Welcome to a very special episode of Don't Retire... Graduate!: our finale. After five seasons, we're graduating from the podcast in order to take financial literacy education into a new format, with a new edition of the Don't Retire... Graduate! book releasing soon and our new financial wellness program taking off.

Rounding out the show with a bang, we have Cara Macksoud of Money Habitudes here to talk about her journey from Wall Street trader to leading a company that helps people identify their financial biases and make positive changes in their habits. We'll explore the importance of being open-minded and empathetic towards clients with different attitudes and behaviors, as well as the gradual nature of habit change.

Key takeaways:

• Financial security is important for a comfortable retirement transition. It involves having a certain level of income and assets to maintain a desired lifestyle.
• It's crucial to understand your money habits and attitudes, as they play a significant role in your financial decision-making. The Money Habitudes assessment helps individuals gauge where they fall along six domains and identify biases or areas for improvement.
• Money is relational and tied to associations such as family, culture, and community. Understanding the non-verbal messages and influences around money can help shape healthy money habits and attitudes.
• Giving and philanthropy can bring joy and satisfaction, and it's important to align your philanthropic efforts with your values and passions. Incorporating philanthropy into your financial plan can bring both status and personal fulfillment.

Thank you to everyone who has supported this show over the last five years and allowed us to be part of your personal finance journey. Also, a special thank you to our executive producer Sara Lohse and our audio engineer Russ Riba for making this podcast happen.

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In today’s Office Hours, Eric answers Noah's question: “What can you tell someone in their 20s who is already worried about not being able to retire in the future?”

This is a lot of stress to put on yourself so early in your life and career, but there are a few pieces of advice that Eric can share for you.

Have a question? Tweet it to us at @BrotmanPlanning or post it on our Facebook and it may be used in a future episode of Office Hours!

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Welcome back to Don’t Retire… Graduate! On today's episode, we're getting personal and bringing in a member of the BFG family. Financial advisor Cody Niedermeier recently got married and is sharing his experience and advice for handling financial conversations before and after saying "I do."

Even as a financial advisor, it can be hard to handle conversations around money within a relationship. Cody talks about dropping a whopping $15 on her plastic engagement ring (on top of the diamond one, of course), how he proposed, and the plans they have for the future.

• Communication and transparency are key when it comes to financial planning for couples. It is important to have open conversations about joint accounts, bill payments, and beneficiary designations to ensure that both partners are on the same page and have a clear understanding of their financial goals.
• When planning a wedding, it is advisable to save for the engagement ring rather than borrowing money. Using a credit card to purchase the ring means that the spouse is essentially paying for it, leading to unnecessary debt.
• The cost of weddings can vary greatly. It is crucial for couples to financially plan for their wedding and manage expectations. By understanding their budget and prioritizing expenses, couples can prevent financial strain and focus on what matters most to them.
• Geography plays a significant role in financial and legal matters. Couples should ensure that their estate planning documents are done in the state they are living in, as state laws differ. It is also important to consider insurance policies and beneficiary designations, especially when moving between different states.
• The importance of comprehensive financial planning cannot be overstated. From consolidating old retirement accounts to adjusting employee benefits, couples should seek guidance from financial advisors to help them navigate this complex process. This includes finding professionals for tax planning, legal matters, and other important areas to ensure a solid financial foundation for their marriage.

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In today’s Office Hours, Eric answers Olivia's question: “What advice would you give today that you wouldn't have expected to 10 years ago?”

The advice does change over time, but with 30 years of experience as a financial advisor, it's clear that some of the basic fundamentals don't: paying yourself first and avoiding adverse debt. But economic conditions and products do change and there are things that we wouldn't have recommended a decade or even 5 years ago.

Have a question? Tweet it to us at @BrotmanPlanning or post it on our Facebook and it may be used in a future episode of Office Hours!

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Welcome back to Don’t Retire… Graduate! On this episode we’re joined by Hassan Thomas, the creator of the FYI FLI (For Your Information Financial Literacy and Investing) app and host of the FYI FLI podcast. 

He is here to share his story of beginning his entrepreneurial journey during a global recession, having to pivot a future after an injury, and growing a brand focused on teaching personal finance. 

In this episode we’ll talk about:

• Understanding your goals and finding someone who can help you achieve them is crucial.

• Building a comfortable and goal-oriented working relationship with a coach is essential.

• The internet has made information more accessible, allowing for self-education and learning new skills.

• During times of economic uncertainty, having multiple income sources and financial literacy is important.

• The current generation faces more financial challenges, with the need for multiple jobs and side hustles to support a family.

• Financial education and applying knowledge can have an immediate and positive impact on personal finances.

• Establishing an emergency fund (or peace of mind fund) in a high-yield savings account is an excellent starting point for financial stability.

• Continual learning and progress in financial education can lead to life-changing opportunities and success.

• Having a plan, taking action, and being prepared are key factors in progressing and achieving financial goals.

• Understanding how recessions impact individuals and their finances is essential for making informed financial decisions.

Visit dontretiregraduate.com for a full transcript of this episode.

About Hassan Thomas:

Hassan R. Thomas: the new face of emerging FinTech and the Founder of a new APP called FYI FLI (For Your Information, Financial Literacy & Investing), and the CEO of HRT Enterprises LLC. 

@ceosanni @fyifli

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In today’s Office Hours, Eric answers Charlotte's question: “What movie taught you the most about money?”

Eric chose the movie The Ultimate Gift based on a book by Jim Stovall because of how it taught the value of money and how you can use it to make a difference. This is the opposite of one we often mention as more of a cautionary tale, which is Billy Madison.

Have a question? Tweet it to us at @BrotmanPlanning or post it on our Facebook and it may be used in a future episode of Office Hours!

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Welcome back to Don’t Retire… Graduate! On this special 100th episode, we’re joined by Marika Stimac, a life coach dedicated to helping people improve their financial literacy and achieve their financial goals. Marika, who has written a book called "Keys to Financial Confidence: Unlock Your Best Life," shares valuable insights and actionable steps to create a positive financial legacy.

Marika talks about the importance of bringing awareness to the impact of one's financial situation and shifting to a more positive mindset about money, highlighting that financial legacy is not just about leaving behind a large sum of money but also about the mindset and values that are passed down. 

Join us to learn how you can be mindful about money and how your actions and words can influence others. 

In this episode we’ll talk about:

•Actions and words around money influence others in your life.

•Shifting to a positive mindset about money can create a financial legacy.

•Being mindful of how you handle money can potentially help others in their lives.

•Financial legacy is not just about the amount of money one leaves behind, but also the mindset.

•Leaving a financial legacy involves creating meaningful connections and thoughtful gestures.

•Legacy is about leaving gifts of opportunity, experience, and influence for children, not just material possessions.

•Mindset and habitual practices play a significant role in financial behaviors.

•Identifying and understanding the origin of money stories can lead to healthier financial behaviors.

•Overcoming money drama and reframing mindset is crucial for financial success.

•Personalized investing aligned with your passions and goals can lead to meaningful financial growth.

Visit dontretiregraduate.com for a full transcript of this episode.

About Marika Stimac:

I became a life coach with the intent of helping people unlock their best lives but quickly recognized how many people are held back by their financial insecurities. Now I am dedicated to empowering individuals to improve their financial literacy and feel confident in their ability to achieve their financial goals and live the life they desire.

@thefinancialconfidencecoach 

www.linkedin.com/in/marikastimac

www.facebook.com/marikastimac

www.pinterest.ca/thefinancialconfidencecoach/

www.thefinancialconfidencecoach.com

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In today’s Office Hours, Eric answers Oliver's question: “What should I know about finances before I buy my first home?”

Well done for thinking ahead! There are so many costs that go into home ownership that are different from renting, like maintenance, taxes, and furnishing. Listen to what Eric thinks is important to know before you make the purchase.

Have a question? Tweet it to us at @BrotmanPlanning or post it on our Facebook and it may be used in a future episode of Office Hours!

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Welcome back to Don’t Retire… Graduate! On this episode we’re joined by John Crane, a financial advisor and author of The One Number Budget. 

In the episode, Eric and John share their dislike of traditional budgeting—which Eric less-than-affectionately calls the “B-word”—and go through John’s exercise of finding the “one number” you need for this new budgeting concept.

In this episode we’ll talk about:

•Budget shaming and why it’s harmful

•Taking a lifetime approach to budgeting

•What it means to find your number and how to do it

•Importance of financially funded retirement

•Avoiding financial vampires

•Figuring out how to use accumulated wealth, create income, manage taxes, and avoid running out of money before running out of oxygen

•The concept of human life value and why it matters

•How Target has perfected the art of being a financial vampire and driving impulse purchases

•spending for love and how it can hurt your finances

•long term care insurance and how it can impact multigenerational planning

About John Crane:

Author, financial advisor, and retirement income planner John W. Crane has spent more than a decade providing personalized financial guidance to business professionals, corporate executives, and medical specialists, utilizing a comprehensive planning process to identify each client’s unique goals. He’s a member of the National Association of Insurance and Financial Advisors and has received top honors from the premier association of financial professionals, MDRT. A lifelong learner himself, John shares his expertise with students at hospitals and high schools throughout Washington, D.C.

www.cranefinancial.com/

www.linkedin.com/in/johncrane/

Visit dontretiregraduate.com for a full transcript of this episode.

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In today’s Office Hours, Eric answers Jake's question: "How can I open a Roth IRA for my child?”

This is a great question and a great way to set your kids up for success, but you need to understand how they work and how to use them.

Have a question? Tweet it to us at @BrotmanPlanning or post it on our Facebook and it may be used in a future episode of Office Hours!

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Welcome back to Don’t Retire… Graduate! On this episode, Eric Brotman chats with financial industry veteran Troy Holt about the importance of financial literacy and shares some key strategies for managing your personal finances. 

Troy is passionate about financial literacy and explains how a job in finance can provide both community impact and personal satisfaction beyond merely making money. He is here to walk us through the seven money milestones he and his team have identified in the financial planning journey, starting with financial education and leading to building and protecting wealth.

Listen now for tips on cutting expenses, generating income through multiple streams, and protecting wealth with proper insurance coverage and investment in income-producing assets. 

In this episode we’ll talk about:

• The importance of financial education 

• The areas in our finances where most people are not protected, including life insurance and disability insurance

• Rules of thumb for emergency funds and managing debt

• Cash flow and how to begin building wealth

• Investing in income-producing assets and creating multiple income streams

• Avoiding one-size-fits-all financial advice and finding an advisor that can act as a copilot 

Visit dontretiregraduate.com for a full transcript of this episode.

About Troy Holt:

Troy Holt is a skilled sales and account executive with over 20 years of experience in business growth, development and financial planning. As a Certified Financial Educator & Registered Financial Consultant, Troy is licensed in 20 states and is an independent coach, speaker, and trainer. He is well-versed in communication, leadership, and work ethic, and has a proven track record of success in his endeavors.

He is the co-author of an Amazon Best Seller book and host of the Troy Talks podcast, where he shares his expertise and personal stories to inspire others. Troy is also the CEO (Chief Encouragement Officer) of Troy Holt Consulting LLC, a growing financial consulting company focused on empowering and educating individuals and small business owners on wealth accumulation, preservation, and debt elimination.

Troy is an engaging and motivating speaker, mentor, and Independent Coach, Speaker, and Trainer with The John Maxwell Company, who has made it a personal mission to eliminate financial illiteracy, particularly in the African American community with a focus on black women.

Troy is a 33-year member of the same church, serving in ministry for 29 years and as a Licensed Elder with the Pentecostal Assemblies of the World for 26 years. He currently resides in Pensacola, FL with his wife of 31 years, one adult son, and three grandchildren.

Troy Holt's LinkedIn: https://bit.ly/3dru6pP

Troy Holt's Instagram: https://bit.ly/3YEo9OZ

Troy Holt's Twitter: https://bit.ly/33EMQ2W

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