Posts tagged Roth conversion
Jill on Money Radio Show: Can My Wife Retire Early?

Quite the call in hour one this week as we chat with Brian from New York whose wife wants to call it quits at 40. Brian is not on board with this idea, hence the call to Aunt Jill, who’s more than happy to play the role of chief mediator.

We pile on “to-dos” but don’t consider “stop-doings”. We create incentives for good behavior, but don’t get rid of obstacles to it. We collect new-and-improved ideas, but don’t prune the outdated ones. Every day, across challenges big and small, we neglect a basic way to make things better: We don’t subtract.

Leidy Klotz, our guest this weekend and author of the recently released book, Subtract: The Untapped Science of Less, has plenty of research that shows why. 

Whether we’re building Lego models or cities, grilled-cheese sandwiches or strategic plans, our minds tend to add before taking away. Even when we do think of it, subtraction can be harder to pull off because an array of biological, cultural, and economic forces push us toward more. 

But we have a choice, our blind spot need not go on taking its toll on our cities, our institutions, and our minds. By diagnosing our neglect of subtraction, we can treat it.

Have a money question? Email me here.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Jill on Money Radio Show: Where to Park Excess Cash?

With an extra $1500 or so each month, where should that money be going? Sounds like a simple question, right? As you’ll hear in my conversation with our caller, things always get a bit more interesting when you actually join me on the show.

More of the usual in hour one as we mix in a handful of emails around the caller.

In the second hour we're joined by Ellen Bennett, author of Dream First, Details Later: How to Quit Overthinking & Make It Happen!

As a 24-year-old line cook, Ellen Marie Bennett couldn't stand the kitchen staff’s poorly designed, cheaply made aprons. So when her head chef announced he was ordering a new batch, she blurted out, “Chef, I have an apron company” even though she had no company, no business plan, just a glimmer of a design idea and a business license. 

Through hustle and a willingness to leap into the unknown, time and time again, she built that first order into a multi-million-dollar company called Hedley & Bennett, making aprons and kitchen gear worn by many of the world’s best chefs and home cooks everywhere.

Dream First, Details Later shares Ellen's journey and her forged-in-the-fire personal playbook for starting before you stop yourself. If you've ever imagined doing something and immediately thought, "that's impossible," or "I wouldn't even know where to start," or "I'm not qualified to do that," in these pages, you'll learn how to shove aside your inner worrier and launch into action. 

This honest and bold illustrated book will be like having Ellen, your personal hype woman, there with you, all the while yelling, "Don't stop! You got this!"

Have a money question? Email me here.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Jill on Money Radio Show: Strategies in Retirement

One week away from Memorial Day weekend. Hard to believe, right?

Speaking of time passing by, getting to retirement can often seem like it’ll take forever. But once you’re there, many questions can often pop up, such as whether or not it makes sense to start doing Roth conversions or which retirement accounts to tap first. That’s the gist of our call in hour one.

In hour two it’s time for a deep dive on the spring housing market.

Joining us this weekend is Maria Fregosi, the Chief Investment Officer at Homepoint Financial.

Where is the housing market going next? Despite the fact that we are coming to the end of the pandemic with accelerated vaccinations, many companies have announced that employees working from home may continue to do so permanently. 

That may allow some to seek out more affordable areas like Austin, Charlotte, Miami, and Nashville. 

Some smaller cities have launched cash initiatives, home buying allowances, tax credits and money toward local goods and services to induce pandemic movers to relocate there. 

If you are in the market to buy, you will need to run the basic numbers, including mortgage principal and interest, homeowners' insurance, and taxes. Add a line item for upkeep and maintenance, depending on the age of the house and its condition, factor in 1-3 percent of the purchase price annually. 

And for the transaction itself, don’t forget about closing costs, which averaged more than $6,000 last year. It’s easy to gloss over things like mortgage loan application and appraisal fees, the title search and insurance, as well as legal and recording fees, because they seem to be built into the legal process, but you should ask for discounts along the way to see if you can push them down.

Finally, even if the numbers appear to work, consider whether buying could preclude you from addressing other important financial issues in your life, like paying down student loans or saving for retirement. Just because a lender will fork over the dough, doesn't mean you should take it.

Have a money question? Email me here.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Jill on Money Radio Show: A Financial Start Over

Whew, a pretty rough week on Wall Street, eh? Hopefully everybody stayed calm and carried on :)

Hour one this week is the usual mix of calls and emails.

Nothing like a fresh divorce to cause you to re-evaluate your financial situation. Hey, at least our caller cut her losses while she’s still young, so it’s really more of a celebration.

In hour two, we're calling all recent college graduates!

You've landed a job. Now what?

To help answer that question, we're joined this weekend by Gorick Ng, author of The Unspoken Rules: Secrets to Starting Your Career Off Right.

No one tells you how to navigate your first day in a new role. No one tells you how to take ownership, manage expectations, or handle workplace politics. No one tells you how to get promoted.

The answers to these professional unknowns lie in the unspoken rules, the certain ways of doing things that managers expect but don't explain and that top performers do but don't realize.

The problem is, these rules aren't taught in school. Instead, they get passed down over dinner or from mentor to mentee, making for an unlevel playing field, with the insiders getting ahead and the outsiders stumbling along through trial and error.

Until now.

Have a money question? Email me here.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Jill on Money Radio Show: Roth or Pre-Tax?

Surprise, surprise, both our callers in hour one have Roth related questions.

Honest to goodness, anything related to Roth money is by far the most popular question we receive.

Should you be using your traditional 401(k) at work or should you be using the Roth 401(k)?

Should you be doing backdoor Roth conversions?

You get the point. We’ll also mix in the usual handful of other retirement related questions.

Risk: success requires risk, risk that stands firmly on the platform of integrity.

Reward: integrity inspires reward, generosity toward those who helped you succeed.

Repeat: generosity fuels repetition, helping others to forge their own way forward.

These are the lifelong tenets of Eric Gleacher, the Marine Corps officer and investment banker who, along with a handful of others, dominated the Mergers & Acquisitions industry in the latter half of the twentieth century and transformed the face of American business.

He also happens to be our guest this week in hour two to discuss his recently released book, Risk. Reward. Repeat.: How I Succeeded and How You Can Too.

Risk. Reward. Repeat. chronicles his compelling journey: from a profoundly isolated childhood to the hardcore leadership lessons of the Marine Corps, to Lehman Brothers and Morgan Stanley, to his own firm, going toe-to-toe with the giants of Wall Street.

Gleacher's book puts today's culture of hype, tricks, and life-hacks to shame with its simple, timeless formula: be yourself, tell the truth, lead by example, do your best, own your mistakes, work hard, take risks, earn your success, and pay it forward.

Have a money question? Email me here.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Jill on Money Radio Show: Roth Conversion Strategy

What’s the best strategy when considering to convert a traditional IRA to a Roth IRA? That’s the gist of our chat with Matt midway through hour one. And you’ll also hear why he’s incredibly grateful just to be able to ask the question.

Mixed in around the call we have more of the usual emails.

Today we think statistics are the enemy, numbers used to mislead and confuse us. 

Our guest in hour two, Tim Harford, says that's a mistake. 

In his latest book, The Data Detective, Harford says we shouldn’t be suspicious of statistics, we need to understand what they mean and how they can improve our lives: they are, at heart, human behavior seen through the prism of numbers and are often “the only way of grasping much of what is going on around us.” 

If we can toss aside our fears and learn to approach them clearly, understanding how our own preconceptions lead us astray, statistics can point to ways we can live better and work smarter.

Have a money question? Email me here.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Jill on Money Radio Show: Did We Make a Financial Blunder?

Happy March!

We get a lot of hate mail when we have people on the air who have money. As if we’re not supposed to talk to such individuals? It’s a completely absurd thought process.

Whether you have a lot of money or a little, nobody is immune to financial missteps along the way. Hence our caller in hour one.

In hour two we're joined by Ilir Sela, founder and CEO of Slice.

Since 2010, Slice, the easiest way to order pizza online, has been all about connecting hungry customers with the great pizza restaurants around them.

Today, more people than ever are experiencing the benefits of the free and easy Slice ordering applications with access to thousands of independent pizza menus.

For hungry customers it provides a quick and easy way to place orders with the best local pizza restaurants. For pizza restaurants it provides an effortless and complete online ordering solution, fully interactive menu and marketing services to attract new customers.

Enjoy!

Have a money question? Email me here.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Jill on Money Radio Show: Roth or Pre-Tax, Which Is Better?

Just like last week, no guest in hour two this week. A few segments of calls and a few segments of answering emails. The old school approach continues for at least another week :) Reminds me of when we started this little adventure back in 2011!

First up is Jason from DC who’s wondering if he can afford to make a career change, as well as mix in a bit of international travel, all during a pandemic.

Then we chatted with Tony from Buffalo who had a few mortgage/real estate related questions as he and his wife plan out their future dream home.

Nothing like helping settle a friendly, sisterly debate about who’s right when it comes to using a Roth IRA. One sister says yes, Roth all the way! The other says not so fast, I think pre-tax is the way to go. Is there a winner?

Have a money question? Email me here.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Jill on Money Radio Show: Your Money Questions Answered

Happy MLK Day weekend! I hope most of you are off on Monday and can enjoy the holiday, and can also stay up late on Sunday watching some NFL playoff action!

This week we have a fresh batch of emails as well as the latest infuriating call from somebody being pitched an insurance product.

It's a new year which usually means a lot of resolutions as people try to shake things up in their lives, whether it's a diet or a new career.

In hour two we have somebody who embodies fitness as well as an interesting career path.

Her name is Christine D'Ercole, and if you're a Peloton fanatic like me, then you're certainly familiar with her.

As a Senior Instructor at Peloton, her classes are grounded in the science of cycling and the power of words. Her unique style of mindful motivation inspires members of the Peloton community, reaching thousands of devoted riders every day.

And when she's not on the bike, Christine is a public speaker whose work is rooted in self-talk. Her WORDSHOPS© are workshops for editing our self-talk into the story we want our lives to tell. Her catalog of wordshops span topics from body image to addiction and loss to corporate cultural growth and team building.

Have a money question? Email me here.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Jill on Money Radio Show: Your Money Questions Answered

Back in the saddle as we have our first new show of 2021, and it comes on the 10th anniversary of the Jill on Money radio show.

It was January of 2011 when Mark and I began this little passion project, doing it when we could squeeze in the extra time.

I think when we started Mark was working overnights at CBS News, now he pretty much makes his own schedule and plays Mr. Daddy, my how things have changed!

On to the show with a fresh batch of questions and a caller in hour one.

In hour two we’re joined by Brent Weiss, co-founder and Head of Planning at Facet Wealth, a new Jill on Money sponsor for 2021.

Facet Wealth is a financial service firm that believes in achieving your financial goals with a dedicated CFP® at an affordable price.

How many times have we all said “I can’t wait to retire?” But for many of us, when we really think about taking that next big step, all of a sudden we’ve got real legitimate questions, like how do I know when I’m ready? Or how will I pay for health coverage and when should I take Social Security?

The folks at Facet Wealth strive to provide the answers.

Whether it’s retirement planning, education planning, asset management, insurance or estate planning, Facet wants to show you what is possible with the next generation of financial life management.

Have a money question? Email me here.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Jill on Money Radio Show: Your Money Questions Answered

Here we are, the second to last weekend of 2020. Thank goodness!

After this week, the next couple shows will consist of some interviews as we try to take a brief break and recharge for 2021.

But we’ve got one more show where it’s the usual emails and caller in hour one, so let’s get started.

What would a wacky financial year be without some year-end money moves?!

Due to COVID-19, 2020 saw a lot of changes that will only apply to the current tax year, so there's a lot to unpack.

For such an occasion there's no better person than Michael Goodman from Wealthstream Advisors. And in the interest of full disclosure, not only is Michael a good friend of mine, he's also my advisor.

Have a money question? Email me here.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Jill on Money Radio Show: Your Money Questions Answered

Just over two weeks to go before Election Day and the emails are coming in from people worried about who might win and what it will mean for their investments. Fear not, as we’ll soon have an expert on the show to break down the financial pros and cons of both candidates.

In the meantime, it’s your questions (and a caller) in hour one.

Ben Cohen and Jerry Greenfield, the founders of Ben & Jerry's Ice Cream join the show in hour two to talk about the role businesses play in social activism.

Also hear how the duo, who met in 7th grade gym class, went on to create the iconic company with no business or ice cream making experience 42 year ago.

Have a money question? Email me here.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

#248 Year End Money Moves with Ed Slott

Ed Slott, CPA is a nationally recognized IRA expert, television personality and best-selling author who has dedicated his life to educating Americans on saving for retirement and the intricacies of IRAs.  He was named “The Best Source for IRA Advice” by The Wall Street Journal and is the author of numerous best-selling books, which is why we are so happy he joined the show to help you make smart, year-end money moves.

  • Download the podcast on iTunes
  • Download the podcast on feedburner
  • Download this week's show (MP3)

 Ed covered a lot of ground, including a great rule of thumb about filing for Social Security: "The longer you wait, the more you get!" Here's a quick list of things to remember to maximize the remaining days of 2015:

  • Make your 2015 Roth IRA conversion and consider a back door conversion, if you earn too much money to qualify for a contribution
  • Check the taxes on stock or mutual fund sales; use losses to offset gains
  • Max out your retirement accounts (yes, there's still time to get to $18,000 or $24,000 if you are over age 50)
  • Take Required Minimum Distributions: RMDs must start in the year you turn 70 1/2 or the year. Fail to do so and the amount you should have withdrawn will be taxed at 50 percent!
  • Donate your IRA distributions to charity: Although this is still in limbo, Ed recommends that you take advantage of it and assume that Congress will once again make it part of an extender package
  • Check / Update Beneficiary Forms
  • Bunch your deductions and if you are self-employed, project your 2016 income. If it will be higher than 2015, consider deferring income and expenses until next year, when you are in a higher tax bracket
  • Be aware of stealth taxes

Check out Ed's web site www.IRAHelp.com for more information!

Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:

  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE 
#194 Year-End Retirement Planning with Ed Slott

What a treat to have retirement plan expert Ed Slott CPA join the show to help make smart year-end financial decisions! Ed is a nationally recognized IRA expert, television personality and best-selling author who has dedicated his life to educating Americans on saving for retirement and the intricacies of IRAs.

  • Download the podcast on iTunes
  • Download the podcast on feedburner
  • Download this week's show (MP3)

Among his many pearls of wisdom, delivered with his awesome Long island accent, Ed reminded us to do the following before the clock strikes midnight on December 31, 2014:

  • Make your 2014 Roth IRA conversion
  • Be aware of new IRA rollover rules
  • Max out your retirement accounts
  • Take Required Minimum Distributions
  • Check / Update Beneficiary Forms
  • Be aware of stealth taxes
  • Consider donating your IRA distributions to charity
  • Use Your Gifting Limits

In the first hour of the show, we had a terrific call from Mike in Texas, Sharon in CT and Mike in Maryland, all of whom needed guidance on financial advisors.

Thanks to everyone who participated and to Mark, the BEST producer in the world. Check out Mark's first-producing credit for this CBS Evening News segment that aired recently. If you have a financial question, there are lots of ways to contact us:
  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE