Chuck Jaffee, a forty-year veteran financial journalist who regularly writes for the Wall Street Journal and is also a nationally syndicated financial columnist, discusses how money and investors’ attitude towards investing has changed over the last few decades.
Tag: financial advisors
I’m worried my parents are getting ripped off by their financial advisor. What should I do?
My wife is trying to qualify for student loan forgiveness … but we might lose a bunch of tax benefits in the process. Is it worth the risk?
I’m enrolling in grad school, and I want to optimize how to pay for rent and groceries. Should I use money from a 529 plan?
Three callers. Three questions.
In today’s episode, former financial planner Joe Saul-Sehy and I tackle these tough Q’s.
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
Briale opened a Variable Annuity inside a 403b at work when she was 23. She has 17 years to go before retirement. As an elementary school teacher, her pension will be $6,000 per month. Should she stop contributing to the annuity and contribute to a Roth IRA instead?
Debi has an extra $1,000 each month and isn’t sure where to save it. She also has $10,000 in a CD which will reach maturity in August 2021. Her goal is to buy a residence in the next five years. Should she save this all for a downpayment?
Dominique is concerned about her parents retirement portfolio. Their advisor charges a fee of 1.5 percent assets under management. Her parents are frugal and they don’t realize how much they’re paying. Should she talk to them, or drop the issue?
Sarah isn’t sure whether she should put more of her savings towards a Roth 401k or a 529 fund for her future kids. Which option is best if she wants financial flexibility?
Hunter put a credit freeze on his two children’s credit, which required sending each credit union documentation via mail. Experian and TransUnion confirmed the credit freeze, but Equifax didn’t. Upon calling, the representative gave Hunter a different mailing address for the documents. What should he do?
My friend and former financial planner Joe Saul-Sehy joins me once again to tackle these questions. Enjoy!
Andrea’s parents have a seemingly salesly financial advisor. He tried to get them to purchase a second life insurance policy, among other potentially pushy moves. Are her parents better off without his advice?
Teresa can’t shake the feeling that the stock market is more of a gamble than an investment. Is there any advantage to holding funds for the long-run if the market drops and you lose your gains?
June is curious about the best college planning strategies for families who are working toward, or close to, financial independence. How can you help your children while securing your financial future?
Big Sister’s little sister rents a mobile home in an area she loves. The owner wants to sell, but her little sister might not obtain financing. Should Big Sister buy the property and sell it to her via seller financing?
Managing for Mom in Massachusetts has an investment strategy that he wants to run by us. Does it make sense to shift a 50/50 stocks and bonds portfolio to 100 percent stocks, and shift back to a 50/50 split after the market returns to pre-pandemic numbers?
My friend and former financial planner Joe Saul-Sehy joins me to answer these questions. Enjoy!
Katelyn wants to fire her financial advisor and move her investments from mutual funds into Vanguard index funds. Should she do this during the pandemic? Or should she wait?
Marisa asks: can you invest in a Roth IRA if your income is inconsistent and might exceed the cap?
Anonymous “Flo” had a Simple IRA at her old job that she can no longer contribute to. She also can’t contribute to a 401k until she’s been at her new job for a year. Where should she put her money in the meantime?
Mary received an $80,000 grant of RSUs from her employer when she started. These RSUs began to vest after one year, and the price per share has increased 44 percent. What should she do with the shares?
Anonymous “Olivia” is interested in a Roth conversion ladder, but wants to know: does the pro-rata rule apply here as it does with a backdoor Roth conversion?
My friend and former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode. Enjoy!
Joe has a 24-year-old friend who won a $1 million settlement. How can she use this money to set herself up for financial independence?
Jay is 52 years old and wants to retire at 59.5. He began investing in individual stocks to achieve this goal, and has had excellent returns so far. Is this a sound plan for early retirement? Or should he work until age 62 for Social Security?
Steve is 54 years old. He plans to retire at 60, which is when he can collect 67 percent of his pension. A Vanguard advisor suggested that he direct some of his 403b contributions as Roth contributions, rather than pre-tax contributions. Should he act on this suggestion?
Brit wants to know: is it possible to invest in the S&P 500 Fossil Fuel Free Index through Vanguard?
Anonymous in New York City wants to invest their HSA contributions this year, but the expense ratios seem high. Can they move their HSA to a different provider? What fees are normal for HSAs?
My friend and former financial advisor, Joe Saul-Sehy, joins me on the show to answer these five questions. Enjoy!
Helen discovered that her mother fraudulently opened credit card accounts in her name. Eek! How can she protect herself? What will happen to these accounts once her mother passes away?
Amelia and her husband cannot fire their financial advisor. How can they minimize the damage and maximize the benefit they receive from him in the meantime?
Anonymous asks if she should live off an inheritance and max out her 401k contributions during her first year of working full-time. She wants to reduce her taxable income. Is this a good idea?
A different anonymous caller read a USA Today article claiming that “index funds are in a bubble.” How true is this? How can index funds be in a bubble?
Shawn is self-employed. He invests in a Solo 401k that features both a Roth and Traditional component. How should he manage this account?
Another anonymous listener is thinking about downshifting to part-time work. He holds around $278,000 in home equity. How can he capitalize on this?
Former financial planner Joe Saul-Sehy and I answer these questions on today’s episode. Enjoy!
Here are more details:
Vanessa is curious about Fidelity and Vanguard. She asks: what are your thoughts on the no-fee Fidelity index funds? What are your opinions on Vanguard’s financial advisors?
Andy wants to know: should my wife and I continue maxing out our traditional 401k and backdoor Roth IRA, or should we start contributing to the Roth 401k my employer offers?
Kyle is wondering – how can he minimize his taxes when he earns $450,000/year?
Rob is self-employed and has been maxing out a Roth IRA, but recently discovered that he can open a self-employed IRA. Should he move his Roth IRA money over, or just open a new account and fund it from scratch?
Christina is torn. She and her husband have been saving to buy a house, but because they live in New York, their savings won’t go very far. Is it a good idea for them to continue renting, despite their dreams?
Mercedes is wondering how REITs compare to stocks and owning actual real estate. Additionally, she’d like to know more about Forex trading.
Craig has an employee stock purchase plan (ESPP). Since these tend to be risky, he’s wondering: is he better off moving the $25,000 that he puts towards the ESPP into mutual funds? Or is an ESPP a good way to diversify his funds?
Former financial planner Joe Saul-Sehy and I answer these questions in today’s episode. Enjoy!
Anonymous wants to retire early and often. They’re going overseas, where they’ll make their annual salary within six months. Where should they put their extra income?
Anonymous also wants to know: how can they find a financial advisor they can actually trust?
Another anonymous listener wants to know – is it possible to spend more while minimizing taxes in early retirement?
JuanCarlos asks: is $20,000 too little to invest with a financial advisor?
Angela is wondering how to create a Roth IRA account for a teenager.
Rose is thinking about switching from mutual funds to index funds because it means encountering less fees, but her and her husband are in their 60s. Does this make sense?
Ari has $700,000 to invest in a taxable brokerage account. He wants to know if a 90 percent total stock market index and 10 percent bonds is a good asset allocation.
Dave and his wife want to use their defined benefit plans as their primary income stream in retirement, and supplement with Roth and 457 incomes. Where else should they be saving?
Myself and former financial planner Joe Saul-Sehy answer these questions on today’s episode.
Is it ever a good idea to use your 401(k) as an emergency fund?
What’s the best way to break up with your financial advisor so that you can move all of your funds to Vanguard?
Should you put all of your Roth IRA money into index funds, or is there a better option for your money?
A listener has a job offer working less hours for more money, but without a retirement plan. Is this a good move?
When running a small business as a sole proprietor, are there tax advantages to incorporating or forming an LLC? If so, what should you consider?
What’s the best way to maximize the earnings on a large amount of savings while keeping the savings liquid? Can a robo-advisor help with this?
Myself and former financial planner Joe Saul-Sehy tackle these six questions in today’s episode. Enjoy!