Reign Over Money

In this episode Reign Over Money shows a common tool financial advisors use in retirement planning and how to have some fun with it. The introduction of a Monte Carlo simiulation also helps to highlight what is called Sequence of Return Risk and why individuals should care about that near and in retirement.

In the final episode of 2023, Kevin gives a recap of the 18 episodes that made up the Reign Over Money Diamond. The diamond was created by Kevin as a building block for personal finance and all things money as a jumping off point for different topics. Each segment of the ROM Diamond will be discussed in much deeper detail in episodes to follow.

Reign Over Money talks about the importance of having a fundamental estate plan no matter your asset size. Simple items like; retirement account beneficiaries, life insurance and wills among other topics most people should work towards having are discussed.

In Episode 24, Kevin talks about the major problem facing many people, how to control the variable expenses (wants) versus needs; those absolute needs (shelter, food) and allowable needs.

This episode gives some ideas and food for thought on focusing on how to lower variable costs or wants to get to the ultimate goal of creating a surplus in income versus expense on a month to month basis.

Kevin gives a high level overview of each type of insurance and why they are important. He also explains how his family has utilized each and the plan for insurance during his retirement. Briefly touches on the importance of term over whole life and utilizing an HSA at work if available.

In Episode 20, Kevin focuses on the most important piece that will fuel your financial success and that is how you make money. Kevin reflects on his 25 year career and time as a small business owner, working for a small company and working for a large company. Having this background the pros and cons of each are discussed along some tidbits learned along the way on how to succeed at whatever your job or career is or becomes.

In the first episode of season 2, Reign Over Money continues to unlock the ROM Diamond with the subject of Asset Allocation. Kevin tries to simplify the subject and relays to the audience his long-time allocation guidelines. Kevin also introduces the Callan Periodic Table of Investment Returns as a nice research piece.

In Episode 16 Kevin takes advantage of Kentucky Derby week to talk about the difference in investing, speculating and gambling. Setting guardrails for how much money you put into each category can set you up for success in the future and make each an enjoyable adventure.

Kevin breaks down the differences in the two terms. The focus on Episode 13 is on the holistic process of financial planning with retirement planning coming in the next episode of Reign Over Money. The financial planning discussion focuses on what all goes into a financial plan and Kevin discusses a tool he has used for years to track his financial plan. https://www.flexibleretirementplanner.com/wp/

In Episode 12 Kevin talks about ways to take advantage of current interest rates and earn more on lazy money that just may be hanging out in your bank account earning very little. Also, Kevin gives a high-level overview of additional interest earning options such as tax-free bonds and dividend paying stocks for those willing to take on a bit more risk.

Kevin walks listeners through his steps over the last two years to Reign Over Credit Cards. Focusing on how to maximize Southwest, Marriott, Chase, CapitalOne and many other options, Kevin explains how his family has saved nearly $10,000 over the last two years on travel. If you love to travel and have wanted to understand how best to utilize credit card rewards this is a must listen!

We know that taxes are important part of the financial process. Taxes effect our take home pay, our retirement and just about every facet of the personal finance world. Kevin gives a high level overview of personal taxation in regards to filing taxes and what all goes into it from income, deductions and credits. He briefly walks through Form 1040 and tries to simplify what all goes into calculating taxes for an individual.

Following up to Episode 8 "Choosing a Financial Advisor", Kevin goes a little deeper on what to look for in an advisor, including looking for those with a CFP of ChFC designation. Also, Kevin discusses expectations an advisor will have of a client and what a client should expect out of an advisor including portfolio performance and communication timing.