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

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.

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 

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.  

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

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.

Ep. 53 - Why Your Children's Inheritance Shouldn't Drive Your Retirement

Thank you to Mary who commented on my YouTube video saying "Your kids would rather inherit the 401k, they don’t get squat of your pension."  Thank you @MaryLopez-em3rc 

I respond to that question explaining that while I understand the comment and Mary can be correct, it could cost you more by not having a pension.   The ideal retirement would have both, but a pension or a guaranteed income stream is really important. 

If you want to see the visuals, check out the YouTube version of this podcast.   https://youtu.be/8JZO_-_b4T4 

We here at Red Barn Financial can help you choose the best solutions for you.  Reach out at www.redbarnfinancial.com or call or email us at 615-619-6919 and smoran@redbarnfinancial.com respectively.

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. 52 Level Up Your Business - An Interview with Pepper Bethel of The TPI Group

Pepper is a veteran of the US Navy and is the Director of Operations at TPI Group.

Founded in 1994, TPI Group is one of the largest accounting, financial advisory and business development firms in the DC Metro area. We offer a progressive and holistic approach by serving individuals, families and business owners with tax-efficient strategies tax advice, as well as safe and secure financial planning options.

With long-standing ties to the DMV community, we are your trusted single point of contact for all your personal and professional accounting, financial, and business needs. Our highly skilled team of Certified Public Accountants, IRS Enrolled Agents, Tax Attorneys, Financial Advisors and Business Consultants provide legal advice and serve our clients in the areas of tax preparation, tax planning, financial planning, business accounting, business planning, debt counseling, bookkeeping and estate planning.

If you would like to connect with Sean Moran feel free to reach out via the following avenues:

Phone:  615-619-6919

Email:  smoran@redbarnfinancial.com

Web:  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.

Ep. 51 - What Does A Financial Advisor Actually Do?  

In this episode of the Red Barn Financial Podcast, Sean Moran talks about things you should expect your financial advisor to do.  Gone are the days of an advisor just holding your money and trying to grow it.  You should expect more.

If your advisor isn't making the cut, you should look for a new one.  We would be happy to interview for the position.

Learn more at www.redbarnfinancial.com or schedule a consultation at Calendly.com/spmoran or by emailing Sean at smoran@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.

Ep. 50 - The Benefits of Hiring Your Children to Work for Your Company

Should you hire your children to work for your business?   There are a lot of great reasons to do so.  You need to follow the rules and make sure you are paying your children a fair amount for a value added service to your business.  If that's the case, then it could save taxes for you and set your child up for future financial success on top of teaching them valuable life skills.

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.

If you would like to speak to us about the potential to become a client please contact Sean Moran at 615-619-6919 or via email at smoran@redbarnfinancial.com  To learn more about Red Barn Financial visit redbarnfinancial.com  

Ep.47 The Pros and Cons of CDs as an Investment Option

Many people are turning to CDs as a safer way to save money right now, but is it really the best option?   In this episode of the Red Barn Financial Podcast, we explore the pros and cons of Certificates of Deposit (CDs) as a savings vehicle.

Pros:

Interest Rates are higher than they have been

Less risky in the short term than stocks

Short term CDs are yielding close to 5%

Cons:

Liquidity

Taxes will eat into your earnings

Getting out early could cost you interest/yield

If you are invested in CDs and the stock market rallys you could miss out.

Disclaimer - The information in this podcast is for educational purposes only.  It is not tax, legal or financial advice.  Everyone's financial situation is different.  If you have questions about your financial situation, contact us at redbarnfinancial.com email smoran@redbarnfinancial.com or call 615-619-6919

Ep.46 The Power of Giving - Why it's so important to have a giving heart

In this episode of the Red Barn financial we do something a bit different and talk about the importance of giving of your money.  We look at the biblical value of tithing and how it applies.

Some of the verses discussed include:

Malachi 3:8-14

Matthew 23:23

Luke 21:4

Proverbs 3:9-10

Disclaimer:  The Red Barn Financial podcast is for informational purposes only and is not tax, legal or financial advice.   If you would like to learn more about how we can help, please reach out to Sean Moran at 615-619-6919 or email smoran@redbarnfinancial.com

To learn more about Red Barn Financial please visit redbarnfinancial.com

Are you able to weather the financial Market Storm?  Much of it depends on what you do during econoimic downturns and what your risk tolerance is.

If you would like to check out your Risk Tolerance, you can do so here:  https://forms.office.com/r/PBJPmFAzVM

If you worry when the market goes down, you are likely to lose money.  It's a natural reaction, but it's counter intuitive to the way the market goes.  If you get out when the market goes down, you suffer losses and then when you are waiting on the sidelines and the market goes back up, you lose money which will result in less of a return in the long run.

If you want to learn more, check out www.redbarnfinancial.com or reach out for a complementary conversation at www.calendly.com/spmoran  You can also call or email Sean Moran at 615-619-6919 and smoran@redbarnfinancial.com respectively.

Disclaimer- The information in this podcast is for informational purposes only.  Each person's financial situation is different.  You should consult a financial advisor before making important money decisions.  The information in this podcast is not tax, legal or investment advice.  

Don't Run Out of Money In Retirement.

When you are saving money and not withdrawing from your account it isn't important in what order gain years and loss years occur, you end up in the same place.  When you are retired and you start drawing on those investments is when it can all go wrong.  This is called Sequence of Returns risk.

In this Podcast video, I share what can go wrong that is out of your control and how you can plan to avoid running out of money with a simple technique that just requires you to plan ahead.

For example purposes, imagine you start out with $500,000 and you need to take out $100,000 per year.  With no gains or losses that money would last you 5 years.  Let's assume the first year your money lost 50%, you are now at $250,000, so the money will only last you 2.5 years.  If you could instead not take out the $100,000 in that year and the following year the market recovered back to the $500,000, your money can last double what it would have otherwise lasted.

Here are the spreadsheets attached, or reach out to smoran@redbarnfinancial.com for the actual spreadsheet.

Disclaimer: The information contained in this podcast episode is not tax, legal or financial advice.  Each person's circumstances are different and what might work for one person may not for another.  Reach out to learn how this might apply to your situation, or contact another competent financial advisor.