The tragedy of financial resolutions is that resolutions often go unfulfilled. If you want to achieve something financially significant in a new year it is better to set a goal first and then make your resolutions.
0:00 The Tragedy of Financial Resolutions
1:13 Resolutions vs. Goals
4:25 What is a Goal?
10:32 Why specificity matters when setting goals
11:28 Why people don't set goals
14:20 Ad break @McFie-Insurance
25:00 When to celebrate a goal
27:40 Tips for setting goals in 2024
Resources:
Buy good cash value life insurance or get a policy you owned reviewed:
https://mcfieinsurance.com/
702-660-7000 | team@mcfieinsurance.com
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In our family’s Christmas gift exchange this year we have a $20 limit. We drew names last month and the rules are that the drawing results are confidential and you can’t spend more than $20 on the gift you buy.
In this Bonus Christmas Podcast we discuss how putting a financial limit on our family gift exchange increases creativity.
0:00 Intro.
1:19 John's most memorable gift.
3:47 Why a financial limit on a gift exchange is useful.
12:15 When can a good gift be a bad gift?
15:13 John blows a train whistle.
15:56 Last minute Christmas gift ideas.
19:03 American inventions.
20:55 How to help children develop creativity.
Resources:
The Wise Man Foolish Man card game, buy it here: https://amzn.to/41iOTGE
A good train whistle :) if you're buying a gift for someone who loves trains: https://amzn.to/41xU6uA
The book Michele bought Tom last year: https://amzn.to/3trwqv3
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Apple Podcasts: https://podcasts.apple.com/gb/podcast/wealth-talks/id978187163
Spotify: https://open.spotify.com/show/7MOugefeGkTl5jdkhYdjvQ?si=80ce9359d8e54cc8
We share our reasons for moving from Nevada to Indiana and the financial implications of switching houses.
We talk about:
Buying our new house while selling our old house
Our backup financing plan
Why we paid cash for the new house
God's timing
Freedom and politics
Resources:
The Wise Man Foolish Man card game, buy it here: https://amzn.to/41iOTGE
Follow along:
Instagram: https://instagram.com/wealthtalkspodcast?igshid=YTQwZjQ0NmI0OA==
Facebook: https://www.facebook.com/profile.php?id=61554798231074
Listen on:
Youtube: https://www.youtube.com/channel/UCNxtmtcy-NGobVMvuO9sjBQ
Apple Podcasts: https://podcasts.apple.com/gb/podcast/wealth-talks/id978187163
Spotify: https://open.spotify.com/show/7MOugefeGkTl5jdkhYdjvQ?si=80ce9359d8e54cc8
Prior to moving from Nevada to Indiana we took a life insurance policy loan and let that money sit in our checking account because we expected to have some "unexpected" moving expenses. The money sitting in our checking account was our cash cushion.
We talk about the "unexpected" expenses that arose
02:34 Video footage of our moving caravan
How we paid for those unexpected expenses to recover our capital sooner
The best place to keep a cash cushion
How to build a cash cushion and
How to replenish a cash cushion
Moving is one scenario that illustrates the importance of having a cash cushion but there are other scenarios where having a cash cushion gives you freedom, and peace of mind. What scenario can you think of where it would be helpful to have a cash cushion?
Resources For you:
The Wise Man Foolish Man card game, buy it here: https://amzn.to/41iOTGE
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YouTube: https://www.youtube.com/@wealthtalkspodcast558/videos
Recessions occur throughout history fairly regularly. Governments often attempt to prevent them from happening, and while these efforts may temporarily delay a recession, they can’t prevent one. Since we can expect to see multiple recessions throughout our lifetime, it’s wise to be prepared. In today’s episode, find three things you can do to prepare for the next recession.
Resources:
Many people want to accomplish more than the status quo in life, and they see money as a means to the end. Money is an important tool, but sadly, some pursue money without a basic understanding of how it works and what it can and cannot do. These people often end up hurting themselves instead of making their lives better.
Resources: A Biblical Guide to Personal Finance
Scare tactics are often used to coerce others into taking a desired action. These tactics attack the victim emotionally, causing them to react very differently than they might if they logically analyzed the situation. A critical first step to surviving financially is being able to think through and around scare tactics. This podcast will help you prepare mentally, so you can avoid becoming a victim. Listen Now.
Resources: A Biblical Guide to Personal Finance
Remember the old saw “Never judge a book by it’s cover”? This proverb cautions against making judgments based only upon outward appearances. Appearances can be a good indication, but basing a decision solely upon them can lead to serious consequences. In today’s episode, find out how appearances did us in... or was it interstate 40? You decide.
Resources: A Biblical Guide to Personal Finance
Remember the old saw “Never judge a book by it’s cover”? This proverb cautions against making judgments based only upon outward appearances. Appearances can be a good indication, but basing a decision solely upon them can lead to serious consequences. In today’s episode, find out how appearances did us in... or was it interstate 40? You decide.
Resources: A Biblical Guide to Personal Finance
Remember the old saw “Never judge a book by it’s cover”? This proverb cautions against making judgments based only upon outward appearances. Appearances can be a good indication, but basing a decision solely upon them can lead to serious consequences. In today’s episode, find out how appearances did us in... or was it interstate 40? You decide.
Resources: A Biblical Guide to Personal Finance
Many Americans are living paycheck to paycheck, but times are not getting any easier financially, so it’s time to break this cycle now because it will only get more painful to do it later.
We know people who are living paycheck to paycheck whether they make a low income or hundreds of thousands every year. The size of your income doesn’t always matter, but financial principles always do. Sometimes you can cut expenses, and other times you can think more creatively about additional income too.
Many times, you just have to step away from all of life’s craziness, get in a corner by yourself with pad of paper and THINK about where you are, where you really want to go and how you can make adjustments to get there.
A Biblical Guide to Personal Finance has additional tips and principal about financial stewardship which will help you on your journey to financial stability and success.
You can order a copy of the book Biblical Guide to Personal Finance Here
A lot of people are living alone and whether they realize it or not, living alone has a cost. This isn’t just regarding whether you are married or single, some people are financially all alone. Banding together with a group of like-minded individuals can help you big time financially. Don’t go alone! Listen to this episode of Wealth Talks.
Regardless of what the government or media might claim, for many Americans, life is getting worse.
As government overreach continues to destroy the private market, things are becoming more expensive and even unavailable.
In this episode, find out what happened to insurance in California and discover a way you could save big with an alternative solution to health insurance.
We aren’t against 401Ks or IRAs, we are against the idea that people need to trust an expert to manage their money.
A lot of people go with a 401K or IRA because some expert told them to, or because everyone else is doing it. But it’s your money, you are the most qualified person to manage it, and ultimately you are responsible for any gains or losses.
So don’t just trust an expert or go with the flow, think for yourself, find the truth and the truth will set you free.
Bad economies rear their ugly head fairly regularly, and while they cause damage to almost everyone, the hardest hit are those who haven’t prepared, or don’t know how to prepare for hard times.
When the economy is booming, it’s easy to think you have everything figured out financially, but during a downturn you better have your ducks in a row, or it could take you under.
Listening to the wrong people can mess you up financially. You are in control of your own finances, and while people may offer advice on how to handle them, it’s up to you to determine whether their advice is good or bad.
After all, you’re the one who must live with the results.
Today on Wealth Talks, you’ll discover a way some people can save on taxes. Will this way work for you? Maybe, maybe not.
Get the details and then you decide.
There are two emotions largely responsible for controlling human behavior.
Fear and Greed.
Whether it be the headlines of yester year predicting a coming ice age, the global warming crisis of today, or something else, fear mongers have shrewd ways of making people react.
Greed is another detrimental emotion, and interestingly, with so many people putting themselves first, our society is less happy and more depressed than ever.
On today’s episode, Tom, Michele, and John talk about these two powerful emotions... Fear and Greed.
Life insurance equity is a great tool which can be used to finance expenses and investments throughout life.
Some people try and rush the equity building process, but because they don’t understand how life insurance works, they may wind up buying an inferior policy or impatiently give up on the entire idea. But when you understand the process you’ll know it’s important to “crawl before you walk.”
Understand why life insurance is a good financial tool so you know the process and can have confidence in the results.
Resources:
Left, right, fast, slow, yes, no. Uncertainty is uncomfortable, stressful and can even be paralyzing.
Life is filled with uncertainty. It is critically important we understand how to recognize and deal with the stresses of uncertainty to prevent them from becoming paralyzing.
Resources:
412(e)(3) plans are fully insured retirement plans. This type of plan is not dependent on market performance, it is based on the guarantees of whole life insurance and annuities. Not only does this take the guesswork and market dangers out of retirement planning, it can also save you a lot on taxes today.
But 412(e)(3) plans will only work well in some situations. Do they make sense for you? Find out on Wealth Talks.
Resources:
Stress can wear you out. Not only does stress damage your physical health, it affects your decision making ability leading to poor decisions and sometimes to an incapability to make any decision at all.
We can’t avoid stressful situations. But with better planning, we can reduce them. Find out how on Wealth Talks.
Resource:
Are you looking to make a good investment? A great investment? What about the best investment ever? Financial speaking, whole life insurance is not an investment, it is an asset. But many of our clients say purchasing well designed whole life insurance is the best “investment” they’ve ever made.
Resources:
Trusting the wrong people can really mess you up, but you do have to trust people. So, who are you going to trust and how far will you trust them?
This is an area where you want to be careful to have confidence! Listen now to the latest episode of Wealth Talks.
Resources:
If you are playing the game of life, you better know the rules, because things can happen quickly! What might have been a logical move in the past may be a terrible move now. Life is constantly changing, but if we understand the basic rules, we can play the game and have fun!
Resources:
Have you ever bought something you thought was nice only to find out... it’s not the real deal? Almost every good item has knockoffs, and many people get suckered into buying them. It’s a terrible feeling, but it happens. Do you have the discernment necessary to keep from getting suckered financially? Listen now to Wealth Talks.
Resources:
A Biblical Guide to Personal Finance
How Life Insurance Works - Video