Red Barn Financial Podcast

In this Episode of the Red Barn Financial Podcast I get the opportunity to interview Jackson Matheson of the Wood Group of Fairway Mortgage.   He shares his experiences and the reason why he is passionate about the Home Equity Conversion Mortgage (HECM).  Jackson shares why this tool gives you an opportunity to make sure you are financially secure in retirement and opens up one of the largest assets most of us have to use to fund things we need in retirement.

Jackson's contact information:

Some statistics that Jackson shared:

Notable statistics for the Baby Boomer generation:

• 27% have no retirement savings
• 70% will need some form of long-term care
• 39% get divorced
• 75% have debt
• Over 50% of boomers rely on social security either heavily or entirely
• 10,000 baby boomers turn 62 each day (of which 30%-40% will carry a traditional mortgage payment into retirement)

Disclaimer: The information contained herein is not tax, legal or investment advice. Please reach out if you would like to discuss you particular circumstances. If you would like to contact Red Barn Financial please email smoran@redbarnfinancial.com or call 615-619-6919.  To learn more about our firm, visit www.redbarnfinancial.com 

Note:  Red Barn Financial is independent of it's guests and nothing in this podcast should be construed as an endorsement or recommendation to use any of the products or services discussed.  Each person should assess their financial needs with a financial advisor like us.

A recent study by Boston College recommends ending 401(k) and IRA tax benefits in order to use the extra tax revenue to fund Social Security.

I share in this podcast episode why I think that could be a bad idea that would lead to more issues for retirees in the future, which would mean simply transferring the problem to the future.

The Center for Retirement Retirement Research at Boston College said that about $185 billion of more revenue would be collected by the IRS each year if people couldn't deduct their 401(k) or IRA contributions.  

I believe this would result in less savings for the future.  If people choose not to save for retirement because there is no immediate benefit, they are likely to spend that money instead.  

You can learn more about it in this article

Disclaimer:  The informaiton contained in this podcast is not tax, legal or investment advice.  Everyone's circumstances are different. If you would like to discuss your informaiton specifically please contact us at 615-619-6919 or email smoran@redbarnfinancial.com

In this episode of the Red Barn Financial Podcast I have a great conversation with business broker Russell Carriere of First Choice Business Brokers.   Russ is a 30 year entrepreneur who helps business owners understand what their businesses are worth and how to position a business for sale in the near or distant future.

Russ can be contacted here:  

Website:  https://nashville.fcbb.com/

email:  Russell.carriere@fcbb.com 

Phone:  (615) 288-6886

To reach out to Sean Moran at Red Barn financial please call 615-619-6919 or email smoran@redbarnfinancial.com  Learn more about Red Barn Financial on our website www.redbarnfinancial.com

Disclaimer:  The information in this podcast is not tax, legal or financial advice.  Please consult a financial advisor for information on your specific situation.  Opinions expressed by guests are their own.  The appearance on the Red Barn Financial Podcast by any guest does not constitute an endorsement.

Ep. 69 Where you put your money is as important as how much you have.  You want to be tax efficient with your money so the particular account you put different assets in will drive whether they are efficiently taxed or not.  In this episode of the Red Barn Financial Podcast I will share some factors you need to consider when you are choosing where and with what assets to invest.

For example, if you put dividend paying stocks in your brokerage account you will pay taxes on the dividends in the year you earn them.  If you put them in an IRA then you defer the taxes to a future year.   On the other hand you turn capital gains into ordinary income in the IRA.   

With respect to real estate, if you have that in an IRA account, lose the opportunity to depreciate the property, you can't use it personally and you also lose capital gains tax treatment which can be beneficial.   

Disclaimer:  The information contained in this podcast is for informational purposes only and is not financial advice.  Everyone's situation is different, so you should discuss your needs with a financial advisor like me.

Contact information:  Red Barn Financial Sean Moran - smoran@redbarnfinancial.com 615-619-6919   www.redbarnfinancial.com 

Ep. 68 How Much Money You Need To Have Saved For Retirement At Any Age

In this episode of the Red Barn Financial Podcast, I discuss the amounts or ranges you want to save in order to be able to retire comfortably.   If you haven't saved enough money yet to really get to where you want to be, that doesn't mean it's time to give up.  It simply means it's time to start saving more than you have been in the past.

Whether your plan to retire or not, it's important to save as though you do, because sometimes we have to stop working sooner even if we don't want to.

Here are the numbers from T. Rowe Price:

Here are the numbers from Fidelity:

Disclaimer: The information contained herein is not tax, legal or investment advice. Please reach out if you would like to discuss you particular circumstances. If you would like to contact us for our free guide or any other reason, please email smoran@redbarnfinancial.com 

Episode 67 Tax Season Has Started Should You File Right Away?

You can now file your 2023 tax return, but you may have reasons to hold off on filing your return.  In this episode of the Red Barn Financial Podcast I discuss the reasons why you might want to hold off until you have what you need. 

If you are looking for some free resources for filing your 2023 tax returns, you can find them at https://www.redbarnfinancial.com/tax-resources 

Disclaimer: The information contained in this podcast is for informational purposes only and is not financial advice. Everyone's situation is different, so you should discuss your needs with a financial advisor like me.

Ep. 66 Proper Planning Can Leave You Prepared - Otherwise This Happens

All too often we are going through life without the most important things we need for our financial security and the security of the ones we love.  We end up missing these things because we are so busy doing the things that we believe are in our best interest but we aren't doing the basic financial planning that our family needs.

In this episode of the Red Barn Financial Podcast, I discuss the simple things you can do to make sure your protecting your most important assets - your life and your ability to earn a living.

Disclaimer:  The information contained in this podcast is for informational purposes only and is not financial advice.  Everyone's situation is different, so you should discuss your needs with a financial advisor like me.

Contact information:  Sean Moran - smoran@redbarnfinancial.com 615-619-6919   www.redbarnfinancial.com 

In this episode I share the factors to consider when you are thinking about a lump sum payout vs a monthy payment like a pension or annuity.  

Each person's situation is a bit different, so this episode will share with you the different considerations when deciding between an pension/annuity versus a lump sum payout.

Here is the example I go over in the episode:

Year End Recap - You can buy a house with how much down?

In this episode I talk about the new rule that allows people to only put down 5% on purchases of multi-unit dwellings and what my thoughts are on that.  

I also share my top performing YouTube video and my top performing podcast episode. 

I share about my new book I co-authored with my wife called "Leaving a Legacy"   You can buy it on Amazon in paperback or hard cover.

Finally, I shared a Wall Street Journal article that points out that buying a house is more expensive than it's been in a long time and in some cases renting could be a better choice.  https://www.wsj.com/finance/home-ownership-mortgage-interest-rates-122a272f?mod=e2tw 

Disclaimer: The information contained herein is not tax, legal or investment advice. Please reach out if you would like to discuss you particular circumstances. If you would like to contact us for our free guide or any other reason, please email smoran@redbarnfinancial.com

Links to book are affiliate links.

In this episode of the Red Barn Financial Podcast, we go behind the curtain to learn the keys to building business credit without the personal guarantee.  I interview Josh Love and Brittany Winner of J Galt.

They share how you can build your business credit and why it's so much different than personal credit.  

To connect with Josh you can email him at jlove@jgalt.io or find out more on his website at https://www.jgalt.io/jlove

Disclaimer: The information contained herein is not tax, legal or investment advice. Please reach out if you would like to discuss you particular circumstances. If you would like to contact us for our free guide or any other reason, please email smoran@redbarnfinancial.com

Podcast Title: Navigating the 2024 Tax Landscape: A Guide for Taxpayers

There are some visual aspects of this episode that might be better suited for YouTube.  If you would like to watch, here is the link:  https://youtu.be/SUDo_pS0-A8

Description:

Stay ahead of the curve with this insightful podcast as we delve into the key tax figures for 2024. Our expert guests will provide an in-depth analysis of the latest tax changes, deductions, and credits, empowering you to make informed decisions and minimize your tax burden.

Key Topics Covered:

• Updated Tax Brackets and Rates: Understand how the 2024 tax brackets and rates impact your taxable income and tax liability.

• Standard Deduction and Exemptions: Discover the latest adjustments to the standard deduction and exemptions, and how they affect your tax savings.

• Credits and Deductions: Gain valuable insights into the various credits and deductions available to you, including the Child Tax Credit, Earned Income Tax Credit, and charitable deductions.

• Tax Planning Strategies: Learn effective tax planning strategies to optimize your tax return and maximize your after-tax income.

Disclaimer:  The information contained herein is not tax, legal or investment advice.  Please reach out if you would like to discuss you particular circumstances.

If you would like to contact us for our free guide or any other reason, please email smoran@redbarnfinancial.com 

In this episode of the Red Barn Financial Podcast, Sean Moran explains the reasons why you might not want to put real estate in your IRA.

You will find people pitching the idea of putting a real estate investment into an IRA, but there are many drawbacks from this strategy.

First, real estate provides many tax beneficial treatments, but when you put them into an IRA you lose some of them.  For example, you can't depreciate the property, which means you lose a valuable tax benefit.  Additionally, you lose capital gain treatment, which means you pay more taxes.   

When you come up on RMDs or decide you want to take the investment out of the IRA it becomes quite difficult and leaving it as a legacy later on is leaving a big tax bill that could have been avoided.

Here are things to consider before investing in real estate within your IRA and why you may not want to do this.

Looking for a financial advisor?  Schedule time with Sean Moran, MST - Financial Advisor at Red Barn Financial.  Learn More at www.redbarnfinancial.com

Disclaimer:  This podcast is not tax, legal or investment advice.  Everyone's situation is different.  Consult your financial advisor prior to making any major financial decision.

Looking for a financial advisor?  Schedule time with Sean Moran, MST - Financial Advisor at Red Barn Financial.  Learn More at www.redbarnfinancial.com or schedule a meeting at Calendly.com/spmoran 

Ep. 60 - Knowing This Rule When Trading Stocks Can Save You Taxes.

There is a rule known as the wash sale rule under IRS Code Section 1091 that essentially will prevent you from taking a loss on the sale of a stock if you buy the same stock or security back in a short period of time.  This time period is 30 days prior to the loss sale and 30 days after the loss sale.  So adding the day of the sale that means 61 days.

For example if you bought stock worth $10,000 and you sold it later for $9,000, you would have a $1,000 loss.    Let's assume 20 days later you see that the stock looks like a good deal again and you go ahead and buy it at $8,000.  Because you weren't without the stock for 30 days after the sale, you can't take the loss.  Similarly, let's assume you buy a stock for $100.   You then find that it is a bit cheaper at $98 so you buy another share for $98.   You then see it go down to $95 twenty days later and you get scared so you sell off one share and keep the other share.  You can't take the loss, because you bought more before the sale within 30 days.

When you don't get to take the loss, you don't lose it forever, you just have to add the loss to the cost of the held share.   In my first example, the second purchase was for $8,000 but you had a loss on the sale of $1,000, so your basis in the shares is $9,000 rather than $8,000.  That means you would have a loss if you sell those shares for less than $9,000 and wait at least 30 days more.

If you would like to know more about this topic or speak to someone at Red Barn Financial, you can contact us at 615-619-6919 or at www.redbarnfinancial.com 

Disclaimer:  The information provided in the Red Barn Financial Podcast is not tax, legal or investment advice.  Every person's situation is different and you should consult your advisors before making any financial decision.

Ep. 59 Year End Planning - Make the Most of Capital Gains and Losses

In this episode of the Red Barn Financial Podcast, we will talk about how to minimize your taxes by taking advantage of capital gain and loss planning.   We will talk about what the differences are between short term gains and losses versus long term capital gains and losses.  I will explain the netting rules and how each are taxed.  

I will share with you how to use capital gains to offset capital losses and how to avoid wash sale rules that could prevent you from deducting your capital losses.

If you have questions about this strategy or other financial planning topics, please reach out. Contact Sean Moran at smoran@redbarnfinancial.com call 615-619-6919 or learn more at www.redbarnfinancial.com

Disclaimer: Information provided in this podcast are not tax, legal or financial advice. 

The September retail numbers are in and they came in hotter than expected.  What might this mean for our economy and for inflation?   What factors might shape the upcoming quarter and spill over into next year.  We will share this with you in this episode of the Red Barn Financial Podcast.

If you have questions about this strategy or other financial planning topics, please reach out. Contact Sean Moran at smoran@redbarnfinancial.com call 615-619-6919 or learn more at www.redbarnfinancial.com

Disclaimer:  The information in this podcast is not tax, legal or financial advice.  Before making any financial decision, please consult your financial advisor.   Don't have a financial advisor?  Give us a call.

Ep. 57 The Power of the Health Savings Account - Triple Tax Benefits

In this episode of the Red Barn Financial podcast we talk about the power and benefits of Health Savings Accounts or HSAs.

They provide unique tax benefits:

1. You get a tax deduction for the contribution if you qualify for an HSA
2. The money grows tax deferred
3. If you take it out for qualified medical purposes it is never taxed

If you have questions about this strategy or other financial planning topics, please reach out. Contact Sean Moran at smoran@redbarnfinancial.com call 615-619-6919 or learn more at www.redbarnfinancial.com

Disclaimer - The information provided is for educational purposes only and is not tax, legal or financial advice.  

In this episode of the Red Barn Financial Podcast I speak about the top 5 reasons people stay poor.

While people can fall on hard times, it's all too often the habits and the things we are doing that keep us poor.  If we make adjustments to these things, there is no reason that you can't be successful, at least in the US or another free country.

If you have questions about this strategy or other financial planning topics, please reach out. Contact Sean Moran at smoran@redbarnfinancial.com call 615-619-6919 or learn more at www.redbarnfinancial.com

Ep. 55 Helping One Million Plus Entrepreneurs with Jim Morris

In this interview Jim shares how we wants to help 1,100,100 entrepreneurs.   He plans to do this through Impact Events, his company that helps entrepreneurs through conferences and coaching.

If you want to join his October event find it here:  https://impacteffect23.com/   Use Promo Code ML33 for a nice discount.   

If you have questions about this strategy or other financial planning topics, please reach out. Contact Sean Moran at smoran@redbarnfinancial.com call 615-619-6919 or learn more at www.redbarnfinancial.com

Disclaimer:  The information shared on the Red Barn Financial podcast is not tax, legal or financial advice.  Any financial decision should be made after consulting a financial advisor.   

Red Barn Financial has no affliliation with Jim Morris, nor his ventures, we are simply sharing his information for those why might be interested.  Nothing in this interview should be construed as an endorsement.  Red Barn Financial does not earn anything from sharing Jim's information

Today I want to take a moment and commemorate September 11th 2001.   Please take the time to share this story with your young children.  It's so important for them to know how fortunate we are to live in a free country and that this can be taken from us at any time.  

Disclaimer: The information on the Red Barn Financial podcast is not tax, legal or investment advice. Prior to making any important financial decisions, it is important to consult a financial advisor.

Ep. 54 How to Make Money on a Stock Without Buying it!

If you would like to see the visual calculation, check out Red Barn Financial TV on YouTube.

In this video I share the power of making money on a stock even if you don't end up buying it.  Like any strategy, stock options can be a risk, but there are ways to mitigate that risk.

If you have questions about this strategy or other financial planning topics, please reach out.  Contact Sean Moran at smoran@redbarnfinancial.com call 615-619-6919 or learn more at www.redbarnfinancial.com  

Disclaimer: The information on the Red Barn Financial podcast is not tax, legal or investment advice. Prior to making any important financial decisions, it is important to consult a financial advisor.