In this episode, we're diving into a topic that often seems distant for younger generations: Social Security. Many millennials and Gen Zers might think Social Security won't impact them for decades, but it's crucial to start understanding it now. We begin with a brief history of Social Security and explain how it works in the U.S. We'll explore why Social Security is still important for younger people's retirement planning and address the burning question: Is Social Security really running out?

We'll discuss what factors are leading to concerns about the program's future and what potential reforms are being considered to keep it sustainable. Finally, we break down the key factors that determine how much you'll receive in Social Security benefits and offer insights on what younger generations should keep in mind as they plan their financial future.

This episode is packed with important information to help you plan for long-term financial stability. Leave a review or send us your questions at askcreatingwealth@taberasset.com!

Resources:

Retirees Face a $17,400 Cut If Social Security Isn't Saved

Social Security's Financial Outlook

In today's episode, Anastasia is joined by a special guest--her husband Dean--to explore the intersection of finance and romance. Managing finances in a relationship has its challenges, especially when one partner takes on the role of the "CFO" while the other is more hands-off. We share our personal experiences of navigating money management together. We'll discuss how we decided who would take the lead in handling finances, the challenges and benefits of this dynamic, and how we maintain open communication and shared financial goals. Whether you're the primary financial planner or your partner is, we've got practical tips to help you create financial harmony in your relationship. Plus, we'll dive into lessons learned and even our dream financial superpowers!

Tune in to discover how to work together on building wealth while maintaining a strong partnership. Don't forget to leave a review or send us your questions at askcreatingwealth@taberasset.com!

Check out our previous related episodes:

Timing Matters: When to Merge Finances with Your Partner (May 2024)

How to Build Wealth With Your Partner (February 2023)

Discussing Finances with Your Life Partner (July 2020)

Bonds 201 (April 1, 2021)

How do U.S. elections impact the stock market? In this episode, we dive into "election anxiety" and how it affects your investment decisions. We'll explore the historical data on market performance during election years, whether it matters which political party controls the government, and the three common mistakes investors often make during the election season. Plus, we'll share actionable strategies to help you avoid these pitfalls and provide perspective on the best mindset to adopt during politically charged times. If you're feeling uncertain about the upcoming election and your investments, this episode is for you!

Tune in to learn how to navigate market volatility during election seasons and keep your investment strategy on track.

For any questions, comments, or topic suggestions, email us at askcreatingwealth@taberasset.com.

Resources:

List of largest daily changes in the Dow Jones Industrial Average

S&P 500 Chart

In today's digital age, fraudsters are becoming more sophisticated, targeting individuals through online scams, phishing emails, and identity theft. In this episode, we dive deep into how you can protect yourself from falling victim to fraud. We'll cover key strategies to recognize suspicious emails, phone calls, and messages, and how to verify the legitimacy of companies, investment opportunities, or charities before engaging with them. Learn about common psychological tactics scammers use to manipulate their victims, and discover practical steps to safeguard your personal and financial information. Whether you're shopping online, using mobile apps, or receiving unexpected communications, this episode will equip you with the knowledge to stay vigilant and secure. Join us as we explore how to respond to fraud, report fraudulent activities, and take proactive measures to protect yourself in an increasingly connected world.

For any questions, comments, or topic suggestions, email us at askcreatingwealth@taberasset.com.

Resources:

Info on the Social Security number leak

Check if your Social Security number was leaked

Access Your Credit Reports

Info on Credit Card Liability

Rescuing Your Hacked Social Media Account

How to Protect Yourself from Sim Swap Scams

How to Freeze Your Child's Credit

In this episode, we dive into the recent market volatility that has left many investors concerned. If you've noticed your investment account balances dropping or seen chatter online about market dips, we're here to provide clarity and context. We'll discuss what's been happening in the markets lately, explore the key factors contributing to increased volatility right now, and break down the latest actions by the Federal Reserve regarding interest rates, inflation, and unemployment. We also address the "buy the dip" strategy that some retail investors are adopting during a downturn and offer our thoughts on its effectiveness. Whether you're a seasoned investor or new to the market, this episode will give you valuable insights to help you stay focused on your long-term investment goals.

For any questions, comments, or topic suggestions, email us at askcreatingwealth@taberasset.com.

Resources:

The failure of Pets.com

Check out our most recent AI two-parter

Regulating Emotions During Jumpy Markets

In this episode, we revisit one of our favorite personal finance books, "The Psychology of Money" by Morgan Housel to understand how our individual experiences and the elements of luck and risk influence our financial decisions. Building on key insights, we explore why personal history plays such a significant role in shaping how we view money and make financial choices.

We'll discuss:

1. How personal experiences with money shape our financial worldview.

2. The impact of generational differences on attitudes towards money and wealth.

3. Insights for making informed financial decisions considering personal biases.

4. The balance between luck and risk in achieving financial success.

5. Memorable stories and quotes that highlight the unpredictable nature of financial outcomes.

This episode will provide valuable perspectives to help you better understand your relationship with money and make more mindful financial choices. Tune in to gain practical advice and deeper insights into the psychology of financial behavior.

For questions, comments, and topic suggestions, email us at askcreatingwealth@taberasset.com.

A 2023 survey conducted by payroll.org found that 78% of Americans live paycheck to paycheck and are struggling to save or invest after covering monthly expenses. Despite markets reaching all-time highs, recent years of inflation have driven significant stress and concern over the current economic state. Roughly half of 4,000 respondents in a June survey by Jenius Bank reported losing sleep over their financial situation.

In this episode, we focus on what we can control: developing financial discipline. What does it take to be disciplined with your money? We'll expand on the statistics behind Americans living paycheck to paycheck, explore the history of personal savings, and dive into what it takes to be financially disciplined.

We'll cover:

1. The top reasons why Americans live paycheck to paycheck.

2. The history of personal savings – how did people save money decades or centuries ago?

3. The nature of self-discipline – is it innate or a learned skill?

4. Common challenges people face when trying to develop financial discipline.

5. Practical strategies to increase financial discipline.

We hope this episode empowers you with ideas and strategies to incorporate into your life, helping you increase your discipline in creating wealth. Let's begin!

For any questions, comments, or topic suggestions, email us at askcreatingwealth@taberasset.com.

In this episode, we dive into essential tax strategies tailored for young investors. Discover the key differences between Roth and traditional IRAs and understand how these choices impact your tax strategy. We'll explain the concept of tax diversification and its importance for building a resilient financial future. Learn how to prioritize contributions to tax-advantaged accounts like 401(k)s, Roth IRAs, and HSAs, and avoid the five common mistakes that young investors may make.

We'll also discuss how different types of investment accounts influence your tax burden and break down the nuances of capital gains taxes, dividends and interest income. Equip yourself with the knowledge to navigate taxes effectively and build wealth with confidence.

For questions, comments, and topic suggestions, email us at askcreatingwealth@taberasset.com. Don't miss out-subscribe now to stay informed on the latest investment trends and personal finance topics!

Related Episodes:

Taxes 101

How to Manage Your 401(k)