Gift Planning Attorney, Daniel Hicks joins Mike to discuss this great planning tool.

Probate Judge Debora Faulkner joins Mike to discuss how the Probate Court helps advocate for adults who cannot advocate for the themselves. Plus, Judge Faulkner reviews the process survivors need to follow when settling an estate.

Stephen Piper of Piper Insurance Group joins Mike to answer insurance questions:

• How does inflation affect home and auto insurance?
• What are some ways to save when you add a teenage driver?
• Is there a way to report insurance companies not paying what is due?
• How do you make sure you have enough coverage?
• What about coverage for the contents of the house?
• Do I need to take a video inventory of my possessions?
• What might be involved in the claims process if something happens?
• Should I insure my rental properties under an LLC or under my name?
• If I rent a car, am I covered under my personal policy?

Mike shares a recent podcast from Ronald Blue Trust where Nick Stonestreet and Brian McClard discuss the current economic landscape, why the market is struggling, how international events are affecting investors, what may lie ahead, and how this may affect you. He then shares a few thoughts about the interview.

Mike is joined by David  Garrigan, CFP®. David works as a financial planner for the Everyday Steward division of Ronald Blue Trust out of the Greenville office. Mike and David discuss what kind of client the Everyday Steward division helps, what services they offer, and how someone could give a gift of a financial plan.

Highlights from show originally aired April 9, 2022

What is the importance of researching the companies you are investing in or the firms you are using to invest for you?

Beware those who show you past performances and promise the same future returns. Ask where they invested 5, 10, 15 years ago.

Remember: no one can accurately predict the market!

Make a plan and stick to it.

When making a large purchase (car, house, etc), do you think about how a larger loan may affect your daily cash flow and budgeting?

What is the bucket strategy?

What is your portfolio’s primary goal: meeting future cash flow needs, limiting volatility, or keeping up with the benchmarks? You can’t have all three, and each have their trade-offs.

If you are holding on to a stock that has gone down since you purchased it, ask yourself if you would buy it today. If the answer is no, why would you continue to hold on to it?

Invest according to the time frame in which you will need the money.

Don’t let fear or greed take you away from your plan.

Highlights from show originally aired April 2, 2022

What is a stock? What is a bond? How do they work?

Stocks: what they are and how they work. Stockholder owns part of the company. Stocks are sold at an auction, so the price does not reflect the value of the company. Your money doesn’t actually go to the company.

Bonds: you are investing in the debt of a corporation or government, basically giving them a loan. Have a time limit. Interest rates can affect bonds as well.

Why is it important to stay diversified in stocks and bonds? What about just riding out the rise and fall of the market?

What is the danger of following the “guru” who got their guess right once?

Highlights from show originally aired March 26, 2022

Do you know your risk tolerance? Mike looks at several questions, and your answers may surprise you.

“Risk doesn’t bother me as long as I don’t lose anything.”

“Overrating past performance is the most common mistake mutual fund investors make. Giving inadequate weight to risk, however you manage that risk, would be number two. And being willing to shift funds too quickly would be number three” – John Bogel

“Always diversify your investments” – Sir John Templeton

“If you don’t feel comfortable owning something for ten years, then don’t own it for ten minutes” –  Warren Buffett

“Don’t try to buy at the bottom and sell at the top. It can’t be done, except by liars.” –  Bernard Baruch

“The only function of economic forecasting is to make astrology look respectable.” – John Kenneth Galbraith

Want Mike and his team to come do a workshop for your company? Contact him at 1-800-588-7526 or [email protected] for details.

Mike takes the show on the road to the Miracle Hill Kids’ Ninja Challenge.

Yolanda shared some updates on how the even went and how it benefits Miracle Hill.

Mike also  took the opportunity to interview a couple of participants in the challenge: his grandson Dawson as well as Henry, the second place fundraiser winner.

Allen got to share his story of how Miracle Hill helped him overcome an alcohol addiction, and Ryan, the CEO of Miracle Hill, shared how the Lord has used the ministry throughout his life.

Mike answers some recent listener questions including:

• I would like to give money to my kids and help myself on my taxes at the same time. How can I do that?
• I have several stocks that were purchased at a good price. I would like to sell, but don’t want to pay a lot in taxes. Is there a way to accomplish this?
• What is an advantage of giving an asset instead of giving cash?
• I’ve inherited funds, but I don’t really need the money. What should I do?
• My company used to have a pension, but then switched to a 401K. When I got to retirement, they gave me a list of options to take for the pension. How do I decide?
• How should I set up my estate so that I know my spouse will still be taken care of after I pass and/or ensure they spend the funds wisely?

Mike discusses more questions surrounding IRAs including:

• When should you consider moving from a traditional to a ROTH IRA?
• What are some advantages of keeping things in a traditional IRA?
• What about conversion assets?
• What are the tax rules for a ROTH?
• What are the earnings rules?
• What is the five year rule and how does it affect my planning?
• What are some beneficiary considerations I should be thinking about?