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

In this week's podcast, Matt Robison and I, Mike Morton, delve into the world of charitable giving and the benefits of using a Donor Advised Fund (DAF) into your philanthropic strategy. A DAF functions like a personal account where you can deposit various assets, such as cash, stocks, or cryptocurrencies, which then become charitable donations. We explore nine compelling reasons why utilizing a DAF might be advantageous, ranging from tax benefits to flexibility in donation timing and asset growth potential. Moreover, DAFs offer a streamlined approach to philanthropy, allowing for easy management, involvement of family members in giving decisions, and the ability to donate a wide range of assets. As DAFs continue to rise in popularity, they represent a powerful tool for individuals seeking to plan their charitable giving effectively while maximizing tax advantages and leaving a lasting legacy of generosity.

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/

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/

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/

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/

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/

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/