Saving With Silverman

Cognitive biases are fascinating, especially as it relates to money. Find out what these biases are and how to implement more rational thinking into your financial life.   Key topics on this episode:  0:58 – Self-serving bias 3:05 – Curse of knowledge 4:27 – Dunning-Kruger effect 6:52 – Naïve realism 8:25 – Confirmation bias   For more, visit us online: https://silverman-associates.com/saving-with-silverman-podcast 

We made a list of some financial proverbs that we thought might be able to help you in your financial situation. Find out what you can glean from these wise words.   Key topics on this show:  2:39 – Bird in the hand 4:02 – Rising tide 4:38 – Eggs in one basket 5:43 – One man’s trash   For more financial information, visit us online: https://silverman-associates.com/saving-with-silverman-podcast 

Everyone has a different vision for what retirement will look and knowing how you’ll spend your time will help you build your retirement plan. Today we’ll look at what retirement commonly means to retirees in Arizona and Mark will also share his thoughts on the rise of inflation.   Key topics on this episode:  0:39 – Mark’s thoughts on inflation 2:42 – Want to have nothing but fun 4:23 – Want to do nothing in retirement 6:15 – Want to spend time with family 7:01 – Want to keep working in some capacity 8:26 – Meeting with us   For more financial information, visit us online: https://silverman-associates.com/saving-with-silverman-podcast 

Most people have a junk drawer at home with rubber bands, clothespins, highlighters, a tape measure, and a pair of scissors. But most people have a financial junk drawer, too. We’ll share what’s often in there and how those things might be put to better use.   Key topics on this show:  1:52 – Life insurance policy 3:24 – Will or estate plan 4:34 – Social Security estimate 5:26 – 401k statements 6:46 – US savings bond 7:45 – Vacant lot   Read more and get additional resources here: https://silverman-associates.com/saving-with-silverman-podcast 

Today we’re sharing some details you might be overlooking as you plan for retirement. For example, have you thought about whether you’ll need to support your parents or children? We’ll share more missed details on today’s show.   Today's Key Points: 0:43 – Parents and kids 1:47 – Quitting your job 4:25 – Major purchases 5:31 – Death of spouse   For additional financial resources, visit us online: https://silverman-associates.com/saving-with-silverman-podcast 

Should you retire early If you believe a large inheritance is coming your way? How much tax should you be withholding? Should you buy an investment property with your parents? We’re answering your mailbag questions today.   Today's Key Points: 0:36 – Federal crimes 2:00 – Inheritance 3:53 – Withholdings 5:05 – Property with parents   For additional financial resources, visit us online: https://silverman-associates.com/saving-with-silverman-podcast 

A lot of people have questions about their retirement plan, but you might be asking the wrong questions. We’ll share some common wrong questions and what better questions might be.   Today's Key Points: 0:46 – How much to save? 1:38 – Long-term care insurance 2:49 – The highest return 4:36 – Fees 5:55 – Taxes   For additional financial resources, visit us online: https://silverman-associates.com/saving-with-silverman-podcast 

Just because you can’t plainly see all of the expenses you’ll incur during the retirement planning process, that doesn’t mean they aren’t there. We’ll share some of the hidden expenses you might uncover.   Today's Key Points:   2:00 – Mutual funds 2:47 – Variable annuities 3:57 – Inflation 5:43 – Tax increases 6:40 – Leisure activities   For additional financial resources, visit us online: https://silverman-associates.com/saving-with-silverman-podcast 

When looking for a financial advisor, beware of signs that they are more interested in giving you sales pitches than helping plan your financial future. We’ll share things to watch out for when selecting a professional to help with your money and tell you more about the planning process we utilize with clients.   What we discuss in this episode:  1:38 – Advisor or salesperson? 2:30 – Planning process 4:37 – Mark’s process 5:48 – What makes us unique? 7:40 – The first conversation   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast 

In retirement planning, there are many things that are completely out of your control. Fortunately, the things that you can control allow you to deal with those things you can’t.   What we discuss in this episode:  1:55 – Market and risk 3:40 – Life span and income 5:23 – Tax rates and future taxes 6:43 – Social Security and income plan   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast 

Creating a customized retirement plan for any individual can mean addressing some unique challenges. We’ll share some scenarios, discuss the challenges presented and share what solutions we recommend.   Read more and get additional resources here: https://silverman-associates.com/saving-with-silverman-podcast       What we discuss in this episode:   1:53 – Age gap 2:48 – Early retirement 4:06 – Lack of liquidity 5:28 – Separate finances 6:23 – Divorce

What are your thoughts on tax refunds, mortgages, macaroni and cheese and Star Wars? Let’s have some fun today and talk about whether these things are overrated, underrated or properly rated.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast    What we discuss in this episode: 0:51 – Tax refund 1:44 – Star Wars 2:30 – Paying off mortgage 3:33 – Variable annuities 5:00 – Macaroni & cheese 5:46 – Roth IRAs

If you want a successful retirement, we’re sharing some of the foundational building blocks you need to have in place. For example, is your income plan ready to go?   What we discuss in this episode:  1:15 – Income plan 1:57 – Money that lasts 3:12 – Being unprepared 4:25 – Steps to take 5:38 – Success stories   Read more: https://silverman-associates.com/saving-with-silverman-podcast

Today we’re sharing some crucial financial questions. How do you know how much income you’ll need in retirement? Are you taking too much risk on in your investments? We’ll answer these questions and more.   What we discuss in this episode:  0:44 – How much income will you need? 2:03 – How much money in savings? 3:00 – How much life insurance? 4:19 – How much risk 6:06 – Are fees too high? 7:13 – Is an advisor a good fit?   Read more: https://silverman-associates.com/saving-with-silverman-podcast

As a financial professional, there are things that Mark wishes everyone knew and understood about the financial industry. Today he’s going to share some of the tricks that sometimes get played and how to spot them.   What we discuss in this episode:  0:56 – Tricks 3:06 – Fees 3:50 – Risk potential 5:13 – Credentials 7:02 – Taxes   Read more: https://silverman-associates.com/saving-with-silverman-podcast

Delayed gratification is a difficult skill to master and that’s just as true with financial matters as it is in the other areas of your life. Let’s talk about some instances where you might be faced with a choice of being satisfied now or satisfied later.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-46-how-delayed-gratification-can-help-your-finances   What we discuss in this episode:  1:00 – Budget vs. 401k match 2:26 – Deduction vs. tax planning 4:18 – Social Security

Psychologists have determined that retirement is the 10th most stressful event that you can experience in life. Today we’re sharing some ways to proactively deal with that stress.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-45-how-to-deal-with-financial-stress-in-retirement    What we discuss in this episode:  1:06 – Lifestyle changes 2:08 – Retiring earlier or later 3:01 – New challenges 3:53 – Keep options open 4:50 – Sense of perspective

In today’s mailbag, we’re answering your questions. Carl wants to know if he can gift $150,000 to his daughter. Laura wonders what she should do with her money after retirement. And Eddie is debating whether to hire a financial advisor.   Read more and get additional financial information: https://silverman-associates.com/saving-with-silverman-podcast/ep-44-mailbag-gifts-to-children-money-after-retirement-hiring-advisors   What we discuss:  0:33 – Gifting money to daughter 2:37 – Roll to an IRA? 4:05 – Hire an advisor?

Let’s talk about some of the red flags that people can look out for when they’re shopping for a financial advisor. Have you ever met with one of these types?   Read more and get additional financial information: https://silverman-associates.com/saving-with-silverman-podcast/ep-43-manufactured-anxiety-or-worth-the-worry   What we discuss:  1:00 – Social Security going broke? 2:47 – National debt out of control? 3:34 – Climate change a serious problem? 4:43 – Economy grind to a halt? 5:49 – Stock market crash coming?

Let’s talk about some of the red flags that people can look out for when they’re shopping for a financial advisor. Have you ever met with one of these types?   Read more and get additional financial information: https://silverman-associates.com/saving-with-silverman-podcast/ep-42-red-flags-with-questionable-advisors   What we discuss:  0:51 – Hammer 2:51 – Oxygen hog 3:55 – Car trunk 5:39 – Empty suit 6:41 – Non-answerer 8:48 – Just give us your money