Your Money, Your Wealth - TopPodcast.com

View Top 200 Chart

Back to Rankings Page

Your Money, Your Wealth — Business
Your Money, Your Wealth

Making fun of finance. A US News & World Report “Top 9 Personal Finance Podcast” (2025) and “Top 12 Retirement Podcast” (2023). One of the “10 Best Personal Finance YouTube Channels” (CardRates, 2023). “Best Retirement Podcast With Humor” (FIPhysician, 2020-2024). Learn strategies that can help you retire successfully. Financial advisor Joe Anderson, CFP® and certified public accountant Big Al Clopine, CPA answer your money questions and spitball on your 401k, IRA, Roth conversions and backdoor Roth IRA, how to pay less taxes, asset allocation, stocks and bonds, real estate, and other investments, Social Security benefits, capital gains tax, 1031 exchange, early retirement, expenses and withdrawals, and more money and wealth management strategies. YMYW is retirement planning, investing, and tax reduction made fun, presented by Pure Financial Advisors – a fee-only financial planning firm. Pure Financial adheres to the fiduciary standard of care, in which we are required by law to act in the best interest of our clients at all times. Access free financial resources and episode transcripts, Ask Joe & Big Al On Air to get your Retirement Plan Spitball Analysis: http://YourMoneyYourWealth.com

Copyright: © Pure Financial Advisors, LLC

Latest Episodes:

Can I Roll My Solo 401(k) to a Simple 401(k)? - 67 Sep 24, 2016

Show notes

Joe Anderson, CFP® & Alan Clopine, CPA discuss some last-minute tax planning tips before year-end in episode 67 of the YMYW podcast. They also answer frequently asked financial questions, including whether you can roll your solo 401(k) to a simple 401(k). Original publish date September 24, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

04:35 - "One of the most critical elements is checking your emergency funds."

07:55 - "Take your retirement budget for a test drive and adjust your spending plan."

16:15 - "Can I convert my Individual 401(k) to a SIMPLE 401(k)?"

17:50 - "We like solo 401(k)s a little bit better, because if you're not making a lot of money you can put a lot more money into it if you want to shelter that."

22:02 - "You have to do [Roth] conversions before December 31st…you can convert any dollar amount you want to."

24:29 - "Should I be concerned about the Department of Labor scare?"

29:11 - "In some cases, the financial industry, banking industry or maybe insurance companies might feel a bit of a hit because they'd have to do things differently but I think over the long term this is good for people and the industry… in fact, this should have been done a long time ago."

30:02 - "Where should I invest my inherited money?"

35:03 - "You just have to figure out what your goal is and that will help you figure out how to invest it."

Where the Presidential Candidates Stand on Taxes - 66 Sep 17, 2016

Show notes

The state of the US tax code couldn't be more uncertain. In episode 66 of the YMYW podcast, Joe Anderson, CFP® & Alan Clopine, CPA discuss the presidential candidates' opposing views on taxes and explain what tax strategies you should take advantage of now before it's too late. Joe and Al answer some listeners' questions later in the show. Original publish date September 17, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

2:37 "When you look at Clinton, her proposals for the most part are adding extra taxes for those that make a lot of money."

2:57 "Trump wants to lower the tax rates and the highest would be 33% instead of what it is right now -39.6%."

8:06 "When it comes to your own retirement, trying to conserve your own dollars and pay less taxes is huge, because if you can pay less in taxes then you can live closer to that lifestyle you want to live."

12:05 "What is the best way to leverage an old ex-employer's 401(k)?"

15:37 "At 70 ½ you have to take a required minimum distribution and if you don't, it's a 50% penalty."

15:54 "Should I retire at 66 or take a low paying job?"

16:49 "A lower-paying job will never hurt you. They will never reduce the benefit, it will help you."

20:10 "How do I report my estate distribution?"

24:55 "What should I spend first in retirement to minimize high RMDs and avoid return risk?

35:10 "There's something called smart beta. What's your take on it?"

5 Lessons to Learn from Wealthy Investors - 65 Sep 17, 2016

Show notes

Joe Anderson, CFP® and Big Al Clopine, CPA discuss a two-decade study on the character traits of America's wealthy and uncover the lessons that can be learned from the millionaire next door, on episode 65 of the YMYW podcast. Original publish date September 17, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

06:41 - "Successful people often spend more time early in life focusing on bettering themselves which leads to higher income the remainder of their lives."

06:50 - "We need to keep investing in ourselves all throughout our career – things are changing so rapidly that we have to stay ahead of the curve."

13:23 - "The first check you write every single month should be to yourself – to your 401(k) or IRA. If you can automate it, all the better."

16:12 - "If you're thinking about saving money in taxes in retirement, having some of your dollars come out tax-free is key because that's what is going to keep you out of higher brackets later."

19:11 - "A lot of people don't realize they can take control over their taxes and especially in retirement."

22:00 - "If you're not maxing out your 401(k) plans and Roth IRAs, you have to get there."

24:52 - "A lot of you underestimate how much you are actually spending."

31:11 - "The fee-only community is pretty small. The really good fee-only advisors have minimums of millions of dollars."

32:07 - "Right now we have a tax system that starts at a lowest bracket of 10% and goes up to 39.6%. Hillary wants to keep that in place but an extra 4% if you have more than $5 million in income."

32:30 - "Donald Trump wants to change the brackets to be 0%, 12%, 25% and 33%."

34:35 - "Couple more things – for the alternative minimum tax, Donald Trump wants to eliminate it all together, and Hillary wants to expand it a little bit by having a 30% minimum rate for incomes over $1 million."

Best & Worst Boomers' Retirement Plans - 64 Sep 10, 2016

Show notes

Joe Anderson, CFP® and Big Al Clopine, CPA discuss the good, the bad and the ugly of baby boomers' retirement plans in episode 64 of the YMYW podcast. Plus, Big Al quizzes Joe on retirement and investing questions. Original publish date September 10, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

03:30 - "There is talk about how to fix Social Security. I personally think what they'll do is they'll raise retirement age; they may raise the rates, or the amount we put in Social Security..."

08:49 - "How will you make your money work for you while reducing your risk? How will you avoid the retirement tax trap that we've been talking about that could cost you thousands of needless taxes?"

16:10 - "There are ways that you can increase your possibility of working longer; one is staying healthy, one is performing well at your current job…going back to school and learning new skills."

18:07 - "As you near retirement, tax planning becomes more important than ever, but you must use a forward-looking tax strategy."

21:42 - "True or false? If you take your Social Security benefit early, you'll lock in reduced monthly payments for life."

24:08 - "At what age do you qualify for the maximum Social Security retirement benefit? 68, 70 or 72? If you wait until age 70 you get the maximum benefit."

30:22 - "How do I avoid filing a trust return every year?"

33:27 - "I am a non- U.S. citizen living outside the U.S. and trading stocks through a U.S. internet broker. Do I have to pay taxes on the money I earn?

34:22 - "How do Roth IRAs gain interest?"

Cracking Down on the 'Mega-Roth' - 63 Sep 10, 2016

Show notes

Oregon's State Senator Ron Wyden is proposing a limit on Roth IRA accounts so high-income households would face restrictions on this tax-advantaged retirement account. Would this solve anything? Joe Anderson, CFP® and Big Al Clopine, CPA discuss in episode 63 of the YMYW podcast. Later, 6 reasons to convert to a Roth IRA in your 50s and 60s. Original publish date September 10, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

02:50 - "People who have a retirement plan through their employer tend to have more money in retirement."

05:17 - "There's no such thing as a mega-Roth IRA."

07:12 - "Taxpayers 'are pouring dollars into incentives for retirement savings, but still far too many Americans struggle to set money aside after they cover their basics. Tax incentives for savings ought to be available to more working families and more generous to middle class.'"

11:49 - "The IRS is getting their tax money upfront when you put money into a Roth."

14:19 - "At age 70 ½, you have to take a required distribution."

23:18 - "What does a [company] match mean? It's when you put a dollar in and your company matches it."

26:50 - "If you have extended your tax return or even if you have not…and you did a Roth conversion last year, you're allowed until October 15 to re-characterize that amount."

30:53 - "If you pass away with a retirement account, the IRS wants their tax money…When you pass away, it will go to your named beneficiary…your spouse has different rules."

33:58 - "Roth IRAs do not have a required distribution to the owner but if I'm a beneficial owner it doesn't matter what type of retirement account it is…they will have to take that requirement."

Factor-Based Investing with Larry Swedroe - 62 Sep 03, 2016

Show notes

Investing expert Larry Swedroe joins Joe Anderson, CFP® and Big Al Clopine, CPA to discuss his new book on factor-based investing in episode 62 of the YMYW podcast. Larry also discusses smart beta, his take on the upcoming election, and how investors should react depending on the outcome. Original publish date September 3, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

02:02 - "Can the IRS take the property from my trust?"

04:38 - "How much can I collect in widow's benefits?"

08:24 - "Can I re-gift a stock?"

12:35 - "A 401(k) plan will allow someone to put an amount directly into their paycheck into an account that will grow 100% tax-deferred…it's out of sight, out of mind."

15:02 - "When you start tapping your retirement nest egg, there are all types of rules – if you don't have a retirement nest egg, you have nothing to tap."

15:50 Start of Interview with Larry Swedroe

18:27 - "We identify eight factors in this book – six for stocks and two for bonds…"

20:12 - "We should have a risk-based explanation for these premiums and/or a behavioral explanation that should hold up."

20:20 - "The book goes through all of these issues for every one of the factors we recommend, and shows you the historical evidence."

22:47 - "Now there's something that's called smart beta. What's your take on that? That's just factor investing with a marketing ploy isn't it?" 24:49 "That, to me, is smart beta because it's patient trading and over time will outperform the index."

25:44 - "There is a thing that you can call smart beta, but 98 or 99 percent of what the industry calls smart beta is marketing hype."

29:19 - "Never let your political views influence your investment decisions. You should have that well thought-out investment plan that has your asset allocation. The only thing you should be doing is 1) rebalancing if necessary and 2) tax managing if the opportunity to harvest a loss is there."

33:38 - "The more you look at your portfolio, the more hazardous it potentially is to your wealth."

35:35 - "If you can't ignore the noise of the market…don't check your value."

35:55 End of Interview with Larry Swedroe

Why Save for Retirement in a 401(k)? - 61 Sep 03, 2016

Show notes

Joe Anderson, CFP® and Big Al Clopine CPA answer your burning financial questions in episode 61 of the YMYW podcast, ranging from how to avoid gift taxes to why it's worth it to invest in a 401(k). Original publish date September 3, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

04:17 - "When we talk about long-term care planning, a lot of people assume we mean you have to buy insurance and that's one way to solve an issue, but not the only way."

06:20 - "Medicare covers skilled care; they don't necessarily cover custodial care. Custodial care means you're not necessarily going to get better. Skilled care can patch you up and get you out the door."

11:20 - "What type of loan should I use to buy out my sibling for inherited property?"

16:59 - "You may have a will or a trust and that will spell out how the assets will be divvied up, but a letter of instructions and meeting beforehand goes a long way."

20:24 - "Can I avoid paying gift tax? Can a grandparent gift a grandchild money for college and not have to pay a gift tax? Would the grandchild have to pay taxes on it too?"

27:55 - "I think it's really important to take advantage of the tax laws that are given to us. If you are a business owner, you can pay your child do something for your business and it becomes a deduction for you."

28:20 - "If you really understand what the rules and opportunities are, you can take some control over your taxes."

30:45 - "I recently opened an LLC and landed my first client. Is there a limitation to how much income I can make off a single client?"

31:51 - "I withdrew $8,000 from my 401(k). I have retired at 59 and have not cashed the check. If I send it back, what happens? Will I still be penalized?"

34:56 - "How much capital gains tax will I pay on a home I sold after living in it for only 13 months?"

Pension Vs. Lump Sum, 401k Rules, and the Fiduciary Standard - 60 Aug 27, 2016

Show notes

Pensions in lump sum vs monthly payments, 401(k) rules, the fiduciary standard, and more as Joe Anderson, CFP® and Big Al Clopine, CPA answer listeners' investing and personal finance questions on episode 60 of the YMYW podcast. Original publish date August 27, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

02:00 - "Does the early withdrawal penalty on my IRA apply to me?"

04:40 - "Never use your IRA (individual retirement account) for anything other than retirement."

05:23 - "Do 401(k) contributions have any effect on MAGI (modified adjusted growth income)?"

08:40 - "Think of 'above-the-line' as things like income and direct expenses to that income whereas 'below-the-line' is generally personal expenses."

11:14 - "Which should I take, a monthly pension or lump sum buyout?"

16:56 - "Why should I hire a fiduciary advisor?"

20:03 - "Everybody needs a financial plan, but not everybody needs a financial planner."

23:08 - "If you can save money on taxes, your money is going to grow that much further and you can take less risk."

23:51 - "Are high-yield bonds a good investment?"

26:26 - "A high-yield bond is going to be ordinary income, and you have to pay ordinary income taxes at the highest rate."

29:50 - "Do I need to pay capital gains tax on the sale of my retail space?"

33:27 - "Which income option is best for a 70-year-old?"

35:45 - "You have to look at so many different options, you can't look at this stuff in a bubble or you might make big mistakes."

6 Ways to Reduce Your Required Minimum Distributions - 59 Aug 27, 2016

Show notes

Did you know there are strategies you can use to reduce your required minimum distributions (RMDs) from your individual retirement account? In episode 56 of the YMYW podcast, find out six ways to do this so you can keep more of the money you've earned, saved, and invested through your entire working life. Original publish date August 27, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

01:45 - "Once you turn 70 ½, you have to start pulling money out of an IRA (individual retirement account). If you are 70 ½ and still working, and own less than 5% of the company, you can delay your required minimum distribution until you retire."

04:13 - "Once you turn 59 ½ you can withdraw money from your tax-deferred accounts without paying a 10% penalty."

06:54 - "A lot of people don't realize that you can do these Roth conversions even before 59 ½. You could be any age and do a conversion."

10:45 - "This is a valid way to reduce your RMDs – invest in a QLAC (quality longevity annuity contract)."

12:20 - "You can invest in your IRA up to 20% of your IRA or 401(k) or $125,000 – whichever is less."

13:04 - "Another way to lower your RMDs is to use tax-deferred accounts for bonds and bond funds, and use taxable accounts for stocks and stock funds."

16:30 - "If you invest in stocks outside of your retirement accounts and you hold a stock or stock mutual fund for at least a year and you sell it, it's subject to a special long-term capital gain rate."

23:38 - "(Another option is to) donate your required minimum distributions."

29:42 - "A lot of men and women are living into their nineties and hundreds…if you haven't really thought this through, it sort of messes up your retirement plan."

32:30 - "If we're living a lot longer, how do we adjust our retirement plans to be able to accommodate that?"

34:43 - "The old rule used to be 'save 10% of your income.' A lot of advisors are now saying 15%, that's what we say."

Financial Planning in Your 20s and Controlling Income Taxes - 58 Aug 20, 2016

Show notes

Joe Anderson, CFP® and Big Al Clopine CPA answer personal finance questions about real estate investments, financial planning in your 20s, retirement, and controlling income taxes from Investopedia in episode 58 of the YMYW podcast. Original publish date August 20, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

02:49 - "I have 2 town home units, 9 & 10. I lived in #10 since 2006 and rented #9. I want to sell both and buy a new larger home using capital gains. I will have approximately $200,000 from #10 and $150,000 from #9 in capital gains. The new home will cost approximately $500,000. If I use these gains as down payment for a new home, do I qualify for capital gain exclusion under Taxpayer Relief Act of 1997?"

07:21 - "If you're in a divorce situation and this applies to you, you want to be careful how you do the property selling."

08:10 - "How do I become financially strong and independent at 22 years old? I have one full time job ($10,800 annually before taxes). I am 22 years old, single, and have no kids. I have no establish credit. I need to buy my first car and get an apartment or trailer before 2016 ends. Where should I start investing with $1,000? Should I put it in savings or look into binary options?"

09:38 - "Try to set aside 15% of your income at any age and keep doing that throughout your career; you'll have plenty of money when you retire."

11:39 - "My mother-in-law is in her 70's. She will live comfortably on her monthly social security check and has 1/3 of her assets in the bank. She will come into the other 2/3 when she sells her home. What do you suggest she does with the money she gets from the sale? Should she get an inflation hedge and some appreciation while being conservative at her age?"

15:52 - "A lot of times, people put investments in front of the planning, and that's where they fall into problems."

16:53 - "My father sold a piece of property that he inherited in order to pay for assisted living expenses. He passed away the year of the sale. His income was less than $15,000. Does his estate pay capital gains on the property, which gained $144,000 in value from the date of inheritance?"

24:05 - "Do I qualify for backdoor Roth IRA?" I own a 403b, 457b, and DCP account. Do these count towards the pro-rata rule?"

27:36 - "How should I manage my extraordinary tax year?"

35:40 - "Unfortunately, tapping your nest egg comes with all sorts of new rules but also opportunities if you understand the strategies."

Related Podcasts