Making Smart Decisions with Josh Tirado

By: JT Financial Group
  • Summary

  • Strategies for your financial future. Complex topics made simple and actionable, so when it comes to your money, you're making smart decisions. The following program is sponsored by JT Financial Group which is solely responsible for its content. Securities offered through J.W. Cole Financial, Inc. (JWC) Member FINRA/SIPC. Advisory Services offered through J.W. Cole Advisors, Inc. (JWCA)JT Financial Group and JWC/ JWCA are unaffiliated entities.
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Episodes
  • I already have an advisor, I'm all set. Right?
    Jan 26 2022
    Josh Tirado: [00:00:00] welcome to the making smart decisions podcast. I am your host, Josh Tirado. And for today, we're going to be discussing the concept of: I already have a broker. I already have an advisor. I already have a financial coach. I'm all set. Congratulations. Truth be told [00:01:00] more than half of my current clients said to me, oh, I already work with someone when they came to me.Okay. I appreciate that. If you come to me and we work together later in life, chances are you have some. Now that's a broad category. Some people refer to the person that sold the life insurance 20 years ago, or the person that set the Roth IRA 15 years ago, and some mutual funds they never heard from, again, as their person, some people have a broker who calls them.Maybe they have a little bit of money invested, or they're doing some fun stock picks, but they have somebody, perhaps it's a brother-in-law who's in the business and, or a sister-in-law, they run ideas. They have our questions, pass them from. If you are successful and ever reached a certain age, chances are, you've worked with some financial professional in some capacity, someone referred you in, you met somebody, somebody and you have someone, you have an advisor, you have a broker, you have someone who does something like along those lines. But what I always find interesting is the [00:02:00] clients first, and they tell me. But we're having a discussion already about what they're doing.So there must be something lacking, or some question in the back of their mind sums for interests that they're willing to talk to me about it. Maybe they think they're missing out. Perhaps their grass is always greener, people. Maybe they just want to be well-educated to make the smartest decisions they can, and that's all well and good, but know that a vast majority of people who work with advisers already came from someone else who had an advisor.You either needed something more from that relationship. And you wanted someone who was a trustworthy advisor, who did planning with you, who had a holistic approach, who put together all your needs. I heard someone a long time ago. Their favorite phrase was. We help clients crystallize their objectives. And that's a great way of putting it, allowing people to understand where am I am going from, where I am, how do I get there?And I am then putting that together. It's not the. I have this great investment. It might be a great investment, but it's a great free view. Does it help you accomplish your goals [00:03:00], or is it better for Susie down the street to help her reach her goals? Is it a great investment, but it's designed for someone who's 30, and you're 60, or someone who's 80.And you're 52. It would be best if you had something specific for you. So people come to me and say, Hey, I've worked with somebody, but maybe we don't have an ongoing relationship. Perhaps they were a commissioned person. They were a salesperson, or I haven't spoken to them in a while, and they're looking for something more.That's why we worked together. Also, maybe you've worked with an advisor for a long time. That person has retired. That person has passed. You disagreed, or you just felt you needed a different. You're comfortable working with an advisor. You see the benefits. You want to find someone or a company to work with that fits in better with your set of values, your personality, and that you can work with.There's a financial magazine for my industry, they've started a section an article in the front of the magazine every month. And it discusses my life as a., And they [00:04:00] interview different clients, advisors, and different walks of life, all over the country and the people that relay their experiences.Sadly, the majority of the articles that people are relaying a negative experience may have positive returns on the investments with the people. Still, the relationship and the service weren't there. Something happened. And most of these stories involve those people saying, I know I need a professional. Still, I needed to move to a different professional.So they were the right fit. That happens time and time again. So if you already have somebody that's terrific, if they are not providing for all of your needs and you think there might be, and this isn't being worried about, the grass is always greener. This is seriously. I think I could be doing something better or having a better experience.I know I should talk to somebody. I should have spoken with me now. I have my specialties. If you're not a good fit, I'll refer you to somebody else if you are. Terrific. We'll talk through that. Every client starts with a 20-minute meeting where we discuss what they're looking to get off the relationship and what my company offers, [00:05:00] and we call it the right fit meeting.Cause we're looking to see, are we a good fit? Should we move on together, or are we not? That's very important that meeting is like the equivalent of...
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    6 mins
  • When Life Smacks You in the Face
    Jan 26 2022
    Josh Tirado: [00:00:00] Welcome to the making smart decisions podcast. I'm your host, Josh Toronto, and today's title. I'm going to affectionately call when life smacks you in the face. I did a podcast a long time ago, where I referenced a quote from Mike Tyson about being punched in the [00:01:00] face. But this is a little different.This is more about you're minding your business on a mundane Tuesday afternoon, and all of a sudden, something major in your life happens. Are you prepared? Are you ready? This was brought to mind. I was on a call with a client this morning. She mentioned that her husband, also a client of mine, had been in a car accident not doing anything reckless, literally sitting stopped at a stop sign, other person driving incredibly fast through a residential area, being careless blows her stop sign, loses control of the vehicle, T-bones my client.And now. Several days in the hospital, several weeks later, several surgeries has a couple of months of rehab ahead of him. He will be okay. Thank God. He will be okay. But several months of recovery needed to get a wheelchair, need to outfit his house. Again, as I said, he didn't see that after several surgeries and a long road, several months of recovery, and several months more to leave back to a hundred percent.He was going to the store it happened he [00:02:00] has a job with flexible time. They are very understanding. They're working around it. These clients well-prepared. They have savings through the job. They have good health insurance, and things will be okay.But their life has been majorly impacted for the next several months. And we both know him getting T-boned like that. Yes, he had several broken bones and torn things and multiple surgeries, but it could have been much, much worse. So that just really affected me this morning and brought to light how quickly life can change in the blink of an eye.This is not some avail attempt to encourage you to buy more insurance. This is just a fact of life. Do you have savings? Do you have insurance? Do you have a plan? Do you have yours? Do you have a healthcare power of attorney? You have your wishes drawn out if you are incapacitated. What do you want to have happened?If things go south and something terrible happens to you and you pass, [00:03:00] what do you want to happen at your funeral? COVID is brought to light when you start hearing more and more about people that have passed away, not just from COVID, but I'm telling you. The famous people that young and old to make the headlines, right?Because they're famous people for one reason or another, you hear about the passing. And so many times you hear, wow, that person was still so young. And a lot of times young people ignore the need to put together the will and their final wishes and that sort of thing. But it's necessary. So if you take a little time and it's not.It's not, but it's more affordable than you think. If you take the time to address that, and you take the time to work as a professional to draft that, and you work with a professional like myself to make sure your finances are in order in case something happens. We can't protect against everything.It's life happens, but we can still protect against many things and prepare and hedge our bets and be in a good position. Should something happen? Devastating things happen all the time [00:04:00], and everyone thinks, oh, it never happens to me right up until it does. So this may sound a little more somber.I want to get the energy up a little bit, but be aware of things that happen. And this is just a quick little reminder. Do your annual physical with your doctor. You shouldn't have to pay for it. Most insurance covers. And you get some blood work done. You see your doctor. A lot of people are like; I want to know what's wrong with me.When I say many people, I'm referring to actual family members that I know that say things like that, but you should know if there's something wrong so you can correct it. You can amend it. You can cut off the past. Take your health seriously. Take your finances seriously. And in doing that, think about this.You take care of the finances. You're working on your health. Even if you're not perfect, you're working on it. You take her to the finances. You take care of the legal side. It should help you sleep better. That is your permission to have fun, enjoy [00:05:00] your life. Go do fun things and not be so worried about, oh, what could happen?Cause if something happens, you've done at least, you've done everything you possibly can. And then go live your life. It's an excellent permission slip, and you're doing the right thing. And it, and thinking about this too, if something happens to you and people I've heard this from clients, I'm not worried about it because if something happens to me, I'm dead, and that's a hundred percent true.But if there's anyone that you love or care for in your life, those people are left behind in dealing with it...
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    8 mins
  • Debunking the Four Biggest Myths
    Jan 26 2022
    Josh Tirado: [00:00:00] Welcome to the making smart decisions podcast. I'm your host, Josh Tirado. And for this episode, we are going to launch into some myth-busting. In media currently, it seems as though there is a plethora of misinformation, and it seems that being [00:01:00] first or having your topic be popular is more important than being correct.There are a lot of common myths out there surrounding finances, and I want to debunk several of them. My goal is to provide you with a little bit of background information on it. So you can make your own smart decision about whether it's a myth or whether it applies to you.So the first one is some advice that I, when new clients come in, that they've received from the HR department or that they've heard and it's maxed out your 401k. I hear that day in, and day out to me that's a myth. I don't think that's a right fit for everyone. To maximize your 401k, the total amount you can put in ends up being a significant amount of money, or it could be a significant percentage.My, this is a rule of thumb. My rule of thumb is to contribute enough to get the employer match. So maybe be very clear about this. Also, if there is no employer match or legally, there needs to be one, but it's minimal, not every year. You may have better options outside of a 401k,[00:02:00]. The main advantage of your 401k is to max out your employer match, not max out the 401k plan.I say that because if you put in a dollar and your employer matches it with a dollar, you immediately have a hundred percent return on your money without taking any risk. And there are also tax advantages to it. However, if your employer only matches say up to the. 3% or $3 that you're putting in, and they don't match above that.And you're putting in 9%, 12%, 15%, something really large. And they're only matching that first piece. The rest of it is still an address. But there may be other better options. Often the investment options inside your 401k plan are pretty limited as to what's in there. The fees can be high. They changed rules several years ago to make fee disclosure more prominent and make fee disclosure clearer.However, in many cases, you still don't get the complete picture unless you really dig into the numbers with all the fees are so your 401k. [00:03:00] It Can be more expensive than it needs to be. Your options can be limited. And the rules concerning 401k versus other types of investments are different. So depending on your situation, it could be advantageous because you can take a loan.It might not be advantageous because it's very locked up, and there might be. A vesting period before that money is all yours to take with you. So there's a lot of pros and cons here, but what I want to say is the maximum foreign case, not always the best option. You want to put it enough to get the employer match.So you get an immediate return on your money. And then, above that, take a serious look at, should I do a different IRA on my own and have control over it? Should I do a Roth IRA? Should I do a brokerage account, so it's not necessarily tied up until I reach age 59 and a half, and I could use the money sooner for something else?Maybe I have short and intermediate-term goals where this money doesn't have to go towards retirement, but instead, I have a goal that's coming up in the next two years, five years, ten years that I need to save for, to reach instead [00:04:00] than have it be tied up for. The tax advantages are significant, but they're tied to retirement.So what I'm saying is that whole max out your 401k, not always the best solution. The second myth I want to go over is that all debt is bad debt, and don't get me wrong. I have several clients who, at one point in their life were in substantial debt. And they managed to get it all paid off, and they're pretty successful.And sometimes, the debt is for education. Sometimes the debt was for launching a business. There are a million different reasons to have debt. It's not always credit card debt, or somebody made poor decisions. They might have a lot of debt. They worked very hard to get out of the debt, and now they're very debt-averse.They don't want to go back into debt. And they make that conscious decision. When I say, okay, you could leverage someday. Versus paying it all off and long-term, here are the numbers that work out better for you. If you did not pay all cash and were to use some debt, they understand that, and they're willing to forgo that to sleep soundly at night, [00:05:00] they don't want to have any debt.So they make that decision. Other people understand it and leverage debt. For instance, in a business, it's very hard in many cases to start a business without taking on some debt, or you start the business, but to grow and reach next. You need more money and often, rather than using your cash reserves, if you're lucky enough to have any borrowing some money, especially at very low-interest rates, is a much smarter decision...
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    17 mins

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