Business Innovators Radio - Episode #56 – Biggest Financial Events of 2023 – The 15 Minute Financial Feast Podcast-With Mark Triplett & Troy Westendorf

Episode Date: January 9, 2024

We believe that every dollar has a purpose and a timeline. When and how your retirement assets will be used should be understood before making important financial decisions.The Triplett-Westendorf Purpose and Timeline 5 Step Planning Process (PT5) begins with Discovery.Understanding where you are now, and then defining where you want to go (Your Purpose) and when you want to get there (Your Timeline), programs your financial GPS. Our Purpose and Timeline 5-step process (PT5) programs your financial GPS.Learn more: http://triplett-westendorf.com/ | https://mypt5.com/The 15 Minute Financial Feast Podcasthttps://businessinnovatorsradio.com/the-15-minute-financial-feast-podcast/Source: https://businessinnovatorsradio.com/episode-56-biggest-financial-events-of-2023-the-15-minute-financial-feast-podcast-with-mark-triplett-troy-westendorf

Welcome to the 15-minute financial feast podcast, bringing you 15-minute segments to help you retire with purpose on time. We're serving up food for thought and bread for the head. Are you hungry to learn? Here are your hosts, Mark Triplett and Troy Westendorf. Welcome to another episode of the 15-minute financial feast. Today, you are listening to the audio from a live television interview where one of our favorite local news station anchors asked us questions about a financial feast. topic on the minds of many hardworking folks in our community who are trying to make good decisions and get ahead.

2020, 23 was a year full of economic news as everyone felt a financial pinch. Mark Triplett from Triplett-Westendorf is here to share how you can protect your money in the new year. And before I go any further, Mark the money man is now what we're going to call you from now on. I learned that's already a nickname for you. So there's a story there. I love it, Samantha. Thank you so much for having us.

And what a wild year. 2020 was just kind of strange. We started off kind of the first quarter with some bank collapses. In March, we had both signature bank and Silicon Valley Bank, have financial trouble. FDIC had to step in. And that made huge headlines. It made a lot of depositors really, really nervous about their bank deposits. Actually, there were five bank failures in the year of 2023.

And it becomes a self-fulfilling prophecy. You know, when a lot of depositors are worried about the financial strength of their bank, they run in and take money out. That puts financial stress on the financial institution. And we have another collapse because of that. So I always recommend not putting more than what is FDIC insured into a particular bank. We also had a year where student loan payments started again. There were 43 million Americans with student loans. They were all hoping for some, I think, student loan debt relief.

and in October, after a three-year freeze and payments, many folks had to adjust their budgets to account for making payments again. Some are still struggling with that. We really recommend folks look at their monthly spending plan and find ways to cut discretionary spending. Maybe some of those subscription services that they're not enjoying anymore, but they still are paying for, or maybe cutting back on eating out or even online shopping,

which is really tough this time of year. We also had inflation at a high rate, interest rate hikes, all of that stuff going on. Just a lot of pressure financially, and that created a lot of volatility on Wall Street. We had a heck of a ride in September and October this year. But now, November was up, you know, many indices were up 8 to 10%. So just a roller coaster of a year so far. And then we also had those, you know, pandemic aid packages, those checks that were coming in for

those who qualified. It was a lot of perfect storm, you know, circumstances many people have never seen or lived through. How can we learn from this year? A lot of unique, challenging circumstances. What are some takeaways? I mean, you know, adapting, pivoting, maybe cutting back on the extra expenses. What did you learn from everything you've been tracking on the financial world? Great. Thanks for asking that. So really, it just reinforced the need for a really long-term perspective when you're doing planning for your household finances. Making sure that you have a solid spending plan, aka a budget.

That's a dirty word for many folks, but really understanding what cash was coming into the household, what cash was going out of the household. I recommend folks look at three months in arrear spending and find out where all of those dollars are going. Oftentimes we find people have hundreds of dollars on a monthly basis just slipping through their fingers because they're not paying attention to where it's going. And you've got to master that in order to control your future. Yeah, I heard someone say the other day they were spending hundreds of months.

on subscriptions that kind of go into the email oblivion. And it's those kinds of things. There's ways to kind of see your money go into a black hole. Thank you so much for an end of the year wrap on really money talk. Money Man Mark. I'm going to go in so many different names for you. Hey, thank you so much. Thanks for having me, Samantha.

Thank you. You've been listening to the 15-minute financial feast podcast. Remember, every dollar has a purpose and every dollar has. a timeline. If you have questions about today's topic, schedule a call with a team member. Visit www.m.com. Until next time, be sure you're taking steps to retire with purpose on time. Mark Triplett is an investment advisor representative of and advisory services offered through Royal Fund Management LLC, an SEC registered investment advisor. Nothing contained in this program should be considered an offer to buy or sell securities. Different investments have different

risks associated with them and not all investments are appropriate for all investors.