Facing Financial Fears: Strategies for Overcoming Money Anxiety

About the Guest(s):

Kate Welker is a seasoned financial planner with a passion for helping individuals overcome financial stress and anxiety. With a background in empowering clients to take control of their money management, Kate is dedicated to providing actionable steps to improve financial well-being. Her expertise lies in debt management, reducing spending, preparing for emergencies, and setting realistic financial goals.

Episode Summary:

In this insightful episode of "Money Roots," Kate Welker dives into specific areas of financial concerns and fears that often plague individuals. From tackling debt to reducing spending and preparing for financial emergencies, Kate provides practical advice and tools to help listeners take charge of their financial well-being. By addressing common fears like running out of money or losing a job, she offers actionable steps to build confidence and security in one's financial future.

Kate emphasizes the importance of facing financial challenges head-on, developing strategies to manage debt effectively, and building emergency savings. By understanding fixed sources of income, utilizing tools like the 4% rule, and creating ideal and lean budgets, listeners can gain clarity and direction in their financial planning journey.

Key Takeaways:

  • Confront your financial fears by understanding your current financial situation.

  • Develop a clear debt management strategy using methods like the avalanche or snowball method.

  • Reduce spending by analyzing expenses and creating ideal and lean budgets based on personal goals.

  • Build emergency savings to prepare for unexpected financial setbacks.

  • Utilize fixed sources of income and the 4% rule to estimate retirement needs and ensure financial security.

Notable Quotes:

  • "Figure out where you're at, know what you have, and understand where your money is going to have some control." - Kate Welker

  • "Confront your financial fears by understanding your current financial situation and taking actionable steps to improve it." - Kate Welker

  • "Developing a clear debt management strategy and reducing spending can lead to financial empowerment and security." - Kate Welker

Resources:

  • Rooted Planning Group - Visit the website for more financial planning resources and to schedule a call with a financial planner.

Listen to the full episode of "Money Roots" with Kate Welker for valuable insights and practical tips on overcoming financial fears and achieving financial stability. Tune in for more expert advice on managing your money effectively and securing your financial future.

Reducing Stress and Anxiety Around Money: Tips for Taking Control

About the Guest(s):

Kate Welker is a CERTIFIED FINANCIAL PLANNER™ at Rooted Planning Group. With years of experience in the financial industry, Kate is passionate about helping individuals reduce stress and anxiety around money. She believes in empowering her clients by providing them with the knowledge and tools they need to take control of their finances. Kate's expertise lies in budgeting, debt management, and retirement planning.

Episode Summary:

In this episode of Money Roots, Kate Welker addresses the common issue of stress and anxiety surrounding the topic of money. She shares her own personal journey of overcoming financial anxiety and provides practical strategies to help listeners reduce their stress and feel more in control of their finances. Kate emphasizes the importance of facing your current financial situation, avoiding comparisons with others, creating a plan, and continuously learning about money management. By implementing these steps, individuals can gain a sense of empowerment and confidence in their financial decisions.

Key Takeaways:

  • Facing your current financial situation is the first step to reducing stress and anxiety around money. Take the time to gather all your financial information, including assets, debts, and monthly expenses.

  • Avoid comparing yourself to others when it comes to money. Everyone has their own unique financial journey, and it's important to focus on your own goals and progress.

  • Create a plan by identifying one small thing you can control and take action on. Whether it's increasing your savings or paying off debt, making incremental changes can lead to significant improvements over time.

  • Knowledge is power when it comes to money management. Take the initiative to learn about personal finance through reputable resources, such as books, podcasts, or working with a financial planner.

  • Seek professional help if needed. Consider working with a fee-only financial planner who can provide guidance tailored to your specific situation and goals.

Notable Quotes:

  • "When you talk about money, think about money, it comes up in conversations. Do you find yourself anxious or stressful? Are you having uncomfortable reactions? Maybe sweaty palms? Maybe your heart rate accelerates? Maybe your gut is churning?" - Kate Welker

  • "Stop comparing. Your journey is your own, your money is your own, your lifestyle is your own." - Kate Welker

  • "Pick one small thing you can control and start doing that. Small steps you can control begin to add up over time." - Kate Welker

Resources:

The Importance of a Home Inspector: Answering Common Questions

About the Guest(s):

Liz Zemak is an experienced financial advisor and homeowner. With a background in personal finance and a passion for helping others, Liz has dedicated her career to educating individuals on the importance of financial planning and homeownership. She has successfully navigated the challenges, providing them with expert guidance and support. Liz is known for her attention to detail and commitment to ensuring her clients make informed decisions. With a deep understanding of the local market, Liz is able to offer valuable insights and advice to those looking to buy or sell a home. She is dedicated to helping her clients achieve their real estate goals and is passionate about providing exceptional service.

Episode Summary:

In this episode, Liz Zemak addresses various questions and concerns related to homeownership. She begins by emphasizing the importance of hiring a reputable home inspector when purchasing a home. Liz provides tips on finding a reliable inspector and highlights the benefits of utilizing technology for inspection reports. She then discusses how to prioritize home improvement projects when you realize there are more repairs needed than anticipated. Liz advises making a comprehensive list and categorizing the repairs based on safety and urgency. She also suggests seeking the expertise of a general contractor and shares tips on finding a trustworthy contractor. Lastly, Liz emphasizes the importance of creating a designated drop zone in your home to keep things organized and create a sense of calm when entering your living space.

Key Takeaways:

  • Hiring a reputable home inspector is crucial when purchasing a home to ensure you are aware of any potential issues or repairs needed.

  • Prioritize home improvement projects by creating a comprehensive list and categorizing repairs based on safety and urgency.

  • Having a reliable general contractor in your contacts can provide valuable insights and cost estimates for potential home improvement projects.

  • Creating a designated drop zone in your home can help keep things organized and create a sense of calm when entering your living space.

  • Utilizing technology for inspection reports and organizing paperwork can streamline the home buying and maintenance process.

Notable Quotes:

  • "Before you make that purchase offer or decide that you want to have that house, make sure that you have it inspected." - Liz Zemak

  • "Take it one step at a time and do what you can manage, and just starting somewhere will help you build that momentum." - Liz Zemak

  • "Having one or two good general contractors in your contacts is a really, really good idea." - Liz Zemak

  • "A drop zone in your home is a really great thing, whether you rent or you own." - Liz Zemak

Listen to the full episode here to gain valuable insights and tips for navigating the home buying and maintenance process. Stay tuned for more informative episodes from Money Roots.

Creating a Home Management Binder for Effective Household Organization

About the Guest(s):

Liz Zemak is a homeowner and home management expert. With years of experience in maintaining and managing her own home, Liz has developed effective strategies and systems to keep her house in order. She is passionate about helping others create a well-organized and efficient home management system. Liz shares her knowledge and tips through her podcast, Money Roots, where she provides valuable insights on various aspects of homeownership and home management.

Episode Summary:

In this episode of Money Roots, host Liz Zemak discusses the importance of creating a home management binder. She explains that a home management binder is a customizable tool that helps homeowners keep track of important information and tasks related to their homes. Liz shares her own experience and provides practical advice on how to create and maintain a home management binder. She suggests different categories to include in the binder, such as contact information, reminders, manuals, planning, and financial records. Liz emphasizes the benefits of having a home management binder, including better organization, easier maintenance, and the ability to pass on important information to future homeowners. She encourages listeners to start building their own home management binder and offers tips on how to maintain and update it regularly.

Key Takeaways:

  • Creating a home management binder is a valuable tool for homeowners to keep track of important information and tasks related to their homes.

  • A home management binder can be customized to fit individual needs and preferences, whether in physical or electronic form.

  • Categories to include in a home management binder may include contact information, reminders, manuals, planning, and financial records.

  • Maintaining a home management binder helps homeowners stay organized, prioritize tasks, and easily access important information.

  • A home management binder can be a useful resource to pass on to future homeowners when selling a house.

Notable Quotes:

  • "A home management binder is a great way to keep all the documents and information you need for your home in one place." - Liz Zemak

  • "Having a home management binder helps free up brain space and allows you to easily access important information when needed." - Liz Zemak

  • "Including financial records in your home management binder helps you keep track of maintenance costs and provides valuable information for future homeowners." - Liz Zemak

Resources:

Don't miss out on Liz Zemak's insightful discussion on creating a home management binder. Tune in to the full episode of the Money Roots podcast to learn more about how this tool can help you stay organized and maintain your home efficiently. Visit rootedpg.com for more helpful tips and financial pointers.

Creating a Personal Property Inventory for Homeowners: Tips and Benefits

About the Guest(s):

Liz Zemak is an experienced financial advisor and homeowner. With a background in personal finance and a passion for helping others, Liz has dedicated her career to educating individuals on the importance of financial planning and homeownership. She has successfully navigated the challenges of building a home and has firsthand experience with needing a personal property inventory. Liz is committed to empowering others to take control of their finances and protect their assets.

Episode Summary:

In this episode of Money Roots, Liz Zemak discusses the importance of creating a personal property inventory. She shares her own experience of having her tools stolen during the construction of her home and emphasizes the need for proper documentation when filing an insurance claim. Liz provides practical tips on how to get started with a home inventory, including listing items room by room, capturing detailed information such as purchase date and cost, and taking photos or videos of valuable items. She also highlights the benefits of maintaining an up-to-date inventory, such as accurate insurance coverage and estate planning. Liz emphasizes the importance of revisiting the inventory regularly and keeping it secure.

Key Takeaways:

  • Creating a personal property inventory is crucial in the event of a loss or damage to your belongings.

  • The burden of proof is on the property owner when filing an insurance claim, so having a detailed inventory is essential.

  • Start by picking an easy spot to begin, such as a room with valuable items, and list everything in that room with as much detail as possible.

  • Include purchase date, cost, make, model, and serial numbers for items that have them.

  • Take photos or videos of each item, including the model and serial numbers, and keep receipts and appraisals with the inventory.

  • Store the inventory securely, either in a safe, a safe deposit box, or with a trusted contact.

  • Regularly update the inventory and review your insurance coverage to ensure you are adequately protected.

  • A personal property inventory can also be useful for financial planning and estate planning purposes.

Notable Quotes:

  • "The burden of proof is on the property owner, not the insurance company. So you're gonna have to have something to present to the insurance company to say that these are the items that I owned and, you know, that they were damaged or stolen." - Liz Zemak

  • "The more detailed you can be, the better off you're going to be when and if you need to make that claim." - Liz Zemak

Resources:

Listen to the full episode of Money Roots to learn more about the importance of creating a personal property inventory and how to get started. Stay tuned for more valuable insights and practical advice on personal finance and homeownership.

Exploring Home Improvements vs. Buying a New Home in Today's Market

About the Guest(s):

Liz Zemak is a financial planner and this weeks host of the Money Roots podcast. With years of experience in the financial industry, Liz helps individuals and families make informed decisions about their money and investments. She is passionate about helping people create a comfortable and enjoyable living space without breaking the bank. Through her podcast and articles, Liz provides valuable insights and tips on home improvements, budgeting, and financial planning.

Episode Summary:

In this episode of the Money Roots podcast, host Liz Zemak explores the decision between making home improvements or purchasing a new home. With current mortgage interest rates high, Liz suggests considering upgrading your existing space to create a comfortable and desirable living environment. She discusses various ideas for home improvements, such as installing a home security system, investing in a generator, adding an addition to your home, and creating a multigenerational living space. Liz emphasizes the importance of setting priorities, communicating with family members, and creating a budget or spending plan for these upgrades. She also highlights the value of landscaping and curb appeal in enhancing the overall enjoyment of your home. With the current interest rate environment, Liz encourages listeners to explore the possibilities of improving their current homes rather than moving.

Key Takeaways:

  • Evaluate your current mortgage interest rate compared to the rates for selling and buying a new home.

  • Lay out your priorities and determine the upgrades you want for your home.

  • Consider installing a home security system or investing in a generator for added security and convenience.

  • Explore the possibility of adding an addition to your home to create more space.

  • Communicate with family members to determine their needs and desires for the living space.

  • Create a budget or spending plan for the home improvements over time.

  • Enhance the curb appeal of your home through landscaping and other exterior upgrades.

Notable Quotes:

  • "In today's interest rate environment, it's important to really make the choice to stay in the home that you're currently in if you have one of the lower interest rates." - Liz Zemak

  • "Make sure you're communicating with each other and really laying out what's important and what you each are desiring." - Liz Zemak

  • "Think about what you can do to create a space that you truly enjoy, even if you rent." - Liz Zemak

Resources:

Listen to the full episode of the Money Roots podcast to learn more about making home improvements versus purchasing a new home. Stay tuned for valuable insights and tips on financial planning and creating a comfortable living space.

Multi-generational Living: The Importance of Starting the Conversation Early

About the Guest(s):

  • John Graham: John is an author and professor who has taught international marketing for 40 years at USC and UCI. He co-authored the book "Under One Roof: Creating Harmony for Multi-Generational Living" with his sister Sharon and daughter Emily. John brings his expertise in marketing and his personal experience with multi-generational living to the book.

  • Emily Graham: Emily is the daughter of John Graham and co-author of "Under One Roof." She has a background in palliative and hospice care, end-of-life care, and grief counseling. Emily's contribution to the book focuses on these topics and provides valuable insights into the healthcare considerations of multi-generational living.

Episode Summary:

In this episode, host Amy Irvine is joined by John Graham and Emily Graham to discuss their book "Under One Roof: Creating Harmony for Multi-Generational Living." They explore the importance of multi-generational living, the challenges and benefits it brings, and how to navigate the complexities of living with multiple generations under one roof. They emphasize the need for open and honest conversations, planning for healthcare and end-of-life care, and finding a balance between privacy and proximity. The book provides practical advice and guidance for families considering multi-generational living and offers insights into creating a harmonious and supportive living arrangement.

Key Takeaways:

  • Multi-generational living is a solution to the challenges faced by families today, such as the high cost of housing and the need for support and care for aging parents.

  • Open and honest conversations are crucial when considering multi-generational living, allowing all family members to express their needs, concerns, and expectations.

  • Planning for healthcare and end-of-life care is essential in multi-generational living arrangements, ensuring that everyone's needs are met and that there is a support system in place.

  • Finding a balance between privacy and proximity is key to successful multi-generational living. Separate living spaces, clear boundaries, and open communication can help maintain individual privacy while fostering a sense of togetherness.

  • Multi-generational living can provide emotional support, companionship, and shared responsibilities, creating a strong sense of family and community.

Notable Quotes:

  • "Multi-generational living is a renaissance of an idea that has been practiced in many cultures throughout history." - Emily Graham

  • "Having open and honest conversations about multi-generational living can prevent crises and help make informed decisions." - John Graham

  • "Multi-generational living is about creating a supportive and loving environment where everyone's needs are met." - Emily Graham

Resources:

  • Book: "Under One Roof: Creating Harmony for Multi-Generational Living" by John Graham, Sharon Graham, and Emily Graham (Amazon link: Book)

Please watch/listen to the full webinar for more enlightening insights and practical advice on multi-generational living. Stay tuned for future episodes of the podcast/webinar/series for more valuable content.

Watch this episode on YouTube

The Pros and Cons of Taking Out a 401K Loan

About the Guest(s):

Kerrie Beene is a Certified Financial Planner™ and the Chief Investment Officer at Rooted Planning Group. With years of experience in the financial industry, Kerrie has helped numerous clients navigate their financial journeys and make informed decisions about their investments. She specializes in retirement planning and is passionate about helping individuals achieve their long-term financial goals.

Episode Summary:

In this episode of Money Roots, Kerrie Beene, a Certified Financial Planner™, explores the topic of 401K loans and the tax implications associated with them. She discusses how 401K loans work, the rules set by the Internal Revenue Service (IRS), and the importance of understanding your employer's specific rules. Kerrie highlights key considerations such as loan limits, repayment periods, interest rates, loan purposes, and employment status. She also emphasizes the tax implications of 401K loans, including potential income tax and withdrawal penalties. Kerrie advises listeners to explore alternative options before taking out a 401K loan and to consult with a financial advisor to ensure alignment with long-term financial goals.

Key Takeaways:

  • 401K loans are not available to everyone with a 401K account. The plan has to allow this provision in governing documents, so each person should look at their summary plan description to see if the plan permits this.

  • The IRS sets limits on how much you can borrow from your 401K, generally up to 50% of your vested account balance or $50,000, whichever is less.

  • Repayment periods for 401K loans are typically within five years, although longer periods may be allowed for loans used to purchase a primary residence.

  • The interest rate on a 401K loan is often based on the prime rate plus an additional percentage determined by your plan. However, the interest paid is not tax deductible.

  • Some plans may have restrictions on the type of expenses for which you can borrow from a 401K loan, so it's important to check with your employer.

  • If you leave your job, the outstanding balance of the loan may become due immediately, potentially subjecting it to taxes and penalties.

  • Failure to repay the loan according to the terms outlined in your plan could be considered a distribution, resulting in income tax and a potential 10% withdrawal penalty.

  • Administrative fees may be charged for processing and maintaining the loan, which are typically deducted from your account balance.

  • Taking out a 401K loan means missing out on potential growth in your retirement savings, so it's crucial to consider the long-term impact on your financial plan.

Notable Quotes:

  1. "While you are repaying yourself, that money did become uninvested, and you will be investing it later, but you are missing out on that growth there." - Kerrie Beene

  2. "If you decide to take out a 401K loan, make sure you only borrow what you need and have a solid plan in place to repay it promptly." - Kerrie Beene

Resources:

Listen to the full episode of Money Roots to gain a comprehensive understanding of 401K loans and their tax implications. Stay tuned for more insightful episodes from the podcast to enhance your financial knowledge and make informed decisions.

Slow and Steady Wins the Race: Lessons in Financial Planning

About the Guest(s):

Kerrie Beene is a Certified Financial Planner™ and the Chief Investment Officer at Rooted Planning Group. With years of experience in the financial industry, Kerrie is dedicated to helping individuals achieve their long-term financial goals through strategic planning and disciplined investing. She is known for her expertise in investment management and her ability to guide clients towards financial success. Kerrie's passion for educating others about personal finance has made her a sought-after speaker and advisor in the field.

Episode Summary:

In this episode, Kerrie Beene, a Certified Financial Planner™ and Chief Investment Officer at Rooted Planning Group, shares the timeless wisdom of the fable "The Tortoise and the Hare" and how it applies to our financial lives. She emphasizes the importance of consistency, avoiding impulsive behavior, the power of compounding, and the virtue of patience in achieving long-term financial success. Kerrie highlights the parallels between the fable and investing, encouraging listeners to adopt a slow and steady approach to their financial goals.

Key Takeaways:

  • Consistency wins the race: Just as the tortoise consistently plods along the course, investors who consistently contribute to their portfolios or retirement accounts tend to achieve better long-term results than those who try to time the market or chase short-term gains.

  • Avoiding impulsive behavior: The hare's impulsive decision to take a nap during the race serves as a cautionary tale against impulsive investment decisions driven by emotions such as fear and greed. Investors should avoid chasing hot stocks or market trends and instead focus on a long-term strategy.

  • The power of compounding: Similar to the tortoise's slow but steady progress, compounded growth can have a significant impact on investment returns over time. Understanding and harnessing the power of compounding interest can lead to substantial financial gains.

  • Patience pays off: The fable of the tortoise and hare emphasizes the virtues of patience and discipline. Successful financial planning requires individuals to exercise patience in pursuing their goals and adhere to saving and investing strategies. Historically, the stock market has delivered positive returns over the long term, and embracing a long-term perspective can help investors benefit from the power of compounding.

Notable Quotes:

  1. "Slow and steady wins the race." - Kerrie Beene

  2. "Consistency and discipline are key to achieving long-term financial success." - Kerrie Beene

  3. "Avoid impulsive investment decisions driven by fear or greed." - Kerrie Beene

  4. "Understanding the power of compounding interest is crucial for maximizing investment returns." - Kerrie Beene

  5. "Patience and perseverance are essential for successful financial planning." - Kerrie Beene

Resources:

Conclusion:

In this insightful episode, Kerrie Beene reminds us of the timeless wisdom found in the fable of "The Tortoise and the Hare" and how it relates to our financial lives. By emphasizing the importance of consistency, avoiding impulsive behavior, harnessing the power of compounding, and practicing patience, Kerrie provides valuable guidance for achieving long-term financial success. Tune in to the full episode to gain a deeper understanding of these principles and learn how to apply them to your own financial journey.

Understanding Your Tax Return: A Line-by-Line Guide

About the Guest(s):

  • Kerrie Beene: Certified Financial Planner™ at Rooted Planning Group.

  • Kate Welker: Certified Financial Planner™ at Rooted Planning Group.

Episode Summary:

In this episode, Kerrie and Kate dive into the details of the 1040 tax return form. They discuss each line item and explain what it means for taxpayers. From reporting income to deductions and credits, Kerrie and Kate provide valuable insights into how the tax return can tell a story about an individual's financial situation. They also touch on topics such as capital gains, itemized deductions, and the standard deduction. Whether you're a tax expert or just starting to understand your tax return, this episode offers helpful information and tips for optimizing your tax situation.

Key Takeaways:

  • The total amount from Form W-2, Box 1 represents taxable wages and includes deductions such as retirement plan contributions and health insurance premiums.

  • Interest and dividends are reported on lines 2 and 3 of the 1040 tax return and can come from various sources such as bank accounts, savings bonds, and investments.

  • Lines 4, 5, and 6 cover retirement income, including distributions from IRAs, pensions, and annuities. It's important to understand the tax implications of these distributions and consider withholding taxes if necessary.

  • Line 7 deals with capital gains and losses, which occur when selling assets such as stocks or mutual funds. Long-term capital gains are taxed at a lower rate than ordinary income.

  • Line 8 includes other income from Schedule 1, which can encompass various sources such as business income, unemployment benefits, alimony, and gambling winnings.

  • The decision to take the standard deduction or itemize deductions depends on individual circumstances. The standard deduction is often the more beneficial option for many taxpayers.

  • The qualified business income deduction can provide tax benefits for business owners, allowing them to deduct a portion of their income.

Notable Quotes:

  • "Your tax return tells a story. It can provide valuable insights into your financial situation and help you make informed decisions for the future." - Kerrie Beene

  • "Understanding the different tax rates and how they apply to your income can help you optimize your tax situation and potentially save money." - Kate Welker

Resources:

Don't miss this informative episode where Kerrie Beene and Kate Welker break down the 1040 tax form and provide valuable insights into optimizing your tax situation. Listen now for expert advice and tips on understanding your tax return. Stay tuned for more enlightening content from Rooted Planning Group.

Please follow, like and subscribe