Wisdom & Wealth: Financial Clarity For Families in Transition

As the year comes to a close, many of us are making resolutions moving into 2025. So why not focus on our money mindset as well? Whether you’re overwhelmed by debt, stuck in a savings rut, or simply stressed about money, this episode is packed with actionable strategies to help you think differently and achieve financial comfort. We'll address common negative thoughts about money, and Donna will share ways to reframe those limiting beliefs. Tune in and let’s transform our money mindset in 2025! Here are the points we discuss in today’s show:  0:00 – Intro 2:33 – Donna’s tips for changing your mindset 3:47 – “Debt is ruining my life” 4:46 – “I don’t earn enough to save or invest” 8:03 – “Taxes are so complicated and eat up my income” 10:28 – “I’m terrible with money because I made bad choices” 14:19 – “Investing is too risky and complicated” 17:08 – “I’m too late to start saving for retirement”   Resources for this episode: Donna’s book, A Guide to Widowhood + other resources https://www.donnajeankendrick.com/a-guide-for-widowhood Get additional financial information: https://sephtonfinancial.com/podcasts/ Check out the video version of the podcast: Sephton Financial - YouTube

12/26/24 • 21:02

It’s hard to believe the holiday season is here! While you’re stuffing stockings for your loved ones, don’t forget to stuff your own financial stocking with tips that can bring you closer to a secure retirement. Today, we’re unwrapping 10 bite-sized, actionable ideas to help you save smarter, invest better, and plan for the future you deserve. Here are the points we discuss in today’s show:  0:00 – Intro 1:40 – Maxing out your retirement contributions 3:39 – Diversifying your investments 5:42 – Reviewing your Social Security strategy 6:24 – Consolidating old retirement accounts 7:59 – Revisiting your estate plan 9:07 – Boosting your emergency fund 10:30 – Scheduling a financial checkup 11:23 – Considering Roth conversions 13:39 – Automating bill payments and savings contributions 15:08 – Reviewing your insurance coverage gaps or overlap   Resources for this episode: Donna’s book, A Guide to Widowhood + other resources https://www.donnajeankendrick.com/a-guide-for-widowhood Get additional financial information: https://sephtonfinancial.com/podcasts/ Check out the video version of the podcast: Sephton Financial - YouTube

12/12/24 • 18:05

Navigating the transition of divorce can be challenging, especially when it occurs right before or during retirement. That’s why this week on Wisdom and Wealth, we’re going to share 3 immediate steps you’ll want to take during this pivotal time: first, understanding your flow of income; second, evaluating your net worth; and third, updating your beneficiary designations. In moments like divorce, having the right team by your side can make all the difference. Tune in for valuable tips on seeing the big picture, avoiding costly mistakes, and navigating these life-changing decisions with confidence. Here are the points we discuss in today’s show:  0:00 – Intro 2:10 – Figuring out your flow of income 5:31 – Understanding your net worth 8:24 – A beneficiary review 10:50 –Social Security benefits + Final takeaways   Resources for this episode: Donna’s book, A Guide to Widowhood + other resources https://www.donnajeankendrick.com/a-guide-for-widowhood Get additional financial information: https://sephtonfinancial.com/podcasts/ Check out the video version of the podcast: Sephton Financial - YouTube

11/25/24 • 13:47

Are you making decisions about your money with a clear mind? Or are you financially ‘impaired?’ December is National Impaired Driving Prevention Month, so with that right around the corner, we’re exploring the surprising parallels between dangerous driving habits and risky financial choices.   Here are the points we discuss in today’s show: 0:00 – Intro 3:16 – Clouded judgment in financial decisions 5:01 – Losing sight of long-term goals 9:50 – The danger of an inconsistent approach 11:49 – The importance of a roadmap   Resources for this episode: Donna’s Books https://www.donnajeankendrick.com/books Donna’s Website https://sephtonfinancial.com/   Get additional financial information: https://sephtonfinancial.com/podcasts/ Check out the video version of the podcast: Sephton Financial - YouTube

11/12/24 • 15:05

In the recent celebration of Halloween, we’re bringing you some real-life cautionary tales in today’s episode. Donna and Jim will share a few spine-chilling financial horror stories that could happen to anyone without proper planning. As you listen, take a moment to consider your own financial situation. Have you updated your estate and beneficiary documents? Are both you and your partner plugged into your financial picture? Let’s discuss how to be ready for any twists and turns so your financial future doesn’t turn into a scary story.   Here are the points we discuss in today’s show: 0:00 – Intro 1:14 – Financial horror stories 3:48 – The importance of beneficiary designations 5:30 – Construction work horror stories 7:11 – How unexpected expenses impact retirement plans 10:38 – Preparing for the unexpected as a couple   Get additional financial information: https://sephtonfinancial.com/podcasts/ Check out the video version of the podcast: Sephton Financial - YouTube

11/7/24 • 16:14

Are you curious about what retirees wish they had done differently? A random, retired YouTuber did a simple video exploring the top 5 regrets of other retirees he interviewed (all in their 70s). It blew up to almost half a million views (and counting). Let’s see what regrets made the list and, more importantly, explore what proactive steps you can take to avoid having the same regrets when you retire. Here are the points we discuss in today’s show: 0:00 – Intro 1:24 – Not retiring earlier 2:55 – Not spending enough 6:16 – Health care neglect 9:52 – Not taking up a hobby 14:10 – Not traveling more Get additional financial information: https://sephtonfinancial.com/podcasts/ Check out the video version of the podcast: Sephton Financial - YouTube

10/16/24 • 16:52

Remember when you were a kid, always asking 'How do you know?' about everything, like why the sky is blue or where the sun goes at night? That curiosity doesn't go away as we get older; it just turns into different questions, like the ones we face when planning for retirement. Today, we’re digging into the 'How Do You Knows' of retirement planning.   Here are the points we discuss in today’s show: 0:00 – Intro 1:52 – Income in retirement 5:34 – Money in savings account 7:42 – Risks in finance 10:06 – Nest egg longevity 12:50 – Tax efficiency in retirement planning   Get additional financial information: https://sephtonfinancial.com/podcasts/ Check out the video version of the podcast: Sephton Financial - YouTube

9/19/24 • 18:24

In the second part of this two-part series, we continue to explore the important role that children and grandchildren play in shaping financial and retirement plans. If you missed our previous discussion, be sure to give it a listen! This week, we’ll explore more common financial planning scenarios and offer practical advice to help families handle their finances with ease and confidence.   Here are the points we discuss in today’s show: 0:00 – Intro 1:56 – Life insurance policies and annuities 6:46 – Cultivating financial literacy 10:18 – Finances in blended families 13:00 – Family members with special needs 14:35 – Parents lending money to kids   Get additional financial information: https://sephtonfinancial.com/podcasts/ Check out the video version of the podcast: Sephton Financial - YouTube

9/5/24 • 20:39

Kids and grandkids play a crucial role in shaping financial plans. In this two-part episode, we'll dive into the most common scenarios where future generations influence retirement planning. Whether you’re a parent with adult children still on the payroll or a grandparent wanting to help out with college education costs, we’ll explore how to balance your retirement goals with the needs of your family.   Here are the points we discuss in today’s show: 0:00 – Intro 1:58 – Adult children still on the payroll 5:00 – Parents who had kids later in life 7:54 – Grandparents who want to help with education 9:46 – Planning for aging parents 14:09 – Intentional legacy planning   Get additional financial information: https://sephtonfinancial.com/podcasts/ Check out the video version of the podcast: Sephton Financial - YouTube  

8/22/24 • 17:51

We’re all guilty of telling ourselves lies from time to time. But are you telling yourself financial lies? In this episode, Donna and Jim dive into some common financial lies that could be holding you back.   Here are the points we discuss in today’s show: 0:00 – Intro 0:50 – The YOLO mentality 3:51 – Catching up after falling behind 5:48 – Cutting back on expenses 9:00 – Getting on the same page 14:15 – Tackling finances alone   Get additional financial information: https://sephtonfinancial.com/podcasts/ Check out the video version of the podcast: Sephton Financial - YouTube  

8/1/24 • 21:40

Paying for college has become increasingly challenging due to rising costs, particularly for blended families. But no matter your situation, early planning for your child's or grandchild's education can make a big difference and reduce the need for excessive borrowing later on. In this episode, we’ll cover the key aspects of college financial planning from various perspectives.   Here are the points we discuss in today’s show: 0:00 – Intro 1:20 – Where do you start? 7:01 – Cutting down on college expenses 8:17 – Best saving vehicles for college 13:30 – Tax implications when gifting college funds 15:30 – The blended family factor 19:16 – Retirement considerations   Get additional financial information: https://sephtonfinancial.com/podcasts/ Check out the video version of the podcast: Sephton Financial - YouTube  

7/18/24 • 22:08

Insurance- it may not be the most exciting subject, but it plays a super important role in financial planning. Listen in as Donna, Jim, and Marc discuss the value of having a safety net, especially in a blended family, where both partners bring in assets and responsibilities from previous relationships. If you haven't given much thought to your insurance policies lately, this episode will give you some great items to consider and talk about with your advisor.   Here are the points we discuss in today’s show: 0:00 – Intro 0:42 – Donna and Jim’s experience with life insurance 7:55 – Different reasons for insurance 12:57 – Insurance for blended families   Beneficiary Designations Episode https://sephtonfinancial.com/2023/11/easy-wins-in-personal-finance-part-2/   Get additional financial information: https://sephtonfinancial.com/podcasts/ Check out the video version of the podcast: Sephton Financial - YouTube

7/2/24 • 16:13

Talking about finances in a dating relationship can be daunting, but it’s an important part of building a strong, transparent, and trusting partnership. So, when is the right time to discuss money matters with your partner? Should you discuss your financial status early on or wait until the relationship is more serious? Donna and Jim are here to share tips from their personal experiences and a financial planning perspective.   Here are the points we discuss in today’s show: 0:00 – Intro 2:33 – Donna and Jim’s personal experience 6:24 – When and how to start talking about finances 13:10 – Icebreakers, conversation starters, and observations 18:26 – When to involve a financial professional   Get additional financial information: https://sephtonfinancial.com/podcasts/ Check out the video version of the podcast: Sephton Financial - YouTube

6/20/24 • 21:53

Choosing a financial advisor can feel daunting, especially when you're not sure what to look for or what questions to ask. In today’s episode, we’re going to cover some of the critical mistakes people make when they’re on the hunt for the perfect match. Listen in as Donna shares her personal experiences as a widow searching for a financial advisor and offers valuable insights for anyone in a similar situation!   Here are the points we discuss in today’s show: 0:00 – Intro 2:31 – Personal referrals and advisor specializations 7:00 – Asking how an advisor gets paid 11:11 – Communication style and succession plans 12:52 – Is bigger always better? 15:47 – Ethics and fiduciary responsibility   Get additional financial information: https://sephtonfinancial.com/podcasts/ Check out the video version of the podcast: Sephton Financial - YouTube  

6/6/24 • 21:07

Donna and her husband, Jim, have both navigated the path of stay-at-home parenting and are no strangers to what it looks like to manage finances during family transitions. We’re excited to officially welcome Jim onto the podcast for the first time in today’s episode. Together, Donna and Jim will share their unique perspectives on the emotional and financial implications of stepping away from the workforce to be stay-at-home caregivers. One of the episode's key takeaways is the importance of communication within relationships, particularly concerning finances. Open and honest conversations between partners are crucial whether it's discussing retirement savings or the day-to-day budgeting for a blended family. Donna and Jim's story is a testament to the fact that with the right approach and guidance, it's possible to find balance and build a solid financial foundation, even in the face of life's transitions.   Here are the points we discuss in today’s show: 0:00 – Intro 2:09 – Donna and Jim’s experiences as stay-at-home parents 5:54 – Financial awareness and communication between partners 8:41 – Jim’s time as a caregiver 14:08 – Seeking professional advice and building financial literacy 17:46 – The life-changing advice Donna took from Jim   Get additional financial information: https://sephtonfinancial.com/podcasts/ Check out the video version of the podcast: Sephton Financial - YouTube  

5/23/24 • 22:43

Just like an annual checkup is important for maintaining good health, performing regular financial checkups is an essential part of planning for a healthy and successful retirement. In today’s episode, Donna gives us a glimpse at what financial wellness checkups look like at Sephton Financial.   Here are the points we discuss in today’s show: 0:00 – Intro 1:02 – Reviewing your goals 3:04 – Checking your “vitals” 5:40 – Building financial immunity 7:18 – Screening your portfolio 9:13 – Debt diagnosis 11:41 – Preventative measures   Get additional financial information: https://sephtonfinancial.com/podcasts/ Check out the video version of the podcast: Sephton Financial - YouTube      

5/9/24 • 20:03

As much as any other threat, recognizing and avoiding scams has become an essential skill, particularly for retirees. Join us as we explore crucial steps you can take to safeguard your financial well-being against the growing tide of scams and identity theft. Learn from real-life stories and gain practical advice to keep your finances secure in this digital era, all from the perspective of a seasoned financial professional.   Here’s what we share in today’s show:  Some real-life examples of financial scams + surprising statistics Phishing, vishing, and smishing scamming techniques Some ways to spot some of these scams and protect your personal information What should you do if you fall victim to a scam?   CNBC Article https://www.cnbc.com/2023/10/08/how-one-retired-woman-lost-her-life-savings-in-a-common-elder-fraud-scheme.html   Thomson Reuters Article https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/senior-citizens-financial-scams/   Get additional financial information: https://sephtonfinancial.com/podcasts/

3/28/24 • 21:12

As International Women’s Day approaches (March 8), it’s the perfect time to reflect on the progress women have achieved in the financial realm over the past century. Despite this, the path to retirement is not without its unique challenges for women, and it’s important to recognize the financial hurdles that they continue to face. From career interruptions to the impact of higher debt burdens, this is why retirement planning is different for women.   Here are the points we discuss in today’s show: Career interruptions that women often face and how this impacts retirement savings Women’s longer life expectancy + the impact of divorce on women’s finances The higher debt statistics for women A lack of education when it comes to personal finance + women’s confidence when it comes to finances The importance of both parties being involved in financial planning   Resources for this episode: https://pubmed.ncbi.nlm.nih.gov/23331196/ https://www.troweprice.com/content/dam/iinvestor/resources/insights/pdfs/closing-the-gender-retirement-savings-gap.pdf https://www.prnewswire.com/news-releases/bmo-survey-finds-american-women-significantly-less-confident-in-retiring-compared-to-men-301764524.html   Get additional financial information: https://sephtonfinancial.com/podcasts/

2/15/24 • 19:13

This episode might be a bit counterintuitive. We’re going to question the real impact of common financial habits. Are the strategies you consider beneficial actually working in your favor?   Here’s some of what we discuss in this episode: Ignoring account statements can be beneficial in avoiding overreactions to market fluctuations, but it's important to periodically check them to stay informed about your financial situation and unexpected changes Finding a balance between financial discipline and enjoying life's moments Being patient in entering the stock market can help avoid irrational decisions, but waiting too long may lead to missed opportunities Having too much in cash reserves may result in missed opportunities for growth and life experiences Overcoming procrastination when it comes to financial and estate planning Some of Donna’s goals for the business in 2024   Get additional financial information: https://sephtonfinancial.com/podcasts/  

1/18/24 • 19:56

Have you ever wondered what questions to ask your financial advisor, or why those questions are crucial? In today’s episode, we’re tackling exactly that. We're discussing the vital questions that bring transparency and depth to your financial advisory relationship.   Here are some of the questions we talk about in today’s show: “How do you get paid?” “What does your typical client look like?” “What is your investment philosophy?” “Do you have a particular strength or specialty?” “Do you provide educational resources?” "Will I be working with you, someone on your team, or both?"   Get additional financial information: https://sephtonfinancial.com/podcasts/  

12/7/23 • 22:34

We’re back to wrap up our discussion on easy personal finance wins. While crafting a comprehensive financial plan is crucial, sometimes making minor adjustments in your portfolio can yield significant benefits. Listen in as we share some more powerful strategies to help get your financial house in order.   Here’s some of what we discuss in this episode: Analyzing the tax efficiency of your investments Regularly reviewing and updating beneficiary designations Rebalancing your investment portfolio Accurately assessing and funding your emergency fund by tracking your spending patterns The benefits of automating your savings   Get additional financial information: https://sephtonfinancial.com/podcasts/  

11/16/23 • 16:11

It’s important to eventually get a comprehensive financial plan for yourself, but sometimes even just a few minor adjustments in your portfolio can make a big difference. Let’s discuss a few easy places to start…   Here’s some of what we discuss in this episode: Establishing the right amount of yield cash as a financial safety net Cleaning up some old life insurance policies Consolidating retirement accounts when changing jobs to maintain control and stay organized Reconsidering managed accounts to ensure that they are actively managed and offer value for the fees paid Reviewing the fees and expense ratios of your mutual funds   Get additional financial information: https://sephtonfinancial.com/podcasts/  

11/2/23 • 15:46

Welcome back to Widow, Wisdom & Wealth! In this episode, we tackle the common complaints that arise during the financial planning process. Whether you feel like your advisor is taking too much risk, your account isn’t growing the way you’d like, or you don’t understand your financial plan, we'll discuss which concerns are well-founded, which are based on misconceptions, and offer insight on how retirees can best navigate their financial future.   Here’s some of what we discuss in this episode: If you feel like your advisor is taking too much risk, it’s important to assess your risk tolerance and align your investment portfolio accordingly Your account's performance may not match the market's performance. It's essential to consider your unique circumstances, investment goals, and risk tolerance when evaluating returns Understanding the various fees associated with your investments and financial planning Effective communication with your financial advisor is key. They should be able to explain complex concepts in a way that makes sense to you Recognizing the difference between financial planning and asset management   Get additional financial information: https://sephtonfinancial.com/podcasts/  

10/26/23 • 19:29

Are you over 55 and pondering retirement? Dive into the world of Required Minimum Distributions (RMDs) with us. RMDs are a way for the government to collect taxes on your tax-deferred savings, such as traditional IRAs and 401(k)s. In this episode, Donna and Marc break down the basics of RMDs and explain how they are calculated based on your age and account balance. Listen in as we share strategies to potentially avoid them and understand the risks of not preparing in advance. And for those fortunate to not rely on RMDs for income, we'll explore impactful ways to utilize those funds. Here’s some of what we discuss in this episode: What are RMDs and why do they exist? The recent changes in RMD rules, which has moved the RMD age to 73 + potential future changes Using RMDs for charitable giving + legacy planning options with RMDs How Roth conversions can help control tax brackets and provide tax-free growth   Get additional financial information: https://sephtonfinancial.com/podcasts/  

10/12/23 • 15:45

Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer.   This is a topic that’s close to Donna, having lost her husband in 2013 and facing many of the challenges we’re talking about in this episode. So we’ll explore actionable strategies to address these issues, such as the importance of life insurance and the ins and outs of spousal pension continuation. We hope this episode helps out anyone who is concerned with ensuring the financial well-being of their remaining family members and safeguarding your financial future and legacy in the face of loss.   Here are some key takeaways from this episode:   Donna shares her personal experience dealing with the loss of her husband and the financial challenges that she immediately faced in the aftermath. The changes in tax filing that surprises many widows and what you need to be prepared. Some of the financial planning strategies you can use to prepare yourself for this emotional situation. What are some of the things you need to be thinking about to help take care of your kids and grandkids. What Donna thinks about having a trust and why you need to work with an estate planning attorney about the options.   If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation. Get additional financial information: https://sephtonfinancial.com/podcasts/    

9/21/23 • 20:07

In this episode, we’re back to discuss the complex and often emotionally charged process of changing financial advisors. We'll share the telltale signs that it's time to consider a switch, the questions to ask your current advisor, and what to look for in a new one. In part one, we focused on making sure that your financial advisor aligns with your needs and goals. In this episode, we talk through what the transition to a new advisor looks like.   Here are some key takeaways from this episode: When switching advisors, inform your current advisor about your decision and discuss the logistics of transferring your accounts. Be prepared for some paperwork and potential closing fees. When searching for a new financial advisor, ask about their credentials, qualifications, and specialization. Consider their investment philosophy, approach to portfolio management, and how they communicate with clients. After making the switch, be patient and give your new advisor at least a year to assess the performance and effectiveness of their services. Communication is key, so don't hesitate to ask questions or seek clarification if needed!   Get additional financial information: https://sephtonfinancial.com/podcasts/    

9/7/23 • 20:03

In this episode, we delve into the complex and often emotionally charged process of changing financial advisors. We'll discuss the telltale signs that it's time to consider a switch, the questions to ask your current advisor, and what to look for in a new one. Join us as we demystify the transition process and equip you with the knowledge you need to make informed decisions about who is best suited to guide your financial future!   Here are some key takeaways from this episode: Many people form strong emotional connections with their financial advisors. However, it's important to balance this emotional connection with your current financial needs and goals. Before deciding to change advisors, identify your financial needs and goals. Create an avatar of your ideal advisor by listing the services and qualities you want to help assess whether your current advisor aligns with those requirements. Ask questions that matter to you. Inquire about your advisor’s use of technology, specialization, willingness to work with other professionals, and more. Make sure their answers align with your needs. Trust your instincts and feelings. If something doesn't feel right or you're not fully satisfied with the advice or services you're receiving, consider seeking a new advisor who better meets your expectations. Remember that finding the right financial advisor is a two-way street. Advisors also assess whether you're a good fit for their practice and approach.   Get additional financial information: https://sephtonfinancial.com/podcasts/    

8/24/23 • 15:00

Welcome back to part two of our discussion on resolving financial tension between couples. In this episode, we'll explore five more common areas of financial tensions: emergency fund size, charitable contributions, handling inheritances, insurance needs, and financial management style. Stay tuned to learn how advisors like Donna work to resolve conflicts in these areas as they arise.    Here’s some of what we’ll discuss in this episode: Agreeing on the right amount to have in an emergency fund. (3:06) Being on the same page about charitable contributions. (7:02) Deciding what to do with an inheritance. (10:25) Having protection planning conversations about insurance and long-term care. (13:49) How do you want to handle financial management in retirement? (16:36)   Get additional financial information: https://sephtonfinancial.com/podcasts/  

8/8/23 • 21:09

Money can't buy love, but it can certainly start some spicy debates between you and your better half. In this episode, we're digging into the financial face-offs that make Monopoly fights look like child's play and exploring some money minefields that can test even the most solid relationships. Listen in as we explore how to resolve some of the most common financial sources of tension between couples.   Here’s some of what we’ll discuss in this episode: What level of risk should you take in your portfolio? (2:38) Deciding on the best age to retire as a couple. (5:24) Are you on the same page about paying for your children’s college education + legacy planning? (8:45) Should you downsize or not downsize? (11:08) Agreeing on your retirement lifestyle. (13:28)   Get additional financial information: https://sephtonfinancial.com/podcasts/  

7/27/23 • 16:40

Don’t get us wrong. In many cases, your 401(k) can be your best investment vehicle, offering numerous benefits and tax advantages and many times a 100% return on some of your contributions (also known as an employer match). However, it's important to recognize that it might not always be the optimal choice for everyone. Join us in this thought-provoking episode as we dissect the reasons why someone should NOT invest in a 401(k).    Here’s some of what we’ll discuss in this episode:  If your employer does not offer matching contributions, there are many other vehicles that have guarantees. (2:46) Thinking about future tax increases. (6:41) Finding the balance between saving for long-term goals and paying off debt. (9:03) Keep it, roll it, or control it: three options for a 401(k) if you leave a company. (12:45)   Find links to subscribe on your favorite app and get additional financial information: https://sephtonfinancial.com/podcasts/      

7/13/23 • 18:34