In this episode, Ryan Burklo and Alex Collins discuss the intricacies of college planning, focusing on Ryan's personal experience with his daughter touring the University of Arizona. They explore various funding strategies for education, emphasizing the importance of flexibility in financial planning. The conversation also touches on navigating the FAFSA process, the emotional aspects of financial decisions, and the significance of seeking advice from knowledgeable sources.

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Ryan Burklo's LinkedIn profile: https://www.linkedin.com/in/ryanburklo/

Alex Collin's LinkedIn profile: https://www.linkedin.com/in/alexandercollins/

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

Check out Ryan's LinkedIn Post: https://www.linkedin.com/posts/ryanburklo_college-financialplanning-collegeplanning-activity-7386038522945875970-DjOZ?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAPeigABAS2_RpYsoJM-YinxpGfnD1wyNRc

#collegeplanning

#financialplanning

#FAFSA

#educationfunding

#flexibility

#scholarships

#emotionalfinance

#personalfinance

#investmentstrategies

#studentloans

Takeaways

The importance of personal experience in college planning.
Flexibility in funding options can lead to better financial outcomes.
FAFSA is a crucial step in the college funding process.
Emotional aspects of financial planning can affect decision-making.
There are multiple ways to fund education, and no one-size-fits-all solution exists.
Networking and experiences gained in college can be as valuable as education itself.
It's essential to seek advice from trusted and knowledgeable sources.
Avoid cookie-cutter financial plans; tailor them to individual goals.
Understanding the implications of financial decisions is key to effective planning.
Engaging with others about their funding strategies can provide new insights.

Chapters

00:00 Introduction to College Planning
01:01 Touring the University of Arizona
03:07 Funding College Education
06:02 Exploring Different Funding Options
11:09 Navigating FAFSA and Scholarships
13:41 Understanding Financial Assets for FAFSA
15:53 Personal Experiences with College Funding
20:46 The Importance of Seeking Financial Advice

In this episode of Beer and Money, Ryan Burklo discusses the essential rules and obligations associated with inheriting an IRA. He explains the importance of understanding required minimum distributions (RMDs), the tax implications of withdrawals, and the necessary steps to set up an inherited IRA correctly. The conversation emphasizes the need for strategic financial planning and coordination with tax professionals to ensure compliance and optimize tax outcomes.

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Find us on YouTube: https://www.youtube.com/@beerandmoney

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Check out our Instagram: https://www.instagram.com/ryanburklofinance?igsh=ZTJzN3Jnajd5M2Mw

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

RMD website Ryan mentions: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-beneficiary

#InheritedIRA

#RMD

#taximplications

#financialplanning

#beneficiaryIRA

#retirementaccounts

#estateplanning

#taxstrategy

#financialadvice

#IRArules

Takeaways

Inheriting an IRA means dealing with tax obligations.
Required Minimum Distributions (RMDs) must be understood and managed.
If the deceased did not take their RMD, beneficiaries must ensure it is taken.
Beneficiaries have a 10-year window to distribute the inherited IRA funds.
Retitling the IRA to an inherited IRA is crucial.
Withdrawals from an inherited IRA are taxable as ordinary income.
Coordination with a CPA is essential for tax strategy.
Each RMD impacts the beneficiary's tax bracket.
Setting a schedule for RMDs helps in financial planning.
Understanding where to allocate the withdrawn funds is important.

Chapters

00:00 Understanding Inherited IRAs
03:00 Key Rules for Distributions
05:49 Setting Up Your Inherited IRA

In this episode of Beer and Money, Ryan Burklo discusses key takeaways from Morgan Housel's book, The Art of Spending Money. He emphasizes the importance of balancing spending and saving, minimizing future regrets, cherishing memories over material possessions, and the value of independent thinking in financial decisions. The conversation encourages listeners to reflect on their financial choices and align them with their personal values.

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Find us on YouTube: https://www.youtube.com/@beerandmoney

Subscribe to our newsletter: https://www.quantifiedfinancial.com/subscribe-now

Check out our Instagram: https://www.instagram.com/ryanburklofinance?igsh=ZTJzN3Jnajd5M2Mw

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

#MorganHousel

#TheArtofSpendingMoney

#financialplanning

#minimizeregret

#cherishmemories

#independentthinking

#spendingvssaving

#personalfinance

#psychologyofmoney

#financialadvice

Takeaways

There is no one-size-fits-all approach to financial planning.
The best advice is to minimize future regret.
Memories are more valuable than material possessions.
Independent thinking is essential in financial decisions.
Avoid keeping up with societal expectations.
Understanding personal values can guide spending habits.
Splurging can be justified if it aligns with what you value.
Life is about experiences, not just money.
Financial decisions should reflect individual priorities.
Reflecting on life choices can lead to a more fulfilling life.

Chapters

00:00 Introduction to The Art of Spending Money
02:47 Minimizing Future Regret
06:00 Cherishing Memories Over Materialism
07:19 The Importance of Independent Thinking