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What the heck happened to Crypto?  Over the past couple of years, there have been many headlines around crypto.  And recently, the market, as well as various cryptocurrencies, have dropped off sharply.   Shanna Tingom starts by breaking down some numbers, and what's behind them.We also talk about the legal troubles faced both by a big-name backer of crypto, as well as a popular trading app.   And what about taxes?   What are the tax implications for people who buy and sell cryptocurrencies?If you'd like to reach out to Shanna Tingom and her team at Heritage Financial Strategies, find them online at https://www.heritagefinancialaz.com/Additional Resources:Previous podcast episode on Gamestop and "Meme Stocks:" https://makingmoneyfun.simplecast.com/episodes/explaining-the-gamestop-storyReuters Article on Robinhood:  https://www.reuters.com/markets/us/robinhood-must-face-us-market-manipulation-claims-over-meme-stock-rally-judge-2022-08-11/Tech Crunch Article on Voyager:  https://techcrunch.com/2022/08/11/mark-cu

What is the Inflation Reduction Act, and how will it affect you?  Shanna Tingom and Jon break down this new legislation, which the President signed into law shortly before we recorded this episode.First, this will not affect Roth conversions or so-called "back door" Roth IRA contributions.  Shanna gives us a refresher on what's involved with those strategies and moves.We also talk about tax rates, and how the Inflation Reduction Act will affect health care and prescription drug prices. What about the IRS? There's been a lot of talk about increasing the number of IRS employees.  Should that scare you?To contact Shanna Tingom and the team at Heritage Financial Strategies, visit https://www.heritagefinancialaz.com/Additional Resources:Investopedia ROTH IRA Rules:https://www.investopedia.com/articles/personal-finance/081615/basics-roth-ira-contribution-rules.aspKaiser Family Foundation:https://www.kff.org/slideshow/what-are-the-prescription-drug-provisions-in-the-inflation-reduction-act/Tax Foundation:  https://t

Shannon Tingom of Heritage Financial Strategies is talking about coaches today.  Multi-millionaire athletes have them. Successful CEO's have them.  We can all use them - in various aspects of our lives.Coaches can be hired to help solve a short-term problem, or on a longer term basis.  Shanna, in her business,  has coaches for business and personal leadership.  In the past, she's also worked with career, relationship, and even financial coaches! (Yes, you read that right.)This leads to Shanna and Jon talking about how their respective relationships evolved in COVID, and how coaching even helped with that.At Heritage Financial Strategies, they offer several different types of coaching relationships, and that's how they help you manage your money and plan your future.   To reach the team at Heritage, visit them online to schedule an appointment at https://www.heritagefinancialaz.com/And if you haven't heard the amazing story around Dana Croschere, Heritage's Financial Coach, you can check out that episode of th

Recently, Shanna Tingom and her family contracted COVID-19.  Fortunately, symptoms were relatively minor and everyone is OK.  However, being sick and quarantined to a hotel room really gave our podcast host some perspective.     What if something happened to her, and she wasn't around?The last 2 1/2 years have taught us that anything can happen to anyone - whether it's a worldwide pandemic or being hit by the proverbial bus tomorrow.   Shanna realized there was part of her estate plan that even she needed to update.   But having a plan is so crucial.   You need to be able to stipulate your wishes, and not leave loved ones behind to pick up the pieces, should the unthinkable happen.If you need help with estate planning, retirement planning, investing, or anything related to your financial future, you can contact Shanna and her team at Heritage Financial Strategies by visiting https://www.heritagefinancialaz.com/

Sorry to remind you of this, but the Phoenix Suns had a great season - until they didn't.  Everything looked great, until an epic, epic collapse in Game 7 against Dallas.   You may think you've got smooth sailing with your financial future, and then the unexpected happens.Shanna Tingom of Heritage Financial Strategies is a huge Suns fan, and this collapse got her thinking about her role as a financial advisor.   What happens when the proverbial wheels come off?  It's her job to re-assure her clients, make adjustments if necessary, but above all, make sure they don't panic.Need to discuss something related to your financial future?  Shanna Tingom and her team at Heritage Financial Strategies are here to help.  Find them here:https://www.heritagefinancialaz.com/

Are we headed toward a recession?  Today, Shanna Tingom of Heritage Financial Strategies breaks down that question.First, we define what a recession technically is.  And Shanna explains why it's not necessarily a bad thing.  And if we hit one, Shanna talks about why it will be completely different than any one we've experienced previously.  This is tied to the current job market and supply chain issues.Jon asks Shanna the, no pun intended, million dollar question.  Are we headed to a recession? Her answer may surprise you.  She doesn't think so, and she explains the data behind this assumption.So what does this mean for your investments?  Shanna and Jon explain.Need to discuss something related to these topics or anything about your financial future?  Shanna Tingom and her team at Heritage Financial Strategies are here to help.  Find them here:https://www.heritagefinancialaz.com/

Today, Alden Rowe is back with Jon Gay to talk about 529 savings plans - used for educational expenses.While some details vary between states, a 529 plan has special tax savings on the way in, and on its growth (similar to a Roth), as long as that money is being used for educational expenses.  Sure, that includes tuition and room & board.  But it can be applied to a number of other things, like textbooks, computers, off-campus housing (within reason), and even primary education up through grade 12.  They can also be applied to trade school education.Different relatives can contribute to a 529 plan for a single beneficiary, and if that beneficiary doesn't use the money, it can be transferred to another beneficiary (in many cases). And of course, if the money isn't spent on qualified educational expenses, Alden explains the penalties involved.How much should you put in to a 529 plan?  Of course that depends.  Alden talks about some of the different factors to consider in that decision.Finally, some states l

The team at Heritage Financial Strategies really takes a family approach to helping you with your finances.  Today, we take that approach quite literally. Alden Rowe brings in his dad, Tom Rowe, who used work in a college's financial aid office.Going to college can be daunting enough, without figuring out how to pay for it.  Tom walks us through the process, starting with the FAFSA - the Free Application for Federal Student Aid.  The FAFSA can be found on FAFSA.gov, which redirects you to https://studentaid.gov.   There are scammers out there, so be sure your URL ends with .gov.  And it's FREE - don't be scammed by someone who wants you to pay for it.Fill out the FAFSA with your student in the fall of their senior year of high school.  In the spring, when they are narrowing their list to specific schools, many will have their own calculators to look at as well.Financial aid comes in three forms - loans, grants (usually from the federal or state government), and scholarships.  You'll need to figure out what co

There are bills currently pending in Washington that can really affect you as both an investor and an employee.  Today, Shanna Tingom of Heritage Financial Strategies breaks them down to what you need to know.The first is what's being called The SECURE Act 2.0.  You may remember that the original SECURE Act was passed by Congress in November 2019, shortly before the pandemic.  Among other changes, it raised the age on RMD's - required minimum distributions.After dealing with COVID, the legislature has now gone back to addressing retirement accounts.  Shanna breaks down the different aspects of SECURE 2.0, including another RMD age jump, auto enrollment in workplace savings plans, more employer contributions to these plans, and employer contributions to match student loan payments.   It's important to remember two things here.  1) The government is trying to make sure Americans do a better job saving for retirement.  2) The government needs more money in retirement accounts to that it can make more money in ta

Shanna Tingom of Heritage Financial Strategies rejoins Jon Gay today to talk about the three driving forces that contributed to market volatility in the first quarter of 2022.The Russian Invasion of UkraineRising Interest RatesGlobal Supply Chain issues Shanna and Jon break down how each of these forces are affecting the market and your investments, and show why its as important as ever to stay diversified in your portfolio.  We may know who the winners have been in the past - but we just can't know for the future.Here's a link to the Jellybean Chart Shanna references in this episodeHeritage Financial Website: https://heritagefinancialaz.com/

Welcome to part two of our conversation with Heritage Financial Strategies' Dana Croschere, Today, Adam, Jon, and Dana talk specifically about what Dan's role is as a Financial Coach.A financial coach does not deal with investments. In fact, Dana herself has been a Heritage client in that regard.  Her focus is on your budget. Her approach is value based spending - figuring out how to prioritize the things that are important to you - whether that's travel, dining out, or whatever "sets your heart on fire."   This will be different for every client, so Dana takes time to get to know you, and what makes you tick.  This is done without judgement of current or past activity, and is designed to get you where you need to be on a month-to-month basis.  She can even be an accountability partner.Jon shares some real world examples of the power of budgeting - giving out take-out in the month of January, and a fancy trip to Hawaii, all because of budgeting.If you're interested in talking to Dana, Adam, and the rest of th

Dana Croschere is the newest member of the Heritage Financial Strategies team, joining us as a Financial Coach.  And she has an incredible story of how she got here.In her 20's, Dana had a financial crime committed against her, when a boyfriend bought a boat and trailer in her name and took off. All of a sudden, she was faced with paying off big-ticket items she didn't even possess.  Through tenacity and discipline, she was able to claw her way out of a desperate situation.   Inspired by her own work and experience, she went to Wells Fargo, and climbed the ladder in their Financial Crimes division.Following some health challenges, she's re-defining herself yet again, and really wants to help people meet their financial goals. She's got the chops and experience, and she knows how to put together a budget, collaboratively, with our clients.  Dana also explains how she ended up as the protagonist in a documentary, produced by her partner Krisanna, about her journey back.Resources: Love Heals Movie: https://loveh

Heritage Financial Website: https://www.heritagefinancialaz.com/Many of us put money away into our employer-sponsored retirement plans and forget about it.   However, you may have more control over those investments than you think.   Adam Miller and Shanna Tingom of Heritage Financial Strategies explain how they work with their clients to make sure that their retirement plans and investments are best suited to their individual needs.

Heritage Financial Website: https://www.heritagefinancialaz.com/Hayden Gerwein from Howard Capital Management is back today, joining Shanna Tingom and Adam Miller from Heritage Financial.  And we are discussing Pooled Employer Plans - a way for small business owners to pool resources to offer retirement benefits to their employees.(Disclosure: The Heritage Financial Strategies Team will be using a PEP from Howard Capital for their employees beginning January 1, 2022.)Hayden explains how these Pooled Employer Plans work, and Shanna explains why, in the wake of the SECURE Act, this was the right time to implement it for her employees.We go through the flexibility of these plans, including what small business owners control when putting together options for their employees, and why they can be advantageous in terms of the financial cost as well as time invested.

Heritage Financial Website: https://www.heritagefinancialaz.com/Today, Shanna Tingom is rejoined by Hayden Gerwien of Howard Capital Management.  Did you know that you may have more control of your work retirement plan than you realize, including 401k, 403b, and 457 plans?A self directed brokerage account, or SDBA, allows you to utilize a third party money manager.  About 40% of employers allow this in their retirement plans, including some large companies in the area, including ASU, U of A, and Intel.If you don't have this option through your employer plan, there are other tools offered by Heritage Financial and Howard Capital Management. The 401K Optimizer Plan is an overlay tool that will look at the options available to you in your retirement account, recommend an initial investment, and provide ongoing advice as well.Howard's Guided Retirement Plan takes the pressure off of the investor and actively manages your portfolio.For more information about any of these services, Howard Capital Management and Her

Heritage Financial Website: https://www.heritagefinancialaz.com/Today, Shanna Tingom of Heritage Financial is joined by Hayden Gerwien of Howard Capital Management, a firm that Heritage works with closely for its clients.Howard Capital Management is a third party money manager, and Hayden gives us a bit of background on the company. Then explains their patented HCM-BuyLine® investment process.   This is a computer algorithm that allow for a more tactical and defensive strategy to manage your money.  And this will recommend when to buy and when to sell.Hayden walks us through how this algorithm worked during the COVID-19 volatility we saw last year, taking the emotion out of investing.  And Shanna explains how they've become a partner to help manage the portfolios of her clients at Heritage Financial.For more information about how Howard Capital Management and Heritage Financial work together, and you can contact Shanna at https://www.heritagefinancialaz.com/

This is the second of a two part series with estate attorney Heather Parker of the Parker Law Office.  Today, we take a deeper dive into the differences between wills and trusts.Trusts can provide for:How your bills will be paid if you are hospitalizedA financial power of attorneyA trustee to manage your assetsAvoiding costly probate court costsAnd more...There are also different types of trusts, including pet trusts, and IRA trusts.  The latter can be especially important in wake of the SECURE Act and recent changes to the stretch IRA rules. Most importantly, you should have a team working together for your estate planning.  This can include a financial advisor, accountant, attorney, and more.Resources:The Parker Law Office: https://www.parkerlawaz.com/Heather Parker's Office Number: 480-264-5177Heritage Financial Strategies: https://heritagefinancialaz.com/ 

Heritage Financial Strategies now has a new office space - but you won't have to reprogram your GPS.  We've just moved downstairs.  We are now on the first floor of our building on South Gilbert Road.The move was a several-months long process, and Shanna Tingom and the team realized it's similar to finding a financial advisor. They needed to find the right fit for their needs.  They then worked with a general contractor to find the labor, parts, and tools that were uniquely suited to what they wanted to accomplish - just like a financial advisor will help you find the best fit for your needs.Another thing the Heritage team learned - if a vendor seems like a bad fit - trust your gut.  Shanna explains. 

This is the first of a two-part series on estate planning.  Attorney Heather Parker joins Shanna Tingom to talk about the two areas of estate planning - money and medical.Medical:HIPAA Release - who can be given information about your condition?Medical Power Of Attorney - who can make medical decisions for you?End of Life Documents - what are your final wishes in terms of treatment?Heather explains that not having these documents in place can have dire consequences, and she gives some real world examples.  These conversations can be difficult to have, but they are vitally important.  She also explains how to give the right people access to these documents.On the money side, Heather breaks down the differences between a will and a trust. People often have misperceptions about what a will accomplishes.   For many situations, a trust is required.  And it's not as hard to set up as you might think.   And a trust can provide for many circumstances that a will cannot.  We'll explore this in more detail in part 2.Re

In the second of our two part series with CPA Aaron Blau, we look at potential legislation under the Biden administration and what that could mean for you, your money, and your taxes.We start with a look back at the SECURE Act - how it raised the age for required minimum distributions and eliminated the so-called "Stretch IRA."Shanna asks Aaron what a potential "SECURE Act 2.0" could mean for RMDs and stretch IRAs going forward.   We also look at potential changes to 529 Education Savings Plans, the so-called "step up in basis," and capital gains tax rates.For more information:Find Aaron Blau at The Blau Company: https://blauco.com/Find Shanna Tingom at Heritage Financial Strategies: https://www.heritagefinancialaz.com/