For young adults stepping into their first jobs, financial planning is the cornerstone of long-term success. But where should you start?
In this episode of Money Metaphors, host Jason Coddington unpacks the essentials of financial planning for young professionals, using relatable analogies and practical advice to make the journey less daunting. Jason dives into key strategies to help young adults build a solid financial foundation. From creating a robust cash reserve to maximizing employer retirement plans, this episode offers actionable insights that will set you up for smart financial decisions early on.
Jason explores:
Build a Cash Reserve: Secure 2-3 months of living expenses to safeguard against emergencies, forming a financial “moat” around your future goals
Maximize Employer Retirement Plans: Take full advantage of employer matching in retirement plans—after ensuring your cash reserve is in place
Consider a Roth IRA: Unlock significant tax advantages with a Roth IRA, making it a key part of your long-term financial strategy
Manage Debt Wisely: Balance debt repayment with saving and investing for financial stability and growth
Establish Good Financial Habits: Consistent savings and smart financial decisions lay the foundation for long-term success
And much more!
Don’t miss this episode of Money Metaphors, where you’ll discover a clear path to your goals—from your first paycheck to a prosperous retirement.
Retirement planning can be as enjoyable as your favorite snack, but it requires careful consideration and strategy.
How do you ensure your financial resources last throughout your retirement? What steps can you take to manage your savings and spending effectively?
This week on Money Metaphors, host Jason Coddington explores the essentials of retirement planning through the delightful analogy of chips, dips, and managing your retirement stash. Jason dissects how to ensure you never run out of “cheese” in your golden years.
From understanding what aspects of retirement you can control to learning about effective asset allocation and the impact of life expectancy, this episode is packed with practical tips and insights that will help you manage your finances more confidently and leave a lasting legacy.
Jason discusses:
How to differentiate between controllable and uncontrollable aspects of retirement planning
The significance of the 4% withdrawal rule and its implications for your financial longevity
Insights on how lifestyle changes affect your spending as you age
The vital role of planning for potential long-term illnesses to protect your financial future
And more!
Tune in to ‘Money Metaphors’ for a comprehensive guide on estate planning and learn how to efficiently protect and manage your financial legacy.
Did you know that without an estate plan, state laws will decide who inherits your assets?
Discover how to take control.
In this informative episode of ‘Money Metaphors,’ host Jason Coddington discusses the critical importance of estate planning. As Jason unpacks the complexities, he offers practical advice and personal anecdotes to illustrate how a well-crafted estate plan could protect your assets and bring comfort to your loved ones.
Key Highlights:
Why Estate Planning Matters: Learn how an estate plan ensures your assets are distributed efficiently, avoiding the costly and inefficient state-controlled process
Essential Components: Discover the must-have elements of an estate plan, including wills, beneficiary designations, trusts, durable powers of attorney, and healthcare directives**
Personal Insights: Hear Jason’s personal story about his mother’s estate planning and how a trust avoided significant probate costs
Tools and Recommendations: Explore practical tools like Trust and Will that simplify creating and managing your estate plan
Avoiding Probate: Understand how joint accounts, updated beneficiary designations, and trusts prevent probate, ensuring a smooth transfer of assets
Durable Power of Attorney and Healthcare Directives: Learn why these documents are crucial for maintaining control over financial and medical decisions if you become incapacitated
Trusts vs. Wills: Get insights into the added protections and benefits of trusts, especially in states like California with high property values
Gifting and Tax Strategies: Gain knowledge on current gift tax exclusions and strategies for gifting assets during your lifetime
And much more!
Tune in to ‘Money Metaphors’ for a comprehensive guide on estate planning and learn how to efficiently protect and manage your financial legacy.
Discover the parallels between brewing beer and smart investing in this unique episode!
Join host Jason Coddington on this episode of ‘Money Metaphors’ as he sits down with Josh Bakker, brewmaster at Magosh Brewing in Kingsburg, California. They explore the art of brewing beer and reveal how these same principles can be applied to financial planning. Discover how a methodical approach to brewing translates to crafting a successful financial strategy, ensuring a balanced and rewarding life.
Key Highlights:
Brewing and Investing: A Parallel Journey: Learn how gradual improvement in brewing (“bullets before cannonballs”) mirrors the prudent approach in financial investments. Both require patience, research, and incremental progress before committing significant resources
Ingredients and Diversification: Just as beer requires a precise mix of ingredients, a well-rounded investment portfolio demands a mix of asset types. Understand the importance of diversification through analogies with mutual funds and ETFs**
Time and Patience in Both Worlds: Both brewing beer and financial planning benefit from time. Explore how time plays an important role in fermentation for beers and in compounding for investments
Simplifying Complex Processes: Break down the brewing process into simple steps – from the hot side to the cold side – and relate these to creating a comprehensive financial plan
Real-Life Analogies: Jason and Josh use relatable analogies to explain complex financial concepts, making it easier for listeners to grasp ideas like diversification, risk management, and long-term planning
And much more!
Tune in to ‘Money Metaphors’ for this insightful episode that blends the art of brewing with smart financial strategies. Don’t miss out on these unique insights!
Josh Bakker transitioned from a successful career in finance at Prudential and AIG to become a brewmaster. He began his journey into brewing as a hobby, which evolved into opening Magosh Brewing after over a decade of meticulous practice and learning. His unique blend of financial acumen and brewing knowledge offers valuable insights into both worlds, making complex financial strategies accessible and engaging.
**Disclosures
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
Ever wondered how transitioning a family farm can be as seamless as passing down a cherished family recipe?
Join host Jason Coddington on this episode of ‘Money Metaphors’ as he welcomes Doug Lennick and Ryan Goulart to discuss the complexities of transitioning family farms. By focusing on values-driven decision-making, they discuss how emotional intelligence and strategic planning can simplify this challenging process. Discover how aligning financial decisions with personal values can ensure both financial and emotional well-being during these significant life changes.
Key Highlights:
Importance of Values-Based Decision-Making: Understand how anchoring decisions in core values leads to better financial and emotional outcomes during farm transitions. Learn about the Think to Perform values card exercise, a tool designed to help prioritize what matters most
Emotional and Financial Complexities: Listen to personal anecdotes illustrating the critical role of neuroplasticity and emotional intelligence in financial planning. Discover why addressing both analytical and emotional aspects of decision-making is crucial, beyond just tax considerations
Practical Tools and Frameworks: Explore the ‘Four Rs’ framework (Recognize, Reflect, Reframe, Respond) for making values-based decisions under emotional stress. Learn about the alignment model’s three frames: values (ideal self), behavior (reality), and goals (the bridge between values and behavior)
Real-Life Stories and Expert Advice: Jason Coddington shares insights from his family farming experience, emphasizing the need for clear, values-driven planning. Doug Lennick and Ryan Goulart offer actionable advice on using neuroscientific tools to manage emotions and make informed decisions during farm transitions
And so much more!
Curious about how to seamlessly navigate the emotional and financial challenges of transitioning a family farm while staying true to your values? Tune into ‘Money Metaphors’ to gain valuable insights from professionals in the field.
Doug Lennick is CEO and co-founder of think2perform. He is legendary for his innovative approaches to developing high performance in individuals and organizations and is an expert at developing practical applications of the art and science of human behavior, financial and otherwise. Doug is an author or co-author of seven titles including most recently “Don’t Wait for Someone Else to Fix it; 8 Essentials to Enhance Your Leadership Impact at Work, Home and Anywhere Else that Needs You” with fellow think2perform colleague and co-author Chuck Wachendorfer. Their experience and knowledge show readers how to be a positive and impactful leader in any environment. Doug and Chuck provide practical and evidence-based guidance by outlining eight key principles that are central to one’s ability to lead others
Before founding think2perform, Doug, a certified financial planner (CFP), was Executive Vice President – Advice and Retail Distribution for American Express Financial Advisors (now Ameriprise Financial). In that capacity he led an organization of 17,000 field and corporate associates to unprecedented success.
About Ryan Goulart:
Ryan is Executive Vice President – Marketing and Products. In this capacity he is responsible for marketing strategy and execution. His strengths come in connecting people and ideas together which is applied in various clients Ryan services. Ryan co-authored with think2perform CEO, Doug Lennick and Roy Geer, Leveraging Your Financial Intelligence: At the Intersection of Money, Health and Happiness, which explores how financial stress impacts our physical health and emotional well-being.
Ryan joined think2perform in 2010 as an expert on how the brain influences behavior, following completion of his B.S. degree in Neuroscience from Stonehill College in Easton, Massachusetts.
Ever wish investing could be as easy as picking a meal from a menu?
It can be—with Target Date and Strategy Funds!
Join host Jason Coddington on ‘Money Metaphors’ as he untangles the world of Target Date and Strategy Funds, presenting them as key tools for managing major life milestones like retirement and college education. Just like selecting a pre-made salad simplifies mealtime, these funds streamline your investment choices with automated asset allocation and rebalancing — simple yet robust tools for your financial wellness.*
Key Highlights:
Understanding Target Date Funds: Learn how these funds dynamically adjust from aggressive to conservative investments as your retirement nears, simplifying how you manage your savings over time**
Benefits of 529 College Savings Plans: See how similar strategies apply to educational savings, growing conservative as the need to use the funds approaches, to protect your investments
Exploring Strategy Funds: Discover funds designed for constant risk levels, perfect for those who prefer predictable investment strategies
Investment Simplicity and Accessibility: Ideal for both novice investors and those too busy to manage daily investments, these funds maintain your desired investment balance automatically
Role of Financial Advisors: Understand how expert advice can enhance your use of these funds, tailoring your strategy to fit personal financial needs and goals
Curious about how to make your investment process effortless while ensuring robust asset management? Tune into ‘Money Metaphors’ and see how Target Date and Strategy Funds can impact your financial planning.
*Rebalancing a portfolio may cause investors to incur tax liabilities and/or transaction costs
and does not assure a profit or protect against a loss. (28-LPL) Asset allocation does not ensure a profit or protect against a loss. (34-LPL)
**The principal value of a target fund is not guaranteed at any time, including at the target date. The target date is the approximate date when investors plan to start withdrawing their money. (127-LPL)
Is your portfolio election-proof? Learn how to keep your investments resilient.
Join us for this fascinating episode of ‘Money Metaphors’ where host Jason Coddington from Coddington Wealth Advisors explores the significant impact of presidential elections on financial markets. Discover why fears of market downturns during election years are unfounded and the importance of sticking to your investment strategy, regardless of political shifts. We explore historical data and strategic insights that prove the resilience of the markets and the lasting benefits of consistent, long-term investment planning
Key Highlights:
Presidential Elections and Market Performance: See how markets generally achieve positive returns during election years, regardless of the ruling party
Influence of Congressional Majorities: Learn about the varying effects Congressional majorities have on the markets, yet note the consistently positive long-term trend
Long-term Investment Benefits: Discover how a continuous investment in the S&P 500 can significantly increase your financial stability over time
Impact of Political Decisions: Explore how presidential and congressional decisions affect key economic indicators but do not deter overall market growth
Strategic Investment During Volatile Times: Emphasize the importance of maintaining a diversified, long-term investment strategy amid electoral volatility
Debunking Election-Related Market Myths: Address and dispel common misconceptions about the negative impacts of elections on the market
Interested in how to optimize your investment strategy during election years? Tune in to ‘Money Metaphors’ for these insights and more.
Are you letting fear and complexity dictate your retirement planning?
Join us for this episode of ‘Money Metaphors’ with your host Jason Coddington. He explains financial planning in today’s VUCA(volatility, uncertainty, complexity, and ambiguity) environment, focusing on retirement planning for families and small business owners. Discover simple, effective strategies for long-term financial success.
Key Highlights:
Embrace Simplicity: A ‘Keep It Super Simple’ approach for your 401(k)
Combat FOMO: Understanding investment basics to avoid trend-chasing
Automate Savings: Learn to save 10% of your income with employer 401(k) matches
Build a Financial Safety Net: Creating a cash reserve to protect your long-term savings
Disciplined Investing: Making informed choices aligned with your goals
Manage High-Risk Investments: Strategies for allocating funds to investments like Bitcoin
Emergency Fund Blueprint: Steps to build a reserve for unforeseen expenses
Behavioral Finance Insights: Techniques to automate saving and prevent impulsive spending
And more!
Interested in crafting a simple yet effective financial plan? Tune in to ‘Money Metaphors’ for these insights and more.
Are you missing out on crucial Social Security benefits without even knowing it?
Join Jason Coddington in this insightful episode of ‘Money Metaphors’ as he untangles Social Security’s complexities. Covering topics from sustainability challenges to the effects of early benefits for small business owners, this episode provides essential insights for savvy retirement planning.
Key Highlights:
Understanding Social Security’s Future: Uncover the funding model’s challenges and the critical need for policy shifts
Role in Retirement: See how Social Security should complement, not solely constitute, your retirement plan
Benefits Timing: Learn the impacts of taking benefits early at 62 versus waiting for full retirement age
Importance of Account Monitoring: Stay vigilant with regular checks on your Social Security account to prevent fraud
Special Focus for Small Business Owners:
Income Thresholds: Grasp how business income over $22,000 affects your early benefits
Navigating Benefit Taxation: Understand how your income influences the taxation of your benefits
Maximizing Spousal Benefits: Discover strategies to leverage spousal benefits for maximum retirement advantage
Engaging Case Studies:
Hank and Holly: Join them as they navigate the timing of Social Security benefits
John and Julie: Examine the repercussions of opting for early Social Security benefits
Curious about how Social Security will shape your retirement? Tune in to ‘Money Metaphors’ for these insights and more. Don’t forget to visit our resources for a deeper dive into smart retirement planning.
What if there’s a better way to approach life insurance than what you’ve been told?
Dive head first into the world of life insurance with Jason Coddington in this compelling ‘Money Metaphors’ episode. Jason shares his personal journey with life insurance following his father’s passing, providing a unique and heartfelt insight into this crucial tool for family financial stability and peace of mind.
Key Highlights:
Calculating Life Insurance Coverage: Learn how to tailor your life insurance coverage using needs-based and income-based calculations to meet your financial situation
The Importance of Early Coverage: Discover the significant cost benefits of securing life insurance in your 30s and the concept of ‘insuring your insurability’ against unforeseen health issues
Term vs. Permanent Life Insurance: Dive into the differences and advantages of term and permanent life insurance, understanding which option best aligns with your life stage and financial goals
The Human Life Value Approach: Understand this unique method for calculating life insurance, focusing on the lifetime earnings potential and its practical implications
Combining Policies: Learn effective strategies for blending term and permanent life insurance to achieve both immediate coverage needs and long-term financial security
The Benefits of Term Life Conversion: Explore the invaluable option of converting term life into permanent insurance, especially beneficial if health concerns arise later in life
Customizing Life Insurance: Jason highlights the importance of customizing life insurance plans to fit individual financial circumstances, career trajectory, and family commitments
Join us in this episode to inspire your financial future with the right life insurance strategy. Act now to safeguard your family’s tomorrow.
