Today, Shanna Tingom introduces us to another new member of the Heritage Financial Strategies team, Adam Miller.   Adam is an Albuquerque, New Mexico native, who worked for General Mills at one point.  He watched his teammates work beyond when they should have, because they hadn't planned for their retirement.  After giving informal financial advice, Adam realized he wanted to this kind of work professionally.Today, we get to know Adam and his family - including family farms in South Dakota, his passion for travel (he's been to almost every state), and what it is about financial planning that brought him to the Heritage team.For more info, find Heritage Financial Strategies on the web at https://www.heritagefinancialaz.com/

Making Money Fun

Meet Adam Miller

Today, we introduce you to another new member to the Heritage Team, Eric Pettit.Eric and Shanna have known each other for a long time and worked together previously, and Shanna jumped at the chance to bring Eric into the office.A big family man, Eric talks about his wife and kids, and how he and his wife have changed careers after moving to Arizona from Louisiana in 2005.  What brought Eric to the Heritage Financial team is the fiduciary standard.  Some firms claim to serve their clients best interests, but put advisors in a tricky spot between their clients and employers.  At Heritage, the fiduciary standard mandates every decision be made in our clients' best interest.Why is Eric passionate about financial planning?  He tells the story of his grandmother - and how one person's bad decision on one day ruined her entire retirement. It taught him about the importance of diversification.  He doesn't want to see anyone's retirement ruined so easily.Eric is an avid outdoorsman and talks about how much he loves the diversity offered by Arizona.To contact Heritage Financial: Call 480-397-1184Or visit  https://www.heritagefinancialaz.com/ 

Meet Eric Pettit

In a special episode of Making Money Fun, Shanna Tingom of Heritage Financial sits down with Jon Gay to explain the ubiquitous story of day traders on Reddit and Robin Hood driving the stock of GameStop through the roof, much to the chagrin of Wall Street Hedge Funds.When investors believe a stock is about to fall, they can bet against it by "shorting" it - they profit when the value falls.  But they also lose when the value rises.  Tough times for a brick-and-mortar video game retailer had been well documented and Wall Street assumed the stock price would fall.   Then the investors on Reddit jumped in, buying up the stock so quickly it shot the share price from $18 to $347, costing hedge funds $5 billion by some estimates.The Robin Hood app temporarily stopped day traders from  buying up the stock, not because of collusion with Wall Street, but to meet their financial obligations as an RIA. The bottom line - investing in short-term fads or trends is dangerous.  Retirement planning should be a slow, long-term cautious approach that won't be affected by momentary market swings.For help with your retirement future, reach Shanna at Heritage Financial:https://www.heritagefinancialaz.com/

Explaining The GameStop Story

Planning for the long-term health care and final expenses of your parents can be an extremely difficult subject to even start a conversation around.  But the consequences of not having a plan are worse.  Following the passing of Shanna's mother-in-law, she wanted to discuss this important topic today.How do you get the conversation started?What are some of the biggest and most common mistakes family members make?What needs to be considered when creating the plan?How often should the plan be reviewed?How important is self-care for the caregiver?If you'd like to discuss long term planning, or any other financial matter with Shanna Tingom and the team at Heritage Financial, reach out at https://www.heritagefinancialaz.com/

Taking Care of Aging Parents - What You Need to Know NOW

With interest rates at historic lows, many of our listeners and clients have been asking about refinancing their mortgages.  Today, Shanna Tingom from Heritage Financial tackles some of these questions.What are the different loan types?PrimaryFixed Second or SecondHELOCAlso a Second mortgageWhat happens to my 2nd or HELOC if I refinance my primary loan?2nd or HELOC will need to be subordinated.  The lender needs to agree to let you keep it, and this usually adds more time to underwriting.Alternatively, any balance may be able to be included in the new primary mortgage and then the loan closes, so you could need to apply for a new 2nd or HELOC once you are done with your refinance.When does it make sense to refinance?Current rates are lower than the existing rate.  Usually want this to be at least 1% below your current rate, but the cost to refinance plays into that decision.Have a large HELOC or 2nd balance and the interest rate on that loan is high enough that it makes sense from a cashflow perspective to refinance the primary loan even when there isn’t a significant rate difference between current rates and the rate on the existing primary loan.What is the process to refinance?  Can someone else (my advisor) handle this for me?Someone else cannot handle this for you. Do research on options.  Nerdwallet.com can be a good resource, local credit unions, trusted mortgage broker.Give them all the same details, including an approximation of your credit score, and ask them to provide what they believe your options are including all costs.Some will balk…avoid them.Once you have quotes, compare. We often review and weigh in for clients.Apply with the lender you chose.Paperwork to collect.Appraisal may be needed.Underwriting.Sign.Fund.Check sent to you or wired for cash out.What if my house is paid off?  What are my choices?Any of the three loans are options.Need to figure out your need to know which makes sense.For more information on anything related to financial planning, find Shanna Tingom at  https://www.heritagefinancialaz.com/ 

Mortgages and Refinancing

For our first podcast of 2021, Shanna picks up her conversation with Atlas Point's Carrie Nelson.  Carrie is an expert in the fields of behavioral finance and character science.   "Financial Virtues" correlate to your personality and how you feel about money.The three virtues that matter, with relation to money, are  humanity, wisdom, and courage.  And all of these are subject to bias, as Carrie explains.There are four personas, or "bulls," when it comes to finance,:Yellow Bulls are big picture.Orange Bulls need detail.Purple Bulls want detail, but to connect information with people Blue Bulls are big picture, but also want those same connections.Carrie breaks each of these down in further detail.For more information:Atlas Point Website: https://theatlaspoint.com/Heritage Financial Website: https://www.heritagefinancialaz.com/To learn more about your financial personality, click on "What's Your Investment IQ," about 2/3 down the page.

Financial Virtues and Your Personality: Atlas Point's Carrie Nelson (Part 2)

Today, Heritage Financial's Shanna Tingom is joined by colleague Carrie Nelson of Atlas Point.Carrie takes us through her background, a 20 year career that included stops at EY and Experian.  She realized that it was important to have more meaningful financial conversations, particularly between advisors and clients.  Atlas Point began looking at the psychology of money, and how to overcome challenges on both sides of the relationship.Atlas point deals in behavioral finance and character science, and Carrie walks us through how those relate to your money.More info:Atlas Point Website: https://theatlaspoint.com/https://theatlaspoint.com/Heritage Financial Website: https://www.heritagefinancialaz.com/

Improving Financial Conversations: Atlas Point's Carrie Nelson (Part 1)

In this episode, Shanna sits down with Anna Vollenweider.  She's a key part of the Heritage Financial team, working with us as a paraplanner on financial plans for our clients.Anna shares some of her background, from growing up in Kansas City, to traveling the country with her husband and dogs in their Fifth Wheel, to settling here in Phoenix.Anna has an extensive background in finance, working in everything from  financial reporting to pension systems.  A "lifelong learner," she really enjoys helping individuals plan their financial future.Contact:Heritage Financial Website: https://www.heritagefinancialaz.com/Book an appointment online or call Shanna at 480-397-1184

Meet The Heritage Team: Anna

Today, Shanna Tingom introduces us to the newest member of the Heritage Team, Alden Rowe.  Alden joins us having worked with Heritage's broker dealer, Cambridge Investment Research.Alden explains the decision to move to the advisor side of the industry and his desire to help clients with their financial futures, from a 360 degree perspective.Alden and Shanna share a passion for a financial planning first model to working with clients.  They also share a passion for dogs, and Alden tells us why his pup may be a fugitive.  Find Heritage Financial on the web and book an appointment:https://www.heritagefinancialaz.com/

Meet The Heritage Team: Alden

At the time of this recording (Monday,  November 9th), Joe Biden and Kamala Harris have become the President and Vice-President Elect of the United States. And it's very likely that there will be a Democratic House and Republican Senate.Today, we look at what this could mean for your financial future.  Shanna Tingom explains what markets have done historically, both under Democratic administrations and under divided government.  We also take a look at where the Trump Presidency ranked in terms of market growth.Next, we look at what the "lame duck" period could mean for the markets - as President Donald Trump continues to avoid conceding the race, and what that might translate to for your investments between now and January 20th, 2021.Finally, we hit this all important question. What should - or shouldn't - you do with your money right now?Resources mentioned in this episode:Business Insider Article on Democratic Presidents and the Market: https://markets.businessinsider.com/news/stocks/stock-market-election-democratic-republican-presidents-better-performance-economy-gdp-2020-8-1029528932Forbes Article on market performance under all modern Presidents: https://www.forbes.com/sites/sergeiklebnikov/2020/07/23/historical-stock-market-returns-under-every-us-president/?sh=40a14637faafFortune piece on what a divided Congress can mean: https://fortune.com/2020/11/04/stock-market-2020-election-results-divided-congress-house-senate-democrats-republicans-us-economy/To speak with Shanna about YOUR financial future, find Heritage Financial online at https://www.heritagefinancialaz.com/

How Might The Market Perform Under the Biden-Harris Presidency?

With the Election only three weeks away, Shanna Tingom and Jon Gay take a non-partisan look at the tax policies of Donald Trump and Joe Biden - and what they could mean for the next Presidential term.We compare Trump's Tax Cuts and Jobs Act (passed in his first term) with the Biden/Harris plan.   We also take a look at the stock market and how it's performed historically under Democratic and Republican administrations.Resources:Business Insider Article: https://markets.businessinsider.com/news/stocks/stock-market-election-democratic-republican-presidents-better-performance-economy-gdp-2020-8-1029528932#Heritage Financial Website: https://www.heritagefinancialaz.com/Book an appointment online or call Shanna at 480-397-1184

Trump / Biden tax policies and the market

Today, Shanna and Jon break down the Trump taxes story and the terms involved, to provide a better understanding and context of the story.  This isn't meant to be a partisan discussion, only an explanation of the situation.  We define net worth and depreciation.We examine the inconsistencies between what Trump has claimed and what the tax documents show.We explain the debt that President Trump has coming due, and what the concerns are around a possible second term.Resources:10 Trump Tax Takeaways from conservative site Just Security: https://www.justsecurity.org/72604/ten-quick-takeaways-from-the-new-york-times-bombshell-article-on-trumps-tax-returns/?fbclid=IwAR1SAf8REsKT8piX8CYxNwPxWaWkwSVCOrrLy80-rr9ne3wkkOrHF0lVfZsInvestopedia definition of net worth:https://www.investopedia.com/terms/n/networth.aspInvestopedia definition of depreciation: https://www.investopedia.com/terms/d/depreciation.aspContact:Heritage Financial Website: https://www.heritagefinancialaz.com/Book an appointment online or call Shanna at 480-397-1184

Trump Tax Returns

As dog lovers, Shanna and Jon could talk about pets all day, but today we are focused on the financial piece of being a pet owner.Before you bring in a four-legged family member, it's important to consider costs, including:SpecialistsEmergency Room VisitsRegular Vet VisitsFoodGroomingand more!We look at pet insurance, financing offered by many vets, and having a "sinking fund" of cash on hand for when an unexpected pet expense pops up.And we discuss some of our own pet experiences too.Heritage Financial Website: https://www.heritagefinancialaz.com/Book an appointment online or call Shanna at 480-397-1184

Pets and Money

Today's episode is released on September 18, which happens to be Shanna and her husband Eric's 15th wedding anniversary!You would think that a Financial Planner and an accountant would have an easy time when it comes to money matters, but that's not necessarily the case. Like most couples, money can be a challenging topic, particularly when you have two professionals with strong opinions!Shanna walks us through why she and her husband brought in outside help, including Kelsa Dickey, the financial planner we met in a previous episode.Resources:Fiscal Fitness Phoenix Website: https://fiscalfitnessphx.com/Boundaries by Dr. Henry Cloud: https://www.amazon.com/Boundaries-Updated-Expanded-When-Control/dp/0310351804/ref=sr_1_2?crid=2DIDRNY2YRJKW&dchild=1&keywords=dr+henry+cloud+boundaries&qid=1599323422&sprefix=dr+henry+%2Caps%2C440&sr=8-2Heritage Financial Website: https://www.heritagefinancialaz.com/Book an appointment online or call Shanna at 480-397-1184 

How About Marriage and Money?

Today, Shanna and Jon are covering all things social security, including the very important decision of when to begin collecting it.We look at the options of collecting social security early at 62, waiting until your full retirement age (and figuring out what age that is), or delaying until age 70.There are also penalties for working after collecting in some cases, the ability to pay back your benefits if you change your mind within 6 months, and even some folks who are not eligible to collect social security.  We explain all of it in today's episode.Resources:2Social Security Website - verify earnings, check calculator, and more: https://www.ssa.gov/Shanna's Contact Info:Website: https://www.heritagefinancialaz.com/Call Heritage Financial at: (480) 397-1184

Social Security - How Early Is Too Early?

Making Money Fun is a podcast hosted by Shanna Tingom of Heritage Financial in Phoenix, Arizona. Shanna strongly believes that the best way to manage your money is to make it fun, not burdensome. In this podcast, we explore both financial and investment planning.

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Making Money Fun

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