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Your labor assets (your salary + future potential salary) might be your most important financial asset. Doug McCormick, the author of Family Inc., joins the show and explains how the CFO of your family should manage financial decisions, from labor decisions to estate planning. Are you the CFO of your family? Do you know how to take a big picture view of your family’s assets? Doug McCormick takes a holistic view that includes all aspects of family finances, including your labor asset – how much you can earn. The key is to think big, identify all your assets, and make sure that they work together. Does your family need a trust? Trusts date back to medieval England and the Crusades when knights entrusted the priests of the church to take care of their property while they were gone. The idea behind the creation of a trust is to depend on someone else to look after your property with your best interest in mind. Listen to learn about the different personalities involved in setting up a trust: the settler and the tr

Looking for exponential growth in your investments? The secret may be to start saving early. Beth Kobliner, The New York Times bestselling author of Get a Financial Life shares insights into millennials and their money. Beth and Doug discuss the financial pitfall of student loans and how having better information can help prevent unnecessary debt. They also talk about how millennials can grow their nest eggs by beginning saving and investing while they are still young. Why it’s important to have a basic understanding of how to manage your own money If you receive an inheritance, chances are in addition to receiving funds, you’ll also get a lot of financial advice from well-meaning family and friends. But some of their advice may not be appropriate for your situation. How can you sift through the advice and figure out what is relevant or not? If you have a clear understanding of basic money management and what realistic investment returns are, you’ll be in a much better position to decide what to do with your

Corona is casting a giant shadow over all aspects of life. Even though the market may have begun to recover from its initial crash, nothing is smooth sailing. If you are too nervous to invest in the stock market now, bonds may look more enticing. While an expanded bond portfolio may lower your exposure to stock market risk, it may be difficult to invest in bonds when rates are low.   Why interest rates are low The U.S. Fed set interest rates to about zero. If the interest rates on bonds is low, the government can borrow more money without paying so much interest. This way Uncle Sam can borrow enough money to pay out the money it promised in the economic stimulus package to its citizens. Far-sighted companies may also borrow money at low rates, looking to fund future projects with what can seem like “free money.”   How can the government get rid of its debt? Print more money – the more money in circulation means inflation, and each dollar is worth less – this causes the potential for inflation Increase tax

Should investors increase portfolio risk and always look for the highest yielding products? Every investment has risk – the question is what level of risk is best for you. Smart money decisions are based on your personal tolerance for risk, and having a conservative view on investing is not necessarily a bad thing. Sometimes it may be wise to increase your portfolio risk in order to make more money, but more frequently than not, Doug advises clients against needlessly increasing risk in their portfolios. Doug encourages investors to be sure they are comfortable with their investment decisions. Conservative investors may find that consulting a brokerage firm before purchasing “safe” investments like CDs (certificate of deposits) can help them. An advantage of buying CDs is that they are FDIC insured up to $250,000. But what happens if you want to own more than $250K worth of CDs? Can you still be insured? Listen to the podcast to learn how you can buy more CDs and possibly get better returns. [Learn about how

Most investors think they have “safety of principal” in their portfolios… do you? Did you tell your broker you want to focus on safety in your investments? If so, does your portfolio reflect your ideal risk/safety level? Doug stresses the importance of having clear communication with your broker. An investor must understand their own investments, and make sure they are appropriate. The best tool for a conservative investor may be CDs (certificates of deposits.) Doug lays out the benefits and different types of CDs. If “safety” is a major concern for you in your investments, then Doug has some helpful tips. Keep your loved one’s estate out of probate Ronald Farrington Sharp is an estate planner and the author of Living Trust for Everyone. Ronald explains how to avoid probate when a loved one passes on, and how to steer clear of unnecessary red tape. Doug and Ronald discuss the difference between a “will” and a “trust” and what the ideal situation is for each of these arrangements. To read more about the uses o

Can a conservative investor find predictable investments? An investor who wants to limit risk has two options for predictable investments: CDs (certificates of deposit) and bonds. Doug explains what bonds are and the pros and cons of owning bonds. Although bonds are frequently considered one of the safer types of investments, there is a catch… the institution could call the bond back. Doug clarifies what that means, and asks if that’s a risk you want to take. To learn more about bonds, watch the Bond Ladder mini course available on Doug’s corporate site, Profile-Financial.com. How to avoid the biggest mistake new retirees make Ken Heise, president of the Heise Advisory Group in St. Louis, MO and co-host of the podcast Your Retirement Highway joins the show to discuss retirement. Ken realizes one major mistake that new retirees make...poor budget planning, and shares how to create a realistic budget for retirement. Get your budget and finances ready for your post-working years. Check out Ken’s radio show at yo

Believe it or not, common investing mistakes that can come back to haunt even the most conservative investor. Doug shares the story of a couple who were financially secure in their investments, but still made 3 very common mistakes. Listen to hear these mistakes and how Doug suggests to avoid them. Most importantly, he stresses the need for a licensed financial advisor who works with people who have similar needs to your own. Get out of the paycheck-to-paycheck cycle! The Financial Rock Star and author of 99 Minute Millionaire, Scott Alan Turner, discusses the financial mistakes he made in the beginning of his career. He and Doug explore the topic of why financing with a credit card is a bad idea. They also suggest how to change your spending habits, and why you should consider early retirement. Scott mentions some smart lessons from other financial advisors he put to good use. If you are struggling with living paycheck to paycheck, tune in for some sound advice! To learn more about Scott Alan Turner visit hi

Many Israelis come to Doug’s office and ask, “Am I ‘allowed’ to own a US brokerage or IRA (Individual Retirement Account?)” The answer to the question is yes. Doug discusses how a non-US citizen can own a U.S. financial account and why international investors may want to keep money in dollars. Doug explores the benefits of having a U.S. brokerage account. If you want to learn more about opening a U.S. brokerage account go to Doug’s corporate website profile-financial.com. Morningstar’s rating system is just a guideline Christine Benz, director and senior columnist of Personal Finance for Morningstar, explains their rating system for mutual funds. Morningstar researches mutual funds and rates them with stars to give investors a visual guideline of their performance. Christine advises why an investor shouldn’t only rely on Morningstar’s research, but should also do their own. She also breaks down the difference between index funds and exchange traded funds (ETFs). To learn more about mutual funds, read Christin

In an unexpected twist, corona and the economic turndown may turn out to be a good thing for your pocketbook. Even though you may be required to take distributions from your IRA account, as part of the U.S. economic stimulus package, Uncle Sam is allowing people to skip their 2020 required minimum distributions (RMDs). This means that you may not have to sell your stocks at historic lows in order to raise cash to withdraw and pay taxes. Listen to this podcast for an explanation.

Everybody wants to make more money in investing, but do you really need to? Investing is a personal choice that you should be able to customize to your own needs. Some people invest for growth while others just want to maintain their principal. Financial journalist Miranda Marquit shares her own investment challenges. Miranda describes the life of a freelancer and how saving money can be difficult. She explains her money saving approach as well as why index investing fits her needs. The 3 rules of thumb about investing Doug explains why you need to keep an eye on your investments. He has 3 rules of thumb to remember about investing. Listen to the podcast to find out what they are. You should plan your investments around your life, not the other way around. Follow Miranda Marquit’s financial advice at plantingmoneyseeds.com, and listen to her co-host The Money Tree Investing Podcast with Doug. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free eboo

Traditionally people feel that the bond market is a safer place to put money than the stock market. But recent swings in the market have highlighted the risks of both the bond and stock markets. Listen to this timely podcast I on what is happening with the bond market, and why bond prices might drop. Should you buy or sell bonds now? And remember while maintaining bans on social distancing and quarantine guidelines, it is imperative for all of us to strengthen our social bonds however we can. Please send an email with your feedback on the show and/or the markets: doug@profile-financial.com

Tim Prosch, author of The Other Talk, discusses why he wrote his book. The Other Talk refers to the conversation every parent should have with their adult children about their end-of-life wishes. It’s hard to have these conversations, and Tim’s book is meant to be a catalyst to begin this important dialogue. You’ll hear the negative consequences of what may happen if you avoid this talk, and get practical pointers on how to get the discussion rolling. Invest for your children’s future Are you thinking about investing money for your kids so you can give them a milestone gift for graduation or a wedding? Planning a milestone gift can be difficult for parents. Doug offers a smart way to invest in order to have enough cash at life’s milestones. Learn how to set up investments for your children, so they won’t have access to the money before the intended time. Avoid the common mistakes parents make when they invest in their kids’ futures. Doug covers some of those mistakes and has some useful strategies in planning

Doug speaks about the corona virus, the global economy, market volatility, and your investment allocation. Despite the ban on amusement parks, we are on a roller coaster ride. Buckle up, and tune in for this special update. Full disclosure: I washed my hands before recording this episode.

Do you own stocks, and if you do, do you understand stocks? Some people don’t even know they own stock! For instance, if you are a mutual fund owner, you might also own stocks. Since you may be a hidden stock owner, it’s important to understand how stocks work. Doug explains what a stock is, how to pick the right stock for your portfolio, and how “price earnings ratio” affects stock prices. Jackson Grant Investment Advisors Chief Investment Officer, Julie Jason, joins the show to discuss how to ask the right questions before making an investment decision. After all, different people need different investments, so you should ask the questions that are appropriate for you. Learn why risk and goal setting are the cornerstones of investment decisions. Don’t get fooled by “fool's gold” dividends! Doug explains dividends and why high dividends are often a trap. Learn how it’s easy to be fooled by high dividends. How can you determine if a high dividend is worth the risk?   To learn more about stocks visit www.profi

The Retirement Answer Man Roger Whitney shares his insights on investment risk and how having the right retirement plan makes all the difference. Life is messy, and you can’t always prepare for a crisis. Roger explains his “barbell strategy” of investing and offers a lot to think about while you build your portfolio. What is the meaning of “risk” in the investment world? Doug and Roger explore this question and the answer might surprise you! Risk is a key ingredient in investing, and Doug and Roger have sound advice on the subject. Also, listen for the three questions you should consider when looking for a money manager. To hear more about Roger’s retirement tips, go to The Retirement Answer Man. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook, The Retirement Planning Book.

Do you agree with the pundits who predict a global market crash? Douglas Goldstein, CFP®, director of Profile Investment Services, Ltd., and Joe Saul-Sehy, host of the Stacking Benjamins podcast, discuss what should take priority: planning for retirement or planning for potential economic disaster? Should your estate plan include a trust? Is creating a trust appropriate for your estate plan? Learn about the ramifications of trusts on probate, inheritance, and maintaining control of your assets. Listen to Joe Saul-Sehy on www.moneytreepodcast.com and www.stackingbenjamins.com.  Follow him on Twitter @AverageJoeMoney

Spending money can be an educational experience. Joe Saul-Sehy, host of the Stacking Benjamins podcast, and Douglas Goldstein, CFP®, director of Profile Investment Services, Ltd., discuss how to turn a shopping trip into an enjoyable personal finance lesson. Find out how to teach your kids how to make better choices about spending money. Should you ask a financial advisor for references? When a professional provides client references, will you get an objective opinion? Douglas Goldstein, CFP®, explains what you need to look for when choosing a financial advisor. Learn why references may not be the best benchmark for excellence, and how to check a financial advisor’s credentials online. Click here for an article on how to pick a financial advisor. Listen to Joe Saul-Sehy on www.moneytreepodcast.com and www.stackingbenjamins.com.  Follow him on Twitter @AverageJoeMoney

Did growing up during the 2008 recession cause millennials to distrust the financial system? Millennial financial expert Amanda Abella, author of Make Money Your Honey, discusses the unique issues facing millennials with Douglas Goldstein, CFP®, director of Profile Investment Services, Ltd. Why do so many young people have financial fears? How can they overcome them and begin investing? Find out what millennials need to know in order to plan for the future. Don’t use email for financial transactions Emails and other quick forms of messaging leave open the possibility of miscommunication. Douglas Goldstein, CFP®, shares an example of what happened when an email with financial instructions was misunderstood and gives advice on how to communicate effectively with your financial advisor. Follow Amanda Abella at www.amandaabella.com and on Twitter @amandaabella

How much does your address affect your chances of reaching financial independence? Personal finance blogger Pauline Paquin discusses the importance of considering where you live when deciding upon retirement. She tells cross-border financial advisor Douglas Goldstein, CFP®, why she moved from her native France to Guatemala. Find out which financial steps you need to take if you relocate before retirement. Find your magic number to reach retirement Is there a magic amount of savings that enables you to retire? What factors, other than age, should be taken into consideration when determining when and where you’ll retire? Find out five important questions that you need to ask yourself - and your spouse. Follow Pauline Paquin at: www.reachfinancialindependence.com    and on Twitter @RFIndependence

Good investment advice reflects the big picture, taking into account an investor’s goals. Eric and Wendy Nissan, co-founders of DIY.FUND, discuss with Douglas Goldstein, CFP®, why investors – and their advisors -- need a holistic approach to managing money. Find out why practicing trading with investment simulation games won’t help you deal with the reality of working with the financial markets. What is the hardest part of personal finance? The hardest part of investing is not being able to predict the future. The easy part is the paperwork. Douglas Goldstein, CFP®, explains how technology is making financial paperwork easier to deal with. Follow Eric and Wendy Nissan at: www.diy.fund and on Twitter @Diyfund