Saving with Steve, September 6, 2022
Saving with Steve with Steve Sexton
Guest, Erica Wasserman, Summer Financial Check up
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 at night 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>what about the ins-and-outs of money pretty much everything in the Sun or lie to 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 loosening today across the United States and our listeners that are listening through brought the world is just wonderful that we have one such a wonderful audience You know what last week we started talking about how their pet damick brought on 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 what a lot of that could be do with inflation losted wages are lots of assets do the market all sorts of things we had this month on main floor from magnifymoney to shed light on that if you want to see that episode you can always go to saving with Steve. You asked just look for episode 89 and those you don't know what that'll save magnifymoney is Mike manglish<br>right there and you know what you could check out all the other episodes I'm very thankful today is our 90th episode we have a great guest you know what have you ever wondered how did she even Financial Wellness in the workplace or in your daily life they don't worry we have Financial therapist Certified Financial therapist are 15 people with that designation in the world are combined their education and financing and honest 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 I'll be talking 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 the world a whole.<br>Certified Financial therapist designation Erica combines her education Finance economics with her passion for helping others to empower individuals couples companies to reshape the way they think about money Erica welcome to the show and have a great conversation with 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 2 inflation to a down Market it's got a little worried where they're working somewhere in or they're retired as you know it's just I can feel the anxiety up real quick 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 me with all the lovely questions<br>absolutely I know when I meet people I sell my financial therapist kind of give you that quiz book and and so can you repeat to me was like hitting the lottery when I discovered it I have a finance degree from University of Florida and wet work in Corporate America at IBM for for a decade and then when I like to help people and when I went out went on not out 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 feel the smell of a<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 dollars in the emotions that go with it and the mindset shift that you might want to meet to improve your wellness and your financial 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 because therapy but you know what do you 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 prepare for retirement<br>because 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 do parents yell about money then talk about right so that helps she your financial do you know where you are today also you know money is greed Charities important these are some of the mindset and the third is experienced so if you're investing in something and it goes really well well guess what you want to message Matt industry again Mister as if it doesn't go well you're like no you know 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 there's just less stress and so on and so forth<br>so that kind of leaves into my very first question you know what how come 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 so 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 for happy 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 that and start spending the things I do make you feel good and dumb and your financial Wellness your been 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 mortgage rate is that so<br>is it good for me it's a safe place for the roof over my head I'm a single mom with three girls that is something I take pride in every box you know and so as you go through your bills think about what makes you happy and what does it and start checking in on your well then that's great that's great I know I would have flipped the script there because I know you also talk of companies but when we take a look at employees you know what are the facts that came out 73% of financial distress employees we can split it leaving for another job at Kurt's cares more about financial well-being so could you come in 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 what type of support you providing you think about Health Nutrition exercise 401k plan a you know all of these kind of things but not your relationship with money with happen<br>is if you're stressed about finances you're 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 email and 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 so much stress to your school on how to deal with it until Financial Wellness is being really looked at as a next step in Wellness for companies provide for their employees 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 to parent a child into the conversation so that way you don't do finances alone and then it gives the employee not just a paycheck to walk out the door but the tools to go with it kind of back to when I said your financials police if your back<br>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<br> 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 not 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 enjoy and they would fight over that span 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 bill 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 so once 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 conversation<br> finger pointing that is going on a lot to spend more time opening and that communication with their spouse or 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 see too many people going in different directions on their finances than a lot of money just falls through the cracks and you get a lot of frustrated people the same time opening and the 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 quick break here right back with more stating 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 in an ounce 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 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 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 you to check out a few of her if you did that 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 holeshot and if you have an idea or just thought 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 view or is it shading with Steve. Us again that viewers at saving Steve. Yet now we're back here with Erica Wasserman the Certified Financial therapist and she's giving us some great therapy we are looking for some more<br> therapy and you know what she's also got them 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 don't let'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 says my thing<br> I know why 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 if you want to go on vacation that's great you know you want to be your house that's free you know you want to go out for dinner to celebrate self celebration dinner or a birthday dinner great plan what the purpose though understand that there's going to be a dollar amount for the decide look forward to kishin 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> one 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 it a genda for my clients of what the financial Wellness to look like and and it's a great way to spend a PTO day when you're out back to that 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 yeah, yeah so how's your making no 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<br> come up with something that's empowering about you being in control of your finances the fourth one is a fun one for your visual Learners out there this is you know you know you can go old school and cut out my 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 do your financial goals you know some of my clients has a nice walks on the vacation some of its a mix of Holiday Inn closed for their kids are you know picture in picture says a thousand words by getting creative building that Financial vision board in around having Barbecues in fire pit conversations right with family members we might have to be often strike up a conversation with your parents was your financial advisor in place<br> there might be a little bit harder conversations which is why I created the let's talk about finances baby conversation cards because they gave a fuck it like if you do a thousand dollars they didn't you how it it would impact the relationship if so what's the worst purchase you've ever made stories which opens up the dialogue because talking about money should be something that we can do casually and often with people that we feel comfortable last about that could you talk a little bit more about let's talk about finances baby is a 50 Jack a card that could be taken anywhere if it's in your suitcase what's in your purse and or just sitting on the kitchen table and it's easy to pick up one or two cards and pick the conversation<br> probably there's probably ten or twelve of those things are worse versus I've ever made but it's 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 in we talked about kids eating crayons and the analogy comes from your all the moms getting together to talk and all that stuff and one of them cuz you know you're freaked out cuz I think the consents 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 what's the worst purchase it sounds like a fellowship meaning of okay I'm not as dumb as we're just the same thing so that was a really cool car because it was a rental car and didn't 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 great negotiator<br> learn from it and now you can laugh from right on the side of the road in the desert<br> hardcore way to you know what how that conversation with your parents as many people you know their parents are in the Builder generation or the there the beginning Baby Boomers which means herb start a baby boomer and Builder and there used to be an environment where they never talk about money 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 passed away the kids are like where do I go and it wasn't until the 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 they have wasted a whole bunch of money and I mean that's all secretive mom and dad work so we still have those issues how do you go about starting that conversation easing into it with no family and loved ones<br> 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 Mind checklist and I actually give my clients a checklist 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 don't put this 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 need to tell you the dollar amount but tell you where the bank is you know what they think it is and maybe the account number and have it all on one sheet of paper 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 he was a safe code but that's important or do I have to dig through everything and go through<br> everybody else's money to go to that charity because you might not aligned with the same charity and you might not understand why they're donating their and that that opens the door to say who what else are your wishes cuz I'm having that information is greet you know but if you don't understand the why behind it and that's going to be the important conversation you have it otherwise you know what we're coming to the end of our time we have about 30 seconds left you know why 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 sharing how people can get in contact with you whether there be a business that needs help couples individuals that needs your help your financial therapist calm and<br> I'm on Facebook Instagram LinkedIn all under your financial therapist as well stay healthy and I think we might want to have you back again so take it easy thank you thank you right back with more stating receive 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 we're going to be talking about the in an ounce of money does 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 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 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 savings we talked about the ins-and-outs of money you know what you can always go to Google Play YouTube all our shows are right there to check it out by the way if you'd like to hear a segment or specific topic being discussed go to viewers at saving with Steve. Us its viewers at saving with Steve. You asked or if you just want to go see. You ass now I'd like to talk about something that is occurring now sometimes it's your Feud plan to do that sometimes it's not it's how to retire during recession okay if you're planning on retiring during the financial downturn it can be worrisome you know what to give up your job this is especially true for those with portfolios that have dropped in value you may face<br> what's 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 condition you know what and retirement might be the build the best route for looking at your financing and setting up a plan can help you get through a bear Market in creating 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 gay you can use technology to keep on tracking apps planswell building help me put together retirement package for free you just fans are 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 needs to provide you a desired income they can Factor things like inflation Social Security it's 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<br> important information some of these retirement planning tools are free and can help you consider different scenarios next evaluate your dishes big if you've been saving for retirement for various investment accounts and still want to look at how your funds are allocated most retirees are no longer in the wealth accumulation phase of their life and have the distribution face the wealth preservation face on their portfolio needs to respect that from to minimize risk because right now you just saw people lose 30% think about that you have a million dollars I'm taking out $50,000 a year or 5% I just last 30% my withdrawal went from 5% to almost 9% of the market doesn't averaged 9% and you never going to break you 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<br> okay it always talk to a financial advisor about ways to get through the upcoming year and what to expect from your desperate consider workout has who are healthy enough to continue working for another year to every year you can work will help you build up more retirement savings potential increase your Social Security older employees has extra damage is like adding more to their social security card to their 401K right now it's twenty thousand five hundred if you're over the age of 50 is another $6,500 I understand your health expenses are still be helped really to cost for during retirement Medicare costs or significantly expenses or significant expenses for many to always go up and retirement how much you will spend in healthcare before signing up for Medicare that means get the right plan their many options in fact just choose from considering with passes best for you both in the type of coverage and expected, so I understand you're a<br> how to park it next review Social Security have 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 a pension really pay the pension that's so security you have to work for at least 10 years to be eligible for the windfall to Vision if you marry your Elder for spousal benefits if your divorce you're you're you're eligible for divorce benefits if you're widowed you're eligible for widowers benefit okay come as early as age of 60 now you can start taking social security at 62 on a regular basis 66 or 67 year your income over Jews and for every year pass at full retirement date your income will go up at 8% here all the way to the word 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<br> I'm saving with Steve we talked about the ins-and-outs of money with Eric Wasserman that Certified Financial therapist you can go to your financial therapist if you'd like to talk to Eric you can help you your your face you and your spouse or your your company great way to go with that I want to thank you all for joining us stay stay stay healthy we'll 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>