113 episodes

Real, useful information for everyday people that can be translated into daily life and thought.

Each week we cover a different aspect of financial planning, retirement options, and current economic conditions in common sense language that everyone can understand.

We will bring on Special Guests to help us explain what is it we see happening out in the real world and provide ideas for the “Average Joe” to take home and put to use.

Consider This Program Joe Clark

    • Investing
    • 4.9 • 17 Ratings

Real, useful information for everyday people that can be translated into daily life and thought.

Each week we cover a different aspect of financial planning, retirement options, and current economic conditions in common sense language that everyone can understand.

We will bring on Special Guests to help us explain what is it we see happening out in the real world and provide ideas for the “Average Joe” to take home and put to use.

    Beginning A New Life After Work

    Beginning A New Life After Work

    What is a safe amount of money we can withdraw from our portfolio? If you are in your early sixties, you are looking at 3.2% that you can pull out with reasonable certainty that you will be okay. However, this is assuming that you have a financial manager that is managing your portfolio correctly. When you’re over 70, then you can pull out 4%. You can pull out more because you are not going to live as long. At this point, you have to be willing to accept and understand your level of risk tolerance. The worst thing that can happen is panicking when the market starts to crash.
    When is the best time to take social security? The longer you wait to take social security, the better it will work out for you, assuming that your health is in good order. The more money you have in tax-deferred accounts, the longer you are able to wait. Finances are a journey, and you have saved this money over an extended period. Remember not to use short-term thinking when it comes to your finances.

    • 13 min
    What To Do After The Loss Of A Spouse

    What To Do After The Loss Of A Spouse

    After the loss of a spouse, don’t do anything for the next ninety days to six months because you will act emotionally. However, that’s limited advice. There are two different people that can inherit a Roth IRA: a spouse or a non-spouse. If a spouse inherits it, they can roll it over into one name. Something to consider: with an IRA, you have to wait until 59.5 to get it out. Otherwise, you can elect to take it as an inherited IRA where you have access to the money, and there is no penalty for taking the money out before 59.5. If the living spouse doesn’t have a job, they may want to recognize money from that IRA at a much lower tax bracket than they may find themselves in future years. Make lemonade out of lemons and be smart with what’s going on.

    • 12 min
    About The 5-Year Roth IRA Rule

    About The 5-Year Roth IRA Rule

    If you have earned income and it’s not too high, you can put in $7,000 as a contribution. You will pay taxes on this money. However, you will not pay taxes on the growth of this money. You will always have access to your contribution once you’ve made the first deposit. Also, you should never pull the money out unless it’s an emergency. Once you open the Roth IRA, a clock starts to tick. The 5-year clock gives you access to contributions without any penalty, and you will have access to the amount of earnings in there without any penalty. The clock will start on January 1st of the year you make the deposit. When you think about the Roth, you can think about tax breaks.

    • 12 min
    Understanding How To Harvest Losses

    Understanding How To Harvest Losses

    You can capture a loss by selling your shares in one company and buying shares in another similar company. It keeps us from being trapped. Keep in mind though, when we talk about a capital loss, it never deals with an IRA or a 401(k). There are rules to harvesting losses. You can use all of your losses, up to all of your gains, plus an additional $3,000. The losses never run out. From a tax stand point, if you file a joint 1040 it represents a spouse and spouse relationship. So if one spouse dies, half of those capital losses disappear.

    • 8 min
    Successful Habits To Teach Your Children

    Successful Habits To Teach Your Children

    As a parent, you teach by example. You should lead by example and encourage your children to pick up habits. In a perfect world, your children should start saving their money between the age of three and five. A great idea is to use three mason jars to hold money for your kids: one jar for spending, one jar for saving, and one jar for giving. Children understand these three concepts.
    However, there’s a fourth jar that most parents often miss: Taxes. For now, start with three and then add the tax jar when your children start to mature. The jar method works far better when the children actually earn the money for their jars. For instance, you can give them money in exchange for doing chores. Take time as you go through the process of teaching your children about money. Don’t be afraid to repeat yourself; it’s going to take a decent amount of time for them to understand all the concepts. Also, have a real talk about money and what it does. For instance, tell them it’s not free; it has to be earned. At some point in time, your children will have to save money. It’s essential to prepare them ahead of time.

    • 28 min
    A Lesson About Recessions

    A Lesson About Recessions

    The word recession gets thrown around in the news all the time, but how do we know if we are really in a recession or not? The National Bureau of Economic Research (NBER) is who can determine whether we are in a recession. The formal label “Recession” becomes official well after the fact. Normally a recession is not declared until twelve months after it occurs. A recession typically happens every four or five years. So, what should you do as an investor to prepare for a recession? As an investor during a recession, you want to run for the hills! It can be excruciating to watch your stocks go down for twelve months straight. However, you can’t actually run for the hills. Instead, look at the sectors you are invested in because some do better than others during a recession. In other words, focus on turning lemons into lemonade.

    • 9 min

Customer Reviews

4.9 out of 5
17 Ratings

17 Ratings

David I Hill ,

Great Podcast!!

Please keep bringing the great content!! Thanks for what you do!!

MHillfan ,

Financial Advice You Need, Told In a Way You Like

I tend to hate having to learn about anything financial but Joe Clark does it in a way that I can really understand!

Phoenix Gal! ,

Listen to someone who is always staying up to date

A great podcast to stay up to date with really important topics.

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