Podcast
Money Pilot Financial Advisor Podcast
Hosted by Kathleen "Katie" Cannon · EN
Financial life advice serving military and government employees.
87episodes
Episodes
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Episode 26 Stimulus Round 2
Dec 29, 202000:16:09Tap to summarizeHello and welcome to our last podcast episode of the year. As if dealing with the Coronavirus in 2020 wasn’t crazy enough, the government is taking government funding authorizations down to the wire this year. As I’m recording this on Monday, December 28, the president has signed the monstrous 5,593 page, 2021 Appropriations Act. This Act includes authorization and details of the second round of Coronavirus stimulus checks and federal unemployment assistance, as well as a number of other changes. Expect to see more information on all this in the coming days and weeks. To roll everything up, remember if you got a stimulus check in the first round, you should get another soon, $600 for each eligible person. If didn’t receive a check, but your income is lower this year than last, and below the phaseout threshholds, you will receive the stimulus benefits as a tax credit on your 2020 tax return. Unemployment benefits have been extended another 11 weeks, and for that time will include an extra $300 federal benefit, and will begin in the first week of unemployment. We talked about two changes to tax deductions. Itemizers can now deduct medical expense over 7.5% of AGI. The 90% of people who do not itemize can receive an above the line deduction for up to $300 per return for 2020. This was extended to 2021 and joint filers will be able to deduct $600 in 2021. If you claimed the Earned Income Tax Credit or Additional Child Tax Credit last year, but will have less earned income for 2020, you can use your 2019 income to calculate your 2020 credit. This should prevent you from losing out on those credits when you file your taxes this spring. If you have a Flexible Savings Account with funds left over at the end of the year, check with HR to see if they will be authorizing participants to rollover those funds to use next year.I know his has been an earful of talk about taxes, but the just signed government funding authorization does have something in it for just about everyone. I hope you have found this useful. I you have any questions, reach out to me at katie@moneypilotadvisor.com. And I especially want to wish you a Happy New Year and good riddance to 2020.
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Episode 25 Coronapocalypse
Dec 22, 202000:07:23Tap to summarizeHello and welcome to the 25th episode. I am so excited to hit this milestone just in time for Christmas. I especially want to send a great big thanks out to all my clients. Working with you was the highlight of my year. You and your families are always on my mind and I love making a difference in your lives. It seems like a lifetime ago in March when we were getting a glimpse of our future. I sent out my very first podcast, episode one on March 20. It was titled Five Ways Caronapocalypse is Like Financial Planning. I feel like as we go through the holidays in the next couple weeks we all could use some extra cheer and a little more humor. So today, here’s a rebroadcast of that very first podcast. I hope you enjoy.The #1 way Coronapocalypse is like Financial Planning is that it makes you ponder, What is really important to me? You’ve seen it in every zombie movie, somewhere between all the looting and last-minute sex, as the world becomes unrecognizable, the main character ponders what, or usually who, is most important to them in life. The coronavirus is scary and may have you thinking “What do I value?” “What do I regret?” “What would I have done differently?” It’s just like good financial planning - minus the sex and looting. At Money Pilot Financial Advisor we explore these kinds of questions with you to uncover what matters most in your life, and help you put your money where your heart is.The #2 way Coronapocalypse is like Financial Planning is we are asking ourselves “Are my family and I safe?” Whether it’s the coronavirus, brain eating zombies, or unexpected financial threats, we want to know we can protect ourselves and be safe. It may take handwashing in isolation, a zombie killing chainsaw, or having an emergency fund, sound investments, and insurance. Unlike a flamethrower, comprehensive financial planning may not stop a zombie in his tracks, but it can give you confidence and safety when the world goes crazy.The #3 way Coronapocalypse is like Financial Planning is that it pays to be prepared. It’s a little late to realize you’re nearly out of toilet paper and hand soap, that your idiot cousin wasn’t being his usual self but is actually dead, trying to kill you and eat your brains or that maybe you should’ve put ALL your money into those airline stocks last fall. You don’t have to go all out bunkers and bazookas, but a good financial advisor will help you minimize the risk of financial ruin and prepare to not just survive but thrive even when the going gets tough.The #4 way Coronapocalypse is like financial planning is that this is no time to panic. You shouldn’t flee from the zombies headlong into a runaway truck. You know you seen it. Just like the CDC keeping us updated, giving us calm and practical guidance, and double checking everything is in place for us to ride this out, a good financial planner is there when you need them reminding you that you are safe well prepared and helping you navigate the troubled times.The #5 way Coronapocalypse is like financial planning is we pull together to use our talents and resources to help each other. That’s what will get us through the coronavirus. That’s how the survivors fend off the zombies, and its how Money Pilot Financial Advisor can help you get through financial crises. No regrets. Brain intact. Reach out and let’s do this together.Well it looks like we’ll be fending of the worst of the coronavirus in the next few months. Hang in there, we can slay this when we take care of each other. To all you health care workers and first responders, including my Mom and Dad, thank you for your sacrifices and hang in there. We love you. A huge shout out to the scientists at Pfizer and Moderna for giving us the best Christmas present of 2020. I’m looking forward to seeing everyone in in person sometime 2021. Take care and Merry Christmas.
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Episod 24 Finance Your Dream
Dec 15, 202000:08:18Tap to summarizeLet's talk about financing your dream. I just bought a new horse and I’m so excited. We all have dreams. Sometimes we spend a lifetime pursuing a dream. Sometimes we realize we’re just never going to achieve it and move on to something else. Or it gets put on hold and sits somewhere in back of all the practical and “important” things. Since the first time I sat on a horse, I dreamed of life on horseback. It didn’t seem to matter to me that I didn’t show any particular talent for riding and training horses.I actually raised pigs for two years to buy my first horse. I even went to college for horse science. But in the end I took an ROTC scholarship so I could finish school and had to join the Army. More than 20 years later my husband and I finally bought a farm and riding was a big part of my life again. I realized that I wasn't going to make it as a professional rider. I would be paying to ride not get paid to ride. Fortunate for me, I began saving for “the future” a long time ago in a mutual fund that a fellow soldier recommended. This was long I knew anything about IRAs or military members could contribute to the Thrift Savings Plan. I sent in a just little bit of money each month for about 10 years, then just left it there with no real plan. It’s amazing what time can accomplish with investing. I since began saving much more seriously for retirement. But hat early seed quietly grew and grew and eventually became my horse fund. When it did well, I took extra lessons and competed more. When it was down I left it and pared back. Unfortunately, this year my horse oft 8 years had to retire. So it was time to take a hard look at the horse fund. What could I afford? As you probably know, the cost of a live animal goes well beyond the purchase price. They eat. In my case they eat like a horse!So I set a limit for what I would spend buying a horse, leaving plenty in reserve for the upkeep and emergencies. And then I shopped and I shopped. I fund a couple I liked, but they each fell through. Then I had a chance to try a really nice horse…that was outside my price range. If things went well, he’d be ready to compete in the spring at a level that would save me a couple years of training. If things went south and I had to start over yet again, there r wouldn’t be much money for a replacement. I decided to go for it and insured him to help with risk. He came home last weekend. His name is Coffee. The point is that we all have dreams. What is the value of a dream lived? Can you put a really price on that? Yes, you really can. And you really should before you reach for your wallet. The trickier question is what it’s worth it to you and what do you have to give up to pursue that dream. The higher the cost the more carefully should consider it. Maybe now’s not the right time. For me, my time wasn’t when I was younger and not sure I could finish college. It wasn’t the path of a professional rider, but the joy of an amateur who just does it for fun. What am I giving up by spending more than I first planned? The chance for a full dream do-over if this doesn’t work out. There won’t be much money left for yet another. But having a hard budget also means I’m not risking our retirement, or my husband’s well-being. Nothing will get repossessed. So don’t give up on your dreams. Plan for them. What will your dream cost? What can you afford? What is it worth to you? Really. Put a dollar figure on it. And consider the cost to the one’s you love and who depend on you, and your future. Then save, invest, dream, and do. What are you working for? Living my dream is worth so much to me. But it’s not priceless. And I know I’ll wake tomorrow with no regrets, hoping it’ll be a long and glorious ride. I hope you will too. What’s your dream and how are you getting there? I’d love to hear. You can drop me a line at katie@moneypilotadvisor.com. And be happy out there
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Episode 23 Tapping TSP
Dec 8, 202000:15:30Tap to summarizeThere are two types of in-service withdrawals, ones for financial hardship, and one for age-based in-service withdrawals. You must be at least age 59 1/2 to make an age-based withdrawal. You can make up to four age-based in-service withdrawals a year for any reason. Withdrawals from a ROTH TSP will be tax free. But you will have to pay federal income tax, and maybe state income tax on money withdrawn from a Traditional TSP. The TSP must withhold 20% of your draw for taxes. What you owe at the end of the year may be more or less than that, so plan ahead.If you are under 59 ½ and still serving you may be able to make a financial hardship withdrawal for genuine financial need. TSP defines acceptable reasons for making a hardship withdrawal. The first reason is a continuing negative cashflow which is when your net income is less than your expenses. Tsp.gov has a worksheet to help you determine this amount. But before you drain your TSP seek help. For our military, your on-base financial counselors are an excellent resource and free. You can also get help online at militaryonesource.mil or call 1-800- 342-9647.The second type of inancial hardship withdrawal is for extraordinary expenses that you have not yet paid and you will not be reimbursed for, including eligible medical expenses, personal casualty losses like from an earthquake or fire, theft and accidents., and eligible legal expenses. There are a lot of rules and fine print with these hardship withdrawals. . The TSP booklet on In-service Withdrawals found on tsp.gov and is a must read before you apply.Hardship withdrawals are also taxed. TSP will withhold 10% of the taxable portion of your withdrawal for federal income taxes. The total amount you will actually owe at tax time could be more. And you may have to pay an additional IRS early withdrawal penalty of 10% if you are under the age of 59 ½. You may want to consider the loan option. When you take out a TSP loan, it is not considered taxable income as long as you pay it back according to the rules. You borrow from your own TSP account plus interest. While you have the loan out, you will be paying interest on that amount instead of earning and growing your investment. There are also two types of TSP loans. You can take a general-purpose loan for any reason which must be repaid in 1 to 5 years. The residential loan can only be used to purchase a home which will be your primary residence and have a repayment period of 1 to 15 years. You can’t use a TSP residential loan to repay an existing mortgage, or for repairs or renovation, buying out someone else’s share of your home, or for buying just land.If you take out a TSP loan, you will be required to make regular, scheduled loan payments through payroll deduction. You can shorten or lengthen the term of your loan, as long as you don’t go over the term limits. But you cannot stop making loan payments befroe loan is paid off with interest. If you default TSP will declare the entire unpaid balance and interest as a taxable distribution and if your under 59 ½ a 10% tax penalty. TSP also has a booklet titled Loans available online at tsp.gov. There are a lot of important details and you definitely need to read through it carefully if you are considering a loan. Taking ot an in-service withdrawal or loan from your TSP is no small matter and comes with costs. Check out the resourcesat tsp.gov. Talk to a financial counselor at no cost on base or through militaryonesource.mil, or speak with professional financial planner like me. If you have any questions send me an email to katie@moneypilotadvisor.com.
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Episode 22 Value of Your Pension
Dec 1, 202000:13:18Tap to summarizeToday we talk about what is government or military pension really worth. If you earn a military or federal government pension, you will receive a pension for the rest of your life, you can’t outlive it. You also get a cost-of-living allowance (COLA) based on inflation. A downside of the pension is that once you retire, that payment is set. You can’t increase it and only lasts for your life. Or if you participate in the Survivor Benefit Plan and die your spouse will receive up to 55% of your monthly pension for the rest of their life. Then that’s it. In contrast, investments like TSP can increase their value if you take on more risk. You may still have money left over in your TSP when you die they could pass on as an inheritance or gift to charity. But if you take less risk, like put money in the TSP G fund, your investments won’t keep up with inflation and you may run out of money before you run out of life.What’s a pension really worth? One way of looking at it is to calculate its present value. The calculations are bit complicated, but generally the present value of your pension is the lump sum amount of money you need if you retired today, invested that lump sum at a certain interest rate, then drew out and spent the amount of your yearly pension, for set number of years. If you are military E7 with over 20 years of service, or a GS 8/9, your annual pay is about $59,000. The service member serves 20 years and retires at 42 getting 50% of base pay in retirement, of just under $30,000 and can expect to live another 40 years. The present value of their retirement pay is over $750,000. The federal FERS GS 8/9 employee retiring at 57 with 30 years of service would have a yearly retirement pay of almost $20,000 and live another 26 years. The present value of their retirement pay is almost $380,000. For Officer 05 retiring at 42 with 20 years of service, their yearly retirement pay would be $57,000. The present value of that is almost $1.5 million. For FERS GS 13/14, retiring at 42 with 30 years of service to about $730,000, with 40 years of service almost $975,000. As you decide whether to stay or whether to go this can give you a hard dollar figure to help you decide if it’s worth it for you to stay.The military BRS and federal employees FERS retirement systems are based on a triad of the traditional pension we been talking about, Social Security, and the Thrift Savings Plan. I like to look at these planning for retiremen by, dividing your expenses in retirement in two NEEDS and WANTS. Needs would include food, housing, healthcare, taxes, transportation, etc. Estimate each of these costs for total dollar figure. Ideally your pension and eventually Social Security will cover those needs. This is your safety net. What if those needs are more than your pension? Consider ways to reduce those expenses. For everything else, your wants, you could cover these with your investments like TSP. If you take some risk (volatility) your investments can grow faster than inflation so buying power increases. This provides flexibility and maybe a nicer lifestyle. In years where there value is dropping, don’t draw from it or don’t draws much. Spend a little bit less on the wants, knowing your needs are covered by your pension and Social Security. Then when things bounce back you can go back to spending more on your wants again.One area to look as you get closer to retiring is you may have a gap in “guaranteed” income between t receiving your pension and drawing Social Security. Also keep in mind some expenses like healthcare tend to rise faster than inflation. Over time your pension may not cover all your needs. This is where Social Security might help with some of those expenses. If you have any questions or are curious what the present value of your particular pension would be, just reach out to me at Katie that’s katie@moneypilotadvisor.com
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Episode 21 Rental Property Tax Tips
Nov 24, 202000:08:06Tap to summarizeI thought I follow-up this week with rental income tax tips for those of you that are landlords or considering becoming landlords. For tax purposes you need to be sure you document all your money coming in and going out of the rental property. That means giving receipts and keeping copies of the rent payments you collect. Keep in mind that generally you must report rental income on your tax return in the year you actually receive it. If you collect some advanced rent, such as someone paying two or three months’ rent upfront, you would again report this for taxes in the year you receive the payment, regardless of when that rent would’ve been due.Now security deposits are handled a bit differently. Like income when you receive a security deposit, you need to record it and provide a receipt. But if you plan to return the deposit to the tenant at the end of the lease, it is not income. So you do not report it on your tax return. If in the end you keep part or all of the security deposit because your tenant doesn’t live up to the terms of the lease, then you would report the amount you kept as income that year. If your tenant gives you property or services instead of money as rent, you need to include the fair market value of the property or services as rental income. Also, if the tenant pays any of your expenses than those payments are also rental income. In this case you record what the tenant paid as income, and then claim the expense on your taxes as well.Generally, the expense of renting your property out like maintenance, repairs, insurance, property taxes, interest if you have a mortgage on the property, advertising for new tenants can be deducted from your rental income which lowers the amount of income you have to pay income taxes on. One area that can be confusing especially to new landlords, is how to treat improvements to the property for tax purposes, as opposed to maintenance and repair. One way to look at whether something is a repair or not is ask yourself if what needs to be done makes the property livable, but doesn’t increase the value of the property. Good examples are repairing holes in the wall from nails, unclogging a drain, or fixing the leak in a roof.One way to know if something is an improvement rather than a repair is whether or not it improves the value of the property. If it does or it way extends the life of the property, then it is considered a long-term asset and deducted over years instead of all at once. Improvements can be things like replacing a roof, renovating the interior, or replacing a heat pump instead of fixing it. So for example having a repairman come out to fix a broken washing machine is repair. Buying a new washing machine is an improvement. The key difference for tax purposes as the entire cost of a repair can be deducted as an expense in the year you do it. The cost of improvements cannot be deducted as an expense all at once. You have to claim part of the expense each year over the life of the improvement. This is called depreciation. Different improvements are depreciated over different lengths of time which are set by the IRS. And there are extra forms to fill out with your taxes for each improvement. In addition to improvements, the price you paid for the rental property (not including the value of the land it sits on) is also depreciated. In this case for 27 ½ years. So each year you will claim depreciation for the rental property itself, as well as each of the improvements you make, each on its own timeline. This can be a bit complicated and this would be a good time to discuss it with the CPA. Or if you still want to do your own taxes, dive into IRS publication 527, Residential Rental Property. If you have any questions or comments, please drop me a line at katie@moneypilotadvisor.com
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Episode 20 Accidental Landlord
Nov 17, 202000:13:14Tap to summarizeFor most military and federal employees deciding whether you should rent out your home usually comes up because you have orders to move to a new duty station or will be going on a long deployment. We’ll talk about the decision to sell or rent out your house, and then if you do decide to rent at your home what should you consider. Selling your home up for sale and finding a buyer takes time, so start early. Ask will you be able to sell for profit, or at least get enough to pay off the mortgage. Remember there will be closing costs, repairs and getting house ready for sale, fees for the real estate agent which can easily add up to 10% of your selling price. If you would have to dip into savings to pay off the mortgage after you sell, consider renting out. If you think you’ll return, it may be easiest and most profitable to just rent it out while you’re away.Ideally the rent will cover all of your expenses including the mortgage, insurance, property taxes, maintenance and repairs, finding new tenants, and paying a management company. Mortgage interest rates are low now, it may makes sense to refinance. Rates are lower for a primary residence than a rental property. So it may pay to refinance while you are still living the home. Lower monthly payments may be the difference in whether your rental income would be more than your expenses. Don’t assume the rent in your area would automatically be enough to cover all the expenses. Do some research to get a realistic idea of what rent you could expect.Can you meet all your living expenses if the rental was vacant for a while or needed a major repair? Do you expect home values in the area to go up? If homes are sitting empty or if the local economy is floundering, it may be better to sell while you can. Are cut out to be a landlord? You, or a management company, will need to find a good tenant, receive applications, do credit check and criminal history checks and check references. And make a detailed written lease applicable for the state and local area where the house is located. This is important especially if you need to evict a tenant. Remember you need rental home insurance, also called fire insurance. To caver the home itself. You should encourage tenants to buy their own renters insurance cover their things. And consider hiring a management company, especially if you’re a first time landlord. They can help with all these things we just talked about. Another thing to consider is the tax you would pay on the sale of your home. If you have lived in your home for at least two of the last five years before you sell it, you will not pay any federal tax on the first $250,000 of profit if you’re single, or $500,000 if you’re married. For federal employees and military service members, time stationed overseas on orders doesn’t count. If you don’t meet that 2 of 5 year rule you will owe capital gains tax on the profits, typically 15%, depending on your tax bracket. If you plan on hanging to the rental property long-term, then the income and possible appreciation would probably offset at additional cost in taxes. Home ownership and having rental property can be a great way to built wealth, your tenants essentially buys you a home over time. But it comes with extra risk and being a landlord isn’t for everyone. And depending on your particular circumstances, it may not give you a positive cash flow. Weigh your options and ability to pay any unexpected expenses that may come up with the rental home. And especially if this is the first time becoming a landlord, don’t hesitate to work with a management company to help with the process.
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Episode 19 TSP Catchup
Nov 10, 202000:11:00Tap to summarizeToday we’re talking about the Thrift Savings Plan’s switch to the spillover method for catchup contributions. We’ll talk about what means, who is affected, and how you designate your catchup contributions going forward. Then we’ll go back over pointers for all TSP participants to help you max out your contributions and how to make sure you get your full match. What is a catchup contribution? Everyone is eligible to contribute $19,500 to TSP for 2021. Once you reach age 50 you can make additional contributions if you want to, up to $6, 500 a year. So for participants 50 years old and up, the total amount you can put into TSP each year is $26,000. This even applies to you if you start off the year as a 49-year-old and turn 50 during the year. What’s changed? Beginning with the first pay period of 2021, if you’re eligible to make catchup contributions, you now only need to fill out one form and it will stay in effect year after year until you make a change. How do you max your contributions and get you full TSP matching contribution, if you’re eligible. Once you reach the annual limit, TSP will not process any more contributions for the rest of the year. Then, as long as you don’t make any changes, it will start up automatically again in January. But you need to know what happens to your agency or service matching contributions once you reach the annual limit. For CSRS feds and non-BRS military you are not affected by this timing because you don’t receive any matching contributions. But if you’re a FERS employee or blended retirement system (BRS) servicemember, your agency matches your contribution each pay period, then stops matching once you reach the annual limit. The problem is that the matching contribution is based on the amount of your contributions you make each pay period up to 5% of your basic pay that period. So if you hit the annual limit before the last pay period of the year, there’s no match in any pay period for the rest of the year. Make sure you spread out your contributions throughout the whole year so you contribute at least 5% of your basic pay every single pay period. That’s every month for military and every 2 weeks for Feds. To figure out the minimum you need to contribute to get your match, check your LES. See what your base pay is for the pay period and multiply it by .05. This is the minimum amount you need to contribute to get your full match each pay period. Depending on your circumstances, you should definitely consider contributing more than 5% a pay period for retirement. Once you’ve decided how much to contribute, make sure to spread it out through the year. You don’t want to hit a limit before your last pay period. You’ll take your annual base pay and divide that by the number of pay periods. For military that’s 12, and for civilians that’s 26. Take that number and round up to the nearest dollar. And that’s what you put on your TSP form. By rounding up to the nearest dollar that you’ll max out every penny of match. If you are partially into a year and need to make a change, maybe because of a pay raise or change in circumstances, or just hate math, you can use the How Much Can I Contribute calculator on the TSP website at https://www.tsp.gov/calculators/how-much-can-i-contribute/#top I’ll put the link in the show notes. Check out TSP’s website at https://www.tsp.gov/ for info on all things TSP. If you’d like to talk about your situation or would like you’re your question answered on a future podcast, send it my way to through my website https://www.moneypilotadvisor.com/ or you can email me directly at katie@moneypilotadisor.com Talk to you next week.
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Episode 18 Refinance Decison
Nov 2, 202000:12:06Tap to summarizeMortgage interest rates are at historic lows right now. And you may be thinking, “Should I refinance my home mortgage?” In today’s episode we’ll walk through the decision making steps to help you decide, is refinancing a good decision now? Ask am I going to stay in my home for at least a few years? The average closing costs for a mortgage refinance are about $5,000. So if you're only going to be in your home for a few years, you may not save enough with a lower interest rate to make up for those closing costs. Are you nearing a milestone event, like retirement or a balloon payment on your existing mortgage? If yes, then consider refinancing before your options become more limited.Next, are you trying to borrow more than 80% of the value of your home? If you are, you likely need to have private mortgage insurance. And this is an extra fee that you'll have to pay every month in addition to your normal mortgage payments. Then ask, has my credit score recently improved? If yes, this is probably another good time check out refinancing, you may be eligible for a lower interest rate. Is your current mortgage a fixed interest rate? If yes, again, it's a good time look at refinancing for a better rate. Do you have an adjustable interest rate now and do you expect interest rates to rise in the future? There is a good chance interest rates will go up from these historic lows, so again, this is a good time to consider a refinance at a low fixed rate. The the key question is, can you qualify for a new loan rate that is meaningfully lower than the rate you're paying now, or at least removes the need to have private mortgage insurance. Talk to a mortgage broker or your current lender and see what they can offer and what would be the closing costs. What's your breakeven point? How long would it take you to pay back those upfront fees? Are you a veteran, live in a rural area, have lower credit or lower income? You may qualify for a VA, USDA or FHA loan. They come with some additional fees, but they don't require PMI. And you may still qualify if you're having trouble qualifying for a conventional loan. These government loans can offer lower down payments, favorable rates, and relaxed guidelines. The next ask has the value of your home gone up significantly since you first bought it? If yes, you can contact your current lender to remove private mortgage insurance. Is your primary goal to reduce your monthly mortgage payments? If yes, consider a 30-year fixed rate mortgage, this will decrease your mortgage payments. And then you can apply that excess cash to your other savings goals or financial needs. Is your primary goal is to reduce your interest you pay over the life of the loan? Consider a shorter term loan like a 15-year fixed, you'll get lower rates usually than you would on a 30 year mortgage and pay interest for fewer years. So you'll save a significant amount of money by refinancing a 30-year loan to a 15-year loan. He’s a link to a flowchart of today’s discussion: Should I Refinance My Mortgage.pdfIf you have any questions, please reach out to me at katie@moneypilotadvisor.com
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Episode 17 Pandemic Blues
Oct 27, 202000:12:00Tap to summarizeTwo out of 3 adults say that money is a significant source of stress in their life this year. And more than half say they have experienced a negative financial impact from the pandemic. How about you? How are you doing? In today’s podcast we’ll talk about reassessing your financial life. We’ll - Reassess Your Situation· lost job· pay cut· kids still schooling from home· rent troublesReassess Your Priorities· what is, what isn’t· first food and shelter, health and life insurance· then longer-term· info overload, focus on your top threeReassess Your Budget· listen to our last podcast, Episode #16 That B$%&@!· Use apps like Mint or YNAB· Continue paying off debt, especially mortgage Reassess Your Resources· Emergency Fund· unemployment benefits· Medicaid· food stamps, food pantries· Army Emergency Relief, Navy and Marine Corps relief Society, Air Force aid Society· relatives· line of credit (HELOC) versus credit cardsBack to Your Priorities, mental health· family· caring for others, charity For more information check out our website: https://www.moneypilotadvisor.com/
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