The Money Maps Podcast with Xerxes

As we look ahead into 2024, I share some recently announced IRS tax law changes – tax brackets, standard deduction, health savings increases, retirement savings increases, and income phase out regions to qualify for Roth IRAs contributions. Whether you're an individual taxpayer, a small business owner, or just trying to make sense of the tax world, these changes will likely affect you. 

As the holiday season brings families together, it creates a prime opportunity to have meaningful discussions about future plans and financial well-being. While talking finances during the holiday season may seem overwhelming, these crucial conversations pave the way for having everyone’s complete understanding. In this episode, I guide you through this important conversation, offering structured talking points to ensure that your family talk is not only productive but also fosters a sense of clarity and mutual understanding amongst all.  

With nearly two decades of advising families on navigating finances with children, I find myself standing on the cusp of fatherhood. This episode is a high-level overview of preparing financially for the life-changing adventure of parenthood.

Join me in this insightful episode into the world of emotions in finance. If my last episode enlightened you on money perceptions, know that it's our emotions that truly power our decisions. I’ll speak on how these feelings shape our approach to finances and provide some practical ideas to help you manage emotional investing.

In this episode, I delve into the psyche behind our financial decisions. Why do we sometimes prioritize the now over our future? I explore the psychology of money, the tug-of-war between instant gratification and long-term gains, social pressures, cognitive biases, and the tendency to overestimate our financial acumen. I wrap up with actionable insights so you can make better financial choices.

Every day lived is a day closer to the inevitable. It’s a part of life and as we age, we want to make sure we make a difference in the lives of others as well as leaving something to be remembered by. In this episode, I talk about how you can leave a legacy, from the financial perspective of money and valuables, to living a more meaningful life with greater remembrance with your legacy beyond the assets. 

The Setting Every Community Up for Retirement Enhancement Act 2.0, commonly referred to as SECURE ACT 2.0, was signed into law on December 29, 2022. Intended to revise existing rules around retirement saving, this modification to the original SECURE ACT signed in 2019 could help strengthen the retirement system — and your financial readiness for retirement. This episode highlights a few key provisions and our perspective from the act.

Hey, college grads! Congrats on earning your degree and establishing the foundation to help build your career. What’s next? Whether you have already landed a job and may be trekking across the country for a new life or your degree will secure a promotion or pay raise, here’s my take on getting you to start building your financial future. 

Interest rates are set to rise. There are still talks we’re in a pandemic. Russia and Ukraine are in conflict. How do all these things affect your finances and should you change your investment allocations and your long-term financial plans? In this episode, I address how panic-driven investment decisions can be costly to your long-term financial wellness and how to keep things in perspective.

Joining me in the episode is Libby Banks with The Law Office of Libby Banks. A noted attorney, Libby focuses exclusively on estate planning, probate, and trust administration. We go over the basics of estate planning: what it is, the importance of having a durable and medical power of attorney, why one should create a will, the process and costs of probate, beneficiary designations on investment accounts and life insurance policies, when having a trust may be appropriate, guardianship and conservatorship for children, and triggers and life events as to when to update your estate plan.

With just a few months of 2021 left, it’s time to get your finances in order. While it’s ideal for you to maximize your financial health throughout the year, some things are left for us to catch up on. In this episode, I share moves you should consider making to help you get the most out of your money. 

In this episode, I share random facts and tidbits from Invesco’s presentation titled Compelling Wealth Management Conversations. Random facts from their research provide some broad philosophical and historical perspective to diffuse fears and perceptions about investing. I share things that involve long-term investing to comparisons of the 1950's and 60’s to today and even touch on the longest documented living person to live on this earth. 

Joining me in the episode is Brad Neumann of investment firm, Alger, where we discuss Alger’s observations and insights in the capital markets. We discuss Alger’s favoritism to investing in growth equity over fixed income in the long-term, sector considerations with the grand reopening of the world, their view of investing overseas, the Internet of Things transforming the world we are experiencing with innovation, and how this innovation has created investment opportunities to consider.

While most of us have been rushing to move past the dismal year of 2020, time certainly has flown and we’re more than halfway through 2021. Now is a good time to do a mid-year financial well-being checkup as you prepare to enjoy the rest of summer.

In this episode, I have a conversation with Shawn Fischer with the Fischer Insurance Agency of State Farm. We talk about the risks of everyday life – car accidents, unexpected events that happen in, at, and to our homes, premature death, even protecting your personal treasures. Shawn educates us on the importance of having the right property and casualty insurance coverage to protect you from the unexpected.

Are you interested in making more money? Let’s talk side hustle. In this episode, I share ways you can make extra cash on top of your daily grind. This supplemental income can be used to pay off debts, bulk up your savings, or even help fund your retirement. And if the eventual goal is to start a business, having a side hustle not only adds to potentially funding your business, but also helps you gain in valuable time management skills and you will have a greater appreciation for what your time is worth. Remember, your side hustle can result in you making extra money for your time, or even better, make more on average per hour than what you are earning now.

Interested in starting a business? You’ve come to the right place. In this episode, I take you through a what you need to know guide to starting a business. I go over taking your business idea into the planning stages, things you’ll need to know to launch your business, items to consider with maintaining and managing your business over time, and when you’ve hit the scales to really step it up, some growth ideas.

S. Paul Moehring, speaker, best selling author of “Get Squared”, and business growth coach joins me in this episode about entrepreneurship with a perspective of mindset and improving performance. From a successful sales career in the insurance industry to author and business growth coach, we discuss the mindsets with business owners, managing versus leading, and sharpening your saw, a few of the many things Paul helps business owners with to help them perform at their peak.

Zack Miller, podcaster, marketing guru, business pioneer, and author of “Anomaly” interviews me about my entrepreneurship journey. From my early days working various retail jobs in college, my career beginning with American Express Financial Advisors to starting my own wealth advisory firm, my role as Yelp community manager, a failed investment in a cafe, to launching the most successful escape room business in Coastal Virginia, we discuss how past points in my life has crafted my mind for entrepreneurship.

Miller joins me again and this time, I get to ask the questions. You’ll hear Zack’s experience into how he started working with business owners and startups, the method behind authoring “Anomaly”, his unique approach to becoming a TV show host, championing small businesses, and we tie his physical training for the Ironman 70.3 into running a business.

A Roth IRA has become paramount in retirement planning conversations. There’s lots to love: flexibility with contributions, tax-deferral growth, and tax-free withdrawals, among several things. Here’s what you need to know about Roth IRAs and how it can work in your financial plan.

Saving for retirement is crucial, and investing in your employer’s retirement plan offers numerous benefits. In this episode, I’ll discuss 10 reasons why you should take full advantage of your employer-sponsored retirement options, from tax advantages and potential employer matches to automatic savings and long-term wealth growth. Don't miss out on the opportunities available to help you secure a financially stable future. 

Good health and growing your wealth goes together. However you want to live your best life, it’s likely that enjoying the fruits of your labor involves all the extracurricular activities. Whether you like to travel, stay active engaging in sports or outdoor activities, or entertaining the people you love, growing your wealth affords these opportunities and good health allows you to enjoy them. Lyle Starr, a health coach with Lucky Starrs Health Coaching, joins me in this conversation. Hear his transformation story and how being mindful about caring for your body allows you to grow your health wealth.

The final episode of my three part series on Millennials and money is a conversation with Millennials born in the 90s. My guests – Rachel Loe, Paul Stetson Rice, and Austin Payne, while starting to get in their career grooves, are on the quick path to building financial independence and success. We talk about personal money upbringing, changes in mindsets, and tips to help you get and keep your financial house in order. 

Episode two of my three part series on Millennials and money is a conversation with three movers and shakers living in the Hampton Roads region of Virginia. My guests – Alisa Crider, Dr. Bo Yi, Brad Hunter, and I were all part of the CoVa Biz Magazine’s annual Millennials On The Move feature, highlighting outstanding Millennial-generation professionals experiencing career success while shaping the civic and economic landscape of Hampton Roads. My guests share their personal money stories, changes in their mindsets, and tips to help you get and keep your financial house in order.

Episode 1 of my three part series of Millennials and money is a conversation with Angela Hacche, a Millennial money coach. Angela shares how she became motivated at a young age to help people, in particular women, get a handle on their finances. You’ll hear her personal journey, what motivates her to help others, and her thoughts and experiences in working with Millennials. We go over how small financial wins can begin the path to helping you gain confidence in future.

Purchasing life insurance is an important decision to protect your loved ones, the people you leave behind when you’re gone. You’ve asked yourself, “Do I need life insurance?” Well, if you answered yes and are ready to take the next step in getting life insurance coverage, the next question to ask is, “How much life insurance do I need?” In this episode, I go through a few different ways and a series of things to think through to help you protect the people you love when you’re no longer in the picture. 

President Joe Biden’s massive $1.9 trillion stimulus package was recently signed into law, providing much-needed financial relief for many Americans. This includes qualifying taxpayers to receive $1,400 per person, with the same amount paid out per dependent. What do you do with this third round of payments? If this is a lifeline to making ends meet, there’s an obvious use of the money, easing things a bit for those who are cash-strapped as a result of the pandemic causing financial and health mayhem to millions throughout the world. For those who see this as a small windfall, $1,400 may not be a long-term solution but you do have some options.

The decision to purchase life insurance stems around the question, “Do I need it?” People buy all types of insurance – auto, home, and health insurance, for themselves, with the hopes that they would never need to use it. But when it comes to life insurance, it’s always certain that at some point, our time on this earth will come to an end. It’s not a matter of if, but when, and since the “when” is unknown, it’s worth considering life insurance at multiple points in your life. To answer the question, “Do I need it?” The answer is that life insurance isn’t for you. It’s for those you leave behind. I’ll go over what life insurance is, the basic types of coverages, and when and how often you should consider reviewing your needs for it.

Life is challenging as it is, let alone working through the costs of the unexpected we hope to not experience. Luckily, there’s insurance in lots of these cases. We buy cell phone insurance if we break or lose our phone, home insurance in the event of water damage from a pipe burst or a storm causing havoc, life insurance if we are suddenly taken away from the world, but what about insurance if we become too sick or injured to work? Luke O'Connor, a disability specialist with Crump Life Insurance Services, shares why it makes sense to consider the need for disability insurance and protecting your number one asset, your ability to earn income. Think you don’t need disability coverage? Think again.

Investing to help secure your financial future requires having clear and defined goals, time, patience, and the ability to handle risk and uncertainty. Investors often forget these things and make decisions that may harm the long-term performance of their portfolios. Professor C. Thomas Howard, CEO of AthenaInvest and Professor of Finance at the University of Denver, joins me on this episode as we discuss common investing mistakes that one should try to avoid when investing for the long-term.

Most people work for their money. Many don’t allow their money to work for them. In this episode, I’ll go over the importance of investing and how putting your money to work for you can help secure your financial future. Investing helps you grow your wealth, provide for an additional stream of income, and combined, can provide peace of mind in achieving financial security. Andrew Cohen educates us on compound interest, Christian Bissing and I have a conversation about real estate, Moshe Klein goes over tax benefits with investing in pre- and post-tax retirement accounts, and Jason Tokita shares how investing at a young age has given him options as an adult.

Living in the moment may require financial resources… The golf hobby in my case, a Netflix subscription, world travel, or weekly restaurant visits with friends and family. These are the wants in life I want people to experience that can create memories to cherish. In this episode, I’ll remind you how I suggest budgeting your income for these life enhancements and hope that you’ll find the freedom and open mind to go out and live your best life.

For many, purchasing a home could be the biggest financial decision of your life. I’ll talk about several things to consider when it comes to renting versus owning a home. Beyond making financial sense, I’ll touch on the financial commitment with home ownership, the intangibles, day-to-day responsibilities as a homeowner, and some thoughts on renting flexibility. Quite frankly, there may be no right or wrong answer to making this decision.

Debt can be a major financial and emotional hindrance when it comes to pursuing financial goals. In this episode, I will talk about what debt is, having good versus bad debt, and ways to manage and eventually eliminate debt.

When it comes to paying for college, there’s a lot to consider by way of savings programs. In this episode, I welcome my first podcast guest, Phil Maliniak, my business partner and financial advisor with our independent firm, Wealth Avenue. Phil, a father of two, reviews 529 plans, Coverdell ESAs (education savings accounts), UGMA and UTMA accounts, permanent life insurance policies, as well as a few other investment considerations.

Pull out a pen and paper! Financial advisors do more than just invest money and offer insurance solutions. This episode is packed with a list of 70+ items on what a financial advisor can do for you. I hope this list helps you become equipped in thinking about your goals, addressing areas that are important to you that perhaps you didn’t know were important to address, or when it comes to asking questions or seeking a professional relationship that holistically looks at your financial picture.

I'm a firm believer in living your best life today. As a matter of fact, I highly encourage that you budget your income so that you can cover the expenses associated with some of the activities that give us joy in this very moment. This episode dives deep into the 50/30/20 budgeting framework – 50% of your net income to cover essential expenses, 30% to the enhancements in life, and saving 20% of your income for emergencies and your future. This balance can give you the peace of mind to meet obligations, enjoy life today, and improve the quality of your future.

An emergency fund or cash reserve is an important aspect to the foundation of a financial plan. Why should you have one? Aside having a lump sum of cash, how do you build a reserve? How much of an emergency fund should you have and maintain? If you have a healthy stash of cash, what opportunities can you now consider?

The starting point to having a financial plan is first understanding your current financial situation. This episode will go over what to evaluate when it comes to your current financial situation, reviewing your assets, liabilities, income, expenses, and your insurance policies, what is your net worth and how often should you track, implementing a 50/30/20 budget plan, and having a cash reserve.

What is a financial plan? Why should you have a financial plan? I’ll discuss this separately in six key financial areas: 1) the basics - current situation and cash flow, 2) risk management and transferring the risk via insurance, 3) college funding, 4) investment planning, 5) retirement savings and retirement income planning, and 6) estate and tax planning. This episode may trigger you to revisit your life insurance needs, start savings for your kids college, or making sure you’re maximizing your retirement and investment savings.

Life takes us through many journeys. This episode is about the survival to significance path with a financial spin on it. I'll take you through the five steps of this path – survival, stability, security, success, and significance. Could a change of mindset, getting involved with a life or business coach, or even help from a financial professional help you move forward? I'll also share some thoughts and tips from my own personal experience that has helped me better today than I was yesterday. 

In this first episode of The Money Maps Podcast with Xerxes I want to share my story – my upbringing, career path, community involvement over the years, professional successes and accomplishments, and why I decided to start an educational podcast about finances.