Saving With Silverman

In this episode of Saving With Silverman, we delve into the nuanced world of financial risk. Join Mark Silverman, CFP® and founder of Silverman & Associates, as he unpacks the complexities of risk tolerance in investing. Whether you're a thrill-seeker in the market or prefer a more cautious approach, understanding the risk you're comfortable with is crucial to achieving your financial goals. Mark emphasizes the importance of understanding not just how much risk you're taking, but also how much you should be taking to stay on track for your objectives. You’ll learn about the pitfalls of chasing market trends and the dangers of being misaligned with your risk tolerance. Mark's conversation is peppered with insights like 'Investments work, investors don't,' highlighting the common mistakes people make when trying to time the market. Discover how to align your investments with your life goals in our latest podcast episode. Learn the secrets of managing risk, crafting a diversified portfolio, and ensuring your

We like to approach financial conversations from a creative angle here on the show. So, in today’s episode, we’re exploring the timeless wisdom of past presidents. Join Mark as he takes five famous quotes from influential figures such as George Washington and Ronald Reagan and shares how their wisdom applies to financial planning.   Here are the quotes we discuss in today’s show: “When only one side of a story is heard and often repeated, the human mind becomes impressed with it.” “Ask not what your country can do for you, ask what you can do for your country.” “Think about every problem, every challenge we face. The solution to each starts with education.” “Trust but verify.” “It takes a great man to be a good listener.”   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323    

In today's uncertain financial landscape, it's easy to feel like you're rolling the dice when it comes to retirement planning. With rising costs and unexpected expenses to account for, leaving your financial future to chance isn't a risk worth taking. Join us on this episode as we dive into the importance of strategic retirement planning.   Here’s what we discuss in today’s show: Understanding and planning for how much income you’ll need in retirement Maintaining a sufficient liquid reserve to handle unforeseen costs Accounting for the cost of inflation in your retirement plan The escalating costs and uncertainties surrounding healthcare   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323    

Does retirement planning sometimes sound like Greek to you? Turns out, that's not always a bad thing. Join us as we take a step back in time and explore the timeless wisdom of Aristotle in today’s episode.   Here are the quotes we discuss in today’s show: “It is the mark of an educated mind to be able to entertain a thought without accepting it.” “Quality is not an act. It is a habit.” "The aim of the wise is not to secure pleasure, but to avoid pain." “Well begun is half done.”   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

Welcome back to the Saving with Silverman podcast! In today’s episode, Mark is going to answer some mailbag questions sent in by listeners like you. These episodes are a great way for you to learn from real-life financial scenarios while gaining valuable insights into managing your finances effectively.   Here are the questions we cover in today’s show: “Is financial expense insurance worth buying?” “I have to start taking RMDs next year. Should I take these withdrawals in monthly installments or one big withdrawal at the end of the year?” “How much tax should I expect to pay on my deceased mother's estate, which includes an IRA worth $150,000, a checking account with $100,000, and a house about to be sold for $350,000?”   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

Welcome back to the Saving with Silverman podcast! This week, we’re going to see what home renovation projects can teach us about the world of retirement planning.  We’ll explore insightful lessons derived from the renovation process, such as understanding the “contractor's discount” and the importance of passing financial "inspections."   Here’s what we discuss in today’s show: The financial advantages of working with an RIA firm, including transparent fees and potential cost savings Passing “inspection” in financial planning with a collaborative financial planner The importance of specialization in financial planning and working with and advisor who prioritizes planning instead of products   Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

In today’s episode, we’re going to cover some signs of good financial health. Listen in as Mark covers four essential areas that lay the foundation for a secure retirement. We’ll chat about the importance of spending less than you make, understanding the future tax implications of your savings, crafting a comprehensive retirement income plan, and more.   Here are the signs of good financial health that we’ll chat about: You spend less than you make You understand the future tax implications of your savings Both you and your spouse both understand your retirement plan and are prepared for the unexpected You have a written retirement income plan and peace of mind   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323  

Ever wondered when the next market crash will hit? Or what healthcare costs will look like 20 years from now? Unfortunately, these are questions that none of us have a crystal ball for. So, when it comes to financial planning, how can we be best prepared for the unexpected?   Here are the questions that we chat about in today’s episode: “When is the next market crash going to happen?” “What will healthcare costs look like 20 years from now?” “What will the tax rates be three presidents from now?” “How long am I going to live?”   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323  

When you break it down to the most basic level, there are really three worlds of money that we utilize for financial planning: banking, insurance, and Wall Street. Each of these worlds has a distinct purpose and role in helping you prepare for retirement. Let’s talk about the pros and cons of each and how we use them to design a portfolio.   Here’s some of what we’ll discuss in this episode: The banking world is great for savings and low risk, but it limits your opportunity for growth.   Why we don’t look at insurance as an investment and what do we use this for. The Wall Street world involves risk but a proper portfolio gives you the best chance for growth.   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

Nearly everyone we know has seen the movie Forrest Gump, which hit movie theaters nearly 30 years ago. That’s really hard to believe, but it’s a film that still holds up today. Forrest might have been slow-witted, but it’s hard to find a more inspirational character. Believe it or not, there are even financial lessons we can glean from the movie and we’ll share those today.    Here’s some of what we’ll discuss in this episode: Why you need to have a plan that’s able to adjust as life changes. An example of someone who had a life circumstance that completely changed their plans. We can’t get hung up on decisions we made in the past. Instead, we need to focus on what we can do moving forward. Nobody escapes death so what can you do now to prepare your family for loss?   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

There are lots of financial decisions that people tend to push off to a later date. Usually, procrastination is not your friend, but in today’s episode, we’re going explore whether putting off certain financial matters is a good or bad strategy. Stay tuned as we chat about deferring taxes, eliminating debt, setting up legal and estate documents, and more!   Here’s what we discuss in today’s show: Deferring taxes can be beneficial upfront, but they will eventually need to be paid There are good and bad kinds of debt The benefits of having a simple will in place Understanding when to start taking Social Security benefits   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323  

In this week’s episode, we’re diving into the journey that brought Mark to where he is today. Stay tuned as he reflects on the journey that led him to this point in his career and the influential figures who shaped his personal views on money and finance along the way. We’ll also discuss the importance of planning for retirement and the common frustrations people face when they haven't adequately prepared for this significant life transition.   Here’s what we discuss in today’s show: How Mark became interested in the financial industry + influential mentors in his career The difference between the accumulation and distribution phases of retirement What gratifies Mark the most about his job in financial planning? It's never too late to seek help with retirement planning, even if you've already retired without a plan   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

Social Security is a complex system that impacts nearly everyone’s financial future. Despite its importance, there’s a lot that the average person doesn’t know or understand about it. Today we’re going to explore some of these lesser-known facts so that you can make the most informed decisions for your financial future.   Here’s some of what we discuss in today’s show: What are work credits, and how do they impact Social Security benefits? How do spousal benefits work, and can non-working spouses receive benefits? Former spouses who were married for at least 10 years may be eligible to claim benefits based on their ex-spouse's earnings. What is the earnings test, and how can it affect early Social Security withdrawal? Your Social Security benefits can be garnished by the federal government.   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

We’re back with another mailbag episode this week! We have an exciting lineup of topics to discuss today. Colleen asks how much money she should have in her emergency fund. Bonnie asks Mark to explain the basics of estate planning to ensure that her assets are passed on with minimal tax implications. Listen in as we tackle these questions more in today’s episode!   Here’s are the questions Mark answers in today’s show: How much money should I have in my emergency fund and how does this differ from other savings? I want to ensure my assets are passed on to my children with minimal tax implications. Can you explain the basics of estate planning that I should make sure I have covered? I owe about $50,000 In my house, and about $45,000 on a rental property that I've had for several years. I have enough cash to pay off one of these but not both. Which one should I pay off?   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618

A recent study analyzed Google Trends to find out what keywords are being searched the most and it revealed six financial topics that get queried the most. From income taxes to insurance, there’s a pretty good chance that you’ve searched some of these as well.   On today’s show, we’ll talk about: What problems could you run into if you’re relying on Google to do your planning? Insurance has so many types of policies so you have to be specific when looking. Searching for mortgages returns a lot of paid content. Problems you could run into when Googling just retirement accounts. What people are looking for when they search estate planning.   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

Today we’ll talk about why a lot of people don’t think about the need for long-term care despite the fact that it could be incredibly expensive. Plus, we’ll discuss some of the different options for protecting yourself against the possibility of long-term care needs in retirement.   On today’s show, we’ll talk about: Where long-term care ranks on the list of priorities in retirement planning. Why most people don’t take long-term care seriously until it affects them. How realistic is it to self-insure for LTC? Is long-term care insurance a good policy to have? Why life insurance is a good option for a lot of people for helping with LTC   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832

Today we're sharing some qualities of money that you need to know as you plan for retirement. For example, do you know what three qualities of money should be represented in nearly every investment plan? Or how about this – what’s the best single investment that achieves all three qualities at once? Stay tuned as we explain what these qualities are and why you need to know this crucial information as you prepare for for financial future.    On today’s show, we’ll share: What three qualities of money should you find in your investment plan? Is there a single investment that achieves all three qualities at once? Examples of different investments that achieve different qualities.   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com admin@silverman-associates.com Phone: 520.512.8832 520.618.5323  

Socrates said the unexamined life is not worth living. When it comes to financial planning, it’s important to examine yourself by pondering some of these important questions. Today we’ll get to the heart of the issues.   On today’s show, we’ll discuss: What financial issues keep you up at night? What do you really desire the most financially speaking? How much of a risk taker are you when it comes to money?   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com admin@silverman-associates.com Phone: 520.512.8832 520.618.5323

No matter what generation you’re from, people of all ages have financial struggles – some more than others. On today’s show, we’ll dive into three generations – Millennials, Generation X, and Baby Boomers to look at the different ways they handle money and what challenges they often face.   On today’s show, we’ll share: What challenges do Millennials face? (1:40) What challenges does Generation X face? (3:10) What challenges do Baby Boomers face? (5:00)   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com admin@silverman-associates.com Phone: 520.512.8832 520.618.5323    

It’s time for another mailbag episode! This episode could be very helpful if you’re looking to improve your financial situation and prepare for retirement. We will discuss what to do if your life insurance policy starts charging premiums again, what to invest in that won’t be so volatile, and when to take Social Security. Listen in as we tackle some current questions from our listeners, and you’ll likely gain some invaluable insights to help you make informed financial decisions.   On today’s show, we’ll share: Why is my life insurance policy starting premiums again? (1:39) What can I invest in that won’t be so volatile? (3:35) Should I take Social Security or withdraw from my retirement accounts? (5:28)   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com admin@silverman-associates.com Phone: 520.512.8832 520.618.5323