Financial Planning Busts and the Lack of Financial Literacy in America

Podcast: Play in new window | Download (Duration: 46:00 — 63.2MB)

In this episode, I’ll discuss:

• Several financial strategies we are taught that have resulted in completely opposite, ugly truths
• Why following the crowd leads you to unfavorable financial results
• How to build home equity in your home again with a modern financial strategy in managing your mortgage
• How to view your mortgage as a wealth-building tool and not just something you hurry to payoff
• What banks don’t tell you when you are sending in extra mortgage payments
• Mortgage and financial planning discussion with Joel Wymer, voted #1 financial advisor in the Beacon Journal of Akron, Ohio.

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What Are the Dangers When I Inherited an IRA?

Contributed by Tim Berry, JD – Tax Attorney

Awhile back I wrote an article about how most people are not doing the proper planning for inheriting assets. This issue really came to light over some email correspondence with some bankruptcy trustees.

It seems a trustee had come across an inherited IRA and felt it didn’t meet the technical definition of an IRA for bankruptcy exemption purposes. Since the bankruptcy trustee didn’t believe the inherited IRA met the definition of an IRA for exempt asset purposes, the trustee is now filing a motion to take the inherited IRA away from the debtor.

Chances are the bankruptcy trustee is probably going to take Mom and Dad’s hard earned money away.

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3 Things Popcorn Can Teach Us About Managing Our Mortgage

Guest post contributed by #1 voted financial advisor in Akron, OH – Joel Wymer of Tax and Financial Strategies.

We have been teaching over the last several years that many conventional financial strategies have proved themselves to be wrong.  The recession has exposed gaps and holes in “what most people will teach you” about how to save for retirement, build financial security throughout your career and pay off your mortgage, to name a few.  I’m so glad that I have another financial advisor, friend and financial crusader that can resonate this message with me.  Joel Wymer was on our financial talk radio show last year and I asked him if he would contribute to our blog.  I am honored that he obliged!  Joel has been voted the #1 financial advisor, according to the Beacon-Journal, of Akron, Ohio.  As Terrell Owens would say, “Getcha popcorn ready!”

Enter Joel Wymer:

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Should You Borrow Early From Your 401(k) Plan?

Tough economic times have caused many to tap into any financial resource they have.  Burdened with debt, job loss, supporting kids through school along with other financial pressure make more difficult to get by each month.  For many, an employer-sponsored 401(k) retirement plan has been a source of forced-savings and therefore, tempting to touch.  But should you?  Is it a good idea?

Also, have you thought about cashing out completely, your 401(k) plan?  Have your heard that fellow co-workers, family and friends have done the same thing?

Here’s how we addressed this question with Tera Williams, reporter and journalist,  from FOX Chicago:

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17 Things We Wished Someone Would Have Told Us After Getting Our First Job

Have you ever said to yourself, “I wish someone would have told me about that before I did it!” And, “I can’t be the ONLY one to make THAT mistake with my money!”

Well, the reason why they call me the Money Smart Guy, is I’ve had my share of money DUMB mistakes personally! On-air and through my blog, I air out my own personal financial challenges with money so you can be much more smarter than me!

However, last week, I asked many of our listeners who were fans of our financial talk radio show via Facebook, to share their pearls of financial wisdom and give us a nugget to take home.  In their best efforts to pay it forward, we’ve collected some of the responses from our fans to this question, “What is the ONE THING you wished someone would have told you after getting your first job?”

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GUEST POST: Why You Can’t Afford Not to Invest in your Health

Many of us try and try again to improve our health. We try to eat healthier, exercise regularly, or commit to healthy living and only a small percentage succeed.

So why do so many people fail to live a healthier lifestyle:

They believe they have no time. If you exercise 1 hour every day of the week, you are only exercising 4% of your time. Are you worth 4%???? During this small time investment, you manage your weight, increase your stamina, ward off viral illnesses, reduce conditions such as heart disease, high blood pressure, type 2 diabetes, stroke and certain types of cancer. You are also strengthening your heart, keeping your arteries clear and it reduces stress. Only 4% of your time gives you all these benefits. Don’t have 1 hour per day? Break in up into 10 minutes segments, it gives you the same results as a full hour.

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Matthew Sapaula on Garrard McClendon LIVE: What the New Credit Card Laws Mean to You

Tonight on the Garrard McClendon LIVE show, I will share what the new credit card laws mean to you on Chicago’s CLTV broadcasting 6pm & 9:30pm CST.  President Obama signed the Credit Card Act of 2009 into law May 22, 2009 where a majority of these laws take effect beginning February 22, 2010.

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Real Estate Investors and Wealth Building Networking Event hosted by “Uncle” Frank Montro

Would you like to know how to get involved in real estate investing?  Would you like to connect the dots with your financial plan and how to take advantage of the opportunities existing right now in the current real estate market?  Do you want to really know what it means to buy low and sell high?

Would you like to learn from a successful Chicagoland real estate investor who sold over 280 properties last year, in the middle of a recession?  Don’t be fooled in thinking that no one is making money right now…Frank wants to share his ideas, his contacts, his systems for FREE.  Learn from the “Uncle” who help put money in your pocket and not take it away!

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College Financial Planning: How to Find Money When Your Savings are Down

Most high school students and their families get through their financial situations by “wingin’ it”.  That was me.  Never did college financial planning, scholarship planning or simply planning for college get any in-depth discussion.  I thought that since I was an All-Conference high school athlete that colleges would be sending me applications. WRONG!  In fact, I didn’t start thinking about planning for college until my senior year in high school…way behind the curve.  Ultimately, my college plan ended up enlisting in the United States Marine Corps, out of lack of knowing all my options, rather than making the right choice.

In 2009 alone, over 130,000 Illinois students got DENIED college financial aid. Over 40% of students alone who depended upon the MAP grant where threatened, to not get the money for college they needed to stay in school. 1 out of 10 students today have their education threatened to an already difficult financial milestone in life, which is finding the money for college. Lack of college financial planning and not having enough money is the #1 reason why students drop out of college and never finish their college education.

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Illinois Earthquake: Wake Up Call to Four Key Areas of Your Financial Plan

At approximately 4am, a third earthquake has hit Illinois since 1999.  I recall the one in 2008, 3 weeks before I was to conduct a financial planning workshop during Money Smart Week sponsored by the Federal Reserve Bank of Chicago.  It changed the information I was going to deliver at this workshop.  In fact, I broke down in the middle of the presentation to re-enact how one of my close friends thought Jesus was coming.

And it is a good time to bring it up again.

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