Living Richer Living Richer Wealth Management

In this episode I welcome back my wife Robin, a certified life coach and member of our Living Richer Wealth Team. Today we’ll highlight our six top tips to making a smooth transition into being an empty nester, which include:
Understanding that for everything there is a seasonFocusing on physical healthCelebrating your child’s independenceFinding your purpose and feeding your passionsMaking plansImproving your financial health
Resources:
How a PR pro who can't add ended up in financial services.

In this episode of Living Richer, I share with you the top lessons I have learned from the world’s best investor – Warren Buffett. His advice is pretty simple and definitely worth a listen for any investor.

Finding the right wealth advisor is a consequential decision and one that shouldn’t be rushed into. It’s a relationship that will hopefully last for years and have a big impact on your long-term financial wellbeing.  But how do you go about finding the right person?
In today’s episode, I’m going to break down for you the key steps to take and share what I believe are the 10 most important questions to ask a prospective advisor. We’ll also talk about the red flags you should watch out for, so that by the end of this episode, you’ll feel well-equipped to begin your search.
Resources:
Living Richer Wealth Management - Home PageSearch for advisor records
 

2023 was a year of rapidly rising interest rates and inflation that has forced us all to consider cost-saving opportunities. That’s where tax planning come in - after all, it’s not what you make, it’s what you keep! As we approach year-end, there are a few strategies that you might want to take advantage of to reduce your current and future tax bill. In this episode we’ll cover:
·      Important tax dates (2:50)
·      Where to get started (4:52)
·      Important moves to consider (6:42)
·      Reviewing your portfolio’s tax efficiency (9:45)
·      Retirement planning (12:19)
·      Education funding options (14:42)
·      Estate planning & charitable giving (16:41)
If you’re in a high tax bracket and looking for ways to minimize this cost, don’t miss this episode!
Resources:
Tax Planning Guide

With higher inflation, higher interest rates, a potential recession on the horizon and economic headlines flooded with negativity, many are feeling scared and concerned about their financial future.
In this episode, my associate, Carol da Silva and I address some of the concerns we’ve heard from clients and listeners. Some of the topics we discuss:
1.      Why having a solid financial plan is helpful and the importance of taking inventory of where you are when circumstances change (I go through this exercise in detail in Ep.3 Financial Discovery).
2.      Re-evaluating your goals (I also take a deeper dive into goal setting in Ep. 2 Goals Discovery) and making any necessary tweaks to ensure you stay on-track to meet them.
3.      Important things to consider when reviewing your budget and deciding how to allocate your savings during leaner times.
4.      For those in retirement, who are drawing from investments to meet your lifestyle needs, I also share some strategies that could be beneficial in our current economic environment. If you’re feeling anxious about your financial future, be sure to give this episode a listen and take a look at the resources linked below.
Living Richer Wealth Management Website - Link to our websiteConnect with us on FacebookConnect with us on InstagramPriorities Checklist / Values MapDetailed Budget Worksheet

While the idea of living out your retirement years at home may be appealing, there are some important considerations from both a financial and a lifestyle perspective. For starters, the cost of aging in place is significant. In fact, a recent survey revealed that only 12% of respondents have enough room in their budget to do so. For many homeowners this requires accessing the equity in their single largest asset - which means selling their house. In addition to the financial considerations, aging in place also has important physical and social challenges.
In this episode, I connect with Michael Shuster a seniors real estate specialist. He shares his expertise in helping seniors down-size. We discuss the antiquated stigma that has traditionally been associated with retirement homes, important considerations to take into account when making the decision to down-size, the biggest challenges that seniors face when going through this process, and how their adult children (or grandchildren) can help them overcome these. Lastly, Michael shares his top tips for maximizing the value of your home so that you can be in the best financial position to afford your ideal retirement lifestyle.
Seniors Real Estate Specialist | Seniors Selling a Home & Downsizing