5 Fast Ways to Turbocharge Your Retirement Savings

How to Painlessly Talk Money With Your Honey

Editor's Note: Here's one of the best podcasts from the archive that you may have missed. This episode initially aired on March 06, 2021.

When my wife and I joined households 11 years ago, we combined our kitchen stuff, our furniture, our linens and just about everything else. The one thing we didn't combine? Our money.

When it comes to money, she does her thing and I do mine. About the only time our money meets is on our joint tax return.

This is the system that works for us, although it likely wouldn't work for everyone. That's the thing with money and relationships: There's no right answer. Anyone who tells you there's only one correct way to mix money and marriage -- and there are plenty of "experts" who do -- is just plain wrong.

The one thing that's universally true is that money secrets are bad. My wife and I don't combine our money, but we do discuss it. Often.

Whether you've been together for 30 months or 30 years, avoiding talking money puts your relationship at risk. This is especially true if finances are tight, or if you combine your finances and have different money "personalities" -- such as a spender or borrower in a relationship with a saver or investor.

To nobody's surprise, money is routinely cited in surveys as a major source of stress.

So when, and exactly how, can we discuss money with our significant others without causing friction? How do we get on the same page and stay there? Or are differences about money just something couples have to learn to live with?

In this week's "Money!" podcast, we're going to find answers to these questions, as well as many more. Our guest is best-selling author and award-winning speaker Tarra Jackson, also known as Madam Money.

As usual, my co-host will be financial journalist Miranda Marquit, and we're joined by our producer and sound effects guy, Aaron Freeman.

Sit back, relax and listen to this week's "Money!" podcast:

• Listen on Apple Podcasts
• Listen on Google Podcasts
• Listen on Spotify

Not familiar with podcasts?

A podcast is basically a radio show you can listen to anytime, either by downloading it to your smartphone or other device, or by listening online.

They're totally free. They can be any length (ours are typically about a half-hour), feature any number of people and cover any topic you can possibly think of. You can listen at home, in the car, while jogging or, if you're like me, when riding your bike.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple,Spotify,RadioPublic,StitcherandRSS.

If you haven't listened to a podcast yet, give it a try, then subscribeto ours. You'll be glad you did!

Show Notes

Want more information? Check out these resources:

• MadamMoney.com (Tarra's website)
• "10 Things You Should Know about Joining Finances in Marriage"
• "8 Key Steps to Planning for Retirement as a Couple"
• "6 Ways to Get Your Spouse to Save More Money"
• "Living Together but Not Married? 5 Important Things to Know"
• Business Insider: "8 ways to talk to your partner about money"
• Money Under 30: "How To Have 'The Talk': 6 Tips For Couples Discussing Finances"
• Mint Life: "How to Talk Money in a Relationship: Dos and Don'ts"
• NBC News: "The 3 money conversations you and your partner need to have"
• Subscribe to the Money Talks News newsletter
• Take our The Only Retirement Guide You'll Ever Need course
• Take our Money Made Simple course

Aboutme

I founded Money Talks News in 1991. I'm a CPA, and I have also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

3 Tips for Buying a Home When the Market Stinks

In this episode of Money Talks News, the podcast dives into the challenging housing market as Stacy Johnson and Miranda Marquit discuss strategies for buying a home despite high rates and low inventory. They are joined by real estate expert Mindy Jensen from BiggerPockets. Mindy shares insights on preparing finances, creative financing options, and the pitfalls to avoid in such a tight market. The conversation extends to the recent legal changes affecting real estate agent commissions, offering listeners a thorough understanding of the current landscape. Whether you're an eager buyer or a cautious renter, this episode provides valuable advice and perspectives.

00:00 Welcome to Money Talks News: Navigating the Housing Market
00:33 Expert Insights with Mindy Jensen on Real Estate
01:32 The Art of Live-In Flips and Tax Benefits
03:16 Navigating a Tough Market: Strategies and Stories
09:44 Financial Strategies for Buying in a High-Rate Market
10:57 Understanding Mortgage Payments and Home Affordability
14:50 The Rent vs. Buy Debate in Today's Market
18:02 Exploring Alternative Financing and Investment Strategies
19:56 The Risks and Rewards of Margin Loans for Real Estate
23:12 Making Decisions in a Challenging Real Estate Market
24:20 Navigating Real Estate Pricing and Mortgage Payments
26:11 The Art of Negotiation and Seller Financing
32:52 Exploring Mortgage Assumptions and Creative Financing
42:36 Adjustable Rate Mortgages: A Risky Solution?
45:17 The Future of Real Estate Commissions and Buyer's Agents

Existing home sales surged 9.5% in February 2024, the largest increase in a year. Even with the rate of home sales slowing down a bit, they remain relatively strong. With home sales still fairly strong, we're not likely to see prices come down anytime soon. Combine that with relatively high mortgage rates, and it's definitely NOT a buyers market.

But what if you're ready to buy a home anyway? What can you do to best position your finances to get ready to buy a home, no matter what's going on with the market? In thisepisode we welcome back a friend of the show Mindy Jensen from BiggerPockets to help us sort out how to get the best bang for your homebuying buck.

Remember, even though we sometimes talk about money and specific investments on this show, don't take them as recommendations. Before investing in anything or making any money moves, do your own research and make your own decisions.

You can download the episode wherever you get your podcasts:

• Listen onApple Podcasts
• Listen onGoogle Podcasts
• Listen onSpotify

Don't forget tocheck out our podcast pagefor more episodes designed to help you make the most of your money.

Why is the housing market so tough for buyers right now?

We start by taking a look at why the housing market is so tough right now—and why prices remain stubbornly high. Some of the reasons that home prices haven't come down as much as we'd like:

• There remains a housing shortage of at least 1.5 million homes.
• It can be difficult to buy a home on a current income since home prices have far outpaced wage growth in recent years.
• Coming up with a down payment can feel challenging in the current climate.

On top of that, there are concerns about how the recent settlement with the National Association of Realtors could impact buyer representation and costs for buyers.

However, some of these pressures might finally help bring home prices down, at least in some markets. Depending on where you hope to buy, you might be able to find lower home prices as you move forward with your homebuying journey.

Tips for preparing your finances for buying a home in any market

Our episode includes helpful information on buying a home, pointing out that it depends on your goals. Trying to time the housing market, especially when you're looking for your primary residence, might not make much sense in the long run.

We reference a past episode featuring Mindy, which offers tips on getting the best homebuying deal possible. But we also talk about some of the realities of getting financing these days.

• You don't need to put down 20%, even though that's the conventional wisdom. Indeed, first-time homebuyers often put down 6%, and some conventional programs through Fannie Mae and Freddie Mac allow as little as 3% down. Figuring out how to come up with a down payment is one of the most difficult parts of the process.
• Government programs can help you get a lower down payment. We talk about FHA loans and VA loans as ways to get help financing a home with a low down payment.
• Another option is to use seller financing. If you can work out a deal with the seller, and they don't need an immediate chunk of cash, you might be able to convince someone to help you with a deal.
• Keep your credit score as high as possible and make sure you have a low debt-to-income ratio to increase your chances of being approved at the most competitive rates.
• Understand your goals for buying. In some cases, getting a cheap live-in fix and flip, like what Mindy does, can be a way to make the most of your dollars—as long as you have the ability to upgrade the home yourself.

We also spend some time on the rent vs. buy debate. In the end, figuring out why you want to buy is essential to moving forward. Miranda also talks a little bit about how much she likes renting.

Meet this week's guest, Mindy Jensen

Mindy Jensen is a licensed agent in Colorado, and has been buying and selling houses for more than 20 years. She's the Community Manager for BiggerPockets.com, and the host of the BiggerPockets Money Podcast.

• Website
• Podcast

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcastshereor download them to your phone from any number of places, includingApple,Spotify,RadioPublic,StitcherandRSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

The Ultimate Guide to Roth Retirement Accounts: Why You Need One Now

Editor's Note: This episode initially aired on June 22, 2023. It may contain some details that are out of date.

Are you familiar with Roth IRAs? If you're not, you should be, because Roth IRAs are a great way to get tax-free income after you retire.

There is a potential fly in the ointment, however. Namely, not everyone qualifies for a Roth. If you make too much money, Uncle Sam says you can't use 'em. But there's a way around that rule: Fund a regular retirement account, then roll it over to a Roth. It's called a backdoor Roth. Sounds sneaky, right? Should you do it? And if so, how do you go about it?

Let's find out. In this podcast episode, we're talking about how to convert an IRA to a Roth IRA without getting eaten alive by income taxes. In addition, we'll be talking about nearly every facet of Roth accounts and why they should be an integral part of every retirement strategy.

HostStacy Johnsonis joined by financial journalistMiranda Marquit. Listening in and sometimes contributing is producerAaron Freeman.

This week's guest is Ed Slott, the founder of IRAhelp.com. He's ready to tell us why a Roth conversion is his No. 1 tax tip for this year.

Before we start, remember this isn't financial advice. So make sure to do your own research and consult your own experts before acting on anything you learn here.

You can download the episode wherever you get your podcasts:

• Listen onApple Podcasts
• Listen onGoogle Podcasts
• Listen onSpotify

Using an IRA for your retirement

We talk about individual retirement accounts (IRAs) in this episode. Here are some great resources on how to make the most of your IRA — whether you get a traditional or a Roth.

• Investing in Gold and Gold IRAs: 5 Things You Need to Know
• The 7 Most Popular IRA Investments
• 15 Mistakes People Make With Roth IRAs
• Got an IRA? Here’s How to Use the Bear Market to Your Advantage
• How a Roth IRA Conversion Turns a Stock Market Plunge Into a Plus
• 8 Ways to Maximize Your Traditional or Roth IRA
• How to Buy Real Estate With Your IRA

If you decide to do a Roth conversion, like our guest Ed suggests, make sure you know the rules. We recommend checking out Investopedia's article "Roth IRA Conversion Rules."

Learn more about retirement accounts

An IRA isn’t your only choice for retirement. There are different accounts and strategies you can use to make the most of your golden years. Here are some great resources for getting more out of retirement.

• My Retirement Savings Are Shrinking. Should I Worry?
• How to Retire at Any Age Using Your Retirement Number
• 12 ‘Course Corrections’ That Will Improve Your Retirement
• The Top 11 Sources of Retirement Income, According to Retirees
• 5 Dumb Retirement Mistakes Everyone Makes
• How to Boost Your Social Security by 30% + 7 Tips for a Richer Retirement
• How to Save for Retirement, Decade by Decade
• 11 Huge Retirement Costs That Are Often Overlooked
• 9 Topics to Tackle Now to Survive Retirement With Your Spouse
• 8 Countries That Offer Retirement Visas to Americans
• How 401(k) Plans Could Soon Be More Like Pensions
• Have a 401(k)? Here’s a Secret Retirement Plan You Probably Don’t Know About
• 7 Key Habits of 401(k) and IRA Millionaires
• 4 Ways to Save for Retirement Without a 401(k)
• Why a Solo 401(k) Offers Big Savings Opportunities for the Self-Employed

Meet this week's guest, Ed Slott[caption id="attachment_426514" align="alignnone" width="1920"] Courtesy of Ed Slott / Money Talks News[/caption]

Ed Slott is a nationally recognized IRA distribution expert, television personality, and best-selling author who has dedicated his life to educating Americans on the intricacies of IRAs.  He was named "The Best Source for IRA Advice" by The Wall Street Journal. Slott is the author of numerous highly acclaimed books, including his latest, "The New Retirement Savings Time Bomb" (Penguin Random House, 2021) and "Ed Slott's Retirement Decisions Guide: 2022 Edition" (IRAHelp, 2022).

He has also hosted several public television programs, including his latest,  "Ed Slott's Retirement Freedom," and is a professor of practice at the American College of Financial Services.

• IRAhelp.com

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcastshereor download them to your phone from any number of places, includingApple,Spotify,RadioPublic,StitcherandRSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

5 Instances When Common Finance Advice Is Wrong

No doubt you've imagined being financially independent: No job necessary, no money worries, no debt and plenty of savings. Of course, "financial freedom" means means different things to different people, but one thing's for sure: Not many of us are there yet. One recent survey found that only about 11% of Americans are living their definition of financial independence.

But no matter what financial freedom means to you, there are some steps you can take to get there faster. And that's what we're going to talk about today's podcast.

We're talking to Gigi Gonzalez, the author of the best-selling book Cultura & Cash.

Remember, even though we sometimes talk about money and specific investments on this show, don't take them as recommendations. Before investing in anything or making any money moves, do your own research and make your own decisions.

You can listen with the player at the top of this article, or download the episode wherever you get your podcasts:

Listen on Apple Podcasts
Listen on Google Podcasts
Listen on Spotify

Don't forget to check out our podcast page for more episodes designed to help you make the most of your money.

"Traditional" Personal Finance Advice Doesn't Work for Everyone
Our guest Gigi talks about how some of the personal finance advice that we typically receive doesn't always work for everyone. (Check out this article from Kiplinger on how budgeting advice is often flawed.)
Some of the reasons that standard personal finance advice doesn't work for first-generation Americans have to do with some of the cultural norms surrounding money.
Gigi gives the example of lending money to family (and friends). We're often told to "just say no" or help in other ways, but that might not be the norm, depending on your culture.
We also assume that debt shouldn't be used to improve financial fortunes, but many people need some type of debt—especially student loan debt—to move into the next socioeconomic bracket.
Yes, paying off high-interest debt should probably be a priority, but how you tackle it might look different.
We go through ways that you can shift your mindset around money and look for creative ways to interact with money once you understand your money story and how it impacts you.
Steps for Using Money Advice That Works for You
Don't forget that you can take some of the money advice you see and tweak it for your circumstances.
Set money goals that work for you, by asking important financial questions that are relevant to your situation.
Get away from the "supposed tos" and the prescriptive checklists. Not every frugal habit is worth it. Carefully consider which habits you want to change, and think about why you want to change those spending and money habits.
Rules of thumb can be useful, but don't assume they're the answer to everything.
Meet this week's guest, Gigi Gonzalez

Giovanna "Gigi" Gonzalez is a TikTok influencer, financial educator, and author of the bestselling book Cultura and Cash. During The Great Resignation, she quit her 10-year corporate career to pursue her true passion: teaching financial literacy to young adults.

Gigi teaches personal finance and career navigation for First Gen at various organizations and on her TikTok account. She was named 40 under 40 by the Hispanic Alliance for Career Enhancement, "Latinx to Watch" by Hispanic Executive Magazine and Top 25 Creator by Fast Company.

Website
Instagram
TikTok

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.

7 Tips to Retire With a Million-Dollar Nest Egg

Editor's Note: This episode initially aired on July 20, 2022. It may contain some details that are out of date.

According to one recent survey, only 4% of Americans have $1 million or more in retirement savings, which means 96% of us don't.

Of course, depending on your situation, a million bucks may be overkill: Many people could fund their retirement years for a lot less. Still, it's a nice, round number, and one worth shooting for.

Obviously, however, that's a lot of money. Is it even possible to get there? In a word, yes. And that's what we're going to talk about today: building a million-dollar nest egg, and just as important, how to figure out how much you're actually going to need.

As usual, co-hostsStacy JohnsonandMiranda Marquitare joined by producerAaron Freeman. This week's special guest is Roger Whitney, the Retirement Answer Man.

Remember, even though we sometimes talk about specific investments on this show, don't take them as recommendations because they're not. Before investing in anything, do your own research, and make your own decisions.

You can download the episode wherever you get your podcasts:

• Listen onApple Podcasts
• Listen onGoogle Podcasts
• Listen onSpotify

Don't forget tocheck out our podcast pagefor more episodes designed to help you make the most of your money andour YouTube pagefor more videos.

https://youtu.be/US5Vk5nThuI

Is $1 million enough to retire on?

It sounds like a lot of money, but is $1 million enough to retire on? What you really need to do is figure out how big your nest egg should be and go from there. Whether $1 million is enough depends on your own situation.

• Check out how long $1 million will last during retirement.
• Read our article on the retirement numbers you should know as you plan your golden years.
• Where does your retirement income come from, anyway? Check out our overview of where most retirees get their money.
• Find out where you fit in when it comes to your retirement savings, based on your age.
• Our guest has a great podcast episode on investment returns and inflation during retirement.

Tips for building a $1 million nest egg

Ready to build your wealth? We talk about ways you can get your nest egg to that elusive $1 million mark.

• We have an article on how to retire with at least $1 million in the bank.
• Before you assume the 4% rule is still good, check out our article on rethinking this popular retirement planning strategy.
• Don't let taxes drain your retirement. Read our retirement tax tips to help you keep more of your money.
• We've got some strategies that can boost your retirement savings by $1.7 million.
• Before you quit your job, read our article about how to protect your nest egg after you call it quits.
• Make the most of your retirement with our 65 tips for a healthy, wealthy and happy retirement.

Meet this week's guest, Roger Whitney

Roger has been a financial advisor for more than 25 years and is the host of the award-winning Retirement Answer Manpodcast. He is on a mission to change the way the world thinks about retirement, one little conversation at a time.

Roger established Rock Retirement Club in 2018 to help foster a safe online space for soon-to be retirees to learn, plan, and interact with other like-minded folks on the path to retirement.

As if that's not enough to keep him busy, he is the author of "Rock Retirement: A Simple Guide to Help You Take Control and Be More Optimistic About the Future," a Forbes online contributor, creator of the Agile Financial Planning process, and past instructor of the Retirement Planning & Employee Benefits CFP certificate program at the University of Texas at Arlington and of Wealth Management at Texas Christian University.

Investopedia has named him to the Top 100 Most Influential Advisors 2017-2021, and he has brought home Plutus Awards for Best Financial Planner Blog (2019) and Best Retirement Blog (2015 and 2017).

• Website
• Twitter
• Facebook
• YouTube
• LinkedIn

Don't listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle.

You can listen to our latest podcastshereor download them to your phone from any number of places, includingApple,Spotify,RadioPublic,StitcherandRSS.

If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

Become a member: https://www.moneytalksnews.com/members/

See omnystudio.com/listener for privacy information.