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Money Talks: Financial Fears

What are you afraid of? Do you have financial worries? We’d like to address some common financial fears. We want to help you label the fear and give you ways to face the fear. Our experts are on hand to answer personal financial concerns and questions. 


Producer Liz Gill came across an article on the website: https://womenwhomoney.com/common-financial-fears-overcome-money-worries/

and wanted to get OUR experts opinions on the money fears the article brought up. 


Discussion:

  • Financial Fear #1 – Never getting out of debt 
  • Financial Fear #2 – Losing my job 
  • Financial Fear #3 – Something terrible happening to me (or my partner) 


Calls:

  • Inherited IRA
  • Too much money
  • 1031 exchange of property
  • Another inherited IRA
  • Where to get tax info


If you’d like more information about saving for your child’s education find the Money Talks podcasts from: September 15th, 2020 http://moneytalks.mpbonline.org/episodes/money-talks-treasurer-david-mcrae

and August 27th, 2019 http://moneytalks.mpbonline.org/episodes/money-talks-529-savings-plans

when we discussed 529 plans.


In Legal Terms discussed Section 1031 property exchanges on June 15th, 2021 http://inlegalterms.mpbonline.org/


More Episodes

6/29/2021

Money Talks: Avoiding Holiday Debt

It’s less than 6 months before the gift giving holidays at the end of the year. Time to remind ourselves to not go into holiday debt. We’ve got some tips to discuss between your personal finance questions.Discussion:child tax credit - different amounts depending on age of child and income. IT'S AN ADVANCE CHILD TAX CREDIT ON TAX RETURN. If you want to "opt out" go to https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-202110 tips for avoiding holiday debt:1) Start with a firm budget for the holidays. Include gifts, decorations, travel, Christmas cards and even stamps. What did you spend last year? What are you comfortable spending this year?2) Make a gift list and stick to it. Keep track of your spending.3) Pay in cash. Studies have shown that consumers spend less when paying cash. 4) Pay off current credit card debt before adding additional charges.5) If you’re crafty, start now making gifts.6) Start tucking away a portion of each paycheck into a holiday fund now. 7) Sell some items for extra cash. 8) Use your card’s rewards points or cash rewards for holiday shopping.9) Set expectations for the gift exchange. 10) Book holiday travel early.https://www.forbes.com/sites/billhardekopf/2020/11/17/10-tips-to-avoid-credit-card-debt-during-the-holidays/https://www.hallmarkchannel.com/home-and-family/how-to/how-to-avoid-holiday-debthttps://www.biblemoneymatters.com/begin-preparing-now-for-christmas-expenses-to-avoid-holiday-debt/https://www.consumerfinance.gov/about-us/blog/five-step-spending-plan-avoid-holiday-debt/