Five-Minute Finance - Park Lake Advisors Financial Planner Investments in Okemos, Michigan, Lansing, Michigan and a virtual financial planner

Episodes

Ep 1: Introduction to Five-Minute Finance

Ep 1: Introduction to Five-Minute Finance

Our first episode introduces you to the concept of Five-Minute Finance. Instead of long episodes that might not be beneficial to you, we’re going to stay above the weeds to review various financial concepts with you.

A man in a black shirt is standing in front of a dome discussing second marriages and estates.

Ep 2: Second Marriages & Your Estate

When you’re thinking about getting remarried or are remarried, it’s important to have a solid financial plan that you can count on for the rest of your life. In this episode, we’ll take a look at some estate items that you should focus on if you’re planning to get remarried or are remarried.

A man in a black shirt standing in front of a retirement dome.

Ep 3: Greatest Retirement Fear

What is your greatest retirement fear? For many, it’s the prospect of running out of money. What can you do to prevent that from happening? This episode will discuss strategies that may help.

A man in a black shirt volunteering in front of a dome.

Ep 4: Volunteering in Retirement

When you retire, you may find yourself wanting to volunteer. How do you go about doing that? What are some things you should consider before volunteering? In this episode, we’ll help guide you through those considerations.

A man in a black shirt standing in front of a dome discusses the benefits of prepaid debit cards.

Ep 5: Benefits of Prepaid Debit Cards

A prepaid debit card is a plastic card, similar to a bank debit card, that allows the cardholder to perform transactions that might otherwise require a credit card, such as paying bills, making purchases and withdrawing money from ATMs. These cards can help you to manage your personal finances, but there are a few drawbacks to them as well. In this episode, we’ll outline them for you.

A certified financial planner discusses extended care coverage in front of a library.

Ep 6: Extended Care Coverage

Extended care policies can be complicated to understand. In this episode, we’ll cover some of the important topics for you to consider prior to buying an extended care/long-term care policy.

A man in a black shirt is standing in front of a dome during Ep 7: Medicare Coverage Gaps.

Ep 7: Medicare Coverage Gaps

Most people count on Medicare for at least some of their medical insurance when they retire. What are the gaps, though? In this episode, we’ll discuss Medicare and what you can do to protect the gaps that exist.

Psychologically Ready To Retire

Ep 8: Being Psychologically Ready To Retire

There is more to being ready for retirement than being financially ready. You must be emotionally ready as well. In this episode, we’ll discuss ways to help you determine if you’re psychologically ready for retirement.

A man in a black shirt standing in front of a dome discusses insurance after divorce.

Ep 9: Insurance After Divorce

Divorce is not easy on anyone. No matter the reason for it, divorce can take a toll on you emotionally and financially. Through it all, it’s important to take a breath, take a step back and consider the various insurance policies you have and what changes, if any, you should make.

A man standing in front of a dome discusses the importance of an emergency fund.
Keywords used: man, dome, emergency fund.

Ep 10: Your Emergency Fund

An emergency fund is an amount of money that you put away in a separate account to cover any unexpected expenses or emergencies. You can use this money to help yourself or your loved ones in times of strife, or to help you or them to prevent losing their home due to missed mortgage payments. Having an emergency fund can save you from many problems, as well as ensure you’re able to enjoy your life without being bogged down by debt. In this video we discuss how to create an emergency fund.

Investment firms offer trusted contact service for clients.
Keywords used: Investment firms, trusted contact

Ep 11: Trusted Contact and You

When working with an advisor, you may notice that they ask you about a trusted contact. What is a trusted contact? Why is it important to incliude one in your account information? In this episode, we discuss the trusted contact, what it is and why it’s important to include one on your account information.

A man in a red shirt is standing in front of a dome, discussing how to value your business (Ep 12).

Ep 12: How to Value Your Business

What is your business worth? The valuation of a business depends on the approach taken and the circumstances of the company. Whether you’re a small or mid-size business, it’s important to your personal finances that you have an idea on how to value the business. In this video, we’ll explain the three most common approaches to business valuation.

A man in a black shirt while many people are taiwanese with the benefit.

Ep 13: Make Roth 401(k)s Work For You

While Traditional 401(k)’s offer a tax deduction for the year you contribute to your 401(k) plan, the money that you invest in a Roth 401(k) will not be taxed as long as certain requirements are met. In this episode, we discuss the difference between Roth 401(k)’s and Traditional 401(k)’s and why you should be using the Roth option.

A man is standing in front of an ornate ceiling.

Ep 14: What is a 1035 Exchange

A 1035 Exchange is a tax-deferred transfer of an annuity contract from one insurance company to another. What exactly does this mean? Why would you want to do such a thing? Is there a catch? What is the process? And what are the advantages and disadvantages of doing a 1035 Exchange? We answer all these questions and more in this video. If you’re considering doing a 1035 Exchange, here’s a step-by-step guide that you’ll find helpful.

A man in a blue shirt stands in front of a dome, discussing universal life policies.

Ep 15: Understanding Universal Life Polcies

Universal life insurance is a type of insurance that offers flexibility in payment and investment options. The policyholder has the ability to set the premium payments and the cost of insurance. These policies are offered by insurance companies and can be bought with a lump sum payment or with regular payments over time. We’ll discuss the expenses and benefits associated with Universal Life insurance.

A man in a red shirt explores the power of having a will in place.

Ep 16: The Power of a Will

Most people don’t realize they need a will until they need one. However, by then it’s too late. The ramifications of dying without a will can be disastrous, especially if you have dependents. This episode talks about why you need a will, how it protects you and your loved ones, and what to consider when creating one.

A man is standing in front of a dome.

Ep 17: Making Estimated Tax Payments

One of the most common questions asked about taxes is whether a person needs to pay estimated taxes. The answer to this question is not always straightforward, so in this episode we try to explain in simple terms what income is taxable, what income is not taxable and whether estimated taxes are necessary in your case.

Start receiving benefits at age 22 thanks to the decision on when to take social security.

Ep 18: The Decision on When to Take Social Security

The Social Security program allows you to start receiving benefits as soon as you reach 62. Monthly payments differ substantially depending on when you start receiving benefits. The sooner you start receiving benefits, the smaller your monthly payments will be. This episode gives a brief overview on how to decide when to take Social Security. It is a good idea to talk to a financial planner to analyze the pros and cons of the decision and to see how it will impact your life.

A man in a red shirt is standing in front of a dome, discussing self-insurance.

Ep 19: How to Self-Insure

When you choose to bear the financial burden of an adverse event, you are engaging in self-insurance. You may self-insure by assuming the entirety or portion of a financial risk. Self-insurance is a risk management strategy that involves paying for losses that occur from adverse events that are not covered by insurance. However, because you are assuming the financial risk, you become responsible for managing it. The goal of self-insurance is to save money on insurance premiums by paying for losses yourself.

A man in a black shirt standing in front of a dome contemplates unexpected tax consequences.

Ep 20: Unexpected Tax Consequence of Living Too Long

In this episode, we discuss the unexpected tax consequence of living longer.Some life insurance policies mature at age 90. While these policies are designed to provide a death benefit to the beneficiaries upon the death of the insured, if the insured lives beyond age 90 and the policy has not been paid out, there can be a financial burden to the insured. This technicality is often overlooked by policy owners as they plan for their financial future.

Ep 21: A man in a black shirt is standing in front of a dome talking about credit scores.

Ep 21: The Lowdown on Credit Scores

There are three major credit reporting agencies in the United States; Experian, TransUnion, and Equifax. These agencies will track all your credit-related activities and compile them in a credit report. Having a poor credit score will not only hurt your chances of getting a loan, but it will also increase the interest rate you have to pay when taking out loans. On the other hand, having a high credit score will surely get you a loan with a lower interest rate. But how do you know if you have a bad credit score or not? In this episode, we are going to discuss all the aspects of your free credit score. Enjoy!

A man is standing in front of a dome.

Ep 22: Types of Stock Market Analysis

Stock market analysis is a tricky thing. There are so many different factors to take into consideration, and the factors themselves are so broad, that it’s difficult to make broad statements. The majority of stock market analysis can be lumped into three broad groups: fundamental, technical, and sentimental. Let’s talk about each.

Ep 23: A man in a blue shirt standing in front of a dome discussing trends in charitable giving

Ep 23: Trends in Charitable Giving

There are several ways to donate to charity, and several tax benefits to doing so. In this episode, we’ll go over the charitable giving options available to taxpayers. We’ll also cover some alternative charitable giving options.

In Episode 24, a man in a blue shirt discusses the concept of personal savings rate.

Ep 24: What is Personal Savings Rate

The personal saving rate is the government’s estimate of what percent of income households are saving. Economists are mixed on what can be learned from swings in the saving rate. In this episode, we’ll discuss how the Personal Savings Rate statistic is calculated and what it means for your finances.

Ep 25: Understanding Sequence of Returns and Its Impact on Excitability.

Ep 25: When Sequence of Returns is Important

A portfolio’s returns are not evenly distributed over time. In this epsisode, we explain what the sequence of returns is and what kind of impact it has on a portfolio’s final value. Whether you are saving for retirement or taking distributions in retirement, understanding sequence of returns can be important for your overall financial and emotional health.

Traditional individual retirement accounts

Ep 26: Why Use a Traditional or Roth IRA

An Individual Retirement Account (IRA) is a special account created for the purpose of saving and investing money for retirement. There are two main types of IRAs: Traditional IRAs and Roth IRAs. Traditional IRAs allow individuals to deduct the contributions they make to the account from their taxable income. Roth IRAs have no such tax deduction associated with them, but they do allow investors to withdraw funds tax-free at retirement. This episode explores the differences between the two and explains how to choose the right IRA for you.

A man standing in a library.

Ep 27: What Can You Buy with a 529 Plan Distribution

For parents, grandparents and students who want to save money for college, a 529 Plan may be a good investment. 529 Plans are state-sponsored investment vehicles that allow you to save money for college. In this episode, we go over the basics of what you can buy with a 529 distribution. 529 Plans are a good way to save for college, but they’re not for everyone.

A man in a red shirt standing in front of a library investigates the mystery.

Ep 28: The Mystery of the S&P 500 Index

The S&P 500 is ubiquitous. For an index that represents approximately 80% of the value of the US equity market, it may be worthwhile to gain a better understanding of how it works. In this episode, we review the S&P 500 index, the most important stock market index in the world. We’ll cover the main components of the S&P 500 and discuss what it takes for a company to be included in the index.

A man standing in front of a dome.

Ep 29: The Economic Journey of Your Cup of Coffee

Coffee, as we know it today, is a complex beverage with a long history, dating back to the 15th century. Coffee has many economic impacts and benefits, from the workers who pick the coffee beans to the baristas who serve coffee. In this episode, we discuss the economic journey of coffee.

Life holds great debates - Ep 30: Active vs Passive Management.

Ep 30: The Great Debate – Active vs Passive Management

Both active and passive investment management strategies have their respective pros and cons. In this episode, we’ll take a look at some of the most common arguments for and against active and passive management and help you to better decide which approach is best for you.

A man in a blue shirt discusses the Five Basics of Financial Literacy in episode 31.

Ep 31: Five Basics of Financial Literacy

There is a lot to learn when it comes to financial literacy. While we could spend a multitude of hours talking about each of these topics, everyone needs a starting point. In this episode, we want to review the “Basics” of financial literacy. These are the topics you should be familiar with when you are getting started.

A man in a blue shirt standing in front of a dome, discussing Medicare benefits.

Ep 32: Understanding Your Medicare Benefits

This episode is about understanding Medicare. Medicare is the federal government program that provides health care coverage for people 65 or older, people under age 65 and receiving Social Security Disability Insurance (SSDI), and people under age 65 with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a kidney transplant).

Ep 33: How Procrastination Can Affect Your Financial Life featuring a man standing in front of a dome.

Ep 33: How Procrastination Can Affect Your Financial Life

Are you a procrastinator? If so, you’re not alone. Millions of people procrastinate and put off important things until later. It’s easy to rationalize: “I’ll do it tomorrow,” or “I’ll do it later.” But putting things off until tomorrow can cost you big time. In this episode, we explore financial procrastination and the consequences of it.

A man is standing in front of a dome while discussing the cost of medical care.

Ep 34: The Cost of Medical Care – To Self-Insure or Not

These days, you may take a big financial risk without health insurance. Just one accident, one surprise trip to the hospital, and you may be left with a debt rivaling an auto loan. In the United States, one person in seven doesn’t have health insurance, and that number is growing. If you’re one of them, you may think you’ll be fine without it. But, are you? Join us as we dive into the cost of medical care.

A man in a blue shirt sheds light on some unbelievable tax deductions.

Ep 35: Tax Deductions You Won’t Believe

Last year, a New York City man was arrested for trying to deduct $3.00 he spent on a cup of coffee. The IRS does not allow you to deduct a cup of coffee, a newspaper or the expense of going to the movies. But it does permit you to deduct the cost of a movie ticket if the purpose of the trip is to see a work of art or a play, or if you are visiting a sick relative. Here are some other deductions that the IRS has approved as well as some that they disallowed.

Ep 36: Systematic Withdrawals in Retirement for regular income concept, growing up.

Ep 36: Systematic Withdrawals in Retirement

The sequence of returns is the most important risk factor to consider when planning for retirement. In this episode, we discuss how systematic withdrawals is the exact opposite of systematic investments – which just buys more shares when the price is high and sells fewer shares when the price is low. How will this affect your retirement income? Tune in to find out.

A man in a blue shirt documenting the health consequences of teen drinking.

Ep 37: Teen Drinking and Your Liability

Teens are notorious for having parties, but sometimes they can get out of hand. What’s the mean to you? In this episode, we discuss the possible civil liabilities associated with teen drinking. If your teen drinks at home and you are away, you may be exposed to substantial civil liability. This can include injuries and damage to others who may be on the premises and any property damage that may occur. Even if you weren’t aware of your teen’s drinking and you were out of the home at the time, you may be found liable.

Ep 38: Learn the tax rules when you sell your home and understand how to maximize gain from the sale of a primary residence.

Ep 38: Tax Rules When You Sell Your Home

Selling your home can be a great way to pay for a new home, for a child’s education or the help fund for retirement. It can also be a good way to lower your tax bill. But home sales are taxed differently from other types of assets. In this episode, we show you how the gains from the sale of your primary residence are taxed.

Ep 39: Strategies for Managing Your Student Loan Debt

Ep 39: Strategies for Managing Your Student Loan Debt

Many people in the United States are now struggling to pay off their student loans. This is a common problem nowadays, especially for the younger generation. While waiting for the Federal Government to forgive student loans may seem ideal, it’s an ideal that may take years to come to fruition. In this episode, we discuss the various strategies to help manage your student loan debt.

A man in a red shirt discusses how to succeed at succession planning.

Ep 40: How to Succeed at Succession Planning

Many business owners say they want to pass the torch to the next generation and plan to do so in the future. However, statistics show that only 57% of small business owners actually have a formal succession plan in place. This can be detrimental to yourself, your heirs and your business. Join us as we discuss how to succeed at succession planning.

Zero Coupon Bonds

Ep 41: The ABC’s of Zero Coupon Bonds

Zero coupon bonds are debt instruments issued at a discount to its face value, make no interest payments and pay its face value at time of maturity. In this episode, we discuss zero coupon bonds and how the basics of how they work. Do they belong in your portfolio? Check out our episode to learn more.

Ep 42: Maximizing Your Social Security Benefit focuses on understanding social security and maximizing benefits.

Ep 42: Maximizing Your Social Security Benefit

Social Security is a valuable resource that all Americans should take advantage of. However, there are ways to make sure that you’re getting the most out of those benefits. In this episode, we’ll discuss strategies for maximizing your Social Security benefits.

A man in a blue shirt standing in front of a dome learns how to stop wasting money in Episode 43.

Ep 43: Stop Wasting Money!

In this episode, we will be going over some money saving tips that can help you to get started on saving more money. It may not be easy to save money, but it is possible if you make some changes in your spending habits. We will be examining some common money wasters and explain how you can eliminate them. This way you can save more money and use it for your spending needs, like to save for a house, pay for a vacation or save for a goal such as retirement.

Ep 44: A man in a black shirt explores the wonderful world of Silver Sneakers.

Ep 44: The Wonderful World of Silver Sneakers

Medicare is a federal health insurance program designed to provide health coverage to people who are age 65 and older, as well as younger people with certain disabilities. In addition to health coverage, Medicare Advantage and Medicare Supplement Plans may offer additional benefits. One of these is the SilverSneakers Program, which helps cover gym memberships and fitness classes. In this episode, we discuss the SilverSneakers Program is and how to get it. We also cover the benefits of this type of program, so you can decide whether or not you want to sign up for it.

Ep 45: Calculate Social Security benefits.

Ep 45: How Much Social Security Will You Receive

Social Security is one of the most popular government programs. It is a tax funded retirement program that gives you a predictable stream of income in your retirement. While it is a popular program, many people do not know how much they will get in Social Security benefits. This episode will help you figure out what your benefits will be.

A man in a black shirt is standing in front of a dome while discussing Roth IRA for Teens.

Ep 46: Starting a Roth IRA for Teens

If your teen has an earned income, you may be able to set up a Roth IRA for them up an account for them up to $6,500. Learn more about the benefits of a Roth IRA, setting up a Roth IRA for your teen, and what to look for in a Roth IRA provider. Here are some of the benefits of a Roth IRA for teens and how to get involved. This episode is for teens, parents and grandparents alike.

A man is standing in front of a dome.

Ep 47: Spotting Credit Trouble

The simple truth is that credit has a dark side, and if you’re not careful, you could soon find yourself in serious financial difficulties. Just being aware of the warning signs means you can take action to deal with your debt problems before it’s too late. In this episode, I touch on ten warning signs that you (or a friend/family member) may be in trouble.

A man in a blue shirt providing information on health care expenses during retirement according to the Kaiser Family Foundation.

Ep 52: Don’t Get Caught Off Guard: What You Need to Know About Health Care Expenses During Retirement

You may think that Medicare covers long-term care costs. It typically does not. In this episode, we discuss how much health care expenses you should anticipate paying during retirement. This includes not only prescriptions and other traditional medical expenses, but also those associated with an extended care facility.

A man in a red shirt with an investment decision.

Ep 48: Understanding Investment Risk – The Risk Perspective

What is risk? In a nutshell, risk is a quantifiable factor that you consider when you make an investment decision. It is the likelihood of the potential for loss of capital. Risk is a factor in any investment decision that you make. Your tolerance for risk is something that you will want to consider when you make decisions.

Separating Signal, Noise, Financial Professional

Ep 49: Separating the Signal from the Noise – A Role of Your Financial Professional

Investors are realizing that financial professionals have no control over the financial markets. In this episode, we discuss the real value of the relationship, which is about strategy, coaching and understanding, is becoming more important as the financial markets remain volatile and unpredictable.

A man in a red shirt is standing in front of a dome, discussing compound interest and the benefits of early savings.

Ep 50: Let Time Work for You: Saving Early & The Power of Compound Interest

Saving is an essential part of most investment plans. But the earlier you start, the greater the benefits you’ll see. In this episode, we discuss the power of compound interest, and how it can work in your favor, to help you achieve your investment goals sooner. The longer you wait, the less opportunity you have to benefit from compounding and the slower your investment will grow over time.

Ep 51: Saving Social Security discusses the man in a red shirt who represents social security.

Ep 51: Saving Social Security

This episode is not endorsing proposals from either Democrats or Republicans (listing alphabetically). Apoligies as we run a bit long as this topic is a bit too complex to finish under five minutes with an Intro/Outtro. Little did we know when we recorded this video earlier this week that Social Security was going to be a hot topic at the State of the Union. As we’re politically agnostic, we debated shelving this episode for now as Social Security reform shouldn’t be polictical. Nevertheless, we chose to release the episode as scheduled. Social Security is in trouble. Without some sort of reform, it’s going to run out of money and the solvency of the program is questionable. This episode gives an overview of the reforms that could be put in place to ensure that Social Security is solvent and available for everyone who has contributed. This shouldn’t be a Democrat/Republican issue. The time for kicking the can down the road is coming to an end. It’s time to find a solution to ensure this important program stays solvent and stops being a political talking point.

A man in a blue shirt with the words according to the kaiser family foundation discusses health care expenses during retirement.

Ep 52: Don’t Get Caught Off Guard: What You Need to Know About Health Care Expenses During Retirement

You may think that Medicare covers long-term care costs. It typically does not. In this episode, we discuss how much health care expenses you should anticipate paying during retirement. This includes not only prescriptions and other traditional medical expenses, but also those associated with an extended care facility.

A man wondered what it would be like on Super Bowl Sunday.

Ep 53: Super Bowl Sunday: The Big Business Behind America’s Favorite Game

The Super Bowl is not just a football game, it’s a massive economic event that generates billions of dollars of revenue. In this episode, we delve into the economics of Super Bowl Sunday and uncover surprising ways that this annual event affects the US economy. Whether you’re a diehard football fan or just interested in how a single event can affect so many, this is a can’t-miss episode.

A man standing in a library.

Ep 54: Maximizing Your Retirement Income

In this episode, we explore the critical topic of sequence of returns risk in retirement planning. We’ll discuss why it’s crucial to consider how investment returns occur in a specific sequence when you retire and how this can significantly impact the sustainability of your retirement income. We’ll also explore the importance of changing your investment objectives and strategy to ensure you generate sufficient income throughout your retirement. We’ll share insights and provide actionable tips to help you maximize your retirement income and reduce the risks associated with sequence of returns. Whether you’re just starting to plan for retirement or are already retired, this episode is a must-see for anyone who wants to secure their financial future.

A man in a blue shirt is standing in front of a hotel room, maximizing spring break with fun on a budget.

Ep 55: Maximizing Spring Break – Fun on a Budget Tips and Tricks

Looking for ways to make the most of your Spring Break without overspending? Join us as we share our top tips and tricks for having an amazing Spring Break experience that won’t break the bank. Whether you’re planning a solo adventure, a trip with family or a group trip with friends, our advice will help you enjoy a memorable and stress-free Spring Break. Tune in to our podcast, watch our YouTube video, or follow us on social media for more inspiration and ideas.

Ep 56: Understanding Inflation Metrics - Explores inflation metrics and their significance.

Ep 56: Understanding Inflation Metrics

Inflation has been the headling indicator for the past year. Inflation metrics like the Consumer Price Index (CPI), Personal Consumption Expenditures Price Index (PCEPI or PCE) and the Producer Price Index (PPI) are essential tools used by governments and central banks to measure changes in prices of goods and services over time. In this podcast, we explore the different inflation metrics in the United States. Whether you’re an investor or simply someone interested in learning more about inflation, this podcast is for you.

Ep 57: A man standing in front of a dome highlighting the importance of trust for those struggling with gambling or alcohol addiction.

Ep 57: Why You Need a Trust, Especially If You Have an Imperfect Family

Today, our discussion is about the importance of estate planning and trust planning for families with imperfect heirs. Host Larry Mengerink talks about the challenges of passing on wealth to heirs who may not be the best candidates for managing assets, and he explores the benefits of establishing a trust to ensure that your financial legacy is protected and distributed according to your wishes. Larry stresses the importance of working with a qualified estate planning attorney to create a comprehensive plan that addresses all aspects of wealth transfer, including asset protection, probate avoidance and tax planning. Whether you have a large or modest estate, this episode offers valuable insights into how you can prepare for the future and leave a lasting financial legacy for your loved ones.

A man in a blue shirt is standing in front of a dome, discussing financial planning and coaching.

Ep 58: Financial Planning and Coaching – Surprising Similarities

Did you know that coaching a basketball team and being a financial planner have more in common than you might think? In this episode, we explore the surprising similarities between these two professions and how they can help you become better at both. From goal-setting and teamwork to adaptability and communication, we break down the lessons that apply across both fields. Don’t forget to hit subscribe for more episodes like this!

A man standing in front of a dome.

Ep 59: Making Sense of a Home Warranty

In this episode of Five-Minute Finance, we discuss the ins and outs of home warranties. We explain what a home warranty is, what it typically covers, and when it might be beneficial to purchase one. We’ll also share some important considerations to keep in mind when purchasing a home warranty, such as cost, coverage limits, and contractor restrictions. Whether you’re buying a new or existing home, this episode will give you the information you need to make an informed decision about whether a home warranty is right for you.

A man in a blue shirt is standing in front of a library during Ep 60: Top Dog Costs: Understanding the Financial Commitment of Dog Ownership.

Ep 60: Top Dog Costs: Understanding the Financial Commitment of Dog Ownership

Are you a dog lover who’s considering getting a furry companion? Or are you already a proud dog owner? Either way, it’s important to understand the financial commitment that comes with dog ownership. In this episode, we’ll explore the various costs associated with properly caring for a dog, from initial expenses to ongoing maintenance, and give you tips to keep your finances in check while ensuring your dog is healthy and happy. So, whether you’re a new or seasoned dog owner, stay tuned for some pawesome insights into the financial aspect of dog ownership.

A man is standing in front of a dome with the words fear, IRS, financial planner.

Ep 61: Avoiding an IRS Audit: Tips and Tricks from a Financial Planner

Are you afraid of getting audited by the IRS? Don’t worry, we’ve got you covered! In our latest podcast, Larry Mengerink, CFP®, shares helpful tips for reducing the chances of an audit and explains what to do if you do get audited. Plus, discover why keeping complete records is so important. Don’t miss out on this informative episode of Five-Minute Finance!

Understanding financial information, to pay off or not to pay off.

Ep 62: To Pay Off or Not to Pay Off -That is the Question

In this episode of Five-Minute Finance, Larry Mengerink, CFP®, discusses whether or not retirees should pay off their mortgages. He explores the pros and cons of paying off a mortgage early, including the potential benefits of investing that money instead, the value of the mortgage interest tax deduction, and the impact on monthly expenses. Larry also discusses the sentimental value of a home and how paying off the mortgage can help make it part of your legacy. Tune in for a quick and informative discussion on this important retirement question.

A man standing in front of a ceiling in Ep 63: Understanding the Link Between Currency Value and Inflation in the United States.

Ep 63: Understanding the Link Between Currency Value and Inflation in the United States

In this episode of Five-Minute Finance, Larry Mengerink discusses the effects of a rising dollar on inflation in the United States. Larry explains how a strong US dollar has been beneficial in controlling inflation in the past, but it’s important to be aware of potential downsides, such as a decrease in demand for exports and potential job losses in certain industries.

A man in a black shirt who is a certified financial planner discusses strategies for avoiding the pitfalls of probate and protecting your legacy.

Ep 64: Avoiding the Pitfalls of Probate: Protecting Your Legacy

Welcome to Five-Minute Finance! In this episode, host Larry Mengerink, CERTIFIED FINANCIAL PLANNER™, explores the complex and potentially costly world of probate. If you’re unfamiliar with probate, it’s the legal process that occurs after someone passes away to wrap up their legal and financial affairs. Larry explains what probate is, how it works, and the potential challenges and expenses associated with it. He also provides a list of assets that may avoid the probate process altogether. Tune in to learn how to manage the probate process and protect your legacy and your family’s privacy. Don’t miss this informative episode of Five-Minute Finance! #probate #estateplanning #legacyprotection #familyprivacy #fiveminutefinance

A man in a blue shirt discusses the impact of account titling on FDIC insurance coverage.

Ep 65: How Account Titling Affects Your FDIC Insurance Coverage

In this episode of Five-minute Finance, host Larry Mengerink dives into the topic of FDIC insurance and how account titling can affect your deposit coverage. Did you know that different types of bank accounts and account ownership can impact how much FDIC insurance coverage you receive? Larry breaks down the different account types, including single accounts, joint accounts, revocable trust accounts, irrevocable trust accounts, and employee benefit plan accounts. He also explains how beneficiaries and account titling can impact coverage limits, and discusses important details about deposit protection, financial stability, and the role of the Federal Deposit Insurance Corporation. Whether you’re a seasoned investor or just starting out, this episode is a must-watch for anyone interested in managing their finances wisely. Join us for Five-minute Finance and stay informed about all the latest financial news and tips!

Retirement discussions

Ep 66: Preparing for Retirement: More Than Just Money Matters

Check out our latest episode of Five-Minute Finance! �� This week, we’re diving into the non-financial factors to consider when preparing for retirement. Learn how to plan for a happy and fulfilling retirement, from envisioning how you’ll spend your time to deciding where you’ll live. Don’t miss out on practical tips to help you align your financial goals with your vision for a dream retirement! #retirementplanning #nonfinancialfactors #happyretirement #financialgoals #fiveminutefinance

Ep 67: March Madness - The Financial Impact of America's Favorite Basketball Tournament, featuring a man in a blue shirt welcoming you to five minute finance.

Ep 67: March Madness: The Financial Impact of America’s Favorite Basketball Tournament

March Madness is here, and it’s not just the players and fans who are feeling the excitement. This tournament has a huge financial impact on our economy, from sports betting to travel and hospitality to lost productivity. Join us for this episode of Five-minute Finance as we take a deep dive into the economics of March Madness. Whether you’re a sports fan or a finance enthusiast, this video is packed with valuable insights you don’t want to miss. Tune in now and join the Madness!

Where help you understand complex financial concepts? Ep 68: Different Asset Classes.

Ep 68: Understanding Different Asset Classes for Successful Investing

In this episode of Five-Minute Finance, we explore the four main asset classes of investments and how they can help you achieve your financial goals and explain their characteristics, advantages and risks. We also discuss the importance of diversifying your portfolio across different asset classes. Whether you’re a seasoned investor or just starting out, this episode provides valuable insights to help you make informed investment decisions.

A man in a blue shirt navigating finances as a couple.

Ep 69: Money and Marriage – Navigating Finances as a Couple

Are you and your partner struggling to manage your finances? Join us on our latest video where we discuss how couples can navigate the complex world of money management together. We cover all aspects of personal finance, providing practical tips and expert advice to help couples achieve their financial goals and build a strong financial future together. Don’t miss out on this insightful discussion!

A man in a black shirt standing in front of a dome building.

Ep 70: Buiding Your Emergency Fund – A Step-By-Step Guide

In this episode of Five-minute Finance, we’ll discuss the importance of having an emergency fund and how to build one, even if you’re on a tight budget. We’ll cover practical steps, including setting realistic goals, opening a separate bank account and making automatic transfers. You’ll learn how to prepare yourself for financial hard times and gain peace of mind knowing you have a safety net in place.

Finacial understanding of uninsured motorists.

Ep 71: Don’t Get Stuck with the Bill – How to Protect Yourself From Uninsured Motorists

Are you prepared to handle the aftermath of a car accident caused by an uninsured driver? In this episode of Five-Minute Finance, we break down the steps you need to take to protect yourself from uninsured motorists. From carrying uninsured motorist coverage to documenting everything at the scene of an accident, we share our expert advice on how to stay safe on the road. Don’t miss out on this important discussion – listen to the latest episode of Five-Minute Finance now.

Ep 72: A man in a black shirt navigates the retirement realities, bridging the gap between expectations and reality in five minutes finance.

Ep 72: Retirement Realities – Navigating the Gap Between Expectations and Reality

Are you prepared for retirement? In this episode, we explore the realities of retirement and the gap between expectations and reality. Many new retirees assume they will retire on 70-80% of their end salary, but few achieve this goal. We also explore whether retirees really outlive their money and how to navigate health crises that can arise unexpectedly. You’ll learn about the importance of remaining flexible in retirement and how a smart financial strategy can help you achieve your goals. Join us as we dive into the complexities of retirement planning and provide insights to help you create a successful retirement strategy.

A man in a black shirt discussing inheritance and what you need to know on Ep 73 of Five Minute Finance.

Ep 73: Navigating Inheritance – What You Need to Know

Welcome to the latest episode of Five-Minute Finance! In this episode, we’re discussing the topic of inheritance and some of the things you should keep in mind if you ever receive one. From taking your time and seeking professional advice, to considering your own financial strategy and being aware of tax implications, we break down what you need to know about this complicated topic. Tune in now to learn more!

Ep 74: The Price of Living - A Deep Dive into American Spending Habits featuring a man in a black shirt.

Ep 74: The Price of Living – A Deep Dive into American Spending Habits

In this episode, we explore the average American budget and provide insights into where the typical household income is being spent. By breaking down the percentages and examining the most significant expenses, we aim to help listeners gain a better understanding of their own finances and potentially identify areas where they can save money. Additionally, we provide a free budget template on our website (parklakeadvisors.com/budget) to help listeners get started on their own financial journey. Join us as we take a deep dive into the numbers and offer practical tips for managing your money.

A man in a black shirt discussing the importance of proper life insurance coverage on episode 75 of Five Minute Finance.

Ep 75: The Importance of Proper Life Insurance Coverage

Looking to learn about finances that won’t take up too much of your time? Five-Minute Finance is the perfect solution! In this episode, we discuss why group life insurance through work may not be enough coverage and explain the two main types of individually owned life insurance: term and permanent. Learn about the advantages and disadvantages of each, and discover which one might be right for your financial goals and needs. Don’t miss out on this informative and helpful episode of Five-Minute Finance!

Podcast episode about the business cycle's impact on economic fluctuations.

Ep 76: The Economic Roller Coaster – A Look at the Business Cycle

Have you ever wanted to understand the economic business cycle and what it means? In this episode, we explore the world of the business cycle and how it affects the economy. We’ll take you through the four stages of the cycle and explain how investors can make informed decisions based on the stage of the cycle. Join us as we ride the waves and navigate the unpredictable nature of the business cycle.

Ep 77: A man in a red shirt explaining how donating appreciated stocks can help your taxes and charity.

Ep 77: Give and Save: How Donating Appreciated Stocks Can Help Your Taxes and Charity

In this episode, we explore the tax advantages of donating highly appreciated stock to a tax-exempt charity. We discuss the benefits of gifting securities instead of selling them, the potential tax benefits for donors who have owned the stock for at least one year, and the tax rules for charitable donations. Join us as we explore the power of giving and maximizing your charitable contributions.

A man in a red shirt comprehends the contrasting characteristics of Mutual Funds and ETFs.

Ep 78: Understanding the Key Differences Between Mutual Funds and ETFs

In this episode of “Five Minute Finance,” we explore the similarities and differences between mutual funds and ETFs. We’ll delve into the structural and tax differences between the two investment vehicles, and discuss which one may be the better choice for your portfolio. Join us as we help you make informed investment decisions.

A man in a blue shirt shares last-minute tips for filing taxes on episode 79 of "Five Minute Finance.

Ep 79: Maximize Your Tax Return: Last-Minute Tips for Filing Taxes

In this episode, we share some essential last-minute tips to help listeners prepare for filing their taxes, including important deadlines, necessary documents, payment strategies, and maximizing deductions and credits. Listeners will learn how to avoid common mistakes and ensure their tax returns are accurate, timely, and maximize their refunds. Don’t miss this must-listen episode for anyone filing taxes!

A man in a red shirt warns viewers about the top 5 retirement pitfalls to avoid on Episode 80 of Five Minute Finance.

Ep 80: The Top 5 Retirement Pitfalls to Avoid

In this episode of Five-Minute Finance, we explore some classic financial missteps that can plague retirees and provide tips on how to avoid them. From managing Social Security benefits to understanding longevity and managing medical costs, we cover a range of important topics to help you prepare for retirement. We also discuss managing withdrawals, taxes and other expenses. Join us for this informative guide on navigating retirement pitfalls.

In Ep 81 of five minute finance, a man in a red shirt discusses protecting your business from the loss of a key person.

Ep 81: Protecting Your Business from the Loss of a Key Person

In this episode of Five-Minute Finance, we’ll discuss the potential financial impact of losing a key employee and how you can protect your business with Key Person Insurance. Learn about the definition of a key person, how to calculate the coverage amount and the benefits of this insurance policy. Don’t miss this informative and essential episode that could save your business from significant financial loss.

A man in a maroon shirt with the text find news in just minutes.

Ep 82: Don’t Let Floods Leave You High & Dry: Tips for Protecting Your Home

Are you prepared for the financial devastation that comes with flooding? If you’re like most homeowners, the answer is probably no. That’s because flooding isn’t covered under a standard homeowners policy. But don’t worry, we’ve got you covered. In this episode of Five-Minute Finance, we’ll share everything you need to know about protecting your home from flood losses. From understanding flood insurance coverage to taking preventative measures, we’ll break down the steps you need to take to keep your home and finances safe. So don’t wait until it’s too late – hit play and learn how to protect your biggest investment today!

A man in a black shirt discusses the importance of a letter of instruction for planning one's legacy in the latest episode of Five Minute Finance.

Ep 83: Plan for Your Legacy – The Importance of a Letter of Instruction

Discover the importance of a letter of instruction in this episode of Five-Minute Finance. This personal document can help you convey your wishes and provide important information about your estate, from the location of legal documents to funeral wishes and more. Learn what to include and why it matters, and get some tips for writing a letter of instruction that reflects your personality and estate strategy. Plan for your legacy today!

A man standing in front of a dome.

Ep 84: Unlocking Medicare: Qualifying Before 65

In this episode of Five-Minute Finance, we explain everything you need to know about qualifying for Medicare before the age of 65. From Social Security Disability Insurance checks to End-Stage Renal Disease, we break down the complexities of Medicare eligibility in a quick and easy-to-understand way. Tune in now to get the facts!

A man in a blue shirt standing in front of a dome discusses smart ways to use your tax refund.

Ep 85: 8 Smart Ways to Use Your Tax Refund

Looking for smart ways to spend your tax refund? In this episode of Five-Minute Finance, we’ve got you covered with eight great ideas that could help improve your financial situation. From building up your emergency fund to investing in yourself, we’ll provide tips and insights to help you make the most of your extra cash. Tune in to learn how to spend your tax refund wisely and boost your financial future!

Podcast, financial concepts.

Ep 86: Caring for Aging Parents – How to Have the Difficult Conversations

As our population ages, many Americans find themselves in the role of caregiver for their aging parents. In this episode of Five-Minute Finance, we explore how to have the difficult conversations with aging parents about their future healthcare needs, what information to gather, and how to involve other family members. We also share tips and resources to help make the transition smoother and less stressful for everyone involved. Tune in to learn how to best care for your aging parents and prepare for the road ahead.

Ep 87: A man in a blue shirt smiling in front of a dome discusses retiree health care coverage overseas.

Ep 87: Retiree Health Care Coverage Overseas

Are you a retiree with dreams of traveling internationally? Before you embark on your journey, it’s important to understand your healthcare coverage options overseas. In this episode of Five-Minute Finance, we explore the limitations of Medicare coverage outside of the US, the benefits of Medigap coverage, and other insurance policies available to cover medical emergencies while traveling. Tune in to learn how to plan ahead and ensure you have the right healthcare coverage before your next international adventure.

Ep 88: Don't Get Caught in the Rain: A man in a blue shirt standing in front of a dome shares the benefits of umbrella liability insurance.

Ep 88: Don’t Get Caught in the Rain: The Benefits of Umbrella Liability Insurance

Are you protecting your assets from unexpected lawsuits? In this episode of Five-Minute Finance, we discuss the importance of umbrella liability insurance. With a record number of millionaires in the US, it’s important to consider additional protection for your assets. We explain what umbrella liability insurance is, how it works, and why it’s worth the investment. Don’t wait until it’s too late – keep your umbrella handy!

A man in a blue shirt finds financial news in minutes.

Ep 89: Don’t Let Indecision Hurt Your Financial Future

In this episode of Five-Minute Finance, we discuss the importance of making investment decisions and the potential consequences of indecision. From failing to enroll in your 401(k) plan to holding onto inappropriate investments, we explore the various ways that inaction can impact your financial future. Join us as we provide practical tips for making deliberate and thoughtful investment decisions.

A man in a blue shirt standing in front of a library while discussing practical tips for parents of children with special needs.

Ep 90: Protecting Your Child’s Future – Practical Tips for Parents of Children with Special Needs

Are you a parent with a child who has disabilities? It’s crucial to ensure your child will be provided for after you’re gone. In this episode of Five-Minute Finance, we outline four essential steps to help protect your child’s future. Tune in to learn more about these steps and how working with loved ones and qualified professionals can make a difference. Don’t forget to subscribe to our podcast or channel on Youtube for more quick financial bites.

A man in a black shirt discusses retirement challenges for women in another edition of five minute finance.

Ep 91: Conquering Retirement Challenges for Women

Retirement can be a daunting subject, especially for women who face unique challenges such as longer life expectancy and lower earnings. But don’t worry, in this episode of Five-Minute Finance, we’ll share some practical tips and strategies to help women conquer retirement challenges and achieve their financial goals. From clarifying your vision for retirement to getting creative with your strategy and exploring additional income sources, we’ll cover it all. Tune in and discover how to take charge of your retirement planning today!

Podcast, complex financial concepts

Ep 92: Coping with Loss – Estate Checklist

Dealing with the loss of a loved one is never easy, and managing their estate can be overwhelming. In this episode of Five-Minute Finance, we provide a practical checklist to help you navigate the process. From gathering important documents to contacting financial institutions and dealing with tax implications, we cover everything you need to know. Whether you’re a seasoned executor or a first-time administrator, this episode will provide essential tips and advice.

A man in a black shirt helps to decode Medicare.

Ep 93: Decoding Medicare

Join us as we break down the basics of Medicare coverage and help you navigate the options that are right for you. From Original Medicare to Medicare Advantage Plans and Medigap, we’ve got you covered in just five minutes. Tune in for expert insights and friendly guidance on your Medicare journey.

A man in a maroon shirt standing in front of a dome, discussing how the Fed Reserve shapes the economy and ensures financial stability.

Ep 94: How the Fed Reserve Shapes the Economy & Ensures Financial Stability

Unveiling the Inner Workings of the Federal Reserve | Discover how the Federal Reserve influences the economy, ensures stability, and impacts your finances. Join us on “Five-Minute Finance” as we demystify the Fed’s role and explore its tools for maintaining employment, price stability, and interest rates. From supervising financial institutions to providing essential services, learn why the Federal Reserve matters. Don’t miss this insightful episode!

Episode 1: Introduction to Five-Minute Finance

Episode 1: Introduction to Five-Minute Finance

Our first episode introduces you to the concept of Five-Minute …