Episode 59 - When should I hire a Financial Advisor?GIA Founder Tim Goodwin, CFP®,  joins the Money PIG Podcast to talk about when people need to hire a Financial Advisor? Learn about SINKs, DINKs and HENRYs Are you wondering, “When can I retire?” Will I have enough money to retire comfortably? How do I determine the best time to retire? Is there anything else I should know or be doing to better prepare myself and my family for retirement? Are you frustrated with your current advisor? Do you feel your current financial advisor actively listens to your goals and helps you attain them?  Do you trust your advisor to put your best interests first? Do you have security and confidence when it comes to your financial plan and wealth management? Is managing your investments becoming too stressful and feel like a part-time job? Are you experiencing a significant life transition such as changing jobs, getting married, getting a promotion, moving, retiring, having a baby, going through a divorce or recently widowed?If you are looking to hire a financial advisor or someone to manage your wealth and help you plan your retirement and legacy, please reach out and tell us your story by scheduling an intro call with our Goodwin Investment Advisory consultant here. Download our Investor’s guide to your right-fit advisor, or download Tim Goodwin, Certified Financial Planner™ PROFESSIONAL’s free book, Exponential Wealth. The Money PIG podcast is hosted by Reid Trego.  Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations.  Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast.  The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Episode 58 - What do I do with my 401k when I leave my job?DescriptionThe meeting with Reid Trego and financial planner Joe Beckford discussed a listener question from a woman handling her husband's $28,000 employer-sponsored 401k upon job departure. They stressed not leaving money with an old employer and highlighted options like rolling over into a new plan or opening IRAs for pre-tax and Roth contributions. They explained retirement plans such as 401k, advising against cashing out for speculative investments.Beckford elaborated on retirement plans like 403b and 457, emphasizing the importance of understanding investment choices within IRAs or employer-sponsored plans for growth potential. They discussed diversification tailored to risk tolerance, cautioning against early withdrawals before 59 and a half years old. Beckford recommended professional help for large sums and self-investment in index funds.The discussion underscored the risks of mishandling rollovers and stressed timely actions to avoid tax liabilities. They promoted proactive financial planning aligned with individual goals amid regulatory compliance complexities. The podcast offered insights on optimizing financial decisions during retirement transitions, emphasizing awareness of pitfalls related to taxation and investments to manage portfolios effectively.

Episode 19 - How much is TOO much to pay for Taylor Swift tickets?The Money Pig podcast discusses, “How much is too much to spend on Taylor Swift tickets,” with Wealth Advisor Ray Brown. Reid Trego and Ray explore the topic of spending money on recreational activities and hobbies, such as concerts and travel, and when it's responsible to do so. The conversation covers budgeting for fun while also prioritizing saving and giving. The hosts share personal examples, including planning their honeymoon expenses ahead of time. Overall, the discussion emphasizes the importance of balancing financial goals with enjoying life's experiences. One of our values at Goodwin Investment Advisory is to be serious about money while also having fun!  Sticking to financial goals and good spending habits, while saving for enjoyable experiences that will become memorable moments is super important. Ray and Reid discuss the importance of understanding personal priorities when it comes to financial planning. They give examples of different priorities, such as investing in a 401k or buying a Taylor Swift ticket, and emphasize the need for individual evaluation in decision making. The podcast also highlights how financial advisors should work with clients to understand their unique goals and values. If you are looking for a CERTIFIED FINANCIAL PLANNER™ Professional to help you create your financial plan and retirement plan that includes helping you plan ahead for all the fun things you have always wanted to do, then reach out to our consultant. We would love to get to know your story and how we can guide you! The Money PIG podcast is hosted by Reid Trego. Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast.  The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

REBOOT - How do I make a career transition?GIA Certified Financial Planner candidate Ray Brown joins The Money Pig Podcast to discuss how to make a career transition.How do I make a career transition?Can I afford to change jobs?What is the Donkey Kong ladder jump?Do you need someone to help you decide if you are in a position to make a career transition?  If you would like to connect with an advisor on our wealth management team please schedule a free  intro call here.The Money PIG podcast is hosted by Reid Trego.  Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations.  Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast.  The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Episode 55 - FIVE COMMON MISTAKES PEOPLE MAKE WITH THEIR FINANCES.DescriptionThis meeting featured Reid Trego hosting financial planner Justin Pitcock, emphasizing budgeting effectively as the first step. Listeners were advised to prioritize financial goals and pay themselves first, stressing early retirement planning regardless of age to debunk the misconception that saving can wait.The importance of neglecting emergency savings was highlighted, advising setting aside cash for unforeseen expenses like car repairs or medical bills. Strategies for building an emergency fund based on covering deductibles or maintaining several months' worth of expenses were outlined to avoid falling back into debt traps.Insights were shared on avoiding debt traps through responsible management of major purchases like cars and homes within reasonable budget percentages. Practical tips were provided for reducing and eliminating debts, including the snowball method. Overlooking valuable investing opportunities due to fears of market volatility and misconceptions about investing being akin to gambling was identified as a crucial mistake.The conversation emphasized how proper investing in securities over time is vital for long-term financial growth. Understanding individual goals and aligning investment strategies accordingly to achieve financial security over different phases of life, including retirement planning considerations, was highlighted amidst market fluctuations induced by media fear tactics.

Episode 54DescriptionThe Retire by Design program aims to address retirement fears and challenges, emphasizing financial security, health care costs, inflation worries, and market volatility. It offers personalized planning with a retirement consultant. Additionally, the program focuses on non-financial issues like social isolation, loss of identity, and finding meaning in retirement.Retire by Design participants discussed the importance of intentional pre-retirement preparation to ensure a smooth transition. They shared experiences of early retirements that lacked proper planning, leading to unexpected challenges such as feeling irrelevant or unprepared financially. To combat loneliness and enhance overall well-being, the program highlights the need for activities that bring fulfillment and purpose in retirement years.Interested individuals can join the program by following outlined practical steps. These steps include registering for the program and participating in an eight-week workshop covering essential topics for successful retirement planning. Integration with financial advising services is crucial for aligning retirement lifestyle goals effectively with financial means.In summary, the Retire by Design program offers a comprehensive approach to retirement planning. By addressing both financial and non-financial aspects, the program aims to help individuals overcome common retirement concerns and make a meaningful transition into this phase of life.

Episode 53 - What Couples Talk About When They Talk About MoneyDescriptionMoney PIG Host, Reid Trego is joined by Tim and Maureen Goodwin for insights on discussing finances within couples, focusing on security, stress reduction, and emotional considerations. They emphasized the impact of past experiences on present financial attitudes and the importance of open communication to prevent conflicts and foster trust. Key points included avoiding consumer debt, maintaining an emergency fund for peace of mind, and regular net worth tracking. Practical budgeting advice involved strategies like using YNAB or spreadsheets.Attendees shared personal stories of debt struggles and childhood money-related traumas, highlighting how emotions influence financial decision-making in relationships. Pro tips suggested addressing spending triggers linked to past traumas for a healthier financial approach. The future objectives revolved around financial freedom through responsible budgeting practices and promoting generosity towards others. Participants were encouraged to take concrete steps throughout the year to enhance their financial well-being in alignment with individual goals.

Episode 52Happy Anniversary - 20 Years of Goodwin Investment Advisory in Woodstock, GAhttps://moneypig.buzzsprout.com/2136084/14624032-happy-anniversary-20-years-of-goodwin-investment-advisoryThe Money Pig podcast celebrates Goodwin Investment Advisory’s  20-year anniversary guiding clients to financial peace, independence, and generosity. The host, Reid Trego, welcomes President and Founder of GIA,  Tim Goodwin, to discuss the history of Goodwin Investment Advisory and their journey over the past two decades. Tim talks about the early days of starting the company, the process of hiring employees, and growing the client base.  Additionally, they highlight some unique aspects of their firm, such as having a leadership team and encouraging clients to give back through donor-advised funds.The transcript concludes with discussions on investment strategies, technology advancements in the industry, personal development goals for clients at different stages of life (as represented by their trademarked GoodLife Pyramid that coincides with  Maslow's hierarchy of needs), Google reviews from satisfied clients across multiple states, and the company's dedication to generosity by donating a percentage of revenue to charitable causes. Something new that Goodwin Investment Advisory is launching March, 20 is Retirement Workshops called Retire by Design.  Check out our webpage that shares how we can help guide you through the process of retirement beyond the dollars and cents.  If you want an expert who can give you sound advice and help you navigate how to best invest your wealth and plan for your retirement, reach out to us to schedule a quick call. One of our CFP® professional wealth advisors would love to discuss your individual goals and options with you. The first step in our process is to schedule a free 15-minute intro call with our Goodwin Investment Advisory consultant here. The Money PIG podcast is hosted by Reid Trego.  Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations.  Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast.  The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Episode 4Certified Financial Planner™ PROFESSIONAL, Joe Beckford,  joins The Money Pig Podcast to answer the question: What is a fiduciary and why does that matter?What does it mean to be a fiduciary?. What is a fiduciary? And, why should you make sure your advisor is one?To us at Goodwin Investment Advisory, a fiduciary means you as the client are put first and foremost. The advisor has an integral obligation to make financial decisions and recommendations that are in your best interest. Typically in terms of financial advisors and investors, a fiduciary prudently takes care of money or other assets for another person. But to Goodwin Investment Advisory, it goes beyond this – to act on your behalf, putting your interests ahead of our own, with a duty to preserve good faith and trust. We believe being a fiduciary thus requires us as your advisor, being bound both legally and ethically, to act in your best interest.What is suitability vs fiduciary? The suitability standard requires brokers and investment advisors to recommend investments that are the most suitable for the client. The difference is that if you follow the suitability standard you are not required to act in the best interests of your client. A fiduciary is required to place their clients' best interests ahead of their own, which is very important. This means a fiduciary is not trying to sell you products. If you are looking for a fiduciary to be your financial guide, please reach out and tell us your story by scheduling an intro call with our Goodwin Investment Advisory consultant here. Download our Investor’s guide to your right-fit advisor, or download Tim Goodwin, Certified Financial Planner™ PROFESSIONAL’s free book, Exponential Wealth. The Money PIG podcast is hosted by Reid Trego.  Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations.  Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast.  The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Episode 50 - Reboot - Re-Introducing Goodwin Investment AdvisoryGoodwin Investment Advisory founder and President,  Tim Goodwin, CFP® joins the Money PIG Podcast to talk about why, when, and how GIA was founded.What is compound interest?When was Goodwin Investment Advisory founded?What is the Goodlife Pyramid?What is Maslow’s Hierarchy of Needs?Download our Investor’s guide to your right-fit advisor, or download Tim’s free book, Exponential Wealth. If you want to schedule an appointment with one of our CFP® Professionals click here. The Money PIG podcast is hosted by Reid Trego.  Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations.  Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast.  The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Episode 49 - How to pay off your student loans with Ray BrownDescriptionRay Brown, an advisor at Goodwin Investment Advisory, joins host Reid Trego on the Money Pig podcast to discuss paying off student loans. Ray shares his personal experience of successfully paying off his own student loans and offers advice on how to tackle student loan debt. They emphasize the importance of avoiding excessive debt in the first place by exploring alternative options like scholarships and grants. However, if someone does have student loan debt, they suggest using a "debt snowball" approach by prioritizing and paying off smaller debts first before moving on to larger ones. They also encourage individuals to focus on eliminating debt as quickly as possible rather than relying on payment plans or stretching out repayment over many years. While it may be tempting to delay investing or saving for retirement while paying off debt, they recommend taking advantage of employer matches in 401(k) plans to ensure no free money is left on the table. They conclude by emphasizing the need to stay focused on long-term financial goals and visualize a future without debt in order to maintain motivation throughout the process.

Episode 48 - Things we do NOT recommend (Part 2)DescriptionReid Trego welcomes Justin Pitcock back for part two of the podcast. They discuss what they do not recommend in terms of financial investments, such as annuities, whole life cryptocurrency, and buying gold. Justin explains that while these options might have some merit in certain circumstances, they are often overhyped by ads and salespeople. They also caution listeners about the risks and scams associated with investing in cryptocurrency.The conversation then shifts to reverse mortgages, which they consider a last resort option for homeowners who own the majority of their homes. Justin explains that reverse mortgages are guaranteed by the government and can provide a lifeline for those who qualify. However, he emphasizes that it is rare for most people to qualify due to high equity requirements when interest rates are higher.They move on to discussing certificates of deposit (CDs) at local banks. While CDs may seem attractive with their guaranteed interest rates, Reed points out that investing in them can lead to missed opportunities in other investment vehicles like the stock market or bonds. He cautions against falling into the "cash trap" where individuals sell low and buy high due to reinvestment risk and inflation.Overall, Reed and Justin advise listeners to carefully consider their long-term goals when making financial investments and seek alternative options before resorting to options like reverse mortgages or CDs.The transcript discusses the topic of timeshares, explaining that they are not recommended as investments due to high sales pressure, fees, and difficulty in getting out of them. The speakers share their personal experience with a timeshare presentation and emphasize the importance of considering other investment options such as stocks, bonds, real estate, private credit funds, and infrastructure. They caution against being swayed by guarantees or fear-driven decisions and highlight the behavioral aspect of investing. The speakers also mention that heavily marketed investments should be approached with caution. They welcome comments from those involved in selling annuities, whole life insurance, precious metals, cryptocurrency, reverse mortgages, and timeshares.The financial advisor emphasizes the importance of understanding individual goals and having personalized planning conversations.

Episode 47DescriptionThe Money PIG Podcast host, Reid Trego,  and CERTIFIED FINANCIAL PLANNER™ professional Justin Pitcock to discuss things that they do not recommend in terms of investments. They specifically focus on annuities and whole life insurance. They explain that annuities can be appropriate for certain individuals, such as widows who are concerned about running out of money in retirement. However, they caution against annuities for most people, as salespeople often push them aggressively and earn high commissions from selling an annuity to them. Additionally, the fees associated with annuities can limit their growth potential and underperform other investment options. As for whole life insurance, they argue that it is often sold to people who don't necessarily need it or would benefit more from term life insurance. The savings account aspect of whole life insurance may seem attractive but isn't always the best financial decision.If you want an expert who can give you sound advice and help you navigate how to best invest your wealth and plan for your retirement reach out to us to schedule a quick call. One of our CFP® professional wealth advisors would love to discuss your individual goals and options with you. The first step in our process is to schedule a free 15-minute intro call with our Goodwin Investment Advisory consultant here. The Money PIG podcast is hosted by Reid Trego.  Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations.  Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast.  The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Episode 46 - Pop Pop's Birthday FreebiesDescriptionReid Trego welcomes CERTIFIED FINANCIAL PLANNER™ Professional,  Ray Brown, to the Money Pig podcast for a discussion about Poppop’s Birthday Freebies. Ray explains how he earned the nickname "Poppop" and shares how he became known as the birthday guy who collects freebies from various establishments on his special day. He discusses some of his favorite places to redeem birthday offers, including Brookwood Grill, Chick-fil-A, and Starbucks. He also mentions Jenny's Ice Cream as another popular spot.Summary:Various companies offer birthday promotions, such as free scoops at Baskin Robbins and 5% off at Target. AMC offers a free popcorn and drink, while Nike gives 10% off on purchases. Chipotle provides free guacamole for app users on their birthdays.Kendra Scott offers 50% off jewelry items during the birthday month.Anthropologie gives 20% off during the birthday month. If you want to the full list of freebies, check out our blog titled, “Poppop’s Birthday Freebies.”  Ray mentions how GIA sends their clients a free birthday book of their choice from a catalog of almost 40 books. Speaking of free things, Goodwin Investment Advisory is now offering a free second opinion on your retirement plan and if you schedule this call you will be speaking with Tara to complete a quick assessment. If you have a growing portfolio of $300,000 or more and would like a second opinion, please schedule a call here.  After the call, one of our advisors will follow up with you to share action items and next best steps.The Money PIG podcast is hosted by Reid Trego.  Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations.  Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast.  The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Episode 45DescriptionReid Trego welcomes CERTIFIED FINANCIAL PLANNER™ professional Justin Pitcock to the Money Pig podcast for a discussion about Goodwin Investment Advisory’s “2024 Retirement and Tax Planning Quick Sheet.” The guide is designed to simplify tax planning, which can be complicated due to inflation and legislation changes. Listeners are encouraged to visit the website to download the guide or sign up for our blog list by texting the word “BLOG” to  66866. The conversation covers various topics such as retirement plan contribution limits, HSA contributions, marginal tax rates, and standard deductions. Tax planning strategies are discussed based on total income, deductions, and taxable income levels.Justin mentions various strategies to minimize taxes for retirees. He explains how a Roth conversion can be used to pay zero tax, as long as the taxable income is below a certain threshold. He mentions the progressive nature of tax brackets and recommends contributing to a Roth 401k or traditional 401 k based on marginal rates. The conversation then moves on to capital gains tax rates and suggests ways to realize capital gains at zero tax by upping the basis. Provisional income and its impact on Social Security taxation are also discussed, with tips on how to plan for low provisional income in retirement. They conclude by emphasizing the value of personalized investment advice that takes into account individual situations and goals. Goodwin Investment Advisory is now offering a free second opinion on your retirement plan and if you schedule this call you will be speaking with Tara to complete a quick assessment. If you have a growing portfolio of $300,000 or more and would like a second opinion, please schedule a call here.  After the call, one of our advisors will follow up with you to share action items and next best steps.The Money PIG podcast is hosted by Reid Trego.  Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations.  Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast.  The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Episode 44DescriptionReid Trego and Tara Bruce, Content Creator and  Creative Brand Manager at Goodwin Investment Advisory, discuss the importance of retiring to something meaningful rather than simply running away from work. They emphasize the need for purpose and intentionality in retirement, beyond just financial considerations. They also touch on questions about how to manage your  time, maintain and create new  relationships, find new passions and curiosities, and decide where to live in retirement. The transcript highlights the fear that some people have around retirement due to a lack of ongoing conversations and planning. Click the title to read the blog on this topic, “What Are You Retiring To?”The podcast discusses the importance of preparing for retirement and finding purpose beyond work. It highlights the challenges faced by empty nesters, particularly moms who may have focused on raising their children and now are given a new opportunity to find meaning and purpose in something else.  The conversation emphasizes the need to find meaning in retirement through hobbies, intellectual stimulation, and maintaining relationships. The hosts mention a Retire by Design Workshop series Tara is designing to help people navigate this stage of life.Goodwin Investment Advisory is now offering a free second opinion on your retirement plan and if you schedule this call you will be speaking with Tara to complete a quick assessment. If you have a growing portfolio of $300,000 or more and would like a second opinion, please schedule a call here.  After the call, one of our advisors will follow up with you to share action items and next best steps. If you are not ready yet, and just want to subscribe to our blog you can text BLOG to 66866 to join.  The Money PIG podcast is hosted by Reid Trego.  Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations.  Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast.  The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Episode 43 - Goal Setting in 2024 with Tara BruceDescriptionReid Trego, the host of the Money Pig podcast, is joined by Tara Bruce, GIA's Marketing guru. They discuss goal setting in the new year and emphasize the importance of setting financial goals. They recommend reflecting on the previous year's goals and determining whether they were accomplished. Tara shares that writing down your  goals increases the likelihood of achieving them by 42%. They also mention evaluating investment performance and considering adjustments if necessary. If your investment accounts are not performing in a way that meets your desired goals, then you might want to talk to your advisor to make adjustments in your portfolio.  Setting SMART (Specific, Measurable, Achievable, Relevant, Time-based) goals is encouraged. Reid and Tara highlight that many people struggle with knowing what questions to ask or where to begin when it comes to financial planning but assure listeners that their team at Goodwin Investment Advisory has a heart for teaching and aims to make complex concepts understandable for clients. Some common concerns include anxiety about retirement security and not wanting to be financially dependent on their children during retirement. Seeking a second opinion on one's retirement plan is recommended as well. Goodwin Investment Advisory is now offering a free second opinion on your retirement plan and if you schedule this call you will be speaking with Tara to complete a quick assessment. If you have a growing portfolio of $300,000 or more and would like a second opinion, please schedule a call here.  After the call, one of our advisors will follow up with you to share action items and next best steps. If you are not ready yet, and just want to subscribe to our blog you can text BLOG to 66866 to join.

Episode 42 - How did the stock market perform in 2023?DescriptionThe Money Pig podcast, hosted by Reid Trego, welcomes CERTIFIED FINANCIAL PLANNER™ professional Justin Pitcock to discuss GIA's investment portfolio performance in 2023. They emphasize that past performance does not guarantee future results and that each investor's experience may vary based on timing and market conditions. The S&P 500 has performed exceptionally well this year, with the Dow Jones total US market also showing strong growth. Goodwin Investment Advisory prefers a US-biased approach due to historical data supporting its success and lower volatility compared to global portfolios. Their aggressive accounts have seen impressive returns, while more conservative accounts with higher bond allocations have performed slightly less but still out-performed their benchmarks. Bonds are expected to perform well in the current economic climate, with potential yields between 6% and 12%. Conservative portfolios are suitable for individuals nearing retirement or requiring short-term stability.Listen to the podcast to hear specifically how our investment accounts outperformed the market in 2023. Justin Pitcock shares the specific percentages in comparison to the benchmarks. They share GIA’s investment performance net of fees and how even after paying the advisory fees our clients still did exceptionally better than the benchmarks. Justin and Reid discuss that retirement investing is a long-term goal that  typically uses a more aggressive approach when you are younger (20s and up)  and more conservative the closer you are to retirement (60s). In selecting portfolios, GIA works  with the team at Fidelity, and they use forward-looking assumptions to allocate capital and select funds for each category. While there are no guarantees on performance, Goodwin Investment Advisory offers financial planning assistance and a free second opinion retirement plan assessment. They prioritize individual planning conversations about clients' goals and values. The Money PIG podcast is hosted by Reid Trego.  Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations.  Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast.  The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Episode 41 - Issues to consider in the case of a divorceDescriptionReid Trego welcomes certified financial planner Joe Beckford, CFP® professional and Wealth Planner, to discuss Goodwin Investment Advisory's guide titled, “2024 Divorce Financial Planning Checklist” In recognizing the sensitivity of this matter and wanting to honor and respect your privacy; Goodwin Investment Advisory does not collect your email, name, or phone number for this guide. Joe and Reid understand that divorce can be overwhelming and that a long list of to-dos may seem like an impossible task, so they recommend finding a trusted professional to help you get through these items one at a time. The hope is that this checklist they mention will provide some help for you by combining many of the items you need to consider. They acknowledge that divorce is a difficult and grief-inducing process, but it's important to address the financial aspects as well. Joe Beckford talks about cash flow issues, asset and debt division, insurance planning, tax planning, and long-term planning. Reid and Joe both  emphasize the need for clear thinking and assistance in managing personal finances during this time. Additionally, they highlight the complexities of dividing assets and debts fairly between spouses through negotiations or arbitration rather than strictly following equal splits. They also mention the use of qualified domestic relations orders (QDROs) for splitting employer-sponsored plans like 401(k)s in divorce settlements.Please reach out to us if you have any questions as you navigate this process. We want to be available and support you in any way we can.Get your free checklistAs you are going through the checklist you might need access to our flowcharts for the following: (Please reach out to us if you would like to receive these or if you want to walk through them with your advisor)Am I eligible for Social Security benefits if I have been divorced?Am I eligible for Social Security benefits as a surviving spouse?Am I eligible for Social Security benefits as a spouse?Will my Social Security benefits be reduced?If you want to talk to one of our advisors, you can click the Schedule a call button below.Schedule a CallThe Money PIG podcast is hosted by Reid Trego.  Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations.  Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast.  The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Episode 40 - End of Year Tax SavingsDescriptionReid Trego welcomes the audience to the Money Pig podcast, joined by Tim Goodwin, for a discussion on end-of-year planning. Tax Tips:No Wash Sale with Cryptocurrency - If you have a crypto account and unrealized losses... you could save on taxes this year.There’s an extra benefit that cryptocurrency has over stocks and other conventional assets when selling at a loss. The IRS states that for tax purposes, virtual currency should be treated as property rather than as a capital asset, like a stock. This is important because capital assets are subject to wash sale rules while property is not. (This is true as of Dec. 2023, but might be changing in the future) Wash sale rules bar investors from artificially harvesting tax benefits by selling capital assets for a loss and then immediately repurchasing the same or a broadly similar asset within thirty days of the sale. Since crypto isn’t considered a capital asset, it’s not subject to the rule.So, if you’ve got unrealized losses but want to hold your crypto long-term, you could sell your crypto positions, immediately repurchase them, and still be allowed to realize the loss on your taxes.Remember, capital losses can offset capital gains and up to $3,000 of your income.Failure to pay your estimated income tax comes with an 8% penalty this year  - Failing to keep up with tax payments now could lead to an expensive surprise next spring. As of Oct. 1, the Internal Revenue Service charges 8% interest on estimated tax underpayments, up from 3% two years ago. The increase is one of the many effects of rising interest rates. To learn more, read the article titled "The Surprise Bill Coming to Those Who Do Underpay Their Taxes."  If you live in Georgia, the State's estimated underpayment penalty is 5% for 2023.  You can now take up to $1000 in an emergency withdrawal from your IRA - A provision in the Secure 2.0 Act allows special emergency distributions of up to $1,000 per year beginning in 2024. You can withdraw the money penalty-free and repay it over three years. Within those three years, no other emergency distributions can be taken out of the account unless the amount has been repaid. The new rule would waive the 10% early-withdrawal tax penalty for savers who pull up to $1,000 from a 401(k) or individual retirement account for a financial hardship. This rule also lets savers self-certify that they need the funds.If you want help managing and investing your money, or just a second opinion on your retirement plan, one of our CFP® professional wealth advisors would love to discuss your individual goals and options with you. Please reach out by scheduling a free 20 minute intro call with our Goodwin Investment Advisory consultant here.