Beer & Money

In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the common pitfalls of linear financial planning, emphasizing the importance of understanding personal values and future aspirations. They advocate for a future-first approach to financial planning, which allows individuals to align their financial decisions with their life goals, ultimately leading to a more fulfilling and less stressful financial journey. Check out our website: beerandmoney.net Find us on YouTube: https://www.youtube.com/@beerandmoney Subscribe to our newsletter: https://www.quantifiedfinancial.com/subscribe-now Check out our Instagram: https://www.instagram.com/ryanburklofinance?igsh=ZTJzN3Jnajd5M2Mw Ryan Burklo's LinkedIn profile: https://www.linkedin.com/in/ryanburklo/ Alex Collin's LinkedIn profile: https://www.linkedin.com/in/alexandercollins/ For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo #financialplanning #linearplanning #personalvalues #future-firstapproach #budgeting #retirement #financialsecurity #moneymanagement #lifegoals #financialindependence Takeaways Most people plan linearly past, present, future. Life isn't lived on a spreadsheet. The focus should be on the life you want to create. Understanding personal values is crucial in financial planning. Future-first planning helps align present decisions with long-term goals. Flexibility in financial planning is essential for adapting to changes. Financial security is not just about numbers; it's about peace of mind. You can create a financial plan that allows for enjoyment in the present. It's important to have a clear vision of your desired lifestyle. Planning should be about what you truly value and want. Chapters 00:00 Introduction to Financial Planning Misconceptions 02:07 The Flaws of Linear Financial Planning 06:06 Understanding Personal Values in Financial Planning 09:47 Designing Flexible Financial Strategies 11:46 The Importance of Future-First Planning

In this episode of Beer and Money, Alex Collins discusses how to find a financial advisor, what to look for in an advisor, and the key questions to ask during the selection process. He emphasizes the importance of understanding advisor credentials, the advisor's process, and the value they can bring to clients. The conversation aims to equip listeners with the knowledge needed to make informed decisions when seeking financial advice. Check out our website: beerandmoney.net Find us on YouTube: https://www.youtube.com/@beerandmoney Subscribe to our newsletter: https://www.quantifiedfinancial.com/subscribe-now Check out our Instagram: https://www.instagram.com/ryanburklofinance?igsh=ZTJzN3Jnajd5M2Mw Ryan Burklo's LinkedIn profile: https://www.linkedin.com/in/ryanburklo/ Alex Collin's LinkedIn profile: https://www.linkedin.com/in/alexandercollins/ For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo #financialadvisor #findinganadvisor #advisorcredentials #questionstoask #financialplanning Takeaways Finding an advisor can be done through AI tools, online searches, and personal recommendations. It's crucial to understand the biases of those giving financial advice. Financial advising should be an ongoing process, not a one-time event. Look for an advisor who asks questions and understands your personal financial situation. Understanding the advisor's credentialing is essential for making informed choices. Be wary of unlicensed individuals providing financial advice. Ask potential advisors about their motivations and target clients. Ensure the advisor's services align with your financial needs. Inquire about the advisor's succession plan and team structure. A good advisor should articulate their value and how they can help you. Chapters 00:00 Finding the Right Financial Advisor 04:33 Understanding Advisor Credentials and Processes 09:50 Key Questions to Ask Potential Advisors 14:26 The Value of Financial Advisors

In this episode of Beer and Money, Ryan Burklo and Alex Collins reflect on the significance of Thanksgiving and the role of money in family life. They discuss the balance between financial success and enjoying the present, emphasizing the importance of intentional choices and shifting mindsets. The conversation highlights how stress can overshadow meaningful experiences, especially during the holiday season, and encourages listeners to build their financial plans around their values and what truly matters to them. Check out our website: beerandmoney.net Find us on YouTube: https://www.youtube.com/@beerandmoney Subscribe to our newsletter: https://www.quantifiedfinancial.com/subscribe-now Check out our Instagram: https://www.instagram.com/ryanburklofinance?igsh=ZTJzN3Jnajd5M2Mw Ryan Burklo's LinkedIn profile: https://www.linkedin.com/in/ryanburklo/ Alex Collin's LinkedIn profile: https://www.linkedin.com/in/alexandercollins/ For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo #Thanksgiving #financialplanning #familytime #moneymindset #intentionalchoices #wealthbuilding #stressmanagement #holidaygatherings #financialfreedom #values Takeaways Money can create options but also take away from family time. Chasing financial success can lead to forgetting the true purpose of money. It's essential to find a balance between enjoying today and planning for tomorrow. Intentional choices can transform stressful situations into enjoyable experiences. Mindset shifts can help appreciate family time during the holidays. Financial planning should align with personal values and experiences. Spending money on meaningful experiences can be more valuable than saving excessively. Understanding the purpose of money can reduce financial stress. Building wealth is about creating freedom to enjoy life with loved ones. Reflecting on what you value can enhance your financial decisions. Chapters 00:00 Thanksgiving Reflections on Money and Family 02:58 The Balance of Money: Present vs. Future 05:58 Intentional Choices and Family Time 09:03 Reframing Stressful Situations 12:00 Building Wealth for Meaningful Experiences 17:52 Valuing Time Over Money

In this episode, Ryan Burklo and Alex Collins discuss the intricacies of college planning, focusing on Ryan's personal experience with his daughter touring the University of Arizona. They explore various funding strategies for education, emphasizing the importance of flexibility in financial planning. The conversation also touches on navigating the FAFSA process, the emotional aspects of financial decisions, and the significance of seeking advice from knowledgeable sources. Check out our website: beerandmoney.net Find us on YouTube: https://www.youtube.com/@beerandmoney Subscribe to our newsletter: https://www.quantifiedfinancial.com/subscribe-now Check out our Instagram: https://www.instagram.com/ryanburklofinance?igsh=ZTJzN3Jnajd5M2Mw Ryan Burklo's LinkedIn profile: https://www.linkedin.com/in/ryanburklo/ Alex Collin's LinkedIn profile: https://www.linkedin.com/in/alexandercollins/ For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Check out Ryan's LinkedIn Post: https://www.linkedin.com/posts/ryanburklo_college-financialplanning-collegeplanning-activity-7386038522945875970-DjOZ?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAPeigABAS2_RpYsoJM-YinxpGfnD1wyNRc #collegeplanning #financialplanning #FAFSA #educationfunding #flexibility #scholarships #emotionalfinance #personalfinance #investmentstrategies #studentloans Takeaways The importance of personal experience in college planning. Flexibility in funding options can lead to better financial outcomes. FAFSA is a crucial step in the college funding process. Emotional aspects of financial planning can affect decision-making. There are multiple ways to fund education, and no one-size-fits-all solution exists. Networking and experiences gained in college can be as valuable as education itself. It's essential to seek advice from trusted and knowledgeable sources. Avoid cookie-cutter financial plans; tailor them to individual goals. Understanding the implications of financial decisions is key to effective planning. Engaging with others about their funding strategies can provide new insights. Chapters 00:00 Introduction to College Planning 01:01 Touring the University of Arizona 03:07 Funding College Education 06:02 Exploring Different Funding Options 11:09 Navigating FAFSA and Scholarships 13:41 Understanding Financial Assets for FAFSA 15:53 Personal Experiences with College Funding 20:46 The Importance of Seeking Financial Advice

In this episode of Beer and Money, Ryan Burklo discusses the essential rules and obligations associated with inheriting an IRA. He explains the importance of understanding required minimum distributions (RMDs), the tax implications of withdrawals, and the necessary steps to set up an inherited IRA correctly. The conversation emphasizes the need for strategic financial planning and coordination with tax professionals to ensure compliance and optimize tax outcomes. Check out our website: beerandmoney.net Find us on YouTube: https://www.youtube.com/@beerandmoney Subscribe to our newsletter: https://www.quantifiedfinancial.com/subscribe-now Check out our Instagram: https://www.instagram.com/ryanburklofinance?igsh=ZTJzN3Jnajd5M2Mw For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo RMD website Ryan mentions: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-beneficiary #InheritedIRA #RMD #taximplications #financialplanning #beneficiaryIRA #retirementaccounts #estateplanning #taxstrategy #financialadvice #IRArules Takeaways Inheriting an IRA means dealing with tax obligations. Required Minimum Distributions (RMDs) must be understood and managed. If the deceased did not take their RMD, beneficiaries must ensure it is taken. Beneficiaries have a 10-year window to distribute the inherited IRA funds. Retitling the IRA to an inherited IRA is crucial. Withdrawals from an inherited IRA are taxable as ordinary income. Coordination with a CPA is essential for tax strategy. Each RMD impacts the beneficiary's tax bracket. Setting a schedule for RMDs helps in financial planning. Understanding where to allocate the withdrawn funds is important. Chapters 00:00 Understanding Inherited IRAs 03:00 Key Rules for Distributions 05:49 Setting Up Your Inherited IRA