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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:

Mistakes to Avoid in Managing Assets for Estates - 35 Jun 04, 2016

Show notes

Nicole Newman, Attorney at Law joins Joe Anderson, CFP® and Big Al Clopine, CPA on YMYW podcast episode 35 to discuss the most important estate planning mistakes people need to avoid. Later in the hour, they dive into Social Security, investments and taxes. Does your Social Security strategy line up with your retirement plan? Original publish date June 4, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

Download the Estate Plan Organizer

Learn more from Nicole Newman: 10 Gruesome Estate Planning Mistakes to Avoid

00:00 - Intro 02:47 - "We have seen Social Security benefits reach a million dollars [before]" 06:35 - "When you get really good rates of return, there are risks involved no matter what the investment vehicle is" 08:40 - "Cash flow is king when it comes to retirement. Do you have a strategy and plan in place to make sure that you can provide the income that you need?" 10:00 - Start of interview with Nicole Newman 11:52 - "What happens if you fail to plan for your death is that each state has their own back-up plan for you.." 12:59 - "They tend to interchange the terms will and trust all the time…actually that's mistake number two in my seminar" 13:39 - "A will does NOT avoid probate…that's a very common misconception" 14:18 - "Here in California probate is very lengthy, so it usually takes about 12 to 18 months as long as there are no problems…if there are problems then it can turn into years very quickly; whereas other states' probate can be very simple and very quick" 17:47 - "We see this quite often, where we'll see children from a prior marriage cut out simply because of the lack of planning…when you have a blended family you definitely want to have a living trust" 19:22 - End of interview with Nicole Newman 24:41 - "Each year that you wait after your full retirement age, Social Security will guarantee an 8% delayed credit to the benefit, plus you also get the cost of living benefit" 28:48 - "In retirement you have more control [over your taxes] than any other time in your life" 36:29 - "There are a lot of other things that you can do; you could push out your retirement a couple years or you could look at some tax planning strategies that will carry out your dollar a little longer…making sure you have the right portfolio set up to give you the income that you need"

Is 'Sell in May, Go Away' Good Advice? - 34 May 28, 2016

Show notes

Is the well-known trading adage, "sell in May and go away" actually good advice? Joe Anderson, CFP® and Big Al Clopine, CPA discuss this in YMYW podcast episode 34 before diving into retirement planning, sharing common IRA and Roth misconceptions and beneficiary blunders that could cost your family thousands. Original publish date May 28, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro 02:26 - "You can contribute up to $5,500 (to an IRA); if you're over 50 you get a $1,000 catch-up so $6,500" 04:01 - "If you're in a low tax bracket you might not get that much benefit. You might as well do a Roth contribution so you forgo the tax benefit today but all future income, growth and principal are tax-free later. Here's the caveat – you need earned income" 04:29 - "Earned income has to be salary or positive profits from your self-employment business" 09:01 - "If you don't have an IRA already established and you try to do a direct rollover, you're going to find yourself with some problems" 14:59 - "Did you know that you can use your spouse's earned income if you're not working to do a Roth or IRA contribution?" 16:03 - "A couple of other basics when it comes to the Roth: there is no required minimum distribution (RMD)" 23:08 - "These are retirement accounts. They're for retirement; they shouldn't really be used for other things" 28:52 - "We're talking about IRAs, some mistakes you might be making with the overall retirement accounts; we talked about the basics – how much you can contribute, AGI limitations, penalties, RMDS. But one that people forget about is the beneficiary designation" 33:10 - "We encourage our clients and I'll encourage you guys as well to be looking at your beneficiary statements on all IRAs, 401(k)s, 403(b)s every few years; make sure they're up to date" 36:16 - "There is such thing as an IRA trust"

How Stocks Perform in an Election Year - 33 May 28, 2016

Show notes

The 2016 election race has already offered plenty of surprises, but what could it mean for the economy? Joe Anderson, CFP® and Big Al Clopine, CPA share what they think, then move on to discuss Americans' top regrets in retirement. Are you saving enough money for emergencies? Is your credit card debt hindering your finances? Are you taking enough risk in your financial portfolio? Find out what you can do to improve your finances. Original publish date May 28, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

05:15 - "We tend to sell our positions when they go down because we are fearful…and then we buy back in when the market does well"

10:40 - "Here's an interesting statistic I got from Market Watch: since 1950, a 60/40 bond portfolio…hasn't had a loss in a five-year period…any five-year period"

17:54 - "Presidential election year or not, it doesn't really matter. You need to get the right investments for you and stay invested. Rebalance when you need to"

22:53 - "According to this article on U.S. News, they're saying that people over age 50 spend an average of 40-45% of their household budget on housing and housing items"

27:25 - "We talk about being diversified with investments but you also have to be diversified with your taxes"

Investing Q & A + Tax Quiz - 32 May 21, 2016

Show notes

Joe Anderson CFP® and Big Al Clopine, CPA answer real life investment questions for retirees and pre-retirees. Plus, 10 retirement statistics that might scare you. Joe and Al close the hour with a quiz on taxes - how will you fare? Original publish date May 21, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

01:56 - "GoBankingRates.com finds that more than half of Americans have less than $10,000 saved for retirement"

04:55 - "Can I roll over an old 401(k) to fund my child's 529 plan?"

09:05 - "Can I use tax money owed from my IRA to pay credit card debt?"

12:47 - "We want to sell my parents' house and my sister just wants to take over my payments. Do we get any of the money we've already put into the house back?"

18:17 - "If you know a few simple [tax] strategies you can save a lot of taxes in retirement"

19:39 - "Could I convert my IRA to a Roth and use the interest tax credit to reduce my tax liability on a transfer?"

25:28 - "What can we do if my ex-husband is trying to get his 401(k) to cash out from his previous employer but they are refusing to give it to him?"

30:57 - "If you ever get a call from the IRS, hang up and if you think it's valid, then call them yourself to make sure you're actually talking to the IRS"

36:14 - "I hear this all the time – the rich don't pay any taxes – I can tell you, I've been preparing returns for 30 years, that is not true. The rich pay a lot of taxes"

15 Mistakes People Make in Retirement - 31 May 21, 2016

Show notes

Joe and Big Al cover 15 mistakes even the smartest people make in retirement, courtesy of Go Banking Rates, in YMYW podcast episode 31. These mistakes include: claiming Social Security too early, being too conservative or aggressive with investments and failing to take your required minimum distributions (RMDs). Find out how to make your golden years the most successful they can be. Original publish date May 21, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

05:17 - "When you look at the taxation of your retirement income… there are some significant things you can do"

09:40 - "We're talking about mistakes people are making and one of them is not necessarily taking a look at their home when they sell it and understanding the tax law"

11:34 - "If all of your money is in a retirement account, IRA, 401(k), 403(b)s and the like, all of that is going to be taxed at ordinary income rates – the highest of rates. You want to prioritize where you're going to be pulling your money from in retirement"

13:57 - "Another big mistake that people make is that a lot of you are taking Social Security maybe a little too early"

21:14 - "Unfortunately we don't take enough time to do upfront planning"

25:49 - "The truth is, taxes don't stop when your paycheck does; when you start tapping your retirement nest egg it comes with all sorts of new rules and opportunities"

Retirement Realities vs Retirement Myths - 30 May 14, 2016

Show notes

Retirement isn't what it was when your parents left the workforce. In fact, it may not be what it was even a decade ago. In YMYW podcast episode 30, Joe Anderson & Al Clopine, dive into the realities of retirement as they shed light on 10 mistakes to avoid when achieving your retirement goals. They close the hour providing 11 fast facts about Roth IRAs. Original publish date May 14, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

05:59 - "You want to have an advisor that can really understand cash flow needs throughout retirement, taxes and how the investments all fit together"

10:14 - "We are living longer, and here are the stats – they're changing rapidly"

17:58 - "Don't fall for these three retirement myths"

19:44 - "Here's probably the biggest myth: you won't have to pay taxes [in retirement]"

21:25 - "Social Security income is tax-free in the state of California"

25:58 - "There are lots of ways to create tax-free income to keep less of your Social Security taxable, but you have to understand what those strategies are"

30:21 - "A spousal IRA works like this: let's say your spouse is working and you're not working or vice versa; as long as there's earned income, the non-working spouse can still contribute to a retirement account"

9 Ways to Build Your Wealth in Your 50's - 29 May 14, 2016

Show notes

If you're in your 50's, retirement is probably right around the corner. During this time it's critical to make the right financial decisions to achieve your retirement goals. In episode 29 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA break down 9 financial tips to help you enjoy a rich retirement, whether you're a late bloomer or you've been saving up money for years. Find out how to build wealth now and for the future. Original publish date May 14, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

05:27 - "When you turn 70 ½ and you have retirement accounts, there's a mandate that you have to take a certain percentage out of the account per year, and each year as you age that percent increases…when you have multiple accounts you have to be careful"

08:55 - "A Roth IRA does not have a required distribution; but if you have a Roth 401(k), the Roth 401(k) does have a required distribution"

11:28 - "There is no age limit for a Roth IRA contribution"

13:30 - "Income limits could prevent you from contributing so here are the new rules for 2016" 20:01 "What's happening now, especially with a lot of Baby Boomers is a lot of them are working longer than they want to work…in other cases people are having to reduce their lifestyle"

22:19 - "Here are some quick steps to build wealth in your 50's"

28:38 - "22 percent are very confident they will have enough money in retirement according to the Employee Benefit Research Institute's annual retirement confidence survey"

Retirement Errors That Will Crush Your Investment Gains - 28 May 07, 2016

Show notes

Learm how you can protect yourself from one of America's fastest growing crimes – identity theft. Plus, what's it going to cost you to retire? In episode 28 of the YMYW podcast, Joe and Al share three retirement errors that will crush your investment gains. Original publish date May 7, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

1:17 - "Identity theft is a real issue; we talk about it a lot on this show, especially when it comes to taxes and people filing fraudulent tax returns"

2:17 - "We focus on consumer education…educating the public on various issues related to identity crime and how to protect themselves"

4:50 - "Limit the amount of personal identifying documents that you carry with you every day"

5:30 - "Regularly monitor your bank statements and you should be checking your credit report several times a year…also shred your mail"

6:32 - "Get yourself off the list for pre-approved offers"

7:18 - "Secure your phone, tablet, your computer and understand all those pieces of hardware have lots of sensitive information about you"

11:28 - Identity Theft Resource Center contact info

21:42 - "If you're married, there are certain marital benefits – first of all, if you file a joint tax return and be in a lower tax bracket. For Social Security, if one spouse passes then you get to keep the higher of the benefits"

32:07 - "There are many mistakes you can make as a retirement investor. I want to focus on three retirement errors investors make all the time"

34:27 - "It's crucial to save for retirement but equally important to enter retirement debt-free"

Maximizing Social Security Benefits Under New Rules - 27 May 07, 2016

Show notes

Social Security changes are now in effect. In episode 27 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA explain the best ways to maximize your benefit despite two major claiming strategies now eliminated. Listeners are also faced with the realities of retirement, as Joe and Al debunk common retirement and Social Security myths. Original publish date May 7, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

Download the Social Security Handbook

00:00 - Intro

06:07 - "The (2016) retirement confidence survey (by Employee Benefits Research Institute) reports that almost half- 47% of workers surveyed – think they'll need to save at least $500,000 for a comfortable retirement"

11:24 - "At certain income levels, your Social Security income is tax-free"

15:44 - "Even if you're currently retired, you have to look at what tax consequences are on the income you are producing"

16:55 - "That's what Social Security is giving you, it's a delayed retirement credit of 8% per year, each year that you delay"

22:48 - "We're living longer so it makes sense to push the retirement age out; that's just pure logic"

27:34 - "We're going to talk about dealing with fear and uncertainty in retirement and here are six ways to deal with it"

Creating Tax-Free Income in Retirement - 22 Apr 16, 2016

Show notes

Big Al Clopine, CPA and Joe Anderson, CFP® share more ways to create tax-free income and savings in retirement in episode 22 of the YMYW podcast. Find out how the recent Social Security changes in 2016 affect your taxes and what other taxes in retirement you might encounter. Original publish date April 16, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

01:14 "Now that you have your claiming strategy dialed in, have you thought about what the taxation will be on your Social Security? It will depend on a few things"

05:03 "You want to be looking at Roth conversions because if you can prepay some taxes while you're in lower or even similar tax brackets, you can stay out of higher taxation later"

09:02 "It's all about putting yourself in the driver's seat when it comes to taxes. I would say the majority of folks don't give it much thought; at this time of the year they just pay their taxes and think that's the best they can do"

14:40 "Did you know that if you go on vacation and do Airbnb, as long as the visitors stays [at your house] less than 14 days, it's tax-free income"

15:01 "Here are your choices [for tax-free states to live in]: Nevada, Washington, Texas, Wyoming, South Dakota, Tennessee, New Hampshire and Alaska"

20:03 "Here's a survey done by the American Institute of Certified Public Accountants…they asked folks about the next president and asked what the priority should be from an economic standpoint"

24:20 "The more income you make the higher your [Medicare] premiums are…so could they do something with that for Social Security?"

33:06 "Roth conversions offer a possible solution to help clients manage taxes in retirement"

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