/Resources Mentioned:
1040 tax form: https://www.irs.gov/forms-pubs/about-form-1040IRS website: https://www.irs.gov/Pudding River Wine Cellars Walla Walla Valley Malbec: https://puddingriver.com/our_wines/2014-w-v-melbec/Rooted Planning Group: https://www.rootedpg.com/This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help. Visit www.rootedpg.com to learn more.
Wed, 01 Mar 2023 - 19min - 248 - What Amy Learned when she attended a two day conferenced sponsored by LLIS - Part 2
Thinking about adding disability insurance or "Risk Transfer" to your financial plan? Listen to this episode of the Wine and Dime Podcast by Amy Irvine as she shares what she learned at a recent conference sponsored by LLIS. She will also share her wine pick for this month as she starts her "around the world" with her tastebuds wine tour this year.
Prejean Winery, https://prejeanwinery.com/ - Riesling or Gold Finch Riesling - check out the story of this wine, talk about a life event!
WHAT IS LLIS YOU MAY BE ASKING?
AS AN EXTENSION OF FEE-ONLY FINANCIAL ADVISOR FIRMS, WE WORK WITH ADVISORS AND THEIR CLIENTS TO FIND THE RIGHT SOLUTIONS FOR:
Term Life InsurancePermanent Life InsuranceUniversal Life; Individual and SurvivorshipVariable Universal Life (VUL)Guaranteed Universal Life (GUL); Individual and SurvivorshipDisability InsuranceCritical Care InsuranceLong Term Care InsuranceAnnuitiesImmediateFixedVariableHybrid Life/LTCiHybrid Annuity/LTCiLife SettlementsThanks for listening and be sure to like, rate, subscribe and share.
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
THIS EPISODE WAS PRESENTED BY
AMY IRVINE
ROOTED PLANNING GROUP
10 EAST MARKET STREET
CORNING NY 14830
EMAIL: AMY@ROOTEDPG.COM
Wed, 22 Feb 2023 - 15min - 247 - What Amy Learned when she attended a two day conferenced sponsored by LLIS - Part 1
Thinking about adding life insurance to your financial plan? Listen to this episode of the Wine and Dime Podcast by Amy Irvine as she shares what she learned at a recent conference sponsored by LLIS. She will also share her wine pick for this month as she starts her "around the world" with her tastebuds wine tour this year.
Prejean Winery, https://prejeanwinery.com/ - 2016 Bosun's Mate - check out the story of this wine, talk about a life event!
What is LLIS you may be asking?
As an extension of fee-only financial advisor firms, we work with advisors and their clients to find the right solutions for:
Term Life InsurancePermanent Life InsuranceUniversal Life; Individual and SurvivorshipVariable Universal Life (VUL)Guaranteed Universal Life (GUL); Individual and SurvivorshipDisability InsuranceCritical Care InsuranceLong Term Care InsuranceAnnuitiesImmediateFixedVariableHybrid Life/LTCiHybrid Annuity/LTCiLife SettlementsDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 15 Feb 2023 - 16min - 246 - Amy's February 2023 Market and Economic Reports
This week's episode of Wine and Dime is a crossover episode from our YouTube channel. In this episode we discuss the Market and Economic Reports so far this year. You can listen to the episode here or check the show notes below for the links to the 2 video's that go along with it.
You will learn what the GDP and labor numbers are telling us.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
10-Minute Market and Economic Report (extended version) - February 6, 2023This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 08 Feb 2023 - 15min - 245 - Fiscal Feminist Kimberlee Davis
We are excited to welcome Kimberlee Davis the Fiscal Feminist to this weeks episode of Wine and Dime. Kimberlee Davis is a Partner and Managing Director in The Bahnsen Group, a wealth management practice with offices in Newport Beach, California and New York City. She is also a Certified Divorce Financial Analyst. Kimberlee is a professional woman, a mother and a daughter of elderly parents. Her career began as a Wall Street corporate lawyer. She then transitioned into investment banking, corporate finance, and finally wealth management. She has also been a stay-at-home mom when her three daughters were young. Her experiences have covered the gamut of the diverse roles that women fulfill throughout their often very complex lives.
What you will learn:
Kim just recently released a new book called, ‘The Fiscal Feminist - A Financial Wake-Up Call for Women.” Join us as we explore why Kim wrote this book and her journey to discovery. As you will hear, Kim wants “women to give themselves permission to be financially strategic, preventative, and knowledgeable, while still enjoying all the things that money can’t buy.” Although Kim is a wealth manager now, that was not her first (or even second) career, listen as Kim shares her story of going from an attorney, to a stay at home mom (in another country), to wealth manager and author and podcaster. Everyone has a journey; we never know what part of the journey someone is on and that is why it is so important to be kinder than necessary for everyone you meet is fighting some kind of battle in their journey.The Fiscal Feminist (@thefiscalfeminist) • Instagram photos and videosDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Fiscal FeministPodcast – Fiscal FeministThe Book – The Fiscal Feminist - A Financial Wake-Up Call for WomenHitching Post Wine - ABOUT HITCHING POST WINES Leading the Hitching Post Wines team are the creators and two long-time friends, Gray Hartley and Frank Ostini, who have been making wines in Santa Barbara County, California since 1979. Long before Hollywood discovered the winemaking landmark and its excellent wines, Gray Hartley, a former Alaskan salmon fisherman and Frank Ostini, chef and owner of the famed Hitching Post 2 Restaurant in Buellton, were brought together by their love of wine and winemaking. Over the years their backyard hobby has turned into a highly acclaimed winemaking enterprise. In 1981 they discovered the wonders of Santa Barbara Pinot Noir; since then Pinot has been their primary focus. Their flagship wine is the Hitching Post Highliner. The “Highliner” is the best fishermen in the fleet, and this name honors the great men of the Alaskan Salmon Fishery alongside whom Gray Hartley worked for 28 years. A special wine, Highliner is meant to be the “best of their fleet” of Pinot Noirs. Along with ten selections of Pinot Noir, Hitching Post produces a dry Rosé called Pinks, a Syrah, and a Merlot-based red named Gen Red. Then came Sideways in 2004, the Academy Award® winning film set in Santa Barbara wine country, prominently featuring The Hitching Post 2 and Hitching Post Wines. Since exposure in the movie, Hitching Post wines have gained in popularity. Currently, the winery has 12,000 barrels and produces about 17,000 cases a year. Hartley and Ostini strive to create flavorful handcrafted wines that possess poise and balance, putting a slice of Santa Barbara in each glass, and a piece of their soul in every bottle of Hitching Post.This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 01 Feb 2023 - 43min - 244 - Secure Act 2.0 - 2024 Provisions - Part 3
Welcome to Part 3 of the Wine and Dime podcast about the SECURE Act 2.0. In this episode we will be discussing provisions that go into effect in 2024. There's a big one regarding Roth Provisions, so be sure to tune in and learn more!
What you will learn:
Roth Provisions and eligibility requirementsIRA catch-up will be indexed for inflationHardship DistributionEmergency Savings AccountDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Rooted Planning Group BLOG about Secure Act 2.0SECURE Act 2.0Pudding River Wine Cellars 2015 Willamette Valley Chardonnay - Toasty, oaky and tropical on the palate laden with pineapple, passion fruit and guava. Rich mid palate but maintains a bright citrus finish.Pudding River Wine Cellars 2015 Walla Walla Valley Syrah Dessert (Port Style) - Leads with complex aromas of roasted coffee bean, mocha, and black pepper that meld seamlessly into flavors of dark chocolate, macerated blackberry and black cherry cordial on the palate with a concentrated earthy, rich finish.Pudding River Wine Cellars Boutique-styled wines from Oregon - Boutique Winery, Vineyard, Tasting Room, Custom Crush We are located in the heart of Oregon’s idyllic east Willamette Valley at the foothills of the Cascade Mountains and about an hour’s drive south from Portland. Once a poultry farm, our property sits along the banks of the Pudding River, a 62-mile tributary in the valley fed from the Cascade Range. We planted our vines in 2004 and yielded our first commercial vintage in 2006. Our dedication to producing world-class wine in the classic Oregon style while using sustainable methods, has been recognized by the Wine Spectator and Wine Enthusiast with a growing accumulation of accolades from wine and food competitions in the region. Recently, our wines scored high marks at the acclaimed San Francisco International Wine Competition.This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 25 Jan 2023 - 19min - 243 - Secure Act 2.0 - New Provisions - Part 2
Welcome to Part 2 of the Wine and Dime episode about the SECURE Act 2.0. In this episode we'll be covering some the new provisions that are effective for 2023. Buckle up, because there is a lot of information in this one!
What you will learn:
Roth SEP and Roth Simple IRA's for small businessesRoth IRA employer contributionsMoving 529 money to a Roth IRA for beneficiaryHardship DistributionsDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Rooted Planning Group BLOG about Secure Act 2.0SECURE Act 2.0Pudding River Wine Cellars Boutique-styled wines from Oregon - Boutique Winery, Vineyard, Tasting Room, Custom Crush We are located in the heart of Oregon’s idyllic east Willamette Valley at the foothills of the Cascade Mountains and about an hour’s drive south from Portland. Once a poultry farm, our property sits along the banks of the Pudding River, a 62-mile tributary in the valley fed from the Cascade Range. We planted our vines in 2004 and yielded our first commercial vintage in 2006. Our dedication to producing world-class wine in the classic Oregon style while using sustainable methods, has been recognized by the Wine Spectator and Wine Enthusiast with a growing accumulation of accolades from wine and food competitions in the region. Recently, our wines scored high marks at the acclaimed San Francisco International Wine Competition.This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 18 Jan 2023 - 16min - 242 - Secure Act 2.0 - Rules on RMDs - Part 1
Welcome back Wine and Dime listeners. These next three episodes will be focusing on the SECURE Act 2.0.
On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023, which included the SECURE Act 2.0, which was part of the 2023 Omnibus Spending Bill. It made for good reading over the past week. For those inquiring minds that want to know what “SECURE” stands for, it is “Setting Every Community Up for Retirement Enhancement.”
This is going to focus only on the SECURE Act provisions, but there is soooooo much more! Here is a link to the actual bill if you have trouble sleeping some night: BILLS-117hr2617enr.pdf (congress.gov)
In part 1, you will learn about:
What's an RMDWhat are the new rules for RMD'sHow those changes may affect you or someone you knowDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Rooted Planning Group BLOG about Secure Act 2.0SECURE Act 2.0Pudding River Wine Cellars Boutique-styled wines from Oregon - Boutique Winery, Vineyard, Tasting Room, Custom Crush We are located in the heart of Oregon’s idyllic east Willamette Valley at the foothills of the Cascade Mountains and about an hour’s drive south from Portland. Once a poultry farm, our property sits along the banks of the Pudding River, a 62-mile tributary in the valley fed from the Cascade Range. We planted our vines in 2004 and yielded our first commercial vintage in 2006. Our dedication to producing world-class wine in the classic Oregon style while using sustainable methods, has been recognized by the Wine Spectator and Wine Enthusiast with a growing accumulation of accolades from wine and food competitions in the region. Recently, our wines scored high marks at the acclaimed San Francisco International Wine Competition.This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 11 Jan 2023 - 15min - 241 - Positively Productive With Lisa Zawrotny
Happy New Year Wine and Dime listeners! This first episode of 2023 is a special one. We welcome to the show Lisa Zawrotny. Lisa found herself sandwiched between "raising parents" and raising kids. She got lost in who she was and used her process to find herself and declutter her life to start a new path, a new business.
Check out Lisa's Podcast "The Positively Living podcast"
Lisa shares the following tips:
- Learn who you areLearn how you work bestLearn how to lean into your strengths
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
About Positively Lisa Zawrotny - I’m the founder of Positively Productive Systems and the host of the Positively Living Podcast. After experiencing a deeply overwhelming time in my life juggling multiple roles as a caregiver, wife, mother, and business owner, I am now a Productivity + Accountability Coach certified in time and stress management helping other multi-passionate entrepreneurs who struggle to balance business and family. Through my podcast, online programs, and coaching, I show you how to boost productivity and avoid burnout while making it feel simple and sustainable. When I’m not sharing about the wonders of simplicity, self-care, and systems, I’m playing music (lately it’s self-taught guitar or I’m cranking up classic rock), drinking coffee (iced or hot), and watching movies with my husband and kiddos…or reading while trapped under a cat. Your path to productivity requires productivity tools to match you, your personality, and your passions.Positively Productive Systems LinksPositively Productive Podcast - The Positively Living podcast is a self-improvement podcast with specially curated content to support multi-passionate creatives and entrepreneurs. If you want to prioritize your passions and discover ways to achieve more while doing less, then join host Lisa and her guests as they cover topics relating to productivity, self-awareness and development, entrepreneurship, habits and systems, organizing, and more. You’ll find actionable advice, wrapped in humor and hope, dedicated to helping you do less, live more, and breathe easier.This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 04 Jan 2023 - 41min - 240 - Wine and Dime Year End Conversation Part 2
Welcome to part 2 of the last episode of Wine and Dime for 2022. It's been a great year and I thought it would be great to invite team on this episode to share some year ending financial insights. We want to thank you all for subscribing and being part of the show.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Whiskey Hill Winery & Postlewait's Vineyards - We’re a micro, all family run, Estate Winery & Vineyard specializing in Pinot Noir, Pinot Noir Rosé & White Pinot Noir. We’re located in the heart of the World-Famous Willamette Valley AVA on some of the world’s most fertile farm ground. We make both the Postlewait’s & Whiskey Hill labels. Postlewait’s is the name of the Wedding Venue which was established in 2001 & Whiskey Hill Winery is named after the area we’re located in, Whiskey Hill.This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 14 Dec 2022 - 20min - 239 - Wine and Dime Year End Conversation Part 1
Welcome to part 1 of the last episode of Wine and Dime for 2022. It's been a great year and I thought it would be great to invite team on this episode to share some year ending financial insights. We want to thank you all for subscribing and being part of the show.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Whiskey Hill Winery & Postlewait's Vineyards - We’re a micro, all family run, Estate Winery & Vineyard specializing in Pinot Noir, Pinot Noir Rosé & White Pinot Noir. We’re located in the heart of the World-Famous Willamette Valley AVA on some of the world’s most fertile farm ground. We make both the Postlewait’s & Whiskey Hill labels. Postlewait’s is the name of the Wedding Venue which was established in 2001 & Whiskey Hill Winery is named after the area we’re located in, Whiskey Hill.This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 07 Dec 2022 - 22min - 238 - What to Do When You Have a Blended Family
On this episode of Wine and Dime, we wrap up our monthly topic about estate planning. Kerrie Beene joins me this week as we talk about what to do when you have a blended family. Tune in to learn more!
What you'll learn:
What to do when you have a blended familyTalking to your Teenage KidsThings to consider when naming your Executor/ix and TrusteeDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Airlie Winery - Airlie is a destination winery, not a ticket to punch or a box to check. You’ve probably heard Mary Olson, the owner says: “We’re not a stop along the way. Most folks come to sip and stay.” Customers can’t resist lingering in the family-style atmosphere that Mary has perfected over the years. The relaxed environment, the beautiful scenery, and the wine of course keep our customers at the winery long after the tasting is done. Airlie has something for everyone – an intimate tasting room, patio, and deck with expansive views of the beautiful Dunn Forest vineyard and the coast range. We also have a picnic area and pavilion next to the tranquil pond. It’s not unusual for a family to pack a picnic, open a bottle of wine and let the kids and dogs frolic in the vineyard or catch frogs in the pond. So pack up the car and spend some time with us. You’ll be glad you did!This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 30 Nov 2022 - 21min - 237 - How to Support Parents Aging in Place When You Live Afar
Ann Arceo joins us on this episode of Wine and Dime! She is here to talk about how to support your aging parents while living afar. Ann shares some insights into the situation, along with plans, and things to think about. Tune in to learn more!
Things you will learn:
Helping them make connectionsImportant Estate Planning DocumentsBuilding an Emergency Plan for YouDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Airlie Winery - Airlie is a destination winery, not a ticket to punch or a box to check. You’ve probably heard Mary Olson, the owner says: “We’re not a stop along the way. Most folks come to sip and stay.” Customers can’t resist lingering in the family-style atmosphere that Mary has perfected over the years. The relaxed environment, the beautiful scenery, and the wine of course keep our customers at the winery long after the tasting is done. Airlie has something for everyone – an intimate tasting room, patio, and deck with expansive views of the beautiful Dunn Forest vineyard and the coast range. We also have a picnic area and pavilion next to the tranquil pond. It’s not unusual for a family to pack a picnic, open a bottle of wine and let the kids and dogs frolic in the vineyard or catch frogs in the pond. So pack up the car and spend some time with us. You’ll be glad you did!This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 23 Nov 2022 - 20min - 236 - Estate Planning for Parents with Middle School Kids
Welcome back Wine and Dime listeners. In this episode, Kate Welker is here again to talk about November's topic of Estate Planning! This time, centering around parents with middle school kids. Kate shares her experiences and insights into some of the things you need to be aware of as your children start to get older.
What you'll learn:
Planning for yourself during those yearsKnowing your state laws around privacy policiesDocuments needed by your 18 year oldDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Airlie Winery - Airlie is a destination winery, not a ticket to punch or a box to check. You’ve probably heard Mary Olson, the owner says: “We’re not a stop along the way. Most folks come to sip and stay.” Customers can’t resist lingering in the family-style atmosphere that Mary has perfected over the years. The relaxed environment, the beautiful scenery, and the wine of course keep our customers at the winery long after the tasting is done. Airlie has something for everyone – an intimate tasting room, patio, and deck with expansive views of the beautiful Dunn Forest vineyard and the coast range. We also have a picnic area and pavilion next to the tranquil pond. It’s not unusual for a family to pack a picnic, open a bottle of wine and let the kids and dogs frolic in the vineyard or catch frogs in the pond. So pack up the car and spend some time with us. You’ll be glad you did!This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 16 Nov 2022 - 19min - 235 - Estate Planning for New Parents
On this episode of Wine and Dime, Becky Eason joins us once again. This time to talk about estate planning for new parents. As a soon to be new parent, Becky shares some insights into the topic and some things she learned along the way.
In this episode you will learn:
Documents to put in place and keep family involved"What-if" talks you should haveFinding a safe place to planDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Airlie Winery - Airlie is a destination winery, not a ticket to punch or a box to check. You’ve probably heard Mary Olson, the owner says: “We’re not a stop along the way. Most folks come to sip and stay.” Customers can’t resist lingering in the family-style atmosphere that Mary has perfected over the years. The relaxed environment, the beautiful scenery, and the wine of course keep our customers at the winery long after the tasting is done. Airlie has something for everyone – an intimate tasting room, patio, and deck with expansive views of the beautiful Dunn Forest vineyard and the coast range. We also have a picnic area and pavilion next to the tranquil pond. It’s not unusual for a family to pack a picnic, open a bottle of wine and let the kids and dogs frolic in the vineyard or catch frogs in the pond. So pack up the car and spend some time with us. You’ll be glad you did!This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 09 Nov 2022 - 19min - 234 - What If This Is Your First Job?
Welcome back Wine and Dime listeners! This week we welcome back Kerrie Beene. Kerrie is here to share with us some things to be thinking about "If this is your first job".
What you will learn:
What benefits should you be looking for?What should I be thinking about in the event of a recessionHow to prepare for holiday spendingIdeas around protecting your online presenceDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Pudding River Wine Cellars 2015 Willamette Valley Chardonnay - Toasty, oaky and tropical on the palate laden with pineapple, passion fruit and guava. Rich mid palate but maintains a bright citrus finish.Pudding River Wine Cellars 2015 Walla Walla Valley Syrah Dessert (Port Style) - Leads with complex aromas of roasted coffee bean, mocha, and black pepper that meld seamlessly into flavors of dark chocolate, macerated blackberry and black cherry cordial on the palate with a concentrated earthy, rich finish.Pudding River Wine Cellars Boutique-styled wines from Oregon - Boutique Winery, Vineyard, Tasting Room, Custom Crush We are located in the heart of Oregon’s idyllic east Willamette Valley at the foothills of the Cascade Mountains and about an hour’s drive south from Portland. Once a poultry farm, our property sits along the banks of the Pudding River, a 62-mile tributary in the valley fed from the Cascade Range. We planted our vines in 2004 and yielded our first commercial vintage in 2006. Our dedication to producing world-class wine in the classic Oregon style while using sustainable methods, has been recognized by the Wine Spectator and Wine Enthusiast with a growing accumulation of accolades from wine and food competitions in the region. Recently, our wines scored high marks at the acclaimed San Francisco International Wine Competition.This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 02 Nov 2022 - 24min - 233 - Benefits You Might Be Missing Out On
Open enrollment month continues this week on Wine and Dime. Ann Arceo is back with us to discuss some benefits that you might be missing out on! Be sure to tune in to find out if there are any benefits that you might have forgotten about.
What you'll learn:
Review your list of benefitsDon’t set and forgetThink about what next year might bring you and adjust your benefitsDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Airlie Winery - Airlie is a destination winery, not a ticket to punch or a box to check. You’ve probably heard Mary Olson, the owner says: “We’re not a stop along the way. Most folks come to sip and stay.” Customers can’t resist lingering in the family-style atmosphere that Mary has perfected over the years. The relaxed environment, the beautiful scenery, and the wine of course keep our customers at the winery long after the tasting is done. Airlie has something for everyone – an intimate tasting room, patio, and deck with expansive views of the beautiful Dunn Forest vineyard and the coast range. We also have a picnic area and pavilion next to the tranquil pond. It’s not unusual for a family to pack a picnic, open a bottle of wine and let the kids and dogs frolic in the vineyard or catch frogs in the pond. So pack up the car and spend some time with us. You’ll be glad you did!This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 26 Oct 2022 - 13min - 232 - Analyze If Your Benefits Are Enough
It wouldn't be October around here if we weren't talking about Open Enrollment. That's why Becky Eason is back with us on this episode of Wine and Dime! She's here to help you make sure that you aren't leaving any benefits "on the table"! Tune in to learn more
What you'll learn:
Do you need moreWhere to GoAnalyze if your benefits are enoughDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Airlie Winery - Airlie is a destination winery, not a ticket to punch or a box to check. You’ve probably heard Mary Olson, the owner says: “We’re not a stop along the way. Most folks come to sip and stay.” Customers can’t resist lingering in the family-style atmosphere that Mary has perfected over the years. The relaxed environment, the beautiful scenery, and the wine of course keep our customers at the winery long after the tasting is done. Airlie has something for everyone – an intimate tasting room, patio, and deck with expansive views of the beautiful Dunn Forest vineyard and the coast range. We also have a picnic area and pavilion next to the tranquil pond. It’s not unusual for a family to pack a picnic, open a bottle of wine and let the kids and dogs frolic in the vineyard or catch frogs in the pond. So pack up the car and spend some time with us. You’ll be glad you did!This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 19 Oct 2022 - 23min - 231 - Let's Talk About Open Enrollment
We welcome Kate Welker back on this episode of Wine and Dime. It's October, and you know what that means. Time to be thinking about Open Enrollment! And Kate is here to walk us through some things to be thinking about to help you plan for your upcoming open enrollment planning!
What you'll learn:
What might be available during open enrollmentAnalyzing if your benefits are enoughDo you need more - where to goDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Airlie Winery - Airlie is a destination winery, not a ticket to punch or a box to check. You’ve probably heard Mary Olson, the owner says: “We’re not a stop along the way. Most folks come to sip and stay.” Customers can’t resist lingering in the family-style atmosphere that Mary has perfected over the years. The relaxed environment, the beautiful scenery, and the wine of course keep our customers at the winery long after the tasting is done. Airlie has something for everyone – an intimate tasting room, patio, and deck with expansive views of the beautiful Dunn Forest vineyard and the coast range. We also have a picnic area and pavilion next to the tranquil pond. It’s not unusual for a family to pack a picnic, open a bottle of wine and let the kids and dogs frolic in the vineyard or catch frogs in the pond. So pack up the car and spend some time with us. You’ll be glad you did!This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 12 Oct 2022 - 24min - 230 - What Should I Consider When Purchasing a Life Insurance Policy
Welcome to this episode of Wine and Dime! Ann Arceo is back with us to discuss Life Insurance. She shares some of her insights and expertise into this topic that you'll want to be sure not to miss!
In this episode you will learn:
Types of Life InsuranceHow much Life InsuranceTips to Avoid Common MistakesDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
How Much Life Insurance Do I Need? - NerdWalletHanson Vineyards - Small, family-owned winery... You'll meet Jason or Clark behind the bar in the tasting room. We grow the grapes, make the wine... family does it all at Hanson Vineyards. Marlene is around somewhere... most likely in the flower gardens or picking fruit or vegetables in season. Stop by the tasting room sometime!This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 05 Oct 2022 - 24min - 229 - What if Your Home Is Damaged and You Need Restoration
Kate Welker is back with us on this episode of Wine and Dime with Amy Irvine. Kate draws on her experience working with her father to share some tips about insurance coverage with us. Tune in and listen to a great conversation that will inform and educate you about your insurance questions.
What you'll learn:
What types of coverage you should have in your insurance policyDangers of DIYing water, backup, and soot repairsMaking sure your liability coverage covers your riskDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Hanson Vineyards - Small, family-owned winery... You'll meet Jason or Clark behind the bar in the tasting room. We grow the grapes, make the wine... family does it all at Hanson Vineyards. Marlene is around somewhere... most likely in the flower gardens or picking fruit or vegetables in season. Stop by the tasting room sometime!This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 28 Sep 2022 - 21min - 228 - Considerations When Reviewing my Property and Casualty Insurance Policies
Becky Eason is back with us on this week's edition of Wine and Dime. She's here to talk about insurance policies and what you should consider while reviewing them. While this might not be the most captivating topic, it is essential to your financial plan. Becky shares her expertise and some insights on what to be looking for.
What you will learn
What are the different coverage areas of auto insuranceWhat are some ways to saveTips to analyze coverageDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Hanson Vineyards - Small, family-owned winery... You'll meet Jason or Clark behind the bar in the tasting room. We grow the grapes, make the wine... family does it all at Hanson Vineyards. Marlene is around somewhere... most likely in the flower gardens or picking fruit or vegetables in season. Stop by the tasting room sometime! What Issues Should I Consider when Reviewing my Property and Casualty Insurance PoliciesThis episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 21 Sep 2022 - 21min - 227 - Tax Credits, Raising Kids and Helping Parents
Ann Arceo joins us on this episode of Wine and Dime! She is here to talk about tax credit, raising kids, and helping parents.
What you'll learn:
HSA, FSA, Dependent FSA, Limited Purpose FSA's definedWork Opportunities - if one of the family members wants to stay home with the familyCaregiving for Parents: See below for What Issues to Consider for Aging Parents.Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 14 Sep 2022 - 25min - 226 - Grandparents Helping with College Costs
Grandparents helping out with college costs through 529 plans and other savings accounts? That's what we are talking about this week on Wine and Dime. Becky Eason is back with us this week to help us wade through this topic.
In this episode you will learn:
What are the various savings vehicles for grandparents to save inPros and Cons of different savings typesSuggestions on how to talk to your grandkids about moneyDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 31 Aug 2022 - 23min - 225 - Back to School for High School and College Students
In this episode of Wine and Dime we will be focusing on back-to-school expenses for High School and College Students. Our very own Kerrie Beene has students in those age groups, so I invited her back to talk to us about what she's learned over the years!
What you'll learn:
Ideas on how to plan for the extra costs of participating in your kids' sporting eventsPreparing for college dorm expensesTalking to your high school and college kids about moneyDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 24 Aug 2022 - 17min - 224 - Back to School - Young Kids
Kate Welker joins us in this episode of Wine and Dime. She shares with us some back-to-school supply buying tips that every parent can appreciate. Tune in to find out some of these budgeting and money saving tips!
What you will learn:
How to budget for school suppliesHow to budget for back-to-school clothesPut a plan together to deal with the back-to-school flurry of fall activitiesPlanning a mental health moment for parentsHow to incorporate financial lessons and teaching opportunities for your childrenDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 17 Aug 2022 - 21min - 223 - Journey of a Fee Only Financial Planner Jeff Dvorak
Jeff Dvorak joins me on this week's episode of Wine and Dime. Jeff shares with us his journey to being a financial planner. From his upbringing to his college days to his career, Jeff offers insights about his life as a financial planner and what drives him to help his clients. Jeff is the owner of 4D Financial Advisors who is an independent, fee-only financial advisory firm for female professional leaders.
What will you learn:
Jeff's journey to working focusing his work on female financial plannersHow listening can change your perspectiveDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
4D Financial Advisors - JEFF DVORAK, CFP®, CPWA® Throughout my life, I have witnessed powerful, selfless women navigate the stressors of their life effortlessly. Standing on the sidelines, I can’t help but admire the sacrifices they have made to advance their career, raise a family and maintain a semblance of a social life, doing it all with finesse. With my guidance, and through my passion for helping others, I can provide you with a means of finding financial freedom and life balance. ABOUT 4D AS A PROFESSIONAL WOMAN AND LEADER, YOU REGULARLY PRIORITIZE, DELEGATE, AND MANAGE BOTH AT WORK AND AT HOME. YOU KNOW HOW IMPORTANT IT IS TO HAVE A RELIABLE TEAM IN PLACE TO HELP YOU RUN THINGS MORE SMOOTHLY. A TRUSTED FINANCIAL PARTNER IS ONE PIECE OF THAT TEAM, ESPECIALLY ONE WHO KNOWS HOW TO GROW WITH YOU AND YOUR CAREER. THAT'S WHERE 4D COMES IN. WE BRING YEARS OF EXPERIENCE AND PERSPECTIVE TO OUR RELATIONSHIP, AS BOTH FINANCIAL ADVISORS AND PEERS WHO ALSO BALANCE THE WORK/LIFE JOURNEY. THAT'S WHY WE'RE CONFIDENT WE CAN HELP YOU DESIGN THE LIFE YOU WANT TO LIVE. WHO WE ARE: We are an independent, fee-only financial advisory firm for female professional leaders. WHAT WE DO: We make the complex, simple. We put everything into terms you understand and then give you advice, allowing you to make the best choices with all the information you need. WHAT WE STAND FOR: The power of education, the importance of a clear perspective, and the impact of intentional choice. WHY WE ARE DIFFERENT: We truly care about you, not just your finances. We're real people! We have families and strive to help our communities. WHY THAT MATTERS: Owning your decisions today will impact your tomorrow--and will give you confidence in achieving the future you imagine.Kunde Family Winery - Sonoma Estate WineryJacuzzi Wines - DolcettoThis episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 10 Aug 2022 - 57min - 222 - Financially Independent with Ann
In this episode of Wine and Dime we wrap up Financial Independence month with our very own Ann Arceo. Ann is here to share her expertise and some things to consider on your path to financial independence.
What you will learn:
Thinking about the care you wantWorking with a planner to determine the type of “plan” that's best for youImpact of the loved onesDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Long Term Care Cost CalculatorOregon Wine | Oregon Wine Board - A diverse region ripe for adventure. Oregon wears its wild, audacious heart on its sleeve. From coastal mountains to valley slopes to river gorges, once you’re here, there’s no going back without part of its wonder alive inside you.This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 03 Aug 2022 - 29min - 221 - Financial Independence, Retire Early - FIRE Movement
This week on Wine and Dime, Becky Eason and I talk about the FIRE Movement. What is the FIRE Movement you may ask? FIRE stands for "Financial Independence, Retire Early"
In this episode you will learn:
FIRE Movement (when do you have enough)What is the FIRE movementWays to plan to join the FIRE movementPlaces to do your own researchDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
The Comprehensive Guide to Pinot Noir | Wine FollyFIRE movement - Wikipedia - The FIRE (Financial Independence, Retire Early) movement is a lifestyle movement with the goal of gaining financial independence and retiring early. The model became particularly popular among millennials in the 2010s, gaining traction through online communities via information shared in blogs, podcasts, and online discussion forums. Those seeking to attain FIRE intentionally maximize their savings rate by finding ways to increase income and/or decrease expenses, along with aggressive investments that again increases their wealth and/or income. The objective is to accumulate assets until the resulting passive income provides enough money for living expenses throughout one's retirement years. Many proponents of the FIRE movement suggest the 4% rule as a rough withdrawal guideline, thus setting a goal of at least 25 times one's estimated annual living expenses. Upon reaching financial independence, paid work becomes optional, allowing for retirement from traditional work decades earlier than the standard retirement age.This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 20 Jul 2022 - 20min - 220 - Raising Independent Children - How to avoid failure to Launch
On this episode of Wine and Dime we welcome back to the pod Kerrie Beene! Kerrie is here to share some insights on how to raise independent children.
What you will Learn this episode
Raising Independent Children - How to avoid failure to LaunchHow to start earlyHow Kerrie helped her daughter learn to budgetHow to work with different money personalitiesDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
High Noon | Sun Sips - HOW IS HIGH NOON DIFFERENT FROM OTHER HARD SELTZERS? HARD SELTZERS CAN BE MADE FROM JUST ABOUT ANY MIXTURE OF SODA WATER AND ALCOHOL. OTHER BRANDS USE MALT LIQUORS AND SUGAR TO FLAVOR THEIR DRINKS, WHILE HIGH NOON USES REAL VODKA AND REAL FRUIT JUICE FOR 100 CALORIES OF EASY-DRINKING, TAKE-ANYWHERE DELICIOUSNESS.This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 13 Jul 2022 - 21min - 219 - What is Financial Independence
Kate Welker is back with us on this episode of Wine and Dime. This week we are talking about Financial Independence. Kate is here to break it down for us and ask the question, "What does financial independence mean to you?"
In this episode you will learn:
What is Financial IndependenceExplore - What does financial independence mean to you?Why would you seek financial guidance from a financial planner to help you seek your financial independence?Be open to finding alternative strategies.Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
St. Innocent Winery | Willamette Valley Oregon | Mark Vlossak, vintner - St. Innocent began as an idea conceived in a moment of passion and inspiration in 1983. Mark Vlossak spent the next five years studying, taking classes, and apprenticing with Oregon wine pioneer, Fred Arterberry. In 1988, St. Innocent Winery was founded. Our goal is to produce wines that respect the quality and tradition of the Old World in one of the newest and most exciting wine growing regions on the planet: Oregon's Willamette Valley.This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 06 Jul 2022 - 27min - 218 - Talking Cybersecurity
What is cybersecurity? Cybersecurity is the practice of protecting critical systems and sensitive information from digital attacks. Also known as information technology (IT) security, cybersecurity measures are designed to combat threats against networked systems and applications, whether those threats originate from inside or outside of an organization. In this episode of Wine and Dime, TJ Meehan joins us to talk about cybersecurity and offer a few recommendations and best practices that can help protect you online!
Wed, 29 Jun 2022 - 46min - 217 - A Down Market and Its Impact on Retirement Savings
Retirement month continues here at Wine and Dime. Ann Arceo is back with us to talk about the impacts that your retirement savings have during a down market, like we are seeing now.
What you will learn
Impact on younger saversImpact on those wanting to retire soonImpact on those already retiredDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
2016 Can't Stop Won't Stop — Element Winery - Christopher’s Notes: The Can’t Stop / Won’t Stop is a blend of Cabernet Franc, Pinot Noir, Syrah, Gamay, Merlot and a touch of Blaufrankisch. It’s meant to be bright, fresh, and fruit forward for youthful consumption.Element Winery - A new vision for the Finger Lakes. Element Winery was founded to explore the extreme climate terroirs of the Finger Lakes region, to produce wines which express their origins without preconceived notions. We make delicate wines—low alcohol, higher acid, and balanced with a focus on mineral and floral aromas.This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 22 Jun 2022 - 29min - 216 - Planning For Retirement When You're in Your 40s
Kerrie is back with us in this Episode of Wine and Dime. We are talking about planning for retirement while you are in your forties.
In this episode you will learn:
How to map out conflicting goalsTypes of savings vehiclesHow to maximize the next 20 yearsDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
The Quincy Exchange | Dining in Corning, NY - Located in the heart of Corning, NY’s Gaffer District, The Quincy Exchange brings a vibrant and socially distanced dining experience to this historic neighborhood. Join us at the marble topped bar, in the socially distanced dining room, or in the bright, modern Garden Room, and experience, fresh, seasonal dishes complimented by a thoughtful bar program and curated wine list with carefully made selections from around the world. Best described as an American Bistro, The Quincy Exchange offers craft cocktails, exciting wines, and approachable beers alongside our Brunch and Dinner services.This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 15 Jun 2022 - 27min - 215 - Competing Priorities: Saving For Retirement, Building An Emergency Fund, And Paying Off Debt
In this episode of Wine and Dime we continue our topic of the month, Retirement. Becky Eason is back on the show to talk about some competing prioritites. Saving for Retirement, building an emergency fund, and paying off debt
In this episode you will learn:
How to set priorities with small stepWhere to prioritize saving and how much to saveHow to prioritize debt repaymentElement WineryDon't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.com
Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Element Winery - A new vision for the Finger Lakes. Element Winery was founded to explore the extreme climate terroirs of the Finger Lakes region, to produce wines which express their origins without preconceived notions. We make delicate wines—low alcohol, higher acid, and balanced with a focus on mineral and floral aromas.This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.
Visit www.rootedpg.com to learn more.
Wed, 08 Jun 2022 - 25min
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