93 episodes

Are you busy with your life, but know there are smarter things you could be doing with your money? Are you confused by all the financial jargon and overwhelmed by the options?

Breakthrough the complicated financial landscape with easy-to-understand information and strategies 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 Mike Morton, CFP®, RLP®, ChFC®

    • Education
    • 5.0 • 6 Ratings

Are you busy with your life, but know there are smarter things you could be doing with your money? Are you confused by all the financial jargon and overwhelmed by the options?

Breakthrough the complicated financial landscape with easy-to-understand information and strategies 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

    End of Year Portfolio

    End of Year Portfolio

    Find out what you should be focusing on in your end of year portfolio!

    • 18 min
    Private Schools

    Private Schools

    While college tuition is a common financial planning line item amongst my clients, I also find myself having more and more conversations about private elementary and secondary education. Tune in this week as Matt Robison and I discuss what goes into choosing a private school vs public education. Spoiler alert: it’s not just a budget analysis!
    Public vs. Private 
    Location: Where you live is likely a deciding factor when choosing whether public or private schools are the right choice for your familyLocation: How far are you willing to drive?Location: How will your choice affect the relationships you’ve built in your community?
    Funding Considerations
    Where will the tuition money come from?Should you use a 529 for early education?
    Maybe your child needs more than the public school has to offer in the form of greater challenges or additional resources. Perhaps social and emotional factors weigh in on your decision to choose private over public schools. There are so many factors to consider and Matt and I understand that first-hand. Listen Up to hear more.
    Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/
    Are you ready to create your ideal lifestyle? Let’s Connect.

    • 23 min
    Interest Rates

    Interest Rates

    The Fed raised the interest rates for the sixth time in nine months prompting many of my clients and listeners to ask “what does this mean for me?”
    Matt Robison and I sit down to talk about the ramifications of the doubled federal interest rate on this week’s podcast. In a nutshell, the rate increases impact your financial planning in a few negative and positive ways:
    Mortgage Rates - Now is not the time to buy a homeHome Equity / Construction Loans - You might want to think twice about borrowing for renovation projectsSavings - You will FINALLY earn some interest on your cashCD’s - Some brokerage products are offering 3%-4% interest, something we haven’t seen in almost 20 yearsStocks - It’s like Black Friday: with the 25% market decline now is the time to buy stocks
    Tune in to hear more about the interest rate impact on your financial future.
    Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/
    Are you ready to create your ideal lifestyle? Let’s Connect.

    • 20 min
    Kids and Money (Part 2)

    Kids and Money (Part 2)

    Last week we opened up a dialogue to help parents talk to their kids about money. Join Matt and I this week as we dive in a little deeper and explore:
    Enabling failure (say what?)Chores and AllowancesApps - making life easier or harder?Investing, Saving and Giving
    The common thread between this week and last week, and all the topics we covered in both, is conversation. If you don’t talk to your kids about money, they won’t know what to do with it - how to use it effectively and safely - much in the same way we have to talk to them about their bodies. They aren’t teaching financial values in school, that is up to you, and I hope I’ve helped you start the conversation for lifelong financial success.
    Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/
    Are you ready to create your ideal lifestyle? Let’s Connect.

    • 23 min
    Kids and Money

    Kids and Money

    “Dad, how much money do you make?” “How much did our car cost?” “What did you pay for our house?”
    Kids rarely have filters. As uncomfortable as it can be to answer questions about human sexuality, we also feel a degree of that discomfort when it comes to answering their questions about money.
    This week, Matt Robison and I tackle this discussion in part I of a two part series on talking to kids about money. There is no one-size-fits-all, as you will hear in our exchange. But you will learn more about such topics as:
    When and how to include numbers in the answers to kids’ inquiriesWhat brings your child joy based on how they choose to spend money Family values in spendingConveying your financial message without the underscore of fear or guilt
    You’ve probably asked – or received, if you didn’t think to ask – your pediatrician for advice regarding talking to kids about their bodies. Gaining some tips from a financial professional as well as fellow parent (i.e. me) will hopefully help you pass on your wisdom in a productive and loving manner.
    Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/
    Are you ready to create your ideal lifestyle? Let’s Connect.

    • 19 min
    Taxes: How Much Do You Really Know?

    Taxes: How Much Do You Really Know?

    Handing your W2’s and 1099’s to your preparer might be the extent of your participation when it comes to income taxes. Having a general understanding of how taxes work can give you a new perspective on just how much of a share is owed to Uncle Sam.
    Join Matt Robison and I this week as we discuss the basics of taxes. Get a crash course on:
    Income: Wages (W2 or other), interest income capital gains and qualified dividends Adjusted Gross Income (AGI): Wages - above-the-line deductions
    What are above-the-line deductions?: Contributions from HSA, contributions to traditional IRA, student loan interest (unless your income is too high), self-Employment costs (such as health insurance, retirement plan contributions, 50% of self-employment taxes), alimony, and certain education expenses 
    3. Taxable Income = AGI - standard or itemized deductions
    Standard deduction ($12,950 Single, $25,900 Married, Filing Jointly (MFJ)
    Itemized Deductions:
    State, Local, Other TaxesMortgage and Investment Interest ExpenseCharitable GivingMedical Expenses (above a limit)More….
    4. Total Tax = Taxes on Taxable Income
    Taxes: Income tax, capital gains tax, AMT, NIIT, Medicare Surcharge, etc
    5. Payment or Refund: Total Tax - Credits - Taxes Paid
    Credits: Child Care Credit, Dependent Care Credit, Lifetime Learning Credit, etcTaxes Paid: From your paycheck or estimated tax payments
    Well, that’s as simple as I can make it in just 5 steps!
    AGI (step 2) is very important because that number gives you your tax bracket. But did you know that we have marginal tax brackets? 
    If you’re like a lot of people, you probably think marginal means that if you are MFJ and your AGI is $150,000, you owe 22% in Federal Income Taxes, ($33,000) right? WRONG! 
    The “marginal” means that for the first $20,550, you owe 10% in taxes. [$2,055]You then owe 12% on the next $63,000 (the next tax bracket) [$7,560]Then, 22% on the next $66,450 (the bracket you are in) [$14,619]That’s a total of: $2,055+$7,560+$14,619 = $24,234. Not $30,000 !It means a difference of almost $6,000 in your favor
    So now you have your tax bill. Using the same example as above, you owe $24,234 in federal taxes. This is your total tax. Now come the credits (hopefully!). Credits differ from deductions in one major way, they are dollar for dollar. Deductions reduce your total tax bill by reducing your Taxable Income. Credits, on the other hand, come straight off your total tax bill. Some credits include the Child Tax Credit, Child & Dependent Care Credit, or the Lifetime Learning or American Opportunity Credit.
    Obviously credits are the way to go! Once you’ve deducted your credits, you then subtract any payments you’ve already made (withholdings or direct payments) and this will determine what you owe or are owed in the form of a refund. 
    Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/
    Are you ready to create your ideal lifestyle? Let’s Connect.

    • 19 min

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