Making Money Fun

In the first of a two part series, Shanna Tingom is joined by CPA Aaron Blau to talk about recent tax changes and how they can affect your bottom line.First, Shanna and Aaron cover the rules around retirement distributions during 2020 - what you could take out, under what terms you have to pay it back, and how it will affect your taxes.We also cover economic impact payments (EIP's) for personal, and the economic injury disaster loans (EIDL's) for businesses.  While grant money is gone, loan money is still available under the right circumstances.   Next, Aaron explains the Paycheck Protection Program (PPP) and all of its various implications.Congress actually changed a number of rules around these different programs, often times in your favor, with potentially more to come.  This episode is definitely worth a listen.For more information:Find Aaron Blau at The Blau Company: https://blauco.com/Find Shanna Tingom at Heritage Financial Strategies: https://www.heritagefinancialaz.com/ 

Today, Karen Camblin from Guild Mortgage rejoins Shanna Tingom for part 2 of their conversation about the real estate market.In this episode, we are looking at the effects of the pandemic on the mortgage process.  Most notably, it has become much more difficult for small business owners to qualify for mortgages. Because so many businesses failed during COVID-19, many banks are now requiring Profit and Loss (P&L) statements from business before approving mortgages.We also explore the world of "Jumbo," loans above $548,250.  With the explosion of the real estate market, these types of loans have become much more relevant.  There are strategies around having to apply for these loans, with their even more stringent requirements.  We explore those.Karen also explains that Guild services their own mortgages, and why that can be advantageous to borrowers.Finally, we discuss why it's important for your lender, CPA, financial advisor, and more to act cohesively as a team.More:Karen at Guild Mortgage: https://branc

In the first of a two-part series, Karen Camblin from Guild Mortgage joins Shanna today to talk about the wild real estate market we've seen in recent months.Karen explains the dangers of qualifying for the highest loan you can, and why she takes a more practical approach.  It's not about what you can approved for - it's about what you can pay every month.We then walk through credit checks, pre-approvals, and the entire process you undergo as a buyer.  This includes explaining why you should NOT make major purchases during this time.Finally, Karen explains some of the unique services and products that Guild Mortgage offers to its clients.More:Karen at Guild Mortgage: https://branches.guildmortgage.com/az/gilbert/karen-camblin-424-evkc.htmlCall Karen at 480-390-1732Email Karen at kcamblin@guildmortgage.netHeritage Financial Strategies Website: https://www.heritagefinancialaz.com/Call Shanna at: 480-397-1184Email Shanna at Shanna@heritagefinancialaz.com 

In part 2 of our series, Shanna Tingom is joined again by real estate agent Jean Pomeroy.  In our last episode, we examined the current real estate market.  Today, we look at strategies that you can employ as a buyer to get the home you want.You need to have a strategy, and that includes having a good real estate agent.  That agent must also be a good negotiator!  Jean shares some examples.Normally, Jean gives the advice of "you don't get what you don't ask for."  But because we are in such a seller's market, many of the items buyers would traditionally ask for will take them out of contention immediately.Jean talks about the standard process she uses when putting a house on the market, and the different approaches she uses when putting in an offer.  Often, relationships with other agents are key.What about a personal letter?  Jean explains why the wording of such letters is extremely important.We also cover topics such as appraisal waivers, clean offers, contingencies, and more.More info:Jean Pomeroy, Realty

In the first of a two-episode series, Shanna Tingom is joined today by real estate agent Jean Pomeroy.  Together, they will try to make sense of what is currently a wild real estate market.Over the last decade, technology has changed the way real estate transactions have been done - everything from video chats to digital document signatures.  And of course, this was accelerated by the COVID-19 pandemic.  This is especially true in the Phoenix market, where many buyers are purchasing from out of state.For those worried about a housing crisis similar to 2008, Jean puts your mind at ease.  She explains the difference between that climate and the one we are in today, including how the pandemic has altered lifestyle choices for many buyers.  Another factor is the companies building homes - and the skyrocketing costs of supplies.It truly is a seller's market, and sometimes trying to score the home of your dreams is like playing the lottery.  But working with an experienced agent can help.More info:Jean Pomeroy, Rea

Today, Shanna Tingom of Heritage Financial Strategies joins Jon Gay to talk about her "Top 7 Financial Planning Mistakes" - they are very common, but very easy to rectify.  We break them all down:Not Automating Savings and Bill PayNot Saving for RetirementNot Taking Advantage of Employer Sponsored Retirement PlansNot Bringing Your Coffee and/or Lunch From HomePaying for Adult Children or GrandchildrenNot Planning Your EstateNot Having Enough (or any) Life Insurance and Long-Term Care InsuranceResources:Heritage Financial Blog: https://www.heritagefinancialaz.com/blogDon't Eat Out as Often (The Simple Dollar): https://www.thesimpledollar.com/save-money/dont-eat-out-as-often/Boundaries Audio Book: https://www.amazon.com/Boundaries-When-Take-Control-Your/dp/1480554979For help with your retirement future, reach Shanna at Heritage Financial:https://www.heritagefinancialaz.com/

In the second of our two-part series, Billie Tarascio re-joins Shanna Tingom to discuss when you need to hire an attorney for your divorce, versus when you can do it on your own.  Some divorces involve no kids, no disputed property, and can really can be resolved simply.  There are ways to do that.  However, if you have any issues or conflicts, you should definitely consult an attorney. Once the divorce is settled, it's very difficult to change the initial settlement.  Also, should you have any specific questions, it's best to do at least an initial consult with a lawyer.Billie and Shanna also talk about one of the biggest mistakes that spouses make in a divorce - and that's giving into emotions, and just wanting to sign the papers to make the pain stop.  Often, that causes much more pain later.Resources:My Modern Law: https://mymodernlaw.com/I Do Over: https://idoover.life/The Modern Law Divorce Podcast: https://mymodernlaw.com/the-modern-divorce-podcast/Heritage Financial Strategies: https://www.heritagefin

In the first of a two-part series, divorce attorney Billie Tarascio joins Shanna Tingom to talk about the pandemic's affect on divorce.You would think with so many people stuck at home together, divorce rates would be skyrocketing, but Billie explains why that many not necessarily be the case.  Unfortunately, there are people in some very bad situations that have been exacerbated by COVID, and we look at what options are available for them.  One thing is for sure: do not sign away your marriage under duress without speaking to a qualified professional.Resources:My Modern Law: https://mymodernlaw.com/I Do Over: https://idoover.life/The Modern Law Divorce Podcast: https://mymodernlaw.com/the-modern-divorce-podcast/Heritage Financial Strategies: https://www.heritagefinancialaz.com/ 

In a special episode of Making Money Fun, Shanna Tingom of Heritage Financial sits down with Jon Gay to explain the ubiquitous story of day traders on Reddit and Robin Hood driving the stock of GameStop through the roof, much to the chagrin of Wall Street Hedge Funds.When investors believe a stock is about to fall, they can bet against it by "shorting" it - they profit when the value falls.  But they also lose when the value rises.  Tough times for a brick-and-mortar video game retailer had been well documented and Wall Street assumed the stock price would fall.   Then the investors on Reddit jumped in, buying up the stock so quickly it shot the share price from $18 to $347, costing hedge funds $5 billion by some estimates.The Robin Hood app temporarily stopped day traders from  buying up the stock, not because of collusion with Wall Street, but to meet their financial obligations as an RIA. The bottom line - investing in short-term fads or trends is dangerous.  Retirement planning should be a slow, long-term

Planning for the long-term health care and final expenses of your parents can be an extremely difficult subject to even start a conversation around.  But the consequences of not having a plan are worse.  Following the passing of Shanna's mother-in-law, she wanted to discuss this important topic today.How do you get the conversation started?What are some of the biggest and most common mistakes family members make?What needs to be considered when creating the plan?How often should the plan be reviewed?How important is self-care for the caregiver?If you'd like to discuss long term planning, or any other financial matter with Shanna Tingom and the team at Heritage Financial, reach out at https://www.heritagefinancialaz.com/

With interest rates at historic lows, many of our listeners and clients have been asking about refinancing their mortgages.  Today, Shanna Tingom from Heritage Financial tackles some of these questions.What are the different loan types?PrimaryFixed Second or SecondHELOCAlso a Second mortgageWhat happens to my 2nd or HELOC if I refinance my primary loan?2nd or HELOC will need to be subordinated.  The lender needs to agree to let you keep it, and this usually adds more time to underwriting.Alternatively, any balance may be able to be included in the new primary mortgage and then the loan closes, so you could need to apply for a new 2nd or HELOC once you are done with your refinance.When does it make sense to refinance?Current rates are lower than the existing rate.  Usually want this to be at least 1% below your current rate, but the cost to refinance plays into that decision.Have a large HELOC or 2nd balance and the interest rate on that loan is high enough that it makes sense from a cashflow perspective to re

For our first podcast of 2021, Shanna picks up her conversation with Atlas Point's Carrie Nelson.  Carrie is an expert in the fields of behavioral finance and character science.   "Financial Virtues" correlate to your personality and how you feel about money.The three virtues that matter, with relation to money, are  humanity, wisdom, and courage.  And all of these are subject to bias, as Carrie explains.There are four personas, or "bulls," when it comes to finance,:Yellow Bulls are big picture.Orange Bulls need detail.Purple Bulls want detail, but to connect information with people Blue Bulls are big picture, but also want those same connections.Carrie breaks each of these down in further detail.For more information:Atlas Point Website: https://theatlaspoint.com/Heritage Financial Website: https://www.heritagefinancialaz.com/To learn more about your financial personality, click on "What's Your Investment IQ," about 2/3 down the page.

Today, Heritage Financial's Shanna Tingom is joined by colleague Carrie Nelson of Atlas Point.Carrie takes us through her background, a 20 year career that included stops at EY and Experian.  She realized that it was important to have more meaningful financial conversations, particularly between advisors and clients.  Atlas Point began looking at the psychology of money, and how to overcome challenges on both sides of the relationship.Atlas point deals in behavioral finance and character science, and Carrie walks us through how those relate to your money.More info:Atlas Point Website: https://theatlaspoint.com/https://theatlaspoint.com/Heritage Financial Website: https://www.heritagefinancialaz.com/

Today, Shanna Tingom introduces us to the newest member of the Heritage Team, Alden Rowe.  Alden joins us having worked with Heritage's broker dealer, Cambridge Investment Research.Alden explains the decision to move to the advisor side of the industry and his desire to help clients with their financial futures, from a 360 degree perspective.Alden and Shanna share a passion for a financial planning first model to working with clients.  They also share a passion for dogs, and Alden tells us why his pup may be a fugitive.  Find Heritage Financial on the web and book an appointment:https://www.heritagefinancialaz.com/

At the time of this recording (Monday,  November 9th), Joe Biden and Kamala Harris have become the President and Vice-President Elect of the United States. And it's very likely that there will be a Democratic House and Republican Senate.Today, we look at what this could mean for your financial future.  Shanna Tingom explains what markets have done historically, both under Democratic administrations and under divided government.  We also take a look at where the Trump Presidency ranked in terms of market growth.Next, we look at what the "lame duck" period could mean for the markets - as President Donald Trump continues to avoid conceding the race, and what that might translate to for your investments between now and January 20th, 2021.Finally, we hit this all important question. What should - or shouldn't - you do with your money right now?Resources mentioned in this episode:Business Insider Article on Democratic Presidents and the Market: https://markets.businessinsider.com/news/stocks/stock-market-election-d

As dog lovers, Shanna and Jon could talk about pets all day, but today we are focused on the financial piece of being a pet owner.Before you bring in a four-legged family member, it's important to consider costs, including:SpecialistsEmergency Room VisitsRegular Vet VisitsFoodGroomingand more!We look at pet insurance, financing offered by many vets, and having a "sinking fund" of cash on hand for when an unexpected pet expense pops up.And we discuss some of our own pet experiences too.Heritage Financial Website: https://www.heritagefinancialaz.com/Book an appointment online or call Shanna at 480-397-1184

Today's episode is released on September 18, which happens to be Shanna and her husband Eric's 15th wedding anniversary!You would think that a Financial Planner and an accountant would have an easy time when it comes to money matters, but that's not necessarily the case. Like most couples, money can be a challenging topic, particularly when you have two professionals with strong opinions!Shanna walks us through why she and her husband brought in outside help, including Kelsa Dickey, the financial planner we met in a previous episode.Resources:Fiscal Fitness Phoenix Website: https://fiscalfitnessphx.com/Boundaries by Dr. Henry Cloud: https://www.amazon.com/Boundaries-Updated-Expanded-When-Control/dp/0310351804/ref=sr_1_2?crid=2DIDRNY2YRJKW&dchild=1&keywords=dr+henry+cloud+boundaries&qid=1599323422&sprefix=dr+henry+%2Caps%2C440&sr=8-2Heritage Financial Website: https://www.heritagefinancialaz.com/Book an appointment online or call Shanna at 480-397-1184 

Today, Shanna and Jon are covering all things social security, including the very important decision of when to begin collecting it.We look at the options of collecting social security early at 62, waiting until your full retirement age (and figuring out what age that is), or delaying until age 70.There are also penalties for working after collecting in some cases, the ability to pay back your benefits if you change your mind within 6 months, and even some folks who are not eligible to collect social security.  We explain all of it in today's episode.Resources:2Social Security Website - verify earnings, check calculator, and more: https://www.ssa.gov/Shanna's Contact Info:Website: https://www.heritagefinancialaz.com/Call Heritage Financial at: (480) 397-1184

We were hoping that by the time we recorded this episode, a deal on a new stimulus package would have been reached in Washington. But as of our August 13th recording, it hasn't happened yet.Today we break down where new stimulus legislation is, as well as the executive actions taken by President Trump with regard to the economy.  The important thing to note is that many of these actions result in deferments, not cuts. In other words, what you don't have to pay now - you very well may need to pay later.  We discuss specifics of student loans, rents/mortgages, and the payroll tax.Shanna's Contact Info:Website: https://www.heritagefinancialaz.com/Call Heritage Financial at: (480) 397-1184

Quite often, investors make bad decisions and kick themselves over it. But it's important to remember that we are all human, and we should look forward, not back.  Even a professional like Shanna Tingom makes mistakes.  Today she tells us about the stock she wishes she'd invested in when she had the chance.Shanna and Jon also discuss Robin Hood and other apps that let you invest on your own.  There's an advantage to using them, but you need to be very careful. Shanna shares a tragic story of a young man who took his life based on what his app was telling him.Shanna's Contact Info:Website: https://www.heritagefinancialaz.com/Call Heritage Financial at: (480) 397-1184