Financial Freedom Podcast Steven J. Richardson, Esq.

With inflation driving up prices and straining our budgets, we’re all looking for ways to save money. That includes increasing our take home pay by reducing the bite taken out of our paychecks by the government.
That’s why in this episode of the podcast I wanted to talk about ways in which you can increase your tax deductions and decrease your taxable income. Also, because people are often afraid to do this because they fear an audit, I will also talk about audit red flags and how to avoid them.
In this episode you will learn:
- How your college education can help pay your taxes
- How to leverage state sales tax to lower taxes
- How personal mortgage insurance can help
- How unreported income and mistakes can lead to an audit
- How the home office deduction can get you in trouble

Although unemployment is low these days, there are many that are warning that we are headed into a recession, and that not only will the hot job market cool, but that layoffs may be headed our way.
In addition, many companies that have made offers have since withdrawn them, often with people who accepted those offers having given notice at their previous job. That’s why in this episode of the podcast, I wanted to talk about what you should do if you should lose your job, or how to prepare for it if you think it will be happening in the near future.
In this episode you will learn about:
How to negotiate your exit How to maximize your benefits before they end Networking and building job skills How to conduct an effective job search

At its Worldwide Developers Conference earlier this month, Apple announced that it would be offering a Buy Now, Pay Later program as a part of its financial services to customers. This alternative form of payment for goods and services has had a resurgence during the pandemic, and Apple’s announcement has put it in the news.
But what is Buy Now, Pay Later, and should you be making use of it as part of your household finances and budget? In this episode, I will dive deep into this service and advise as to whether it is a good idea for you.
In this episode you will learn:
What Buy Now, Pay Later Is Its Pros and Cons How it Affects Your Credit Whether You Should Use It  

Back in Episode 80 I talked about Health Savings Accounts in conjunction with some high deductible health insurance plans through the Affordable Care Act. An HSA is a great idea if you have one of these plans.
However, since I have been talking about retirement planning and saving lately, I wanted to revisit this great savings option, as these accounts can serve two purposes: protect you from medial costs in a high deductible health plan and help you save for retirement at the same time. Find out how in this episode!
In this episode you will learn:
What an HSA is The pros and cons of having one Who can set one up Who can contribute to one (and how much) How an HSA helps with retirement planning Is one right for you? But to learn the most, talk to the HR person with your employer and/or a financial professional to get the right advice for you.

In the past two episodes, I have talked about financial education for our children and instilling them with a basic working knowledge and literacy when it comes to money. I also discussed in Episode 136 about how you should start saving for retirement in your 20s and how it can be done.
But what if you started earlier than that? What if our kids started saving for retirement even before they graduated from high school? In this episode of the podcast, I will talk about how parents can help their children start saving for their retirement and get the earliest start doing it.
In this episode you will learn:
Why starting your child in saving for retirmenet is a good idea Why a Roth IRA is a better choice How to set up the IRA How to fund the IRA

In the last episode I talked with Jake Cousineau, a California educator who teaches financial literacy to high school students. But looking into this further I discovered that attitudes about money (called Financial Personalities) form way before a child reaches high school. Thus, teaching children from an early age (as I discussed in Episode 130) becomes very important.
That’s why in this episode of the podcast I talk with Vince Shorb, a financial wellness advocate and educator, who has developed curricula to shape financial personalities early in a child’s life.
In this episode you will learn:
What a Financial Personality Is When They Are Formed How Parents and Teachers Can Guide How They Are Formed Why People Make Financial Decisions That Don’t Align With Their Goals About the Behavioral Aspects of Money