There's a lot more involved with comprehensive financial planning than simply focusing on the numbers, it actually starts with going back to our most basic needs as humans. That is our main discussion on this week's episode of Our 2 Cents!Plus, Steve and Gabriel are talking about the supply chain disruptions and how the major issues are now being felt by consumers.The Planning Pyramids:The symbol of a pyramid is widely used to illustrate many concepts in our daily lives.From the food pyramid to Maslow's Hierarchy of Needs, the notion that our most fundamental needs must first be met before we are able to continue up the pyramid is broadly understood.But when it comes to finances, Financial Planning Pyramids are abundant, so which ones are the best to be followed?Steve and Gabriel describe how they flipped the pyramid on its side and instead follow a 4 Pillar Planning approach. They'll share why they believe this is the best way to plan for retirement.Supply Chain Chaos:Are the headlines about product shortages and supply chain challenges something we should really be concerned about?One break in the chain can cause a ripple effect across the whole system, but what happens when there are multiple breakdowns occurring simultaneously?What do the current supply chain issues mean for consumers, especially considering the upcoming holiday shopping season?Plus, listen in to hear some of the items that are hard to find. Some of these may really surprise you!

Our 2 Cents

Episode 82: The Planning Pyramids and Supply Chain Chaos

Welcome back for another great episode of the Our 2 Cents podcast!We're covering a really interesting main topic this week that takes us into the psyche of investors. We also have a listener question that was sent in to us and we wrap up by learning a bit more about Steve and Gabriel!The Danger of Overconfidence:What does the Roman Empire have in common with your financial plan?Overconfidence is an interesting psychological phenomenon, which can be particularly dangerous when it comes to investing and personal finance.Find out how overconfidence in three key planning areas can undermine your investing performance and retirement goals.We also take a look at how confirmation bias can sneak in and compound the negative effects of overconfidence.Listener Question:"My Long-Term Care premium is going up this year based on a notice I received, and it is significant. Should I pay the extra premium cost, or should I just cancel it before it goes up again?" - HannahGetting to Know Steve and Gabriel:What is something that you've done that you think everyone should do at least once in their lifetime?Who was your favorite teacher growing up, and why?

Episode 81: The Roman Empire of Financial Planning

Steve and Gabriel are "back in the saddle" with a new episode of Our 2 Cents!On the show today, the guys are discussing a variety of planning gaps investors might experience—sometimes without even knowing it. Then they wrap up with a surprise segment that will have you questioning things you hear everyday. Be sure to listen in to the end to join the fun!Does Your Plan Have Gaps?Many people are aware planning gaps exist, however they aren't able to identify them in their own plan. Are you guilty of having any of these Planning Gaps?Income Gap, aka the "Paycheck Gap"Social Security GapInflation GapTax GapA Surprise Trip Down Memory Lane:Have some fun with us as we take you on a trip down memory lane, and test your old-school knowledge!

Episode 80: Are You Bridging the Gaps?

Two very interesting and important topics have us thinking deep on this week's episode of Our 2 Cents.We're discussing a mindset shift that occurs for retirees when the time comes to spend that nest egg, and whether many investors truly know what investments they own and why. Let's dive in!Article Analysis - "Want a Better Retirement? Spend More of Your Money":Switching from a saving mindset to a spending one has proven difficult for many retirees.Find out what makes some retirees spend double the amount annually in retirement than their peers.What are the two driving reasons retirees don't feel comfortable spending in retirement?Quote of the Month:We dissect a quote from successful investor Peter Lynch and how it relates to your investment portfolio and mutual funds.With roughly 7,943 available funds, how do you choose which one you pick?What are the primary criteria for assessing funds? Hint: there's a lot. We'll explain.

Episode 79: Want a Better Retirement? Spend More of Your Money!

Episode 79: Get the Gold Out of Your Golden Years

Modern day income planning is the star of the show on this week's episode of Our 2 Cents!Income planning is such an important topic as it relates to your overall retirement plan. So much so that we've decided to give it our full attention this episode. Below is a glimpse at what's covered on the show, you won't want to miss this one!Older, Traditional Income Planning:What exactly is the income planning approach of the past?How and where does this approach fail in retirement?Is the safe withdrawal rate still relevant in today's environment?Modern Day Income Planning:How is it different, what are the available options, and what is it's goal?We'll introduce you to the new ways of planning, backed by research and evidence.Is it really possible to get more for less when it comes to your retirement income?

Episode 78: Is Your Income Plan Old & Outdated?

A pilot, a captain, and a school bus driver? Listen in to this week's episode of Our 2 Cents to find out what Steve's retirement might look like one day. Also in this episode are key retirement timing and career considerations, important components of a custom-tailored retirement plan, and more!Retire or Work Longer - Which is the Right Choice?:Have you considered being a "retired worker"? We explore why down-shifting, yet still working in retirement is a popular option.What are the financial and social impacts of semi-retirement and full retirement?This one thing should be the driving factor in your decision. What is it?Ways to Customize Your Retirement Plan:You need a retirement plan that "fits" you. We talk about why a custom-tailored approach is so important to your success.A variety of factors go into customizing your plan, we look at:Income SequencingRetirement AgeRiskInsurance CoverageAnd more!What does it mean to have an efficient plan, and why is it important?Listener Question:"I've been very blessed and probably have more money than I will need in my lifetime. Should I start giving away money to my kids and grandkids now so they won't have to worry so much about paying estate taxes or high probate costs?" - Rick

Episode 77: Life Lessons from the Yacht

Retirement planning means different things to different people. Have you given thought to what it means for you personally? That's the focus of this week's episode of Our 2 Cents. Plus, more in-depth questions for getting to know Steve and Gabriel!1,000 People, 5 Words: How Do You Imagine "Life After Career?:With 900+ different words provided, only 28 counted for 1/2 of the responses. Can you guess what the most popular ones are?How did the responses differ from male and female respondents?What words would you use when thinking about your life after your career? Hit reply and let us know!﻿Get to Know Steve and Gabriel - Deep Dive Edition!:Growing up, who was influential in shaping the way you view money and wealth?How did you get into the financial business?Have any people in the financial industry had an impact on you?What would you consider the most gratifying part of your job?If you could change anything about the way people plan for retirement, what would you change?

Episode 76: 5 Words for "Life After Career"

Welcome back to another new episode of the Our 2 Cents podcast. We're leaving the financial numbers and statistics out of the conversation today, and focusing on the ways people truly think about money and how that may shift with age. Let's dive right in!Age and Wisdom: How Do They Play into Financial Planning?:With age comes more experience, observation, and understanding. How can this shape the way you look at money?We've gathered lots of experience over the years, what can our experience help teach you?Could your goals for your money change as you age?We look at things people said they wish they would have known about or done differently after gaining more wisdom as they've aged.Listener Questions:"I've heard of something called a 'Robo-Advisor,' can you tell me what that is? - Karen"Investing seems simple to me. Why don't you just buy dividend paying stocks and live off the dividends and that way you never need to dip into your principal?" - WilliamGet to Know Steve and Gabriel: What is your favorite fast-food restaurant?

Episode 75: Is Age the Price of Wisdom?

"Building wealth for life" with the team at SGL Financial. Join hosts Gabriel & Steve Lewit for all the latest in financial news, trends, strategies & more!