Financial podcasts

williston_gator · Mar 8, 2019

I listen to a lot of podcasts. I used to listen to Dave Ramsey but it got old. I currently listen to "Listen Money Matters". They are around my age so I connect a little more.

Any suggestions for the people to listen to?

TLB · Mar 8, 2019

Ramsey is great, but you're right, it is the same thing over and over and over and....

Money Matters is good, but I also have listed to Clark Howard. He sounds a little dorky (voice level) but his recommendations cover a very wide range of financial topics and his site has links to help with a lot of stuff.

FireFoley · Mar 8, 2019

I discovered a guy on a Jax station one weekend when I was driving. His name is Martin Parlato (sp?) and his shop is called LightHouse Retirement. Of course he is trying to get business and I understand that, but his stance is that Politics affects your money. He is a Registered Advisor i.e. fiduciary, and not a rep so he is not hawking mutual funds and annuities which are awful, fee based products!!! I may not always agree with his view on finance, economics, politics, etc, but he is one of the few guys who takes a big picture view of a lot of things, like I always have. He seems very diligent in his thoughts which provides the listener to also think. Sadly, most people are lemmings and incapable of thinking for themselves.

TLB · Mar 8, 2019

FireFoley said:
Sadly, most people are lemmings and incapable of thinking for themselves.

Which is why many employer 401ks now have generic 'retirement year' buckets, so you can put yourself in a 2025, or 2030, or 2035 fund depending on how far you are from retirement. The laziest of lazies.

FireFoley · Mar 8, 2019

TLB said:
Which is why many employer 401ks now have generic 'retirement year' buckets, so you can put yourself in a 2025, or 2030, or 2035 fund depending on how far you are from retirement. The laziest of lazies.

You are correct but those target date funds may not have as much turnover as may be needed, thus they don;t get as much attention as they should. But they are mutual funds so rest assured there will be annual fees for doing nothing. did you know that you can pay upwards of 200K in fees over say a 30 or 40 year period if you spend all those years in mutual funds thru a 401K? I understand that many don;t have the time or knowledge to do research, etc, which is why I now recommend those NO FEE total market funds or S&P 500 fund that I know Fidelity and Vanguard have. I am sure others have free funds now. And since many active managers can't beat the overall market, might as well keep it simple, follow the benchmark and not pay a fee.

Gatordiddy · Mar 8, 2019

TLB said:
The laziest of lazies.

Really?

Asking for a friend

Pablos Tunnel · Mar 9, 2019

TLB said:
Ramsey is great, but you're right, it is the same thing over and over and over and....

Money Matters is good, but I also have listed to Clark Howard. He sounds a little dorky (voice level) but his recommendations cover a very wide range of financial topics and his site has links to help with a lot of stuff.

Ramsey is selling the sane cookie cutter to everyone. Unfortunatley life isn’t that simple. Although for getting started he is fine.

Pablos Tunnel · Mar 9, 2019

bradgator2 · Mar 9, 2019

FireFoley said:
You are correct but those target date funds may not have as much turnover as may be needed, thus they don;t get as much attention as they should. But they are mutual funds so rest assured there will be annual fees for doing nothing. did you know that you can pay upwards of 200K in fees over say a 30 or 40 year period if you spend all those years in mutual funds thru a 401K? I understand that many don;t have the time or knowledge to do research, etc, which is why I now recommend those NO FEE total market funds or S&P 500 fund that I know Fidelity and Vanguard have. I am sure others have free funds now. And since many active managers can't beat the overall market, might as well keep it simple, follow the benchmark and not pay a fee.

This post probably deserves its own thread regarding fees.

I posted somewhere else I hate fees. If there is one, they should at least be transparent. Although the expense ratio listed on our 401k options are listed.... I know there are additional fees being scraped. And there is noway to find them.

My 401k is through John Hancock and my choices for funds are pretty limited imo. Zero etfs. I know I could do much better in my private accounts and pay WAY less in fees.

If I could find out exactly what they are stealing from me, I could at least attempt to calculate whether or not I should invest privately vs maxing 401k.

78 · Mar 9, 2019

bradgator2 said:
This post probably deserves its own thread regarding fees.

I posted somewhere else I hate fees. If there is one, they should at least be transparent. Although the expense ratio listed on our 401k options are listed.... I know there are additional fees being scraped. And there is noway to find them.

My 401k is through John Hancock and my choices for funds are pretty limited imo. Zero etfs. I know I could do much better in my private accounts and pay WAY less in fees.

If I could find out exactly what they are stealing from me, I could at least attempt to calculate whether or not I should invest privately vs maxing 401k.

I'd contribute to the 401(k) at least up to the company match, assuming there is a match. Beyond that, you're right. Most employer-sponsored plans are bloated with expense ratios and fairly lifeless from a selection standpoint.

Before you do anything, though, check the IRS table to compare your W2 income to the deduction phase out. Because you are "covered" by an employer-sponsored plan, you may make too much to deduct contributions to a traditional IRA and therefore would be limited to a Roth.

bradgator2 · Mar 9, 2019

78 said:
I'd contribute to the 401(k) at least up to the company match, assuming there is a match. Beyond that, you're right. Most employer-sponsored plans are bloated with expense ratios and fairly lifeless from a selection standpoint.

Before you do anything, though, check the IRS table to compare your W2 income to the deduction phase out. Because you are "covered" by an employer-sponsored plan, you may make too much to deduct contributions to a traditional IRA and therefore would be limited to a Roth.

Yeah, I agree with 100% of what you are saying.

My company contributes 4% of my salary to my 401k. Period. I dont have to contribute a dime.

But that $19,000 I put into my 401k, pulls us under the limit to also max a Roth IRA. We only max 1, although we could obviously do 2.

I do have the ability in my account to do a Roth 401k, but I dont.

Without knowing what John Hancock is taking.... it’s an impossible equation to solve. But I have often wondered if should contribute zero to my 401k (since I am getting my company’s 4%) and just save that $19,000 (post tax) elsewhere.

78 · Mar 9, 2019

Unfortunately, it's not an exact science due to the number of moving parts coupled with all the things in your life that can change over the next few decades, none the least of which is tax legislation.

However, based on what you just shared, it sounds like your 401(k) contribution reduces your AGI to the point where, adjusting for the married joint standard deduction, you'll be in the 22% bracket. That's a 22% head start if you put the emphasis on before-tax contributions versus after-tax. Where are you going to get those kind of returns in this uncertain market?

Unless you know you'll be in a higher bracket in retirement, it really behooves you to consider the power of those upfront tax benefits.

78 · Mar 9, 2019

Clarification on my last post. Any FURTHER contributions will deduct from income at 22%. At least a portion of the 401(k) contributions reduced taxes at a 24% clip.

Gator-Don · Mar 11, 2019

Pablos Tunnel said:

Those are some seriously white choppers... but seriously, thanks for the tip.

Detroitgator · Mar 11, 2019

Pablos Tunnel said:

banana hands

divits · Mar 13, 2019

Detroitgator said:
banana hands

Detroitgator · Mar 13, 2019

divits said:

I was hoping someone would get it!

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