Something More With Chris Boyd Show Podcasts

Jeff Tomaneng and Jeff Perry discuss Jeff Perry’s latest blog. “Take Control Over Your Financial Goals” focuses on how to take control of your life and purposely plan what to do with your money through setting SMART Goals. SMART goals are Specific, Measurable, Attainable, Realistic & Relevant, and Time-Based.  Read Jeff’s and other AMR Perspectives blogs at https://amrfinancial.com/resource/perspectives/ If you need help with your financial plan, contact us at (866) 771-8901. To learn more about Asset Management Resources, visit AMRfinancial.com. Recorded August 3, 2023.

Do you ask yourself “When my financial advisor provides me with a long-term projection for my financial plan, how often should I review the projections?” This episode’s “Ask the Advisor” question is answered by AMR’s Lead Financial Planner Scott Birmingham. Many factors go into making a financial plan, including income, expenses, comfort with the market, goals (retirement date, helping grandkids, travel, etc.). Scott encourages you to make a financial plan with goals so you will be putting your money towards the things in life that matter to you. Some of the top reasons that people don’t meet their financial goals in retirement are: Spending too much Not taking inflation into account           Not considering taxes           Not saving for capital expenses (e.g., new car, etc.)           Not planning for unexpected health issues Scott develops financial plans for hundreds of individuals each year. The Monte Carlo software that he uses runs thousands of simulations on a portfolio to determine their proba

People may leave their financial advisor if they feel that goals are mismatched, there are excess or unexpected fees, and if communication and/or follow-up is poor. Make sure your advisor is a fiduciary, keeps your money at an insured 3rd party custodian, and is transparent about fees.

Asset Management Resources (AMR) uses our Active Allocation approach to recognize what’s happening in market and adjust based on a client’s risk profile. During the first half of the year, AMR set up the investment portfolio to protect clients against inflation, while another part was setup for recovery. During inflation we took less interest rate risk on the bond portfolio, less beta in the equity portfolio, and were underweight in equity as a defensive stance. We kept some assets that could rally in the face of falling inflation and maintained some intermediate duration bonds. AMR went overweight in companies that we thought were getting punished too much (e.g., recognizable mega-cap names), that recovered nicely. We have seen the big rally from mega-cap growth stocks in the first half of this year. The reality is that there are other stocks that can benefit from falling inflation and that haven’t’ caught up –some small cap and high dividend yielding stocks. Where some people might be more excited about sto

Chris talks with Jeffrey Kleintop, CFA, Chief Global Investment Strategist & Managing Director with Charles Schwab about the state of the global economy, inflation, and the possibility of recession. What are the potential opportunities and risks with international exposure? Opportunities include recovery from recession and risks include geo-political concerns and weather. When it comes to investing, geo-political risks are not necessarily higher today than in the past. Extreme weather could cause some disruptions at a time when the global economy is already vulnerable. Weather disruptions most significantly impact food production and transportation of goods. What does a global recession mean for investors? Only manufacturing and trade currently seem to be in a global recession. Services (education, travel, financial, etc.) are doing ok; however, there is concern that this sector may be weaking in the 2nd half of the year and lead to layoffs. On the good side, a slowing economic picture means that prices h

So, you finally won the lottery. Avoid the common pitfalls of sudden wealth and take these steps to protect yourself: Secure your ticket – take a copy and place in a safety deposit box Hire good counsel – a financial advisor, CPA, and an estate lawyer  Set up a trust  Hire media representation Don't give it all away to charity or friends/family Have a plan figured out before you start spending Recorded July 20,2023  

Medicare is a complex program and can sometimes be confusing. Susan Flanagan of Blue Cross Blue Shield of Massachusetts joins Chris and Jeff to break it down. If you are planning for retirement, you will definitely want to listen in. Susan answers these questions and more: What are the different parts of Medicare? Who is eligible for it? Do I need supplemental insurance? What if I’m still working at 65? What if I quit working before 65?

Chris Fitzgerald, General Manager of the Falmouth Commodores joined Something More with Chris Boyd to talk about the Cape Cod Baseball League and the Commodores. The Cape Cod Baseball League (CCBL) is comprised of 10 teams. They play 44 games per season (June and July) and the top 4 in each division go to the playoffs.  1 in 6 MLB players played in the Cape Cod Baseball League. Each team recruits 30 NCAA players from around the country. It’s a moving target with some players coming late due to college playoffs, some getting selected to play in Team USA, some getting drafted in the MLB. This year 26 Commodores players were drafted. The Commodores organization is supported by coaches, interns, a Board of Directors, volunteers, host families, and sponsors. Games are free and the organization is entirely run on donations from fans and sponsors. Plus, the team participates in community events and every home game recognizes a different community organization. This is the Cape Cod Baseball Leagues and the Falm

Jeff and Jeff review a BankRate.com survey (April 2023) about money and stress. 52% said money has a negative impact on their health and causes stress. 82% of the 52% say it’s economic factors (e.g., inflation, interest rates, etc.) that are causing their stress. Middle generations are more stressed about money. Jeff Tomaneng attributes this to middle generations being homeowners and starting families. Their advice for couples who are stressed about money is to: - Construct a balance sheet and statement of cash flows - If saving for high ticket expenses (e.g., college, etc.), cut down on expenses like dining out, etc.  - Seek out the help of a financial planner.  Recorded July 13, 2023.

Jeff and Jeff discuss some of the top mistakes people make when planning for retirement from a MarketWatch article. They are:       Not planning for long-term care expenses. They suggest that this should be considered as part of a comprehensive financial plan that is developed well before the need arises.       Not accounting for Inflation over one’s lifetime. Inflation is bound to happen. They suggest to determine the future cost of what a new car or other major expenses will cost.           Being too cautious. If you are in or near retirement and are too risk adverse, you may not be able to earn enough income to keep up with inflation Not being prepared for surprises. Health issues may occur as we get older, there may be the need for a roof, etc. Cash flow needs to be available to cover these unexpected expenses

Jeff hosts for Chris. He reviews some key financial indicators that recently came out: Consumer Price Index rate of inflation was less than anticipated Producer Price Index for June only Rose 110th of 1%. The unemployment rate is 3.6% in the United States, that means 66 million people who are looking for a job in the United States were not able to find a job. The labor participation rate is 62.6% and that's numbers holding steady. So basically we are seeing strong numbers for the employment front, with low levels of unemployment. Jeff and Cathi talk about her most recent blog “When I’m 64 – or 66-1/2 – 80”.  People can retire from their current job at any age. That doesn’t mean that can’t continue to work another job, a volunteer position, or wherever their passion may take them.

Chris and Jeff discuss a CNBC article, "Don’t be Fooled by Common Money Myths Financial Gurus Make". 1) Financial ‘advice’ always has your best interests at heart A fiduciary advisor has a legal duty to put your economic and financial interests ahead of their own. How one is compensated may flavor their interest. 2) You must pay for frequent credit report access “The Fair Credit Reporting Act gives us the right to one free credit report every 12 months from AnnualCreditReport.com. 3) Paying off your mortgage early isn’t worth it If your mortgage interest rate exceeds your likely return in the market, it generally makes sense to pay off the mortgage faster and visa-versa. But a mortgage paydown is akin to a guaranteed return. 4) You don’t need emergency savings These accounts shouldn’t be considered as part of a long-term savings plan for college tuition, a new car or a vacation. Instead, this fund is a safety net to be tapped only during emergencies. 5) You must monitor the stock market daily Focusing on dail

Doug MacDonald, President & CEO of Murray & MacDonald Insurance Services joins to discuss things you don’t typically think about with property and casualty insurance. Doug suggests that your watercraft policy give you replacement cost coverage for partial damage. You should encourage everyone on your boat to wear a life vest and have an umbrella policy as an additional layer of liability. Your homeowner’s policy extends to physical damage as well (e.g., your golf ball accidentally hits someone’s head and creates a lot of damage). Hurricane season runs June through November, and with that comes floods and erosion. Erosion is not typically covered in your homeowner’s policy, nor is a mudslide or sinkhole. Homeowner policies will give you a sinkhole rider. In Florida, where they are common, they mandated that homeowner policies must cover sinkhole coverage. Earthquake coverage is also not covered on a standard homeowner’s policy. There are about 5,000 earthquakes felt each year in the U.S., so there’s go

Chris and Jeff talk about books and podcasts – and the Something More with Chris Boyd podcast now available on YouTube! They discuss the latest IRS scam where unclaimed tax notices are being mailed on what appears to be IRS letterhead. People are asked to fill out their Social Security number, etc. and provide a copy their driver’s license. Unfortunately, there are so many nefarious individuals out there trying to take advantage of trusting people. If you receive anything that does not appear to be legitimate, don’t respond immediately. In this case, get the actual number to the IRS and call them to verify the legitimacy of the letter.  

Chris, Brian, and Jeff talk about biased and fear-based investing. Many make investment decisions based on factors such as politics or where a certain stock sector is going and time the market wrong. When people get nervous, they often sell low vs. using it as a buying opportunity. They encourage people to do their research, be in for the market for the long-term, and not act on impulse.

Brian’s back. He talks with Chris and Jeff about improving financial indicators, which indicates that the economy is starting to normalize. Where has the 18-month promise of a recession been?  Brian discusses other false narratives, such as the housing suffering, and if he thinks the banking crisis is over? The Fed put a floor on the immediate crisis and the largest US banks did well on their recent stress tests.   They also talk about the employment picture and the “graying of America”. 

Chris and Jeff chat about the July 4th holiday weekend. They answer an “Ask the Advisor” question “Should I convert my 401(s) to an IRA or ROTH IRA? Last but not least, they discuss a CNBC article about what money matters cause strife in a marriage.  

Chris & Jeff discuss the 12 retirement mistakes to avoid from a "US News & World Report" article. Some of the mistakes are not getting an early start in saving for retirement, agreeing to support adult children, overlooking contribution opportunities, etc. Listen in as they provide tips on how to manage these potential retirement planning setbacks.

In this episode, Chris talks with Ric Edelman, investor, author, and founder of Edelman Financial Engines about digital assets and blockchain. Ric also started a Digital Asset Council of Financial Professionals (DACFP), which provides courses and a certification on crypto.   Their conversation includes the difference between cryptocurrency and crypto assets. Ric feels that crypto should be considered part of a diversified portfolio, but not more than 1%.  Ric cautions against financial advisors offering clients an account to buy Bitcoin, but suggests a better way is to buy securities that invest in the crypto space.  At 50 minutes, Chris and Jeff Perry continue the crypto convo. They question how crypto assets are valued, how to identify those “bad” actors (e.g., FTX, etc.), and that retirees may not have time to recover from downward fluctuations of crypto.

Attorney F. Keats Boyd, III, President at the Law Offices of Boyd & Boyd, P.C., joins Chris. Keats reviews basic estate planning documents and when they are applicable. It’s never to early to have a Healthcare Proxy, Power of Attorney, Will, Revocable Trust, and HIPPA Authorization in place to ensure your desires are carried out if you become incapable of doing so.