Protecting Your Finances During COVID-19

5 Episodes

Reverse

Redefining Early Retirement

2021-11-2218:16

Have you ever dreamed of retiring early? Or wondered what your life would be like if you didn’t have to work a 9 to 5? An increasing number of people are redefining what retirement means for them.In this episode of Protecting Your Finances, Karen Boothe from Engage Forward is chatting with Heather Culp and Kim Edwards about the FIRE (Financial Independence Retire Early) movement. Using FIRE principals, Kim accomplished her goal of retiring before the age of 40. In this episode she shares her take on whether anyone can accomplish FIRE or if there are only specific situations that allow people to achieve FIRE.According to Kim, there are a lot of ways that people can achieve FIRE including real estate, stock plans, and pension plans if this is something that they want to pursue. With this in mind, to achieve FIRE it’s important for anyone to be aware of what that final dollar amount is that they need to retire.If you think FIRE might be a financial goal you want to aim for, you have to have a plan. You can start by identifying the amount you want, what age you can get there, and how you can get there sooner. An important aspect of FIRE is being aware of what you’re willing to give up to get there.Featured on the PodcastName: Heather CulpWhat she does: Heather is an attorney at Essex Richards in Charlotte, North Carolina. She and her colleagues have significant experience helping North Carolinians, their businesses, and their families through their financial challenges. Heather has over 20 years of experience and has helped clients navigate the 2008 recession and rebuild.Name: Karen BootheWhat she does: Karen is the Founder of Engage Forward LLC. Engage Forward exists to consult and educate all clients about how to obtain sustain and maintain financially healthy lifestyles. Karen is committed to helping her clients to develop and transform into a better version of their current state. Name: Kim EdwardsWhat she does: Kim, a former e-commerce executive, retired from her career early at the age of 39 and now spends her time traveling, investing, and learning. Previously, she served in executive level roles at Wayfair, Converse, and management level roles at Amazon and Walmart.💵 Key Takeaways 💵Top takeaways from this episode of Protecting Your Finances During COVID-19 ➔ Pursuing entrepreneurship doesn’t guarantee success. Starting your own business can have more hidden risks than some people realize. There are a lot of benefits to working for an employer, including retirement savings and health coverage. If you do decide to pursue entrepreneurship, be fully aware of what you’re getting into before you quit your day job.➔ Consider the 4% rule. Kim explains how she uses the 4% rule for her own FIRE retirement — she spends only 4% of her investment portfolio on her living expenses each year. With most stocks and investments growing at a rate that is higher than 4% this means that her overall portfolio still grows year after year.➔ Having a plan is key. Having a clear financial plan is key to achieving FIRE, you need to know where you’re at and how you can get to where you want to be. This includes being aware of what you’re...

Using Math to Meet Your Financial Goals

2021-10-1816:10

It’s time to go back to the classroom, and for the first time in a long time, we’re not talking about the generation of school kids today who are sick of virtual learning. These are lessons for those of us who thought we’d escaped math homework forever.In this episode of Protecting Your Finances During COVID-19, host Karen Boothe from Engage Forward talks with Heather Culp, a commercial litigation and bankruptcy attorney with Essex Richards, and Kim Edwards, a retired e-commerce executive, about why it’s so important to focus on math in your financial planning.Kim says that embracing math opened her eyes to new possibilities, including pushing herself to retire before her 40th birthday.Understanding the math of your personal situation — how much you need for retirement, for your daily expenses and to maintain your lifestyle — is key to achieving financial stability. Math is a fundamental skill to all aspects of financial planning, from calculating what size house you can afford, to investing in the stock market.Karen’s appreciation of math started from the early days playing Bargain Hunter to participating in specialized STEM programs, math was always a core part of her life.Whether you embraced math from an early age or are realizing its value as an adult, it can help fortify your finances. Don’t worry if you’re not an expert yourself yet: This episode explains how being mindful of your options and the help available can get the answers you need.Featured on the PodcastName: Heather CulpWhat she does: Heather is an attorney at Essex Richards in Charlotte, North Carolina. She and her colleagues have significant experience helping North Carolinians, their businesses, and their families through their financial challenges. Heather has over 20 years of experience and has helped clients navigate the 2008 recession and rebuild.Name: Karen BootheWhat she does: Karen is the Founder of Engage Forward LLC. Engage Forward exists to consult and educate all clients about how to obtain sustain and maintain financially healthy lifestyles. Karen is committed to helping her clients to develop and transform into a better version of their current state. Name: Kim EdwardsWhat she does: Kim, a former e-commerce executive, retired from her career early at the age of 39 and now spends her time traveling, investing, and learning. Previously, she served in executive level roles at Wayfair, Converse, and management level roles at Amazon and Walmart.💵 Key Takeaways 💵Top takeaways from this episode of Protecting Your Finances During COVID-19➔ Don’t be afraid to ask the experts around you. It’s OK if math isn’t your strong point. Chances are there is someone you know who is an absolute whiz at math, is super passionate about investing, or who knows a lot about mortgages. Seek out these people when you have questions.➔ Learning Excel can take you a long way. Even if you didn’t learn how to use Excel in school, you can still pick up the skills you need to use the software to calculate retirement amounts and complete comprehensive budgets through YouTube and free online courses.➔ Consolidate and simplify your bank accounts. Many people end up with more...

Budget Fundamentals That Will Help Set You Up For Success

2021-09-2012:48

A balanced budget is central to financial stability, but many people are missing important pieces that prevent them from seeing a complete picture of their finances.Learn core budgeting principles and beyond in this third episode of the Protecting Your Finances During COVID-19 podcast.Hosts Karen Boothe, bankruptcy attorney Heather Culp, and retired e-commerce executive Kim Edwards share advice for creating a successful budget: know your income, know your expenses, and figure out what’s a need versus a want. They suggest you take an in depth look at your paycheck, understand your expenses on a micro and macro level, and weigh the importance of what’s in your budget.Don’t forget about saving. Planning for your future by figuring out how much you need to retire is an important part of your financial planning. Kim provides a useful tool in monitoring your finances through her “Net Worth Day” challenge that has helped guide her financial journey to an early retirement.The conversation goes deeper by bringing into focus the way psychology plays a role in your relationship with money and how you manage your finances.Featured on the PodcastName: Heather Culp What she does: Heather is an attorney at Essex Richards in Charlotte, North Carolina. She and her colleagues have significant experience helping North Carolinians, their businesses, and their families through their financial challenges. Heather has over 20 years of experience and has helped clients navigate the 2008 recession and rebuild. Name: Karen Boothe What she does: Karen is the Founder and owner of Engage Forward LLC. Karen provides educational guidance and is passionate about what she does. Engage Forward LLC exists to consult and educate all clients about how to obtain sustain and maintain financially healthy lifestyles. Karen is committed to helping her clients to develop and transform into a better version of their current state. Name: Kim EdwardsWhat she does: Kim, a former e-commerce executive, retired from her career early at the age of 39 and now spends her time traveling, investing, and learning. Previously, she served in executive level roles at Wayfair, Converse, and management level roles at Amazon and Walmart.💵 Key Takeaways 💵Top takeaways from this episode of Protecting Your Finances During COVID-19➔ Pay down outstanding debts. If you have money left over after paying all your monthly expenses, consider reducing any outstanding debts you may owe.➔ Don’t spend what you don’t have. Some Americans have been opting to pay with credit cards instead of cash during the COVID-19 pandemic. This can be great if debt is paid off right away. If neglected, it can quickly become a financial burden. Pay for expenses using the money in your bank account, or pay off your credit card right away to minimize debt. ➔ Know your spending habits. Keeping track of your finances. Plan ahead for one-off purchases. Credit card statements can be a great tool to keep track of expenses on a monthly and yearly purchases. The bottom line — know how your spending aligns with your...

Pandemic Economics: How To Manage Your Debt and Spending

2021-08-2016:41

Americans are returning to normal spending habits for the first time since the height of the COVID-19 pandemic, but are they paying off debt as fast as they’re accumulating it?Consumer debt has risen to $14.6 trillion in the first three months of 2021 — with student and auto loans especially high, according to recent article on Bloomberg Wealth.In the second episode of Protecting Your Finances During COVID-19, host Karen Boothe along with bankruptcy attorney Heather Culp and retired e-commerce executive Kim Edwards discuss how the pandemic has influenced the current economic climate and how the finances of the average American has been impacted.COVID-19 relief support from the federal government has helped many pay down some existing debt. Credit card balances have taken a dip for the second year in a row. Many still find themselves pushing most of their loan repayment responsibilities down the line. All the while, many industries are experiencing price hikes and limited supply.Tune in to learn how we got here, and how to keep track of spending amidst complicated economic times.Featured on the PodcastName: Heather CulpWhat she does: Heather is an attorney at Essex Richards in Charlotte, North Carolina. She and her colleagues have significant experience helping North Carolinians, their businesses, and their families through their financial challenges. Heather has over 20 years of experience and has helped clients navigate the 2008 recession and rebuild.Name: Karen BootheWhat she does: Karen is the Founder of Engage Forward LLC. Engage Forward exists to consult and educate all clients about how to obtain sustain and maintain financially healthy lifestyles. Karen is committed to helping her clients to develop and transform into a better version of their current state. Name: Kim EdwardsWhat she does: Kim, a former e-commerce executive, retired from her career early at the age of 39 and now spends her time traveling, investing, and learning. Previously, she served in executive level roles at Wayfair, Converse, and management level roles at Amazon and Walmart. 💵 Key Takeaways 💵Top takeaways from this episode of Protecting Your Finances During COVID-19 ➔ Pay down outstanding debts. If you have money left over after paying all your monthly expenses, consider reducing any outstanding debts you may owe. ➔ Don’t spend what you don’t have. Some Americans have been opting to pay with credit cards instead of cash during the COVID-19 pandemic. This can be great if debt is paid off right away.If neglected, it can quickly become a financial burden. Pay for expenses using the money in your bank account, or pay off your credit card right away to minimize debt. ➔ Know your spending habits. Keep track of your finances. Plan ahead for one-off purchases. Credit card statements can be a great tool to keep track of monthly and yearly purchases. The bottom line — know how your spending aligns with your budget. 💡 Episode Insights 💡[1:26] Americans are borrowing more than...

Protecting Your Finances During COVID-19

2020-04-1458:50

The COVID-19 pandemic has been a rollercoaster ride for many of us. While the public health issue is significant, COVID-19 has undoubtedly affected the world’s economic situation as well. We’re in a state of fragility, with people losing jobs or working reduced hours, and businesses closing due to the crisis. On an individual level, this crisis has led to increased anxiety and panic, particularly when it comes to finances.In this inaugural episode, Attorney Heather Culp of Essex Richards and Engage Forward’s Karen Boothe discuss how you can manage financial anxiety while making sound decisions during the COVID-19 crisis. They provide advice both from a financial and a legal standpoint, particularly for those who don’t know where to start and are feeling overwhelmed.It’s essential to take a step back and take inventory of your available assets, your income, and your expenditures, then examine your priorities. If you have extra time on hand during the shelter-in-place order, use this time to gather important documents and information.Should you find yourself in a financial bind, Heather provides a list of available legal remedies. There are also various financial relief options you can apply for, including loans, unemployment insurance, and stimulus packages.Before making any financial decisions, Heather and Karen strongly encourage you to speak with your attorney, financial advisor, or another expert to assist you in choosing the best path forward for you and your family.Episode highlightsWhere to start if your finances have been affected 12:485 legal options for those with financial troubles 17:10Where people can make financial adjustments in their lives 30:36What to do with the stimulus payment provided by the government 35:26Importance of knowing practical information 38:01Typical issues with bankruptcy filing 39:20Using retirement funds to pay debt 46:37Things to avoid doing 50:14Important financial documents to prepare during a health crisis 53:07Key takeaways 55:44The advantage of tools like technology 57:17For more information, you can visit Essex Richards at www.essexrichards.com. You can reach Attorney Heather Culp at hculp@essexrichards.com or 704.377.4300 and Karen Boothe at karenb@engageforward365.com or (888) 472-6795.This podcast was recorded and is being made available by Essex Richards and Engage Forward for informational purposes only. By accessing this podcast, you acknowledge that Essex Richards and Engage Forward make no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast because laws, regulations, and policies are changing every day. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of Essex Richards or Engage Forward. This podcast should not be used as a substitute for competent legal or financial advice from a licensed professional in your state and should not be construed as an offer to make or consider any investment or course of action. You should direct any specific legal or...

#box-pro-ellipsis-171488072914864{-webkit-line-clamp:2;}Protecting Your Finances During COVID-19

Protecting Your Finances During COVID-19