What Are Your Thoughts?

Why do we follow bad news more closely than good news - especially when it comes to money? I take a look at a chapter from Morgan Housel's book, The Psychology of Money, about why optimism gets written off and pessimism gets paid close attention.

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Why does it seem like bonuses are taxed at a higher rate than normal? I break down the numbers.

Also in this episode is a brief overview of what tax forms to look for from your retirement and non retirement investment accounts.

The Social Security tax limit for income that I couldn't remember off hand is $147,000 for 2022.

www.lifepointplanning.com/blog for links to articles from this episode.

Should your advisor tell you what your income should be in retirement? What's the best way to determine how much a retiree can spend based on their asset levels and income needs? Let's find out.

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In this episode:

1. I discuss a mindset shift I've seen with my clients and prospects.
2. How the 12-year bull market has impacted investor psychology.
3. The most popular podcast episodes from 2021.

Link to Portfolio Visualizer referenced in the episode.

In this episode, Colin Overweg joins me to discuss fee structures in financial planning. We talk about what types of clients might be the best fit for each type of model and also discuss the pros and cons of each model for both the advisor AND the client.

Colin utilizes the flat-fee model for a lot of his clients, so make sure you stick around to listen who that model is best suited for.

AUM or percentage-based fees

00:00 - 22:00 (AUM pros and cons 13:00)

Flat fees

22:00 - 41:00 (33:00 Pros and cons of a flat fee)

Commission-based

41:00 - 46:00

Hourly fees

46:00 - 53:30

You may have heard that a diversified portfolio is the best for most people. Is that the truth? If so, why? What are the pros and cons?

Link to asset class returns "quilt" here.

You may think the words "saving" and "investing" mean the same thing. You may wonder which one is "safer" or "better". In this episode, it's back to basics. Explaining the differences, pros and cons, and what it means to save and/or invest. This discussion has good takeaways for investors of all ages.

Ever wondered about the best ways to merge/combine finances with your partner? In this episode, we talk about a few different ways that merging finances can work and also the pros and cons.

A quick refresh on marginal vs. effective tax rates from episode 7. After that, it's all about reverse budgeting aka pay yourself first. Wouldn't it be nice to save first, automate everything, and then not feel guilty about spending the rest? Let's discuss.

How do federal taxes even work? What's the difference between marginal and effective tax rates? Should the US tax income (current process) or should it tax wealth and assets? Let's discuss. The marginal tax rate is the rate of tax charged on a taxpayer's last dollar of income. The effective tax rate is the actual percentage of taxes you pay on all your taxable income. YouTube video about taxing the rich from 2019.