We hear a ton about “intergenerational wealth” lately, and a cornerstone of building a dynasty of Benjamin-stackers is knowing how to pass on your assets. But even if you don’t have any assets yet, not having a good plan can still wreck your plans. On today’s show we’ll dive into Estate Planning 101 with author Amy Blacklock, and begin with the bajillion dollar question, “Why do I need an estate plan if I have nothing?” You’ll be surprised. We’ll also answer basic questions, like, “Who would you want to handle your estate and who do you want to give your sweet super soaker collection to?” We’ll tackle wills, trusts, estate planning for young people, and more.
During our headline, we take a look at asset allocation and rebalancing. Rebalancing is important at any stage of your investing life, but why does it matter more during retirement? We’ll find out and offer our thoughts on how and when to rebalance. We’ll also throw out the Haven Life line to Joanne who asked a question in our Facebook group about an annuity she was pitched. We have (sometimes strong) opinions on annuities but we break this down and explain the red flags we see. Don’t worry, we won’t forget about Doug’s trivia!
We couldn’t bring you three shows a week without our sponsors!
Navy Federal Credit Union
If you’re an active duty service member, veteran, D-O-D civilian, or military family member, you can join Navy Federal. That means if you’ve served in any branch of the military–you can join Navy Federal Credit Union. You could pay no fees, get low rates and rate discounts, plus earn cash back and grow your savings. Visit NavyFederal.org for more information.
For advice on solutions like XPS 13 laptops powered by Intel EVO platform, call an advisor today at 877-ASK-DELL.
A big thanks to Discover for supporting Stacking Benjamins! Discover matches all the cash back you earn on your credit card at the end of your first year automatically with no limit on how much you can earn. Learn more at Discover.com/yes.
T-Mobile for Business
At T-Mobile for Business, unconventional thinking means they see things differently, so you can focus on what matters most. Their unique approach has made T-Mobile for Business the leader in 5G, #1 in customer satisfaction, and a partner who includes benefits like 5G in every plan. So you get it all. Without trade-offs. Unconventional thinking. It’s better for business. T-Mobile for Business.
- Portfolio Rebalancing Is a Good Retirement Habit (The Wall Street Journal)
- Finding The Optimal Rebalancing Frequency – Time Horizons Vs Tolerance Bands (Michael Kitces)
- Getting Back on Track: A Guide to Smart Rebalancing (Vanguard)
Our TikTok Minute
Big thanks to AmyBlacklock for joining us today. To learn more about Amy, visit her website and grab a copy of her book here.
- On this date in history, the first hashtag was used. What year was it first used?
Need life insurance? You could be insured in 20 minutes or less and build your family’s safety net for the future. Use StackingBenjamins.com/HavenLife to calculate how much you need and apply.
- Write Haven Life Line question here
Want more than just the show notes? How about a guide with STACKS of related, deeper links?
- Check out The Stacker, our email that comes with every Monday and Wednesday episode, PLUS a list of more than 19 of the top money lessons Joe’s learned over his own life about money. From credit to cash reserves, and insurances to investing, we’ll tackle all of these. Head to StackingBenjamins.com/STACKER to sign up (it’s free and we will never give away your email to others).
Want to listen to more related interviews? Check these out.
- Jon and Terrie Hull joined us to tell their estate planning horror story and how you can avoid the same mistakes: Estate Planning Horror Story – with Terrie & Jon Hull
- Brent Henningson joined us to talk about annuities in a fun way…lottery winnings! Annuities, Lotteries, and More (with Brent Henningson)
- Matt Hall joined us to talk about asset allocation and the small adjustments you can make that could have big results: Tweaking Your Portfolio For Better Returns (with Matt Hall)
Written by: Brooke Miller
Miss our last show? Listen here: Our Best “Secret” Travel Hacks
Leave a Reply