Tag: Financial Planning

Are Behavioral Biases Affecting Your Retirement Planning & Investment Decisions? (Ep. 42)
Are Behavioral Biases Affecting Your Retirement Planning & Investment Decisions? (Ep. 42)

Are Behavioral Biases Affecting Your Retirement Planning & Investment Decisions? (Ep. 42)

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Have you ever found yourself making financial decisions based on instinct rather than informed choices? 

In this episode, Josh Leonard talks about five common behavioral biases that can influence financial decision-making. He addresses loss aversion, confirmation bias, herd mentality, overconfidence, and anchoring bias, illustrating each with real-world examples. He also discusses the influence of laziness and habit on decision-making and suggests a four-step approach to counteract biases: recognition, education, professional advice, and informed decision-making.

Josh discusses: 

  • Loss aversion and its impact on investment decisions
  • Confirmation bias and its influence on perceptions and decision-making
  • Herd mentality and the potential financial risks associated with following the crowd
  • Overconfidence and its role in guiding risky financial decisions
  • Anchoring bias and its impact on decision-making and perceptions of value
  • Four steps to outsmarting behavioral biases
  • And more

Resources:

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Retirement Success Through Discipline and Goal-Setting with Pete Belcastro, CFP® (Ep. 41)
Retirement Success Through Discipline and Goal-Setting with Pete Belcastro, CFP® (Ep. 41)

Retirement Success Through Discipline and Goal-Setting with Pete Belcastro, CFP® (Ep. 41)

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In a world filled with distractions and temptations, discipline stands as a beacon of consistency and success, guiding us toward our goals and aspirations. Whether in financial planning, health routines, or personal growth, discipline forms the foundation for long-term achievement and fulfillment.

Today on Relax, It’s Retirement, Josh and Pete Belcastro, CFP®, talk about discipline in various aspects of life, drawing parallels between maintaining financial discipline and personal habits. Using personal anecdotes, they emphasize the importance of setting realistic goals, committing to long-term strategies, and seeking professional guidance to achieve financial success in retirement. They discuss the three-bucket approach to retirement planning, emphasizing the significance of consistent contributions and staying invested for long-term growth. 

The conversation touches on the value of discipline in navigating market fluctuations and resisting short-term impulses. The episode concludes with insights on the positive impact of discipline in achieving financial goals and the benefit of seeking professional advice for retirement planning.

Key topics include: 

  • The concept of discipline in various aspects of life, including health decisions and financial planning for retirement.
  • Why setting realistic expectations, consistent behavior, and long-term goals to achieve success is important.
  • Discipline’s role in investing, and the need for a disciplined approach to navigate market volatility and achieve financial goals.
  • How discipline can help achieve financial security for retirement.
  • Negative connotations associated with discipline and how it can actually lead to positive outcomes and personal growth.
  • The challenges of maintaining discipline and the benefits of setting disciplined goals
  • And more

Resources:

Connect with Josh Leonard: 

Connect with Pete Belcastro: 

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How to Maximize Your Tax Savings with Pete Belcastro, CFP®
Don’t Let Taxes Crash Your Party – How to Maximize Your Tax Savings with Pete Belcastro, CFP® (Ep. 40)

Don’t Let Taxes Crash Your Party – How to Maximize Your Tax Savings with Pete Belcastro, CFP® (Ep. 40)

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Tax time is near. Nobody wants to pay taxes, but we have to, so let’s talk about how we can maximize our tax savings.

In this episode, Josh Leonard and Pete Belcastro, Financial Planner at Leonard Advisory Group, talk about tax planning. They share tips for filing taxes this year and some ways to help reduce taxation in the future and be more tax-efficient. Josh and Pete cover the importance of reporting interest from savings accounts, accurately reporting capital gains from stock sales, and the benefits of qualified charitable distributions. 

Their conversation also includes strategies for making HSA and IRA contributions to reduce taxable income and the significance of conducting a thorough tax analysis for future savings. Additionally, Josh and Pete explore the pros and cons of traditional versus Roth 401(k)s, tax diversification, Roth conversions, and managing capital gains and charitable giving. They also discuss handling sudden income increases and the use of donor-advised funds for tax-efficient charitable contributions.

Josh and Pete discuss:

  • Importance of reporting interest earned on savings accounts and capital gains from stock sales for tax purposes
  • Qualified charitable distributions as a tax-efficient way to donate to charities
  • Tax implications of qualified accounts and making direct contributions to charities from these accounts
  • Opportunity to make HSA and IRA contributions before the tax filing deadline to lower taxable income
  • Benefits of traditional 401(k) versus Roth 401(k) contributions
  • Strategies for managing capital gains and charitable giving as part of comprehensive tax planning
  • Importance of proactive tax planning and practical advice for optimizing tax strategies
  • And more

Resources:

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Connect with Pete Belcastro: 

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Navigating Life’s Twists and Turns: A Candid Conversation with Yana Leonard | Family, Finance, and More (Ep. 39)

Navigating Life’s Twists and Turns: A Candid Conversation with Yana Leonard | Family, Finance, and More (Ep. 39)

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Have you ever wondered how successful couples navigate the challenges of marriage, parenthood, and career?

Meet Yana Leonard, CIA, MBA, a key member of the team at Josh Leonard Advisory Group, as she steps into the spotlight in this episode of Relax, It’s Retirement.

Today, Josh introduces his wife, Yana Leonard, CIA, MBA, Director of Finance, to listeners. They dive into the evolution of their relationship from their college days to marriage. Josh and Yana candidly discuss the hurdles they’ve overcome, including the birth of their children and the strain of the COVID-19 pandemic on their family life. 

Knowing the team at Leonard Advisory Group is very important to them. The episode aims to give listeners the opportunity to get to know Yana.

Josh and Yana talk about: 

  • The story of their relationship from college to marriage
  • Challenges faced as a couple, including the birth of their children and the impact of COVID-19
  • Importance of communication, balancing priorities, and finding time for each other
  • Challenges of finding a balance between individual interests, work, and family commitments
  • And more

Resources:

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Connect with Yana Leonard:

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Navigating Post-Employment 401(k) Options (Ep. 38)

Navigating Post-Employment 401(k) Options (Ep. 38)

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What are the long-term impacts of keeping your 401(k) with a former employer versus rolling it over to an IRA or a new employer’s plan? How can the benefits of IRA rollovers and Roth conversions influence your decision for penalty-free withdrawals?

Josh Leonard explores the advantages and disadvantages of maintaining the 401(k) with a past employer, transitioning it into an IRA, or moving it to the retirement plan of a new employer.  He highlights the importance of comprehending the regulations, costs, and tax consequences associated with each plan. 

Josh discusses: 

  • What are the options for handling a 401(k) with a previous employer
  •  When is it appropriate to roll over a 401(k) to an IRA
  • How do automatic savings and employer matching contributions benefit 401(k) participants
  • What are the potential tax implications and benefits of converting a traditional 401(k) or IRA to a Roth IRA
  • And more

Resources:

Connect with Josh Leonard: 

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The Three-Bucket Strategy for Retirement Planning with Pete Belcastro
The Three-Bucket Strategy for Retirement Planning with Pete Belcastro (Ep. 37)

The Three-Bucket Strategy for Retirement Planning with Pete Belcastro (Ep. 37)

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Is your financial plan secure enough to last until retirement? How could dividing your income into separate groups help ensure your retirement income will last?

Check out this episode as Josh Leonard and Pete Belcastro from the Leonard Advisory team explore the essential elements of retirement preparation. They delve into the “three baskets” strategy, which includes the cash, income, and growth categories. Emphasizing the necessity of an emergency reserve, they discuss allocating funds for predictable costs through secure investments and the importance of long-term growth strategies to manage significant future expenses such as healthcare.

Josh and Pete discuss: 

  • Why is comprehensive retirement planning important
  • What are the three baskets in retirement planning
  • How do stable investments ensure a steady income stream during retirement
  • What role do different financial buckets play in providing insulation and protection for retirement savings
  • And more

Resources:

Connect with Josh Leonard: 

Connect with Pete Belcastro: 

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Managing the Unpredictability in Market Predictions for Investment Planning with Pete Belcastro, CFP® (Ep. 34)

Managing the Unpredictability in Market Predictions for Investment Planning with Pete Belcastro, CFP® (Ep. 34)

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Can current market predictions be as off the mark? How do long-term investment strategies and emotional management play into market unpredictability? How do unexpected market outcomes challenge current forecasts?

Listen in as Josh Leonard and Pete Belcastro, Financial Planner at Leonard Advisory Group, dive into what the market’s been up to and look back at some of the surprises from last year. They tackle the whole issue of bank failures and what that means for our wallets.

Josh and Pete discuss: 

  • Why are market predictions not always the most reliable
  • Where has the impact of bank failures been felt in the economy
  • What is the influence of interest rate changes on the economy
  • Why is it important to have a long-term investment plan and manage emotions during market fluctuations
  • And more

Resources:

Connect with Josh Leonard: 

Connect with Pete Belcastro: 

About our Guest: Pete is a seasoned Financial Planning professional with over 15 years of diverse experience in financial, business, sales, and marketing domains. Presently, Pete serves as a financial planner, specializing in helping clients make decisions that align with their current and future financial requirements. His extensive career includes roles as an independent advisor, a registered assistant, and a licensed banker, providing him with a broad spectrum of financial expertise.

Pete’s belief in the value of a multifaceted background is rooted in his conviction that it enables him to offer clients a distinctive and ultimately more effective perspective when it comes to future planning and goal setting. He firmly believes that a comprehensive understanding, not just of financial matters but also of clients and their individual needs and desires, is the cornerstone of a robust financial plan. This holistic approach underscores his commitment to delivering the strongest financial solutions for his clients.

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Practical Tips for Traveling (Ep. 22)

Practical Tips for Traveling (Ep. 22)

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Dreaming of world travel but unsure how to do it safely?

In this episode, Josh Leonard dives into how you can transition into a retirement life filled with safe, intentional travel. Learn how to embrace the excitement of exploring new places while also ensuring your safety, health, and financial well-being.

We’ll cover:

  • Blending in and maintaining a low profile while traveling
  • The importance of having an emergency plan and what it should include
  • The essentials of a travel first aid kit
  • The need for short-term travel insurance and its implications
  • Why digital copies of your important documents are vital and how to securely manage them
  • The pros and cons of solo travel and maintaining connections back home
  • Strategies to stay sharp, alert, and aware, minimizing risks during your travels
  • The significance of an emergency cash stash and how it can be a lifesaver
  • And more!

Resources:

Connect with Josh Leonard: 

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5 Reasons to Ignore the Market When You Retire (Ep. 19)

5 Reasons to Ignore the Market When You Retire (Ep. 19)

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Are you worried about the market affecting your retirement plans?

In this episode, Josh Leonard talks about five reasons to ignore the market when you retire. He explains each reason and emphasizes the importance of the corresponding retirement planning steps. But ultimately, it’s all about sticking to a long-term plan. Just like climbing a mountain, reaching the peak doesn’t mean you’re done. Your investments need time to grow. So, relax and tune in to learn more about creating a solid financial plan so you can ignore the market.

The 5 reasons Josh discusses: 

  • You still have a long timeline
  • You have planned for your retirement income
  • You can reduce market risk with a proper tax plan
  • Planning for market corrections
  • You have an ample emergency fund

Resources:

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Important Life Lessons Learned: Father’s Day Edition With Bill Leonard (Ep. 18)

Important Life Lessons Learned: Father’s Day Edition With Bill Leonard (Ep. 18)

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Father’s Day is a great time of the year to reflect on some of the most important life lessons and skills you have learned over the years.

In this episode, Josh Leonard invites a VERY special guest on the show, his father, Bill Leonard! Together they discuss some of the unforgettable life lessons and mindset-altering moments that made them into the fathers, professionals, and family men they are today.

Josh and Bill discuss: 

  • The mindset each of them was taught about work early in life and how it influenced their work ethic
  • How they curated a lifestyle that allows them to be at most, if not all, their kids’ ball games (and how you can too!)
  • Some advice for new parents and how to discover your child’s unique skills and interests throughout their development
  • Strengthening your family’s structure 
  • And more

Resources:

Connect with Josh Leonard: 

About Bill Leonard: 

William Leonard founded Leonard Advisory Group to fill in the gaps he saw when helping his mother plan for retirement. Bill focused much of his career on the insurance and annuity industry. As an independent advisor, he helped thousands of retirees and pre-retirees face the financial challenges that lie ahead with confidence. Since 1996, Bill has worked in a variety of capacities, gaining valuable experience with insurance. In 2007, he became an independent consultant, focusing on income protection and retirement planning. Bill was an honorary host of the “Protecting Your Profits” radio show on 94.5 3WS Pittsburgh and a weekly guest on the national broadcast “Financial Safari” radio show heard locally on NewsTalk 104.7 FM. He has also been featured on WISR 680 AM and WORD FM. In his free time, Bill enjoys traveling, boating, skiing, hiking, biking, restoring antique vehicles, and spending quality time with family, friends, and clients. He has been married to his wife, Cindy, for almost 40 years. They have three children: Zach, Josh, and Zoey, as well as a crazy border collie named Sweep. After over 25 years of assisting families transition into retirement Bill is excited to transition himself into retirement at the end of 2022.

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