Shows
Ditch the Suits - Your Money, Your LifeYou Are Worth It. Don’t Disinherit Yourself When You Lose Your Significant Other. - EP. 146This episode of the Ditch the Suits Podcast dives deep into the emotional and financial complexities that arise after losing a loved one.. Co-hosts Travis Maus and Steve Campbell emphasize the importance of taking time to grieve and not rushing into decisions, advocating for a thoughtful gap analysis to assess financial needs and future goals. They explore the potential emotional burdens tied to property ownership and the responsibility that comes with selling, particularly the concern for future buyers. The conversation highlights the necessity of understanding the intention behind financial decisions made by the deceased, ensuring...2024-12-1733 minDitch the Suits - Your Money, Your LifeYou Are Worth It. Don’t Disinherit Yourself When You Lose Your Significant Other. - EP. 146This episode of the Ditch the Suits Podcast dives deep into the emotional and financial complexities that arise after losing a loved one.. Co-hosts Travis Maus and Steve Campbell emphasize the importance of taking time to grieve and not rushing into decisions, advocating for a thoughtful gap analysis to assess financial needs and future goals. They explore the potential emotional burdens tied to property ownership and the responsibility that comes with selling, particularly the concern for future buyers. The conversation highlights the necessity of understanding the intention behind financial decisions made by the deceased, ensuring...2024-12-1733 min
Ditch the Suits - Your Money, Your LifeTax Deductions – How to Get More!This episode of Ditch the Suits Podcast delves into the intricate world of financial planning, particularly as the year draws to a close. Hosts Steve Campbell and Travis Maus discuss practical actions that individuals can take before the end of the year, emphasizing the importance of understanding capital gains and the potential benefits of tax loss harvesting. The discussion highlights the distinction between short-term and long-term capital gains and the associated tax implications, guiding listeners to make informed decisions about their investments. Moreover, they introduce charitable giving strategies, such as Qualified Charitable Distributions (QCDs) and...2024-12-0338 minDitch the Suits - Your Money, Your LifeTax Deductions – How to Get More!This episode of Ditch the Suits Podcast delves into the intricate world of financial planning, particularly as the year draws to a close. Hosts Steve Campbell and Travis Maus discuss practical actions that individuals can take before the end of the year, emphasizing the importance of understanding capital gains and the potential benefits of tax loss harvesting. The discussion highlights the distinction between short-term and long-term capital gains and the associated tax implications, guiding listeners to make informed decisions about their investments. Moreover, they introduce charitable giving strategies, such as Qualified Charitable Distributions (QCDs) and...2024-12-0338 min
Ditch the Suits - Your Money, Your LifeROTH Conversions, 401k Strategies, and Income Tax PlanningThis episode of the Ditch the Suits podcast gives practical financial insights that can significantly impact your money management strategies. Steve Campbell and Travis Maus emphasize the importance of completing a personal tax assessment, which acts as a mock tax return to identify potential opportunities and gaps in your financial planning. They also discuss the critical need to revisit your 401(k) contribution strategy, highlighting the risks of overfunding and underfunding these accounts. The conversation touches on the benefits of Roth conversions, particularly for those who may find themselves in higher tax brackets in...2024-11-2639 minDitch the Suits - Your Money, Your LifeROTH Conversions, 401k Strategies, and Income Tax PlanningThis episode of the Ditch the Suits podcast gives practical financial insights that can significantly impact your money management strategies. Steve Campbell and Travis Maus emphasize the importance of completing a personal tax assessment, which acts as a mock tax return to identify potential opportunities and gaps in your financial planning. They also discuss the critical need to revisit your 401(k) contribution strategy, highlighting the risks of overfunding and underfunding these accounts. The conversation touches on the benefits of Roth conversions, particularly for those who may find themselves in higher tax brackets in...2024-11-2639 min
Ditch the Suits - Your Money, Your LifeHidden Costs of a High SalaryIn this episode of Ditch the Suits, Steve Campbell and Travis Maus discuss the hidden costs of a high salary. They emphasize that financial freedom is more than just money and that stress and anxiety can lead to an unfulfilled life. The conversation explores whether a high salary equates to job satisfaction and personal happiness, the importance of considering the benefits package, and the possibility of making more money by earning less salary. They also discuss the impact of geography on salary and the need to reframe the conversation around salary and future...2024-11-1225 minDitch the Suits - Your Money, Your LifeHidden Costs of a High SalaryIn this episode of Ditch the Suits, Steve Campbell and Travis Maus discuss the hidden costs of a high salary. They emphasize that financial freedom is more than just money and that stress and anxiety can lead to an unfulfilled life. The conversation explores whether a high salary equates to job satisfaction and personal happiness, the importance of considering the benefits package, and the possibility of making more money by earning less salary. They also discuss the impact of geography on salary and the need to reframe the conversation around salary and future...2024-11-1225 min
Ditch the Suits - Your Money, Your LifeMajor Mistake When Selling a House or BusinessIn this episode of Ditch the Suits, Steve Campbell and Travis Maus discuss the mistakes people make when selling a house or a business. They highlight the concept of anchoring bias, where individuals become fixated on a specific number and are unwilling to consider other options. They provide examples of how this bias can lead to financial losses and missed opportunities. The conversation covers the importance of considering the broader context, such as taxes, terms of the deal, and opportunity costs. Together, they emphasize the need for a comprehensive understanding of the numbers...2024-11-0529 minDitch the Suits - Your Money, Your LifeMajor Mistake When Selling a House or BusinessIn this episode of Ditch the Suits, Steve Campbell and Travis Maus discuss the mistakes people make when selling a house or a business. They highlight the concept of anchoring bias, where individuals become fixated on a specific number and are unwilling to consider other options. They provide examples of how this bias can lead to financial losses and missed opportunities. The conversation covers the importance of considering the broader context, such as taxes, terms of the deal, and opportunity costs. Together, they emphasize the need for a comprehensive understanding of the numbers...2024-11-0529 min
Ditch the Suits - Your Money, Your LifeThe Financial Doomsday of an Unrealized Capital Gains TaxThis episode into the controversial proposal of taxing unrealized capital gains, a measure that could have far-reaching consequences for individuals and the economy at large. Hosts Steve Campbell and Travis Maus break down the implications of such a tax, emphasizing that it not only targets the ultra-wealthy but could also negatively impact everyday Americans. They discuss how taxing assets that have not been sold creates a precarious situation where individuals might be forced to liquidate holdings to pay taxes on hypothetical gains, potentially destabilizing markets and affecting job security. The conversation highlights the ripple effects...2024-10-1535 minDitch the Suits - Your Money, Your LifeThe Financial Doomsday of an Unrealized Capital Gains TaxThis episode into the controversial proposal of taxing unrealized capital gains, a measure that could have far-reaching consequences for individuals and the economy at large. Hosts Steve Campbell and Travis Maus break down the implications of such a tax, emphasizing that it not only targets the ultra-wealthy but could also negatively impact everyday Americans. They discuss how taxing assets that have not been sold creates a precarious situation where individuals might be forced to liquidate holdings to pay taxes on hypothetical gains, potentially destabilizing markets and affecting job security. The conversation highlights the ripple effects...2024-10-1535 min
Ditch the Suits - Your Money, Your LifeWhy Your Net Worth Is The Wrong Number To TrackIn this episode of the Ditch the Suits podcast, Steve Campbell and Travis Maus discuss why net worth is the wrong number to track for financial freedom. They emphasize that financial freedom is not just about money, but also about living a fulfilling life free from stress and anxiety. They explore why people stress about the volatility of their net worth and the value of their future estate. Travis explains that people's fixation on net worth is rooted in social pressure and the misconception that it determines their worth and flexibility. They also...2024-09-2426 minDitch the Suits - Your Money, Your LifeWhy Your Net Worth Is The Wrong Number To TrackIn this episode of the Ditch the Suits podcast, Steve Campbell and Travis Maus discuss why net worth is the wrong number to track for financial freedom. They emphasize that financial freedom is not just about money, but also about living a fulfilling life free from stress and anxiety. They explore why people stress about the volatility of their net worth and the value of their future estate. Travis explains that people's fixation on net worth is rooted in social pressure and the misconception that it determines their worth and flexibility. They also...2024-09-2426 min
Ditch the Suits - Your Money, Your LifeDo YOU Need $1,000,000 to Retire?In this episode of the Ditch the Suits podcast, Steve Campbell and Travis Maus discuss the question of whether you really need a million dollars to retire. They explore the concept of financial freedom and how it is not just about money but also about living a fulfilling life. They challenge the idea of setting arbitrary financial goals and emphasize the importance of understanding one's own unique needs and circumstances. The conversation highlights the societal pressure to compare oneself to others and the need to have a better conversation around what truly matters. ...2024-09-1732 minDitch the Suits - Your Money, Your LifeDo YOU Need $1,000,000 to Retire?In this episode of the Ditch the Suits podcast, Steve Campbell and Travis Maus discuss the question of whether you really need a million dollars to retire. They explore the concept of financial freedom and how it is not just about money but also about living a fulfilling life. They challenge the idea of setting arbitrary financial goals and emphasize the importance of understanding one's own unique needs and circumstances. The conversation highlights the societal pressure to compare oneself to others and the need to have a better conversation around what truly matters. ...2024-09-1732 min
Ditch the Suits - Your Money, Your LifeHow the Media Uses Politics, Social Issues, and Market Volatility Against Us.In this episode, Steve and Travis discuss the impact of the media on our perception of current events and how it can influence our financial decisions. They highlight the framing techniques used by the media to shape our understanding of issues and the biases that can be present. They also provide examples of how the media has portrayed presidential candidates in the past and the negative tone often used in news coverage. The hosts emphasize the importance of being aware of these influences and taking a rational approach to financial decision-making.Episode References:State University of...2024-09-1033 minDitch the Suits - Your Money, Your LifeHow the Media Uses Politics, Social Issues, and Market Volatility Against Us.In this episode, Steve and Travis discuss the impact of the media on our perception of current events and how it can influence our financial decisions. They highlight the framing techniques used by the media to shape our understanding of issues and the biases that can be present. They also provide examples of how the media has portrayed presidential candidates in the past and the negative tone often used in news coverage. The hosts emphasize the importance of being aware of these influences and taking a rational approach to financial decision-making.Episode References:State University of...2024-09-1033 min
Ditch the Suits - Your Money, Your LifeA Broader Perspective on the Long-term Impact of Inflation.In this episode, Steve and Travis discuss the impact of inflation and the importance of understanding compound interest. They emphasize that inflation is a real concern and can erode the value of money over time. They explain how compound interest works and how it can help grow wealth. They also highlight the dangers of being too conservative and not taking enough risk to combat inflation. The episode concludes with a discussion on the role of media and news in shaping financial decisions.________________________________________________________________Thanks to our sponsor, S.E.E.D. Planning Group! S.E.E...2024-09-0328 minDitch the Suits - Your Money, Your LifeA Broader Perspective on the Long-term Impact of Inflation.In this episode, Steve and Travis discuss the impact of inflation and the importance of understanding compound interest. They emphasize that inflation is a real concern and can erode the value of money over time. They explain how compound interest works and how it can help grow wealth. They also highlight the dangers of being too conservative and not taking enough risk to combat inflation. The episode concludes with a discussion on the role of media and news in shaping financial decisions.________________________________________________________________Thanks to our sponsor, S.E.E.D. Planning Group! S.E.E...2024-09-0328 min
Ditch the Suits - Your Money, Your LifeNew DEI Issues with ESG/Socially Responsible InvestingIn this episode, Steve and Travis discuss the concept of DEI (Diversity, Equity, and Inclusion) and its impact on ESG (Environmental, Social, and Governance) investing. They explain that DEI is a relatively new hot topic and how it has become a part of the socially responsible investing space. They highlight the importance of understanding the definitions of ESG and SRI (Socially Responsible Investing) and how companies are using these concepts for PR purposes. They also discuss the challenges of investing based on trends and the need for individual investors to define their own values and build a portfolio that...2024-08-2733 minDitch the Suits - Your Money, Your LifeNew DEI Issues with ESG/Socially Responsible InvestingIn this episode, Steve and Travis discuss the concept of DEI (Diversity, Equity, and Inclusion) and its impact on ESG (Environmental, Social, and Governance) investing. They explain that DEI is a relatively new hot topic and how it has become a part of the socially responsible investing space. They highlight the importance of understanding the definitions of ESG and SRI (Socially Responsible Investing) and how companies are using these concepts for PR purposes. They also discuss the challenges of investing based on trends and the need for individual investors to define their own values and build a portfolio that...2024-08-2733 min
Ditch the Suits - Your Money, Your LifeThis May Help You Avoid Irreparable Harm To Your PortfolioIn this episode, Steve Campbell and Travis Maus discuss the concept of irreparable harm to your investment portfolio and how to avoid it. They emphasize the importance of understanding the difference between price and value when making investment decisions. They also highlight the significance of diversification and the correlation coefficient in managing risk and maximizing returns. The episode concludes with a reminder to seek professional advice and support in implementing these strategies.________________________________________________________________Thanks to our sponsor, S.E.E.D. Planning Group! S.E.E.D. is a fee-only financial planning fi...2024-08-2034 minDitch the Suits - Your Money, Your LifeThis May Help You Avoid Irreparable Harm To Your PortfolioIn this episode, Steve Campbell and Travis Maus discuss the concept of irreparable harm to your investment portfolio and how to avoid it. They emphasize the importance of understanding the difference between price and value when making investment decisions. They also highlight the significance of diversification and the correlation coefficient in managing risk and maximizing returns. The episode concludes with a reminder to seek professional advice and support in implementing these strategies.________________________________________________________________Thanks to our sponsor, S.E.E.D. Planning Group! S.E.E.D. is a fee-only financial planning fi...2024-08-2034 min
Ditch the Suits - Your Money, Your LifeMutual Funds – Why you may get a tax bill, even when you lose money.In this episode, Steve Campbell and Travis Maus discuss the topic of mutual funds and why investors may receive a tax bill even when they lose money. They emphasize the importance of understanding net earnings and how much money actually ends up in your pocket after taxes and fees. They explain that mutual funds are required to make regular capital gains distributions to shareholders, which can result in unexpected tax bills. They also discuss the concept of diversification and the potential drawbacks of owning multiple mutual funds. Finally, they suggest that investors consider creating their ow...2024-08-1326 minDitch the Suits - Your Money, Your LifeMutual Funds – Why you may get a tax bill, even when you lose money.In this episode, Steve Campbell and Travis Maus discuss the topic of mutual funds and why investors may receive a tax bill even when they lose money. They emphasize the importance of understanding net earnings and how much money actually ends up in your pocket after taxes and fees. They explain that mutual funds are required to make regular capital gains distributions to shareholders, which can result in unexpected tax bills. They also discuss the concept of diversification and the potential drawbacks of owning multiple mutual funds. Finally, they suggest that investors consider creating their ow...2024-08-1326 min
Ditch the Suits - Your Money, Your LifeInvestment Fees…the Good, the Bad, and the Ugly.In this episode, Steve Campbell and Travis Maus continue their series on improving net earnings. They discuss the importance of understanding and evaluating investment fees. They explain the different types of investment fees, including sales commissions, product fees, management fees, transaction fees, and advice fees. They emphasize the need to be aware of the fees you are paying and to determine if they are worth the value you are receiving. They also highlight the potential savings that can be achieved by reducing investment fees and provide tips for evaluating and negotiating fees with financial professionals....2024-08-0640 minDitch the Suits - Your Money, Your LifeInvestment Fees…the Good, the Bad, and the Ugly.In this episode, Steve Campbell and Travis Maus continue their series on improving net earnings. They discuss the importance of understanding and evaluating investment fees. They explain the different types of investment fees, including sales commissions, product fees, management fees, transaction fees, and advice fees. They emphasize the need to be aware of the fees you are paying and to determine if they are worth the value you are receiving. They also highlight the potential savings that can be achieved by reducing investment fees and provide tips for evaluating and negotiating fees with financial professionals....2024-08-0640 min
Ditch the Suits - Your Money, Your LifeUnderstanding Tax Codes and Types of Investment AccountsIn this episode, Steve and Travis discuss the importance of understanding tax codes and the types of investment accounts.They emphasize the need to educate oneself about the tools available and how to use them to increase net earnings. They categorize accounts into retirement tax-advantaged accounts, annuities, and regular investment accounts. They also highlight the significance of considering factors such as age, risk, and product limitations when making investment decisions. The episode concludes with a reminder to have a comprehensive financial plan that guides investment choices.________________________________________________________________Thanks to our sponsor, S.E...2024-07-3032 minDitch the Suits - Your Money, Your LifeUnderstanding Tax Codes and Types of Investment AccountsIn this episode, Steve and Travis discuss the importance of understanding tax codes and the types of investment accounts.They emphasize the need to educate oneself about the tools available and how to use them to increase net earnings. They categorize accounts into retirement tax-advantaged accounts, annuities, and regular investment accounts. They also highlight the significance of considering factors such as age, risk, and product limitations when making investment decisions. The episode concludes with a reminder to have a comprehensive financial plan that guides investment choices.________________________________________________________________Thanks to our sponsor, S.E...2024-07-3032 min
Ditch the Suits - Your Money, Your LifeWhen to (and not to) Fund a RothIn this episode, Travis and Steve discuss when to fund a Roth IRA and when not to. They emphasize the importance of understanding net earnings and the framework of financial projections. They explain the difference between a Roth IRA and a traditional IRA, highlighting the tax benefits and implications of each. They also discuss asset location and how it can optimize tax efficiency. The key takeaway is that financial planning should consider individual circumstances and future tax brackets to determine the best strategy for funding a Roth IRA.________________________________________________________________Thanks to...2024-07-2335 minDitch the Suits - Your Money, Your LifeWhen to (and not to) Fund a RothIn this episode, Travis and Steve discuss when to fund a Roth IRA and when not to. They emphasize the importance of understanding net earnings and the framework of financial projections. They explain the difference between a Roth IRA and a traditional IRA, highlighting the tax benefits and implications of each. They also discuss asset location and how it can optimize tax efficiency. The key takeaway is that financial planning should consider individual circumstances and future tax brackets to determine the best strategy for funding a Roth IRA.________________________________________________________________Thanks to...2024-07-2335 min
Ditch the Suits - Your Money, Your LifeSupercharge Your Charitable DonationsWant to get in touch? Send us a text!In this episode, Steve and Travis discuss three ideas to supercharge your charitable donations and save on taxes. The first idea is to use a donor-advised fund (DAF) to group your charitable donations together and take a larger deduction. The second idea is to donate highly appreciated stocks instead of cash, which allows you to avoid capital gains taxes. The third idea is to make qualified charitable distributions (QCDs) from your IRA, which can offset your req...2024-07-1632 minDitch the Suits - Your Money, Your LifeSupercharge Your Charitable DonationsWant to get in touch? Send us a text!In this episode, Steve and Travis discuss three ideas to supercharge your charitable donations and save on taxes. The first idea is to use a donor-advised fund (DAF) to group your charitable donations together and take a larger deduction. The second idea is to donate highly appreciated stocks instead of cash, which allows you to avoid capital gains taxes. The third idea is to make qualified charitable distributions (QCDs) from your IRA, which can offset your req...2024-07-1632 min
Ditch the Suits - Your Money, Your LifeHow to Make Money by Leveraging DebtWant to get in touch? Send us a text!In this episode, we discuss how to make money by leveraging debt. We explain the concept of spreads, which is the difference between the interest rate you borrow money at and the rate of return you can make by investing that money. We emphasize the importance of understanding income taxes and how they impact spreads. They also discuss the mindset shift from viewing cash as savings to viewing it as capital that can be invested or used to pay liabilities. The key takeaway is th...2024-07-0922 minDitch the Suits - Your Money, Your LifeHow to Make Money by Leveraging DebtWant to get in touch? Send us a text!In this episode, we discuss how to make money by leveraging debt. We explain the concept of spreads, which is the difference between the interest rate you borrow money at and the rate of return you can make by investing that money. We emphasize the importance of understanding income taxes and how they impact spreads. They also discuss the mindset shift from viewing cash as savings to viewing it as capital that can be invested or used to pay liabilities. The key takeaway is th...2024-07-0922 min
Ditch the Suits - Your Money, Your LifeA Way To Make Better Financial DecisionsWant to get in touch? Send us a text!In this episode, we discuss the concept of running your personal finances like a business. We emphasize the importance of understanding your cash flow, liabilities, and assets, and using debt strategically to improve your balance sheet. We also highlight the need to focus on both current and future cash flow and to consider the long-term impact of financial decisions. The key takeaway is to not be afraid of using debt to improve your financial situation and to prioritize your financial goals.________________________________________________________________2024-07-0227 minDitch the Suits - Your Money, Your LifeA Way To Make Better Financial DecisionsWant to get in touch? Send us a text!In this episode, we discuss the concept of running your personal finances like a business. We emphasize the importance of understanding your cash flow, liabilities, and assets, and using debt strategically to improve your balance sheet. We also highlight the need to focus on both current and future cash flow and to consider the long-term impact of financial decisions. The key takeaway is to not be afraid of using debt to improve your financial situation and to prioritize your financial goals.________________________________________________________________2024-07-0227 min
Ditch the Suits - Your Money, Your LifeStop Telling People They Have To Be Debt FreeWant to get in touch? Send us a text!In this episode, we discuss the idea of debt and challenge the notion that all debt is bad. We emphasize the importance of understanding the purpose and value of debt, as well as the interest rate and how it compares to other cash usage opportunities. We also caution against insecurity masking as pride and making decisions based on societal expectations. This episode provides a framework for evaluating debt and making informed financial decisions.________________________________________________________________Join ou...2024-06-2533 minDitch the Suits - Your Money, Your LifeStop Telling People They Have To Be Debt FreeWant to get in touch? Send us a text!In this episode, we discuss the idea of debt and challenge the notion that all debt is bad. We emphasize the importance of understanding the purpose and value of debt, as well as the interest rate and how it compares to other cash usage opportunities. We also caution against insecurity masking as pride and making decisions based on societal expectations. This episode provides a framework for evaluating debt and making informed financial decisions.________________________________________________________________Join ou...2024-06-2533 min
Ditch the Suits - Your Money, Your LifeThe Problems Created By Not Talking To Your Kids About MoneyWant to get in touch? Send us a text!How do you navigate the tricky waters of talking money with your family? Today, we promise you'll gain insight into normalizing these vital conversations, making them less daunting and more productive. We explore why financial discussions with children and family members can be so challenging and the harmful effects of avoiding these conversations. Through real-life examples, we'll show you how to turn these difficult discussions into opportunities for fostering financial wisdom and preparedness.Imagine teaching your kids about money and values in a way that sticks...2024-06-1830 minDitch the Suits - Your Money, Your LifeThe Problems Created By Not Talking To Your Kids About MoneyWant to get in touch? Send us a text!How do you navigate the tricky waters of talking money with your family? Today, we promise you'll gain insight into normalizing these vital conversations, making them less daunting and more productive. We explore why financial discussions with children and family members can be so challenging and the harmful effects of avoiding these conversations. Through real-life examples, we'll show you how to turn these difficult discussions into opportunities for fostering financial wisdom and preparedness.Imagine teaching your kids about money and values in a way that sticks...2024-06-1830 min
Ditch the Suits - Your Money, Your LifeTrying to Avoid Risk In Retirement Creates More RiskWant to get in touch? Send us a text!Are you unknowingly increasing your financial risk in retirement by trying to avoid it? Today's episode will transform your understanding of financial safety and risk management in retirement. We'll unravel the paradox of relying solely on fixed-income investments and explore the nuanced risks, such as interest rate and inflation risk, that might be lurking beneath the surface.Throughout this discussion, we'll share real-life stories and examples to showcase the diverse perceptions of 'safe' investing. Ever wondered why one person’s definition of risk is another’s play...2024-06-1130 minDitch the Suits - Your Money, Your LifeTrying to Avoid Risk In Retirement Creates More RiskWant to get in touch? Send us a text!Are you unknowingly increasing your financial risk in retirement by trying to avoid it? Today's episode will transform your understanding of financial safety and risk management in retirement. We'll unravel the paradox of relying solely on fixed-income investments and explore the nuanced risks, such as interest rate and inflation risk, that might be lurking beneath the surface.Throughout this discussion, we'll share real-life stories and examples to showcase the diverse perceptions of 'safe' investing. Ever wondered why one person’s definition of risk is another’s play...2024-06-1130 min