Show cover of Saving The American Dream Podcast

Saving The American Dream Podcast

Welcome to the Saving The American Dream Podcast with Financial Advisor Michael Schulte of WestPac Wealth Partners. Are taxes, market volatility, inflation and other risks threatening your pursuit of the American Dream? If you need help planning how to tackle these financial headwinds, then this is the show for you! With pensions disappearing, the American Dream is harder than ever to achieve. We're on our own to successfully plan for our financial futures. That's why it's so important to make wise decisions with your financial plan and as you get older those decisions become more and more critical. New episodes bi-weekly. Visit our website for show notes, resources, more information and to contact Michael at SavingTheAmericanDreamPodcast.com. Or call 702-767-4897.

Tracks

Ep 41: How Procrastination Dooms Your Financial Future
People have many reasons for procrastinating when it comes to putting a retirement plan together. Today we’ll explore some of those excuses and why they can be dangerous. We’ll also share how to overcome them. In this episode, we’ll share: Why you need to plan for retirement, even if your parents didn’t and they turned out “fine.” (3:01) What to do if you don’t know who to listen to when it comes to financial advice. (5:01) How to plan for the future, even if financial discussions stress you out. (7:05) Call Michael at 702-767-4897 with any of your questions or email michael.schulte@westpacwealth.com. More Information: http://savingtheamericandreampodcast.com 
17:14 09/15/2022
Ep 40: Should You Follow These Popular Retirement Rules of Thumb?
You’ve most likely heard plenty of “rules” you’re supposed to follow to retire successfully. Some of these rules are stated so confidently, you’d be crazy not to immediately accept them as fact. But we don’t mind the threat of being called crazy, so let’s dive into some of the most popular retirement “rules of thumb” to see if they truly lead us down the path of good financial guidance or run a chance of leading us astray. On today’s episode, we’ll cover six of the most popular rules of thumb in retirement planning. What you’ll quickly learn is that many of these “rules” are problematic. They’re either too vague, outdated, or just flat out wrong in several instances. Here’s a breakdown of some of the rules we’ll cover and timestamps to help you zero in on ones that might interest you the most. Have you been following some of these rules yourself? This episode is a great chance to get educated on which rules of thumb are worth following, and which ones aren’t, in retirement planning. The Rule of 100. This one is all about risk. 100 – your age = the amount of risk you should have in your portfolio. This rule unfortunately is just too simplistic. 1:33 The 75% rule. The rule states that once you retire, you’ll need about 75% as much income as you earned while working. Note: some call this the 80% rule. 3:55 The Rule of 72. This rule is a shortcut to figure out how fast your money will double. Luckily this one isn’t an opinion, it’s just math. So the rule holds true. Michael tells you how it works. 7:40 Rule of 5. This one says, on average, we experience a bear market every five years. Michael says it’s in the ballpark of being right, but it’s really misleading. 9:39 Rule of 10. Experts have said you should have 10 times your salary saved for retirement by age 67. Michael says this one is ridiculous! 13:25 4% Rule. This is the most popular rule. It’s based off of safe withdrawal income planning. Most pre-retirees have heard of the 4% rule and used to be widely considered as a great way to draw down money in your portfolio with confidence that you probably won’t run out of money. But does this rule still hold true in 2022? 15:45 If you have any questions about how you can better prepare for your retirement future, don’t hesitate to reach out to Michael Schulte for help. He’s a Financial Advisor and Certified Business Exit Planner at WestPac Wealth Partners. His daily mission is to help families and business owners make smart financial decisions so they can live on their own terms the rest of their lives, regardless of what life events and opportunities come their way. Call Michael at 702-767-4897 with any of your questions or email michael.schulte@westpacwealth.com. More Information: http://savingtheamericandreampodcast.com 
21:25 09/01/2022
Ep 39: Revealing The Financial World’s Dirty Little Secrets
Every industry has some dirty little secrets. Today we’re letting you in on some of the financial world’s secrets. How many of these are you familiar with?   What we discuss in this episode:  2:09 – No one knows 7:35 – Not that important 11:52 – Skill and luck 16:56 – Bold opinions   More Information: http://savingtheamericandreampodcast.com 
21:45 08/18/2022
Ep 38: Where Crisis & Opportunity Meet
Sometimes in life you hit a financial crossroads of crisis and opportunity. We’ll explain how to find the good when bad times are happening.   What we discuss in this episode:  2:23 – Empty nest crisis 5:07 – Bear market crisis 11:32 – Layoffs   More Information: http://savingtheamericandreampodcast.com 
17:18 08/04/2022
Ep 37: What They’re Saying - Analyzing Advice on Surviving a Bear Market
It’s no secret the stock market is in turmoil. We’re in a bear market and the R-word (recession) is getting thrown around daily. So, what can you do to survive bear markets like the one we’re in now? We’ve collected advice from various commentators and “experts” from across the country. You might have even heard some of this advice yourself. But should you follow it or proceed with caution? We’ll breakdown the guidance to provide some important context and perspective.   What we discuss in this episode:  2:09 – Continued declines in the market 6:27 – Bear market is a fantastic opportunity 9:10 – Silver lining in the damage 12:18 – Beware of emotional decisions 13:09 – Do not change your allocations 14:19 – Delaying retirement 16:06 – Mailbag question on market timing   More Information: http://savingtheamericandreampodcast.com 
20:29 07/21/2022
Ep 36: Can You Get An A+ On Our Retirement Planning Quiz?
How prepared are you for retirement? Do you know how much income you’ll need and what retirees fear the most? Today we’re testing your knowledge to see if you have what it takes to retire successfully.   What we discuss in this episode:  2:36 – Start saving 8:08 – Best estimate 12:34 – Fear the most 15:37 – Diversified plan 21:30 – Withdrawing money 25:23 – Mailbag: Rate of return   More Information: http://savingtheamericandreampodcast.com 
31:56 07/07/2022
Ep 35: What To Do as You Count Down the Days to Retirement
If you’re counting down the days until retirement, we have a checklist of things you need to keep in mind. We’ll help you get ready for the big day and make sure you are ready financially and otherwise.   What we discuss in this episode:  1:50 – Getting healthy 4:00 – Free time 5:54 – Work 7:17 – Save more 9:26 – Debt 11:02 – Risk 14:24 – Emotion 17:26 – Taxes 19:31 – Cash 23:07 – Overthinking 23:47 – Advice   More Information: http://savingtheamericandreampodcast.com 
27:50 06/23/2022
Ep 34: Can I Retire at 55?
Can I retire at 55? We get this question a lot, especially with the recent trend of people trying to retire earlier. Most people don’t know if they can retire early, but we can help.   What we discuss in this episode:  1:02 – Can I retire at 55? 3:16 – How many want to retire early? 4:00 – Social Security 5:48 – Retirement accounts 7:31 – Health care 8:41 – When to start planning 10:19 – Comment: Pensions 12:44 – Comment: Inflation 13:51 – Comment: Savers 17:34 – Question: Debt 19:14 – Question: Social Security 21:06 – Question: Nursing homes   More Information: http://savingtheamericandreampodcast.com 
24:29 06/09/2022
Ep 33: Mailbag - Twitter Stock, Private College and Life Insurance
Is now a good time to buy Twitter stock? Should I send my child to an expensive private college? Do I have too much money in the bank? We’re answering these and other questions from our listeners today.   What we discuss in this episode:  1:52 – Invest in Twitter? 8:02 – Private college 10:20 – Financial advisors and budgets 11:24 – Crying about money 14:16 – Too much in the bank? 16:19 – Life insurance 18:43 – Husband refuses to retire   More Information: http://savingtheamericandreampodcast.com 
23:44 05/19/2022
Ep 32: How Fear and Pessimism Sell
Financial media often uses fear and pessimism when reporting. It drives ratings and sells. But watching too much of that could be harming your financial peace of mind.   What we discuss in this episode:  2:11 – Facts about financial media 5:52 – Money anxiety and Mark Cuban 9:38 – Magazine covers 13:58 – Predicting collapse 18:03 – True bottom 21:20 – A time to panic? 23:45 – Checking with clients   More Information: http://savingtheamericandreampodcast.com  https://www.westpacwealth.com/team/michael-schulte
28:02 05/05/2022
Ep 31: How Should You Prepare for the Next Market Crash?
Last episode we talked about market crashes and what they are. Today we’re sharing how you can prepare yourself for possible market crashes.   What we discuss in this episode:  1:58 – How to prepare 4:41 – Emotions 6:59 – Handling market corrections 9:10 – Downturns happen 10:45 – Help from your advisor 11:50 – Crashes can create opportunities 13:47 – When’s the next crash?   More Information: http://savingtheamericandreampodcast.com 
19:15 04/21/2022
Ep 30: History of Market Crashes
People sometimes ask: Are we going to have another market crash soon? With Ukraine and Russia in the news, as well as inflation, people have been worried about possible World War III and their finances. We’ll share some historical background on market crashes.   What we discuss in this episode:  2:34 – What is a market crash? 5:42 – Historical rate of return 8:42 – 2000-02 tech crash 11:32 – Tech crash markets 16:25 – 2007-09 crisis 18:42 – Diversification 22:41 – Downturns and ups   More Information: http://savingtheamericandreampodcast.com 
30:11 04/07/2022
Ep 29: Home Run Retirement - How Baseball Principles Also Score Financial Runs
After listening to today’s episode, you’ll never attend another baseball game with the family and look at it the same way. We’re going to show you how taking some of baseball’s most basic principles can also lead to financial success in your retirement portfolio. So, grab your peanuts and crackerjacks and let’s take the financial field.   What we discuss in this episode:  4:07 – Home runs 8:29 – Moneyball 12:37 – Five-tool players 16:40 – Game plan   More Information: http://savingtheamericandreampodcast.com 
19:29 03/24/2022
Ep 28: How Do World Conflicts Impact Financial Planning?
The ongoing conflict between Russia and Ukraine is making news all over the world. People are concerned about the humanitarian crisis, as well as the economy. On today’s show, we’ll talk about how wars have historically affected the market.   What we discuss in this episode:  1:28 – Wars and the market 2:40 – World War II 4:03 – Korean War 4:50 – Market history 8:36 – Big picture   More Information: http://savingtheamericandreampodcast.com
12:03 03/10/2022
Ep 27: Mailbag – Divorce, Life Insurance, and More
Today we’re answering your mailbag questions. Should a dentist sell his building and his business? How do you prepare for divorce financially? We’ll answer these and other questions on today’s show.    What we discuss in this episode:  1:28 – The most epic way someone was fired or quit 3:43 – Dentist wants to retire 6:04 – Getting a divorce 7:17 – Whole life insurance 9:17 – Fun and travel   More Information: http://savingtheamericandreampodcast.com 
17:46 02/17/2022
Ep 26: Planning for Things You Can’t Predict
There are some things in life you can’t predict, but you can try to plan for them. For example, when is the next market crash going to happen? We don’t know, but you can prepare for it. On today's episode, we'll discuss some common things we can't predict but how we can still make a plan for them anyway.   What we discuss in this episode:  1:10 – Rams going to the Superbowl! 3:35 – Headlines: IRS, New Business, Taco Bell 9:40 – Market crash 14:58 – Health care 17:17 – Taxes 20:23 – Life expectancy   More Information: http://savingtheamericandreampodcast.com 
25:25 02/03/2022
Ep 25: How Children Become Part of the Retirement Discussion
On this episode of Saving the American Dream, we’re talking about children and why they need to become part of your retirement discussion. We don't want to coddle our children by any means, but our money typically goes where our heart is, so this is an important discussion to have.   Read more and get additional finanical resources here: http://savingtheamericandreampodcast.com    What we discuss in this episode:  2:22 – College expenses 6:40 – Living with parents 8:52 – Grandkids 11:10 – Children with special needs 13:20 – Generational wealth 16:06 – Mailbag: Mom’s house 18:16 – Mailbag: Money in the bank
22:17 01/20/2022
Ep 24: Don't Fumble Your Retirement in the Financial Red Zone
Just like football players don’t want to fumble the ball in the red zone, you don’t want to fumble your finances as you get close to retirement. We’ll explain how to protect your finances.   Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/retirement-strategy/ep-24-dont-fumble-your-retirement-in-the-financial-red-zone/423/   What we discuss in this episode:  1:55 – What is the financial red zone? 3:25 – Why these years are crucial 7:59 – Common mistakes 9:51 – It’s not too late 10:36 – Be proactive 11:44 – Diagnose problems earlier 12:46 – Mailbag: Company stock 16:47 – Mailbag: Save more
20:24 01/06/2022
Ep 23: Sorting Out the Importance of Legacy Planning
Welcome to our final episode of 2021. On today’s show we’re talking about the importance of legacy planning and what you need to know to make your plan a success.   Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/estate-planning/ep-23-sorting-out-the-importance-of-legacy-planning/403/    What we discuss in this episode:  1:21 – Inflation 4:29 – Financial advisors 6:49 – Generational wealth 8:56 – Legacy 11:31 – Mistakes 13:52 – Interesting plans 15:22 – Mailbag: Generational wealth 18:07 – Mailbag: Investing 19:40 – Mailbag: Saving income
23:31 12/21/2021
Ep 22: 22 Money Resolutions For 2022
You might not be able to follow through on all 22 of these resolutions, but implement even just a few of these and you’ll be well on your way to a more prosperous financial life in the coming year.   Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/retirement-strategy/ep-22-22-money-resolutions-for-2022/242/   What we discuss in this episode:  2:54 – Reduce debt 4:31 – Boost savings 5:44 – Prepare for unexpected 7:25 – Don’t overreact 8:51 – Budget 10:29 – Meet with a financial advisor 11:49 – Tough conversations 13:39 – Audit insurance 14:25 – Refinance 15:36 – Organize 16:38 – Check credit 17:30 – Check fees 18:30 – Share knowledge 19:52 – Give back 21:10 – Review tax brackets 22:11 – Roth conversion 23:13 – Update paycheck withholdings 24:39 – Rebalance portfolio 26:10 – Transition to retirement 27:21 – Consolidate accounts 28:06 – Listen to our podcast
31:58 12/09/2021
Ep 21: Opportunities for Retirement's Late Bloomers
Are you a later bloomer when it comes to saving for retirement? Don’t worry, we’ll share some opportunities that can help you make up some lost ground.   Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/retirement-strategy/ep-21-opportunities-for-retirements-late-bloomers/232/   What we discuss in this episode:  4:02 – Catch up contributions 7:20 – Expenses 10:41 – Debt 13:07 – Downsizing 15:06 – Twilight career 18:35 – Mailbag: Two brokers 20:17 – Mailbag: Budget
24:49 11/23/2021
Ep 20: Quit Cutting Corners in Your Financial Plan
We all cut corners occasionally, but how can this hurt our financial plans? While we may think we can get away with cutting some corners, we will end up hurting our financial future if we do so.   Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/retirement-strategy/ep-20-quit-cutting-corners-in-your-financial-plan/228/   What we discuss in this episode:  6:02 – Risk 10:05 – Legal documents 12:34 – Getting organized 14:58 – Investing
20:26 11/18/2021
Ep 19: Tax Consequences for Different Account Types
Different types of accounts have different tax consequences. Let’s talk about those advantages and disadvantages in different types of accounts and how you use them (or don’t) in your retirement planning.   Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/podcast/ep-19-tax-consequences-for-different-account-types/223/   What we discuss in this episode:  5:26 – Tax-deferred accounts 9:45 – Tax-free accounts 12:05 – Taxable account 15:46 – CDs 17:45 – Life insurance
25:07 11/04/2021
Ep 18: Retirement Planning for Business Owners
This year has been pretty rough for business owners. The pandemic has not only affected profits, but also owners’ retirement plans. Find out what advice we have for business owners who are struggling with how to handle retirement.   Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/?p=217&preview=true    What we discuss in this episode:  2:43 – Mailbag question about retirement 6:57 – Sell business or retain ownership? 9:34 – Remaining an owner 12:26 – Retaining key employees 18:53 – Third party ownership
27:27 10/22/2021
Ep 17: Is Your Your Financial Plan Out of Tune?
Even if you have a solid financial plan in place, things can quickly get out of tune if you don’t make adjustments from time to time. Let’s talk about some of the areas where we often see people get out of tune in their financial plans.   Read and get additional financial information: https://savingtheamericandreampodcast.com/retirement-strategy/ep-17-is-your-your-financial-plan-out-of-tune/212/   What we discuss today:  1:24 – Headlines 10:29 – Taxes 13:10 – Life insurance 15:36 – Cash 18:13 – Risk
23:02 09/30/2021
Ep 16: How Football Relates to Your Finances
What do NFL quarterback battles have to do with your finances? We are going to explain how the similarities can be quite revealing. Plus, we’ll answer some of your mailbag questions about business loans and more.     Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/podcast/ep-16-how-football-relates-to-your-finances/205/   What we discuss on this episode:  1:17 – NFL 3:44 – Competitive teams 4:26 – Risk vs. consistency 7:59 – Risk tolerance 16:24 – Mailbag: Business loans 18:23 – Mailbag: Trading options 19:44 – Mailbag: Roth option
24:22 09/16/2021
Ep 15: What Makes Me Tick
Today is all about me, Michael Schulte, and what makes me tick. What is my background? Who influenced me? What frustrates me? Let’s have some fun pulling back the curtain on my thoughts, dreams and influences.     Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/podcast/ep-15-what-makes-me-tick/194/   What we discuss on this episode:  1:05 – Influencers and lessons 4:00 – The financial business 9:01 – Current influencers 12:33 – Biggest frustration 14:46 – Gratifying part of his job 16:26 – Mailbag questions
25:28 09/02/2021
Ep 14: Retirement Plan Customization Is King
Most people understand that a customized retirement plan is much better than a one-size-fits-all approach. And yet, most people don’t have a plan that’s truly customized. We’ll share some of the things that need to be considered if you’re going to build a truly customized plan.   Read more and get additional financial resources: https://savingtheamericandreampodcast.com/retirement-strategy/ep-14-retirement-plan-customization-is-king/189/   What's discussed on this episode:  1:49 – Retirement age 5:54 – Lifestyle and income needs 8:12 – Risk tolerance 12:22 – Family longevity 16:02 – Financial legacy 17:55 – Emotions 19:43 – Mailbag: Give away money now? 23:04 – Mailbag: Dividends
27:45 08/26/2021
Ep 13: What’s Your Spending Personality?
Are you an emotional spender or someone who loves to do research before making a purchase? No matter how you spend money, it’s helpful to know your personality type so you can best plan for retirement.   Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/?p=177&preview=true    What we discuss on this episode:  1:05 – Emotional spender 3:52 – YOLO spender 5:46 – Savvy spender 11:16 – The miser 13:42 – Mailbag: IRAs 16:05 – Mailbag: Kids
21:26 07/29/2021
Ep 12: Learning Through Uncommon Sense
Common sense is actually quite uncommon, especially when it comes to financial planning. Here are some common sense money approaches you need to know.   Read more and get additional financial resources here: https://savingtheamericandreampodcast.com/podcast/ep-12-learning-through-uncommon-sense/172/    What we discuss on this episode:  2:42 – Buy low, sell high 6:20 – Don’t pay more in taxes than you have to 8:56 – Keep costs low 13:36 – Don’t put eggs in one basket 16:39 – Marketing timing 21:04 - Mailbag
25:45 07/15/2021