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In The Way to Wealth, Benjamin Franklin gave some sage financial advice, even on how to control living expenses. He also gave timeless advice regarding avoiding debt. Mike talks about some of those pieces of advice as well as answering a listener question about the recent interest rate increase and ideas about how to help others in your local community. Mikes’ wife Cathy calls in to discuss ways she helped keep living expenses low as she and Mike raised their children. He also shared an old Saturday Night Live skit.

In 1785, Benjamin Franklin wrote an essay entitled “The Way to Wealth or Father Abraham’s Sermon.” It is a collection of phrases of wisdom and advice that are still applicable today. Phrases like: * A word to the wise is enough. * Lost time is never found again. * Drive thy business, let not that drive thee. * Early to bed, early to rise, makes a man healthy, wealthy, and wise. * If we are industrious, we will never starve. * Never leave for tomorrow what you can do today. * Since you are not sure of a minute, don’t waste an hour. * A life of leisure and life of laziness are two different things. There is a lot of biblical truth in these statements as well. Biblical advice on money is always timely. Whose money is it anyway? How does the way you spend your money reflect what you believe about money?

Highlights from the show originally aired February 19, 2022 Tim Guin of USA Truck joins Mike again to answer more listener questions and shares some of his story. * How do trucking companies try to mitigate risk of high dollar law suits? * What equipment is on semi trucks to help prevent accidents? * How has the chip shortage affected the trucking industry? * What is the drug testing clearinghouse? * How has the labor shortage affected trucking?

Highlights from the show originally aired February 5, 2022 What is the supply chain shortage all about? Tim Guin, CCO and Executive Vice President of USA Truck, joins Mike to discuss the ins and outs of the trucking and shipping industry. We see so many trucks on the road, but hear about a driver shortage. What explains this? What is the Amazon effect? California seems to be quite clogged up with ships. What is going on there? What led to that? What drives some of the changes and challenges we see in the trucking and shipping industry? Short Clip: Discussing the Amazon Effect

Mike answers a number of questions related to the current market volatility and general investing: * Is it still safe to invest in the stock market? Is it less risky to invest now? * Are there any particular sectors or stocks to consider investing in? * How should an investor react to the ups and downs in the market? * Are annuities as really as low risk as they promise? * What cautions should I take when investing in real estate? For more information, read this article from Ronald Blue Trust’s investment team.

Alan Cox, Director of Estate/Trust Planning and Estate Settlement at Ronald Blue Trust, joins Mike to answer several listener questions: * How does the age of death affect the beneficiary’s claiming requirements? * What if no beneficiary was named? * Is there still a 10 year rule? * Does the age of the beneficiary matter?

What is the bucket approach to retirement planning? How do you adjust for inflation? How can you determine your personal inflation rate? What factors come into play? Which bucket should I focus on? What are some different vehicles we use for income? What are some other ways to try to retain income security in retirement?

Erik Daniels, Executive Vice President and Family Wealth Advisor for Ronald Blue Trust, joins Mike to discuss financial lessons he has learned throughout life. He also talks about how he met Ron Blue and got involved in the company at the very beginning of its existence. They discuss some of these questions and ideas: * What are some financial lessons you learned when you were a teenager or young adult and who taught them to you? What financial habits do you still have from them? What have you decided not to do because of your experience? * How can you tell what you value? By looking at your checkbook! * What are some spending mistakes you have made and what have you learned from them? * “There are two ways to get enough. One is to continue to accumulate more and more. The other is to desire less.”  -G.K. Chesterton * We have become conditioned to believe that raising the standard of living increases the quality of our life, but it doesn’t really work that way. * Estate planning is more than just updating your will. It includes building trust across generations. They also offer a family meeting template (this one includes some suggestions from the imaginary “Smith” family.)  

Highlights from show originally aired January 15, 2022 Mike is joined by Nick Stonestreet, CEO of Ronald Blue Trust. They discuss a “Mission Accomplished” story shared recently by a radio listener. A caller asks a question about inflation and where that may be headed, and Nick and Mike share their opinions on that. They also discuss some ideas for how to weather financial storms. Another caller asks a question about savings accounts, money market accounts, and CDs. Mike and Nick then discuss what investment risk entails and how to think about your investments. No one can predict or time the market, but there is no such thing as a low risk, high return investment. A recent article covered someone who had promised a low risk, high return investment, but it was really a Ponzi scheme. “People who have crystal balls typically end up eating glass.”

Highlights from show originally aired January 8, 2022. In this episode, Mike looks back on some past listener questions that still get asked frequently today: * When exactly do I need to start taking my required minimum distribution (RMD)? * What is the best way to take that RMD? * Has the age requirement changed? * How does the qualified charitable distribution (QCD) work? * Is there a more tax efficient way to give? * How does lowering the balance of your IRA affect your RMD amount? * What are some ways to lower the balance of an IRA?

What is the importance of researching the companies you are investing in or the firms you are using to invest for you? Beware those who show you past performances and promise the same future returns. Ask where they invested 5, 10, 15 years ago. Remember: no one can accurately predict the market! Make a plan and stick to it. When making a large purchase (car, house, etc), do you think about how a larger loan may affect your daily cash flow and budgeting? What is the bucket strategy? What is your portfolio’s primary goal: meeting future cash flow needs, limiting volatility, or keeping up with the benchmarks? You can’t have all three, and each have their trade-offs. If you are holding on to a stock that has gone down since you purchased it, ask yourself if you would buy it today. If the answer is no, why would you continue to hold on to it? Invest according to the time frame in which you will need the money. Don’t let fear or greed take you away from your plan.

What is a stock? What is a bond? How do they work? Stocks: what they are and how they work. Stockholder owns part of the company. Stocks are sold at an auction, so the price does not reflect the value of the company. Your money doesn’t actually go to the company. Bonds: you are investing in the debt of a corporation or government, basically giving them a loan. Have a time limit. Interest rates can affect bonds as well. Why is it important to stay diversified in stocks and bonds? What about just riding out the rise and fall of the market? What is the danger of following the “guru” who got their guess right once?