Financial Fridays with Bob Gustafson

In life, most people aren’t financially savvy. Everyone has a different skill set and some people just aren’t naturally prone to being good with money. As a result, too many people in our country never achieve financial success.

Estate tax and inheritance tax sound like they may be the same thing. An estate is what you leave to your beneficiaries as an inheritance, right? But in reality these two taxes are not the same.

Your primary residence should not be viewed as an investment but should be valued as a quality of life for you and your family. Downsizing your home and ultimately your lifestyle takes you off that stressful treadmill and gives you more time and money to enjoy the things you want to do.

A common question in the financial planning world is: which is better for beneficiaries an inheritance or a trust? The best answer is that it depends on the situation. Read on to learn more. Then you can decide what will work best for you.

A 401(k) plan is a defined-contribution retirement account, which allows you to save a portion of your pre-tax salary to the plan. But many people have questions about their 401(k) plans that we answer in this podcast.

Home maintenance costs are some of the most common surprises for first-time home buyers. When they contemplate whether or not they can afford a new home, they typically consider whether they have enough money for the monthly mortgage payment, which normally includes taxes and insurance. Unfortunately, most people fail to add money to their monthly payment estimate to cover maintenance.

Healthy people think disability is something that happens to other people. We get up every day and go to work. We are able to care for our family without a lot of stress. But becoming disabled, even for a short period of time, is more common than you may think. This is where you need to have short- and long-term disability insurance.

If you have managed to save for retirement using a traditional IRA or 401(k), you may wish to consider doing a Roth IRA conversion. There are some good reasons for doing so, including managing taxes and avoiding required minimum distributions (RMDs) when you reach the qualifying age. But should you go that route?

There are two basic types of trusts. We will define and discuss revocable or living trust vs irrevocable trust. Learn more about each and how to choose the right one for you.

Selling a small business can be a complicated process and one that needs time to do it right. Learn what you need to consider before you start the process.

No one likes to talk about estate planning. Many people may feel they don't really need it or they are too young and feel they have a lot of time to plan. Or you may feel a simple will is enough, right? Not really.

If you’re a small business owner, it’s a necessity today to offer a retirement plan for your employees. If you want to attract good talent, it’s critical to provide a retirement plan. But there are several retirement plan options available for a small business that can cater to your needs.

Annuities can serve an important role within a portfolio. You just need to be careful how you’re using them. Learn more about the pros and cons of annuities and how they may fit into your retirement portfolio.

If you are thinking about selling an investment property, non-owner occupied property or vacant land, you should consider structuring the transaction as a 1031 Tax Deferred Exchange. 

Reverse mortgages are a relatively new product to the financial industry. A reverse mortgage can be very beneficial especially for seniors who have run out of assets to draw from to maintain their standard of living. 

A 401(k) is the dominant retirement plan scheme that most people in the U.S. will use to provide an income once they retire. But many wonder if there are pros and cons of using a 401(k) retirement plan to save for your retirement.

Budgeting your money is an invaluable aspect of personal finance. Some people are good at creating a budget and sticking to it and others are not. However, it is something that you should not ignore. And if you find yourself having a hard time saving money, you should consider implementing a reverse budget.

Many people struggle with identifying the optimal age for claiming their social security benefits. Rather than analyzing your social security on its own, it’s best to view it as one piece of your retirement puzzle. And to solve the puzzle, you must analyze the big picture. Learn what factors come into play that will help you make the best decision!

Umbrella insurance policy is additional personal liability coverage supplementing home/auto insurance to protect you from a variety of risks. Learn more about what it is and why you need to carry an umbrella policy to protect your valuable assets.

The goal is to not pay more taxes than you have to. It starts with you understanding how retirement income is taxed. Put together a strategy before retirement that will put you in the best position to minimize your taxes.

A common question in the financial planning world is: which is better for beneficiaries an inheritance or a trust? The best answer is that it depends on the situation. Learn more about the pros and cons of each. Then you can decide what will work best for you.

Even with the most careful and forward-thinking retirement planning, there are still some financial surprises you may face. Those extra costs and financial drains can make quite a dent into your portfolio, as well as in your everyday savings and money on-hand. Learn what you can do to ensure you can minimize these surprises.

Some financial planning experts believe retirement could be the longest phase of your life. Whether it is or not, all experts would agree retirement planning is important. But there are a few common retirement planning mistakes that many people make that you could easily avoid.

Teaching kids to be financially savvy is a critical life skill. Money affects quality of life, relationships, marriages, children and what you can do for others. If you have a child who recently entered the workforce, or a younger child that is learning about money, here is come advice and guidance for them on their financial journey. 

A financial advisor helps people plan, invest, protect and manage their hard-earned money so they can reach their financial goals. One of the challenges in finding and choosing a financial advisor is finding one that will put your interests first. Listen to this episode to learn how to make the right, informed decision when you ultimately choose your financial advisor.

There’s a significant number of people out there who are financially savvy. And it’s understandable some of those individuals disagree that hiring a financial advisor is beneficial. But there are many reasons why those people (and of course the less financially sophisticated folks) should hire a financial advisor.

Financially successful people have one standout quality in common: their financial success is a state of mind. Simply put, if you want it badly enough, you’ll make it happen. You just have to set the right thought patterns, show up, do the work and earn your success. Learn what it takes for you to develop this financial success mindset. 

Most people need a systematic savings plan to reach your financial goals. Find out what it is and how it can help you save for your future.

If you’d like to increase the likelihood of following through and achieving your carefully analyzed and planned financial goals, then you should create a written financial plan!

If you’d like to increase the likelihood of following through and achieving your carefully analyzed and planned financial goals, you need to write them down and keep them visible as a reminder of what the vision of your life will be.

Comprehensive financial planning involves the detailed review and analysis of all facets of your financial situation. Learn more about what it is and how to choose a financial planner that truly offers comprehensive financial planning services.