Financial Advisors Say The Darndest Things A.B. Ridgeway

Episode Summary: In this episode of "Financial Advisors Say the Darndest Things," host AB Ridgeway uncovers a deceptive practice by mortgage companies that prevents homeowners from saving on interest. As a Certified Private Wealth Advisor®️ professional, AB shares his insights and offers actionable advice to help you navigate these challenges and save money on your mortgage. Tune in to learn how to protect your financial future from these unscrupulous tactics.
Key Takeaways:
Mortgage Company Tactics: AB Ridgeway exposes how mortgage companies make it difficult to switch from monthly to bi-weekly payments. This strategy forces homeowners to pay more in interest over the life of the loan. He highlights the deliberate obstacles set by companies to keep you paying more.Understanding Unapplied Funds: AB explains the concept of unapplied funds, where mortgage payments are held in a separate account until the full amount is received. This tactic prevents partial payments from reducing the principal, causing homeowners to accrue more interest unnecessarily.The Importance of Principal Payments: Making principal-only payments is crucial. AB advises homeowners to take control by manually making extra payments toward the principal. This reduces the total interest paid over the loan’s term and accelerates mortgage payoff.Challenges with Bi-Weekly Payments: Switching to bi-weekly payments can be beneficial, but mortgage companies often create barriers. AB recounts a client's struggle with this process, including issues with account numbers and additional documentation, underscoring the need for persistence.Strategies to Save on Your Mortgage: AB shares practical steps to overcome these challenges, such as making one extra payment per year or dividing your monthly payment by 12 to add to each monthly payment. These methods can significantly reduce the interest paid and shorten the loan term.Quotes:
"Mortgage companies are lying about your mortgage payment and they're taking money right out of your pocket.""The reason we have bi-weekly payments is because every dollar that goes to principal doesn't accrue interest.""How greedy can you get that you limit how people pay you so you can make more money?"For more insights and to schedule a consultation with AB Ridgeway, visit our website. Let's take control of your financial future together!
💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!
https://calendly.com/abridgewaywm/consultation
*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

In this episode of "Financial Advisors Say the Darnedest Things," host A.B. Ridgeway dives deep into the often unspoken challenges of retirement. While many dream of endless vacations and leisure, the reality can be starkly different. A.B. explores the stages of retirement, emphasizing the importance of planning and staying engaged to avoid the pitfalls of boredom, anxiety, and depression. Tune in to learn how to navigate retirement with purpose and fulfillment.
Key Takeaways:
The Illusion of Retirement Bliss: Retirement is often seen as a reward for decades of hard work, filled with relaxation and freedom. However, without a solid plan, this period can quickly become overwhelming and lead to unexpected emotional and mental health challenges. It's crucial to prepare not just financially, but also mentally and emotionally.The Honeymoon Phase: The initial stage of retirement, known as the honeymoon phase, is characterized by the excitement of newfound freedom and leisure activities. This period can be enjoyable but is often short-lived. Financial advisors need to help clients understand that this phase will transition and should plan accordingly to avoid financial pitfalls.Hitting the Wall: After the honeymoon phase, retirees may experience a sense of boredom and lack of purpose. This "hitting the wall" stage can lead to depression and unhealthy coping mechanisms like substance abuse. It's essential for retirees to find new hobbies, engage in social activities, and maintain a sense of purpose.Redefining Identity: Retirement requires a redefinition of one's identity, shifting from a career-focused life to finding new roles and passions. This can be a time of personal growth and fulfillment if approached with a proactive mindset. Activities, volunteering, and continuous learning can play significant roles in this redefinition.The Importance of Social Connections: Maintaining strong social connections is vital for a happy and healthy retirement. Engaging with family, friends, and community activities provides emotional support and helps combat feelings of isolation and loneliness. This social engagement can significantly impact overall well-being and longevity.Quotes:
"Retirement is often seen as the answer to all of your life's problems, but without a solid plan, it can lead to bouts of boredom, anxiety, and even depression.""The goal is to retire and to stay retired, not to rely on a company to support your lifestyle. Work if you choose to work, and fellowship when you choose to fellowship.""Your job is supposed to be a place where you use your skills to gain money to fund your personal life, not to give them the best years of your life while waiting to finally have some fun later."For more insights and personalized financial planning, don't hesitate to book a consultation. Let's ensure your retirement is not just financially secure but also fulfilling and joyous. Click the link in the description to get started!
💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!
https://calendly.com/abridgewaywm/consultation
*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

In this episode, host AB Ridgeway dives into the essential components of Christian investing, distinguishing it from traditional financial planning. He outlines the four pillars of Christian investing: debt management, savings, investing, and wealth transfer. Emphasizing the spiritual and practical aspects, AB Ridgeway guides listeners on how to build a robust financial foundation while aligning their investments with their Christian values.
Debt Management: Managing debt is a continuous process that lays the groundwork for a Christian financial plan. Understanding interest rates and loan terms is crucial to avoid overpaying. For example, using a credit card with a 20% interest rate means a $1 hamburger could end up costing $1.20 if not paid off immediately. This principle applies to larger debts like mortgages, emphasizing the importance of prudent borrowing.Savings: True savings isn't about finding deals but about preserving today's purchasing power for future needs. AB Ridgeway highlights that Americans often spend tomorrow's dollars today, which undermines their financial stability. He advocates for maintaining six to nine months of emergency savings to handle unexpected expenses like job changes or natural disasters, ensuring long-term financial security.Investing: Before investing, it's essential to address debt and build savings. Without this foundation, the risks of losing invested money can jeopardize financial stability. Once ready to invest, individuals should seek professional advice to navigate options like 401(k)s, IRAs, and brokerage accounts. A Christian financial advisor focuses on prudent decision-making that aligns with personal values and spiritual goals.Wealth Transfer: Proper estate planning is essential to pass on financial and spiritual legacies. Creating clear documentation, like wills and medical proxies, ensures that your wishes are honored and prevents disputes among heirs. This preparation helps maintain the continuity of core beliefs and values across generations, mirroring the biblical tradition of passing down wisdom."Money does cost. How much does your dollar cost? If you put a hamburger on your credit card and don’t pay it off, it costs you $1.20 instead of $1.""Saving money is taking your purchasing power today and pushing it into the future to use if needed. Spending tomorrow’s dollars today is destroying your financial plan.""Anyone who does not provide for their relatives, especially their own household, has denied the faith and is worse than an unbeliever." (1 Timothy 5:8)💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!
https://calendly.com/abridgewaywm/consultation
📖 Download a copy of the 4 Pillars of Christian Finances
https://www.abrwealthmanagement.com/freechristianfinancebook
*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

In this episode of "Financial Advisors Say the Darndest Things Podcast," host A.B. Ridgeway welcomes Nic Nielsen, CFP®️, a financial planner specializing in helping executives manage their stock options and organize their life. Nic shares his journey from a bank teller to a CERTIFIED FINANCIAL PLANNER, offering insights into the financial challenges and opportunities faced by professionals.
Key Takeaways:
Navigating Stock Options:
Managing stock options can be daunting for sales executives, especially with the risk of making wrong moves that could jeopardize their retirement plans. Nic emphasizes the importance of having a clear, concise financial plan to make informed decisions about stock options. Utilizing a certified financial planner can help in understanding and optimizing these assets.
The Power of Financial Planning:
Financial planning goes beyond just managing investments; it involves creating a holistic strategy that encompasses all aspects of personal finance. Nic’s transition from a chemical engineering major to a financial advisor was driven by the realization that understanding money management is crucial for long-term financial stability and helping others achieve their financial goals.
Lessons from the Banking Industry:
Working as a bank teller provided Nic with unique insights into people's spending and saving habits. Observing the various ways customers handled their finances gave him a foundational understanding of financial behaviors, which proved invaluable in his career as a financial planner. This experience highlighted the importance of grassroots financial education.
Financial Mistakes to Avoid:
Nic discusses common financial mistakes made by sales executives, such as not diversifying investments and failing to plan for taxes on stock options. He offers a resource guide titled "Seven Money Mistakes Every Sales Executive Should Avoid," which is essential for anyone looking to avoid pitfalls and achieve financial success.
Unexpected Career Influences:
A pivotal conversation with his grandfather steered Nic towards financial planning. His grandfather's advice that understanding money would ensure job security and the ability to help others profoundly impacted Nic's career choice. This underscores the importance of mentorship and guidance in shaping one's professional path.
Quotes:
"If you understand how money works, you'll probably always have a job, you'll be able to take care of your family, but most importantly, you'll be able to help other people." - Nic Nielsen, CFP®️
"Financial planning isn't just about managing investments; it's about creating a comprehensive strategy that covers all facets of your financial life." - A.B. Ridgeway, CPWA®️
"Being a bank teller exposed me to how people get money into the bank, their spending habits, and the different ways they handle their finances, which was invaluable in my career as a financial planner." - Nic Nielsen, CFP®️
💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!
https://calendly.com/abridgewaywm/consultation
*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Today we dive into the surprising bankruptcy filing of Antonio Brown, unpacking the nuances of Chapter 11 bankruptcy and its implications for individuals like Brown who own multiple businesses. Ridgeway highlights the importance of understanding the distinction between Chapter 11 and Chapter 13 bankruptcies and discusses how Chapter 11 can serve as a strategic financial move rather than a sign of financial ruin.
Key Takeaways:
Understanding Chapter 11 Bankruptcy: Ridgeway explains that Chapter 11 bankruptcy, unlike the common perception of financial ruin, offers individuals and businesses a chance to reorganize and renegotiate their debts without necessarily liquidating assets or shutting down operations. This allows for a strategic restructuring of finances to protect business interests and facilitate a manageable repayment plan.Differentiating Chapter 11 and Chapter 13: By outlining the key differences between Chapter 11 and Chapter 13 bankruptcies, Ridgeway emphasizes that Chapter 11 is typically chosen by individuals or businesses with higher debt levels and provides more flexibility in restructuring debt obligations. This distinction is crucial for understanding Antonio Brown's decision to file for Chapter 11 bankruptcy.Strategic Financial Management: Ridgeway suggests that Antonio Brown's bankruptcy filing may not necessarily reflect poor financial management but rather a strategic business decision aimed at protecting his assets and restructuring his financial obligations. By filing for Chapter 11 bankruptcy, Brown can potentially navigate financial challenges while maintaining control over his businesses.Quotes:
"Bankruptcy chapter 11 is like a renegotiation of debt. It gives the filer the opportunity to downsize, perform layoffs, and get things in order without diving deeper into debt.""Chapter 11 bankruptcy offers individuals and businesses a chance to reorganize and renegotiate debts, protecting business interests while facilitating a manageable repayment plan.""Filing for bankruptcy isn't always a sign of mismanagement. It can be a strategic business decision aimed at protecting assets and restructuring financial obligations."💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!
https://calendly.com/abridgewaywm/consultation
*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.
Chapter 11 vs Chapter 13
https://www.investopedia.com/ask/answers/061815/what-are-differences-between-chapter-11-and-chapter-13-bankruptcy.asp#:~:text=Chapter%2011%20can%20be%20done,also%20having%20specific%20debt%20limits.
Masslive Article
https://www.masslive.com/patriots/2024/05/im-broke-ex-patriots-flame-out-claims-hes-filing-for-bankruptcy.html

Episode Summary: In this episode of "Financial Advisors Say the Darndest Things," host A.B. Ridgway delves into the unsettling reality of how our phones seem to predict our desires and actions, raising questions about privacy, consent, and the power of advertising algorithms. By dissecting the mechanisms behind targeted ads and personalized content, Ridgway explores the implications for individuals, particularly those in vulnerable financial situations.
Key Takeaways:
Algorithmic Influence: Ridgway exposes the influence of algorithms in shaping our conversations and preferences, highlighting how our online activities generate detailed consumer profiles. This underscores the importance of understanding the digital ecosystem and being mindful of the information we share.Data Brokerage and Advertising: The episode elucidates the intricate process of data brokerage and real-time bidding in advertising, emphasizing how personal data fuels the economy of the internet. It prompts reflection on the commodification of user information and its impact on privacy rights.Vulnerability to Manipulation: Ridgway warns against the exploitation of vulnerable individuals by advertisers targeting them with offers related to debt relief or get-rich-quick schemes. Recognizing one's susceptibility to such tactics is crucial for making informed financial decisions and seeking objective advice.Role of Financial Advisors: The importance of seeking guidance from unbiased financial advisors is emphasized, particularly in navigating complex financial landscapes. Ridgway advocates for professional assistance in developing personalized financial plans tailored to individual circumstances.Community Engagement: The episode concludes with a call to action for viewers to engage with the content by liking, commenting, and sharing, thereby amplifying the reach of Christian counsel on financial matters and fostering a supportive community.Quotes:
"Our phones seem to predict our desires with uncanny accuracy, raising concerns about privacy and the power of advertising algorithms.""In the digital age, our online activities generate detailed consumer profiles, fueling the economy of the internet.""It's crucial to recognize vulnerability to manipulation and seek objective financial advice to make informed decisions."💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!
https://calendly.com/abridgewaywm/consultation
*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.