Keep it Simple

Book Breakdown Part 2 The Psychology of Money

In part two of our conversation about The Psychology of Money, by Morgan Housel, the Asset Builder team is getting into a good money mindset, sitting in discomfort, being less flashy, and more. True freedom isn’t being able to spend as much money as you want when you want to; instead, it’s the ability to control your life. Focusing on your own journey to financial freedom doesn’t mean getting a flashy car to impress people. 

 

Since there’s no financial literacy classes in the high schools we went to (and most likely not where you went either), we hope you’ll tune in to learn more about shifting your mindset on wealth as we breakdown this gem of a book. Remember: true wealth isn’t what you see because most of the “wealth” you see is actually a depreciating asset. 

 

Connect with the Asset Builder team:

assetbuilder.com

 

[00:00] Show intro 

[00:28] Welcome to part two of the book breakdown!

[01:55] Ch. 6: Success doesn’t come 100% of the time

[08:40] Ch. 7: You can become a slave to stuff

[12:45] Ch. 8: The man in the car paradox 

[16:39] Ch. 9: Wealth is what you don’t see

[19:35] Ch. 10: Save your money

[24:05] The importance of financial literacy

[24:55] Free books!

[25:24] Wrapping it up

[25:52] Outro 

Book Breakdown: The Psychology of Money by Morgan Housel

Is Keep It Simple turning into a book club? We’re breaking down The Psychology of Money by Morgan Hauser. Our conversation today is getting deep and meaningful, and goes way beyond money and financial status. We’re talking about some of our favorite parts from the book and key takeaways we have from each chapter.

Join us for part one of this conversation and don’t forget to check back for part two! We have nineteen chapters to get through together and you don’t want to miss it. From mindset to self-discipline to goal setting, this episode has value for the most seasoned investor to the newbie who is just starting out.

[00:00] Show intro

[00:29] Welcome to the show

[02:02] Today’s topic: The Psychology of Money

[04:20] Chapter one

[07:56] Chapter two

[14:13] Chapter three

[22:18] Chapter four

[28:22] Chapter five

[32:04] Make a plan

[32:41] Wrapping it up

[34:12] Outro

Top Questions to Ask an Advisor Before You Sign On

When you’re looking for a financial advisor, you are trying to find someone to trust with your hard earned money. Do a little research before you interview a potential advisor so you know what your investing philosophy is to find an advisor that matches your view. Really get to know your potential advisor’s qualifications and reasons for being in the business.

Having up front conversations between clients and advisors is imperative to prevent unnecessary road bumps along your investment journey. Asking the questions below will allow you as a client to find an investor that matches your investment philosophy and allows advisors to see if potential clients fit with their firm’s investment strategy. Connect with the team: podcast@assetbuilder.com assetbuilder.com/podcast

 

[00:00] Intro

[00:29] Things to ask your financial advisor

[03:43] What is your investing philosophy?

[08:27] Do you use technical analysis?

[11:16] Do you use market timing?

[15:36] Why are you in this job?

[21:09] Are you a fiduciary? What are their qualifications?

[22:57] Why do you feel you need a financial advisor?

[26:48] What is the biggest frustration with other advisors?

[27:32] How did you respond emotionally to the bear markets?

[32:11] Where should I be in a year?

[37:27] The most common question from potential comments

[40:51] Book recommendations and wrapping up

[42:20] Closing things out

Everything You NEED to Know About Secure Act 2.0

Today on Keep It Simple we’re getting into a new law, The Secure Act 2.0. This law is the government’s way to remove obstacles to retirements to make it easier for the average American to save money for retirement. The Asset Builder team is explaining some of the changes this law brings that normal individuals should be aware of. 25% of American adults don’t have savings, so if you fall under that statistic the Secure Act 2.0 helps you out by allowing you to catch up on your retirement contributions.

Arguably the most important change that comes from the Secure Act 2.0 is the rules surrounding Roth accounts. We’re talking about Roth accounts in detail and these accounts can be huge assets to individuals. QCCs are also changing a little bit and are a great tool to use. Arguably the biggest change Secure 2.0 is making is requiring businesses to defer 3% of their employee’s incomes into retirement accounts. This law will change things for you, whether in big or small ways, so it is important for you to go talk to your advisor to find out how it’ll impact you.

Connect with the Keep It Simple team online at assetbuilder.com

[00:00] Show intro

[00:30] Welcome to the show

[02:01] Changes to the laws: Secure 2.0

[03:54] Why is the government changing retirement?

[07:35] The changes brought by Secure 2.0 individuals need to know about

[09:47] What is a catch up contribution?

[14:58] Matching towards your Roth IRAs

[18:50] The math behind Roth IRAs

[21:43] Qualified charitable contributions

[25:28] Requiring all companies to defer 3% to employee’s retirements

[29:01] Student loan forgiveness

[30:52] Go talk to your advisor

[32:19] Closing comments

What Should You Do With A Christmas Bonus?

2022 was a rollercoaster of a year, but some lucky people got a year end bonus. The key to spending a bonus well is to make a plan for when that extra income rolls into your bank account. In this episode of Keep It Simple, we’re laying out the things you should consider when you’re planning for that Christmas bonus.

 

Whether you decide to pay off debt, add to your retirment account, or invest, use your bonus to set yourself up for success. Life happens, and making sure you’re ready to roll with the punches financially. Aside from backing up your financial future, using a bonus can be a great opportunity to invest in yourself. All this advice and more on today’s episode of Keep It Simple.

 

Listen in and don’t forget to check out our website linked below.

www.assetbuilder.com

 

[00:00] Show intro
[00:29] Shout out to Joey!
[01:19] Paying off debt
[03:47] Debt considerations
[05:11] Bulk up your retirement account
[07:49] Investing that bonus
[11:29] Restocking an emergency fund
[14:19] What is a 529 plan?
[18:36] Investing in yourself
[23:10] Minimizing the amount of cash you’re sitting on
[24:16] Saving for your next vacation or other big ticket items
[25:45] Closing comments
[27:09] Outro

 

December Notebook Dump - Inflation, Debt, and the Fed

We are welcoming Joey, a lead advisor here at Asset Builder, to this episode of Keep It Simple. Join us for a brain dump where we’re talking about inflation and debt. Inflation is starting to slow which indicates interest rates will slowly start coming down. We’ve all been on the struggle bus with the high cost of living that’s come with inflation, especially our grocery bills. We’re going to discuss some things we’ve done to help combat the cost of inflation. Alongside inflation, debt has been increasing. With auto and home loans, household debt has been steadily growing. So how do we start the conversation about it? Listen in to find out. Towards the end of this episode we’re pulling out our crystal balls and making predictions for where 2023 is going. 

 

Connect with Adam or Joey

Website- https://assetbuilder.com/

  

[00:00] Show intro 

[00:29] Welcome to Joey 

[02:35] Inflation: the one and only 

[08:47] Income vs. debt 

[15:46] Having conversations about debt with people 

[21:31] Predictions for 2023

[24:48] Some things Adam and Joey are handling from clients

[28:16] Wrapping it up 

 

The Art of Reading Returns

On today’s episode of Keep It Simple, learn how to approach and interpret a return and what different returns mean. Return formulas can be confusing, and since they are invaluable we are taking the time today to break things down and go over the things you need to look for when evaluating your returns. You need to know what you’re measuring, what you’re measuring with, and what you’re measuring against. Our goal is to help you make good choices when you are looking at changing your approach to returns to help you profit later. Remember that you don’t need all the data in the world, just a good strategy and consistency. The more you understand the more at peace you will be, so let’s get to learning.

 

Get in contact with Adam or Janet by clicking the link below: 

www.assetbuilder.com/podcast

 

[00:00] Show intro 

[00:28] What we’re talking about today 

[01:15] The most common mistakes made with returns 

[03:23] Framework of mental checks when evaluating returns 

[09:14] Understanding the nature of the market 

[11:40] Knowing what you’re measuring with 

[14:47] Rolling returns 

[16:26] Why do rolling returns set better expectations?

[21:24] Knowing what you’re measuring against: benchmarks 

[29:32] The returns cheat sheet 

[33:47] Where to get more resources 

[34:33] Closing comments 

[35:02] Outro 

Could Medicare Be Anymore Complicated?

It’s never too early to start planning your future, so today we are talking about all things Medicare. We are breaking down all the parts of Medicare and explaining the pros and cons to the different paths you can take, as well as where to go if you need help sorting out your Medicare plan. Connect with Adam or Janet at their website, www.assetbuilder.com/podcast

[00:00] Disclaimer/show intro

[00:28] Episode intro

[01:21] The body line of the episode

[03:47] Medicare and it’s structure

[07:31] How do you know when it’s time to enroll in Medicare?

[09:26] Why start Medicare right at 65?

[11:28] Part A and B: why are they separate and what are they?

[14:47] Shopping based on premiums vs. company vs. customer service

[18:09] What is Medigap and how to utilize it

[23:19] Decision tree in regards to Medicare

[26:08] Resources for learning about Medicare

[31:19] Janet’s personal experience with Medicare

[35:16] Closing comments

[37:06] Wrap up and outro

Breaking Down the Student Debt Relief Plan

Investment Advisor Representatives Adam Morse and Janet Griffith discuss the recent Student Debt Relief plan announced by the White House and what it means for millions of Americans as well as the American economy.

 

www.studentaid.gov/loan-simulator

 

Have an idea for an episode? Email us!

 

podcast@assetbuilder.com

Will Social Security Run Out in 2030?

Adam Morse and Janet Griffith discuss the ins and outs of social security and how to prepare ourselves for whatever the future holds. 

 

Have an idea for an episode? Email us! 

podcast@assetbuilder.com