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Retirement Planning and Risk Management

JiM — Wed, 01 May 2013 17:48:57 +0000

Retirement Planning is not only about investments. Investments are one of piece of the Retirement Planning puzzle. Last week at the Bauer College of Business at University of Houston I shared a presentation I call: Retirement Planning – Managing Retirement Risk with a “Three Bucket Strategy”. This strategy is valuable for anyone in the accumulation phase of Retirement Planning.

Retirement Planning Three Bucket Strategy Includes:

– The bronze bucket contains a wide array of accounts, such as stocks, bonds, and real estate, for which we pay taxes before we invest and on income realized from the investments.

– The silver bucket includes instruments that are tax deductible, like 401k, a 403b, or a traditional IRA. With these, we get a deduction today, and we defer taxes until later when we with- draw funds from the accounts.

– The gold bucket contains tax-free instruments like the Roth IRA. This has the most potential for tax savings and significant income in the future.
This episode could be titled: Managing the Risk of Retirement Planning

Listen to this week’s podcast – Click Here!

Texas-Sized Tip of the Week: THE PERFECT INVESTMENT for Your Retirement Planning

Well, there may not actually be a “perfect” investment, but matching funds come as close as anything I’ve ever seen. Many companies offer to match money we put into retirement accounts, and that’s free money! It doubles your income immediately, and it will multiply your savings over time.

Sadly, I’ve known a number of people who didn’t take advantage of this incredible opportunity. If your employer offers it, do whatever you need to do to get the maximum you can get. You might not be able to afford the latest gadget for your computer every time a new one comes along, but you’ll have something far better: peace of mind that your future is looking good!

Retirement Planning and Investment Diversification

Only a few years ago, the collapse of Enron dominated the business news, but for some people I know, the national news was painfully personal. In the years just prior to the company’s collapse, the company urged employees to keep all their retirement funds in Enron stock. One of my clients realized that was a risk she wasn’t willing to take, but another client bought the company’s promises of long-term stability. Beth came to me a few months after the company filed bankruptcy. For all intents and purposes, Enron had ceased to exist, but she had a huge amount of money to invest. I asked, “How did you get out of there with all this money?”

She replied, “I saw the writing on the wall, so I took my money out of Enron stock well before it tanked, and I put it in other funds.” Today, Beth’s retirement account is doing quite well.

But Frank didn’t see the writing on the wall. He believed the officers who told him, “Don’t worry. Everything will be just fine.” In the heyday of the company, Frank had over $1 million in Enron stock in his retirement account. A few months later, he had nothing. The financial setback was too much for him. The pain and shame caused panic attacks, then a heart attack. Frank died as another ca- sualty of Enron’s financial mismanagement.

Diversification is a way to spread risk. My favorite illustration comes from my friend David Coney at Edward Jones. David taught me to illustrate diversification by talking about elevators. I tell the client he has a choice of two elevators. A single cable holds up one eleva- tor, and eight strong cables hold the other. The building, I tell the client, is 100 years old.

Then I ask, “Which elevator would you take to the top floor?”

This question often elicits a chuckle and a quick reply, “The one with lots of cables.”

The single cable may be strong for a long time, but if and when it ever breaks, people in the elevator will be in trouble. But if one of the eight cables on the other one breaks, the other cables can hold it very securely. This simple drawing illustrates the difference be- tween trusting in one financial product (that is, “putting all your eggs in one basket”) and having a diverse portfolio. This illustration also describes the benefits of mutual funds over individual stocks. In these funds, managers check the cables (individual stocks) in their diversified holdings, and replace those that aren’t performing well or have too much risk.

It’s sound, established, financial logic to avoid having too many assets in a single investment, but some executives, managers, and employees view their company’s stock like it’s their first-born child. For example, one man told me, “I’d never sell my company’s stock. I’d feel disloyal.” We talked further about the benefits of diversify- ing, and ultimately, logic prevailed. Some people, however, won’t budge. Their emotional investment in their pet stock is so strong that they simply can’t bring themselves to sell any portion of it.

Asset Allocation and Retirement Planning

The distribution of assets to balance risk and reward is the most important principle of investing. A little wisdom makes a huge dif- ference in the return on investment. A lady named Kimberly came to me, and she was visibly upset. Her husband Ed had an IRA with $100,000, but he had kept it in a money market at .5% during five years the market had gained 10 to 16% each year. They were both about 35 years old. Dozens of times, she had suggested that he move his money to more productive instruments, and finally, he agreed to meet with me. I explained asset allocation, and they both felt much more comfortable about investing the money. They understood infla- tion was a big risk to their future, but properly allocating their assets in the market would help them balance risk and return. When I showed them the math, they were stunned. Here’s what I explained: If they kept that $100,000 in the money market (cash) account at .5% from age 35 to age 65, the account would be worth only $116,140. By investing their 401k into a diversified family of mutual funds with an expected return of 8% compounded annually, the amount would jump to $1,006,265! Kimberley and Ed almost fought each other to see who would sign the papers to move the funds.

Asset allocation needs to factor in these elements:

Your risk tolerance, which determines how aggressive or conservative your investments will be,
The time horizon for achieving your stated goals, such as col- lege education for a child in 2 years and retirement in 35 years, and
The market dynamics of cash, bonds, equities, and real estate and their relationship to one another to maximize returns while minimizing risk.

Three factors determine the performance of your retirement portfolio: asset allocation, the selection of assets, and market timing. In a ten-year study of ninety-one large corporate pension plans in the United States, the authors of an article in Financial Analysts Journal found that 94% of performance was determined by asset allocation. Investment selection accounted for 4%, and market timing was responsible for only 2%.

*B.G.P. Brinson, B.D. Singer, and G.I. Beebower, “Determinants of Portfolio Performance,” Financial Analysts Journal (January/February, 1986).

The metaphor I use to explain asset allocation is balancing a tire. When I was a mechanic, and a customer came to my shop be- cause the car was shaking, the problem was almost always that a tire was out of balance, sometimes caused by a small bump of rub- ber from uneven wear. Even a seemingly small imbalance of a quarter of an ounce could cause the tire to shake violently at high speeds. I applied a weight to counter-balance the wheel. We checked it on the balancing machine to be sure it ran smoothly, put it back on the car, and the customer was ready to go.

Asset allocation balances the portfolio, so the assets run smoothly toward your goals. Sometimes people only need to make small adjustments, but often they need to make major changes in the dis- tribution of assets. Some people are so risk-averse that they want to keep all their money in cash, and they want to divide it up so they stay under the FDIC limits in each institution. But this strategy only limits risk in the immediate future. Returns on cash accounts don’t even keep pace with inflation, so there is no opportunity for asset appreciation and they actually increase their long-term risk.

Retirement Planning and Dollar cost averaging

Many of us are tempted to wait for a windfall—winning the lottery or a big inheritance from Aunt Phoebe—before we even start to invest. Our hopes are high because we’ve heard stories of people who hit it big, but those stories are in the news because they’re so rare, not because they’re commonplace. The best way to develop a substantial nest egg is to develop the discipline of putting money into a fund every month—no excuses. The market will go up or down, but our funds continue to grow slowly and steadily. I know people who began putting as little as $25 a month into an invest- ment, and over time, they’ve accumulated a substantial amount of money. When they were young, they had every reason to put off investing because they could easily use that $25 for dinner and a movie. But they were committed to save and invest, even if it was a small amount. When they got promotions and raises, they increased the amount they put away each month.

To explain the benefit of regular investing, I use the illustration of a farmer who invests each month in his favorite commodity: cat- tle. Farmer Joe calls me and wants to invest $100 each month. When he begins, the market for cattle is near an all-time high. Cattle sell for $100 each. He wonders if this is the right time to invest, but he needs more cattle. The first month, he can buy only one cow. In the second month, the price of cattle goes down to $50, so he buys two. The third month, the price goes to $25, so he buys four that month. And in the fourth month, the price of cattle plummets to a low: $20 each. At that point he calls me and says, “Hey bucko, what have you gotten me into? Cattle are $20 a head! I bought all these cattle at high prices, and the bottom has dropped out of the market! I’m going to sell them all and cut my losses.”

I tell him confidently, “Farmer Joe, the market is very low right now. You were paying $100 a head four months ago. You needed cattle, didn’t you? Has that changed? No? So why are you upset? This is the best time to buy cattle, not sell. Hang in there. You’re in great shape to benefit from this phase of the cycle.”

Farmer Joe bites his lip and decides to trust me. The next month, the price creeps up to $25 again. Farmer Joe buys four head. The next month, the price has risen to $50, so he buys two, and the next month, the price of cattle is back up to its high of $100, and he buys only one head. At that point, Farmer Joe decides to sell. During those seven months, he bought nineteen cows for a total of $700. They’re worth $1900, yielding a net profit of $1200, and the price of cattle never rose above $100 a head. Farmer Joe’s only regret was that he didn’t sell his tractor and buy more cattle when they were $20 each.

To Listen to This Episode, click below on the Cows – the link will take you to iMakeYourMoneyCount.com – The New Weekly Podcast about Money, Life, and Relationships.

Leveraging Your Financial Calendar in 2013

JiM — Sat, 02 Feb 2013 14:39:04 +0000

Financial Calendar may be a new term for you. What do you think of when you hear the term Financial Calendar?

In today’s episode, Jim Munchbach will interview Jenn Swanson and Joel Mueller. Jim will also introduce Alex to the show. Please leave your comments and let us know you’re listening – and tell Jim what you think about Alex. Should we keep him around?

Save the Date on Your 2013 Financial Calendar

Be sure to listen to Jenn Swanson share her strategy for an effective Financial Date Night. The first step is to put that date night on your calendar. You – along with the one you love – need to make a list of the 20 things you want. Once you each make your list, you will give each other a full five minutes to share why these things are important to YOU. Start at the bottom of the llst and work your way to #1 WHAT MATTERS MOST.

Once you’ve had your turn to share, its your turn to listen.
Jenn suggests listening “deeply” – with your heart and your ears. One of the most precious gifts we can give another human being is the gift of “being heard”.
By the time your “Financial Date” is over, you will be ready to put a few items on your “Financial Calendar”. It doesn’t matter what type of calendar you like to use. Any calendar system will work. The more simple it is, the more powerful it will be for your future.
Remember, the main reason a Financial Calendar is better than any BUDGET is simple: Because you will use your calendar every day!!

Your Financial Calendar is a very simple idea that can help you manage money with a sense of purpose and contentment.

It does not matter what type of calendar you are currently using. This simple concept will make a big difference in your life.

It doesn’t matter if you are The Millionaire Next Door or maybe you are BURIED IN DEBT. THE FINANCIAL CALENDAR CAN HELP YOU Make Your Money Count.

Here are ten reasons why a Financial Calendar is a better way to think about managing your money than a budget is.

If you find it hard to live on a budget, please consider these ten reasons why a Financial Calendar is better than a budget for you.

1. Financial calendar is forward-looking. The best way to use a budget is as a “Rear view mirror”. In fact, the best – and most common – way to use a budget effectively is as a snapshot of what you did last year. Seeing how you spent your money last year can help you create a powerful financial calendar for 2013.

2. Your calendar can be very exciting! Budgets are almost always very very boring…

3. When it comes to your calendar, you use it. When it comes to budgets, most people avoid using it! If you will use a financial calendar, it will help you manage your money with more purpose and you will achieve better results. Guaranteed.

4. The budget feels like work but your calendar can feel more like play because your calendar includes things like lunch with a friend, a concert in Los Angeles, or a camping trip at the Grand Canyon.

5. A calendar is intuitive. A calender is not complicated. Whether you’re using a simple bulletin board to keep track of the next soccer game with the kids, or you’re using Outlook enterprise to manage a team of 100 superstars, the calendar is simple to use because its intuitive. The budget requires unique skills that are less intuitive for most people.

My calendar is kind of an open book that I share with lots of people including Facebook friends. Your calender is very easy to share.

I use Google calendars.

I can share my schedule and events with my team, my family, a friend across the country, or a group of people – including my students at Bauer College of Business at University of Houston.

My personal budget is very very private. I would not want to share it with you because it is very private and personal.

7. A budget feels more like a rigid diet but my calendar makes me feel like I have an unlimited menu of delicious choices for how I will spend – my life.

8. My calendar gives me a snapshot of the big picture of my life. A budget is only a microscopic view of my money.

9. My calendar makes it very easy for me to measure the cost of my activities. For example, if I go to Starbucks every day and spend five dollars on coffee and a snack – and a small tip for the nice person who prepares my favorite drink, that will cost me $25 a week. In one year I will spend $1200. In ten years that daily appointment with Starbucks will cost me $12,000.

Once I put my daily appointment with Starbucks into my calendar as a recurring event (this is very easy to do with my Apple iPhone), it’s easy for me to see how my behavior impacts me over the next 20 years.

So, everyday I get to ask and answer the question: is it worth it?

On the other hand, if I had to use a budget to measure the cost of Starbucks in my lifetime, I’m sure I would avoid it.

For most people, a budget feels like painful accountability. Because it is painful, I will not be able to measure the cost of my behavior. When I put Starbucks on my calendar at 10am everyday, it helps me think about how I spend my money everyday.

10. Finally, you only have one life. Your calendar represents your life. You can only be at one place at a time. Whether you’re looking at a week from now or 10 years from now, you can only be in one place at a time. A budget is not very likely to help you and your money show up at the same place at the time you need your money to be there for you.

My goal is to teach you a new way to think about managing your money.

I hope you will start using your financial calendar today to make a difference for the rest of your life!

Listen to Leveraging Your Financial Calendar in 2013

Click Here…

2013 Purpose Goals and Strategies with Jenn Swanson

JiM — Sun, 20 Jan 2013 19:08:07 +0000

2013 is Jenn Swanson Strategies year for me. Jenn will help me connect my purpose with my goals in the classroom. Jenn Swanson is known as the Communication Diva.

I hired Jenn Swanson because of her experience teaching college students. In today’s episode, Jenn Swanson shares her insights and a few coaching tips for me, Jim Munchbach, as I embark on my “new gig” as Professor Munchbach (sounds kind of weird) at The Bauer College of Business at The University of Houston.

2013 Purpose – Introduction to Personal Finance

What is your purpose in 2013? Its not a question of what you will do, but why you will do it.

2013 Goals

“Everybody has plans – until they get hit.”

– Mike Tyson

2013 Strategies

2013 is the year of Strategies. That’s right, you heard it here first. So, when the year ends – for you anyway – its all about your Strategies for Success, Significance, and Satisfaction. Here’s to Your 2013 Strategies. One of my strategies in 2013 is to get to know my friends a little better. Maybe we can start by connecting…

Click here to listen to 2013 Purpose, Goals, Strategies, and Excuses with Jenn Swanson.

Cliff Ravenscraft Apple Tools Part Two

JiM — Tue, 04 Dec 2012 21:54:58 +0000

In this episode, Jim finishes a two-part interview with Cliff Ravenscraft. Jim is in the process of transitioning to Mac products and Cliff is helping Jim figure out which Apple tools will add the most productivity to Jim’s business.

Cliff Ravenscraft Top Ten Apple Productivity Tools:

- DropBox

- BackBlaze

- Text Expander

- Plain Text documents

- Notational Velocity & Notesy

- CloudApp

- Spotify

- WorkFlowy

- Google Apps Account

- Skitch

Bonus Apple Tools that enrich the life of Cliff Ravenscraft

Sorry, you’ll have to listen to learn about these bonus items!

Click Here to Listen to Cliff Ravenscraft Now!

Cliff Ravenscraft Top Ten Apple Tools

JiM — Fri, 30 Nov 2012 20:53:54 +0000

In this episode, Cliff Ravenscraft (PodcastAnswerMan.com) shares his top ten apple productivity tools with Jim Munchbach as Jim transitions from the world of the PC to Mac. Cliff’s top five tools are discussed in this episode along with the unveiling of Cliff’s long held SUPER-SECRET about his upcoming all new podcast.

Here’s a list of Cliff’s top five productivity tools – in the interview Cliff gives excellent technical advice for anyone who wants to use these tools in their business or personal life to become seriously productive.

1. Dropbox

2. BackBlaze

3. Text Expander

4. Plain Text – so simple, you have to hear Cliff explain this one!

5. Get Cloud App

LISTEN NOW – CLICK HERE

Test Post for Testing Comments from Native App

abertone — Thu, 29 Nov 2012 21:26:13 +0000

This is a test post….

Plan for Big Tax Returns in 2013

JiM — Tue, 27 Nov 2012 16:41:27 +0000

2013 is the year that “the big tax” returns for many Americans. This article was written by my friend Ken Weingarten. Ken and I attended the FPA Residency program together at The American College in Philadelphia. Ken is a fellow CFP and a personal friend. His article was published in Morningstar and on Ken’s blog:

While Democrats and Republicans debate on tax reforms and government spending to avoid the fiscal cliff, one thing is certain: Taxes will be higher in 2013. Here are some ways to prepare for that, with ideas on how to soften the blow.

This year may go down as the year when taxes were at their lowest point for a generation or more. For over a decade now, Congress and presidents supported a multitude of temporary tax cuts. Some of these tax cuts were extended once, twice or even more. It seems inconceivable to me that all of the temporary tax cuts will be extended for 2013. Some new taxes will be coming, along with ones mandated by the Affordable Care Act, as well.

The taxes that will probably go up in 2013:

Payroll Taxes

This levy, for Social Security and Medicare, is in the headlines quite a bit lately. For 2011 all workers have received a 2% payroll tax cut in the form of a lower tax on employee Social Security taxes paid. In February, Congress agreed to extend the tax cut for the remainder of 2012.
Given the back-and-forth in Congress on the temporary nature of this tax cut, I don’t expect this to be extended again, especially since the politicians will no longer be up for re-election before this tax cut expires. Democrats championed this tax cut last winter, but now even House Minority Leader Nancy Pelosi (D-Calif.) believes it should expire.
Planning strategy: Since this applies to earned income, there is very little planning that you can do, especially if you already earn more than $110,100, the maximum taxable earnings for Social Security. If you earn just under this amount and can somehow move earned income from 2013 into this year, that will reduce your tax burden.

Additional Medicare Payroll Tax

The Medicare payroll tax applies to all earned income, unlike the Social Security tax. This tax is currently 2.9% and is paid half by the employee (1.45%) and half by the employer (1.45%). Starting next year, the payroll tax for the employee portion will go up by 0.9% for joint filers who have earned income above $250,000 and single filers making over $200,000. Note that this extra 0.9% only applies to the income over these thresholds. So if you are married and your earned income is $250,000 or less, this new additional tax will not apply to you.
Stealth tax trap: If you earn less than the limits listed above, do not let your guard down. These limits are not indexed for inflation. Thus each year, more and more workers will pay this extra tax. For example, let’s say you are married, file a joint return and have $225,000 in earned income this year. Let’s also assume that your income increases by 3% per year in the future. In four years, your income will exceed $250,000 and you will pay additional Medicare tax on earned income.
Planning strategy: Like the payroll tax cut that will expire, this extra tax is difficult to plan for since no one wants to intentionally earn less money in the future. The only way to avoid this higher tax is to shift earned income forward into 2012, if possible.

Medicare Surtax on Unearned Income

This is the one that is getting a lot of attention in financial planner circles. Starting in 2013, a new Medicare surtax of 3.8% applies to interest income, dividend income and capital gain income for joint filers who have adjusted gross income above $250,000 (or $200,000 for single filers). If your adjusted gross income is below these thresholds, then this new surtax does not apply. Since the Supreme Court upheld the Affordable Care Act and Democrats still hold the White House and Senate, this is one tax that will probably be here to stay.
Stealth Tax Trap: Once again, the limits for this new tax are not indexed for inflation. Eventually, many who will not initially pay this tax will pay it in the future.
Planning Strategy: There’s a bit more that can be done here since it involves unearned income. I think we will see more and more people using tax-exempt investments, like municipal bonds, in their taxable portfolios to help minimize the impact of this new tax. Depending on how much other tax rates go up, such as on dividends and capital gains, we may see an entire shift in asset location and the use of tax-advantaged portfolios.
One pitfall of restructuring one’s portfolio is the potential trigger of capital gains taxes. If you have to incur a large gain this year simply to avoid a partial tax increase on unearned income in the future, you need to balance the potential liability in the years ahead versus incurring a higher tax this year.

Capital Gains and Dividends

Taxes on these are scheduled to go up next year under current law. In President Obama’s budget, he calls for a 20% rate on long-term capital gains for those who are in the top two tax brackets. Currently the rate is 15% for the top four income tax brackets and 0% for those in the bottom two. Republicans oppose higher taxes on capital gains, and since they have a majority in the House, they might bargain to keep those rates where they are.
Planning Strategy: One method for limiting exposure is shifting your taxable investments to tax-free municipal bonds. We also may see folks harvesting gains this year and effectively resetting their cost basis on investments.

Regular Income Taxes

These tax rates are scheduled to go back to the pre-Bush tax rates at the end of the year if Congress doesn’t make any changes. Obama wants to make the current rates permanent for everyone in the bottom four tax brackets. He wants to see the top two tax brackets go back to 39.6% and 36.0% respectively from their current 35% and 33% rates. Republicans oppose this. In all likelihood, Democrats and Republicans will come to some form of compromise on these taxes as well by the end of the year.
Planning Strategy:If your top marginal tax rate is in the two highest brackets and you expect to continue earning money at these levels into the future, then you should move any possible income into 2012. If you have vested stock options that can be cashed in, do that before the year’s end.

Alternative Minimum Tax

Congress has not addressed the AMT issue. Most observers feel that an increased exemption, or patch, will be passed before the end of the year. This is just one more aspect of our tax code to be aware of that may increase your tax bill in the future. Designed to ensure that the wealthy pay some tax, the AMT adds back tax breaks used to lower taxable income. Because it is not adjusted for inflation, this now hits many who are not rich.
Planning strategy: Little can be done about the AMT now. If the government doesn’t extend the cut, millions of taxpayers will be paying a higher amount for this year.
While there is not a lot of good news regarding taxes beyond this year, there is time for some planning. Those who educate themselves will be prepared to hold down their future tax liability and take action this year.

About the Author

Ken Weingarten, CFP, is the president of financial planning services at Weingarten Associates in Lawrenceville, N.J.

The Big Tax Returns

Thanks, Ken for the helpful article. The take away for all of us is simple. Plan. For in 2013, we will see the big tax return…

Money Management For Life at UH

JiM — Fri, 26 Oct 2012 19:12:14 +0000

The C. T. Bauer College of Business offers some amazing money management courses that would have helped me be a better money manager when I was in college and for the rest of my life!

It was great talking with my new friends at DaveRamsey.com today about FOUNDATIONS. I’ll be teaching this money management course at UH (The C. T. Bauer College of Business) in January.

The C. T. Bauer College of Business is building financial curriculum designed to help students manage money – starting now – and these life skills can be immediately implemented, as well as used to prepare each student for a successful life after graduation.

Here are some links to YouTube videos that highlight a few of the issues college students face in our credit card crazy culture of consumerism:

If you want to get Foundations for Personal Finance in your college, here’s who you need to call.

Dave Ramsey’s Office | The Lampo Group, Inc.
1749 Mallory Lane | Brentwood, TN 37027
Phone 800.781.8914 ext. 5279 | Fax 615.983.4728
www.daveramsey.com/school/college/
www.daveramsey.com/foundationsU/

Jenny Pincher Guide to Financial Empowerment

JiM — Fri, 12 Oct 2012 22:05:50 +0000

Jenny Pincher (Kerr) was my special guest on The Money Bible Radio Show and this may be my all time favorite episode. For all my single lady friends (whom I love), I am so excited about you meeting my new friend Jenny Kerr AKA The Jenny Pincher!

Listen to this girl, girlfriend, and you’ll find yourself making sense out of money and life.

Let Her Know You’re Listening!

And, on the show today, I invited Jenny to consider a trip to Texas. She is thinking about it. I’m asking you for a huge favor today as a listener to The Money Bible Radio Show – like this post, repost it on your Facebook timeline, and tweet retweet @thejennypincher so that she knows you’re listening! And maybe, just maybe, Jenny Pincher will be at our next Kerrville BBQ!

Smart Girl’s Guide to Life & Money

Ladies, do you have too much month left at the end of your money? As independent women, we need to get our financial houses in order. Habits and behaviors can make us feel bogged down and stuck in our current situation. But the truth is you’re not! Don’t wait for “the” job or Prince Charming – start preparing now. When you are in charge of your money – you’ll be creating your own destiny for a solid financial future. Let’s get energized together and take small steps forward to reach our personal & financial goals. Join Jenny Kerr of The Jenny Pincher each week as she guides you to become purposeful in all areas of personal finance. From the basics like creating a spending plan to discovering why you should start saving NOW, Jenny will guide you on your personal finance journey. TODAY is your day; will you take action and get started?

Join Jenny every week for the Smart Girl’s Guide to Life & Money podcast found on WebTalkRadio.net or listen in iTunes.

FinCon12 a Financial Blogger Conference For What

JiM — Fri, 12 Oct 2012 16:57:12 +0000

FinCon12 was one of my favorite events in 2012. The conference was in Denver so I was able to spend a little time with my friends Brad, Peggy, Sam, Courtney, and the rest of the family (Labrodor Retrievers mostly).

FinCon12 for FUN!

Thanks, Brad for the amazing Harley Davidson ride to the top of Lookout Mountain!

In today’s episode of The Money Bible Radio Show, I had a lot of fun talking with my new friend Dr Don – Don Taylor from Bankrate.com

FinCon12 for Connection and Education

FinCon (also known as the Financial Blogger Conference) is an annual event with a dual mission:

To provide a “real world” connection for the people who enjoy new media (i.e. blogging, social media) and finance (personal finance, money, investing, etc.).
To provide a peer education in current consumer financial trends, as well as trends and tactics in new media (e.g. blogging, monetization, social media, etc.).

We also had a lot of fun with social and community events!

At FinCon12 I learned what’s new in the financial world and how to use a blog and other new media to their fullest potential. Since I’m creating a new podcast in iTunes (iMakeYourMoneyCount.com will launch after Christmas 2012), I was very interested when my friend Chad Pennycuff invited me to attend FinCon12 in Denver.

FinCon12 for Business Ideas

In attendance were some of the best bloggers and financial minds around today. The people that attended this event were mostly independent financial bloggers (and new media creators) in the personal finance, coupon, investing, and other sub-niches of the online financial world. A good example is J.D. Roth from the popular blog Get Rich Slowly.

FinCon12 for Networking

We also welcomed, and encouraged participation, from online financial columnists, authors, financial professionals (e.g. CFPs, CPAs), corporate bloggers and professionals, and anyone else interested in this growing industry. Good examples include Liz Weston, Farnoosh Torabi, and the bloggers at Ally’s Straight Talk blog.

FinCon12 for Sharing Your Experience

Listen to Dr Don share his experience at FinCon12. We both felt a sense of gratitude for the opportunity to attend and the good-hearted people we met at FinCon12. We plan to attend FinCon13, maybe we’ll see you there!

Until next time – Make Your Money Count!

Jim