Unlocking Your Financial Future

Ep 48: How Complex Should Your Financial Plan Be?

If you visit a financial advisor, how complex should your plan be? Is a one-page plan too simple? Is a 50- to 100-page plan too much? We’ll explain how much detail you should expect in your financial plan.
 
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-48-how-complex-should-your-financial-plan-be/ 
 
On today's show: 
2:48 – What’s the typical range of a financial plan?
4:39 – What’s the ideal length of a plan?
6:10 – Does it depend on what the client wants?
8:20 – Examples of complicated plans
9:52 – Examples of simple plans
10:38 – Are long plans a red flag?
13:14 – Mailbag: Retiring at 55

Ep 47: Market Crash Survival Guide

When the market crashes, it’s normal to feel panicked. But we’re here to help you build confidence and get through these tough times with a five-step market crash survival guide.
 
Read more and get additional financial resources here: https://www.baschrock-fg.com/?p=2068&preview=true 
 
On today's show: 
1:23 – Poll: Americans want to prioritize financial planning
4:37 – Know how much risk you are exposed to
6:18 – Protect your gains
7:34 – Have appropriate diversification
9:47 – Don’t try to time the market
12:31 – Don't panic

Ep 46: Handling Finances After the Death of a Spouse

It’s a somber topic that no one likes to think about, but it’s important to have a financial plan in place if your spouse dies. Our team can help you with those sensitive, difficult conversations so money is the least of your worries if your loved one passes away.
 
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-46-handling-finances-after-the-death-of-a-spouse/ 
 
On today's show:
2:22 – A somber topic
3:08 – A difficult but necessary conversation
4:25 – The number one financial question after losing a spouse
6:17 – Immediate financial challenges after losing a spouse
7:00 – How to handle pensions
7:40 – What to know about social security
8:39 – How will it affect your taxes?
10:06 – Why it’s important to meet with both spouses
11:09 – A widow in a tough financial position
12:26 – A smooth transition

Ep 45: Meet Our New Advisor, Dan Oaklief

Meet our team’s newest financial advisor, Dan Oaklief. Find out how he has reenergized and motivated our team and how he’ll be helping our clients. 
 
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-45-meet-our-new-advisor-dan-oaklief/ 
 
On today's show:
3:40 – Meet Dan Oaklief
4:30 – Guiding clients through a very rocky financial year
6:04 – What will Dan’s role be?
6:36 – What are clients’ biggest challenges?
7:19 – What is Ben’s vision for Dan?
7:56 – Dan cares about people
8:43 – Dan’s accreditations
10:09 – A getting-to-know-you question for Dan and Ben

Ep 44: Should You Tell Children About Inheritance Plans + Other Listener Questions

If your estate plans include leaving behind a money to your children, should you tell them about it ahead of time or make it a surprise? There are arguments for both sides and we’ll share some of our guidance on that topic. Plus, we’ll cover annuities, retirement income, trusts, and investment strategy on this mailbag edition.
 
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-44-should-you-tell-children-about-inheritance-plans-other-listener-questions/ 
 
Today's show schedule: 
0:48 – Mailbag Question #1: I have a variable annuity and just found out the fees are very high. I’d like to move the money but I’d have to pay a penalty to take it out. Is it worth it to avoid the fees?
2:26 – Mailbag Question #2: We should be leaving a decent amount of money to our kids. Should we tell them about it now or surprise them with it later?
4:51 – Mailbag Question #3: We have big travel plans when we retire, including all seven continents. Do we need to plan having even more income in retirement than we have now.
7:06 – Mailbag Question #4: Is it wise to have a trust as part of my financial and estate plan?
8:50 – Mailbag Question #5: When should I start focusing less on growing my money and more on protecting it instead? I plan to retire in two years.

Ep 43: Financial Bots are Here

Have you ever plugged your financial info to a website and gotten a retirement projection? As technology improves, how much can you trust these bots? Ben tried it for himself and got surprising results. We’ll share those plus talk about how useful these bots can be for planning.
 
Check out The Washington Post bot here: https://www.washingtonpost.com/graphics/2020/business/retirement-planning-bot/ 
 
Read more and get additional financial planning resources here: https://www.baschrock-fg.com/podcast/ep-43-financial-bots-are-here/ 
 
Today's show schedule: 
1:06 – Ben wrote an article for Kiplinger about the topic of technology in the financial world.
2:16 – What was Ben’s first impression of this when he went through it.
2:48 – Ben got surprising results when he plugged in his info.
4:00 – Limitations of these bots.
4:58 – Great idea to get a second opinion on these results.
6:05 – How often do these get referenced when clients come in?
7:33 – How much has technology changed since Ben got into the industry?
9:12 – What technology does BA Schrock use with clients?

Ep 42: 4 Milestones for Retirement

Being mentally ready to retire and financially ready are two completely different things. You might be prepared to call it a career but does your financial situation match your readiness? Let’s look at four milestones that might indicate you’re in a position to retire. Have you hit all these yet?
 
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-42-4-milestones-for-retirement/ 
 
Today's show schedule: 
2:33 – The topic today.
3:00 – 1st milestone: You can budget confidently.
4:00 – 2nd milestone: Having control over your spending.
6:17 – 3rd milestone: Having an emergency fund.
8:20 – 4th milestone: Having no revolving debt.
9:58 – If you hit these four milestones, how ready are you for retirement?

Ep 41: Do You Lack Confidence to Retire?

The turbulence of 2020 might have you questioning just how close you are to retirement. That’s a common feeling for many people but today we’ll share a story about a client that came in without much confidence in retiring and left with the plan to quit working in three months.
 
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-40-retirement-projections-diversification-other-mailbag-questions-2/ 
 
Today's show schedule: 
1:20 – BA Schrock just moved into a new office.
3:36 – Are clients having more doubts about retirement after everything we’ve been through in 2020?
5:24 – How often are you meeting with people that don’t see a path to retirement?
7:33 – The software our office uses to help you see your portfolio in different scenarios.
9:30 – Ben shares a time a client didn’t feel good about retiring but he was able to show them they were better off than they thought and could retire soon.
12:46 – How much second guessing do clients have?
13:53 – What to do if you have doubts.