Retirement Quick Tips with Ashley

Ashley Micciche

About

Planning for retirement can be confusing. Ashley makes it simpler! Every day, you'll receive quick, actionable ideas to help you on your path to retirement.

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1353 episodes

Happiness Habits: Learn To Cope

The theme this week on the Retirement Quick Tips Podcast is Habits that lead to happiness in retirement.  So far this week, I’ve been talking about the health habits that will lead to happiness in retirement. This advice is based on a long-term Harvard study that’s still ongoing which has been following a wide variety of Americans starting in their 20s throughout their whole lives. What the study has found is that happiness increases from about age 50 to 65, but then something interesting happens at age 65. People diverge into 2 categories: Sad-sick, and happy-well. The sad-sick cohort are below average in physical health, mental health and life satisfaction. They tend to get unhappier as they age. The happy-well cohort on the other hand enjoy good physical health, mental health, and high life satisfaction that doesn’t diminish with age.  The sad-sick are more likely to smoke, have issues with drinking, are overweight or obese, and don’t get much daily movement or exercise.  These are all important health habits to cultivate throughout life, but what about the non-health related predictors. That’s what we turn to today, starting with learning to cope.  Life is stressful, and some of us have found ways to deal with the person who cut you off in traffic, or that coworker who always manages to put you down. If you find yourself still angry at the random person in traffic after several minutes, or continuing to stew about your rude co-worker, it can lead to bitterness and resentment for more than just the people who hurt you.  At the Catholic parish I attend, it’s a great place to see this firsthand. There are an unusually large number of people in their golden years, compared to the general population, and its easy to spot the joyful, warm, inviting people, as well as the wounded people who have allowed their hurts, turn into resentment and bitterness. I can tell within 30 seconds of talking to someone whether or not bitterness and resentment have closed them off to the world, and it’s very sad to me how so many people have allowed the inevitable pain and tragedy of life have cast such a dark shadow over their lives.  The solution to this is not easy, because it requires often years-long cultivation of patience, kindness, gratitude, and a conscious effort to have an open heart by loving and seeing the best in others. Those I know with an open heart allow love to flow through them and aren’t handcuffed by pain and resentment. Easier said than done, I know! Some of us may even require therapy, but if you find yourself angry, resentful, and bitter, then a great place to start is with a book I read last summer called “Be Healed”, by Dr. Bob Schuchts. It’s written for a Christian audience, so take that into consideration on whether or not this book might be for you, but the book is powerful and practical for healing the deep and inevitable wounds in our lives that, unchecked, can lead to misery and resentment.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  --------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

5m
Aug 11
Happiness Habits: Maintain a Healthy Body Weight & Get Moving

The theme this week on the Retirement Quick Tips Podcast is Habits that lead to happiness in retirement.  Yesterday, I introduced the 80+ year old Harvard Study that is the basis for this week’s theme. It’s a treasure trove of data on what it takes to live happily in your retirement years. The study is still ongoing, and it looks at individuals and their habits over a lifetime.  Think of it like investing in a Happiness 401k. The sooner you can start investing in the good habits and avoiding the bad habits, the more you’ll reap the rewards of your investment in your retirement years.  The first two important habits are don’t smoke & watch your drinking. The next 2 habits are also health related, and nothing earth-shattering that you haven’t already heard a thousand times before, but since it’s clear that it makes a huge difference in your health and happiness in retirement, let’s mention them again: #1 - Maintain a healthy body weight.  #2 - Prioritize movement in your life every day. Today, over 40% of Americans are obese, which is defined as having a body mass index over 30. The problem got worse during the pandemic too, and obesity rates keep climbing. It’s such a problem that it’s even a contributing factor to low recruitment numbers for the US Military, as many would-be recruits don’t qualify due to their weight.  The second recommendation of prioritizing movement is obviously related to maintaining a healthy body weight, but it’s slightly different in that exercise has all kinds of benefits psychological and stress-reducing, and happiness boosting benefits in addition to supporting a healthy weight.  That’s it for today. Tomorrow and for the rest of the week, we’ll transition into some non-health predictors of happiness in retirement: emotional resilience, education, and relationships.  Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

3m
Aug 10
Happiness Habits: Don’t Smoke & Watch Your Drinking

The theme this week on the Retirement Quick Tips Podcast is Habits that lead to happiness in retirement.  According to the article that was the basis for this week’s theme: “In 1938, researchers at Harvard Medical School lit upon a visionary idea: They would sign up a bunch of men then studying at Harvard and follow them from youth to adulthood. Every year or two, researchers asked the participants about their lifestyles, habits, relationships, work, and happiness. The study has since expanded to include people beyond men who went to Harvard, and its results have been updated regularly for more than 80 years. Those results are a treasure trove…You look at how people lived, loved, and worked in their 20s and 30s, and then you can see how their life turned out over the following decades. And from this crystal ball of happiness, you can learn how to invest in your own future well-being.As the participants in the Harvard Study of Adult Development have aged, researchers have categorized them with respect to happiness and health. There is a lot of variation in the population, but two distinct groups emerge at the extremes. The best off are the “happy-well,” who enjoy good physical health as well as good mental health and high life satisfaction. On the other end of the spectrum are the “sad-sick,” who are below average in physical health, mental health, and life satisfaction.” So today, I want to focus on 2 health habits that emerge from the data on this study:  __ __ These recommendations are nothing new. The research pointing to smoking and excessive drinking as a major source of health problems is vast and quite conclusive.  If you’re a smoker, you’ve probably already tried to quit many, many times. And if you’re not a smoker, you’re no doubt happy that you don’t have to battle that addiction. Alcohol however, is more insidious, because its negative effects aren’t as obvious. One of the most powerful predictors of people who end up in the sad-sick category was problem drinking. And unlike the typical stereotype of an alcoholic, the reality is that a lot of successful and hard-working people are highly functioning alcoholics. Some research indicates that many of the personality traits that predict success, are also strong predictors of addiction.  The bottom line is that if you don’t quit smoking and don’t stop problem-drinking, you’re much more likely to be in the miserable, sad-sick category of retirees.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

3m
Aug 09
Habits That Lead To Happiness In Retirement

Welcome to a new week here on the Retirement Quick Tips podcast!  I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision.  The theme this week on the podcast is: Habits That Lead to Happiness In Retirement  I got this idea for this week’s theme from an article I read in The Atlantic that was published in February of this year called “The Seven Habits That Lead to Happiness in Old Age”. If you want to read the full article, I’ll link to it in the show notes: https://www.theatlantic.com/family/archive/2022/02/happiness-age-investment/622818/  You might recognize the author’s name, Arthur Brooks. Back in early June, I devoted a whole week to his excellent book, From Strength to Strength, and it was pure coincidence that I stumbled upon this article in the Atlantic. I actually flagged this article as an idea for the podcast, and then when I revisited it later, I realized that it was the same author of the book I reviewed and discussed in June.  So this week, I’m sharing with you the 7 most important habits that according to research and to Brooks, you can begin to cultivate now that will lead to the highest satisfaction well into your 60s, 70s, and 80s. Think of it as your own Happiness 401k. The sooner you start investing in your happiness 401k, the more you’ll be able to reap the benefits as you age. That’s it for today. Thanks for listening! Come on back tomorrow where I’m talking about 2 bad health habits that you’ll want to kick right away.  My name is Ashley Micciche...and this is the Retirement Quick Tips podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

2m
Aug 08
Deadly Sins of Investors In Bear Markets | Recap

It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast This week the theme was:  Deadly Sins of Investors In Bear Markets In case you missed any episodes, here’s what I covered this week: __ __ The most important takeaway from this week is: that when we’re suffering from losses and uneasy and fearful about the future, we can have tunnel vision and forget how to invest. But during difficult times, principles of successful investing become even more important, and sticking with those principles rather than committing these deadly sins will help see you through the current downturn and emerge stronger on the other side.  Tomorrow I’m starting a brand new weekly theme: Habits That Lead To Happiness in Retirement.  Thank you so much for listening this week! If this podcast is valuable for you, please share the show with a friend, a neighbor, your brother, or co-worker who is getting close to retirement. Just go to your favorite podcasting app, hit the share icon, then text or email the show link to someone you know who is eyeing retirement.  Thanks for sharing the love and spreading the word. I hope you have a blessed Sunday. My name is Ashley Micciche, this is the Retirement Quick Tips Podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

4m
Aug 07
Deadly Sin: Ignoring Taxes & Trading Costs

The theme this week on the Retirement Quick Tips Podcast is the Deadly Sins of Investors In Bear Markets. Today, I’m talking about the deadly sin of ignoring taxes & trading costs. When markets are in a tailspin, it’s easy to buy and sell without considering taxes or trading costs.  Because investors tend to buy and sell more frequently during volatile markets, they often do so while ignoring the gains and losses generated by their sales, and ignoring the fees for buying and selling investments. When you hold an investment for shorter than 1 year, the tax rate you pay on gains increases, so you’ll pay more in taxes if you realize gains from your short-term trades.  Trading costs increase as well for many investors the more often you trade, and those fees can really add up and eat into your net returns.  The lesson here is to keep track of your gains throughout the year, and know where you stand with the gains in your taxable, non-IRA investment accounts.  And always know what the fee or commission is whenever you buy or sell an investment, so you won’t be surprised.  Perhaps most importantly, you’re going to be better off sticking with a buy-and-hold philosophy, since the research bears out that the more frequently you trade the more in fees and taxes you’ll pay, and the worse your returns will be with a short-term focus.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

4m
Aug 06
Deadly Sin: Holding On To Your Losers

The theme this week on the Retirement Quick Tips Podcast is the Deadly Sins of Investors In Bear Markets. Today, I’m talking about the deadly sin of holding on to your losers. Many investors cannot bear to sell anything at a loss, so they ride it out in the hopes that the sour investment will turnaround.  When I was 22 years old, I was convinced that the Chinese were going to take over the world, and that their economy and stock market would thrive over the coming years. While I was still in college, I started following a Chinese index fund that tracked the performance of the largest Chinese companies. Between 2004 & 2007, this index fund tripled in value. When I graduated college in 2007, I had some savings built up, so I decided to put a few thousand dollars into the index fund. Back then, att 22 this investment of a few thousand dollars was about ⅓ of my entire net worth. Within a few months of buying the index fund, the financial crisis hit and I lost ⅔ of what I had invested.  It took me 3 more years after that while the Chinese market continued to limp along to finally sell my investment and move on.  3 years of holding onto a loser. I’m glad I sold, because I went back and looked, and that index fund still hasn’t returned to the price I bought it at 15 years ago. But some people never sell, because the story they tell themselves is that the investment will recover. But in doing so, they ignore the fundamentals and they ignore all the reasons why that investment may never recover.  The lesson here is to detach yourself emotionally from all of your investments, and cut your losses early.  When deciding whether or not to hold or sell, all that matters is the future growth potential of that investment. Selling is hard because we ignore sunk costs that are a just a part of investing.The sunk cost fallacy means that WE ARE MAKING DECISIONS THAT ARE IRRATIONAL AND LEAD TO SUBOPTIMAL OUTCOMES. We are focused on our past investments instead of our present and future costs and benefits, meaning that we commit ourselves to decisions that are no longer in our best interests. That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

5m
Aug 05
Deadly Sin: Taking on More Risk To Make Up For Losses

The theme this week on the Retirement Quick Tips Podcast is the Deadly Sins of Investors In Bear Markets. Today, I’m talking about the deadly sin of taking on more risk to make up for losses.  Most often I see this happen to investors who are approaching retirement. Maybe you’re 5 years away from retirement, your portfolio is down 30% and the only path you see forward is to roll the dice and get super aggressive in the hopes that your big bet will pay off and you will be able to still retire in time.  I knew someone close to retirement who was behind on saving enough and felt tremendous pressure to catch up. He liquidated his entire 401k, invested it in a single stock. 6 months later he looked like a genius because he doubled his money. But he didn’t sell a single share and in less than 2 years he lost 95% of his investment, and his nest egg is all but gone.  I wish this story was a one-off, but unfortunately it’s all too common. We can become so blind to what’s best for us, when we feel cornered and panicked about how to make up for lost time.  Then we see an opportunity to invest in something that’s our lotto ticket to a comfortable retirement, and like most lottery tickets, it just ends up becoming a worthless piece of paper.  My best advice here is to accept the circumstances you find yourself in today, and figure out where you’ll compromise to make up for lost time. Will you work longer? Will you live on less in retirement? Will you downsize and sell your home? We often want to avoid the more painful way out that involves some sacrifice, but it avoids the risk of losing everything by taking unnecessary risks when you can’t afford to lose so late in your working years.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  --------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

4m
Aug 04
Deadly Sin: Forgetting The Basics of Successful Investing

The theme this week on the Retirement Quick Tips Podcast is the Deadly Sins of Investors In Bear Markets. Today, I’m talking about a common temptation when the stock and bond markets go haywire, and that is forgetting the basics of successful investing.  Many investors get so caught up in fretting about their portfolio losses, that they forget about and abandon the timeless basics of successful investing. Investors forget about asset allocation, diversification, risk, asset location, company valuation and fundamentals.  But it’s paying attention to these basics in good times and bad that will help see you through. So if you pay attention to asset allocation, that will help you to rebalance your investments and buy when stocks are cheaper. If you respect the principles of diversification and risk, you’ll avoid putting all of your eggs in one basket by owning a single stock or doubling down on an investment thats already reeling with significant losses in the hopes that it will bounce back.  By paying attention to asset location, you’ll ensure that taxes won’t bite you hard later and that you own the right investments for each account type. If municipal bonds look cheap, they’re never cheap enough to own in an IRA or a 401k type account.  And lastly, by paying attention to company valuation, you’ll avoid the temptation of buying a stock simply because it’s dropped in price. Many investors make the mistake of buying a stock after it drops 20, 30, or 40%.  The stock of the popular social media platform, Snapchat, is down almost 80% this year. The company relies on ad revenue to make money, and with that down and projected to get worse, the company has been in the doghouse. On the surface, it might look to some like the stock is now cheap after dropping 80% this year.  But to me, it doesn’t look like the stock is cheap at all. They aren’t profitable, they have plenty of competition from other social platforms like TikTok and Instagram, and their future still looks very uncertain.  So don’t ignore the basic tenets of successful investing during a bear market, and you’ll be glad that you didn’t make a snap decision (did you catch that reference there?). That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

5m
Aug 03
Deadly Sin: Having A “This Time Is Different” Mindset

The theme this week on the Retirement Quick Tips Podcast is the Deadly Sins of Investors In Bear Markets. Today, I’m talking about the most dangerous mindset that an investor can have during a bear market, and that is:  This time is different.  This time is different. It’s easy to fall into the trap of thinking “this is it. This is the next great depression. I’m going to be wiped out if I don’t get out, so I need to cash out now and keep my powder dry until I can make sense of the world again”. If you go back to all of the last severe bear markets, you see a common pattern, and yes, each time was different.  When the tech bubble burst, entire companies went up in smoke overnight. During the great recession of 2008, the entire banking system was teetering on the edge, near collapse. Many people lost their homes, and unemployment exceeded 10%.  When Covid hit, the stock market lost ⅓ of it’s value in just a few short weeks, and now in 2022, we’re trying to cope with higher inflation than many Americans can even remember. I wasn’t even born yet the last time inflation was this bad.  So yes, this time is different. The circumstances are always different, and it’s what makes predicting the next downturn so impossible. But there’s an old saying that’s critical to remember whenever you’re tempted to think this time is different:  History doesn’t repeat itself, but it does rhyme.  The circumstances are different, but the stock market and economic fallout are similar, and most importantly, the recovery always comes.  As long as you still believe that the US economy will recover, businesses will recover, there’s no reason to fall into the temptation of thinking this time is different. That thinking will only cause you to sell into the teeth of the downturn and perhaps never recover from that decision.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

4m
Aug 02
Deadly Sins of Investors In Bear Markets

Welcome to a new week here on the Retirement Quick Tips podcast!  I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision.  It’s good to be back with you for some new episodes after taking the last few weeks off during the month of July.  I enjoyed my time off - some highlights were watching my sharp-shooter daughter nail the bullseye with a BB gun at cub scout camp, celebrating my oldest’s 8th birthday, and lots of time at the park, in pools, & slip-n-slides.  This week on the podcast, the theme is: Deadly Sins of Investors In Bear Markets When the stock market and (bond markets for that matter in 2022) are in a tailspin, it’s easy to lose perspective, and lose your mind, and make bad decisions as a result.  So this week, I’m sharing with you the deadly sins of investors during market downturns. These mistakes are so common that I see them nearly every time a new bear market comes along. But if you know how to spot these deadly sins, you’ll be less likely to fall into the temptation of committing them yourself.  That’s it for today. Thanks for listening! Come on back tomorrow where I’m talking about the most dangerous mindset an investor can have during a bear market.  My name is Ashley Micciche...and this is the Retirement Quick Tips podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

2m
Aug 01
Free Resource: Business Valuation Tool

Welcome to a new week here on the Retirement Quick Tips podcast.  I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision.  This week on the podcast, I’m taking a little summer break. I live in Oregon, in the suburbs of Portland, and summers here are amazing. With 3 little kids at home, I’ve decided to give myself a little extra free time in the month of July. I will be back with new episodes next Monday, August 1st, but in the meantime, I’ve been sharing with you a free resource each week on the podcast. This week’s free resource is access to our free business valuation tool. If you are a business owner or you have a close friend or family member who is a business owner getting close to retirement, you’re going to want to get this free resource.  I don’t talk about it much on the podcast, because this podcast is for people approaching retirement, no matter if you’re a business owner or not, but at True North, one of our specialized areas of expertise is working with business owners nearing retirement. When you’re a business owner, you have a whole other set of problems and priorities to address before retirement in addition to all of the routine decisions like deciding when to file for social security. The exit from your business is the final and most important business decision you’ll ever make, and figuring out how to do that successfully on your terms with the resources you need to transition to the next phase of life is a real challenge.  Whether you have a small 1 or 2 person home-based consulting business generating $100,000 a year in sales or a business generating hundreds of millions of dollars in annual revenue, and everything in between, knowing your business value today is the foundational step to embarking on your exit planning and retirement transition journey.  Yet, only about 2% of business owners know the value of their business. To solve that problem and help you start making a concrete plan to exit your business, I created a free checklist to gather the necessary data to value your business.  The checklist is your guide to gathering the relevant data points to accurately value your business. then, once you complete the checklist, you’ll enter the data into our business valuation database to value your business for free. In less than 10 minutes, you’ll have an accurate value for your business that you can use to start your exit planning journey.  To get your copy of the valuation checklist and free access to the business valuation database to www.truenorthra.com/valuemybusiness. That’s truenorthra.com/valuemybusiness.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

5m
Jul 25
Free Resource: Under-The-Hood Portfolio Analysis

Welcome to a new week here on the Retirement Quick Tips podcast.  I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision.  This week on the podcast, I’m taking a little summer break. I live in Oregon, in the suburbs of Portland, and summers here are amazing. With 3 little kids at home, I’ve decided to give myself a little extra free time in the month of July. I will be back with new episodes on August 1st, but in the meantime, I’ll be sharing with you a free resource each week on the podcast. This week’s free resource is an under-the-hood portfolio analysis. An under the hood portfolio analysis will look under the hood of your portfolio. The analysis will show you how your portfolio is allocated among stocks, bonds, and cash; how much you have invested in each sector like tech and healthcare, and how well diversified your portfolio is across different regions as well. The analysis will even show concentrations in your portfolio of your top 10 stock holdings in your various investment holdings.  You’ll receive a portfolio analysis report, as well as some expert insight from yours truly on how you can improve your portfolio, and any red flags that I see which could derail your investment portfolio.  The analysis is free & confidential with no strings attached.  If you’d like an under-the-hood portfolio analysis report, just send me an email to ashleym@truenorthra.com. I’ll send you an access link to a secure folder for you to upload copies of your investment account statements. Again that’s ashleym@truenorthra.com.  That’s it for today. Thanks for listening! Be sure to come back again next Monday for the final week of the summer hiatus, where I’ll be sharing with you one more brand new resource.  My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

5m
Jul 18
Summer Hiatus

Welcome to a new week here on the Retirement Quick Tips podcast.  I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision.  This week on the podcast, I’m taking a little summer break.I live in Oregon, in the suburbs of Portland, and summers here are amazing. With 3 little kids at home, I’ve decided to give myself a little extra free time in the month of July. This month, our plans include a few overnights at cub scout camp with my daughter, checking out a baseball game, picking blueberries, taking my kids to the pool and the splash pad, roasting smores, going golfing, and most importantly, consuming more slurpees than the legal limit in the month of July.  I will be back with new episodes on August 1st, but in the meantime, I’ll be sharing with you a free resource each week on the podcast. This week, I’m sharing the most popular resource that I’ve given away before on the podcast, and then for each of the next 2 weeks I’ll share with you 2 new resources that I haven’t shared with you before on the podcast. I’m really excited to share these resources with you, but you’ll need to check in each week if you’d like the other resources.  This week’s free resource - by far the most requested on the podcast - is my age-based asset allocation cheat sheet.  It’s a one-page guide to help you select the right mix of stocks and bonds in your portfolio based on your age.  I’m a big believer in asset allocation as the foundation of every investor’s portfolio. Making sure we have the ideal mix of stocks and bonds is always the starting place with my own clients when determining how we should invest. Other factors, like risk are also important, but age trumps all.  If you would like to get my age-based asset allocation cheat sheet that helps you determine the right mix of stocks and bonds based on your age, just email me at ashleym@truenorthra.com. That’s ashleym@truenorthra.com and I’ll send that to you so you can figure out for yourself what mix is right for you.  That’s it for today. Thanks for listening! Come on back next Monday for a brand new free resource. My name is Ashley Micciche...and this is the Retirement Quick Tips podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

4m
Jul 11
Mid-Year Commentary & Outlook | Recap

It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast This week the theme was: Mid-Year Commentary & Outlook In case you missed any episodes, here’s what I covered this week: __ __ The most important takeaway from this week is: things feel gloomy right now, and I believe the stock market and bond markets are in for worse to come. While I wish that it Tomorrow is the start of a hiatus for the podcast. I’m taking the rest of July off, but I’ll be back in August with some new episodes.  I’m taking this time off to line up some guests for the show and I am working on creating a resources page on the website, where you can download things like the retirement success forecaster and the asset allocation cheat sheet on demand, anytime.  So stay tuned for some updates coming in August, and enjoy the July break from the podcast.  Thank you so much for listening this week! If this podcast is valuable for you, please share the show with a friend, a neighbor, your brother, or co-worker who is getting close to retirement. Just go to your favorite podcasting app, hit the share icon, then text or email the show link to someone you know who is eyeing retirement.  Thanks for sharing the love and spreading the word. I hope you have a blessed Sunday. My name is Ashley Micciche, this is the Retirement Quick Tips Podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

4m
Jul 10
Prepping Your Investment Portfolio For Continued Turmoil

The theme this week on the Retirement Quick Tips Podcast is mid-year commentary & outlook.    Today, I’m talking about what to do about the fact that the stock market, bond market, and the economy are all in the doldrums.    The most important thing to remind yourself of during gloomy times is: this too shall pass. Volatility in the markets and declines of 20% or more are a healthy and normal part of any economy and are unavoidable.    If you think that you can avoid the pain by selling, think again. You have to sell at the top when everyone else feels euphoric, and buy at the bottom when everyone else has lost all hope in the future. You have to be right both times, and I’ve never heard of any investor who was successful at timing the markets, ever!    So if you’re going to stay invested, which I darn sure hope you are, what can you do?   First of all, look at your overall mix of stocks and bonds. If you have too little in stocks at the moment, do some selective rebalancing to take advantage of the current stock market decline by adding to stocks where appropriate. This rebalancing may only be small and on the margins, but adding to stocks after a 20% decline is a great time to start rebalancing.    If you have excess cash that should be invested, start putting it to work. I like investing over a period of 6-12 months from this point, which I think is prudent. If you invest the cash in equal amounts over that time, you’ll be fully invested by the time this bear market is getting long in the tooth by historical norms, if it continues that long.    With the average stock down 30% this year, it may be tempted to buy just anything on sale. Don’t fall for the temptation to buy the ugly yellow trucker hat that you’ll never wear, because it was $3. $3 is still too much to pay if its an ugly hat that you’ll never wear.  The same is true for stocks.  No matter what, always be discerning and look for quality. I continue to prefer high-quality, dividend growing stocks, mutual funds, and ETFs as the core of my client’s portfolios. I’m a strong believer that this tilt toward predictable, resilient, and financially healthy companies with strong balance sheets and growing dividends will pay off for clients in the long-run. These companies have a history of weathering economic downturns exceptionally well, and coming out the other side in a stronger position, since many of their less healthy competitors fall away in a recession.Those are the kind of bargains you want to hunt for.   In bond portfolios, I continue to prefer bonds with high quality and stable credit ratings on the shorter-term end of the spectrum (less than 5-year maturity), floating rate bonds, and treasury-inflation protected bonds. This bond allocation with a tilt toward shorter term bonds will help you re-invest sooner for higher income if interest rates continue to rise, which I expect that they will.. As a result of these stock and bond portfolio allocations, most of our clients’ portfolios are more stable than their comparable benchmarks, which is encouraging. And that’s what you’re looking for too if you’re like most people nearing retirement - stability, income, and more predictable returns.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

6m
Jul 09
U.S. Economy Mid-Year 2022 Update

The theme this week on the Retirement Quick Tips Podcast is mid-year commentary & outlook.  Today, I’m talking about the Mid-Year Update for the US economy. I am recording today’s episode 1 day before GDP figures are released for the 2nd quarter, but if I were a betting woman, I would put money on the US economy already being in a recession.  By the time you listen to this episode, I’ll have either been proven right or wrong, but I think that the U.S. economy is already in a recession, which is defined as a business cycle contraction and a general decline in economic activity. Two consecutive quarters of negative GDP growth are required for an official recession.  GDP growth was already negative in the first quarter of 2022, so I’m holding my breath to see if that decline continues with this current quarter ending in June, which would officially put the U.S. economy in a recession. There are many reasons to be optimistic that an upcoming recession could be mild and short-lived, but I think it will be still be painful for many Americans, since the Fed is going to have less options to inject monetary stimulus into the economy to stabilize a downturn.  Remember the massive stimulus intended to save the economy in 2008 (i.e. QE, tax cuts, and TARP) and in 2020 (CARES Act, PPP, etc.)? The U.S. government and the Fed don’t have these tools in their toolbox in 2022, because any additional stimulus would counteract efforts to reduce inflation, which will still take a while to abate even if we are already in a recession.  And if you’re wondering what to do about all of this, tune in tomorrow, where I’ll share with you how to prepare your investment portfolio for possibly worse to come.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

5m
Jul 08
Bond Market Mid-Year 2022 Update

The theme this week on the Retirement Quick Tips Podcast is mid-year commentary & outlook.  Today, I’m providing an update on bonds for all you bond investors listening.  What’s especially difficult about this current downturn is that even many conservative investors who are tilted more toward bonds in their portfolio are also experiencing double digit losses in their portfolios this year. Not only are stocks down 20%, but bonds are down too, and cash is no place to hide because inflation is so high.  The US Aggregate bond Index is a broad benchmark designed to track the performance of the publicly issued U.S.investment-grade debt. When looking at how bonds are holding up this year, it’s a great place to look. And unfortunately, most investors don’t like what they see: the index is down more than 10% this year.  It’s no surprise that bonds are struggling this year. The Fed has been forced to get aggressive at raising interest rates due to inflation, and rising interest rates are bad news for bond investors - especially rates that rise quickly and to a large magnitude like we just say last month with the Fed raising rates by .75% at one time.  An important concept to always remember is that bond prices and interest rates have an inverse relationship. So if interest rates are going down like they have spent most of the last 30 years doing, bond prices will increase. On the flipside, when interest rates go up, like they are right now, bond prices drop, and the more rates rise and the faster they rise, the more bonds get hammered.  The length of time between now and when your bonds mature has a big influence on how your bond portfolio is holding up at the moment. Bonds that are many years away from their maturity dates - 10 years or more, are getting absolutely hammered this year. On the other hand, bonds that mature later this year have been pretty stable.  Now if you own a lot of bonds, or even some longer term bonds, that doesn’t mean you should abandon your bond portfolio, but it does present an opportunity to reposition your bond portfolio, which I’ll talk more about on Saturday, when I talk about how we’re investing in this current market environment.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  --------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

3m
Jul 07
Stock Market Mid-Year 2022 Update

The theme this week on the Retirement Quick Tips Podcast is mid-year commentary & outlook.  Today, I’m talking about the stock market. As I record today’s episode, the S&P 500 is down roughly 20% so far this year, and the top 3 headlines on CNN’s Markets page today read:  __ __ Sheesh, talk about doom and gloom!  This has been a very difficult year for the vast majority of investors, and there haven’t been many places to hide. The average U.S. stock is down 30% this year. The bond market in aggregate is down more than 11% this year, and cash holdings are losing value in real terms due to the erosion of high inflation. Investors right now are oscillating between fear and panic, which means that we still have a ways to go before the current bear market bottoms out. Volatility will likely remain high and further losses are probable.  Even though the stock market is unpredictable, it actually follows a very predictable emotional pattern. As I said, I think most investors are still in the fear and panic stage, which means we are not yet at the worst of this downturn.  Understanding market emotions is helpful, since it’s inevitable that we must go through a bottoming process that is characterized by capitulation, despondence, and depression – and unfortunately, I don’t think we’re there yet.  Every significant downturn in stocks follows this same predictable pattern - every time. It may take just days to pass through the fear and panic stage, but other times like in 2008, it can take months.  How long before the market bottoms out? That’s anyone’s guess and it depends on where the economy goes from here, which I’ll talk more about in a couple days when I discuss the economic update. Since World War II, bear markets last an average of 13 months from peak to trough and it took a total of 27 months to get back to breakeven. During that 13 month average drop, the S&P 500 index dropped an average of 33%. We are already nearly 6 months into the current bear market and have experienced about 2/3 of the typical decline already, so my message for you is to keep the long-term view in mind, and have patience while this bear market continues to go through a bottoming process.  As I talked about yesterday, the price of investing is volatility, and dealing with a couple years of turmoil every 7-10 years in order to profit from those periods of growth and expansion, whose gains far outweigh the temporary losses we’re experiencing now.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

6m
Jul 06
The Price Of Investing

The theme this week on the Retirement Quick Tips Podcast is mid-year commentary & outlook.  I’m currently reading a book called .  It’s an excellent book, and even though I haven’t finished it yet, I would easily put this in my top 5 books on money that I’ve ever read, and I highly recommend it. At some point, I’ll probably devote an entire weekly theme on the podcast to the lessons in the book, but while preparing to record this week’s podcast, I happened to be reading chapter 15, titled: Nothing’s Free, which was quite timely in light of this week’s theme.  In this chapter, Housel describes the price of investing, which is volatility, and how important it is to accept this cost to be successful over the long-term.  Here’s what Housel has to say: [excerpt from book] That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

4m
Jul 05
Mid-Year Commentary & Outlook

Welcome to a new week here on the Retirement Quick Tips podcast, and Happy Independence Day to you! If you’re listening on this holiday, kudos to you for still caring about your retirement when everyone else is sleeping in and focused on BBQs and day drinking. Maybe that’s still on the agenda for today, but you’re here now and that’s what matters!  I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision.  This week on the podcast, it’s time for the mid-year commentary and outlook.  In July every year, here at True North Retirement Advisors, we publish a quarterly newsletter as a companion to the performance reports that we send to our clients. The goal is to provide some context and an explanation of what’s driving their investment portfolio returns for better or for worse, and to look beyond the daily headlines at the big picture to take a pulse of the economy and the stock and bond markets, and to discuss with our clients what we’re doing about it.  So this week, I’ll share with you some insights and commentary from our mid-year outlook. We’ll talk about the stock and bond markets, the economy, and how you might want to think about positioning your investment portfolio now and areas to consider rebalancing, so you can get through this difficult time period and hopefully emerge on the other side in a stronger position than how you entered.   That’s it for today. Thanks for listening! My name is Ashley Micciche...and this is the Retirement Quick Tips podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

1s
Jul 04
Inflation Is Still Getting Worse! What To Do Now | Recap

It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast This week the theme was: Inflation Is Still Getting Worse! What To Do Now In case you missed any episodes, here’s what I covered this week: __ __ The most important takeaway from this week is: Inflation is still getting worse, and we seem to be teetering on the edge of recession - a devastating combo for many Americans finances.  But that doesn’t mean that you can’t take steps within your control to keep inflation and a potential recession from causing a serious amount of financial stress and hardship for you. The key theme running throughout this week’s episodes is that the goal is to create breathing room in your finances. By unburdening debts and forgoing large expenses, you’ll be better able to keep up with rising costs. By securing a HELOC now, you’ll have a plan B for tapping additional savings in the event of a financial emergency or a job loss. By getting some extra food on your shelves, you’ll be able to go to the store less often or not at all for a brief period of time if things get a lot worse. And by delaying your plans for retirement, you’ll give your nest egg a chance to recover and increase the odds that you won’t run out of money in retirement.  Tomorrow, come on back because we’re starting a brand new theme: Mid-Year Recap & Outlook. I’ll be sharing with you some commentary from our economic and market commentary newsletter that we send to our clients each quarter. I’ll recap what’s happened so far this year that’s impacted your retirement investment portfolio, and we’ll try to make some sense of where we could be headed from here.  Thank you so much for listening this week! If this podcast is valuable for you, please share the show with a friend, a neighbor, your brother, or co-worker who is getting close to retirement. Just go to your favorite podcasting app, hit the share icon, then text or email the show link to someone you know who is eyeing retirement.  Thanks for sharing the love and spreading the word. I hope you have a blessed Sunday. My name is Ashley Micciche, this is the Retirement Quick Tips Podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

5m
Jul 03
Delay Retirement Until The Recovery Is Well Underway

The theme this week on the Retirement Quick Tips Podcast is: Inflation Is Still Getting Worse! What To Do Now Today, I’m talking about delaying retirement until we come out the other side of what looks to be a near-certain recession.  The last thing you want to do is retire into the teeth of an economic downturn and a cratering stock and bond market. Why does this matter so much? A well-documented concept that most investors are completely unaware of or don’t understand is the sequence of returns risk. This is the risk that you will have significant losses in your investments during the early years of retirement.  The sequence matters here, and it matters a lot, because losses early in retirement are much more damaging than the same magnitude of losses experienced later in retirement - say 10 to 15 years into retirement.  If your nest egg takes a 25-30% hit at the very beginning of retirement when you still need it to last 25 years or more, you don’t have the time to make up for those losses, if you retire during that time and at the same time you’re taking income from your portfolio that you now need for retirement. The nest egg shrinks even more because of your withdrawals, and you just significantly increased the odds of running out of money in retirement.  So what should you do if you were planning to retire in 2022 or 2023. Unless you have well in excess of what you need to live on in retirement, the most prudent thing to do is to wait until the recovery is well-underway before you retire. Your portfolio doesn’t need to get back to it’s previous high-water mark, but it needs to be a lot closer to where it was than it likely is today, and if the markets and the economy continue to deteriorate, you’ll want to wait and see how bad it gets before you make any potentially irreversible decisions about retirement and starting to drawdown your assets, start social security, etc.  If you already retired like so many Americans did during the last couple years, then you’ll want to re-evaluate your financial plan to make sure that the current downturn hasn’t jeopardized your retirement plans. And you’ll want to stress test your plan, so you’ll know how much more your portfolio can drop before changes are required.  Consider ways to cut back or eliminate your withdrawals. That might mean going back to work part time, doing some consulting work, and like I mentioned earlier this week, cutting out all unnecessary expenses.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

5m
Jul 02
Secure A HELOC Now

The theme this week on the Retirement Quick Tips Podcast is: Inflation Is Still Getting Worse! What To Do Now Today, I’m talking about securing a home equity line of credit now. Yesterday, I talked about paying off all of your debts, so it may seem odd that I’m telling you to go out and get a home equity line of credit.  If you own your home and if you’re like many Americans with substantial equity in your home, a home equity line of credit or a HELOC, can be an important emergency source of funds if you get hit hard financially in the next recession. That’s because a HELOC can be tapped into as an alternative to racking up credit card debt or using your 401k as a piggy bank if you run into serious financial issues. The rates on HELOCs are much lower than credit card debt, with usually much higher limits. You can borrow up to 85% of the equity in your home, and you can apply for and get approved for a HELOC, and never use it.  But the time to apply for a HELOC is now, before a recession hits and financial conditions tighten. If you end up being laid off, it could prove impossible to get a HELOC, so it’s best to take care of it now.  Knowing that you have a reserve of up to several hundred thousand dollars of equity in your home will help you sleep better at night and will help you make rational decisions should you find yourself in a real financial emergency.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

3m
Jul 01
Pay Off High Interest Debt…FAST!

The theme this week on the Retirement Quick Tips Podcast is: Inflation Is Still Getting Worse! What To Do Now Today, I’m talking about paying off your high interest credit card debt as fast as possible. The problem with credit card debt is that the rates are already sky high and getting worse each time the Fed raises rates. Interest rates on credit cards are approaching 20% for borrowers with good credit scores, and getting higher. They’ll likely get over 20% soon, and could go up to 25% or more as the Fed continues raising rates, which they have every intention of doing to tame inflation.  As rates continue higher, it becomes harder and harder to dig out of the deepening hole of debt, and as we saw during the financial crisis in 2008-2009, in a severe recession, that debt load can lead to bankruptcy, foreclosures, and much bigger financial problems.  If you have a few thousand dollars or more of credit card debt, this should be your number 1 priority right now - getting rid of that debt ASAP. I like the debt snowball method for paying off debt, where you pay off the smallest size debt first and then continue from there. The snowball gains momentum as you pay off each debt and you see success right away, so you’re more motivated to continue making progress.  This goes hand in hand with what I talked about earlier in the week, which is cutting all unnecessary expenses. This becomes crucially important when it comes to paying off debt, and extreme action should be taken, since you’ll need every available dollar to knock out that debt fast. Stop eating out. Stop the Starbucks run. Consolidate all trips and errands to cut down on gas usage. Say goodbye to all vacations and extras this summer.  Is it fun to live an austere lifestyle? No! Is it forever? No. This is a short term austerity with big long-term benefits. Because it has the potential to save you in the next recession if you pay off your debts now.  To speed up how long it takes you to pay off your debt, you can get creative by selling things on Craigslist or Facebook Marketplace. And commit to paying cash for everything, so you don’t add any new debt to your credit card balance.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  --------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

5m
Jun 30
Stockpile Two Weeks Of Food & Necessities

The theme this week on the Retirement Quick Tips Podcast is: Inflation Is Still Getting Worse! What To Do Now Today, I’m talking about stockpiling some food and basic necessities. With food prices already crazy high, this is harder to do now than it was a year ago, but it’s still important to do what you can.  Supply chains are already strained and slow to recover, and with gas prices continuing higher, and the war in Ukraine disrupting the food chain around the world, there are likely to be shortages similar to the baby formula issue that hits other categories of food and other necessities.  The headline for an article in Business Insider published June 10th, says: “Truckers warn skyrocketing diesel prices are making US supply-chain and trucking industry unsustainable”.  “Austin Smith, owner of Iron River Express, said it has cost him over $20,000 a week to keep his three trucks running. "If something drastic doesn't change in the next few weeks/months, I promise you, you'll see empty shelves everywhere you look," Smith wrote in a post that was shared nearly 290,000 times. "You'll see chaos as people fight for the basic necessities of everyday life." That’s a scary prediction, but it shows the domino effect of inflation and higher fuel prices and how that trickles down to the basic necessities we all need. So take steps now to build up extras of food and necessities, so you won’t be caught off guard and panicking. There are lots of resources online and guides to help you accumulate the needed items in your stockpile. If you can afford the extra expense to build your food stockpile now, then do it. 2 weeks is a great place to start, and if you can have a goal of 3 months worth of food storage for your family, you’ll be able to get through even the worst case scenarios of supply chain disruption without considerable stress.  But if you can’t afford to spend $1000-$2000 at Costco to build your stockpile in one trip, you can take smaller steps each time you go to the grocery store. Create your list of needed items for your stockpile, and each time you go to the grocery store, buy a few of those items on the list. You’ll make progress and some extra food is better than no extra food. The other reason why this matters is that if you experience a job loss or a pay freeze or pay cut if a full blown recession hits, even if the supply chain doesn’t crack, you’ll be happy that your food costs are lowered because of your stockpile, since you can use your stockpile to stretch the time in between shopping trips, and buy less when you do go to the store.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

5m
Jun 29
Drop All Unnecessary Expenses

The theme this week on the Retirement Quick Tips Podcast is: Inflation Is Still Getting Worse! What To Do Now Today, I’m talking about dropping all unnecessary expenses. Not the most fun topic to discuss and much easier said than done, but if a recession is coming, financial stress and potential job losses are in store, especially if you work in a highly cyclical industry that tends to get hit hardest by recessions, expect news of layoffs, furloughs, and pay freezes or pay cuts.  Couple that with the current high rate of inflation, and many Americans will be blindsided by how quickly their financial situation deteriorates if a recession hits. Inflation will likely abate during a recession, but there will definitely be an overlap of continued high inflation and a recession, which is especially painful.  So the goal then is to create breathing room with your finances. And that means that increasing your savings now will be of utmost importance. You don’t want to be caught in a situation where you’re forced to take on credit card debt because you don’t have enough cash savings to get you through a job loss or a financial hardship that could last a few months. So start now. Drop all unnecessary expenses. Planning to remodel your bathroom? Want to get a new car but don’t need one? Wait. Downsize the summer vacation. If you’re like me, you’ve been itching to travel more since being stuck at home during the pandemic. But instead of the 2 week vacation to Hawaii or the Caribbean, save the cash and take a trip to the lake or beach instead for a few days. It’s especially important to avoid any expenses that will add to your fixed monthly costs. Which goes back to the new car or the bathroom remodel. Even if you have the cash, hang on to it, and if you don’t have the cash and will be using debt to finance these larger purchases, the last thing you want with a recession on the horizon is a new fixed bill added to your monthly expenses.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

4m
Jun 28
Inflation Is Still Getting Worse! What To Do Now

Welcome to a new week here on the Retirement Quick Tips podcast. I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision.  The theme this week on the podcast is: Inflation Is Still Getting Worse! What To Do Now As I sit down to record this week’s episodes, gas prices are still climbing to record levels, I just paid $19 at the grocery store for a normal size package of chicken breasts, and the Fed just raised interest rates by .75% - the most aggressive increase in nearly 30 years, as a desperate attempt to bring inflation down. I’m very frustrated with the Fed, Janet Yellen, and others with the power to squash inflation for being so ignorant and flat-footed. Rates should have started rising in 2021 when inflation started to pick up. They would have had a longer runway to increase rates gradually, which would have bettered the odds avoiding a recession, which now seems all but inevitable. According to a Newsweek article from June 16th, “the Federal Reserve Bank of Atlanta shows the economy on course for zero percent growth in the second quarter of 2022, and the trend from the data would suggest that the economy is on course for a contraction. This would put the U.S. into an official recession—defined by economists and policymakers as two consecutive quarters of falling GDP.” That’s because GDP growth was already negative in the first quarter of 2022, so we are possibly already a few months into the current recession. Many of you are nodding in agreement. Never have I seen so much consensus about a coming recession among CEOs, CFOs, economists about the direction of the economy heading south, where a majority now believe a recession is unavoidable…and that was before the Fed took aggressive action this month raising rates by 75 basis points.  We still find ourselves in this high inflation environment, which we have little control over. Couple that with stock and bond markets that are in the doldrums, and a seemingly unavoidable recession ahead, and you have a recipe for serious financial stress for many Americans. So this week, I’m going to help you take control over these current circumstances that seem so hopelessly out of control. I’ll share with you important steps that you can take today that will help you be resilient in this high inflation environment, and keep your financial stress to a minimum.  That’s it for today. Thanks for listening! My name is Ashley Micciche...and this is the Retirement Quick Tips podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

5m
Jun 27
Inherited IRAs - Explained | Recap

It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast This week the theme was: Inherited IRAs - Explained In case you missed any episodes, here’s what I covered this week: __ __ The most important takeaway from this week is: With the new 10-year withdrawal rule on inherited IRAs now in effect, the tax bite on withdrawals could sneak up on you if you inherit IRA assets from family members, and if you’re not diligent with your own estate planning around IRA assets, then you could end up sticking your own children with a fat tax bill when you pass along those inherited IRA assets to them. One final note about this week’s topic. IRA rules are complicated and since the rules around Inherited IRAs are still a work in progress, its especially important that you always talk with your professional advisors - your financial advisor, tax advisor, and your estate attorney before implementing any ideas from this week’s topic. There’s always exceptions to the rules and while I talked about the rules in general terms that apply to most people, I simply don’t have the time in each episode to cover this topic from every angle, so talk to your professional advisors to help you avoid misinterpreting the rules and making mistakes that could prove costly.  Tomorrow, come on back because we’re starting a brand new theme: How To Deal With Inflation.  Inflation is a topic I’ve covered a few times on the podcast, and in August of 2020, before the Fed ever took inflation seriously, which was a massive policy error on their part, I was saying that inflation wasn’t a problem…yet.  Well now it is and I was wrong for thinking that the Fed would be able to rein it in sooner. Yet, here we are with record high inflation at 8.6% and those fears are driving stock markets into a tailspin.  So next week, I’ll talk about a few actionable steps you can take today to minimize the impact of inflation on your family’s finances. Thank you so much for listening this week! If this podcast is valuable for you, please share the show with a friend, a neighbor, your brother, or co-worker who is getting close to retirement. Just go to your favorite podcasting app, hit the share icon, then text or email the show link to someone you know who is eyeing retirement.  Thanks for sharing the love and spreading the word. I hope you have a blessed Sunday. My name is Ashley Micciche, this is the Retirement Quick Tips Podcast. ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

5m
Jun 26
Why The Roth IRA Makes Even More Sense Now

The theme this week on the Retirement Quick Tips Podcast is: Inherited IRAs Today, I’m talking about Inherited Roth IRAs, and why the case for Roth IRAs just got stronger. Yesterday, I briefly touched on how moving more of your Traditional IRA assets into Roth can help reduce future taxes beneficiaries of those IRA assets will pay on the withdrawals. That’s because unlike inherited IRAs for traditional IRAs, heirs generally won’t pay taxes on assets withdrawn from an inherited Roth IRA, which is great news since the tax bite on a large inherited IRA of say $1,000,000 could be as much as 40% or more for those non-spouse beneficiaries! That’s $400,000 or more gone in taxes over 10 years from a $1,000,000 IRA that took decades to accumulate.  If you’re as sick to your stomach as I am, then the case for Roth IRA assets after these 10-year rule changes went into effect is even more compelling.  So if you’ve been considering a Roth Conversion or simply contributing more of your 401k dollars to the Roth account while you’re still working, think not just about the taxes this year that you’d miss out on by contributing to your Roth, or the taxes you’d pay on a conversion, but think long-term as well on the taxes that your heirs won’t pay on those Roth IRA withdrawals once they inherit the account.  And considering that Roth IRA assets are most often the last accounts to be drawn down in retirement, you’ll want to ensure that as much of your assets are sheltered inside of a Roth to reduce the future tax bite on your heirs.  That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

4m
Jun 25