Business Innovators Radio - Episode #72 – Fall Money Moves 2024 – The 15 Minute Financial Feast Podcast – With Mark Triplett & Troy Westendorf

Episode Date: November 8, 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-72-fall-money-moves-2024-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. When it comes to your finances, there are several money moves that

you may want to consider before winter comes, our financial professional. Mark Triplett is joining me this morning to, of course, keep up or keep you up to date on that financial, that fall financial checklist. This is some important stuff, Mark, so I appreciate you joining us. So I want to start off by asking this. Why is it so important to plan a ahead as you head into the winter months? Well, many of the strategies, financial strategies, have to be executed by the end of the year. So we try to make an effort to visit with the folks that we serve in the fourth quarter to make those final money moves. But I'll just, I'll throw this out there as well. I might be a little excessive, but I like to check my finances once a

month. Now, that might be a little overwhelming for some folks. So at least once a quarter, you should be reviewing your finances. Finances tend to change, or your spending habits tend to change with the seasons, and we're coming into that holiday season where folks might be starting to spend some money on holiday shopping. It's a good time to look at your budget, look at what's coming into your household, what's going out of your household, and make any adjustments. And so when you do that, because obviously there are also just kind of a lot of things that may even come up that are just kind of out of the blue.

Where should you start when you're making that plan, making that checklist? So I always tell everybody to start with a spending plan, aka the budget. A lot of folks don't like that B word, but it's really important to know where your money is coming from and where it's going. I would also say that the fourth quarter is a great time to review your portfolio and make any rebalancing decisions. The fourth quarter historically is a really good period of time for financial markets. We're coming off of a period of high inflation.

The Federal Reserve has finally started cutting interest rates, which, will possibly fuel the economy and give us a little bit more lift. And according to a capital group study that I referenced quite frequently, cash historically gets stockpiled right before a presidential election, which we're on the tail end of, and then floods back into the equity markets or stock market as soon as the election is over and in that first year of the presidential cycle. And do you want to be on the front end of that wave or the back end of that wave? We really encourage a lot of our folks that we serve to think through that. When that cash comes flooding back, it will often lift the financial markets and make their accounts go up. So just this is a really good time to be

reviewing with your financial professional on what moves to make on your portfolio too. And you mentioned the interest rates. That brings me to think about this. So let's say if you've been making a checklist for years now, should you adjust based on where the prices are right now, just don't have that same list you've always had? So I'll tell you the same. thing, Joseph, that I tell all the folks that we serve. If you have an item that you're planning on spending a large sum of money on in the next 12 to 24 months, it's probably going to cost more in the future than it does today. You should probably act on that. Now, if you have dollars that you really don't need for the next 12 to 24 months, you might want to consider locking in

interest rates for a longer period of time, rather than keeping money in a short-term savings accounts, even a high-yield savings account, which we talked about in the past, you might want to go to something that has maybe a little less liquidity, but a interest rate that is locked in for maybe a one-year period or three-year period or even a five-year period, because if interest rates go down, you're going to wish that you would have done that. Mark, you're always giving us some great advice. I appreciate you. Join us, sir.

Thanks for having me. You bet. You've been listening to the 15-minute financial feast podcast. Remember, every dollar has a purpose and every dollar has. 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.