Saving with Steve, March 21, 2023
Saving With Steve with Steve Sexton
Guest, Erika Wasserman, Financial Therapist
Saving with Steve
The Save With Steve Show, hosted by Steve Sexton will help you with ins and outs of money. We talk about financial issues that that could be costing you thousands of dollars and keeping you up at night.
We talk about “money”… tax reduction, saving more, how to spending less and get more, 401k’s, risk management, retirement, and everything under the sun that relates to you having a healthier happier relationship with money.
everyone has their own unique views and needs when it comes to financial success if you'd like to leave your financial woes behind and live a life of Financial Freedom you've come to the right place welcome to the saving with Steve show hosted by Steve Sexton the show will help you with the ins and outs of money we talked about financial issues that could be costing you thousands of dollars and keeping you up we talked about money tax reduction saving more spending less 401K risk management retirement and everything under the sun that relates to you having a healthier happy relationship with money now here is your host of saving with Steve Steve Sexton<br> you having a happier healthy relationship with money my name is Steve sex and I want to thank you for joining us I want to thank her hundreds of thousands of listeners that are out there a listening today across the United States and our listeners that are listening through brought the world is just wonderful that we had one such a wonderful audience You know what last week we started talking about how their ped damick brought changes to the job market and that the effect of how older aged people are going back to work especially over 65 and you know what and you know how that could be do with inflation lost at wages are lots of assets do the market all sorts of things do you want to see that episode you can always go to stabbing with Steve. You ask and knows you don't know she's right there and you know what you could check out all the other episode I'm very thankful today and we have a great guest you know what have you ever wondered how did she even Financial Wellness in the<br> workplace or in your daily life he don't worry we have Financial therapist Certified Financial therapist Erica Wasserman 15 people that designation in the world Eric and by their education and financing can I mix with her passion for helping others to empower individual couples companies to reshape the way they think about money that we got a great show for your day off right at the end about you know practical applications you could use to budget you know budgeting tips for inflation so with that if you ever wondered how did she do Financial Wellness in the workplace or your daily life expecially with all that's going on right now he don't worry we have your financial therapist Erica Wasserman she is one of the fifteen people in the world to hold a Certified Financial therapist designation Erica combines her education Finance economics with their passion for helping others to empower individuals couples companies to reshape the way they think about money Erica welcome to the show<br> I'm excited to add they didn't have a great conversation with you and you're going to want all of our our listeners are a very very excited to have you here and the reason being is all that's going around right now in the world war trudel Market got people little worried where they're working somewhere in or they're retired as you know it's just I can feel the anxiety up before we jump in you know what you have a marvelous story and I just love for you to share with her or with her listeners before we get started I start you know hitting with all the lovely questions<br> absolutely I know when I meet people on financial therapist kind of give you that quiz book and Pennsylvania Child therapy to me was like hitting the lottery when I discovered it I have a finance degree from the University of Florida and wet work in Corporate America and IBM for for a decade and then when I like to help people and when I went on not out my God this is for me because I like talking about money it's something that I'm good at it something I'm confident it and now all of a sudden I can help others create a safe place to talk about money and not just the dollars-and-cents but the actual senses you know when I ended<br> memories you know where do you value your money and are you spending it in those places what happened to working for you so it's not just a coaching role of dollars in the emotions that go with it and the mindset shift that you might want to be to improve your wellness and your financial well well you know what is so funny cuz I was thinking the word triggers because everybody has those little triggers about money and certain things happen they decide to go shopping they call therapy but I know what I got to do understand working with people in the world with money that everybody has certain ideas and some of those ideas and the way they've been dealing with him for decades at Mom and Dad and pour it on them might not working when they went when they decide to retire even now getting prepared for retirement<br> because we ran out of school and you really don't talk about it with your friends so it's made up of your your background how did your parents do things did your dad handle the finances to your parents yell about money then talk about money right so that helps she your financial do you know where you are today these are some of the mines and the third is experience so if you're investing in something and it goes really well well guess what you want to mess that industry again same as sure as if it doesn't go well you're like no you know and that's the emotional piece of it when you combine those three that's your that's your money beliefs and we tend to get stuck there because we're not working on it or in growing and when you don't work in grow on it sometimes it doesn't work out the best for you that's so true because you know what Financial Wellness also fits in with personal Wellness personal happiness because of the finances of theirs is less<br> so that kind of leaves into my very first question you know what how can people cheat at Eve of financial Wellness in their daily lives and financial Wellness is which to find it slightly different cuz we each have a unique relationship based on what I just saw my first thing when you said that was what does bring you happiness where are you spending your money and sometimes I have my client take their credit card and to highlighters a pink perhaps be in a blue for not so happy and highlight your credit card see where you're spending your money and if you start seeing in areas that you don't feel good about maybe reduce then start spending the things I do make you feel good and and your financial Wellness you're not aware that you have an emotion with everything that you're buying you no money to transfer of energy and some people say will I just want to pay my<br> is it to think about what makes you happy and what does it and start checking in on your Wellness that's great that's great but when we employees you know one of the facts that came out 73% of financial distress employees we can split it leaving for another job at church cares more about financial well-being so could you can unpack that statement a little bit I took it from your website and I thought it was very interesting especially with the great resignation that we've been saying absolutely right when you look at your Wellness wheel of what type of support you're providing you think about Health Nutrition exercise 401k plan that you know all of these kind of things but not your<br> what's happening is if you're stressed about finances you getting calls from credit card companies the phone rings while we're at work you're distracted your your your wife's at home and your you know in your partner your partner is at home and you're arguing over who spent the last $10 in the bank account or you want to retire and you don't think you could do it there's no money or not giving them the tools and had to deal with it until Financial Wellness is being really looked at as a next step in Wellness for companies provide for their ways to start having a safe place to talk about it a place to release and also to give them tools how do you bring that home sometimes I even invite your partner parent-child into the conversation so that way you don't do finances alone and then it gives the employee has a paycheck to walk out the door but the tools to go with it kind of back to when I say<br> financially if your background at home is not to talk about money how are you supposed to learn how to communicate and build new tools if you don't have a safe place to do with it that's true also it's wonderful to have your spouse on the same page moving forward because then you're working as a team and the decision to become much easier and there's less anxiety for one person thinking there now they got to do it right and also<br> at least it's interesting when I get a couple in a room because it goes into I don't like when you spend on going out to eat and I actually have this with a woman chooses the sea level is given a financial services firm and her husband and daughter would go out to eat once a week when they were younger it was less money and then as I got older was bottle of wine you know the nice dessert they were really enjoying it and they would fight over that spent it was after Workshop that I did that she came back to me and said wow Erica thank you because I didn't understand that was their emotional time that was their memory that's how they wanted to spend money because that's the way they bonded and communicate it for her it was a waste of $100 because she didn't enjoy a fancy bottle of wine the ones they understood the why behind the spend they were able to communicate better so you have two people in the room together talking to one another about what's the importance of it is a very different,<br> stations in the finger pointing that is going on a lot to spend more time opening and that communication with their spouse for whoever their partner is to make sure they're on the same page or at least understand where each other are coming from so they can continue to work together because I I see too many people going in different directions on their finances in a lot of money just fall through the crack and you get a lot of frustrated people the same time right so opening in our conversation up to why people are expecting things of you is really important because you're both coming to the table with different beliefs so we're going to have to take a quick break here stating with Steve Moore expert advice for having a happier relationship with money still to come on the saving with Steve<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the ins-and-outs of money those financial issues it could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending left your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money so if you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton hey welcome back to the same thing with Steve shall we talk about the ins-and-outs of money as you to check out a few of her a few minutes at AM FM 247b vs Radeon UK Health radio their goal goal is to help you live a life of Financial and spiritual Freedom now if you'd like to check this out you can always go to the same thing with Steve. You asked for guest gifts background behind the scenes information the whole shot and if you have an idea or a gas that you'd like to see on the show this way we've actually ended up with Senators congressmen and people who do travel all over the world which has been fun for everybody to watch always go to viewers it's sitting with Steve. Us again that's beers at saving Steve. Yes now we're back here with Erica Wasserman the Certified Financial therapist and she's giving us some great therapy we are looking for<br> more grief therapy and you know what she's also got some five Financial Wellness quick wins for summer and we're looking to talk about that we're looking to talk about you know I hate that you know it's talk about money her card program you want to stick around for that so here we are. You're welcome back to the show I know it's the second second but I always say welcome back I don't know why it's just my thing<br> I know I like to get into I know we talked about financial Wellness for a daily life or in the workforce how to work hand-in-hand with your spouse you're right now we've got inflation we've got in a lot of people losing money in the market you know what this would be a good time to utilize some of those quick Financial tips that could get somebody hate oh my God I wasn't doing that I need to start doing that there's five things we can do I'd love for you to share this with us so if you want to go on vacation that's great you know you want to paint your house that's great you know you want to go out for dinner to celebrate self celebration dinner or birthday dinner great plan what the purpose though understand that there's going to be a dollar amount for the decide look for vacation deal but have a purpose have a savings goal whatever you need to do and in fact I don't even call a budget<br> because you want to say yesterday so when you have a purpose and a plan you got there so that's the first one is build a plan<br> is everybody join vacation right it's summertime Wellness day know this might be scratching her head so I really was a financial Wellness day you know the day where you actually get to all your financial advisor you look over your taxes you put together a piece of Mind folder checklist for people God forbid something happens to you you call the cable company all those things that you've been putting off put it all in one day rate I actually do an agenda for my clients of what the financial Wellness could look like and and it's a great way to spend a PTO day when you're a check it out kind of back to that Yas plan yeah I want something right is when you're checking out at Target the grocery store you have that Mantra of I'm in control of my finances this is a so how's your making those promises you're reaffirming that you're heading in the right direction to that is a great one it's small to do but every time you swipe your credit card or do you pay with cash<br> come up with something that's empowering about you being in control of your finances the fourth one is a fun one get Creative Financial vision board you know you can go old school and cut out in the magazines and glue them on paper or you could do I text you do Pinterest board make your screensaver what you want your life to look like what are your financial goals you know some of my clients is a nice watch some of the vacation some of its a mix of Holiday Inn closed for their kids are you no picture picture says a thousand words of building that Financial vision board you're sitting around having Barbecues in fire pit conversations right with family members to see my nasty Austin strike up a conversation with your parents and your financial advisor<br> and you have to start there might be a little bit harder conversation which is why I created the let's talk about finances baby conversation cards because they gave a fuck it like if you don't want to friend $1,000 they didn't repay you how it it would impact the relationship if so what's the worst purchase you've ever made stories which is an open up the dialogue talking about money should be something that we can do casually in Austin with people that we feel comfortable last about that your car program about finances baby that can be taken anywhere and upward sitting on the kitchen table and it's easy to pick up one or two cards and pick the conversation<br> I've ever made it it's really funny cuz it was really interesting as I was having a conversation earlier with a different group of people and they're like a networking group and we talked about kids eating crayons and the analogy comes from you all the moms getting together to talk and all that stuff in my mom cuz you know what my son's eating crayons and you're freak out cuz I think the king's Sons going to be doing going to be a crazy kid then they find out everybody else in the group their kids are eating crayons so for me when somebody talks about with the worst purchase it sounds like a fellowship meaning of okay I'm not as dumb as that we're just the same things together so that was a really cool car because it was a row to a car and then take the time to check out everything and then it became a money pit so it's something that I thought I was going to get a great deal because I thought this star system<br> Cater 2 you know what how that conversation with your parents is many people you know their parents are in the Builder generation or the or the beginning Baby Boomers which means herb soda baby boomer and Builder and there used to be an environment where they never talk about money now with family you know what I mean I've had this where parents have told the kids where the key to the safety deposit box was but they didn't tell him what the banquet with him so when they pass away the kids are like where do I go in at 7 so I'll be a couple you know they file probate and all that stuff until like 3 months later when the the safety deposit box bill came in from the bank that they found out where it was and<br> play Syd all about your money and that mean that's housekeeper to Mom and Dad were so we still have those issues how do you go about starting that conversation easing into it with no family and loved ones at the reaction from your parents is we have two options here right one is I'm going to dig through every drawer you have and spend hours of my time finding things you probably don't want me to find right to find this information or we put together a but a binder and I caught a piece of my check last night I actually give my clients a check list and it has everything on there from like who's your attorney to the mortgage if you have a rental property I don't have one right next to me you know all of those things where your Investments are who's your account and all of those things and you don't necessarily they don't tell you the dollar amount but tell you where the bank is you know what they needed and maybe the account number and have it all on one sheet of paper<br> or a little binder is the first step to say listen to something happens to me Google look for the black binder in the safe and here's a safe code but that's important so I do everything and go through your money and everybody else's money to donate to it as part of your inheritance important to go to that charity because you might not aligned with the same charity you might not understand why they're donating their and that that opens the door to say who what else are you having that information is great you know but if you don't understand the why behind it and that's going to be the important conversation you have it thanks for sharing that with us today or come you know what we're coming to the end of her time we have about 30 seconds left you know there was a lot of people looking forward to seeing you on the show today and I was wondering if you could share if you're okay with Cher<br> how people can get in contact with you whether there be a business that needs help couples individuals that needs your help<br> stop over to my website is your financial therapist.com and I'm on Facebook Instagram LinkedIn all under your financial therapist as well as everybody Erica. Thank you so much for coming to show me being on the show today appreciate it very very much stay safe stay healthy and they went I think we might want to have you back again so take it easy thank you thank you what does we're going to be right back with more skating with Steve more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the ins-and-outs of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending left your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune into the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton hey welcome back to the ins-and-outs of money you know what you can always go to Google Play U2<br> all of our shows are right there to check it out by the way if you'd like to hear its segment or specific topic being discussed go to viewers at saving with Steve. Us's biewer that saving Steve. You asked or do you just want to go check out all the episodes cuz this is number 90 on you can go to saving with Steve. You must know I'd like to talk about something that is occurring now sometimes it's your plan to do that sometimes it's not it's how to retire during a recession okay if you're planning on retiring during the financial downturn it can be worrisome to give up your job this is especially true for those with portfolios that have dropped in value you may face your retirement with your funds available and obviously I'm certain you had four others you know what you might get stuck not working because you got laid off or your activities has to be introduced to the health conditions you know what and retirement might be the build the best route for looking at your financing and setting up<br> planking help you get through a bear Market create sustainable lifestyle you might even find ways to increase your income by making just a few adjustments first of all you want to look at your you know what your financial projections you can use technology to keep on tracking apps plans with you just spins or 40 different questions and you're good to go so like I said their software out there you can tell much how much your ass need to average to provide you with desire didn't come they can Factor things like inflation Social Security office in your best interest to let you know if it's in your best interest to work an extra year to or wait for the economy to get better you want to know the important information some of these retirement planning tools are free and can help you consider different scenarios evaluate your portfolio this is big if you've been saving for retirement for a decade investment accounts and still want to look at how your funds are allocated<br> most retirees are no longer in the wealth accumulation phase of their life and have them you know what year they were there in that just your Fusion face the wealth preservation face other portfolio needs to respect that from to minimize risk because right now you just saw people lose 30% think about that he have a million dollars I'm taking out $50,000 a year or 5% I just lost 30% my withdrawal went from 5% to almost 9% of the market doesn't averaged 9% and you never going to break even in fact you're going to have to reduce your license so it's important to understand you're not contributing to the account anymore and you need ways to you don't distribute those money to preserve your wealth okay it always talk to a financial advisor about ways to get through the upcoming year and what to expect from your message consider workout has individual ones who are healthy enough to continue working and you might be employed for another year to every year you can work will help you<br> potential increase your Social Security security so right now it's twenty thousand five hundred if you're over the age of another $6,500 for significantly expenses or significant expenses for many to always go up and retirement don't want to think through how much you will spend in healthcare before signing up for Medicare that means get the right plan are many options are factors choose from considering what spouse is best for you both in the type of coverage and expected cost understand you're out of pocket review Social Security you know what if you work for at least forty corners or paid him for Ten Years cuz you're self-employed you're eligible for retirement benefits if you worked and you had to pitch in really pain in the pension that's so sad<br> you have to work for least 10 years to be eligible for the windfall television if you're married you're eligible for spousal benefits if your divorce you're you're you're eligible for divorce benefits if you're widowed you're not eligible for widowers benefits can come as early as age of 60 now you can start taking social security at 62 on a regular basis 66 or 67 your income introduced and for every year pass at full retirement date your income will go up by 8% here all the way to the end you found me it's important to understand how your social security system in your retirement income so you can maximize income number one and number two you can find ways to maximize your ass at so you know what I want to thank you all for Eric Wasserman Certified Financial therapist you can go to your financial therapist if you'd like to talk to Erica she can help you and your spouse<br> Warrior your company great way to go with that I want to thank you all for joining us stay stay stay healthy will see you next time bye bye thank you for joining us for the saving with Steve show hosted by Steve Sexton to learn more about the show and how to become a guest or sponsor visit saving with Steve. Us that's saving with Steve. Us join us again next time as we continue to talk about everything under the sun that relates to you having a healthier happier relationship with money this has been the saving with Steve show hosted by Steve Sexton<br>