A special Halloween edition of the podcast as we get ready for the scariest holiday of the year. Ryan and Bob will go trick-or-treating in the financial world and then apply the seven deadly sins to investing and financial planning. Enter at your own risk.
The guys have their candy prepared and their costumes laid out for this special, Halloween-themed edition of the No Payne, No Gain podcast.
As we pass out mini candy bars to visitors, we’ll also hand out judgement on a few financial items in a special trick-or-treating segment. Did you know tax losses could act as both trick and treats for your portfolio depending on how you handle them? Are annuities a good investment idea? And should you work with fee-only financial advisors?
After the candy is gone, we’ll move on to the seven deadly sins and apply them to retirement planning. Pride and greed can negatively impact your portfolio like it can your life so let’s talk about the sins investors make.
We’ll close out the show with two mailbag questions from Ronnie and Gwen. The first asks about emergency funds vs maxing out a 401k. The second deals with life insurance and decreasing a premium.
Here’s the full rundown for this episode:
[0:32] – Today is our special Halloween edition.
[1:19] – Let’s discuss the tricks and treats of financial planning. First item is tax losses. Is this a trick or treat?
[2:25] – Our president is a great example of dealing with tax losses.
[3:03] – Think of your tax losses like putting money in the bank.
[3:25] – Annuities: Trick or Treat?
[5:20] – Fee-only financial advisor: Trick or Treat?
[6:54] – Why you should have all of your accounts in one place.
[8:19] – Discussion moves to a discussion of the seven deadly sins of finance
[8:27] – First sin: Pride
[9:46] – It’s okay to be wrong but it’s not okay to stay wrong.
[10:12] – Second sin: Envy
[10:46] – Your decisions need to be completely different than other people.
[11:33] – Next sin: Wrath – the market doesn’t care what you think.
[12:47] – Next sin: Greed
[13:45] – Next sin: Sloth – not doing anything with your money.
[15:42] – Mailbag time
[16:39] – Mailbag Question from Ronnie: I’ve been told I don’t have enough of an emergency fund in the bank. What’s more important, building that up or maxing out my 401k?
[19:04] – Mailbag Question from Gwen: I have a whole-life insurance policy that’s very expensive. I’m thinking about canceling it and getting a cheaper policy. Is there any reason to not cancel the whole-life policy?
“Fees are condensing. They’re going down and you’re probably entitled to a lot more discounts than you even know you’re entitled to.”
– No Payne No Gain Podcast
IMPORTANT DISCLOSURE INFORMATION
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Payne Capital Management, LLC), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Payne Capital Management, LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Payne Capital Management, LLC is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Payne Capital Management, LLC’s current written disclosure statement discussing our advisory services and fees is available for review upon request.