Episodes
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About the Guest(s):
Kerrie Beene: Kerrie Beene is the Chief Investment Officer (CIO) at Rooted Planning Group. With a keen interest and expertise in economic policies and market dynamics, Kerrie guides investment strategies and discussions around market outlooks. Her focus often lies in distilling complex financial concepts and making them accessible for clients and audiences alike.
Episode Summary:In this engaging episode of Money Roots, host Amy Irvine, CEO of Rooted Planning Group, sits down with Kerrie Beene, the Chief Investment Officer, for an enlightening discussion on the post-election market outlook. The duo unpacks the impacts of political landscapes on stock market returns and investor sentiment, weaving through historical data dating back to 1933 to uncover patterns and trends. As global markets react to yet another election cycle, Amy and Kerrie reflect on what the future might hold for investors in a climate overshadowed by policy changes and economic uncertainty.
Throughout the episode, listeners are taken on a deep dive into how different political party leaderships have traditionally impacted market performance. Using data from past presidencies, Amy and Kerrie dissect and analyze the historical returns of the S&P 500, exploring the dynamic between Democratic and Republican parties in the White House and Congress, and its implications on market stability. They provide listeners with insights into bond markets, potential inflation concerns, and the general volatility that follows such political shifts, aiming to educate and prepare investors for what lies ahead.
Key Takeaways:Historical data shows that stock markets have generally performed well under Democratic leadership when the Congress is controlled by Republicans, with average returns of 18.2%.Markets tend to prefer balance in government control, which historically has resulted in more stable investment returns.The bond market has experienced unusual volatility due to fears of inflation and potential interest rate changes.It's important for investors to have a long-term view and not make decisions driven by short-term political changes or noise.Understanding market fundamentals and educating oneself on financial policies is crucial for making informed investment decisions.
Notable Quotes:"The market does what it does regardless of the political party in office." – Kerrie Beene"Markets move on a daily basis based on fear and volatility, but over a long term basis they move on growth and economic news." – Amy Irvine"The biggest thing that stands out is that what tends to do the best is when there's a balance of power." – Kerrie Beene"In reality, if the Fed is going to continue to lower interest rates, they must think that the economy is slowing down." – Amy Irvine"Having a plan and a strategy that makes sense and reviewing your portfolio is crucial." – Kerrie Beene
Resources:Rooted Planning Group: Find out more about their financial planning services and insights. Connect through their official website.Join Amy and Kerrie in this insightful episode as they peel back the layers of financial intricacies and political effects on the market outlook. Dive into the full conversation on Money Roots for more expert analysis and stay tuned for future episodes that promise to enrich your financial literacy journey.
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About the Guest(s):
Kerrie Beene
Kerrie Beene is a financial planner with expertise in navigating complex personal finance topics. She works alongside Amy Irvine, providing clients with informed guidance and actionable advice to help them achieve their financial goals. With a focus on comprehensive financial planning, Kerrie brings experience and dedication to ensuring financial clarity for clients at the Rooted Planning Group.
Episode Summary:In this insightful episode of Money Roots, your hosts Amy Irvine and Kerrie Beene tackle the intricacies of Medicare, focusing on the open enrollment period and the parts that constitute Medicare, including Parts A, B, C, and D. They offer clarity in an area often seen as daunting due to its complexity and abundance of choices. With personal stories and expert guidance, Amy and Kerrie break down each component of Medicare, empowering listeners to make informed decisions about healthcare coverage as they approach or assist loved ones approaching retirement age.
Throughout the podcast, leveraging SEO-friendly terms like "Medicare Advantage," "Medigap plans," and "open enrollment," Amy and Kerrie explore the differences between original Medicare (Parts A and B) and Medicare Advantage plans (Part C), emphasizing the importance of understanding your healthcare needs and financial situation to choose the best coverage. They stress that careful preparation—by assessing doctor visits, prescription medications, and potential upcoming surgeries—is essential when selecting a plan. Additionally, they caution that while Medicare Advantage plans might present no additional premium, associated copays and coinsurances can vary widely.
Key Takeaways:Understanding Medicare Parts: Traditional Medicare consists of Part A (hospital insurance) and Part B (medical insurance), with Part D offering prescription drug coverage, and Part C being Medicare Advantage plans provided by private insurers.Open Enrollment is Crucial: Seniors should prepare thoroughly before open enrollment by reviewing their health needs, including doctor visits and prescriptions.Pros and Cons of Medicare Advantage: Medicare Advantage Plans can appear more affordable due to lower premiums, but may result in higher out-of-pocket expenses.Yearly Review is Essential: Healthcare needs and insurance benefits can change annually; reviewing your Medicare plan each year can help maintain suitable coverage.Seek Professional Help: Utilize resources like local Offices for the Aging or insurance specialists to help navigate the vast array of Medicare options.
Notable Quotes:"We thought it would be great if we could do a little podcast on...the open enrollment period around Medicare and all of the confusion that goes around it." – Amy Irvine"When you think about traditional insurance in general, it's just you hand an insurance card in... It's not the same as having a part A, a part B, a part C, a part D." – Amy Irvine"Just remember, when you go to a part C plan, you are going on to an insurance plan... that's why a lot of people say don't switch." – Amy Irvine"Never set it and forget it... every year review that" – Amy Irvine"Utilize your resources and do find those people, but make sure it's the right people... Make sure it's the people who have your best interest at heart." – Kerrie Beene
Resources:Rooted Planning Group Website: Rooted Planning GroupMedicare Official Website: Medicare.govContinuing the conversation about Medicare and personal...
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Missing episodes?
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Join host Kate Welker on Money Roots as she demystifies the complexities of health insurance during the crucial open enrollment period. This episode focuses on understanding employer-sponsored plans, including HMOs, PPOs, and HDHPs with HSAs, providing listeners with essential insights to make informed decisions. Kate offers practical advice on comparing deductibles, co-pays, and network options, ensuring you find the coverage that best meets your needs. Additionally, she explores the healthcare exchange for those without employer coverage, guiding you through the process of selecting the right plan. Tune in to maximize your plan's potential and ensure a thriving financial future with your health insurance choices.
Takeaways:
Understanding the different types of health insurance plans is crucial during open enrollment. When comparing health plans, analyze deductibles, co-pays, and network coverage options thoroughly. Utilizing Health Savings Accounts (HSAs) can provide significant tax benefits and savings opportunities. It's important to evaluate your healthcare usage to choose the best plan for your needs. Always check if your preferred providers are in-network to avoid unexpected costs. Estimating your income accurately on the healthcare exchange is vital to avoid penalties later.Health insurance can be a complex landscape, particularly during open enrollment. Kate Welker offers an essential guide to navigating this process effectively. She starts by dissecting employer-sponsored plans, including HMOs, PPOs, and HDHPs that can be paired with HSAs. With a clear explanation of each plan type, Kate articulates the importance of comparing deductibles, co-pays, and provider networks, encouraging listeners to create a side-by-side comparison to understand their options better.
Moreover, Kate delves into the advantages of HSAs and FSAs, explaining how these accounts can serve as valuable tools for managing healthcare expenses. She highlights how employers may contribute to these accounts, which can significantly enhance savings. By illustrating how to evaluate prescription drug coverage and the necessity of confirming network status with healthcare providers, Kate equips her audience with the knowledge needed to make informed decisions about their health insurance.
For those not enrolled in employer-sponsored plans, the episode transitions into an exploration of the healthcare exchange. Kate emphasizes the importance of accurately estimating income as it relates to premium tax credits, providing guidance on how to avoid common pitfalls that can lead to back charges or overpayment. By analyzing the various metal tier plans available on the exchange, she helps listeners understand the balance between premium costs and coverage quality. Throughout the episode, Kate urges her listeners to utilize available resources, ensuring they feel supported in their quest for effective health insurance solutions.
Resources:Kate Welker’s episodes and blog articles at Rooted Planning Group: Rooted Planning GroupThrough this episode, listeners are encouraged to grasp the intricacies of health insurance thoughtfully. Be sure to tune in to the full episode of Money Roots for a comprehensive understanding and more expert advice from Kate Welker. Stay informed and continue to sow the seeds of financial knowledge for a robust financial future
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About the Guest(s):
Kate Welker is a CERTIFIED FINANCIAL PLANNER™ and a recurring host on Money Roots, bringing a wealth of expertise in personal finance to the podcast. Her insights into financial planning and time management make her a valuable resource for individuals aiming to enhance their financial literacy and time efficiency.
Kerrie Beene is a CERTIFIED FINANCIAL PLANNER™ at Rooted Planning Group known for her practical approaches to simplifying personal finance. Her experience in helping clients streamline their financial lives provides listeners with actionable strategies to enhance their financial well-being.
Becky Eason is a CERTIFIED FINANCIAL PLANNER™ at Rooted Planning Group with a focus on integrating financial planning into everyday life. Her holistic approach to finance emphasizes finding balance, allowing individuals to manage their resources effectively without sacrificing personal time.
Episode Summary:In this insightful episode of Money Roots, hosts Kate Welker, Kerrie Beene, and Becky Eason come together to discuss the innovative ways professional women are reclaiming their time through strategic outsourcing and effective financial planning. As busy professionals juggling family life and careers, they explore why time is an invaluable resource and sharing real-world examples from their personal and professional lives. This episode offers a practical guide to simplifying life with time-saving tips that cater to both financial management and everyday living.
The podcast delves into several effective strategies that women can adopt to manage their time better. Kate, Kerrie, and Becky focus on outsourcing tasks like grocery shopping via delivery services, hiring cleaning services, and even employing travel agents to handle detailed holiday planning. They discuss the mental health benefits of such strategies, allowing listeners to gain insight into how outsourcing not only buys time but reduces mental strain. The hosts share their own experiences and those of clients, providing an authentic look at the challenges and solutions busy women face today. Listeners are encouraged to consider these methods as investments in their well-being and productivity, highlighting the importance of a balanced lifestyle in personal finance.
Key Takeaways:Outsourcing tasks like grocery shopping, house cleaning, and travel planning can reclaim valuable time and reduce mental load.Services like curbside pickup and delivery, as mentioned by Becky Eason, help avoid impulse purchases while saving time.Hiring deep cleaning services, as detailed by Kerrie Beene, is a non-negotiable investment that brings peace of mind and a tidy home environment.Using a meal planning service can streamline the cooking process, offering both convenience and healthy eating options.Considering higher tier solutions, such as hiring a personal assistant, can be incredibly beneficial for those with the means to do so.
Notable Quotes:"When I'm watching TV in the evening, I just get on my phone, fill my cart and select a delivery time." - Becky Eason"If my space is cluttered or not clean, it makes my mind feel chaotic." - Kerrie Beene"Travel agents are actually having a very big resurgence because people want to travel and don't want to worry about the details." - Kate Welker"I think part of buying time is you get time, but you also get some mental health." - Kate Welker"Sometimes we talk about non-negotiables when discussing budgets with clients. Having cleaning services is a non-negotiable for me." - Kerrie Beene
Resources:Rooted Planning Group: -
About the Guest(s):
Kate Welker: Kate is a seasoned financial planner known for her comprehensive approach to personal finance. She specializes in empowering individuals and families to make informed financial decisions, providing practical advice tailored to unique situations.
Kerrie Beene: Kerrie is a financial expert with a wealth of experience in investment strategies and financial planning. Her keen insights and expertise help clients navigate complex financial landscapes, ensuring they understand the intricate details of their investment choices.
Episode Summary:In this illuminating episode of Money Roots, hosts Kate Welker and Kerrie Beene dive into common financial mistakes, particularly those that women often make. This episode sheds light on the patterns and pitfalls in financial decision-making, offering practical strategies to avoid them. From the importance of not listening to others blindly, to the dangers of overextending oneself both in time and money, this conversation is packed with valuable tips.
The hosts emphasize the significance of creating a personalized financial system that works for you. They discuss how ignoring finances can lead to unwanted stress and financial penalties, and how setting up automatic payments and regular check-ins can help maintain control. Additionally, this episode touches on the importance of investing wisely. Kerrie and Kate share insights on overcoming the fear of investing, highlighting that women often excel as investors once they get started.
Key Takeaways:Tailor Financial Advice: Be cautious about taking financial advice from others as their situations might not match yours.Avoid Ignoring Finances: Ignoring financial matters can lead to bigger issues. Set up systems like automatic payments and regular check-ins to stay on track.Don’t Overextend Yourself: Overextending your time or money can lead to stress and poor financial decisions. Prioritize your well-being to avoid burnout.Invest Wisely: Educate yourself about investing. Women, in particular, can be excellent investors when they understand their investments and let them grow.Create a Personalized System: Find a financial management system that works for your lifestyle and sticking to it can help you stay organized and reduce anxiety.
Notable Quotes:“Just because someone says something doesn’t necessarily mean that they’re an expert on the subject or an expert in your life.” - Kerrie Beene“Don’t should on yourself. It’s in the past; maybe there are different ways you could have approached it, but everyone has their own path.” - Kate Welker“It’s your money, so at the end of the day, you can make a decision later before you invest in something that you don’t fully understand.” - Kerrie Beene“If someone is making you feel like you are dumb or unintelligent because you’re not doing something, do your own research first.” - Kate Welker“We talk about conflicting goals a lot in meetings, too, so it’s really important not to ignore them and making sure your resources are put to the goals that are most important to you.” - Kerrie BeeneDon't miss this episode filled with actionable advice and insights that can help you avoid common financial pitfalls and build a more secure financial future. Tune in to Money Roots and continue nurturing your financial health!
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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 Group -
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 Welker
Resources: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... -
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.
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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 productivity
Key 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 Carapella
Resources: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.
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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.
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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 Welker
Resources: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.
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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 Welker
Resources:Rooted Planning Group - Website
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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.
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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 Zemak
Resources: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.
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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 Zemak
Resources: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.
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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 Zemak
Resources: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.
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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
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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.
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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: Website
Conclusion: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.
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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 Welker
Resources: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.
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