Something More With Chris Boyd Show Podcasts

Life insurance is especially important to have during your primary working years if someone (children, spouse, other) is dependent upon your income. If not one depends on your income, you may not need life insurance. It is important to know what kind of insurance you have and what it covers. In the event of severe weather, you may need additional insurance to cover extreme heat, floods, wind, fire, etc. In the case of life insurance, do you have whole life, universal, or a variation of universal life insurance? Are you familiar with the terms of your insurance policy? Some life insurance policies become void if premiums have not been kept up or there is an outstanding cash balance on the policy.  Chris and Jeff recommend that you put life insurance into context of your financial plan. 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 10, 2023.

Scott and Jeff, Investment Advisor Representatives at Asset Management Resources, LLC, are both CDFAs (Certified Divorce Financial Analyst). In this episode, they share things to consider if you think you might be heading for divorce. First, is to get organized. Make sure you have knowledge of all of your joint and single financial assets. Make copies of three months of bank statements, investment statements, and tax returns. If there are financial records that don’t add up (e.g., high income spouse now not able to work, etc.), consider hiring a forensic accountant to do some research. Alimony and child support are not taxable or tax deductible, so consider that when developing a plan. The biggest financial items affecting one’s quality-of-life following divorce are court-ordered QDRO’s (Qualified Domestic Relations Order), which indicate how 401(k)s and pensions will be divided. Housing is also a big financial consideration when divorcing. If you are thinking about a divorce, Scott and Jeff encourage you to

Should you be concerned about last week’s CPI numbers, which implied an uptick for inflation? Brian explains that it was expected and that the market yields responded favorably after the reading. 90% of the increase was caused from a shelter number. It is expected that the shelter is going to come down in the next few months as the lag data comes in. Brian, Chris, and Jeff, also discuss if it Is wise to leverage your debt? This is the subject of Brian Regan’s article “Using Debt Intelligently”, which was recently published on The Street|Retirement Daily. Brian’s argument is that in some cases the math makes sense to leverage the debt. If you can borrow at a low interest rate and invest at a higher rate, you earn the spread. This is the case when someone takes a mortgage out on their house and invests their money at a higher rate, rather than paying the mortgage off. One big caveat in leveraging debt is to make sure that you have the discipline to keep accessible cashflow to pay the debt down/off. Also, even i

Saving for college is investing in the future. You will have to pay for a future liability (e.g., college) – whether that be saving for it today or paying off a loan tomorrow. Families have different values when it comes to paying for a college education. In some families the parents pay and in others the parents believe that the children should work and pay for it. Parents who try to do good and borrow to pay for children’s college expenses need to ensure that they have cashflow to handle that debt or their financial plan may not work.  What do you do if your financial plan doesn’t work? If you are in or near retirement, there are small things that you can do that may make a difference. These things include cutting spending, going back to work, starting retirement later, helping others less, etc., or a combination of things. Just get started towards making positive progress right away. Every person/family should have: 1) A cash flow statement or budget to make sure your money is going where you want it to go

Frank Frederickson joins Jeff Perry for a special Something More with Chris Boyd Cape Cod episode. Frank recently retired after 43 years with the Yarmouth Police Department, 12 as the Police Chief. Chief Frederickson showed his exceptional ability to lead in 2018, when Officer Sean Gannon was murdered and his canine was injured. Frank has taken on a new role as Director of Governmental Affairs for the Massachusetts Fraternal Order of Police. He talks with Jeff about some of the challenges that police face, what he plans to focus on, and how he is getting started. That includes setting priorities and working collaboratively on common goals.  Recorded August 3, 2023.

Brian Regan, CFA, Chief Investment Officer at Asset Management Resources, LLC, explains that stocks are ownership in a business. Fundamental analysis is analyzing the fundamentals of the business, applying valuation to that business, and comparing that valuation to the price currently being held in market. Everyone knows you should buy low and sell high. It’s hard to know what is low and what is high if don’t know what a company's’ value is worth. Value is what you get and price is what you pay, so you want to make sure you pay less than the value of the business. Brian encourages people not to make emotional investment decisions or play the market, and to use the resources of a certified financial planner fiduciary for your investment portfolio. 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.

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.