Welcome to the Get Ready Money Club newsletter; a weekly newsletter with recommendations to help you succeed on your financial journey including one simple action item.
This newsletter is 1,842 words, a 7 1/2 minute read.
✅ Week 9 Action Item: Have a family financial meeting.
🌎 The big picture: An accountability meeting with your spouse,
domestic partner, or other family members is a great way to
review and communicate goals, priorities, and intentions with
your immediate family.
🤔 Why it matters: Communicating with family members about
finances keeps everyone on the same page. This includes your
kids who will benefit from an early start with financial literacy.
- If you’re single, consider meeting with an accountability partner. Having an accountability partner will help you stay on track and follow through.
💡 Here’s what works: Schedule your family financial meeting with a clear agenda and purpose so it will be productive.
- Because discussions about finances can be emotional, a meeting plan will allow everyone to more easily stick to the script.
- Each person in the family who works with or benefits from “house money” should be invited, including your kids. Involving kids can be a great way for them to learn and
- become financially literate.
😎 Bottom line: Communication is key to managing your family finances.
💭 Habit of the week: Yearly review
🤔 Question(s) of the week: What positives came of your family financial meeting or accountability meeting?
💁♂️ Advisor/Coach Corner: Facilitate a family meeting with your clients with their spouses and adult children.
📝 Resources:
Get Ready Money Club Members:
- The Get Ready Discussion Guide. Discuss how your family meeting went. Was it helpful?
Get Ready Library and Toolkit members can access your resources for this week's action item (#9) from your Get Ready Library dashboard (located in Monthly Focus Area 3: Your Team):
- The Get Ready Blueprint week 9 worksheet where you’ll review detailed suggestions and guidelines for your family financial meeting.
Access Your Get Ready Resources here
The Get Ready Library expands on each week’s action item and provides worksheets to help you complete each week’s action item, create a to-do list, track your habits and organize your financial life. It also includes access to all of my books.
Get Access To The Get Ready Library
💡 It’s important for parents and their adult kids to talk.
🙌 On this episode of The Get Ready Money Podcast, I was joined by Cameron Huddleston, author and Director of Education at Carefull; Pam Ostrowski, Dementia Caregiving Speaker, Consultant and Author and Ruschelle Khanna, author and fractional learning officer to talk about Mom and Dad, What’s the Plan?
💭 Here are some key insights:
🔹 Conversations need to happen sooner, rather than later - not in an emergency - Cameron
🔹 Come from a place of collaboration - Pam
🔹 Emotions have to be dealt with first, the conversation has to be normalized - Ruschelle
🔹 How to start the conversation, even with someone who doesn’t want to have it.
🔹 We need to communicate to protect our needs and dignity.
🎙️Watch or listen to the podcast (here).
The Get Ready Money Podcast is also available on YouTube and your favorite podcast app.
💡Ready to take control of your taxes?
🙌 On the latest episode of The Get Ready Money Podcast, I spoke with Catherine Tindall, CPA and host of the Financial Advisors Want to Know Podcast about changing the way we think about money and proactive tax planning.
🔹 Address the fear of tax planning by shining a light on it.
🔹 Why you should learn how to read your own tax return and learn what’s going on.
🔹 You can gain control by learning how the tax system works.
🔹 Know when you need a CPA and the questions to ask when looking for a CPA.
🔹 Dial in your relationship with your tax professional, their process and how they can support you.
🎙️Watch or listen to the podcast (here).
The Get Ready Money Podcast is also available on YouTube and your favorite podcast app.
🎉 Featured:
💡How Life Insurance Can Pay for Long-Term Care
🧐 Thanks to Cameron Huddleston for the opportunity to share insights for her AARP article that covered strategies that may help you get cash from a life insurance policy if you have long-term care needs.
The article covers most of the ways that you can do so. Here are my suggestions:
🔹 Make a partial withdrawal.
🔹 Access your long term care rider (if your policy has one).
🔹 Surrender your policy.
🔹 Convert to a hybrid policy with a 1035 exchange.
🚨 Prior to exercising any of these strategies, be sure to review how it will impact your policy’s long term performance and your goals. A qualified life insurance advisor such as a Chartered Life Underwriter can guide you through your options.
😎 Check out the article and other ways to use life insurance to pay for long term care (here).
💭 The Psychology of Money: What Happens When We Review Our Financial Information.
💡 Reviewing your finances is more than just numbers on a page, it’s deeply emotional, relational and even physiological. The act of reviewing your spending, net worth, or investment statements can set off a cascade of reactions in your mind, body, and relationships.
Tony’s Take: Awareness is power. Understanding *why* we react to financial reviews the way we do can help us build a healthier relationship with money.
📖 Ed Coambs for the Healthy Love & Money blog. Read it (here).
💭 Why Women & Minorities Feel Trapped in Financial Shame
💡 Why do women and minorities hesitate to talk about money, debt, and investing? The fear of bias, discrimination, and lack of representation in financial spaces is real—but it’s time to change that conversation.
Tony’s Take: The psychological side of money is just as important as the numbers. Breaking down these barriers and overcoming financial shame can open the door to true financial freedom.
🎙️ The Let’s Get Real Podcast with Stoy Hall. Watch it on (YouTube).
💭 The Soul of Wealth: Connecting Money and Meaning
💡 We all know that true wealth goes far beyond money. This episode explores specific ways you can use money to fund the life you want to live.
Tony’s Take: True wealth is about more than money. Aligning your financial habits with what truly matters is key.
🎙️The Human Side of Money Podcast with Dr. Daniel Crosby & Brendan Frazier. Listen to the podcast (here).
💭 How to Raise Money-Smart Kids
💡 Teaching kids about money early helps them build lifelong financial confidence. This episode explores practical ways to integrate financial lessons into parenting.
Tony’s Take: Financial literacy starts at home. Having money conversations helps set up your kids for a lifetime of financial independence.
🎙️ Parenting Ed-Ventures Podcast with Robin Taub & Lara Courtepatte. Check it out on (Spotify).
💭 Is Your Brain Blocking Your Financial Goals?
💡 It’s important to unlock the connection between your money mindset and financial success. Your money mindset plays a critical role in financial success.
Tony’s Take: Recognizing limiting beliefs and understanding your mindset is essential to financial growth.
🎙️ The Stacking Benjamins Podcast with Jessica Moorhouse & Joe Saul-Sehy. Listen to it (here).
💭 Federally Employed Clients at a Crossroads
💡 Federal employees facing job cuts need guidance on their retirement and financial options. This piece provides key strategies for advisors supporting them.
Tony’s Take: Major career shifts require careful financial planning. Advisors can play a crucial role in helping federal employees navigate uncertainty.
📖 ReThinking65 Article by Ilene Slatko. Read the article (here).
💭 Congressional District Interactive Map: How Much Will ACA Premium Payments Rise if Enhanced Subsidies Expire?
💡 If ACA subsidies expire, millions could face higher health insurance costs. This interactive map shows the potential impact by district.
Tony’s Take: Policy changes can have massive financial consequences. Staying informed helps individuals and advisors plan ahead.
📓 Kaiser Family Foundation Study - article by by Jared Ortaliza, Justin Lo, and Cynthia Cox. Check out the interactive map (here).
💭 U.S. Philanthropic Advisors 2024: Professional Development, Practice, and Knowledge Gaps
💡 Philanthropic advisors play a critical role within the philanthropic ecosystem, yet their professional experiences remain largely unmapped.
Tony’s Take: Effective philanthropy isn’t just about giving—it’s about strategy. This report highlights how the field is becoming more diverse and changing.
📓 Daylight Advisors Study. Check out the (study).
💭 Maximize My Social Security
💡 Choosing the right Social Security strategy can mean tens of thousands of dollars in extra lifetime benefits. This tool helps you calculate your highest Social Security Benefits.
Tony’s Take: Social Security decisions are too important to leave to guesswork. A data-driven approach ensures you get the most out of your benefits.
👉 Developed by Laurence Kotlikoff, Boston University. Check it out (here)
💭 Warren Buffett’s Annual Letter to Shareholders
💡 A must-read for understanding long-term investing principles, Buffett’s latest letter offers insights into Berkshire Hathaway’s performance and broader economic trends.
Tony’s Take: Buffett’s wisdom is timeless. His letters are packed with lessons on patience, strategy, and navigating uncertainty.
📖 Berkshire Hathaway Annual Letter. Read it (here).
💭 Life Insurers Miss the Mark on Clarity and Personalization
💡 Many life insurance customers find policies unnecessarily complex—especially younger generations. This report highlights areas where insurers can improve.
Tony’s Take: The life insurance industry should concentrate on addressing risk protection, rather than creating ever more complex products. This will help build trust with life insurance.
📓 Source: J.D. Power Study. Check it out (here).
💭 Women in Finance: Growth, Leadership & The Future of the Industry
💡 Women in finance are breaking barriers, building businesses, and redefining success. But that journey isn’t always easy.
Tony’s Take: It’s important for us to understand how to serve women clients. Learning from diverse leaders strengthens the industry for everyone.
🎤 LinkedIn Virtual Event moderated by Diana Cabrices with Panelists: Stephanie McCullough, Cristina M Guglielmetti, CFP®, Rebecca Conner, CPA/PFS, CFP®, RLP®. Register on (LinkedIn)
💭 Your Client is Retiring Before 65: What You Need to Know About ACA Enrollment
💡 Clients retiring before Medicare eligibility often face uncertainty on how to bridge their healthcare coverage gap and what costs to expect.
Tony’s Take: Healthcare planning is a crucial (and often overlooked) part of retirement. Getting it right ensures financial security.
🎤 Move Health Virtual Event with Drew Shockley. Register (here).
Thank you for being part of the Get Ready Money Club. Please hit reply to share your thoughts.
Let’s Change The Way We Think About Money!
Tony
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