Saving With Silverman

In this episode of Saving With Silverman, we delve into the nuanced world of financial risk. Join Mark Silverman, CFP® and founder of Silverman & Associates, as he unpacks the complexities of risk tolerance in investing. Whether you're a thrill-seeker in the market or prefer a more cautious approach, understanding the risk you're comfortable with is crucial to achieving your financial goals.

Mark emphasizes the importance of understanding not just how much risk you're taking, but also how much you should be taking to stay on track for your objectives. You’ll learn about the pitfalls of chasing market trends and the dangers of being misaligned with your risk tolerance. Mark's conversation is peppered with insights like 'Investments work, investors don't,' highlighting the common mistakes people make when trying to time the market.

Discover how to align your investments with your life goals in our latest podcast episode. Learn the secrets of managing risk, crafting a diversified portfolio, and ensuring your financial plan is as unique as you are. Don't leave your financial future to chance; listen today for actionable insights and take control of your wealth. Your smarter financial future awaits!

Here are the quotes we discuss in today’s show:

• How often someone’s portfolio matches their feeling about risk.
• For people who don’t know how much risk they’re taking, how can they tell?
• Why so many people take unnecessary risks with their retirement money.
• Is there a way to significantly reduce portfolio risk without also significantly reducing opportunities for growth?
• How can someone know how much financial risk is appropriate for their situation?

Want to get in touch with Mark?

Web:

https://silverman-associates.com/home

Email:

[email protected]

Phone:

520.512.8832

520.618.5323

We like to approach financial conversations from a creative angle here on the show. So, in today’s episode, we’re exploring the timeless wisdom of past presidents. Join Mark as he takes five famous quotes from influential figures such as George Washington and Ronald Reagan and shares how their wisdom applies to financial planning.

Here are the quotes we discuss in today’s show:

• “When only one side of a story is heard and often repeated, the human mind becomes impressed with it.”
• “Ask not what your country can do for you, ask what you can do for your country.”
• “Think about every problem, every challenge we face. The solution to each starts with education.”
• “Trust but verify.”
• “It takes a great man to be a good listener.”

Want to get in touch with Mark?

Web:

https://silverman-associates.com/home

Email:

[email protected]

Phone:

520.512.8832

520.618.5323

In today's uncertain financial landscape, it's easy to feel like you're rolling the dice when it comes to retirement planning. With rising costs and unexpected expenses to account for, leaving your financial future to chance isn't a risk worth taking. Join us on this episode as we dive into the importance of strategic retirement planning.

Here’s what we discuss in today’s show:

• Understanding and planning for how much income you’ll need in retirement
• Maintaining a sufficient liquid reserve to handle unforeseen costs
• Accounting for the cost of inflation in your retirement plan
• The escalating costs and uncertainties surrounding healthcare

Want to get in touch with Mark?

Web:

https://silverman-associates.com/home

Email:

[email protected]

Phone:

520.512.8832

520.618.5323

Does retirement planning sometimes sound like Greek to you? Turns out, that's not always a bad thing. Join us as we take a step back in time and explore the timeless wisdom of Aristotle in today’s episode.

Here are the quotes we discuss in today’s show:

• “It is the mark of an educated mind to be able to entertain a thought without accepting it.”
• “Quality is not an act. It is a habit.”
• "The aim of the wise is not to secure pleasure, but to avoid pain."
• “Well begun is half done.”

Want to get in touch with Mark?

Web:

https://silverman-associates.com/home

Email:

[email protected]

Phone:

520.512.8832

520.618.5323

Welcome back to the Saving with Silverman podcast! In today’s episode, Mark is going to answer some mailbag questions sent in by listeners like you. These episodes are a great way for you to learn from real-life financial scenarios while gaining valuable insights into managing your finances effectively.

Here are the questions we cover in today’s show:

• “Is financial expense insurance worth buying?”
• “I have to start taking RMDs next year. Should I take these withdrawals in monthly installments or one big withdrawal at the end of the year?”
• “How much tax should I expect to pay on my deceased mother's estate, which includes an IRA worth $150,000, a checking account with $100,000, and a house about to be sold for $350,000?”

Want to get in touch with Mark?

Web:

https://silverman-associates.com/home

Email:

[email protected]

Phone:

520.512.8832

520.618.5323

Welcome back to the Saving with Silverman podcast! This week, we’re going to see what home renovation projects can teach us about the world of retirement planning. We’ll explore insightful lessons derived from the renovation process, such as understanding the “contractor's discount” and the importance of passing financial "inspections."

Here’s what we discuss in today’s show:

• The financial advantages of working with an RIA firm, including transparent fees and potential cost savings
• Passing “inspection” in financial planning with a collaborative financial planner
• The importance of specialization in financial planning and working with and advisor who prioritizes planning instead of products

Web:

https://silverman-associates.com/home

Email:

[email protected]

Phone:

520.512.8832

520.618.5323

In today’s episode, we’re going to cover some signs of good financial health. Listen in as Mark covers four essential areas that lay the foundation for a secure retirement. We’ll chat about the importance of spending less than you make, understanding the future tax implications of your savings, crafting a comprehensive retirement income plan, and more.

Here are the signs of good financial health that we’ll chat about:

• You spend less than you make
• You understand the future tax implications of your savings
• Both you and your spouse both understand your retirement plan and are prepared for the unexpected
• You have a written retirement income plan and peace of mind

Want to get in touch with Mark?

Web:

https://silverman-associates.com/home

Email:

[email protected]

Phone:

520.512.8832

520.618.5323

Ever wondered when the next market crash will hit? Or what healthcare costs will look like 20 years from now? Unfortunately, these are questions that none of us have a crystal ball for. So, when it comes to financial planning, how can we be best prepared for the unexpected?

Here are the questions that we chat about in today’s episode:

• “When is the next market crash going to happen?”
• “What will healthcare costs look like 20 years from now?”
• “What will the tax rates be three presidents from now?”
• “How long am I going to live?”

Want to get in touch with Mark?

Web:

https://silverman-associates.com/home

Email:

[email protected]

Phone:

520.512.8832

520.618.5323

When you break it down to the most basic level, there are really three worlds of money that we utilize for financial planning: banking, insurance, and Wall Street. Each of these worlds has a distinct purpose and role in helping you prepare for retirement. Let’s talk about the pros and cons of each and how we use them to design a portfolio.

Here’s some of what we’ll discuss in this episode:

• The banking world is great for savings and low risk, but it limits your opportunity for growth.
• Why we don’t look at insurance as an investment and what do we use this for.
• The Wall Street world involves risk but a proper portfolio gives you the best chance for growth.

Want to get in touch with Mark?

Web: https://silverman-associates.com/home

Email: [email protected]

Phone:

520.512.8832

520.618.5323

Nearly everyone we know has seen the movie Forrest Gump, which hit movie theaters nearly 30 years ago. That’s really hard to believe, but it’s a film that still holds up today. Forrest might have been slow-witted, but it’s hard to find a more inspirational character. Believe it or not, there are even financial lessons we can glean from the movie and we’ll share those today.

Here’s some of what we’ll discuss in this episode:

• Why you need to have a plan that’s able to adjust as life changes.
• An example of someone who had a life circumstance that completely changed their plans.
• We can’t get hung up on decisions we made in the past. Instead, we need to focus on what we can do moving forward.
• Nobody escapes death so what can you do now to prepare your family for loss?

Want to get in touch with Mark?

Web: https://silverman-associates.com/home

Email: [email protected]

Phone:

520.512.8832

520.618.5323