On this week's podcast episode, Steve and Gabriel give a synopsis of the proposed Inflation Reduction Act of 2022 and how the various innerworkings of the Act could potentially impact you.

Next, they'll discuss times that they've found themselves "going against the grain" in terms of their financial planning advice. Join us now for this discussion!

1. The Inflation Reduction Act of 2022:
   • Will the effects be felt immediately or longer term?
   • Expanding ACA subsidies and the impacts on premium tax credits
   • Prescription drug pricing reform and Medicare costs
   • IRS funding and tax enforcement
   • Plus more!
2. Going Against The Grain:
   • Using life insurance in retirement planning
   • Never having any debt
   • Have 6 months worth of cash for emergencies
   • Buying an annuity

Welcome back for another new episode of Our 2 Cents! We're talking about winning big in the lottery, another round of rate hikes by the Fed, and then we're having a lot of fun providing our perspectives on the advice of some well-known industry experts. Tune in now, and let us know what grade you'd give to some of these gurus.

1. The Mega Millions Jackpot Surges:
   • What should you do if you were to win?
   • Should you take the lump sum or opt for the payments over several years?
     
     
2. The Fed is At It Again:
   • The Federal Reserve again lifted interest rates by 0.75%.
   • Why are they doing this, and will it continue to slow down the economy?
   • What could happen at their next meeting in September?
     
     
3. Grading the Gurus & Their Advice:
   • Phil Orlando (an Equity Strategist) says the market will decline further over the summer, and he favors value stocks over growth stocks.
   • Sam Robson (a Financial Author) says the bear market is a fantastic opportunity for long-term investors; long-term being the key phrase.
   • Robert Kiyosaki (an Author) says a market crash is coming and to buy gold and silver. 
   • Grant Soliven (Columnist and Financial Advisor) says to beware of making emotional decisions in turbulent times. 
   • Chris Orestis (head of a national retirement resource organization) said if it were him and he was about to retire, he would delay it a year or two.
   • Warren Buffett (Businessman and Investor) says "The most important thing to do if you find yourself in a hole is to stop digging," and "Be fearful when others are greedy, and greedy when others are fearful."

This week's episode of Our 2 Cents covers an interesting topic impacting many Americans over recent years. What to do if you find yourself unexpectedly without a job? Whether layoffs hit your department, or you just decided you've had enough at your current job, we're discussing the challenges and opportunities that exist when you're in between work. 

Then, we're spending some time diving in-depth into three great listener questions. Click below to listen in now!

1. What To Do When You're In Between Jobs:
   • Do you tap into your retirement savings for extra money while income is slowed or stopped?
   • Should you find a new job or start your own business?
   • How could retiring earlier than expected impact your financial plan?
2. Listener Questions:
   • "I have a weird situation. I have been funding my IRAs and 401ks over the years and have close to $2 million in those accounts. But now I need cash for a home repair I wasn't expecting and only have around $5,000 in the bank. Should I take the money from my IRA and pay the penalty on it?" - Jake 
   • "I think we are at the bottom of the market and will finish way up for the year. Time to load up on stocks. Do you agree?" - Mark
   • "I'm 61 years old and have never had a financial advisor. I have made it this far on my own, so I am probably fine without an advisor, right?" - Caroline

It's time to sharpen your pencils and get ready for our retirement planning pop quiz! We'll give you the questions below, but be sure to listen in to this week's episode to hear the multiple choice options and to see if you can answer them correctly!

Plus, keep listening until the end for another "Getting to Know Steve and Gabriel" question!

1. Retirement Planning Pop Quiz:
   • At what age should people start saving for retirement?
   • Which of these is the best estimate of how much income you'll need in retirement?
   • Which of these do you find that retirees fear the most?
   • Which of these examples best represents a diversified retirement plan?
   • To make sure you don't run out of money in retirement, only withdraw _____ percent from your portfolio each year.
     
     
2. Getting to Know Steve & Gabriel:
   • What is your favorite cereal, now and when you were a kid?

Welcome back for another episode of the Our 2 Cents podcast!

We're helping you spot "red flags" when interviewing potential financial advisors, or even when reviewing your current advisor. Then we're answering some very thoughtful listener questions today. Listen in now!

1. Financial Advisor "Red Flags":
   • Biases and the way advisors think
   • Not getting what you need from who you like
   • Too much technical jargon, not enough valuable communication
   • Overconfident market predictions
   • All upside, no downside
   • Family ties
     
     
2. Listener Questions:
   • "According to Terry Savage, Suze Orman, and my tennis partner, I should be buying I Bonds. I've never done anything like this before. What do you think?" - John
   • "I am curious how Savant is fairing during this Bear Market. Is their level of diversification standing up better than most?" - Tom

• The Fed raised interest rates again in hopes to cool inflation, what does this mean for investors?
• Are we going into a recession? If we do, what could happen to the market?
• We've officially entered Bear Market territory - we'll explain what that means.

• To infinity... and beyond! The new "Lightyear" movie premiered June 16.
• Caterpillar joins Boeing by making a major move.
• From an EF-0 tornado to a heatwave, Chicago weather continues to keep us on our toes.

• "I'm interviewing and comparing a couple of different financial advisors. What metrics are most important to compare them on?" - Randall
• "I am not going to spend through my savings during my life and I'm going to end up leaving a lot to my kids. They'll probably be in their 40's or 50's and I feel like they could use the money more now. Should I start gifting them money now versus leaving them a big chunk for later?" - Ruth

• The surprising fact about your net worth
• When boredom begins to creep in
• Struggling with spending guilt
• Many years in retirement

• Are you too much of a risk-taker?
• Risk assessments: how to identify a disconnect between your feelings about risk and your portfolio
• Ways to reconcile the risk with your retirement money

• What kind of books do you like to read?

• Is the market going to go up or go down?
• Should you always pay off your house as soon as you can?
• Should you ever use credit cards?
• Are individual stocks better than buying mutual funds or ETFs?

• What are you planning to do in retirement, and how will you pay for it?
• Health insurance and ensuring there are no gaps in coverage
• Reducing or eliminating debt before retiring
• Planning your income sources and Social Security benefits

• "I am pretty much ready to retire, but I won't be old enough for Medicare for another six months. Should I just tough it out until then?" - Paul

• Based on number of listens, downloads and our growing listenership, we will share the top 3 most popular episodes

• Steve and Gabriel will share what their favorite episode so far is, and why!

• We wrap up the episode with some interesting questions that the guys didn't get to see before the show!

• "What should I do with my portfolio right now?"
• "I'm worried the market is going to go down further and a recession is coming. Should I sell to cash and ride this out?"
• "What are you doing in my portfolio right now?"
• "How much further is the market going to go down?"
• And more!

• Two things you need to do when investing in the stock market
• How to successfully navigate the persistent volatility we're experiencing
• Is this the same old story we've heard before?
• What is causing this market volatility?

• Recapping an article we found online, we're sharing things that you might be wasting money on that can really add up over time
• Ways to spot these extra costs and cut them out

• Would you rather have only green lights for the rest of your life, or never have to wait in line ever again?
• What is your cure for the hiccups?

• What are the empty calories that could be in your financial plan.
• How added sugar in your plan could be really bad.
• What should you have in your "pantry" and why it's important to know what you do and don't have.
• Why trans fats are so tempting, but might be unhealthy to have in your financial plan just like your diet.
• How to determine if you have a healthy plan.

• Volatility
• Diversification
• Capital Gain and Capital Loss

• "There's been a lot of media coverage lately on the inverted yield curve. What does that mean? When it occurs do you suggest any client action as media coverage usually mentions it has often preceded recession periods?" - Jeff P.

• Filing an extension - why it matters if you owe or if you are getting a refund.
• What you need to know now if you plan to use MyTax Illinois to file your state tax return.
• For those who took advantage of the child tax credit payments, how might that impact your taxes?
• Why your large refund is the same as giving an interest-free loan to the government.
• How tax planning is different from tax preparation, and how it can make a huge difference in your overall wealth.

• There are tons of misconceptions about what life insurance can offer in financial planning, which means many investors don't think about it outside of its traditional uses.
• We will cover other ways life insurance can be a critical part of your financial planning, beyond just the death benefit:
• Life insurance for tax-free retirement income
• Life insurance as an alternative to a 529 Plan
• Life insurance for estate planning
• Life insurance for long-term care
• Life insurance as a cash alternative

• What is the spiciest food you've ever eaten?
• Do you think we're alone in this universe?

• How much income or asset growth is needed to offset inflation?
• How much income will Social Security provide in retirement?
• What is an ideal, or safe, withdrawal rate?

• Quarter-end bond statements might be surprising to many investors, as the bond market has experienced its worst performance in recent memory.
• What options exist for you? Should you look into replacing your bonds, or ride out the storm in anticipation of a rebound?
• What about that extra cash that you may have otherwise put into bonds, what bond-alternatives can you explore?

• New York, Atlanta, Los Angeles and more! We're sharing some unique and adventurous locations near big cities that you may not know are out there.

• Should your lineup consist of only home run hitters, or is playing "small ball" the real way to win?
• How can you pick hitters that can handle the curveballs and fastballs that may come your way?
• The "Moneyball" approach to building your team - data, research, & analytics
• In baseball, five-tool players possess five specific skill sets. In investing, it's impossible for one single investment to cover all five core priorities. We'll share how to build an all-star lineup to cover them all.

• "I've got all my money in all tax-deferred IRAs and 401(k)s, should I move some of it somewhere else to be more diversified?" - George
• "I'm looking for safe money options but I don't know where to turn. I've looked at bonds, annuities, cash but everything has pros and cons and I don't know which one to pick." - Karen

• "What is the silliest way you've gotten injured?"

• How are we influenced by the "money voices" in our heads without realizing it?
• The two main voices: Greed and Fear, and how they drive our decisions.
• What can you do to silence the voices and listen to the facts instead?

• What are all those letters at the end of advisors' name?
• Which designations have more weight than others?
• Experience vs. education—which is more important?

• "What is something that you do that makes you feel old?"

• Broadly speaking, what might the overall impact on the markets be in light of the current Russian invasion of Ukraine?
• Gas prices and inflation are already on the rise - what can we expect next?
• The S&P 500 has already entered into correction territory, what needs to happen for us to see a Bear market?

• There are 4 main money biases: Present bias, loss aversion, overconfidence & base rate neglect
• Hidden biases affect the money decisions you make, without you even knowing it
• Over 98 percent of study participants exhibited biases that cost them financially. So, how can you identify money biases within yourself and avoid them?

• "How do you deal/reconcile in your mind a previous investment decision that, had you done it differently, would have made you a ton of money?" - B.H.

• When is the next market crash going to happen?
• What will healthcare costs look like in 20 years?
• What will taxes be in the future?

• Top 10 most expensive cities in the world to live
• Would you consider retiring to any of these places?

• Crypto-Caution: how to "safely" invest in cryptocurrency and avoid fraudulent currencies
• Non-regulated investments: they usually sound "too good to be true"
• Romance scams: online dating partners after for your money

• GDP Growth Forecast - do we see a recession on the horizon?
• Housing Market - will we see it cooling off this year, or even the "bubble" burst?
• Inflation - will it continue to rise as it has been or will it come back down by year-end?
• The Great Resignation - what impact will the current labor shortage, remote work trends, and people continuing to leave the workforce have on our economy?

• What correlates using a financial advisor with increased "happiness indicators?"
• Plus, Steve and Gabriel will share another interesting finding about relationships that came out of this study.

• "I tell myself I need to start saving more for retirement, and I pretend like I'm about to get serious and actually do it, but then I can never stay motivated to actually increase my savings. How do I get myself motivated?" - Rebecca

• What is the Retirement "Red Zone," and what makes it such an important timeframe for planning?
• What are some types of retirement fumbles, and can you recover them?
• The plays you call in the red zone are different than the ones you use during the rest of the game, what kind of shifts should you consider making?

• The best way to be sure you don’t run out of money in retirement is to _______________
• The stock market has the ability to ____________.
• If your advisor tells you _______________, you should run the other way.
• When somebody comes to visit with you for the first time, they’re most likely to be worried about ___________.
• The most common mistake that you see retirees and pre-retirees making is ____________.
• The most gratifying part of your job is ___________.

• "I have a lot of company stock in my 401k. How much do you think is too much, as a percentage of the account?" - Carl

• 4.2 Million people quit their jobs as of October 2021, many with no plans to return to work
• Are you considering leaving the workforce, perhaps retiring earlier than originally planned?
• What questions should you consider before taking a leap and making an exit?

• Know / See / Check-Up on how you're doing financially
• The start of the year is one of the best times to get a "financial map" of where you're going
• Why having savings and spending goals is so important
• Income planning questions to ask that will help you plan ahead

• What is your favorite beverage?
• What subject, of any kind, do you wish you knew more about?

• There's no shortage of ways to consider making money improvements in the new year.
• We wrap up this two-part series with the second half of our 22 resolutions for 2022.
• Whether you resolve to make micro—or macro—improvements to your finances, taking the first step to identify areas in which you could be doing better is a great first step.

• Plus, be sure to listen until the end when Steve and Gabriel share a resolution of their own for 2022.

• With dozens of money goals to consider, we're sharing common improvements and changes we've seen clients want to make over the years.
• From behavioral changes to mindset shifts, we're covering it all when it comes to money goals for the new year.
• Do you have any specific financial goals heading into next year? Reply to this email and let us know, we'd love to hear them!
• We ran out of time to cover all our resolutions on today's show, so join us next week for the complete list!

• "My plan has been to work for one more year, then find part-time work for about four years to supplement my retirement income. But now I wonder if I'd just be better off to continue working full-time for two more years, then just be done with working altogether. Which is better?" - Ted

• When building a house, what is the very first step you should take before digging in?
• A blueprint is helpful when visualizing what your "house" will look like, and gives you the opportunity to make changes before the building begins. We'll share how this is mirrored in retirement planning.
• A "Retirement Plan Tracker" or "RPT" is the foundation of every SGL client's plan. So what all is inside this crucial component of the plan?
• Just as every house depends greatly on each of its cornerstones, every financial plan relies on all of SGL's 4 Core Pillars. We'll share what they are.

• "I am turning 50 and I feel like I am behind on my savings. What are my best options to fast-track and get back on track to accelerate my retirement savings?" - Rick
• "In the higher inflationary period we are in, I hear more attention begin given to TIPS. Can you explain TIPS, and whether they should be in someone's portfolio?" - Jeff

• Huge market gains, with little to no risk. Is that achievable?
• Will investors seeking the highest quality financial planning and advice, at the lowest possible price just end up getting what they pay for?
• Does that sneaky little tax trick some advisors are pitching even exist?
• Making exceptions—our thoughts on changing our entire investing philosophy for just one client

• Arkansas eliminated state income tax for Texarkana residents in exchange for this unprofitable tax hike
• Deodorant vs. Antiperspirant—this state taxes these similar products differently
• What "candy" bar is exempt from Illinois' higher tax rate?
• Plus, this state will allow you to avoid sales tax on that fancy new exotic car you've been eyeing