96 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

    Secure Act 2.0

    Secure Act 2.0

    Congress’ passing of the Secure 2.0 Act at the end of 2022 provides savvy planners with many new ways to benefit from retirement savings.
    Join Matt Robison and I this week as I walk through some of the changes and sprint through others to give you an overview of how this monumental piece of legislation impacts your bottom line.
    Required Minimum Distribution (RMD) age changes - If you were born after 1960, you don’t need to worry about that until you are 75 (it used to be 70.5, this year it changes to 72 and in the next couple of years it will reach 75. Not something you need to worry about now, but it is a benefit.)ROTH 401k Employer Contributions - Without getting into the weeds of the laws, the big change in the Secure Act 2.0 allows employers to contribute to an employees ROTH 401k as opposed to being restricted to only matching funds in a traditional 401K account. This strategy requires employees to pay the tax on the match up front, and allows that employer contribution to grow tax-free forever which could add up to a lot of money. 529 to Roth IRA - You can now do a one-time rollover of “extra” 529 money into your Roth IRA.  Plenty of caveats abound, but it’s a great new use of found money.Honorable Mentions to be aware of in the coming months/years:
    a. 401k contributions and catch-ups are increasing. As you're planning your 401K contributions, be aware of the 2023 limits, they will be increasing over time.
    b. Starter 401ks for small businesses will be getting easier to implement. 
    c. Student loan payments often keep people from being able to contribute to a 401k. The new law allows matching employer contributions to the 401K for folks paying down student debt. 
    d. Auto enrollment for 401Ks has been expanded.
    The bottom line is there are no changes that you need to make today but be aware of the Secure Act 2.0 in order to get the most out of your retirement plan.
    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.

    • 17 min
    2023 One Thing

    2023 One Thing

    January’s over and I’d be willing to bet that if you bothered to make a resolution, you probably already broke it, am I right?
    Resolving to make some significant change in your life can feel overwhelming, not to mention is often unsustainable. Planning to lose weight by cutting out sugar? How long did that last? Vowing to save more money but then your power went out for days, pipes froze and you fulfilled the plumber's savings resolution instead?
    There is an old adage about eating an elephant, and how the only way to accomplish the monumental task is one bite at a time. That’s where my one thing comes into play.
    Think about the last time you felt great in your job. Or a moment with family that made a lasting positive impression. Or a financial decision that led to a small (or large) success. Break those moments down into feelings and actions. What parts of the moment, specifically, made you feel happy? Can you replicate any of those small actions that led to happiness? For instance, let’s say a funny car ride with your kids was a highlight of your recent time spent with them. What were you laughing about? Why was everyone in a good mood? Did someone win a sports game? Had you just wrapped up a work project freeing your mind for some family time? How can you recreate that moment in small ways? Is there one thing you can do to help make funny car rides a more regular thing? It could be something as simple as having silly trivia websites bookmarked on your phone or grabbing everyone a treat from a coffee shop before your journey. 
    Tune in to learn more about how one thing can make a momentous improvement in your life this year. 
    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
    Feel Good About Investing

    Feel Good About Investing

    People make financial decisions for a plethora of reasons. While we may understand that it makes more sense, financially, to invest extra cash in the market, sometimes pulling the trigger on a lump sum can lead to anxiety and regret.
    So how can you feel better about making that investment? Using a strategy called dollar cost averaging (DCA). Let’s say you have $10k in cash and want to invest but you’re feeling skittish based on the current state of the market. Mathematically, it makes the most sense to go ahead and put all that money right into a low cost index fund but math doesn’t help everyone sleep at night. If you know that watching the market will create stress for you, you can invest that $10k at $1k per month over the next year. 
    What are the pros to this strategy? First, if you put $1k in and the market goes up, you make money and you are happy. If it goes down, you now get to invest the next $1k while the market is on sale (i.e. the cost is down). It is a win-win, emotionally.
    The best way to ensure your financial future is to make sound decisions that feel good. Listen to this week’s podcast to learn more about DCA and whether it is right for your portfolio management.
    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
    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

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