Saving With Silverman

Have you ever considered how the mundane tasks we do around the house can offer valuable lessons for managing our finances? In this episode, we’re going to expand on this intriguing analogy. From taking out the trash to cleaning out the fridge, Mark provides insightful advice on maintaining a well-diversified portfolio, updating beneficiaries, and the importance of periodic maintenance.   Here’s what we discuss in today’s show: Reviewing your portfolio and making sure that it is well diversified. Ensuring that the investments in your portfolio are appropriate for where you are in life. Knowing what you want from your financial advisor.   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832

Every individual will have a unique plan for retirement, but there are questions that every person should be able to answer before they make the transition. Am I prepared for increased tax rates in the future? What about if I live longer than I plan and I outlive my money? What do I want to happen with my money after I die? Today we’ll provide a comprehensive checklist that will help prepare you for retirement.     Here’s what we discuss in today’s show: Saving for the future while enjoying life in the present. Being prepared for retirement risks. Minimizing future tax liability. Incorporating legacy planning into your overall plan.   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

Mark Twain is one of the most revered authors in American history, but what can we learn about finance from this legendary wordsmith? Join Mark Silverman as he takes a look at some of Twain’s most famous quotes and applies the lessons to financial planning.   Here’s what we discuss in today’s show:  Diversification and spreading out your risk to protect your portfolio. Not letting politics be an excuse when it comes to investing decisions. The longer-term an investment you have, the more likely you are to have a good return. The value of getting ahead and how money is a tool.   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

Can you imagine how difficult it would be for a placekicker if the goalposts suddenly shifted just as they were about to kick? In the same sense, how can we expect to achieve our financial goals if we're constantly shifting the targets? Retirement goals can obviously change with the passage of time, but there can be some serious risk when it comes to your retirement if you shift the goalposts a little bit too carelessly.   Here’s what we discuss in today’s show: Setting and sticking to goals. Not keeping more cash for your retirement than you need. Determining how much risk you should be taking.   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

While you’ve probably heard of bonds before, do you really have a full understanding of how they work, especially when compared to stocks? Today we’ll dive deep into the world of bonds, breaking down their complexities and offering valuable insights.   Here’s what we discuss in today’s show: What are bonds, and how are they different from stocks? Bond funds v. individual bonds. What causes bond prices to change?   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

Have you ever glanced at your financial statements and felt overwhelmed by the numbers and jargon? You're not alone. Many people receive statements from their investment accounts every month or quarter but don't fully understand what they're looking at.   Here’s what we discuss in today’s show: Some of the challenges when it comes to fees. What is cost basis and why is it important? What’s in the fine print that you should be paying attention to?   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

It’s been said that “the sales brochure giveth and the fine print taketh away.” In the financial world, glossy brochures and enticing sales pitches often conceal ugly hidden truths.  Let’s talk about some of the things we hear from people when they don’t pay enough attention to the fine print...   Here’s what we discuss in today’s show: “I just got a big rate increase on my long-term care insurance!” “The fees in this annuity are a lot higher than I was told!” “This mutual fund had done really well for the last several years, but it tanked as soon as I got into it!” “My life insurance suddenly got really expensive as soon as I turned 65!” “I want to get some money out of this REIT but they’re telling me I can’t have it back!”   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

In the realm of personal finance, there's no shortage of advice- some of it good, some of it not so much. Being a good advisor isn’t about winning a popularity contest or just saying the same things that everyone else in the industry says. It’s about giving the best advice that you can for each individual situation. Let’s discuss some areas where Mark’s opinions might not be popular with other people in the financial industry...   Here’s what we discuss in today’s show: The appropriate amount of risk for a retiree or pre-retiree The appropriate use of life insurance How to handle debt Whether or not to pay off the house The appropriate use of annuities The appropriate use of mutual funds How much money to have in cash   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

A recent study revealed that 19% of Americans over the age of 65 are still working, which is twice as high as it was 30 years ago. Today, we’ll explore some of the reasons behind this statistic.   Here’s what we discuss in today’s show:  Some people truly love their job A divorce can force someone into working longer than they originally planned Waiting for Social Security full retirement age Some people simply haven’t saved enough   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323    

In this episode of Saving With Silverman, we delve into the nuanced world of financial risk. Join Mark Silverman, CFP® and founder of Silverman & Associates, as he unpacks the complexities of risk tolerance in investing. Whether you're a thrill-seeker in the market or prefer a more cautious approach, understanding the risk you're comfortable with is crucial to achieving your financial goals. Mark emphasizes the importance of understanding not just how much risk you're taking, but also how much you should be taking to stay on track for your objectives. You’ll learn about the pitfalls of chasing market trends and the dangers of being misaligned with your risk tolerance. Mark's conversation is peppered with insights like 'Investments work, investors don't,' highlighting the common mistakes people make when trying to time the market. Discover how to align your investments with your life goals in our latest podcast episode. Learn the secrets of managing risk, crafting a diversified portfolio, and ensuring your

We like to approach financial conversations from a creative angle here on the show. So, in today’s episode, we’re exploring the timeless wisdom of past presidents. Join Mark as he takes five famous quotes from influential figures such as George Washington and Ronald Reagan and shares how their wisdom applies to financial planning.   Here are the quotes we discuss in today’s show: “When only one side of a story is heard and often repeated, the human mind becomes impressed with it.” “Ask not what your country can do for you, ask what you can do for your country.” “Think about every problem, every challenge we face. The solution to each starts with education.” “Trust but verify.” “It takes a great man to be a good listener.”   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323    

In today's uncertain financial landscape, it's easy to feel like you're rolling the dice when it comes to retirement planning. With rising costs and unexpected expenses to account for, leaving your financial future to chance isn't a risk worth taking. Join us on this episode as we dive into the importance of strategic retirement planning.   Here’s what we discuss in today’s show: Understanding and planning for how much income you’ll need in retirement Maintaining a sufficient liquid reserve to handle unforeseen costs Accounting for the cost of inflation in your retirement plan The escalating costs and uncertainties surrounding healthcare   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323    

Does retirement planning sometimes sound like Greek to you? Turns out, that's not always a bad thing. Join us as we take a step back in time and explore the timeless wisdom of Aristotle in today’s episode.   Here are the quotes we discuss in today’s show: “It is the mark of an educated mind to be able to entertain a thought without accepting it.” “Quality is not an act. It is a habit.” "The aim of the wise is not to secure pleasure, but to avoid pain." “Well begun is half done.”   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

Welcome back to the Saving with Silverman podcast! In today’s episode, Mark is going to answer some mailbag questions sent in by listeners like you. These episodes are a great way for you to learn from real-life financial scenarios while gaining valuable insights into managing your finances effectively.   Here are the questions we cover in today’s show: “Is financial expense insurance worth buying?” “I have to start taking RMDs next year. Should I take these withdrawals in monthly installments or one big withdrawal at the end of the year?” “How much tax should I expect to pay on my deceased mother's estate, which includes an IRA worth $150,000, a checking account with $100,000, and a house about to be sold for $350,000?”   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

Welcome back to the Saving with Silverman podcast! This week, we’re going to see what home renovation projects can teach us about the world of retirement planning.  We’ll explore insightful lessons derived from the renovation process, such as understanding the “contractor's discount” and the importance of passing financial "inspections."   Here’s what we discuss in today’s show: The financial advantages of working with an RIA firm, including transparent fees and potential cost savings Passing “inspection” in financial planning with a collaborative financial planner The importance of specialization in financial planning and working with and advisor who prioritizes planning instead of products   Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

In today’s episode, we’re going to cover some signs of good financial health. Listen in as Mark covers four essential areas that lay the foundation for a secure retirement. We’ll chat about the importance of spending less than you make, understanding the future tax implications of your savings, crafting a comprehensive retirement income plan, and more.   Here are the signs of good financial health that we’ll chat about: You spend less than you make You understand the future tax implications of your savings Both you and your spouse both understand your retirement plan and are prepared for the unexpected You have a written retirement income plan and peace of mind   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323  

Ever wondered when the next market crash will hit? Or what healthcare costs will look like 20 years from now? Unfortunately, these are questions that none of us have a crystal ball for. So, when it comes to financial planning, how can we be best prepared for the unexpected?   Here are the questions that we chat about in today’s episode: “When is the next market crash going to happen?” “What will healthcare costs look like 20 years from now?” “What will the tax rates be three presidents from now?” “How long am I going to live?”   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323  

When you break it down to the most basic level, there are really three worlds of money that we utilize for financial planning: banking, insurance, and Wall Street. Each of these worlds has a distinct purpose and role in helping you prepare for retirement. Let’s talk about the pros and cons of each and how we use them to design a portfolio.   Here’s some of what we’ll discuss in this episode: The banking world is great for savings and low risk, but it limits your opportunity for growth.   Why we don’t look at insurance as an investment and what do we use this for. The Wall Street world involves risk but a proper portfolio gives you the best chance for growth.   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

Nearly everyone we know has seen the movie Forrest Gump, which hit movie theaters nearly 30 years ago. That’s really hard to believe, but it’s a film that still holds up today. Forrest might have been slow-witted, but it’s hard to find a more inspirational character. Believe it or not, there are even financial lessons we can glean from the movie and we’ll share those today.    Here’s some of what we’ll discuss in this episode: Why you need to have a plan that’s able to adjust as life changes. An example of someone who had a life circumstance that completely changed their plans. We can’t get hung up on decisions we made in the past. Instead, we need to focus on what we can do moving forward. Nobody escapes death so what can you do now to prepare your family for loss?   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323

There are lots of financial decisions that people tend to push off to a later date. Usually, procrastination is not your friend, but in today’s episode, we’re going explore whether putting off certain financial matters is a good or bad strategy. Stay tuned as we chat about deferring taxes, eliminating debt, setting up legal and estate documents, and more!   Here’s what we discuss in today’s show: Deferring taxes can be beneficial upfront, but they will eventually need to be paid There are good and bad kinds of debt The benefits of having a simple will in place Understanding when to start taking Social Security benefits   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com Phone: 520.512.8832 520.618.5323