Financial Follies
About the Guest(s):
Kate Welker: Kate is a seasoned financial planner known for her comprehensive approach to personal finance. She specializes in empowering individuals and families to make informed financial decisions, providing practical advice tailored to unique situations.
Kerrie Beene: Kerrie is a financial expert with a wealth of experience in investment strategies and financial planning. Her keen insights and expertise help clients navigate complex financial landscapes, ensuring they understand the intricate details of their investment choices.
Episode Summary:
In this illuminating episode of Money Roots, hosts Kate Welker and Kerrie Beene dive into common financial mistakes, particularly those that women often make. This episode sheds light on the patterns and pitfalls in financial decision-making, offering practical strategies to avoid them. From the importance of not listening to others blindly, to the dangers of overextending oneself both in time and money, this conversation is packed with valuable tips.
The hosts emphasize the significance of creating a personalized financial system that works for you. They discuss how ignoring finances can lead to unwanted stress and financial penalties, and how setting up automatic payments and regular check-ins can help maintain control. Additionally, this episode touches on the importance of investing wisely. Kerrie and Kate share insights on overcoming the fear of investing, highlighting that women often excel as investors once they get started.
Key Takeaways:
Tailor Financial Advice: Be cautious about taking financial advice from others as their situations might not match yours.
Avoid Ignoring Finances: Ignoring financial matters can lead to bigger issues. Set up systems like automatic payments and regular check-ins to stay on track.
Don’t Overextend Yourself: Overextending your time or money can lead to stress and poor financial decisions. Prioritize your well-being to avoid burnout.
Invest Wisely: Educate yourself about investing. Women, in particular, can be excellent investors when they understand their investments and let them grow.
Create a Personalized System: Find a financial management system that works for your lifestyle and sticking to it can help you stay organized and reduce anxiety.
Notable Quotes:
“Just because someone says something doesn’t necessarily mean that they’re an expert on the subject or an expert in your life.” - Kerrie Beene
“Don’t should on yourself. It’s in the past; maybe there are different ways you could have approached it, but everyone has their own path.” - Kate Welker
“It’s your money, so at the end of the day, you can make a decision later before you invest in something that you don’t fully understand.” - Kerrie Beene
“If someone is making you feel like you are dumb or unintelligent because you’re not doing something, do your own research first.” - Kate Welker
“We talk about conflicting goals a lot in meetings, too, so it’s really important not to ignore them and making sure your resources are put to the goals that are most important to you.” - Kerrie Beene
Don't miss this episode filled with actionable advice and insights that can help you avoid common financial pitfalls and build a more secure financial future. Tune in to Money Roots and continue nurturing your financial health!
Understanding and Managing Estimated Tax Payments for 2024
About the Guest(s):
Kerrie Beene: Kerrie Beene is a CERTIFIED FINANCIAL PLANNER™ at the Root Planning Group. With extensive experience in personal finance, Kerrie is dedicated to helping clients navigate their financial journeys. She specializes in providing practical advice on budgeting, investing, tax planning, and more. Her approach is centered around making complex financial topics understandable and actionable for everyone.
Episode Summary:
In this insightful episode of the Money Roots podcast, Certified Financial Planner Kerrie Beene takes the spotlight to delve into the essential topic of estimated tax payments. With her wealth of knowledge, Kerrie provides a thorough breakdown of what estimated tax payments are, who needs to make them, and the crucial timelines involved. Whether you're self-employed, an investor, or earning rental income, this episode is packed with valuable insights to help you stay ahead of your tax obligations.
Kerrie begins by explaining the concept of estimated tax payments, highlighting their importance for individuals who have income not subject to withholding, such as freelancers, landlords, retirees, and those with side gigs. She discusses the general rule of thumb for those who need to make these payments, emphasizing the significance of being proactive to avoid any surprises during tax season. Kerrie also outlines the quarterly deadlines for estimated payments and the potential penalties for underpayment, stressing the benefits of staying on top of your tax game.
Moving forward, Kerrie provides actionable steps on how to determine the amount you need to pay and offers multiple methods for making these payments. Whether you're paying online, by mail, or through automatic withdrawals, she ensures you have the knowledge to choose the most convenient option for you. Throughout the episode, Kerrie emphasizes the importance of consulting with a tax professional to ensure accuracy and avoid penalties. This episode is a must-listen for anyone looking to manage their estimated tax payments effectively and reduce the stress of tax season.
Key Takeaways:
Importance of Estimated Tax Payments: Understand why estimated tax payments are crucial for those with income not subject to withholding.
Who Should Make Payments: Learn about the different types of individuals who need to consider making estimated tax payments, from freelancers to retirees.
Due Dates and Penalties: Get to know the quarterly deadlines and the consequences of missing these payments, including potential penalties.
Calculation Methods: Discover how to calculate the amount you need to pay based on last year's tax liability or this year's estimated income.
Payment Options: Explore the various methods available for making estimated tax payments, including online payments, mail, and automatic withdrawals.
Notable Quotes:
"Estimated tax payments are simply just prepayments of your income that the IRS expects you to make throughout the year."
"If you expect to owe at least $1,000 in taxes when you file your return and you haven't paid enough through your withholdings, you'll probably need to make estimated tax payments."
"The IRS wants its cut as you earn that income, not just at the end of the year when you file your tax return."
"Being proactive and taking care of your estimated tax payments ahead of time can help you avoid penalties and make tax season less stressful."
"Always reach out to a tax professional if you're unsure about your tax obligations to ensure you're doing everything correctly."
Resources:
Stay tuned to the Money Roots podcast for more episodes packed with practical financial advice and insights that can help you cultivate a thriving financial future. Don't forget to subscribe to never miss an episode!
Smart Spending for Busy Women
About the Guest(s):
Kate Welker is a CERTIFIED FINANCIAL PLANNER® at Rooted Planning Group with a passion for helping individuals cultivate a thriving financial future. With a background in finance and a keen understanding of the importance of intentional spending, Kate provides valuable insights and guidance to clients seeking to achieve their financial goals.
Becky Eason is a CERTIFIED FINANCIAL PLANNER® at Rooted Planning Group. With years of experience in personal finance and strategic wealth management, she specializes in assisting busy professional women to manage their financial lives with confidence and clarity. Becky’s expertise spans various domains including savings, investments, budgeting, and planning, making her an invaluable resource for her clients and podcast listeners alike.
Episode Summary:
In this vibrant episode of Money Roots, Kate Welker and Becky Eason delve into the intricate world of personal finance for busy professional women. The episode emphasizes the importance of intentional spending to enhance quality of life, offering practical advice, relatable experiences, and expert insights to help you navigate your financial journey efficiently.
Kate and Becky kick off the discussion with the high costs and critical choices surrounding childcare. They outline the various solutions for managing this essential yet hefty expense, from leveraging family support to selecting the best daycare options. The conversation then flows into the benefits of outsourcing household services, acknowledging the relief of freeing up personal time by hiring help versus handling all tasks independently. The hosts also dissect meal planning strategies, from subscription services to grocery delivery, all tailored to support busy schedules.
Key Takeaways:
Prioritize Intentional Spending: Focus on what brings joy and efficiency in your life, whether through convenience services or personal indulgences.
Utilize Childcare Options: Explore all avenues for managing childcare expenses, including daycare, family support, and summer camps.
Outsource Household Tasks: Hiring help for cleaning, laundry, and other chores can significantly improve work-life balance and reduce stress.
Invest in Personal Care: Allocate funds for self-care activities like exercise, spa visits, grooming, and hobbies to maintain overall well-being.
Plan for Travel and Entertainment: Budget for travel and entertainment to enjoy life’s experiences, embracing both everyday joys and occasional splurges.
Notable Quotes:
"It's okay to spend money. Like, that's the part that I think today we want get into first, setting goals, really making sure you're achieving those." — Kate Welker
"I will continue to work as hard as I need to did not have to do laundry." — Kate Welker
"You are essentially buying time." — Becky Eason
"Gym memberships and kind of circling back to childcare. A lot of gyms actually have childcare. So if you are able to find the time to go to the gym, you know, someone's there to watch your kids at a lot of spots. So a win win." — Becky Eason
"For me, anywhere on or near the water is very relaxing." — Kate Welker
Resources:
Follow the Rooted Planning Group on Facebook, LinkedIn, and Instagram for ongoing insights and resources.
Explore meal delivery subscription options (such as HelloFresh, Blue Apron) for convenient meal planning.
Look into personal care services like local gyms, spas, and salons to enhance your self-care routine.
Plan and budget for leisure activities, including travel and entertainment, tailored to your personal interests and family enjoyment.
Engage in this insightful conversation to explore how intention and strategy in spending can lead to a richer, more fulfilling life. Tune in to discover more ways to nurture and grow your financial roots with Money Roots!
Embracing Underconsumption: Spending Intentionally and Saving Wisely
About the Guest(s):
Kate Welker is a CERTIFIED FINANCIAL PLANNER® at Rooted Planning Group with a passion for helping individuals cultivate a thriving financial future. With a background in finance and a keen understanding of the importance of intentional spending, Kate provides valuable insights and guidance to clients seeking to achieve their financial goals.
Episode Summary:
In this episode of Money Roots, Kerrie Beene and Kate Welker delve into the trending topic of underconsumption, exploring the practice of spending less, saving more, and avoiding unnecessary expenses. The discussion revolves around the influence of social media, historical trends, and the importance of being intentional with money. The episode emphasizes the significance of aligning spending with personal values, finding balance, and utilizing resources wisely to achieve financial goals.
Key themes include understanding the concept of underconsumption, the impact of inflation and de-influencing, and the historical shift towards intentional spending. Kate and Kerrie highlight the significance of identifying personal values, setting financial goals, and making mindful choices to achieve financial well-being.
Key Takeaways:
Underconsumption promotes spending less, saving more, and avoiding unnecessary expenses.
Being intentional with money involves aligning spending with personal values and setting financial goals.
Historical trends and societal influences play a role in shaping spending habits and preferences.
Finding a balance between needs, wants, and resources is essential for financial well-being.
Utilizing safeguards, setting reminders, and having an accountability partner can help curb impulsive spending.
Notable Quotes:
"Just because it's on sale doesn't mean you saved money if you didn't plan to buy it to start with."
"Underconsumption isn't about being as frugal as possible; it's about finding balance and being wise with your finances."
"Identifying personal values and spending on what matters to you is key to financial well-being."
Resources:
Rooted Planning Group: Website
Don't miss out on the insightful conversation about underconsumption and intentional spending in this episode of Money Roots. Tune in to gain valuable tips and strategies for nurturing your financial future.
Stress and Gratitude: A Conversation with Dr. Laura Carapella
About the Guest(s):
Dr. Laura Carapella earned her doctorate degree at Columbia University and has achieved tenure at two colleges in New York State. With over 25 years of experience teaching health behavior and human dynamics, she has also conducted over 200 leadership workshops, retreats, and keynotes. Dr. Carapella is known for her passion for helping individuals feel seen, heard, and understood, especially during periods of transition. She is a member of the LGBTQ+ community, a mother of two boys, a spouse to a chiropractor, and a dog mom to their pets.
Episode Summary:
In this episode of Money Roots, Dr. Laura Carapella discusses stress, anxiety, and the impact of gratitude on mental well-being with host Kate Welker. Dr. Carapella shares insights from her research, focusing on proactive gratitude as a tool for rewiring the brain and reducing anxiety levels. By shifting from judgment to productivity, individuals can experience cognitive restructuring, enhanced neurotransmitter function, and reduced fear and anxiety.
Key themes in the episode include:
Drastic increase in anxiety levels over the years
The benefits of gratitude in rewiring the brain and reducing anxiety
Practicing proactive gratitude beyond current boundaries and shifting from judgment to productivity
Key Takeaways:
Over the years, there has been a significant increase in anxiety levels, with gratitude showing promise in reducing anxiety and fostering well-being.
Proactive gratitude involves moving beyond current boundaries, replacing judgment with appreciation, and authentically believing in what one is grateful for.
Shifting from judgment to productivity can lead to cognitive restructuring, enhanced neurotransmitter function, and reduced fear and anxiety.
Practicing gratitude in challenging moments can result in a positive impact on mental health and overall well-being.
Gratitude serves as an opportunity for growth, change, and a shift in perspective towards life’s experiences.
Notable Quotes:
"Anxiety was playing a significant role in our students' lives, prompting me to focus on researching the effects of gratitude." - Dr. Laura Carapella
"Proactive gratitude involves moving beyond current boundaries and replacing judgment with appreciation." - Dr. Laura Carapella
"Gratitude rewires the brain, enhances neurotransmitter function, and fosters cognitive restructuring." - Dr. Laura Carapella
Resources:
Don't miss the full episode to dive deeper into the impact of gratitude on reducing anxiety and enhancing well-being. Tune in for more insightful discussions and valuable insights from Money Roots.
Crafting Your Financial Story: Be the Hero of Your Life
About the Guest(s):
Amy Irvine is a financial expert who is passionate about helping individuals take control of their financial well-being. With extensive experience in financial planning and coaching, Amy empowers her clients to write their own financial stories and achieve their goals. She is known for her innovative and personalized approach to financial advice, emphasizing the alignment of values with spending habits to create lasting financial stability.
Episode Summary:
In this episode, Amy Irvine delves into the importance of taking control of your financial narrative by writing your own story. Drawing parallels between crafting a compelling movie plot and designing your financial journey, Amy encourages listeners to identify themselves as the hero of their story and navigate challenges with a strategic mindset. By leveraging the concept of a hero, a villain, and a guide, Amy provides a unique perspective on reshaping financial narratives to achieve success and fulfillment.
Key themes discussed include the significance of self-empowerment, the role of financial obstacles as villains in our stories, and the importance of seeking guidance to overcome challenges. Amy highlights the impact of setting clear financial goals, aligning spending with values, and utilizing resources to thrive financially. By emphasizing the power of intentional financial planning and storytelling, Amy inspires listeners to take charge of their financial destinies and build a secure future.
Key Takeaways:
Embrace your role as the hero of your financial story and proactively shape your narrative.
Identify financial obstacles as villains that impede your progress and seek guidance to overcome them.
Define clear financial goals, align spending with values, and utilize resources to thrive financially.
Craft a strategic plan of action with the guidance of mentors or resources to steer your financial journey toward success.
Take ownership of your financial narrative, eliminate distractions, and focus on creating a fulfilling and sustainable financial future.
Notable Quotes:
"Your life is about events supported by your dollars and cents."
"Sometimes the villains in our financial stories can also be opportunities for growth and transformation."
"Write your own financial story by defining your goals, aligning spending with values, and seeking guidance when needed."
Tune in to the full episode to discover how you can rewrite your financial story, overcome obstacles, and achieve financial success. Don't miss out on valuable insights and empowering strategies from Amy Irvine to transform your financial future.
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:
Rooted Planning Group - Website
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:
Money Roots website: rootedpg.com
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.
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