Michael and Brady discuss how technology and industry changes have broadened access to financial advice, making it more accessible beyond just wealthy individuals. The episode delves into the challenges of selecting the right financial advisor, examining where Americans currently get their financial advice, and the implications of various advisory models (fee-only, fee-based, commission). Key topics include the importance of finding a suitable advisor, understanding compensation structures, and the roles played by different types of financial institutions. The episode concludes with actionable advice for individuals at different stages of their financial journey on finding the best professional guidance for their needs.

Key Takeaways:

• Who should seek financial advice?

• The surprising place most Americans get their financial advice

• Why a certain advisory model may or may not be suitable for you?

Key Timestamps:

(00:00) - The Evolution of Financial Advice

(01:17) - The Challenge of Choosing the Right Advisor

(04:50) - Survey Insights: Where Americans Get Financial Advice

(15:42) - Understanding Different Types of Financial Advisors

(24:44) - The Role of Technology and Robo-Advisors

(27:02) - Choosing the Right Financial Partners

Key Topics Discussed:

Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, financial wellness, wealth building, financial psychology, financial advisor, finance therapist, student loan debt, finance guidance for high earners, business owner finances

Mentions:

Website: https://www.genesiswealthplanning.com/

Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/

Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/

Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value.

Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 6992075.1 Exp. 10-26

Michael and Brady discuss the significant burden of student loans on Americans and delve into current strategies for managing this debt while still achieving personal and financial goals. They explore the misconceptions surrounding student loans, differences between federal and private loans, and the importance of utilizing loan forgiveness programs. The episode also provides a comprehensive understanding of recent legislative changes affecting the SAVE plan and its implications on borrowers. Listeners are encouraged to manage student loans strategically and consult with certified professionals to optimize their financial health.

Key Takeaways:

• Is reducing your monthly minimum required payment for your student loans possible?

• How is the student loan legislature going to change in the future?

• What advantages does working with an advisor offer in terms of minimizing your student loans?

Key Timestamps:

(00:00) - The Evolving Landscape of Student Loans

(05:54) - Federal vs. Private Student Loans

(10:01) - Student Loan Debt Across Professions

(21:51) - Borrower Considerations

(25:24) - Student Loan Forgiveness

(33:00) - Understanding Federal Student Loan Interest

(36:45) - Income-Driven Repayment Plans

(43:30) - Case Study: Optimal Repayment Strategies

(54:08) - Legislative Changes in the SAVE Plan

(1:01:00) - What Borrowers Should Be Doing

Key Topics Discussed:

Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, financial wellness, wealth building, financial psychology, financial advisor, finance therapist, student loan debt, finance guidance for high earners, business owner finances, SAVE plan

Mentions:

Website: https://www.genesiswealthplanning.com/

Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/

Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/

https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value.

Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 6991809.1 Exp. 10-26

Michael and Brady provide a comprehensive guide on navigating employee benefits and retirement planning during open enrollment. Key topics include the differentiation of healthcare plans like HMOs and PPOs and the strategic use of Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) to maximize tax advantages. The episode also covers the importance of short-term and long-term disability insurance, particularly for maternity leave, the benefits and limitations of group life insurance, and strategic retirement saving. Discussions extend to maximizing employer matches in retirement plans, the considerations between Roth and pre-tax IRAs based on tax brackets, and utilizing legal benefits through employer-provided plans.

Key Takeaways:

• What factors should you consider when choosing between different types of healthcare plans during open enrollment?

• How can enrolling in tax-advantaged accounts like FSAs and HSAs benefit you financially in the short and long term?

• What are the essential employee benefits to prioritize during open enrollment, and how can you maximize their advantages?

Key Timestamps:

(00:00) - Understanding Open Enrollment

(03:15) - Types of Benefits and Considerations

(05:12) - Triggering Life Events and Adjustments

(06:21) - Core vs. Ancillary Benefits

(07:29) - Medical Insurance Options

(15:52) - Flexible Spending Accounts (FSA) vs. Health Savings Accounts (HSA)

(18:44) - Understanding HSA Tax Benefits

(24:38) - The Importance of Disability Insurance

(26:51) - Group Life Insurance Considerations

(30:17) - Retirement Plan Options and Strategies

(35:31) - Leveraging Legal Benefits

Key Topics Discussed:

Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, financial wellness, wealth building, financial psychology, financial advisor, finance therapist, student loan debt, finance guidance for high earners, business owner finances, open enrollment, employee benefits

Mentions:

Website: https://www.genesiswealthplanning.com/

Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/

Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/

Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value.

Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC....