Podcast
Wisdom for Your Wisdom Years
Hosted by Matt Murphy · EN
Join Matt Murphy, CFP®, AIF®, and founder of Benetas Wealth, as he breaks down financial strategies, lifestyle hacks, and unconventional insights to help you build a retirement worth living—on your terms, with purpose and passion.
33episodes
Episodes
Newest firstAll episodes
The Hidden Cost of Working One More Year
Yesterday00:15:15Tap to summarizeFollow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →Before You Buy Gold, Ask Yourself This Question
1w ago00:06:17Tap to summarizeGold and other precious metals have been used as stores of value for thousands of years, so naturally investors are curious about adding them to their portfolio. Curiosity typically peaks not when the markets are quiet and things are going well, but when things are volatile and the future is uncertain. Whereas common investment classes like stocks and bonds generate growth and income for a portfolio, and provide liquidity, gold provides none of these. It doesn't produce income, it doesn't compound, and is not as liquid. As Matt says, gold is not a plan, it's a compliment to a plan. Before you buy, it's important to ask yourself what the actual problem is you are trying to solve. Adding gold to a good financial plan doesn't necessarily improve the plan, it just changes it. If anything it adds more complexity to the plan, which carries its own risk. Moreover, buying gold carries opportunity cost, shifting assets away from growth and income production. So ask yourself, what are you trying to do by buying precious metals? Are you looking for stability, protection, diversification, or something else? Most of these questions point to structural issues that you may need to address elsewhere in your plan before buying gold. Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →What to Do When You Have a Windfall
2w ago00:07:10Tap to summarizeFollow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →Why Taxes Feel Higher In Retirement
3w ago00:06:29Tap to summarizeRetirement income is not like income from a job. It's a layered system, and it can be confusing. Matt explains how retirement income shows up on a tax return, and how each piece -- IRA distributions, Social Security, etc -- builds up to your taxable income. He also explains why people are sometimes surprised by their tax bill in retirement, and why financial planning that looks at your income throughout your retirement years (not just the beginning) is so important. Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →What Happens to Your IRA When You Die
4w ago00:08:44Tap to summarizeMatt walks thorugh exactly what happens with your IRA as you approach end of life and death, including required minimum distributions, changing Medicare thresholds (IRMA), and the changing tax brackets upon death as the surviving spouse inherits the account and, therefore, the additional income stream. Matt also covers how IRA's transfer to children and the income and tax implications of the remaining funds as they are paid out to the inheriting children. The lifecycle of the IRA income ends up looking like this: Deferred income Forced income Compressed income Accelerated income At each stage, you have less control over what happens to the funds and how they are paid out. This is why it's critical to have a financial plan that considers your income not just at the start of retirement, but throughout retirement. And, as Matt has pointed out in past episodes, a plan is only as good as the attention you pay it -- monitoring it and adjusting it over time to account for changing life circumstances ensures that you are navigating your money wisely through your wisdom years. Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →What Growth Really Means for an Organization
Apr 2800:04:15Tap to summarizeGrowth for a company tends to be talked about in simplistic ways: revenue, profits, employee count, new locations, etc. However these are simply outputs. When an organization grows, it's responsibility grows as well -- at least the way Matt looks at it. As Benetas grows he's looking carefully at how he can preserve good communication and relationships, to make sure that important conversations are had, that the coordination between professionals he talks about frequently is happening consistently. In a word, to ensure clients and their unique circumstances feel known, not just processed. Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →What Rory's 2026 Masters Win Can Teach Us About Investing
Apr 2400:08:18Tap to summarizeTwo weeks before this episode aired, Rory McIlroy won the Masters championship for the second time, and a back to back win at that -- a veryrare feat in golf. Rory became the fourth to ever do it, alongside the best golfers of all time Jack Nicklaus and Tiger Woods (Nick Faldo also went back to back in 1988 and 1989). Heading into the final day of the tournament, Rory had a commanding six shot lead, but what Matt noticed was how Rory dealt with his success through the first three days of the tournament. Rory didn't change his decision making and start playing to not lose. He stuck tightly to his process, and repeated the things that got him into the lead in the first place. Investors can learn a lot from this approach. As Matt points out, most investing mistakes aren't made when markets are down, they are made when markets are up, and investors are having success. It's easy to become overconfident, to think that you have "figured out" the market. Rory indicated in his press conferences that he respected the golf course for what it was, and didn't suppose that he owned it or had completely mastered it. He stuck to decision making that would put him in a position to consistently score well, while avoiding risky plays that could cost him several strokes if they didn't work out. He also did a good job tuning out the noise and the excitement from the press contemplating his second win before it happened. Investors deal with similar problems. Markets are unpredictable, and good investors don't try to figure them out -- they try to make consistently solid decisions that put them in a position to make good returns, rather than place risky bets with big upsides and big downsides. The markets are full of noise, like the press at the Masters tournament, and good investors learn to ignore the noise and focus on their process. They don't compare themselves or pay too much attention to what others are doing. Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →Market Volatility: Turning Stress Into Opportunity
Apr 2100:06:07Tap to summarizeWhen markets become volatile, many people start to get nervy. It feels like a time to pull back, to move to cash and wait until the storm blows over and things return to "normal." As Matt counsels, however, for a well designed financial plan volatility isn't bad, it's actually an opportunity! Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →How Smart People Get Scammed
Apr 1400:04:42Tap to summarizeEvery time a scam hits the headlines, most people think to themselves: "this wouldn't happen to me." And yet, scams happen all the time, even to smart, well-informed people! Many think scammers are bottom feeders, spamming poorly-worded, suspicious looking emails, texts, and links that are too obvious to fool any but the most gullible. While there are plenty of those kinds of scams in the world, there are also sophisticated scams that take advantage of distraction, social pressure, and urgency. And these scams are successful even with smart people. The risk of scams only rises in retirement, when the account values are large. You or the person in your life who normally manages financial affairs might have lost interest in doing so, or perhaps you are no longer in the weeds day to day and therefore less in touch. Matt has a simple approach to protecting yourself from scams. It's all about having a process. Have a simple process for making decisions, especially about money and important life decisions. Scammers pray on urgency and fear. A process can help you slow down, evaluate what's going on, and give you some second opinions on whether the decision makes sense. Matt encourages you to check in with a trusted friend or advisor before you agree to a proposal, someone external who can offer a sanity check. Your process doesn't have to be complicated, but following it consistently can help you root out scams and bad actors and avoid the financial and mental pain of being scammed. Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →Before You Can Advise Others, You Have to Understand Yourself
Apr 700:06:34Tap to summarizeMatt recently spoke at the University of Central Florida to students interested in pursuing a career in wealth management. One student asked him a prescient question: how did he learn how to talk with clients about money, especially the psychological side of the conversation? Matt's response wasn't about technical knowledge, or certifications and credentials. It was about, as Socrates says, knowing thyself. In order to sit across the table from a client and help them navigate their complex feeling abouts money -- their hopes and goals, fears and anxieties -- you first need to understand how you respond to dealing with money, and complex life issues in general. Understanding your own predilections and responses to life challenges, to market turmoil, to changing circumstances and goals; this knowledge is key to understanding what others may be going through in their own, unique lives. Ultimately, money decisions are highly emotional decisions. Math is helpful, but rarely the deciding factor. A client needs to not only make sound financial decisions from a mathemetical perspective, but decisions that they feel confident about in the context of their own unique circumstances and personality. Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →