Did you know you can set up a Donor Advised Fund during your lifetime or as part of your estate planning?
In this episode, Nicole is joined by Private Vista’s very own Sean Julian to discuss the concept of donor-advised funds (DAFs), which are charitable giving vehicles. Sean explains how DAFs work, the flexibility they offer, and the benefits of using them for charitable giving. They also touch on tax strategies, such as using appreciated securities and “bunching” charitable gifts. The speakers emphasize the importance of working with a CPA and starting the process early.
Sean discusses:
Sean’s background in financial planning and expertise in helping clients achieve their financial goals
Some exciting news for Sean and her family this year
The benefits of using DAFs, such as tax deductions and the strategy of “bunching” charitable gifts
Sometimes, the path to a fulfilling career is far from straightforward.
In today’s episode, Nicole Romito from Private Vista dives into the career journey of Mahogany Person, an emerging talent in the field of financial advising. Mahogany began her professional life as a math teacher but transitioned into financial planning after personal experiences opened her eyes to the generational gaps in financial education.
Throughout the episode, Nicole and Mahogany discuss:
How the ‘aha moments’ keep Mahogany passionate about education
Key strategies Mahogany employs to help both students and clients achieve their own ‘aha moments’
The art of productive struggle in career and life transitions
Navigating career changes and the power of asking the right questions
The rewards and challenges of career transitions, and why persistence and continual learning are vital
Mahogany Person bridges the worlds of education and finance. Originally a math teacher in her hometown of Dayton, Ohio, she transitioned to financial advising after pursuing an MBA in Finance. Now close to becoming a Certified Financial Planner (CFP), Mahogany has combined her love for teaching with her passion for personal finance. Her unique background allows her to simplify complex financial matters for her clients, proving that career detours can lead to unexpected, but fulfilling, destinations.
Thinking about diving into the real estate market? Whether you’re a seasoned pro or a first-time buyer, this episode is your go-to guide for navigating today’s dynamic real estate landscape.
In this episode, Nicole Romito chats with Melanie Everett, founder and managing broker of Melanie Everett and Company, an independent real estate brokerage firm.
Nicole and Melanie discuss the importance of planning ahead when buying a home and assembling a team of professionals. They discuss the challenges of finding suitable properties in a competitive market with low inventory and the benefits of hiring a real estate agent. Melanie explains the home buying process, including inspections, negotiations, and the role of a real estate attorney.
Melanie discusses:
The value of building a professional team when buying a home and who you should include in it
Maintenance fees and other additional costs you should consider when buying a home
How to maximum your outcomes when navigating the competitive real estate market
Additional tips for homebuyers about the negotiation + closing process, finding the right real estate agent, and more!
Melanie Everett is an award-winning Chicago broker & founder of her boutique real estate brokerage, Melanie Everett & Company. She is a writer, negotiator, thinker, marketer, teacher, reader, & leader in her industry.
Since 2014, Melanie has sold more than $200 million in residential sales & over 500 homes across the city. She consistently ranks in the top 1% of all brokers in Chicago, and M&Co. is a top 25 team for a number of transactions. In 2017, Melanie was honored with Realtor Magazine’s national “30 Under 30” title, & from there, and she graciously received more local & national acclaim, features, & speaking engagements.
Melanie Everett is an award-winning Chicago broker & founder of her boutique real estate brokerage, Melanie Everett & Company. She is a writer, negotiator, thinker, marketer, teacher, reader, & leader in her industry. Since 2014, Melanie has sold more than $200 million in residential sales & over 500 homes across the city. She consistently ranks in the top 1% of all brokers in Chicago, and M&Co. is a top 25 team for number of transactions. In 2017, Melanie was honored with Realtor Magazine’s national “30 Under 30” title, & from there, she graciously received more local & national acclaim, features, & speaking engagements.
Purchasing annuities can be confusing, and on top of that, they’re often an emotional decision.
In this episode, Nicole Romito breaks down annuities with Steve Merdinger, ChFC®, CFP®, Partner at Private Vista. They give an overview of points to consider and things to be aware of before purchasing them.
Steve discusses:
What fixed and variable annuities are
The importance of understanding what you’re buying
The general prices of different annuities you can anticipate
The pros and cons of annuitization and what the exclusion ratio is
Why purchasing an annuity tends to be an emotional decision
Steve Merdinger is a Partner and experienced Certified Financial Planner (CFP®) and Chartered Financial Consultant (CHFC®). With over three decades in financial planning, he helps individuals and families achieve their goals. Having worked in his family’s business, Steve has valuable insights into family-owned enterprises and succession planning. He holds a Bachelor of Business Administration from the University of Kansas and actively mentors students in the University of KU Business School program. Steve is involved in the Chicago Board of the Positive Coaching Alliance and aspires to become a trainer with the organization. He is a member of the Union League Chicago and the Valley Lo Club.
You could build the best financial plan for your retirement, with enough money for trips and relaxing days for the rest of your life. But what will you do during your retirement? Playing golf and seeing family only takes so much time.
In this episode, Nicole speaks with Sarah Newcomb, author, speaker and founder of Thrive, on the psychology behind satisfying the emotional needs of retirees. Sarah dives into the importance of emotional needs and why they shouldn’t be considered a want when building your retirement plan.
Sarah discusses:
Her groundbreaking approach to setting life goals that will revolutionize your retirement planning.
The profound significance of establishing a financial role model and how it can shape your path towards a prosperous retirement
The transformative power of Maslow’s hierarchy of needs within the realm of financial and retirement planning
The hidden secret to a fulfilling retirement: the essential role that hobbies play in bringing joy, purpose, and fulfillment to your golden years.
Sarah Newcomb, Ph.D. is a behavioral economist and Founder of the Thrive Financial Empowerment Center. Through writing, speaking, and coaching, she teaches people of all stripes to build lives they love with the resources they have. As a subject matter expert, Dr. Newcomb has worked with corporate behavioral science teams at HelloWallet, Morningstar, and Edward Jones, where she helps financial advisors understand and respond to aspects of psychology that affect financial decisions. In all her roles, Sarah aims to adapt the findings of academic research to practical use in the financial lives of ordinary people, and to ground innovative approaches to financial advice in well-established psychological theory.
Amidst these unprecedented times, a burning question arises: Should you maintain a diversified portfolio?
In this episode, Nicole Romito and Bob Westrick, Partner at Private Vista, provide a mid-year market update for 2023. Together they tackle some of the pressing inquiries that have flooded their clients minds. From whether America is already in a recession or heading into one, if it will be different this time around, and whether or not diversification still works during unprecedented times.
Nicole and Bob discuss:
Private Vista’s guidance amidst these extraordinary times and the unique challenges they present
What the difference is between the economy and the markets, and why they don’t always move in the same direction
The Federal Reserve’s potential measures to disrupt the current inflationary cycle
What type of recession is expected, and to what severity
Why it’s better to invest for longer term goals rather than short-term goals
In 1983, Bob Westrick left a “Big Eight” public accounting firm to work for one of his audit clients. Eight years later, his entrepreneurial itch was scratched as he started a partnership in the financial services industry. Two years later, Bob co-founded WNA Wealth Advisors, one of the precursor firms to Private Vista. He is a frequent speaker and he is often interviewed on subjects ranging from economic conditions to wealth management. His experience as an accountant, business owner and financial advisor gives Bob a unique perspective to offer his clients.
Navigating personal finances after college can be challenging for many young individuals who lack proper guidance on savings, investments, and managing their 401(k)s.
What are some goals and rules they should follow for the long-term?
In this episode, Nicole Romito sits down with Carrie Mangan, advisor at Private Vista, to talk about the topic of building healthy financial habits for young adults just starting out in their careers. Carrie shares her expertise and experience to educate them on the importance of starting to save and invest early, maximizing employer contributions to a 401(k), and diversifying retirement savings across different types of accounts.
Additionally, Carrie discusses the importance of having an emergency fund and tracking net worth to be prepared for adverse situations and make better financial decisions.
Carrie discusses:
Her background as a teacher and professional in the financial industry
The basics of 401k contributions, including contribution levels, employer matching, and the benefits of pre-tax deductions
The importance of understanding how much of your 401(k) balance is vested before leaving a job
Target date funds and how it provides diversified and professionally managed investment options
Three important rules of thumb for investing
The importance of building an emergency fund
The rule of thumb for housing costs
Reasons why it’s beneficial to track your net worth annually
How much to allocate to savings
And more!
Resources:
Email at info@myprivatevista.com to get tools that can help you track your net worth and your cash flows
Carrie Mangan is an advisor at Private Vista LLC. Her previous work as a high school teacher emphasized how important it is to build strong relationships as the cornerstone of one’s career. That same principle guides her work as an advisor, where she is able to continue helping people solve problems and make empowered decisions about their futures. Carrie sees her role as a trusted and empathetic source of financial education, and she enjoys working with clients to build up their knowledge and understanding of their options.
Let’s face it, Medicare plans are an alphabet soup. Let’s simplify them together.
In this episode, Nicole talks to Carly Rosswurm, the director of Medicare Solutions at Ash Brokerage, to clear the air about Medicare. With 17 years of experience in Medicare, Carly gives us an overview of the Medicare program and the different types of available plans, and a breakdown of the highest and lowest premiums of 2023. She also explains how you can determine if Medicare is the right insurance option for you when you should start planning to apply for Medicare, how the annual enrollment periods work, and a lot more!
Carly discusses:
An overview of the Medicare program and the different types of plans
When you should start doing your research and speak to a healthcare broker
What she considers when determining if someone should stay with their employer’s insurance plan
A breakdown of the lowest and highest Medicare premiums in 2023
The circumstances when IRMAA charges can be appealed and what the process is like
Losing a loved one is never easy. It’s a time of sadness and mourning, but it’s also a time to honor and celebrate their life. In fact, memorializing and honoring the legacy of loved ones is an important part of the grieving process.
In this episode, Nicole speaks with Alexandra Koys, founder & CEO of Lighten Arrangements, about creative ideas for honoring and celebrating the lives of those we’ve lost, from creating meaningful memorials to legacy planning and more.
Alexandra discusses:
How to personalize your loved one’s memorial to reflect their personal, cultural, and spiritual identity.
Why meaningful memorials are important for the grieving and healing process
The importance of initiating conversations about memorials well ahead of time
What to do if different family members cannot agree upon the ideal funeral ceremony
Key trends relating to end-of-life planning in the U.S.
Alexandra Koys is the Founder & CEO of Lighten, a startup transforming the future of the funeral industry. Lighten’s guided planning platform empowers families to break away from somber, cookie-cutter funeral home offerings and plan uplifting life celebrations that represent their loved ones’ unique personal, cultural, and spiritual identities.
Studies have shown that people experience the same level of emotional pain when losing money as they do when experiencing physical pain. Therefore, managing emotions around finances is crucial for making sound investment decisions and achieving financial success.
In this episode, Nicole speaks with Will Howson, CFP®, CPFA about managing our emotions when discussing finances. Will highlights the significance of both traditional and behavioral finance in investment decisions, emphasizing the importance of education and sticking to an investment plan. He also discusses how positive emotions around finances can impact investment decisions and how to identify common biases such as loss aversion, recency bias, and analysis paralysis.
Will discusses:
The difference between traditional finance and behavioral finance
The importance of both education about investing and sticking to your investment plan
How positive emotions around finances can interfere with investment decisions just as much as negative emotions
What loss aversion, recency bias, and analysis paralysis are, and how to identify them in someone’s investment patterns
Some of the common mistakes he helps their clients avoid
Will Howson, CFP ®, CPFA is a financial advisor at My Private Vista, based in Chicago. After training at a large asset management firm on the East Coast, he returned home to Chicago as an advisor at a wealth management company, specializing in investment management, financial planning, and qualified plan consulting. Will’s impressive achievements include creating an educational curriculum for institutional and individual clients, showcasing his expertise and dedication to his clients’ success. He is passionate about helping people achieve their life goals and enjoys working with colleagues who share that same enthusiasm at Private Vista.
