In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the complexities of financial planning, emphasizing the importance of organization, prioritization, and clarity in achieving financial goals. They explore common misconceptions clients have about their financial situations and provide a structured framework for effective financial planning. The conversation highlights the need for income protection, cash flow organization, and the automation of financial decisions to ensure a smooth planning process. Additionally, they address common mistakes made in financial planning and the significance of reviewing and adjusting plans regularly.

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Ryan Burklo's LinkedIn profile: https://www.linkedin.com/in/ryanburklo/

Alex Collin's LinkedIn profile: https://www.linkedin.com/in/alexandercollins/

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

#financialplanning

#incomeprotection

#cashfloworganization

#retirementplanning

#financialgoals

#clientmisconceptions

#financialframework

#automationinfinance

#commonmistakesinfinance

#clarityinfinancialplanning

Takeaways

Clients often feel overwhelmed by their financial situation.
Fear of not being on track can prevent clients from seeking help.
The financial industry tends to complicate simple concepts.
Income protection is the first priority in financial planning.
Organizing cash flow is essential for effective planning.
Not all clients have the same financial goals or timelines.
Automating financial decisions can reduce stress and improve consistency.
Regular reviews of financial plans are necessary due to life changes.
Clarity in financial goals leads to better decision-making.
Avoiding common mistakes can significantly improve financial outcomes.

Chapters

00:00 Introduction to Financial Planning Challenges
02:57 Understanding Client Fears and Misconceptions
05:54 The Framework for Financial Prioritization
08:48 Clarifying Goals and Automating Decisions
12:02 Common Mistakes in Financial Planning
14:56 The Importance of Clarity in Financial Goals
18:00 Conclusion and Resources for Financial Planning

In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the common pitfalls of linear financial planning, emphasizing the importance of understanding personal values and future aspirations. They advocate for a future-first approach to financial planning, which allows individuals to align their financial decisions with their life goals, ultimately leading to a more fulfilling and less stressful financial journey.

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Find us on YouTube: https://www.youtube.com/@beerandmoney

Subscribe to our newsletter: https://www.quantifiedfinancial.com/subscribe-now

Check out our Instagram: https://www.instagram.com/ryanburklofinance?igsh=ZTJzN3Jnajd5M2Mw

Ryan Burklo's LinkedIn profile: https://www.linkedin.com/in/ryanburklo/

Alex Collin's LinkedIn profile: https://www.linkedin.com/in/alexandercollins/

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

#financialplanning

#linearplanning

#personalvalues

#future-firstapproach

#budgeting

#retirement

#financialsecurity

#moneymanagement

#lifegoals

#financialindependence

Takeaways

Most people plan linearly past, present, future.
Life isn't lived on a spreadsheet.
The focus should be on the life you want to create.
Understanding personal values is crucial in financial planning.
Future-first planning helps align present decisions with long-term goals.
Flexibility in financial planning is essential for adapting to changes.
Financial security is not just about numbers; it's about peace of mind.
You can create a financial plan that allows for enjoyment in the present.
It's important to have a clear vision of your desired lifestyle.
Planning should be about what you truly value and want.

Chapters

00:00 Introduction to Financial Planning Misconceptions
02:07 The Flaws of Linear Financial Planning
06:06 Understanding Personal Values in Financial Planning
09:47 Designing Flexible Financial Strategies
11:46 The Importance of Future-First Planning

In this episode of Beer and Money, Alex Collins discusses how to find a financial advisor, what to look for in an advisor, and the key questions to ask during the selection process. He emphasizes the importance of understanding advisor credentials, the advisor's process, and the value they can bring to clients. The conversation aims to equip listeners with the knowledge needed to make informed decisions when seeking financial advice.

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Find us on YouTube: https://www.youtube.com/@beerandmoney

Subscribe to our newsletter: https://www.quantifiedfinancial.com/subscribe-now

Check out our Instagram: https://www.instagram.com/ryanburklofinance?igsh=ZTJzN3Jnajd5M2Mw

Ryan Burklo's LinkedIn profile: https://www.linkedin.com/in/ryanburklo/

Alex Collin's LinkedIn profile: https://www.linkedin.com/in/alexandercollins/

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

#financialadvisor

#findinganadvisor

#advisorcredentials

#questionstoask

#financialplanning

Takeaways

Finding an advisor can be done through AI tools, online searches, and personal recommendations.
It's crucial to understand the biases of those giving financial advice.
Financial advising should be an ongoing process, not a one-time event.
Look for an advisor who asks questions and understands your personal financial situation.
Understanding the advisor's credentialing is essential for making informed choices.
Be wary of unlicensed individuals providing financial advice.
Ask potential advisors about their motivations and target clients.
Ensure the advisor's services align with your financial needs.
Inquire about the advisor's succession plan and team structure.
A good advisor should articulate their value and how they can help you.

Chapters

00:00 Finding the Right Financial Advisor
04:33 Understanding Advisor Credentials and Processes
09:50 Key Questions to Ask Potential Advisors
14:26 The Value of Financial Advisors

In this episode of Beer and Money, Ryan Burklo and Alex Collins reflect on the significance of Thanksgiving and the role of money in family life. They discuss the balance between financial success and enjoying the present, emphasizing the importance of intentional choices and shifting mindsets. The conversation highlights how stress can overshadow meaningful experiences, especially during the holiday season, and encourages listeners to build their financial plans around their values and what truly matters to them.

Check out our website: beerandmoney.net

Find us on YouTube: https://www.youtube.com/@beerandmoney

Subscribe to our newsletter: https://www.quantifiedfinancial.com/subscribe-now

Check out our Instagram: https://www.instagram.com/ryanburklofinance?igsh=ZTJzN3Jnajd5M2Mw

Ryan Burklo's LinkedIn profile: https://www.linkedin.com/in/ryanburklo/

Alex Collin's LinkedIn profile: https://www.linkedin.com/in/alexandercollins/

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

#Thanksgiving

#financialplanning

#familytime

#moneymindset

#intentionalchoices

#wealthbuilding

#stressmanagement

#holidaygatherings

#financialfreedom

#values

Takeaways

Money can create options but also take away from family time.
Chasing financial success can lead to forgetting the true purpose of money.
It's essential to find a balance between enjoying today and planning for tomorrow.
Intentional choices can transform stressful situations into enjoyable experiences.
Mindset shifts can help appreciate family time during the holidays.
Financial planning should align with personal values and experiences.
Spending money on meaningful experiences can be more valuable than saving excessively.
Understanding the purpose of money can reduce financial stress.
Building wealth is about creating freedom to enjoy life with loved ones.
Reflecting on what you value can enhance your financial decisions.

Chapters

00:00 Thanksgiving Reflections on Money and Family
02:58 The Balance of Money: Present vs. Future
05:58 Intentional Choices and Family Time
09:03 Reframing Stressful Situations
12:00 Building Wealth for Meaningful Experiences
17:52 Valuing Time Over Money

In this episode, Ryan Burklo and Alex Collins discuss the intricacies of college planning, focusing on Ryan's personal experience with his daughter touring the University of Arizona. They explore various funding strategies for education, emphasizing the importance of flexibility in financial planning. The conversation also touches on navigating the FAFSA process, the emotional aspects of financial decisions, and the significance of seeking advice from knowledgeable sources.

Check out our website: beerandmoney.net

Find us on YouTube: https://www.youtube.com/@beerandmoney

Subscribe to our newsletter: https://www.quantifiedfinancial.com/subscribe-now

Check out our Instagram: https://www.instagram.com/ryanburklofinance?igsh=ZTJzN3Jnajd5M2Mw

Ryan Burklo's LinkedIn profile: https://www.linkedin.com/in/ryanburklo/

Alex Collin's LinkedIn profile: https://www.linkedin.com/in/alexandercollins/

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

Check out Ryan's LinkedIn Post: https://www.linkedin.com/posts/ryanburklo_college-financialplanning-collegeplanning-activity-7386038522945875970-DjOZ?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAPeigABAS2_RpYsoJM-YinxpGfnD1wyNRc

#collegeplanning

#financialplanning

#FAFSA

#educationfunding

#flexibility

#scholarships

#emotionalfinance

#personalfinance

#investmentstrategies

#studentloans

Takeaways

The importance of personal experience in college planning.
Flexibility in funding options can lead to better financial outcomes.
FAFSA is a crucial step in the college funding process.
Emotional aspects of financial planning can affect decision-making.
There are multiple ways to fund education, and no one-size-fits-all solution exists.
Networking and experiences gained in college can be as valuable as education itself.
It's essential to seek advice from trusted and knowledgeable sources.
Avoid cookie-cutter financial plans; tailor them to individual goals.
Understanding the implications of financial decisions is key to effective planning.
Engaging with others about their funding strategies can provide new insights.

Chapters

00:00 Introduction to College Planning
01:01 Touring the University of Arizona
03:07 Funding College Education
06:02 Exploring Different Funding Options
11:09 Navigating FAFSA and Scholarships
13:41 Understanding Financial Assets for FAFSA
15:53 Personal Experiences with College Funding
20:46 The Importance of Seeking Financial Advice

In this episode of Beer and Money, Ryan Burklo discusses the essential rules and obligations associated with inheriting an IRA. He explains the importance of understanding required minimum distributions (RMDs), the tax implications of withdrawals, and the necessary steps to set up an inherited IRA correctly. The conversation emphasizes the need for strategic financial planning and coordination with tax professionals to ensure compliance and optimize tax outcomes.

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Find us on YouTube: https://www.youtube.com/@beerandmoney

Subscribe to our newsletter: https://www.quantifiedfinancial.com/subscribe-now

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For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

RMD website Ryan mentions: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-beneficiary

#InheritedIRA

#RMD

#taximplications

#financialplanning

#beneficiaryIRA

#retirementaccounts

#estateplanning

#taxstrategy

#financialadvice

#IRArules

Takeaways

Inheriting an IRA means dealing with tax obligations.
Required Minimum Distributions (RMDs) must be understood and managed.
If the deceased did not take their RMD, beneficiaries must ensure it is taken.
Beneficiaries have a 10-year window to distribute the inherited IRA funds.
Retitling the IRA to an inherited IRA is crucial.
Withdrawals from an inherited IRA are taxable as ordinary income.
Coordination with a CPA is essential for tax strategy.
Each RMD impacts the beneficiary's tax bracket.
Setting a schedule for RMDs helps in financial planning.
Understanding where to allocate the withdrawn funds is important.

Chapters

00:00 Understanding Inherited IRAs
03:00 Key Rules for Distributions
05:49 Setting Up Your Inherited IRA

In this episode of Beer and Money, Ryan Burklo discusses key takeaways from Morgan Housel's book, The Art of Spending Money. He emphasizes the importance of balancing spending and saving, minimizing future regrets, cherishing memories over material possessions, and the value of independent thinking in financial decisions. The conversation encourages listeners to reflect on their financial choices and align them with their personal values.

Check out our website: beerandmoney.net

Find us on YouTube: https://www.youtube.com/@beerandmoney

Subscribe to our newsletter: https://www.quantifiedfinancial.com/subscribe-now

Check out our Instagram: https://www.instagram.com/ryanburklofinance?igsh=ZTJzN3Jnajd5M2Mw

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

#MorganHousel

#TheArtofSpendingMoney

#financialplanning

#minimizeregret

#cherishmemories

#independentthinking

#spendingvssaving

#personalfinance

#psychologyofmoney

#financialadvice

Takeaways

There is no one-size-fits-all approach to financial planning.
The best advice is to minimize future regret.
Memories are more valuable than material possessions.
Independent thinking is essential in financial decisions.
Avoid keeping up with societal expectations.
Understanding personal values can guide spending habits.
Splurging can be justified if it aligns with what you value.
Life is about experiences, not just money.
Financial decisions should reflect individual priorities.
Reflecting on life choices can lead to a more fulfilling life.

Chapters

00:00 Introduction to The Art of Spending Money
02:47 Minimizing Future Regret
06:00 Cherishing Memories Over Materialism
07:19 The Importance of Independent Thinking

In this episode of Beer & Money, Ryan Burklo discusses the critical aspects of retirement planning, emphasizing the importance of understanding income risks and market volatility. He explores strategies for managing retirement funds, including the necessity of having a diversified approach with different buckets of money to ensure financial stability throughout retirement. The conversation also delves into the real risks of outliving one's money and presents alternative strategies to mitigate these risks, ultimately guiding listeners on how to effectively plan for their financial future.

Check out our website: beerandmoney.net

Find us on YouTube: https://www.youtube.com/@beerandmoney

Subscribe to our newsletter: https://www.quantifiedfinancial.com/subscribe-now

Check out our Instagram: https://www.instagram.com/ryanburklofinance?igsh=ZTJzN3Jnajd5M2Mw

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

#retirementplanning

#incomerisks

#financialstrategies

#marketvolatility

#retirementincome

#financialplanning

#investmentstrategies

#retirementsavings

#outlivingmoney

#retirementstrategies

Takeaways

Retirement planning should start early, even years before retirement.
Understanding the risks associated with retirement income is crucial.
Market volatility can significantly impact retirement savings.
Having a diversified portfolio can help manage risks in retirement.
It's important to consider taxes and fees in retirement planning.
Creating a liquid fund can provide financial security during market downturns.
Using Monte Carlo simulations can help assess the risk of outliving your money.
A guaranteed income stream can alleviate financial stress in retirement.
Legacy planning should be part of retirement strategies.
Different buckets of money can provide flexibility and security in retirement.

Chapters

00:00 The Reality of Retirement Planning
01:29 Understanding Retirement Income Risks
07:47 Strategies for Managing Market Volatility
08:14 Analyzing the Real Risks of Outliving Your Money
15:48 Alternative Strategies for Retirement Income
20:22 Key Takeaways for Effective Financial Planning