127 episodes

Your REAL personal finance questions answered by CERTIFIED FINANCIAL PLANNER™ professionals, Scott Frank and James Conole. With all of the misinformation and jargon in the financial industry, it's no wonder most people are confused about how to best manage their money. James and Scott are here to give clear answers to the important questions they hear most often. If you're ready to use your finances to create a more secure financial future, this show is for you.

Real Personal Finance Scott Frank and James Conole

    • Business
    • 4.9 • 231 Ratings

Your REAL personal finance questions answered by CERTIFIED FINANCIAL PLANNER™ professionals, Scott Frank and James Conole. With all of the misinformation and jargon in the financial industry, it's no wonder most people are confused about how to best manage their money. James and Scott are here to give clear answers to the important questions they hear most often. If you're ready to use your finances to create a more secure financial future, this show is for you.

    127 - Should I Pay Down My Mortgage or Invest?

    127 - Should I Pay Down My Mortgage or Invest?

    Scott and James discuss the new contributions limits (2022) and how that impacts our taxes.
    Listener Question
    My wife and I have two homes. One is our primary and the other is a weekend/getaway home. We have mortgages on each (each are 30-year fixed and below 3%). Our total monthly mortgage payment for both homes is 15.5% of our gross income. Does it make sense to take our extra cash and pay down the mortgages or to use that cash where it could earn more such as investments?
    Planning Points Discussed
    Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.) Timestamps:
    3:26 - Income Considerations
    6:28 - Outside Considerations
    9:05 - Interest Rates
    11:30 - Opportunity Cost
    15:01 - Asset Allocation
    18:04 - Borrowing Debt
    19:52 - Aligning Your Financial Goals
     
    LET'S CONNECT!
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    Scott
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    • 20 min
    126 - How to Invest at Market All-Time Highs

    126 - How to Invest at Market All-Time Highs

    Scott and James discuss how to invest at market all-time highs.
    Planning Points Discussed
    Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.) Timestamps:
    3:12 - Negative Headlines
    5:21 - Market Performance
    8:53 - Example of Growth
    11:01 - How Can We Position Our Investments Now?
    13:01 - Time Horizon of Investments
    17:09 - Why We Invest
    18:54 - Aligning Your Financial Goals
     
    LET'S CONNECT!
    James
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    Scott
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    • 19 min
    125 - Where to Invest For a Home, CD Ladders, and Contribution Rules

    125 - Where to Invest For a Home, CD Ladders, and Contribution Rules

    Scott and James discuss where to invest for a Home, CD Ladders, and Contribution Rules.
    Listener Questions
    Can I max out both my Roth 401k contribution and my Roth IRA contribution in the same year? Example: I’m 57. 26 thousand plus 7 thousand = 33 thousand. Can I contribute 33 thousand to Roth retirement accounts in 2021? You have talked about saving vs investing based on time horizon and risk appetite. Im hoping you can talk more about savings options. I heard about the concept of CD ladders and thought it may be a good approach to earmark my annual property taxes and insurance bills. I am looking for advice regarding where to invest savings for a down payment for a first home. My goal is to be able to make an offer for a home in about five years. Some background about me: I am in my late 30's, debt free, married with one child and and work a decent paying corporate job. I plan continue to max out my 401K and divert all my other savings to the down payment goal (20-30 percent of after tax income). Would it make sense to put this savings into a relatively liquid real estate investment like a REIT? In other words, an investment that might track the cost of the future purchase I plan to make. If the housing market rises, so too will my investment and I will be better positioned to make this higher down payment. If the housing market tanks, the investment will look bad, but in theory I won't need as much money for a given house. Planning Points Discussed
    Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.) Timestamps:
    3:12 - Roth 401(k) & Roth IRA
    6:00 - CD Ladders
    10:09 - How To Save For A Home
    12:19 - REIT Indices
    15:45 - Performance 
    18:53 - Time Horizon
    20:44 - Down Payment Goals
    23:50 - Aligning Your Financial Goals
     
    LET'S CONNECT!
    James
    Facebook LinkedIn Website
    Scott
    Facebook Twitter Website
    ENJOY THE SHOW?
    Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
    Leave us a review on iTunes.
    Have a money question you want us to answer? Submit one here

    • 25 min
    124 - What Are New Contributions Limits and How Does That Impact Our Taxes

    124 - What Are New Contributions Limits and How Does That Impact Our Taxes

    Scott and James discuss the new contributions limits (2022) and how that impacts our taxes.
    Listener Question
    I am a new small business owner and have just begun a 401k, I have a roth ira, 529 for my child, and my own investment portfolio. I am still confused on how I should vary my allocation based on the type of fund- such as my roth versus traditional versus normal investments, in order to maximize the benefits of each separate account. I also was hoping you could do an episode solely on how taxes work and the differences between them.
    Planning Points Discussed
    Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.) Timestamps:
    3:12 - New Contributions
    5:26 - IRAs & Roth IRAs
    8:53 - How Taxes Work
    12:57 - Cash Flow 
    15:01 - Order of Operations
    18:04 - How Can I Maximize Tax Savings?
    20:27 - 401(k) Contribution Increase
    22:40 - Aligning Your Financial Goals
     
    LET'S CONNECT!
    James
    Facebook LinkedIn Website
    Scott
    Facebook Twitter Website
    ENJOY THE SHOW?
    Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
    Leave us a review on iTunes.
    Have a money question you want us to answer? Submit one here

    • 23 min
    123 - Should I Invest in Whole Life Insurance After Maxing Out My 401k?

    123 - Should I Invest in Whole Life Insurance After Maxing Out My 401k?

    Scott and James discuss if you should invest in Whole Life insurance after maxing out your 401(k).
    Listener Question
    I was recently advised to get a life insurance retirement plan by my adviser. I currently max out my IRA contribution, FSA, 401k to ~56k and have extra money left over. I’m single and don’t have kids to warrant a life insurance plan per se but it sounded intriguing with the extra cash i have leftover. I comfortably have an extra 3-4 k every month leftover. I’m a bit skeptical of the adviser since he contacted me supposedly from a coworker who gave him my name.
    Planning Points Discussed
    Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.) Episodes Mentioned
    What Tax-Efficient Investment Strategies Exist After I Max My 401(k)? Timestamps:
    1:30 - Submit Your Questions!
    3:05 - Selling v. Advising
    7:25 - How Are Insurance Salesman Compensated?
    10:28 - Understand Your Goals First
    13:43 - Self-Insured
    15:37 - Opportunity Cost
    16:47 - Tax-Free Loans
    17:15 - After-Tax Benefits
    19:32- Understanding Incentives
    21:02- Aligning Your Financial Goals
     
    LET'S CONNECT!
    James
    Facebook LinkedIn Website
    Scott
    Facebook Twitter Website
    ENJOY THE SHOW?
    Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
    Leave us a review on iTunes.
    Have a money question you want us to answer? Submit one here

    • 21 min
    122 - When Should I Start Redirecting Retirement Savings to Other Account Types?

    122 - When Should I Start Redirecting Retirement Savings to Other Account Types?

    Scott and James discuss when it makes sense to start redirecting retirement savings to other account types.
    Listener Question
    1. Currently, I'm 47 and I have been maxing out my retirement accounts. I believe that I am in good position for when I retire with the amount I have and the amount it will grow in next 15 years. My question is if it is foolish to now build up a non retirement account instead of continuing to pour money into the retirement account. I realize I'd be giving up tax benefits, but right now I have very little flexibility for the next 13 years. 95% of my net value is either in retirement accounts or my house. I do have an emergency fund for 6 months in cash. I'm thinking since my retirement funds are in good shape that I should start building some assets/brokerage account outside of retirement in case I want to retire early or work part time or want/need money for any reason before I'm 59. What's your thoughts on if there is a point that you should stop worrying about retirement accounts and their tax benefits and building for the years before retiring?
    Planning Points Discussed
    Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.) Timestamps:
    2:35 - Introduction
    4:15 - Optimize Your Balance Sheet
    5:05 - Individual Stock Example
    6:20 - Liquidity
    8:26 - Rule of 55
    10:06 - Tax Planning
    14:23 - Flexibility Benefits of a Bridge Account
    15:44 - Roth Conversions
    17:23 - Supplemental Accounts
    18:24 - Please keep sharing!
    19:00 - Aligning Your Financial Goals
     
    LET'S CONNECT!
    James
    Facebook LinkedIn Website
    Scott
    Facebook Twitter Website
    ENJOY THE SHOW?
    Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play.
    Leave us a review on iTunes.
    Have a money question you want us to answer? Submit one here

    • 19 min

Customer Reviews

4.9 out of 5
231 Ratings

231 Ratings

Yzsutty ,

Great podcast

Great subject matter, and offered in concise manner. Learning a lot!

Tacoma79 ,

Finally some serious insight in layman's terms!

Scott and James, you guys are great! Thank you for taking the time to do this week in and week out. And happy toddler 2 year birthday! Not that what I do matters...but I've listened to every episode (all 113 to date) and truly find the content instantly relatable, non-judgmental, and completely necessary for everyone with a dollar to employ. Keep it up, guys!

dh1333eee ,

Straightforward

A refreshingly straightforward way to learn more about all the considerations in personal finance. Thanks for the great work!

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