Josh Scandlen Podcast

Latest episode of The Josh Scandlen Podcast --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

Latest episode of The Josh Scandlen Podcast --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

Man, if you love Data, you'll the Census Bureau website.   It's just a treasure trove of incredible info.  In this video, I show you how much incredible data there is when it comes even home heating, mortgages etc.  Its crazy how much info is out there.  https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_17_5YR_B25088&prodType=table --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

Mortgage numbers look good going into 2019.  American's have 15 TRILLION of equity!  15 TRILLION.  Not to consider all that equity when planning for retirement simply doesn't make sense to me.  Now, Americans ALSO have $10 Trillion of mortgage debt too. Would love for that debt number to be reduced. but a couple prominent things jumped out a me on this article.  First, delinquencies are LOW!  At 3%.   This is very good.  High delinquencies mean huge potential for housing values to fall.  People can't pay their bills, they are either put out, or walk away.  What does that do the value of that un-occupied home?  Well, drops in price. What does that then do the homes in the general vicinity? Same things. So, folks who are banking on equity now see it declining.  Bad news for everyone in that scenario. Which is exactly what happened tin 2007-2010. Second is that debt payment to disposable income is lower than it's been in 20 years.  This i

Latest episode of The Josh Scandlen Podcast --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

Latest episode of The Josh Scandlen Podcast --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

In this episode, we dive even further into the BLS and other research on retirement income.  The Pension Rights Center says the average Social Security benefit per beneficiary is $1,360.  While the average asset distribution was $1,542 per household.  They claim less than 30% of retired households have pensions and less than 7% have VA benefits.  And the average earned income in retirement is $25,000. The BLS provides this table: Age of Household Median Income Mean Income Households Aged 55-64 $62,802 $89,986 Households Aged 65-74: $47,432 $68,905 Households Aged 75 and Older: $30,635 $45,989 Notice the difference between median and mean.  IT's HUGE!  We want to look at the median when we can as opposed to the mean, i.e., average  In the video, we're going to dissect the income sources AND, as always, the tax consequence of having income from various sources. Again, using the Tax Foundation handy-dandy calculator, you'll see very quickly that depending on how where yo

It's time to dispel a myth that plagues retirement planning: Health Care will NOT be your biggest expense.    Your largest expense in retirement, by far, is the cost of your housing.  And it's not even close.   In fact, looking at numbers from the Bureau of Labor Statistics, link is below), it's not until you reach the age of 75 and beyond that health care costs become your 2nd largest expenditure. And even then it's a far distant second than from what you will spend on housing.    And even then, food, transportation and "other" expenditures are all within striking distance of health care.    But housing remains above and beyond the most expensive item a retiree faces, accounting for 36.5% of a retiree over 75 expenditures. Health care comes in a distant second at 15.6.  I am not sure why the financial industry keeps harping on the rising costs of health care in retirement while paying absolutely no attention to the cost of housing.   

Interest and dividend income are other areas of the tax code that punishes the ignorant.    You have income on lines 8a, 8b, 9a and 9b? Why?  Is there a strategic reason for earning this income in order to pay tax? If so, that's fine.  Maybe you need the cash to help pay the bills, pay tuition, take a vacation, etc.  However if you're receiving this income because of how your investments are designed without any strategic intent, I suggest you consider a different plan of action  Let's start by looking at what types of income you have.  If you have interest income, from bonds and/or CDs, this income is taxed at ordinary income rates.  Worse yet, there is NOTHING you can do about it other than paying the tax on it...as ordinary income. Consider moving ANY holding you have that yields ordinary income(OI), into your Traditional IRA in order to defer those OI taxes as long as you possibly can.  Remember your IRA is taxed as Ordinary Income anyway. So, having an

The new tax law that we're all living under now (2018) presents wonderful ways for YOU to reduce your taxes now...and in the future.   But like all things, only those with the knowledge of the bill will benefit.  Is it any wonder why corporations and other entities spend so much money lobbying Congress for just a line item?   No, because they are knowledgeable of what they need to pay less. And they'll spend tooth and nail to try to enact that provision.  But just because you don't have a multi-million dollar lobbying firm representing your interest doesn't mean you can't take advantage of what the law allows.  So, in the next few videos we're going to dive into this.    First, we're going to talk about capital gains.   If your TAXABLE INCOME puts you in the 10 or 12% tax bracket, you will pay 0 on any capital gains you have so long as you remain in the 10-12% bracket!.  This holds HUGE potential benefits, my friends.  But only if you know what

Good article by Smartasset.com about average debt by age in the US.  But there is a HUGE issue you need to know before you refer to this study as gospel.  https://smartasset.com/credit-cards/the-average-debt-by-age ================================ If you like what you see, a thumbs up helps A LOT. It tells YouTube that people are engaged and so the Youtube algorithm will show the video to others who may be interested in the content. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1 My Amazon Product page:  https://www.amazon.com/shop/heritagewealthplanning Anything you buy there Amazon pays me a commission.  Much appreciated! If you received value from this video and/or channel, and want to say thanks, feel free to send a donation via Paypal. I'm not too proud to ask! https://bit.ly/2Gq1QsE Contact me: Josh@heritagewealthplanning.com GET MY BOOKS:   ALL are FREE to Kindle Unl

the majority of retirees, if not the VAST MAJORITY, have significantly more wealth in their home than they do in financial assets.  Retirees in the lowest 3 quintiles of wealth all have more, significantly more, wealth in their homes than any other asset.  In fact, even folks in the 4th wealthiest quinitle, their financial assets just equal their home asset. It's only the richest quintile of retirees who have more financial assets than home equity assets. Thus, to NOT consider using home equity makes no sense for most households.   This does not mean run out there and sign away. But it's important to understand these products and how they can impact, to the positive, your retirement planning.  http://crr.bc.edu/wp-content/uploads/2017/02/IB_17-6.pdf https://crr.bc.edu/ ================================ If you like what you see, a thumbs up helps A LOT. It tells YouTube that people are engaged and so the Youtube algorithm will show the video to others who may be interested in the co

Everything you have heard about retirement planning is WRONG!   This white paper from United Income, using data from CDC, BLS, University of Michigan, and many other areas, is a must read.  Retirees are living longer, are healthier and wealthier than ever before.  But here's the critical thing is that retirees on average spend 2% less each year in retirement than the year before.   From the article: The average retiree cuts their spending by about 2 percent every year throughout their retirement. The biggest drop over time is spending on lifestyle expenses, like travel, apparel and entertainment; but, essential spending on transportation and housing falls too, as retirees pay off their mortgages and rely more on friends and family for getting around town as they age. Healthcare is one of the only expenses that tends to increase through retirement, although it tends to increase incrementally for nearly all retirees.  Now, what are we typically told? We aren't' saving enough. Why? &

In this podcast we'll be talking about a new concept when it comes to retirement planning; using your ENTIRE net worth as opposed to only your liquid net worth for retirement income.  We'll  be looking at an article in the Journal for Financial Planning from 2017 that crunches numbers to show the increase in income a retiree can obtain when using their TOTAL net worth.  https://www.onefpa.org/journal/Pages/OCT17-Integrating-Home-Equity-and-Retirement-Savings-through-the-Rule-of-30.aspx --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

Thinking of retiring at 55 but worried what will happen to your Social Security benefit? Maybe dont' worry so much.  I show you why in this video using the Social Security indexing updated for 2018.  You'll quickly see that working longer won't do much to increase your benefit.  https://www.ssa.gov/cgi-bin/awiFactors.cgi ================================ If you like what you see, a thumbs up helps A LOT. It tells YouTube that people are engaged and so the Youtube algorithm will show the video to others who may be interested in the content. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1 My Amazon Product page:  https://www.amazon.com/shop/heritagewealthplanning Anything you buy there Amazon pays me a commission.  Much appreciated! If you received value from this video and/or channel, and want to say thanks, feel free to send a donation via Paypal. I'm not too proud to ask! htt

https://www.i-orp.com/help/RealityRetirementPlanning.pdf https://firecalc.com/ --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

There are THREE financial planning concepts that ALL people, consumers and professionals, need to be aware. Bill Bengen's seminal piece on the 4% rule is the starting point indeed. His piece began the TEDIOUSLY slow process of moving planning from investment management solely to actually financial planning.  Trust me, there is still a LONG WAY TO GO here but if not for Bengen's piece, I shudder to think where we'd be as an industry. --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

Are CDs at the bank difficult to understand?  No.  Everyone knows how they work. You drop $100k into the bank. The bank pays you 3% (or whatever) a year interest. In 5 years (or whatever) you come back when the CD matures and collect your $100k. Pretty cut and dried, no?   Well, bonds work the EXACT SAME WAY.  You loan a company, or government,  $100k, they pay you 3.06% in interest for the entire life of the loan. When the bond matures you go back and collect your $100k...unless the issuer went bankrupt. Thus, inherently, there is NO growth.  So,  if you need MORE income from your investments than the bond interest pays, you must dip into principal.  And when you do that with bonds you inherently get less interest going forward.  Secondly, unlike a stock, you can't sell FRACTIONAL shares of a bond. You only sell the entirety of the bond.   So, if you NEED access to your principal to meet your income needs a bond isn't going to work, because you simp

Kim Wack from Project Rip Cord YouTube channel and Chapped Ass Cycling shares with us her experience on bringing a product to market from the infancy in her brain through production to actual inventory. Kim's business is biking focused. She sells her own produced chamois cream that bicyclists need to stay comfortable when they're sitting on the seat for an enormous amount of time.  Interestingly enough, at least to me, when you type in a search for her main competitor, Kim's product DOES come up.  That's a huge win for her. Especially given the term is searched many, many times a month. The question though, for Kim and any budding entrepreneurs, is can she make hay while still working in her full time gig?  Now, Kim does have a couple other side hustles, so to speak. So, I imagine she's going to be just fine.  But you should definitely subscribe to her Youtube channel to follow her progress.  --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

Latest episode of The Josh Scandlen Podcast --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support