Today the guys sit down and have an informative talk with Barbara Ginty. Barbara is a Certified Financial Planner based out of NYC. She began her career with Bloomberg on Wall Street and now owns a financial firm that caters to clients of all ages and financial backgrounds. In addition to one-on-one client meetings, she also teaches in-person classes. On today’s pod, Rich and Marcus speak with Barbara about planning for a longer retirement and the difference between a Will and a Trust. Barbara informs the listeners of “Four L’s Of Planning” and how to set up your financial Dream Team. Barbara also answers some listener question presented by Marcus.

Highlights:

• A Certified Financial Planner (CFP) is a certification that takes two years of classes along with continued education.
• Personal Finance is not the same as Investing. Personal finance includes insurance, taxes, budgeting and estate planning.
• “The Four L’s” - Longevity, Lifestyle, Liquidity and Legacy.
• People are now planning for a 30-year retirement, rather then the standard 15-year retirement of the past.
• Work on your financial future pro actively, don’t wait.
• As a general rule, if you’re looking to start a business you want to have close to zero personal debt. This can help alleviate financial pressure if your business begins to struggle.
• The Financial Dream Team consists of CPA, CFP and an Attorney.
• There are two types of Trusts. One that’s established during your lifetime and functions as it’s own entity with an EIN number. The other type of Trust is established through your Will and only comes into existence upon your death.
• Rule 72T allows you to take money out of an IRA without having to take the 10% penalty for removing funds early.
• Take advantage of all the insurance and investment plans your company offers. Most people are uneducated about all the benefits their employer offers.

The Takeaway: You don’t need an estate to have an estate plan. As soon as you have assets or anything of value you’ll want to setup a Will or Beneficiaries.

Paychecks & Balances

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Barbara Ginty

Website:

https://www.barbaraginty.com/

Facebook: https://www.facebook.com/planancial

Instagram: @planancial

Planancial Podcast: https://itunes.apple.com/us/podcast/planancial/id1343803894?mt=2