SML Planning Minute

Security Mutual Life Advanced Markets Team
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SML Planning Minute shares concise and entertaining financial ideas, for individuals, families, and business owners.

  1. 3D AGO

    Going Paperless: To Be or Not to Be?

    Going Paperless: To Be or Not to Be? Episode 366 – Over the years, it seems that each of us—whether by choice or not– has been moving gradually from paper statements and checks to digital. Is it time to cut the cord completely? More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 366 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, is it time to go paperless? Like many people, I tend to save stuff: like credit card bills, bank statements, paper receipts, etc. I throw them into an empty file drawer until the end of the year. Then, on an annual basis, I’ll sort through this giant pile of paper, organize everything and place it into a series of folders, which take up space in my filing cabinet. It all leads to one inevitable question: Why? What’s the point of spending all this time organizing all this paperwork that, likely, I’m never going to look at again. Certainly, some items, such as cards and notes from family members, are worth saving. But what about the other 95 percent? For many of us, it’s simply the force of habit. Going digital has its advantages. For one thing, you may find that once you’re used to it, digital documents can be easier to organize and access, and you’ll save time in the process. Not to mention the space you can save in your house, and the overall environmental impact. Has the time come for most of us to go fully paperless? If so, where do we even begin? The process often starts with a few small steps such as getting some of your statements by email or paying some of your bills using a direct transfer rather than a paper check. But there’s still a lot of paper. What’s the next phase if you want to get more organized? Here are a few steps you can take: Switch to online billing and statements. Using online tools with financial institutions and service providers, such as your cellular company, can make a big dent in your paper clutter. The truth is, if you need to look up one of your old statements, it’ll probably take less time to find it online than if you had to dig through your paperwork. Pay bills online. You can schedule your online payments through your bank. They can make your payments automatically every month, or if you don’t want to go that far, they can automatically remind you when a payment is due.   When was the last time you sent a check somewhere, only to have it lost in the mail? This is one way to avoid such a hassle. Plus, in most cases, by paying online you can decide exactly what day the other party receives the funds.   There are limits, of course. Your landlord may still want a paper check. Same thing with certain vendors, like your landscaper or cleaning service if you have one. So at least for now, no matter how far you want to take this, you’re still going to be writing a few checks. Digital note-taking. If you take a lot of notes during meetings, whether for business or personal reasons, a digital note-taking platform can help. And not just with the process itself, but also with providing easy access later on. Some of the most well-known platforms are Evernote, Microsoft OneNote, and Notion.[1] Your to-do list. Most smartphones have a “to-do” app which can help organize your essential work and/or personal tasks. They make it very hard to forget your priority items. Taking advantage of digital signatures. Digital signature tools eliminate the need to print and physically sign important documents. It’s a good way to save your time and resources. Among the most popular of these tools are Adobe Acrobat Sign and Docusign.[2] Storing your digital information. You’ll need to select a place to keep your data safe and organized. Some of the most popular are Google Drive, Microsoft OneDrive and Dropbox.[3] One more tip: It might be best to start a project like this on a going-forward basis. That is, try not to think much about the big pile of paperwork you already have. There’s no need to feel overwhelmed by that backlog. You’ll get to it someday. And when you do, you might consider purchasing a quality paper shredder to help you through your pile. There are also shredding services you can contract that will pick up any documents you set aside for disposal. For now, it’s more important just to get started with something. But also note that there are limits to how far you can go. Not many people ever truly achieve a 100 percent digital lifestyle. There are some items that you’ll still need to keep a paper copy of, such as wills, birth certificates, title deeds and stock certificates. You might also want to keep a paper printout of your most important online account data, perhaps in a safe. It could save time and money for your family should something happen to you. But more than that, there are likely some paper items that you will never be able to replace. I received a birthday card from my grandmother in 1976 with a crisp new $5 bill in it. It still sits on my desk with the $5 intact. I wouldn’t trade it for anything. [1] Erdem. “How to Go Paperless: A Step-by-Step Guide.” Clinked.com. https://www.clinked.com/blog/go-paperless (accessed December 31, 2025). [2] Id. [3] Duffy, Jill. “7 Easy Tips to Finally Go Paperless.” PCMag.com. https://www.pcmag.com/how-to/7-easy-tips-to-finally-go-paperless (accessed December 31, 2025). More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

    8 min

  2. JAN 6

    Important Tax Considerations for Newlyweds

    Important Tax Considerations for Newlyweds Episode 365 – Have you gotten married recently? The next steps are considerably less exciting. There are some important financial steps you need to take. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 365 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, some important tax considerations for newlyweds. So, congrats on your recent marriage. If you’re like most people, your wedding probably involved a significant amount of planning and detail: where, when, who to invite, who not to invite, where to seat everybody, etc. You may be glad you to get through such an important life-changing event, and you’re ready to move on with the rest of your life. But you’re not done quite yet. There are a number of financial details you may need to address. Here are just a few of them: Name change. If there is a name change involved, you’ll need to report it to the Social Security Administration (SSA). When you file your next tax return, the name on that return needs to match what the SSA has on file. The Internal Revenue Service, or IRS, recommends that you file a new Form SS-5, Application for a Social Security Card, which is available at SSA.gov.[1] Update your address. Make sure you let the IRS, the Postal Service, and your employer know about any address change. Coordinate your benefits. You might now have access to a better—or cheaper—health insurance plan.[2] You’ll need to look things over with your new spouse. Decide on your new filing status. Once you’re married, you can choose to file jointly or separately each year. While the IRS says that filing jointly is usually less expensive, they recommend that you calculate it both ways before you decide. Also, it doesn’t really matter what day you got married. Even if it’s on New Year’s Eve, the rules state that for tax purposes, you’re considered married for the entire year.[3] Married filing separately. Once they’re married, few people elect to file their income taxes separately. This is because it usually results in the highest combined taxes. But some people do this anyway because the individual filing the return is the only one liable for any tax bills and errors on that return. It also happens when the two spouses decide, for whatever reason, that they would prefer to only be responsible for their own taxes.[4] Marriage penalty. The so-called “marriage penalty” occurs when a married couple ends up paying more income taxes than they would have had they remained single. This becomes more likely when both of you have high earnings and close to the same income. On the other hand, if you and your spouse are at different income levels, odds are that there will actually be a marriage bonus, that is, the tax on your joint income will be less than it would be had you filed separately.[5] Standard deduction. Nowadays, only about 10 percent of taxpayers itemize their deductions.[6] The rest use the standard deduction. For 2026, the standard deduction is $32,200 for married couples filing jointly, and $16,100 for single taxpayers. These figures were adjusted as part of the One Big Beautiful Bill passed in July of 2025. On some occasions, getting married can have an impact on whether you itemize or not. Previous debts. If your new spouse owes money for previous taxes or child support, any future joint tax refund could be reduced as a result.[7] Separate homes. If you own two separate houses, it’s likely that you’ll be selling one of them when you get married. And if you’re selling at a gain, you may get extra benefits from being married. Once you’re married, you get an addition to the amount of tax-free gain you can take. The amount is $250,000 for single taxpayers, but $500,000 for married taxpayers. The rules are a bit tricky, though, and you need to make sure you meet all the qualifications.[8] Beneficiary and Will Review. This one may or may not result in tax consequences, but it is important to note. When getting married, it’s critical for each spouse to review any existing wills, plans or benefits (such as life insurance) that assigned a beneficiary or beneficiaries. Unless restricted by a court order, it’s usually preferable for the new spouse to be assigned as beneficiary in each of those examples. So be sure not to overlook this step in the process and make any required changes when getting married. Getting married represents a big change for just about anybody, and not just in your personal life. Your financial life is also likely to be affected in a number of different ways. But as long as you know what to expect, the additional stress involved should be manageable. Let the fun begin! [1] Internal Revenue Service. “Newlyweds tax checklist.” IRS.gov. https://www.irs.gov/newsroom/newlyweds-tax-checklist (accessed December 4, 2025). [2] TurboTax Expert. “Getting Married: What Newlyweds Need to Know.” Intuit.com. https://turbotax.intuit.com/tax-tips/marriage/getting-married/L0DvEUlEC (accessed December 4, 2025). [3] Internal Revenue Service. “Essential tax tips for marriage status changes.” IRS.gov. https://www.irs.gov/newsroom/essential-tax-tips-for-marriage-status-changes#:~:text (accessed December 22, 2025) [4] Willetts, Jo. “Tax tips for newly married couples.” Jacksonhewitt.com. https://www.jacksonhewitt.com/tax-help/tax-tips-topics/family/tax-tips-for-newly-married-couples/ (accessed December 5, 2025). [5] Id. [6] Tax Policy Center. “What are itemized deductions and who claims them?” Taxpolicycenter.org.https://taxpolicycenter.org/briefing-book/what-are-itemized-deductions-and-who-claims-them (accessed December 4, 2025). [7] Manganaro, John. “9 Key Tax Considerations for Newlyweds.” ThinkAdvisor.com. https://www.thinkadvisor.com/2025/06/27/9-key-tax-considerations-for-newlyweds/ (accessed December 4, 2025). [8] TurboTax Expert. “Getting Married: What Newlyweds Need to Know.” Intuit.com. https://turbotax.intuit.com/tax-tips/marriage/getting-married/L0DvEUlEC (accessed December 4, 2025). More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

    8 min

  3. 12/30/2025

    Six Ideas on How to Manage Debt Revisited

    Six Ideas on How to Manage Debt Revisited Episode 364 – According to an estimate by Experian, the average American adult holds $6,501 in credit card debt. Is there a way out? Here are six things that you might want to try. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 364 Hello this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, we take a look back at one of our favorite previous episodes, six ideas on how to manage debt. In today’s economy, you don’t have to be a big spender to feel overwhelmed by how much you owe. You’re certainly not alone. As of late last year, the average American adult held $6,501 in credit card debt, according to an estimate by Experian.[1] This is up 10 percent from the previous year. And credit card interest rates can be as much as 20 percent, or even higher. Once you’re saddled with a significant amount of debt, there is rarely an easy way out. But if you’re in that situation, here are six things that you might want to try. The idea is to get your debt under control before it has more serious consequences for your financial health. Audit your spending. Have you looked carefully at your car insurance or homeowners insurance? Are you taking advantage of all the available discounts? Would a higher deductible or a different insurer suit your needs? What about your discretionary spending on things like online subscriptions? If you look closely enough, you may find “holes” that you can fill, leaving you more money to pay down your debt. Pay off the high interest debts first. This is sometimes referred to as the “avalanche method,” although it could also be described as simple common sense.[2] The higher the interest rate, the more it will cost you in the long run. And with credit cards, if you pay less than you spend from one month to the next, the amount you owe can accumulate quickly and take a long time to pay off. So, it makes sense to pay off the higher interest debts as soon as you can. Consolidate your debts. Speaking of credit cards, there’s something you can do even if you can’t afford to pay them off right away. A debt consolidation loan could help ease some of that burden. There are two common ways to consolidate your debt: Personal loans and transferring your existing credit card balance to a new card with a lower—or zero—interest rate.[3] But remember that zero interest rate offers are for a limited time only, often 12 to 21 months.[4] Either a personal loan or a zero interest offer can save a lot of money, but you do have to qualify. The “snowball” technique. Another popular idea is to pay off the card with the smallest balance first. Once you’ve repaid the balance in full, you take the money you were paying on that debt and use it to help pay down the next smallest balance. Then just keep repeating the process. The idea is that when that first debt is wiped out, you have more resources available to address the next one. Thus, the rate at which you’re paying down your debts keeps growing, like a snowball getting larger as it rolls down a hill. Pay more than the minimum. This one should be obvious, but you might not realize how powerful it truly is. Let’s say you owe $5,000 on a credit card with a 20 percent interest rate. If you just pay $100 per month on that balance, it will take more than nine years to pay it off. But if you increase the payment to $200 per month, you’ll reduce the payback time to less than three years.[5] But that’s only half the battle, of course. You’ll also need to avoid accumulating more debt in the process. Sell things you no longer need. Baby boomers may remember what life was like before eBay. It’s a whole lot easier to get rid of stuff you don’t need—and bring in extra cash—than it was back in the 80s. Besides eBay, there are lots of other sites that can help you raise money by getting rid of items you no longer have any use for. One final note. Owing money to someone else is not always such a bad thing, and living debt-free is not always the best choice. You need to look at the details of the debt itself. For example, if you bought a house a few years ago with a 3 percent mortgage and tax-deductible interest, why would you hurry to pay it back? You may be able to get a better rate of return simply by keeping the extra money and investing it. [1] Horymski, Chris. “Average Credit Card Debt Increases 10% to $6,501 in 2023.” Experian.com. https://www.experian.com/blogs/ask-experian/state-of-credit-cards/ (accessed October 21, 2024) [2] Sherman, Emily. “6 Easy Ways to Pay Off Debt.” usnews.com. https://money.usnews.com/money/personal-finance/debt/articles/easy-ways-to-pay-off-debt (accessed October 21, 2024) [3] Frankel, Robin Saks. “5 Steps To Take Now To Save More And Reduce Debt.” Forbes.com. https://www.forbes.com/advisor/personal-finance/steps-to-take-to-save-more-and-reduce-debt/ (accessed October 18, 2024) [4] Coleman, Sara. “The pros and cons of 0% APR credit cards.” Bankrate.com. https://www.bankrate.com/credit-cards/zero-interest/pros-cons-of-zero-percent-apr-cards/?tpt=b (accessed October 21, 2024) [5] Sorter, Amy. “7 tips to help dig your way out of debt.” Bankrate.com. https://www.bankrate.com/personal-finance/debt/ways-to-get-out-of-debt/?tpt=b (accessed October 18, 2024) More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

    7 min

  4. 12/23/2025

    Be Skeptical of Financial Advice on Social Media

    Be Skeptical of Financial Advice on Social Media Episode 363 – It is perhaps not surprising that a lot of the financial advice you get on social media is misleading. A recent study shows us just how bad the situation is. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 363 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, be skeptical of financial advice on social media. Here’s a shocker: much of the financial advice you get on social media like TikTok or Facebook is bad. Overly simplified advice without proper disclosure can be misleading and is often inaccurate. One of the great things about the internet is that, unlike previous generations, we now have almost unlimited accessibility to information about anything we’re interested in, anytime or anywhere. We can get our hands on a vast amount of information with just a few clicks. But it comes with some serious danger. TikTok has become a leading social media platform for younger people, with over 150 million active users in the United States.[1] It is full of advice on all kinds of different subjects, and personal finance is no exception. It’s become so popular that it now has its own term for their form of financial advice: “FinTok videos.”[2] And there are lots of them out there, which often get shared to other social media platforms. But in some of the least surprising news of the past few years, an analysis done by DayTrader.com looked at ten viral videos on TikTok and concluded that, when it comes to financial content on TikTok, 7 of the 10 videos were “misleading” or worse.[3]  The reviewers evaluated the TikTok videos based on four criteria: accuracy, risk disclosure, oversimplification and educational value. They concluded, based on the standards they set, that a substantial portion of the content “failed to meet basic standards of financial advice.”[4] Let’s not forget that FinTok videos, like many social media postings, are generally designed to create revenue. Much of the material is, perhaps not surprisingly, focused on crypto and other digital assets, often presented without context or any risk disclosure.[5] You don’t need to be any sort of expert to post something on TikTok or any other social media platform. Any TikTok user can create a video on virtually any topic at their own whim. The TikTok user merely needs access to the platform. The democratic nature of social media may be good in some ways, but it can create real issues when it comes to FinTok videos. Does the speaker have any background or expertise in what they are talking about? Or are they trying to be provocative for the sake of clicks? There’s a noticeable generational gap when it comes to online financial advice. Younger people are significantly more likely to rely on social media for financial information.[6] According to a recent research report sponsored by the CFP Board, 61 percent of younger Americans (under age 45) make use of online financial resources at least once per week, while 48 percent of Americans age 46 and older do so.[7] These are significant percentages for both groups but greater for younger people. Regardless of where it comes from, misleading financial advice can cause serious harm. According to the CFP Board, some of the most common effects of relying on misleading financial advice include: Delaying major financial decisions Acting without professional input Incurring unnecessary fees, and Sharing inaccurate information with others[8] When someone acts on inaccurate, outdated or misleading information, it can have an enormous impact on their financial future, especially for younger people. The effects and aftershocks might still be felt decades later. So, younger people are the ones with the most at stake, but they also may be the most vulnerable. What’s the best way to deal with all this? Be skeptical. Before taking action, it might be a good idea to get your information from trained professionals who at least have some background in the financial areas where you need help. Your Security Mutual Life insurance agent can help. Your Security Mutual Life insurance agent will assemble your team and coordinate with your attorney and tax professional to review your situation and to determine the insurance plan that will best suit your needs and objectives. [1] Statista. “TikTok in the United States – statistics & facts.” Statista.com. https://www.statista.com/topics/13330/Tik Tok-in-the-united-states/#topicOverview (accessed November 10, 2025). [2] O’Brient, Samuel. “There’s a ton of investing advice on TikTok. Most of it is bad, a new study says.” msn.com. https://www.msn.com/en-us/money/savingandinvesting/there-s-a-ton-of-investing-advice-on-Tik Tok-most-of-it-is-bad-a-new-study-says/ar-AA1NshcU (accessed November 7, 2025). [3] Holmes, Samuel. “Finance TikTok Report Card: 70% of Viral Investing Videos Misleading.” Daytrader.com. https://www.daytrading.com/tiktok/report-card (accessed December 15, 2025). [4] Id. [5] O’Brient, Samuel. “There’s a ton of investing advice on TikTok. Most of it is bad, a new study says.” msn.com. https://www.msn.com/en-us/money/savingandinvesting/there-s-a-ton-of-investing-advice-on-Tik Tok-most-of-it-is-bad-a-new-study-says/ar-AA1NshcU (accessed November 7, 2025). [6] CFP Board of Standards. “Steering Clear of Financial Misinformation: A Survey of Americans.” CFP Board Center for Financial Planning. https://www.cfp.net/-/media/files/cfp-board/knowledge/reports-and-research/consumer-surveys/cfp-board-financial-misinformation-report-2025.pdf (accessed November 10, 2025). [7] Id. at 7. [8] Id. at 14. More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

    7 min

  5. 12/16/2025

    Do You Really Want to Disinherit a Family Member?

    Do You Really Want to Disinherit a Family Member? Episode 362 – So, you’ve been estranged from one of your children for years now. Your feelings are hurt, and the relationship seemingly has no chance of recovery. Now what? You can certainly disinherit your child if you wish. But beware: it’s more complicated than you may realize. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 362 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: do you really want to disinherit a family member? It’s not easy. So, you’ve been estranged from one of your children for years now. Your feelings are hurt, and the relationship seemingly has no chance for recovery. Now what? You’re feeling a strong urge to disinherit your child. It’s your money, and you’re certainly entitled to do that if you want. But beware: it’s more complicated than you may realize. There are many potential reasons that a parent might consider disinheriting a child. Disinheritance sometimes comes into play with large estates, family business interests and blended families.[1] But there are other potential issues. You may have an heir who can’t control their spending, has other disabilities or doesn’t share your philanthropic ideas. But there’s a significant downside. As author Susan Lipp pointed out in an article for Wealth Management, the emotional effects of disinheriting a child could destroy their physical and mental well-being. And it might not even have its intended effect. Eliminating a family member as an estate beneficiary isn’t likely to change anybody’s mind, and perhaps even worse, it may result in expensive litigation.[2] Ok so, in spite of all the potential headaches, you’ve decided that there’s no going back. You’re going to take the plunge and formally disinherit someone. Now what? Of course, you’re going to need the help of an experienced estate attorney. He or she can help you avoid some potential traps you might not be aware of. The attorney would likely want to carefully explain one of those traps: you ‘re going to need to be specific when you disinherit someone. In other words, it’s usually not enough to just leave your child’s name out of your will. You’ll need to explicitly state that you’re excluding this person. Otherwise, a court might conclude that you accidentally omitted this individual rather than doing so deliberately.[3] Remember, you won’t be there to argue otherwise. Also, disinheriting one child while favoring another child may foster ill-will or even animosity between them after your death and disrupt family harmony. You may want to avoid that if you can. And your attorney is also likely to remind you of how important it is to keep your will up-to-date. No matter how awful things are right now, reconciliation might still be possible someday. Also, there may be children born after the will is executed. They will need to be accounted for, one way or another. If your disagreement is with your children, one relatively simple idea might be to skip a generation and give the money to your grandkids. But beware. For a wealthy family, these types of gifts can be made impractical by the Generation Skipping Transfer Tax, or GST. If applicable, the GST Tax rate is a flat 40 percent. Thankfully, under current tax law, the GST tax will only affect wealthy individuals representing less than 1% of the population.[4] But there’s more. Direct gifts to grandchildren can make the already frayed emotional situation even worse. Some experts feel that such a maneuver would be seen as an even bigger insult and would cause more damage than simply disinheriting everyone.[5] And, as we’ve discussed many times on this program, don’t forget to look at beneficiary designations. If you’ve made the difficult decision to disinherit someone, the last thing you want is for that person to get an accidental inheritance simply because you forgot to take their name off your insurance policy, retirement account or bank accounts. It can also get tricky if you’re dealing with a potential surviving spouse. You may not be able to disinherit your estranged spouse even if you say so in your will. It varies by state, but most states simply do not allow you to disinherit your surviving spouse.[6] Note that the same does not apply for a divorced ex-spouse, although things are a bit more complicated if you live in a Community Property state such as California or Texas.[7] Furthermore, it can be very difficult to completely disinherit minor children while they remain of minor age. Again, the law varies by state, but state law generally mandates that the assets from your estate be available to pay for the care of your minor children.[8] Rather than a complete disinheritance, families may have another option. One idea is that parents can place their family bequests into a trust with a third-party trustee. They would then appoint trustees who they believe share their philosophy. A properly structured trust can go a long way in resolving these issues in the best way possible, without technically disinheriting anyone. Do you still want to go through with this? You need to also consider the impact of a possible role reversal later in life. As a parent ages, it is common for the elderly to become dependent on their children for support. Disinheriting the child would undoubtedly make the situation much more complicated and could make things much worse for the parent in their later years. As with many things, it pays to think carefully before you act. It’s not going to be cheap, and it might not accomplish what you want. How you decide to treat your children in your estate plan says a lot about yourself as well as them. Perhaps, not disinheriting a child who has caused you heartache can send a message of love and forgiveness. [1] Erskine, Matthew “How To Legally Disinherit Family Members.” www.fa-mag.com.. https://www.fa-mag.com/news/prince-andrew-and-king-charles–how-to-legally-disinherit-family-members-84794.html (accessed November 20, 2025). [2] Lipp, Susan. “Disinheriting Family Members With Different Political Beliefs.” Wealthmanagement.com. https://www.wealthmanagement.com/wealth-management-industry-trends/disinheriting-family-members-with-different-political-beliefs (accessed November 17, 2025). [3] Erskine, Matthew. “How To Legally Disinherit Family Members.” www.fa-mag.com.. https://www.fa-mag.com/news/prince-andrew-and-king-charles–how-to-legally-disinherit-family-members-84794.html (accessed November 20, 2025). [4] Gravelle, Jane G. “The Generation-Skipping Transfer Tax (GSTT).” Congressional Research Service. https://www.congress.gov/crs_external_products/IF/PDF/IF13053/IF13053.2.pdf (accessed December 9, 2025). [5]  Lipp, Susan. “Disinheriting Family Members With Different Political Beliefs.” Wealthmanagement.com. https://www.wealthmanagement.com/wealth-management-industry-trends/disinheriting-family-members-with-different-political-beliefs (accessed November 17, 2025). [6] Erskine, Matthew “How To Legally Disinherit Family Members.” www.fa-mag.com. https://www.fa-mag.com/news/prince-andrew-and-king-charles–how-to-legally-disinherit-family-members-84794.html (accessed November 20, 2025). [7] Id. [8] LeValley, Donna. “Six Reasons to Disinherit Someone and How to Do It.” Kiplinger.com. https://www.kiplinger.com/retirement/estate-planning/reasons-and-how-to-disinherit-someone (accessed November 18, 2025). More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individual

    9 min

  6. 12/09/2025

    Are You Ready for the New York LLC Transparency Act Starting January 1, 2026?

    Are You Ready for the New York LLC Transparency Act Starting January 1, 2026? Episode 361 – The effective date of the New York Limited Liability Company Transparency Act, January 1, 2026, is nearly upon us. If your business was created in, or authorized to do business in, New York, you may be affected. If so, are you prepared to comply with its mandates and regulations? More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 361 On January 1, 2021, the National Defense Authorization Act of 2021 (NDAA) was passed. Included in the NDAA was the Corporate Transparency Act (CTA) designed to develop a more robust regulatory framework to combat money laundering and tax evasion activities using potentially anonymous entities.  The main requirement of the CTA is the full disclosure of the identities of the individual owners of an entity, or those who control the entity as beneficial owners. Reporting occurs when the entity is created or when there is a change of ownership or control. The CTA would also create a national registry of entities and their owners.[i] The effective date was January 1, 2024. Failure to comply with the CTA would result in severe civil and criminal penalties, including fines of $500 per day up to $10,000 and up to two years of imprisonment.[ii] At the time, however, many legal commentators and at least one federal court, believed the CTA overreached and was unconstitutional.[iii]  On March 2, 2025, the U.S. Department of the Treasury (Treasury Department) announced that “not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.”[iv] On March 21, 2025, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued an Interim Final Rule adopting these changes. New York created similar legislation known as the New York Limited Liability Company Transparency Act (NYLTA) on December 23, 2023, modeled after the CTA, and effective specifically against limited liability companies (LLCs) created in, or authorized to do business in, New York. There are some exceptions such as banks or other highly regulated industries and publicly traded companies. On March 1, 2024, in anticipation of changes to the rules, regulations and interpretation of the federal CTA, New York repealed the original NYLTA and replaced it with the current version. The NYLTA created its own framework and definitions to remove any ties with the federal CTA.[v] Accordingly, notwithstanding the changes in the federal CTA, New York has not changed its requirements for the NYLTA. Starting January 1, 2026, LLCs formed in New York or LLCs created in other jurisdictions, whether domestic or foreign, but authorized to do business in New York, must comply with NYLTA.  Existing LLCs formed or registered prior to January 1, 2026, have one year to file an initial beneficial ownership information (BOI) report with the New York Department of State (NYDOS). New LLCs formed or registered on or after January 1, 2026, have 30 days to file their BOI. Penalties for failure to comply can include daily fines of up to $500 and potentially suspension of business authorization or dissolution of the LLC. Unlike the federal CTA, exempt companies must still file an attestation of exemption with the NYDOS within 30 days of the LLCs formation or qualification to do business in New York. As of this podcast, New York has not yet issued final implementation guidance nor has it released its BOI filing portal. The provisions, rules, regulations and requirements of the CTA and the NYLTA are complicated. If you’re a business owner, consult with your own tax and legal advisors to determine if, and how, these laws might impact your individual business. [i] H.R. 2513 (116th): Corporate Transparency Act of 2019 [ii] H.R. 2513 (116th): Corporate Transparency Act of 2019 [iii] Erskine, Matthew. “Corporate Transparency Act Ruled Unconstitutional by Federal District Court.” Forbes.com. https://www.forbes.com/sites/matthewerskine/2024/03/04/corporate-transparency-act-ruled-unconstitutional-by-federal-district-court/ (accessed 11/5/2025). [iv] U.S. Department of the Treasury. “Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies.” Home.treasury.gov. https://home.treasury.gov/news/press-releases/sb0038 (accessed 11/5/2025). [v] New York Limited Liability Company Transparency Act, S.B. 8059 More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

    8 min

  7. 12/02/2025

    The Latest on the Scamming Front

    The Latest on the Scamming Front Episode 360 – It seems like online scammers usually have the upper hand. The bad guys come up with a new scheme, and eventually the good guys figure it out and make changes. But then bad guys come up with more new schemes. Here are some of the latest tricks of the scamming trade. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 360 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: the latest on the scamming front.  It seems inevitable that online scammers, like tax cheats, will usually find a way to get the upper hand. They come up with a new scheme, and eventually someone else catches on and makes changes. But then the bad guys come up with more new schemes. Either way, the good guys always seem to be playing defense. The latest trends are a continuation of business as usual: the scammers have once again found a new way to cheat people out of their money. Here, according to a pair of new reports by Bank of America, are some of their new and innovative schemes:[1]  “Juice jacking.” This is one we’ve never heard of before, though it’s been around for a couple of years. What can you do when you’re on the road and the batteries are running low on your phone, laptop or tablet? Have you ever tried using the public USB charging stations in a hotel or airport? The problem is that criminals can take advantage of unsecured USB connections by installing malware on your device. An alternative is to bring a TSA-compliant battery with you. Or you might consider investing in a data blocking charge-only power cable. Or, use AC power outlets and avoid the USB charging stations. Tech support scams. Criminals have become proficient at pretending to be tech support employees of big companies that we all know. They call, identify themselves as being with a recognized tech company, and report an urgent risk to your computer or internet service requiring prompt attention. They eventually will ask you to give them remote access to your machine or have you download a malicious app. Here’s a tip: if someone else initiates contact with you and asks you to do something like this, it should raise your suspicions. It’s best to go independently to the company’s verified web page or phone app and confirm it yourself. If it involves one of your credit cards, call the number listed on the back of the card. Imposter scams. We’re not talking here about a supposed family member who has allegedly gotten into trouble in a foreign country, although that does still exist. When we say imposter scam, we’re referring to scammers who may try to impersonate, for example, someone at your bank. This is one place where the crooks have gotten more sophisticated. Many of these scammers use phone number “spoofing” tools which misleadingly alter the caller ID information. If you’re not extra careful, your entire life savings could be drained in a matter of seconds.[2] And scammers use Artificial Intelligence tools to help make these scams more believable.Two-step verification can help. Your bank might ask you to enter a one-time passcode, or to provide some verifying information such as the name of your first pet. But here’s a tip: you should be very suspicious if your bank asks you to share this information when they reach out to you unexpectedly. Online investment scams. This one occurs when crooks convince you to buy stocks, bonds, commodities, or cryptocurrencies. They often start by building a relationship with you through social media. The truth is that these operators like to impersonate the people you trust. Then the pitch comes: big returns with little or no downside. As always, if it sounds too good to be true, it probably is. It pays to double check when you get unsolicited communications. And of course, do your due diligence in advance on anything you may invest in.[3] Check fraud. Old fashioned paper checks are still appealing if you’re a fraudster. In spite of serious legal consequences, some crooks still use the U.S. mail to steal checks and take your money, or to gather the information they need to steal your identity. They will often alter the check to change the recipient, amount, etc. One of the advantages they have in doing it this way is that it might take weeks before anyone figures it out.[4]  Phantom hacker scam. Crooks are definitely getting more sophisticated. In a “phantom hacker scam,” they combine multiple types of scams to build trust before they go in for the kill. For example, they may reach out to you claiming to be from tech support, then have someone else contact you claiming to be from your bank, followed by someone else claiming to be from the government. The idea is that by hearing from three different sources, you’re more likely to believe it’s legit. Seems like a lot of work, but apparently it’s worth it—for them. Wire scams. Making a wire transfer is easier than it used to be. Of course, you need to be very careful when sending money to someone you don’t know.[5] But there’s more. It pays to look at your bank statements! Once a crook is able to get a hold of your bank routing and account numbers, they may try to debit your account directly. Sometimes a crook will make an odd, but very small withdrawal, say $1.53, just to see if you’re paying attention. If you’re not, more serious trouble is likely on its way. There are a number of other ways you can protect yourself. For one thing, it’s generally a bad idea to click on an unsolicited pop-up or any links or attachments sent by email or text message. It’s even a bad idea to call a phone number that may have been given to you by an imposter. Also, you need to be very careful if someone you don’t know asks you to download software, especially when they are the ones who initiated the contact. And never give remote access to your machine to someone you don’t know.[6] In other words, to restate an old axiom, verify before you trust. [1] Bank of America. “Tips to help spot and avoid a scam: what business owners should know.” bankofamerica.com https://business.bankofamerica.com/en/resources/red-flags-that-signal-a-scam? (accessed October 27, 2025). [2] Grace, Asia. “Terrifying high-tech bank scam drains your life savings in seconds — and ‘devastated’ victims are sounding the alarm.” nypost.com. https://nypost.com/2025/10/27/lifestyle/terrifying-high-tech-bank-scam-drains-your-life-savings-in-seconds-and-devastated-victims-are-sounding-the-alarm/ (accessed October 28, 2025). [3] Merrill, a Bank of America Company. “What’s trending: Cyber Security Awareness Month.” ml.com. https://www.ml.com/articles/whats-trending.html? (accessed October 27, 2025). [4] Id. [5] Id. [6] Id. More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and services discussed may not be appropriate for all situations. Each person’s needs, objectives and financial circumstances are different, and must be reviewed and analyzed independently. We encourage individuals to seek personalized advice from a qualified Security Mutual life insurance advisor regarding their personal needs, objectives, and financial circumstances. Insurance products are issued by Security Mutual Life Insurance Company of New York, Binghamton, New York. Product availability and features may vary by state.​ SubscribeApple PodcastsSpotifyAndroidPandoraBlubrryby EmailTuneInDeezerRSSMore Subscribe Options

    9 min

  8. 11/25/2025

    Nine Mistakes Wealthy People Make

    Nine Mistakes Wealthy People Make Episode 359 – A few weeks ago we took an in-depth look at some of the things wealthy people understand that the rest of us tend to miss. Today, we’ll take a look at the opposite: some financial mistakes that even wealthy people tend to make, and how we can help avoid them. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 359 Hello, this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: nine mistakes wealthy people make. A few weeks ago, we took an in-depth look at some of the things affluent people understand that the rest of us seem to miss. But even successful, well-educated people do some dumb things. Today, we’ll cover the exact opposite of what we did before: some financial mistakes that even wealthy people tend to make. Here are nine of them: Putting too much money into a single investment. Diversification is one of the cardinal rules of investing, but many wealthy people tend to break it. And it’s understandable why. So many of the ultra-rich became that way by starting, or investing in, just one or a handful of companies. Elon Musk and Jeff Bezos are great examples of this. At some point, putting too much money into a single investment just creates unnecessary risk. Some employees at companies like Enron and Lehman Brothers put all their retirement savings in their company stock. It worked spectacularly—for a while—but it eventually became almost worthless in a very short time. [1] Very few investors enjoy the measure of success that Musk and Bezos experienced. They can be underinsured. It doesn’t really matter how wealthy you are, people make mistakes with their insurance across the board. If you don’t have enough homeowner’s insurance, it could end up costing you millions if you live in a valuable home.[2] And if you’re concerned about your children and grandchildren, life insurance can be an important and efficient way to transfer your wealth to future generations. They have too much personal real estate. Some wealthy people tend to have too many expensive homes in remote places that they rarely visit. And they can be a significant cash drain. If you don’t use the place frequently, it may not be worth holding onto it. If you want to vacation in some unusual places, sometimes it may be better to rent.[3] Or if you insist on keeping the place, maybe you should consider renting it out when you’re not using it. Trying to keep up with their peers. It’s human nature, and the wealthy aren’t exempt from keeping up with the Joneses. When we see our friends living it up, it tends to make us want to do the same. And if we’re not careful, it could mean significantly less savings and too much debt.[4] Lack of liquidity. Private equity is all the rage these days, but there’s a downside. Some people tend to be too optimistic when they buy into illiquid assets. The fact is that for a variety of reasons, most of them don’t work out, even if it seems like a great idea. And if it doesn’t work out, it can be a drag on your finances for years.[5] Fear of missing out, or “FOMO.” It seems that no one is exempt from this. Believe it or not, a recent study suggested that the wealthy are actually among the worst offenders.[6] Rich people may think they know better than the average investor. But they can be just as susceptible to media hype and/or greed. It pays to keep a long-term perspective and remember the fundamentals. Neglecting estate planning. What do Howard Hughes, Prince, Sonny Bono and Pablo Picasso have in common? They all died with a lot of money but without a will.[7] It seems that the wealthy should all have done at least some rudimentary estate planning. But that’s not always the case.Whether you have a lot of money or not, you probably want to make sure it goes to the people or charitable organizations you care the most about. But if you don’t have an estate plan, you give up your right to decide these things. And it’s not just a will. It can be a succession plan for your business or an advance medical directive.[8] Lifestyle creep. There is a tendency among the wealthy: the more you make, the more you end up spending on things like travel, fancy meals and transportation. There are so many examples of people—such as Michael Jackson or Lindsay Lohan—who overdid it and paid the price later on. The truth is that it’s easy to increase your lifestyle, but once you’re there, it’s much harder to bring it back down. If you’re not careful, spending habits can become unsustainable for just about anybody.[9] Not understanding that wealth is about more than money. Newsflash: some of the richest people in the world are terribly unhappy. In the words of author Riley Clendenin, “True financial success isn’t just about accumulating wealth—it’s about using money as a tool to build a meaningful, balanced life. The smartest investors understand that their financial portfolio is only one part of their overall wealth, and they invest just as much in their health, personal growth, and happiness as they do in their bank accounts.”[10] The ultra-wealthy certainly have the benefit of a bigger cushion when they make a financial error. And they all make mistakes, some big, some little. But the rest of us can also learn something from the errors that wealthy people tend to make, and how to avoid them. [1] Clendenin, Riley. “Millionaire Blunders—13 Costly Mistakes Even Wealthy Investors Make.” Msn.com. https://www.msn.com/en-us/money/investment/millionaire-blunders-13-costly-mistakes-even-wealthy-investors-make/ss-AA1BaDTO#image=3 (accessed October 22, 2025). [2] Maranjian, Selena. “7 Financial and Retirement Mistakes Even the Wealthy Make.” fool.com. https://www.fool.com/retirement/2024/04/28/7-financial-mistakes-even-the-wealthy-make/ (accessed October 22, 2025). [3] Sergeant, Jacqueline. “The Mistakes Rich People Make–And How To Avoid Them.” www.fa-mag.com. https://www.fa-mag.com/news/how-to-avoid-these-common-mistakes-of-the-wealthy-83682.html (accessed October 22, 2025). [4] Maranjian, Selena. “7 Financial and Retirement Mistakes Even the Wealthy Make.” fool.com. https://www.fool.com/retirement/2024/04/28/7-financial-mistakes-even-the-wealthy-make/ (accessed October 22, 2025). [5] Sergeant, Jacqueline. “The Mistakes Rich People Make–And How To Avoid Them.” fa-mag.com. https://www.fa-mag.com/news/how-to-avoid-these-common-mistakes-of-the-wealthy-83682.html (accessed October 22, 2025). [6] Clendenin, Riley. “Millionaire Blunders—13 Costly Mistakes Even Wealthy Investors Make.” Msn.com. https://www.msn.com/en-us/money/investment/millionaire-blunders-13-costly-mistakes-even-wealthy-investors-make/ss-AA1BaDTO#image=3 (accessed October 22, 2025). [7] Phillips Erb, Kelly. “17 Famous People Who Died Without A Will.” Forbes.com. https://www.forbes.com/sites/kellyphillipserb/2016/04/27/17-famous-people-who-died-without-a-will/ accessed October 22, 2025). [8] Maranjian, Selena. “7 Financial and Retirement Mistakes Even the Wealthy Make.” fool.com. https://www.fool.com/retirement/2024/04/28/7-financial-mistakes-even-the-wealthy-make/ (accessed October 22, 2025). [9] Sergeant, Jacqueline. “The Mistakes Rich People Make–And How To Avoid Them.” fa-mag.com. https://www.fa-mag.com/news/how-to-avoid-these-common-mistakes-of-the-wealthy-83682.html (accessed October 22, 2025). [10] Clendenin, Riley. “Millionaire Blunders—13 Costly Mistakes Even Wealthy Investors Make.” Msn.com. https://www.msn.com/en-us/money/investment/millionaire-blunders-13-costly-mistakes-even-wealthy-investors-make/ss-AA1BaDTO#image=3 (accessed October 22, 2025). More SML Planning Minute Podcast Episodes This podcast is brought to you by Security Mutual Life Insurance Company of New York, The Company That Cares®. The content provided is intended for educational and informational purposes only. Information is provided in good faith. However, the Company makes no representation or warranty of any kind regarding the accuracy, reliability, or completeness of the information. The information presented is designed to provide general information regarding the subject matter covered. It is not to serve as legal, tax or other financial advice related to individual situations, because each individual’s legal, tax and financial situation is different. Specific advice needs to be tailored to your situation. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. To help reach your goals, you need a skilled professional by your side. Contact your local Security Mutual life insurance advisor today. As part of the planning process, he or she will coordinate with your other advisors as needed to help you achieve your financial goals and objectives. For more information, visit us at SMLNY.com/SMLPodcast. If you’ve enjoyed this podcast, tell your friends about it. And be sure to give us a five-star review. And check us out on LinkedIn, YouTube and Twitter. Thanks for listening, and we’ll talk to you next time. Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. The applicability of any strategy discussed is dependent upon the particular facts and circumstances. Results may vary, and products and s

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About

SML Planning Minute shares concise and entertaining financial ideas, for individuals, families, and business owners.

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  • Creator
    Security Mutual Life Advanced Markets Team
  • Years Active
    2018 - 2026
  • Episodes
    150
  • Copyright
    © Security Mutual Life Insurance Company of New York • All rights reserved
  • Show Website
    SML Planning Minute

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