In Episode 24, Kevin talks about the major problem facing many people, how to control the variable expenses (wants) versus needs; those absolute needs (shelter, food) and allowable needs. This episode gives some ideas and food for thought on focusing on how to lower variable costs or wants to get to the ultimate goal of creating a surplus in income versus expense on a month to month basis.
To set up your Social Security account or check your numbers start here https://www.ssa.gov/
To look at a breakeven for taking SS early versus waiting get your numbers and click here Social Security Breakeven Analysis
Reign Over Money gives a broad overview of social security and the major decision about when to take it. Kevin discusses the ssa.gov website as a resource and also additional calculator tools that can help assist you in making an informed decisions about how and when to start taking social security.
Kevin gives a high level overview of each type of insurance and why they are important. He also explains how his family has utilized each and the plan for insurance during his retirement. Briefly touches on the importance of term over whole life and utilizing an HSA at work if available.
We all have different views on why money is important to us. Understanding your relationship with money and what it means to you and what you want it to do for you in life is something that evolves over time. The way you approach money and investing can significantly increase your chances for success if you know what you want. Kevin shares how his thoughts have changed over time and gives some advice for potential success as you form your thoughts and beliefs around money and investing.
In Episode 20, Kevin focuses on the most important piece that will fuel your financial success and that is how you make money. Kevin reflects on his 25 year career and time as a small business owner, working for a small company and working for a large company. Having this background the pros and cons of each are discussed along some tidbits learned along the way on how to succeed at whatever your job or career is or becomes.
In the first episode of season 2, Reign Over Money continues to unlock the ROM Diamond with the subject of Asset Allocation. Kevin tries to simplify the subject and relays to the audience his long-time allocation guidelines. Kevin also introduces the Callan Periodic Table of Investment Returns as a nice research piece.
In this episode Reign Over Money focuses on how you go about getting money from your retirement account or brokerage account into your bank account to spend when needed. Many investors understand how to put money away for retirement or savings but many don’t understand how to access their money when they need it.