139 episodes

Are you super busy with your career, kids, and life? Discover ways to get organized and enjoy a wonderful life! We cover smart strategies for personal finance, investing, and how to enjoy your time and money. Breakthrough the complicated financial landscape with easy-to-understand information that you can actually follow. I discuss how to become wealthy: tips and habits to change in your life to achieve financial freedom. I dive into topics such as savings, investing, education planning, insurance, tax planning, and more. If it's related to financial planning and financial success, you can be sure we'll cover it.

I love to discuss listener questions, so please connect and follow me at https://www.linkedin.com/in/mwsmorton

Financial Life Planning for Busy Parents Mike Morton, CFP®, RLP®, ChFC®

    • Education
    • 5.0 • 17 Ratings

Are you super busy with your career, kids, and life? Discover ways to get organized and enjoy a wonderful life! We cover smart strategies for personal finance, investing, and how to enjoy your time and money. Breakthrough the complicated financial landscape with easy-to-understand information that you can actually follow. I discuss how to become wealthy: tips and habits to change in your life to achieve financial freedom. I dive into topics such as savings, investing, education planning, insurance, tax planning, and more. If it's related to financial planning and financial success, you can be sure we'll cover it.

I love to discuss listener questions, so please connect and follow me at https://www.linkedin.com/in/mwsmorton

    The Joker Fund

    The Joker Fund

    In today's episode, Mike Morton and Matt Robison introduce a revolutionary solution to alleviate financial anxiety: the Joker Fund. Inspired by the infamous line from The Dark Knight, "Nobody panics when things go according to plan," they emphasize the importance of planning ahead to tackle irregular expenses that often leave individuals feeling financially overwhelmed. With statistics showing that 76% of U.S. adults experience financial anxiety, it's clear people need relief.
    The Joker Fund turns unexpected expenses into anticipated by automating savings for things like insurance payments, tuition bills, summer camps and even vacations; things you know you will spend money on but don’t make it into any monthly budget because the timing varies. Get a step-by-step guide on implementing the Joker Fund, from identifying irregular expenses to setting up automatic transfers to a dedicated savings account. By embracing automation, individuals can plan and bid farewell to financial panic.
    Are you ready to create your ideal lifestyle?  Let’s Connect.
    Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/

    • 21 min
    IRA Beneficiaries: It’s all about the Benjamins

    IRA Beneficiaries: It’s all about the Benjamins

    In this week’s episode, hosts Mike Morton and Matt Robison discuss IRA Beneficiaries. They delve into the critical decision of choosing a beneficiary for your Individual Retirement Account(s) (IRA) and its financial ramifications. Through a real-life example, you will see how one of Mike’s clients' strategic maneuver saved her family $150k in taxes by spreading the withdrawal of her spouse's $500k IRA over a longer period of time.
    They also explore the workings of beneficiaries for IRAs, 401(k)s, and 403(b)s, emphasizing the importance of proper estate planning to avoid tying assets up for long periods in probate court. Use the handy checklist provided by the hosts to review your beneficiary designations. Take proactive steps in securing your financial legacy for your loved ones' benefit, potentially saving them significant tax burdens in the future.
    Are you ready to create your ideal lifestyle?  Let’s Connect.
    Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/

    • 25 min
    Don’t Panic: Overcoming Financial Avoidance

    Don’t Panic: Overcoming Financial Avoidance

    In this week’s episode, Mike Morton is joined by financial coach Adam Koren to discuss strategies for overcoming the stress and shame often associated with managing personal finances. They delve into the emotional aspects of money management, emphasizing the importance of recognizing societal barriers to financial literacy and fostering open dialogue. Adam shares insights on facing fears surrounding bank account balances and past expenses, highlighting the benefits of discussing financial concerns with trusted individuals. The episode also explores the value of structured conversations, such as monthly "financial date nights" with a partner, and emphasizes the role of self-compassion and gratitude in navigating financial challenges. Listeners are encouraged to approach finances with empathy and understanding, utilizing various strategies to empower themselves and achieve peace of mind.
    Are you ready to create your ideal lifestyle?  Let’s Connect.
    Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/

    • 25 min
    Dude, Where's My Money?

    Dude, Where's My Money?

    Join Matt Robison and I this week as we discuss the various ‘buckets’ your finances are in and if you have the right ratios for your needs. Inspired by a real client’s story, we talk about portfolio holdings such as real estate, brokerage and retirement. Having too much money “locked up” in assets such as your house and your 401k could make it difficult for you to cover unexpected expenses or even planned ones. Tune in to be sure you have your assets in a row. 
    Are you ready to create your ideal lifestyle?  Let’s Connect.
    Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/

    • 26 min
    Top Secret Asset Locations

    Top Secret Asset Locations

    In this week's episode, Matt Robison and I, Mike Morton, delve into the concept of asset location. No, we aren’t revealing CIA operatives' whereabouts but rather discussing the strategic placement of investments, which can significantly impact returns, potentially yielding a $74k difference. Asset location refers to where investments are held, such as 401ks, IRAs, or brokerage accounts, with a focus on optimizing tax savings, particularly by placing bonds in tax-free or tax-deferred accounts. Using a real client example, I illustrate how adjusting asset locations can notably enhance returns over time. We also offer practical tips like reviewing account types and balancing taxable fixed income and equities accordingly. Does this seem overwhelming? Fear not, we also give you the “good enough” strategy that does not include optimizing asset locations: save 15% of your gross income and invest predominantly in low-cost index funds.
    Are you ready to create your ideal lifestyle?  Let’s Connect.
    Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/

    • 22 min
    Anne Lester on Personal Finance

    Anne Lester on Personal Finance

    This week I am joined by special guest Anne Lester to discuss the importance of educating young individuals about finances. In particular, we discuss Anne’s latest book titled Your Best Financial Life: Save Smart Now for the Future You Want and its focus on individual financial responsibility. We also talk about the shift towards personal financial management, overcoming behavioral biases in saving and investing, the benefits of automated savings, and the significance of educating young individuals about finances.
    Watch on Youtube


     
    Retirement Savings - You’re on your own
    Anne and I begin our chat by acknowledging a historical shift in retirement savings. Back in the day (our parents’ generation and even ours, to some extent), companies would take care of their employees with pensions and retirement packages. It was normal for an individual to spend years, decades even, at the same job, or at least employer. The same cannot be said for today’s economy in which most people spend a maximum of five years in any one given position. 

    Why does this matter? If your job isn’t actively preparing you for retirement, that responsibility now falls on your shoulders. There is a lack of education and an abundance of complication when it comes to personally managing long-term savings. Let’s break those key issues down to their impact on you:

     
    Educating kids and young adults on personal finance
    Math in elementary school covers the basics. In high school, it gets more complicated with advanced computations but most public schools do not spend much, if any time on personal finance. It is up to us parents to teach our kids about credit (cards, lending, etc), real estate (purchase, lending), and arguably most important: long-term savings. These concepts are not intuitive and they accompany two significant behavioral biases: loss aversion and present mindset.

     
    Loss Aversion and Investing
    We’ve talked about loss aversion in the past on this podcast, in particular in the episode Be More Aggressive. Anne revisits this behavioral bias that is well defined by the Decision Lab as a “cognitive bias that describes why, for individuals, the pain of losing is psychologically twice as powerful as the pleasure of gaining. The loss felt from money, or any other valuable object, can feel worse than gaining that same thing.”



    How does this impact investing? It explains why so many people are afraid of the stock market. Even if they know that historically speaking, they will always gain money from investing in stocks, watching the tickers and tuning into the day-to-day market volatility wreaks havoc on the psyche and impacts one’s decision making. Putting money in a savings account feels safer than investing, even if we know that it is a financially detrimental decision. We just talked about this last week!

    span...

    • 37 min

Customer Reviews

5.0 out of 5
17 Ratings

17 Ratings

Kim-7575 ,

Found how to use my after tax 401k!

I have enjoyed quite a few episodes and then heard the after tax 401k one. I checked my employer and they have this! So I now understand how to use it. Lots of great information and an easy, fun listen. Thanks Mike!

AndyMonkeyBoy ,

Great banter, great advice

Glad I discovered this podcast. Mike has a fun, grounded, relatable personality which is rare in the finance world, I like how he banters and jokes in a way that keeps complex topics light and puts them in perspective, then explains how to take action step by step. Thanks to Mike, I have a “moon shot” brokerage account for my teenage daughter, a Roth IRA for my wife and me, and I’ve invested in many, many ETFs.

Jfkfdr ,

"Car Talk" for personal finance

It's about personal finance the same way car talk was about cars. 😀 I mean, it's about personal finance, but if that's not your thing, it's still fun to listen to.

Top Podcasts In Education

The Mel Robbins Podcast
Mel Robbins
The Jordan B. Peterson Podcast
Dr. Jordan B. Peterson
Mick Unplugged
Mick Hunt
Do The Work
Do The Work
The Rich Roll Podcast
Rich Roll
TED Talks Daily
TED

You Might Also Like

Money Guy Show
Brian Preston and Bo Hanson
The Personal Finance Podcast
Andrew Giancola
BiggerPockets Money Podcast
BiggerPockets
Ready For Retirement
James Conole, CFP®
The Clark Howard Podcast
Clark Howard
Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business
The Rich Dad Media Network