Retirement Quick Tips with Ashley Ashley Micciche

This week’s theme on the Retirement Quick Tips Podcast is: Debt Ceiling 2023: What It Means For You
Today I’m talking about what the debt limit or the debt ceiling is and why it’s important.
What is the debt limit: 
The debt limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments. 
If the U.S. Treasury reaches its debt ceiling and runs out of cash, it would be unable to pay all its bills. A failure to pay bills would represent a default by the U.S. Government.
Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit – 49 times under Republican presidents and 29 times under Democratic presidents.
Much of the time they raise the debt ceiling without much fanfare. But sometimes when there are opposing sides in power in the White House and Congress, the debt ceiling is used for negotiating on spending and borrowing by the Federal Government and things get contentious as the deadline approaches, which is what’s happening now. 
Why it matters: Failure to raise the debt limit and reach a deal means that the government basically won’t be able to pay its bills. And not being able to pay its bills means defaulting on our debt, and if that happens, a broader global financial crisis that analysts at Earnst & Young predict would be worse than the Global Financial Crisis in 2008. 
So it’s serious, but it’s also important to keep in mind that not reaching a deal would mean political suicide for those at the top, so even though the worst case scenario is possible, I don’t think it’s probable. 
When making decisions, especially financial and investment decisions, it’s important to think in terms of what is probable or likely, and not in terms of what is possible. If you think more in terms of what’s possible - especially those worst case scenarios - you’d never leave your house and any money you have would just get stockpiled under your mattress. We can’t have that, so best to think in terms of probabilities - and for that, I’ll dive deeper tomorrow into 3 different scenarios for the debt ceiling standoff tomorrow. 
That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.    
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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance
 

Welcome to a new week here on the Retirement Quick Tips podcast! I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing over $300 million in client assets. I’m a Chartered Retirement Planning Counselor and I’m using my 15 years of experience as a financial advisor to help you gain clarity and make a plan for the retirement you envision.
On this podcast, I cover everything from investing, to retirement spending, to taxes in retirement in just a few minutes each day, so if you’re 5-10 years on either side of retirement, and looking for some daily doses of retirement planning wisdom, stick around this week as I talk about the Debt Ceiling 2023: What It Means For You
Originally this week, I was planning to talk about cyber theft and how you can prepare yourself. But with the debt ceiling looming and the U.S. government possibly exhausting its ability to borrow money as early as June 1st without a debt ceiling extension, I decided to cover a more timely and potentially very impactful topic this week. 
Since you hear plenty about the debt ceiling in the news, you don’t need me to report on the issue for you. Better sources than me exist for that. However, the debt ceiling is nothing new, and this years debt ceiling negotiations have potentially direct consequences for your retirement investments - everything from a few days to a few weeks of market turmoil to a full blown recession and chaos in the global financial system in the worst case scenario.  With that in mind, what does all of this mean for you and what if anything should you do about it? That’s what I’ll cover this week.
That’s it for today. Thanks for listening! Come on back tomorrow where I’ll talk about what the debt ceiling is and why it matters
My name is Ashley Micciche...and this is the Retirement Quick Tips podcast.
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>>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP
 
>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs
>>> Visit the podcast page: https://truenorthra.com/podcast/ 
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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast
This week the theme was: Best Personal Finance Books To Read This Summer
In case you missed any episodes, here are my top summer book recommendations:
The Total Money Makeover by Dave Ramsey
The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel
The Millionaire Next Door by Thomas J. Stanley
A Random Walk Down Wall Street by Burton Malkiel
Managing God's Money: A Biblical Guide by Randy Alcorn
The most important takeaway from this week is…managing your money well is about understanding the basics well, and being disciplined - both with your spending and saving habits, and with your emotions and how you react to what’s happening with your investments and in the economy. 
The lessons learned in these books are enduring lessons that I have carried with me over the years, and the knowledge you’ll gain if you read any or all these books will serve you well for years to come. 
Tomorrow, I’m starting a brand new theme: how to protect yourself from cyber theft. Criminals are getting very good at tricking consumers, where it’s now possible to impersonate you over the phone, tricking even your own family members into thinking it’s you on the phone. And with AI getting more sophisticated, the potential for cyber theft is even scarier. 
So next week, I’ll talk about the top ways you can protect your money from cyber theft. 
Thank you so much for listening this week! If you’re enjoying the podcast, chances are someone else you know who is getting close to retirement could also benefit from checking it out, so please share the show with a friend, a neighbor, your sister, or your boss. Just go to your favorite podcasting app, hit the share icon, then text or email the show link to someone you know who is eyeing retirement. 
Thanks for sharing the love and spreading the word. I hope you have a blessed Sunday. My name is Ashley Micciche, this is the Retirement Quick Tips Podcast.
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>>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP
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>>> Visit the podcast page: https://truenorthra.com/podcast/ 
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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Best Personal Finance Books To Read This Summer
Today’s book choice is: Managing God's Money: A Biblical Guide by Randy Alcorn
Did you know that Jesus says more about how we are to view and handle money and possessions than about any other topic—including both heaven and hell. In Managing God's Money, Randy Alcorn breaks down exactly what the Bible has to say about how we are to handle our money and possessions in a simple, easy-to-follow format. 
If you’re a believing Christian, then you should definitely care what God wants you to do with the money and material blessings He has given you. And Managing God’s Money by Randy Alcorn will help you gain a solid biblical understanding of money, possessions, and eternity.
It will also help you understand the problems with the all-too-common “health and wealth” heresy that many of today’s popular Christian preachers are promoting. 
When I read this book in 2019, it inspired me to create something like a family money manifesto that addressed the principles around money for our family. It’s our guide for lifestyle choices, how we view income and work, giving, what we’ll teach our kids about money, and what we’ll do with wealth that’s accumulated and our estate planning. 
These principles guide our decisions about money in a way that’s intended to honor God, rather than get swept up in accumulating more money, and getting more stuff, which is definitely contrary to God’s plan for us.
So if you’re at all unclear about how God wants you to handle His money, then I highly recommend this book
Pairs well with: This book isn’t technical or complicated, so it’s perfect for a beach or vacation read or something to unwind with before bed. 
That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.    
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>>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP
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>>> Visit the podcast page: https://truenorthra.com/podcast/ 
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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

This week’s theme on the Retirement Quick Tips Podcast is: Best Personal Finance Books To Read This Summer
Today’s book choice is: A Random Walk Down Wall Street by Burton Malkiel
Who should read it: An investing classic, it’s a great book for those of you who are interested in learning the basic principles of investing and applying them to how you invest. The book 
Description (from Amazon): In a time of rampant misinformation about ways of growing your money, Burton G. Malkiel’s gimmick-free investment guide is more necessary than ever. Whether you’re considering your first 401k contribution or contemplating retirement, the fully updated, fiftieth anniversary edition of A Random Walk Down Wall Street remains the best investment guide money can buy.
Drawing on his experience as an economist, financial adviser, and successful investor, Malkiel shows why an individual who saves consistently over time and buys a diversified set of index funds can achieve above-average investment results. He addresses current investment fads and critically analyzes cryptocurrencies, NFTs, and meme stocks. Malkiel reveals how to be a tax smart investor and how to make sense of recently popular investment management techniques, including factor investing, risk parity, and ESG portfolios.
Investors of every age, experience level, and risk tolerance will find the step-by-step guidance they need to protect and grow their dollars.
Why I like it so much: Although I disagree with his diehard adherence to indexing as the best way to make money in the stock market - because it’s not actually true - the lessons in this book 
Pairs well with: The most complex and textbook-like book that I’m recommending this week, this book pairs best with water - definitely no alcohol to distract you or dull your sharp wits. 
That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.       
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>>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP
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>>> Visit the podcast page: https://truenorthra.com/podcast/ 
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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance
 

This week’s theme on the Retirement Quick Tips Podcast is: Best Personal Finance Books To Read This Summer
Today’s book choice is another classic, published in 1996, that I read 2 decades ago while I was in college - The Millionaire Next Door. 
Who should read it: If you spend too much or fall into the trap of trying to keep up with the Joneses, this book is for you.  
Description: The millionaire next door is a compilation of research and lessons learned about what makes millionaires different. It wasn’t inherited or flashy wealth but fostering good habits over decades that made most millionaires. 
These habits might be easily dismissed by most people, because they’re common sense habits. Habits like spending less than what you make, not “acting” rich by buying things you really can’t afford, and using your income to accumulate assets that grow in value, rather than blowing your money on stupid stuff. 
But common sense isn’t so common, and as Stanley says in his book: “[Americans] are debt-prone and are on earn-and-consume treadmills”, which is why The Millionaire Next Door deserves a spot on every bookshelf - so you can read it, and read it again whenever you need a reminder of these important wealth-building habits. 
One of the most memorable stories I’ve ever read in any book is the picture Stanley painted of 2 successful doctors. Both doctors were in their 50s, had a high income - but they were opposites in terms of their net worth. One of the doctors used his high income to buy assets that grew in value (i.e. investments). The other doctor was up to his eyeballs in debt because he was living the flashy lifestyle he thought someone with his income should be living. The problem was that he had a negative net worth, and no hope of retirement unless he drastically altered his lifestyle and spending habits.
Pairs well with: This book is full of good stories and lessons, so it’s perfect for a relaxing vacation or bedtime read or listening to as an audiobook on your next road trip. 
That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.    
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>>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP
>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs
>>> Visit the podcast page: https://truenorthra.com/podcast/ 
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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance