A Place of Possibility

The New York Times reported that people leaving California outnumbered newcomers by more than 700,000 people between April 2020 and July 2022. A further breakdown shows that over 407,000 people left between July 2021 and 2022, plus an additional 343,000 people left California in 2022 alone. That's the highest exodus of any state in the US in history.

So, why are we seeing such a mass movement? The reasons are plenty, from cheaper homes and lower cost of living to lower taxes, escaping a rise in crime, the desire for a more relaxed, family-friendly lifestyle, and even political dissatisfaction. But alongside this significant lifestyle change, there are many elements to consider, like how to choose a state, what will my new cost of living look like, if healthcare needs will be met, what types of social or recreational activities there will be, the logistics of moving, and so much more. 

In this episode of A Place of Possibility, we’re joined by Keller Williams Certified Real Estate Planner Lucien Cazanave. Lucien is a born-and-raised Bay Area native who started in the emergency medical field and spent 20 years as an Oakland firefighter. His interest in real estate was piqued when he was tasked with packing equipment for retiring firefighters, where he routinely heard of their dreams and plans of moving elsewhere. These conversations with those firefighters and his personal experiences in moving and helping others move built his passion for helping people buy and sell their homes and even relocate across the country. 

Listen in as we discuss:

• The most important factors to consider when moving to a different state
• How taxes and cost of living in California compare to other states
• The best ways to learn more about the area you’re considering calling home
• Rules that need to be met when establishing your new domicile 
• And much more!

Whether you have years to go before retirement or you’re already there and ready to shake things up, we’re positive you’ll find valuable nuggets of information in this episode. Perhaps what you learn from here will shift your perspective and provide new and exciting insights as to how you should spend your golden years. So get comfy and press play!

With the roller coaster of inflation, interest rates, and more, 2023 was a wild ride. But the real driving force seems to be the dramatically pessimistic media. If one of your goals for 2024 is to improve your financial health, then you’re in the right place. In our opinion, the first step is to ignore market predictions, no matter how scary they seem. They’re usually far from accurate! We have real-life examples and stories to prove it if you don't believe us. After all, the market has shown time and time again that it always bounces back.

Along with a look back at 2023’s good, bad, and ugly, we’ll also be sharing special money-saving tips and insights that are not widely known or discussed. Uncover the secret to locking in a 3% fixed mortgage rate despite the current market, get resources on negotiating college financial aid packages to your benefit, and much more!

Plus, to combat the effects of negative media, we’re setting a positive tone for 2024 by sharing a few major wins from the year before. These include important medical breakthroughs, strides toward eliminating food waste, and even reduced our carbon footprint. You can rest assured that despite what you’re hearing, things are looking up!

“Listen in because this is the first and only time you'll ever hear this, probably in DMG history. Our marketing prediction for 2024 is that the stock market will fluctuate. That's all we can guarantee, folks.”

So, join us on our first 2024 episode of A Place of Possibility as we discuss:

• Some of the worst market predictions ever and how they negatively impacted the lives of many,
• Secret money-saving tips to help you navigate 2024 and come out on top,
• Positive highlights of 2023,
• How you can save money by being mindful of food expiration dates,

And more!

We know this year has a lot of great things in store, and we can’t wait to share the journey with you. Happy listening!

As the calendar pages flip towards the imminent 2024, it’s the perfect moment to execute those strategic financial maneuvers that will set the stage for a successful tax season and ensure you leave the year on a high note. If you’ve been tuning in regularly, you already know we’ve been through the year-end rodeo before, and for our newcomers, buckle up because we’ve meticulously crafted a hit list that’s bound to elevate your financial game. You’ll want to act quickly; many must be completed by December 31st.

In this info-packed episode, we’re diving deep into the realm of tax arbitrage, Roth conversions, backdoor Roth contributions, and tax loss harvesting – all crucial moves in your financial playbook. Discover the secrets to maximizing your retirement contributions, unravel the mysteries of tax law changes that could reshape your financial landscape in 2024 and beyond, and stay ahead of the curve with essential deadlines that demand your attention.

But wait, there’s more! We’ll uncover innovative ways to save through charitable donations, business and environmental investments, and exploring other financial gems that often slip through the cracks. When we proclaim that the time is now to whip your financial affairs into shape, we mean business!

So, join us in this episode of A Place of Possibility as we discuss:

• Required minimum distribution deadlines – this is important for our older followers!
• Tax benefits related to Qualified Charitable Distributions.
• How to lower your tax rate with specific retirement contributions – 401(k) and 403(b) contributions must be made this year!
• The tax-free wonder known as Health Savings Accounts.
• Special money-saving tips for those who are self-employed.
• Why Medicare beneficiaries must be mindful of their monthly adjusted income (MAGI) to avoid paying thousands in extra taxes.

AND MORE!

The countdown has begun, and we’re here to ensure you usher in 2024 with financial confidence. Get ready for an episode that’s not just informative but also transformative. Let’s make it a year to remember together!

Discussions about the housing market are always a hot topic. Here in the Bay Area, the housing market has been interesting, to say the least! Local reports say that since August of 2023, home prices are back on the rise after a 14-month decline, the longest period since 2012. And yet demand is still high, with some homes selling within just nine days of being on the market and interest rates hitting around 7% at the time of recording this episode. Many people panic over interest rates, but if we look at it from a historical perspective, it’s still historically low.

“The market supply is still low, and demand is still high, but interest rates have been challenging. Lately, we’ve seen some buyers back off as rates surpass 7%, while others are back and jumping into the game. It’s also interesting to see how fast homes sell in some locations. We had a house in San Ramon sell in nine days, and another in San Francisco, in the Richmond District, that went with 12 offers in about 12 days.”

Whether you’re looking to buy or sell, navigating the current market can seem challenging. How do you know if it’s the right time or if you’re making a smart move? Fortunately, it’s not all doom and gloom, and we have esteemed real estate expert Nathan Jines to help. Nathan holds an incredible reputation in the Bay Area for his commitment to excellence as a Broker Associate. Furthermore, he’s earned a master’s degree in education, has a deep passion for community service, with over two decades of Pastoral work, and is a Harvard School of Business-Certified Expert in the Mastery of Negotiation. Plus, his family has been in the real estate business since the 1800s. It’s safe to say you’ll definitely want him on your team!

Join us for this episode of A Place of Possibility as we discuss:

• What the current real estate climate is like in the Bay Area
• Why investing in real estate is a smart long-term strategy
• How to get the most out of selling your home
• Things to consider as a home buyer 
• How to navigate the market regarding interest rates

And much more!

We hope this episode answers your questions and gives you the insights to make your next smart real estate move. We learned a lot by sitting down with Nathan; we know you will, too. So, tune in for incredible insights, advice, and stories you don’t want to miss!

Elder abuse - it’s a topic often avoided because the reality of it is difficult to face. However, it’s a vital conversation and brings forward the importance of combating mistreatment through education and advocacy. Unfortunately, the elderly population is more susceptible to being taken advantage of due to physical and mental decline, and believe it or not, 1 in 10 Americans over the age of 60 will experience some form of elder abuse. It can come in various forms, from neglect and psychological abuse to physical and financial abuse. To make matters worse, only 1 in 44 cases of elder abuse are reported, according to The National Adult Protective Services Association.

If you’re like us and you find yourself wondering how such a serious issue among so many older adults can be allowed to go unreported and unresolved, then you’re in the right place.

Awareness is the first step to preventing elder abuse, and that’s why, in this episode of A Place of Possibility, we’re facing the complex realities of elder abuse head-on. After all, it’s easier to have a difficult conversation than it is to live with abuse.

Together, we’ll be talking about:

• The different types of elder abuse and what they look like
• Recognizable signs of elder abuse that may be impacting loved ones, whether at home or in a facility
• The best ways to protect yourself or a family member from abuse
• What to do if you suspect elder abuse
• What the legal ramifications are for elder abuse

And more!

During the discussion, Richard also shares a personal story about how financial elder abuse touched his family, specifically his father, who was 80 at the time:

“My father was a victim of financial abuse. He had a line of credit with a checkbook that he had never used sitting in one of his drawers, and unfortunately, his girlfriend, who was living with him, started writing checks and signing his name, but the money was going to her. Over two years, she stole about $80,000. We had no idea, and she was hiding the statements from him. Once I got wind of this, I called the authorities and tried to talk to him, but he didn’t want to take action because he was afraid of losing her companionship. We did eventually get the money back after she passed away.” 

At Del Monte Group, we want to help you protect your wealth and health. All older adults deserve to age with dignity and respect, so we hope this episode will provide more insights and help you take action.

Retirement is a milestone we all aspire to, and for many, choosing a lump sum can be the key to financial freedom. However, it can also be daunting. While enticing, the prospect of receiving a substantial cash payout from your employer can come with a particular responsibility and the need to make critical financial decisions. This lump sum represents your life’s work, and it can be challenging to make it last throughout your retirement. The fear of not outliving your savings, the uncertainty of how to invest wisely, and the ever-present question of whether you’re making the right choices can cast a shadow of unease over this opportunity. 

“There’s this old adage that once we retire, we have to be really conservative with our investments. And it comes from this place of not having a ton of historical stock market data. But today, you don’t have to do that anymore if you allocate your investments properly.”

In this episode of A Place of Possibility, we aim to shed light on this complexity and empower you with the knowledge and strategies needed to navigate this path with confidence and clarity. We’re diving deep into the world of lump sum retirement planning, guiding you through the crucial steps to retire with confidence and security.

Join us as we discuss: 

• The three main aspects to consider retiring on a lump sum
• How to tackle inflation in order to continue living comfortably through your later years in life
• Rule of thumbs to follow for keeping a healthy and effective retirement portfolio
• Tips for developing and maintaining a retirement budget
• Why must factor end-of-life support and care into your budget

And much more!

Our goal is for you to walk away with a wealth of tips, tricks, and strategies to help you successfully retire on a lump sum. Regardless of whether you have a high-risk tolerance or not, it is achievable. Your next phase of life is a place of possibility, and we're here to help arm you with the knowledge to make the most of it.

With aging comes many difficult decisions. One of those is determining the best living situation for your later years, specifically, choosing a senior living community. In fact, the US Department of Health and Human Services estimates that the number of adults 65 and older who will need to move into senior living communities is expected to reach 27 million by 2050. That’s a lot of people! While many options are available, ranging from independent living and assisted living to memory care and boarding, it’s easy to become overwhelmed. So, whether you’re looking for opportunities for a loved one or are interested in your future, this podcast will provide clarity and deep insights.

Join us as we sit down with Bryan Riddle, Owner of Care Placement Advisors, to discuss senior communities, resources, guidance, and more. Bryan has over 20 years of experience as a care placement specialist, making him the perfect person to answer all our questions. He and his team work hard to find the best options for each family’s unique situation while working to educate, empower, and go the extra mile to meet a loved one’s preferences, needs, and goals. 

“Sometimes the children want to push mom or dad into a community because they feel guilty. They’re worried and wonder - ‘Is mom okay?’ ‘Is she taking her medications?’ I love how much the children love mom or dad. However, if placement is to work, we want mom or dad to have buy-in. They must have some say in the process.”

In this episode of A Place of Possibility, we’ll be discussing:

• The variety of senior living options available for older adults and how to determine the right choice for your needs.
• We’ll do a brief overview of pricing, but it’s hard to pinpoint because costs do vary.
• The little-known fact that Medi-Cal doesn’t cover costs associated with a senior living community.
• Why you should consider working with a care placement specialist.
• An in-depth look into the process of working with a care placement specialist.

And more.

The decision to transition a loved one to a senior community isn’t easy and, as Bryan points out, often comes after a crisis, such as a sudden fall. It can be a scary and stressful time for the whole family. However, it’s not something that has to be faced alone and should be thought about outside of crises, too. Join us as we travel this journey of senior living possibilities together, uncovering new insights, opportunities, resources, and more!

Contemplating what will happen to you after you die can be emotionally challenging, so it’s no wonder most of us avoid it at all costs. However, certain end-of-life choices have to be dealt with one way or another. 82% of people don’t pre-plan their funeral and cemetery details, which means their family members are left to make tough decisions at the last minute while grieving, as well as take on financial burdens. In fact, 37% of funeral overspending is due to a lack of pre-planning.

In this episode of A Place of Possibility, we’re ripping off the band-aid, discussing death and how to plan for it. But don’t worry, we’re keeping it light and having fun along the way!

Joining us is Molly Gleason-Kodama, a dedicated Advanced Planning Advisor for Oakmont Memorial Park & Mortuary. She has a wealth of experience and expertise in guiding individuals and families through the intricate end-of-life planning process.

“Most people don’t realize there are two sets of arrangements. There’s the funeral arrangements, and then there’s the cemetery arrangements, and there’s a big difference between the two.”

For ten years, Molly worked as a Marketing Director in Assisted Living and Memory Care. The entire time she was doing so, she had a “second job” as an end-of-life support for the individuals and families she represented. Finding fulfillment in helping people with difficult decisions, she decided to make a career change, obtaining a degree in Mortuary Sciences in addition to her previous Masters in Gerontology. Molly’s journey into this meaningful profession is a testament to her compassionate nature and commitment to helping others during one of life’s most challenging phases.

Tune in as we discuss:

• The big decisions you must make when pre-planning your funeral and cemetery arrangements.
• Why pre-need planning is so vitally important. Hint: It ensures your wishes are met and saves your family the decision-making and costs when the time comes. Plus, there are NO cons when planning ahead. 
• What happens if you pre-plan your funeral but the mortuary later goes out of business?
• Environmental issues that may come up regarding burials and some green options that are popping up.
• Why using Costco or 1-800-Caskets isn’t the best option for purchasing a casket.

And more!

Pre-planning your funeral is a choice that empowers you to leave a lasting legacy and provide solace to your family during a difficult time. So, please take advantage of this opportunity to gain deep insights by joining us as we discuss the critical topics every audience member needs to consider.

Have you ever heard of the adage “shirtsleeve to shirtsleeves in three generations?” It refers to the inability of children and grandchildren to manage family wealth that has been passed down. And it starts with the classic American dream story. One of the first generations hits it out of the park with success, but by the third generation, two things have happened: One, the money is all gone, and two, family relationships have been laid to waste because of the impact of the money on the family.

In fact, there have been studies done on affluent families to understand the reasoning better, and it’s not because of the lack of planning – less than 5% of failures are due to any failure to plan, so the pros are doing it right – fist pump in the air! Instead, they found that 60% of these failures are due to a lack of communication and trust within the family. Unprepared heirs cause another 25% – no one is setting them up for the roles and responsibilities they will have once mom and dad are gone. In addition, many people will raise their children to believe they are poor or middle class – not letting them know there is any family wealth. We highly recommend against this!

Finally, the last 10% of failures are caused by having no vision or mission of what to do with the money. We’ve been working on family legacy planning for years at DMG. We put together the “Living in Possibility Process” to help families address these issues, and Richard even wrote a book called Endless Inheritance that also walks a family through how to address these various causes of failure. To order a copy of his book, follow this link, and to learn more about family legacy planning, please visit https://aplaceofpossibility.com/family-and-legacy/.

One solution to the failures we discussed is creating a family legacy video. If you think about it, there’s the traditional way of passing things on through simple conversations, but they can quickly become forgotten and disappear over time. Photos are good for capturing a single moment; books and letters can give us valuable information, and audio can preserve one’s voice. But nothing compares to a video.

It instantly takes you back to moments in time that can be shared and passed down and ultimately helps foster connections for generations to come. That’s why we’re excited to sit down with a true expert on the topic, Stephanie Shaterain. Stephanie owns fLO Content, a video production firm specializing in documentary-style pieces that serve specific goals or strategies, and one of their specialties is legacy videos.  

In this episode of A Place of Possibility, we’ll be discussing:

• The shirtsleeves-to-shirtsleeves phenomenon of family wealth dissipating through the generations and how to prevent this from happening.
• Inspiring family stories that were preserved through video, including one from the Del Monte family!
• An inside look into fLO Content, how they got started, how it works, and what to expect when working with them.
• Special tips on how you can help preserve your family’s wealth, traditions, and values.

And much more!

To all the parents and grandparents who want to secure the future of the upcoming generations, this podcast is for you. It’s never too early to start thinking about the future. Join us as we dive into the secrets to maintaining wealth and family legacy through the generations.

In simple terms, retirement planning is what we do to prepare for life when we stop working – financially and via lifestyle choices. It’s about determining specific goals for this future time in our lives and how we can achieve them by identifying income sources, estimating expenses, building necessary savings plans, and much more. We all know that preparing for retirement is an important endeavor that you can never start too early.

However, it can be a challenge that even the savviest individual can struggle with, making mistakes that cost them significantly in the long run - especially if they are trying to do it on their own.

Here at Del Monte Group, we’ve seen it all. Decades of retirement planning experience have given us deep insights into what works and doesn’t. We know what it takes to get the most out of retirement, and we’ve learned how to avoid the pitfalls along the way. In this episode, we’re going over the top 10 retirement investing blunders, starting from the bottom of the list and working our way up to the number one mistake people make when planning for retirement.

We’ll be talking about:

• How to plan for your retirement, when to start, and what options to consider
• Unexpected things that could be affecting how much you’re putting away in retirement funds
• How to get the most returns for your investments

And more!

Whether you’re just starting or have been saving for decades, this podcast applies to you! Retirement planning is crucial, and we want to ensure you’re not making any mistakes that will be detrimental to your overall financial and retirement health, so join us as we share our list and set the record straight!

If you’re a homeowner, how often have you been overwhelmed by home repairs and maintenance? You find a problem, like a leak, and before you can even begin hiring someone, you must research to find out who to call. But how do you know where to start? And who can you really trust in your home?

And on top of all that, there’s cost. On average, homeowners spent nearly $6,000 on home maintenance and repairs in 2022. Even the most frugal, detail-oriented, and experienced budgeters can be overwhelmed with unexpected repairs and maintenance. How many minor repairs go ignored simply because you don’t want to deal with the headache of finding someone to fix them?

These are precisely the problems that Honey Homes set out to fix. Honey Homes is a service aimed at helping homeowners stay on top of their monthly to-dos and maintenance needs. Starting as just a handyman hire, the company exploded into a success, gaining over 500 members, completing over 20,000 tasks, and taking over 10,000 appointments within two years.

We sat down with Andrew Perroy, General Manager for Honey Homes here in the Bay Area, to discuss how you can keep your home in the condition you bought it in (or better!) and save time and money. Through his incredible insights from being with Honey Homes, you can learn tips and tricks here that you can’t get anywhere else.

In this episode of A Place of Possibility, we’ll be discussing:

• The most common problems homeowners face, including minor and major home damage, how often these happen, and how much the average homeowner should set aside for home repairs.
• Inside details on everything Honey Homes provides. Hint: it’s more than just regular home maintenance.
• Special ways that Honey Homes is different than similar businesses, as well as their extensive handyman screening process.
• An in-depth look at how Honey Homes works, from their pricing model and app use to getting referrals for bigger repair projects.

And more!

As a homeowner, you do everything you can to protect and maintain what’s likely your most valuable asset - your home. But it’s a lot to keep up with knowing what work needs to be done, how often, who to call, and how much you should be budgeting. And even with the most careful planning and research, things can slip through the cracks, and repair costs can add up. This episode will help you determine better, more cost-effective ways of taking care of house repairs and maintenance.

It’s a phone call no parent wants to get. Their 18-year-old child has gone off to college, leaving the nest for the first time, and despite being the most level-headed and responsible teenager imaginable, they’ve landed in the hospital. Every parent's natural inclination is to do everything possible to help their child, but after attempting to talk with the treating physician, they’re told they cannot participate in their child’s care. After 18 years of making medical decisions on their child’s behalf, parents are now on the outside, looking in.

The reason? Passed in 1996, the Health Insurance Portability and Accountability Act (HIPAA) established a set of national standards for the protection of certain health information, but in doing so, the law also made it impossible for parents to participate or advise on their child’s medical care once they reach the age of 18 — unless that young adult has given express written permission for their parents to act as their agent in such a circumstance.

This is exactly what happened to estate planning attorney Laura Patton, our guest on the latest episode of A Place of Possibility™. Her son was off at college in Minnesota and had spent a late night playing video games with his friends. He slept in late, and after he woke up and showered, he passed out from dehydration, hitting his head on the corner of his dorm bed. His roommate took him to the emergency room and contacted Laura, who found herself absolutely terrified for her son. Even though she was an attorney, there was nothing she could do to help her child.

Her feeling of helplessness prompted Laura to seek a solution for young adults — and their parents — who could easily face this circumstance. She knew full well that consulting with an attorney to create the incapacity planning documents a young adult might need in this situation would be time-consuming and expensive. And, since most young adults haven’t amassed much in the way of financial or personal assets, creating a comprehensive estate plan for them was often overkill.

Her solution was to start Scholar Shield, an online service focused on creating customized, high-quality legal documents that are specifically geared toward young adults. Laura will chronicle her journey to coming up with this revolutionary approach to incapacity planning for young adults, as well as her own varied legal career path, and she’ll also explain the legal challenges that young adults face — challenges that HIPAA, despite its best intentions, has made more complex.

We’ll be talking about:

• The pervasive problem that faces parents whose kids are going off to college for the first time – how do they protect young adults while also encouraging their independence?
• How Laura’s own experience as a mother instilled in her a sense of urgency to come up with a solution that bridged the gap between no incapacity planning at all and traditional estate planning that is designed for asset distribution after death. 
• The cost and time-saving advantages that Scholar Shield offers over the more traditional process of consulting with an attorney. 
• When and why a family might want to explore a more comprehensive estate plan.

And more!

As a parent, you encounter a mixture of emotions when your child turns 18 and leaves for college — elation that they’re on a good path, but also some sadness that they’ll no longer be under your roof. And you’ll no doubt worry about them. Yet, even if they’re as responsible as possible, unforeseen events can happen. This episode will help you look after a young adult’s best interests and ensure that you, as a parent, are involved in their care should those circumstances arise.

Creating and sticking to an investment strategy that considers our personal values and the welfare of the planet and its people might seem like a relatively new concept, but it has been around for quite some time. In fact, centuries ago, the Quaker religion not only forbade its members from enslaving people but also from investing in companies that profited from slavery.

Undoubtedly, it’s also a concept that has evolved over time — and it continues to do so. As a society, we seem to be growing more and more disparate where our values are concerned, and what might seem to be socially responsible behavior to one investor could be overly permissive — or restrictive — to another.

After all, the core idea of investing is to generate profits — a return on our cash outlay. So, is it really possible to get a competitive return for our portfolios while still holding the companies that it contains responsible for their impact on the global community?

In short, yes. Our guest on this episode of A Place of Possibility™ will explain how to achieve this balance as an investor. Richard and Angela will speak with Sam Adams, CEO and Co-Founder of Vert Asset Management. Sam not only has substantial experience in the world of sustainable investing, but he also has quite an aptitude for simplifying this often-misunderstood topic.

We’ll be talking about:

• What sustainable investing really is
• The nuances of each sustainable investing methodology — Environmental, Social, and Governance investing (ESG), Socially Responsible investing (SRI), and Impact investing
• How the information that ESG fund managers must take into consideration differs from their more conventional counterparts
• The most common mistakes that investors make when trying to build a sustainable portfolio and why some of this confusion centers not on hard data but rather their personal values
• Why a seismic change in corporate values that occurred decades ago has now created a far more pressing need for sustainable investing than ever before

And more!

Many of us tend to think that “doing good” for our planet and its inhabitants while “doing well” in our investing pursuits is difficult, if not impossible. But, as Sam will show you, with honest consideration of your own principles and some diligent research, these two values can peacefully — and profitably — coexist. 

If you think that estate planning is something that can wait until your more “mature” years, you’re not alone. Unfortunately, many people share this same impression. After all, what is there to plan for if you have no spouse, no children, and only modest assets?

Plenty!

There’s much more to estate planning than merely deciding who gets your assets and other possessions when you die — putting it off until your later years isn’t a sound approach. Change is part and parcel of living, and as we move through life, we experience changes that can thoroughly alter our circumstances and require an entirely different approach to the future.

In the newest episode of A Place of Possibility, Richard and Angela will be talking to estate planning attorney Kelly Balamuth, who, with her years of experience, is well-qualified to not only weigh in on the life changes that should trigger a thorough review of your existing estate plan but also to provide sound, real-world advice on when you should start the estate planning process in the first place. Hint: it’s earlier in life than you might think.

In her estate planning practice at Lamorinda Legal, Kelly puts an emphasis on helping families enhance their lives in the present while also guiding them toward brighter, more fulfilling futures. Her focus on trusts and estate planning is driven by a strong desire to see her clients reach these goals. Guiding her clients through the often-confusing maze of financial and legal decisions that must be made to create estate plans which best suit their needs is no easy task, but it’s one at which Kelly has proven to be particularly skillful. She’s been named Super Lawyer each year for over a decade and has also been a fixture on the Super Lawyers’ Top 50 Women Attorneys in Northern California list for multiple years.

We’ll be talking about:

• Why, estate planning is for everyone, including young adults and single people!
• The important documents that any child should complete once they’ve turned 18 — especially if they’re leaving for college.
• The various ways that having children can impact your financial planning. You’ll not only want to closely examine who you want your heirs to be but also how you leave your assets to them.
• Why getting divorced triggers a number of essential adjustments to your estate plan. You don’t have any flexibility when it comes to moving your assets around once you’re in the divorce process, but there are a number of changes you can make that could have a direct bearing on your legal, financial, and medical well-being.

And more!

Few of us actually look forward to starting or reviewing our estate plans — there’s nothing exhilarating about the process, and doing so often serves to remind us we won’t be around forever. But, as you’ll hear from Kelly in this episode, some key life stages warrant a closer look at your preparations to ensure that they still accurately reflect your wishes. And, if you’re still of the opinion that estate planning isn’t necessary until you get married or reach your golden years in life, we’re confident that Kelly will change your mind.

In most industries, you can generally rely on a legitimate professional’s opinion for guidance. But the investment industry — or more specifically, the investment PREDICTION industry — is an altogether different animal. That seems counterintuitive, doesn’t it? It sure feels like that trade would be filled with legitimate pros whose advice you could literally take to the bank. After all, we’re inundated with supposed experts each day on television, in podcasts, and in the newspapers, providing their takes on the financial road just ahead.

They must know something we don’t and are standing by, ready to alert us to the dangers — or financial renaissance — that may be just around the corner, right? Wrong!

Financial media is a BUSINESS. Those personalities on business-centric outlets like MSNBC or the Wall Street Journal aren’t plying their trade out of benevolence or a sense of service. They’re on the air to generate ratings — ratings that translate into advertising dollars.

There’s just one problem, and it’s a big one. These financial pundits are wrong much more often than you might think. In fact, there’s really no reliable evidence that anyone — regardless of their experience or education — can effectively predict the short-term direction of the stock markets. And, if you hitch your investment wagon to these predictions, it can do some serious harm to your financial future.

That sounds a little disconcerting, but it’s true. Want proof? We’ve got it in the newest episode of A Place of Possibility™.

We’ll be talking about:

• How the investment prediction industry uses sensationalistic headlines, accompanied by evocative imagery, to prey upon your intrinsic human need to want to avoid pain.
• One particular financial pundit — a household name — who is usually so off the mark with his predictions that evidence suggests you’d be better served doing the exact opposite of his recommendations.
• An ever-present faction of the investment prediction industry that’s always ready to stoke fear in our hearts and how they do it.
• The real key to successful investing that will prepare you for those tumultuous events that will always crop up to disrupt the financial markets in the short term.

And more!

We know, we know! It’s hard to turn off the tv and put the remote down, but we promise that once you do, your financial and mental health will be much better off! And if you know someone else who may be struggling with turning off the financial white noise, please share this episode with them.

The recent failure of three regional banks has been front and center on our news screens. It has caused some substantial volatility in the financial markets, though not as much as you expected, given the circumstances. After all, it’s pretty rare for FDIC-backed banks to fail, but here we are.

And when three banks collapsed rapidly, it acted as a force multiplier in the public consciousness. Especially when one of those banks is as big as Silicon Valley Bank (SVB) — with $212 billion in assets as recently as the fourth quarter of 2022. SVB represents the second-largest bank breakdown in our Country’s history, behind only Washington Mutual’s 2008 collapse, so it’s hard not to harbor concerns that we may be on the cusp of another 2008-style financial meltdown.

But are those concerns justified? Is this saga we’re currently experiencing really a case of financial “déjà vu”?

To find out what distinguishes the recent decline of these three regional banks — Silicon Valley Bank, Signature Bank, and Silver Gate Bank — from the financial chaos that erupted some 15 years ago, and why their deterioration doesn’t signify the onset of a financial Armageddon, be sure and tune in to the newest episode of A Place of Possibility™. Richard Del Monte and Angela Wright will provide a clear-eyed overview of the factors that caused these three banks to fall.

We’ll be talking about:

• The business model that all banks use to generate profits. Contrary to what some believe, banks are “for profit” ventures and do  
• need to turn a profit to stay afloat. We’ll explain how they do this.
• Why the three banks that recently fell were particularly vulnerable to interest rate increases because of their primary clientele.
• The relationship between interest rates and bond prices, and why longer-term bond prices are so sensitive to interest rate hikes.
• Dramatic financial events ultimately led to Silicon Valley Bank’s insolvency.
• The substantial differences between the circumstances surrounding the 2007-09 recession and our current situation.
• Some safe alternatives to brick-and-mortar banks that you should consider.

And more!

Most of us remember how the meltdown of 15 years ago seemed to start with just a few small missteps and then spiraled from there. But safeguards are in place now to prevent a repeat of that crisis and help keep the contagion of these most recent financial events to a minimum. So we’re confident that you’ll find this episode informative and reassuring and hope you’ll pass it along to your family, friends, and anyone else you think might benefit from it.

Inflation and interest rates.

They’ve been in the news quite a bit lately, and with good reason. Both have a profound effect on our everyday lives. We cannot help but feel inflation’s sting every time we buy groceries or fill our gas tanks. And even those seemingly trivial items we once purchased online without batting an eye cause us to think twice before hitting the “Buy Now” button.

Inflation seems particularly scary when you’re on a fixed income — even if you feel that you’ve planned adequately for your retirement. Where we once experienced 2-3% inflation — and sometimes even less than that — we’re now in the neighborhood of 8%. So it’s logical for us to wonder just how much longer high inflation will continue to put a crimp in our spending power.

In its effort to curb inflation, the Fed has raised interest rates several times, which are now higher than they’ve been in quite a while. And even though they’re still not all that catastrophic from a historical perspective, this has also changed the financial landscape. It’s now more expensive to buy a home or borrow money, for example — the latter of which is a major concern for consumers and corporations alike.

If you’re like most investors and you’re wondering how best to refine your investment strategy to accommodate these changing conditions, we’ve got you covered. Richard and Angela recently collaborated with the Rossmoor Financial Forum to give an illuminating presentation on how we can all learn to ride the wave of our current financial situation – because it will happen again!

The Rossmoor Financial Forum is a diverse group seeking clarity and understanding in the world of finance. They aim to provide their members with the education and tools necessary to make informed decisions regarding their portfolios. They also work to expand their financial literacy ranging from local to international issues.

In their presentation, Richard and Angela will talk about:

• The real cause of inflation, and why the events of the past three years made inflation pretty much inevitable.
• Why the Fed’s primary tool for combating inflation is usually so effective, and what the Fed’s target number for inflation is for the future?
• Our history with recessions, what differentiates them from depressions, and why we’re so much better prepared to deal with recessions than we once were.
• Why investing based on gut instinct is the exact opposite of what you should do if you want to be successful.
• What moves should investors make in our present inflationary economy?

And more!

We hope you’ll see things aren’t necessarily as ominous as they seem. Yes, interest rates may appear high, but they’ve been much higher on many occasions. And while recessions can’t help but evoke some concern, they aren’t the cataclysmic events the media portrays them to be. So, it’s time to put knowledge on your side to quell those concerns and learn how best to set yourself up for success regardless of what the economy is doing.

More retirement changes are here, as the Secure Act 2.0 passed Congress in the waning days of 2022, almost three years to the day after version 1.0 of the Act became law. Most of us harbor enough cynicism where the government is concerned to expect little in the way of “purpose-built” legislation, so it might come as a surprise that the Secure Act 2.0, like its predecessor, addresses a boatload of important aspects of our collective retirements that no doubt needed to be examined. But don’t worry. We won’t go through all 90,000 new laws because we’d be here for hours, but we are examining the heavy hitters that impact most people.

What might come as less of a surprise is the sometimes-incomprehensible rationale and language the Act’s provisions contain — both so arcane that Richard himself jokes the Act should be referred to as the “CPA Full Employment Act” because it requires so much professional interpretation.

But why the need for this legislation in the first place? For starters, the very nature of retirement continues to change over time. We’re not only living longer, but most of us are also retaining a better level of vitality in our later years. Which makes sense, right?! So, what exactly are we looking at? Well, for starters, Required Minimum Distributions (RMDs) are bumping up the age for withdrawal to 73, and in another ten years, it will be increased again to 75. Other updates include changes to the size of catch-up contributions for older working Americans as well as some changes meant to help younger people save while paying off student debt. And then we get into some real doozies, like new laws that let you take money out of your retirement account penalty-free. And let’s just say that the rules are so loose you could claim a hangnail to get your money. 

So, with all that said, join us for the latest episode of A Place of Possibility as Richard Del Monte and Angela Wright take a close look at Secure Act 2.0. They’ll review its provisions and break down its often-byzantine wording into terms we can all understand. We’re confident that you’ll find their explanation not only very valuable but also very entertaining.

In addition to the talking points mentioned above, Richard and Angela will also touch on:

• How the Secure Act 2.0 addresses the balance of our increased life expectancy with RMD requirements and will continue to do so in the future.
• An important change to Roth 401ks that will put them on a more even footing with Roth IRAs as far as RMDs are concerned.
• How some catch-up provisions for retirement accounts have been increased pretty much across the board — with one understandable caveat for high earners.
• A variety of Secure Act 2.0 changes that make it less painful to pull from your retirement plan before turning 59.5. Some of these changes might even lead you to think that a government conspiracy is afoot to keep you working well into your later years.
• Provisions that will provide much-needed lifelines to domestic abuse victims and those suffering a terminal illness.

And more!

Strap in, folks, because this is an information-packed episode, and we don’t want you to miss any updates you might need to make. And if you know someone else who might benefit, we hope you’ll pass this show along!

“If something sounds too good to be true, it probably is.” This axiom has been drilled into our heads — often since our youth — and most of the time, it’s absolutely true. But, like many of the adages we’ve grown up with, there are exceptions.

With its austere, “cut and dried” sensibilities, the IRS tax code would seem to be the last place you would find these exceptions. The agency itself has an almost mythically ominous aura to it. In its more than 160 years of existence, the IRS has forged a reputation so fearsome that, come tax time, if you’re like most people, you tend to navigate the process with the utmost conservatism. Yet, we’re all familiar with those tax time “fish stories” told by friends and family — tales of minimizing tax liability through methods that, at best, seem a little “iffy” and, at worst, seem downright illegal.

But are they? Join us for the latest episode of A Place of Possibility as Richard and Angela shine a light on ten different financial strategies that, at face value, may seem illegal but aren’t! A number of these approaches are so obscure that you’ve probably never even heard of them before — let alone have had the opportunity to consider them for yourself. And, of course, there are some caveats, but as you’ll see, in some cases, you can also make the necessary financial moves to conform to these caveats and take full advantage of the substantial benefit these strategies have to offer.

We’ll be talking about:

• How, if you’re self-employed and file in certain tax categories, hiring your children, parents, or spouse can yield some serious tax advantages.
• How parents can start their children on home ownership without adding to their tax burden.
• Why a little-known take on a 401k account may provide tax advantages over the SEP IRA that your CPA might still be recommended for self-employed people.
• A workaround that will allow you to contribute to a Roth IRA, even if you’re well over the IRS’s income limits for Roth contributions.
• How to “superfund” your 401k, reap the rewards at tax time, then shield your contributions from taxes for the long term.

And more!

Having a healthy concern for staying within the rules of the IRS is understandable. There can be serious consequences for taking certain liberties with the tax code. But paying more taxes than necessary leaves money on the table and detracts from your ability to build the life you want to lead in the years to come. Join us for this episode of A Place of Possibility as Richard and Angela examine these little-known methods of minimizing tax liability while building a brighter financial future.

Many of us — if not most of us — have had it drilled into our heads since we were old enough to become consumers that carrying any debt, regardless of what kind of debt it is, should be avoided whenever possible. We see this belief constantly reinforced via shelves of financial “self-help” books, as well as on television and radio. The most notable of the latter has to be Dave Ramsey, whose callers are given free rein to celebrate wiping out all of their debts, usually their home mortgage, while chronicling the financial sacrifices they made to get to that point.

But is debt always a bad thing? Aren’t there times when it makes more sense to carry a home mortgage vs. scrimping and saving to get that loan off the books as soon as possible? The overarching answer is . . . that really depends, but we’re not being evasive here. There’s a very strong distinction between amassing debt to embellish one’s lifestyle and provide temporary gratification vs. taking on debt that, even upon closer inspection, actually makes a lot of financial sense.

What does this distinction entail? Then join us for the latest episode of A Place of Possibility™, as Richard and Angela provide you with a roadmap to determine what types of debt you’ll really want to avoid, while highlighting situations where taking on debt is not only a good thing, but can provide an effective return on investment that you won’t likely achieve when you stick to a “cash is king” mentality.

And, because so many of us tend to associate carrying debt with a thoroughly compromised credit rating, they’ll also provide a clearer picture of how credit ratings are calculated, what you can do to maximize your credit rating, and, if you find yourself in more challenging financial circumstances, the steps you should consider in order to dig yourself out of the hole.

Some other talking points we will touch on include:

• What constitutes wise uses of debt vs. the types of debt that should be avoided to ensure your financial well-being.
• Examples where borrowing money can provide a substantially better accelerated rate of return than paying only with cash.
• Why debt, if taken on prudently and used for the right purpose, can actually be a hedge against today’s prevalent inflation.
• What you should do as a matter of regular practice to ensure your credit health, as well as the steps you should consider if your debt level is becoming unmanageable.
•  

And more!

Our goal with this episode is to help you better understand why you shouldn’t automatically fear debt and how debt can be a helpful tool to increase your net worth when it’s used wisely.