Ready to take charge of your finances in 2025? In this episode, we cover key financial moves to set yourself up for success, from creating a realistic budget to investing for the future. Tune-in for actionable advice to achieve your money goals and start the year strong!
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About the show:
On the show, you’ll learn key strategies to help protect and grow your wealth and provide for lifetime guaranteed income. Mike is committed to helping retirees hold onto more of their hard-earned wealth and is a big advocate of helping his clients reduce the total taxes they’ll be required to pay during their retirement.


1.10.25: Audio automatically transcribed by Sonix
1.10.25: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.
Speaker1:
Any examples used are for illustrative purposes only, and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment, and is not a solicitation or recommendation of any investment strategy.
Speaker2:
Welcome to Money Matters with Mike, with your host, Mike Zeno. Mike works hard each day to educate Americans like you on how to reach the financial freedom they've worked so hard for. And he can help you too. So now let's start the show. Here's Mike Zeno.
Speaker3:
What's up people? Welcome to the show. I'm Mike Zeno, coming to you from Fort Mill, South Carolina. Happy Saturday. We've got a ton of great information for you today. But first, I wanted to wish every one of our listeners a very happy New Year. On today's show, we're going to talk about a lot of stuff. But most importantly, we're going to show you how to start 2025 off on the right foot financially. And if you can't tell, I'm losing my voice. So this is going to be a little bit of fun today. But as always, I have the distinct honor and privilege of being joined by the one and only my co-host, my producer extraordinaire, and maybe somebody who's going to help bail me out on today's show. Mr. Matt McClure. Matt, how you doing today, brother? I'm doing great, Mike.
Speaker1:
I will bail you out as much as I can. I know you have done that for me in the past, when I have been under the weather and without my best voice on a particular show. So, yeah, I'll be glad to do that. I'm glad that you, uh. Sounds like. Anyway, had a great, uh, holiday season and, uh, I know did maybe did a little bit of traveling there and, uh, just had some good times with the family.
Speaker3:
Yeah. We did. My wife and I were fortunate enough for the first time ever, we actually went on a Christmas cruise on celebrity and sailed the apex, uh, out to the Caribbean and had a great time. Came back. And then my adult daughters who live off came into town and we celebrated Christmas on January 2nd, actually. And so we had basically an extended holiday period. And then my birthday was was just, you know, last week on the fifth. So it was it was a great whirlwind celebration. And I think that's part of why I've lost my voice. I've got that raspy thing going on. Yeah.
Speaker1:
So it's too much partying with the family there. You know, it'll happen.
Speaker3:
A little bit. Just a little bit.
Speaker1:
Well very good. Well, I will let you give the voice a rest here for just a moment. As I wish everybody a happy New Year as well. You know, I hope that everyone's 2025 is off to a great, great start. Um, and we have a lot of great information for you here on the show today. Uh, as Mike said, we're going to talk about how to start off 2025 on the right financial foot. Okay. So, uh, you know, if you are in the greater Charlotte area listening to this show on re if you are listening to us via the podcast, you can get it anywhere you listen to podcasts. By the way, that's Apple, it's Spotify, it's iHeart, it's all of the biggies, all the big providers out there. We would love to have you subscribe to Like Us. Leave us great comments and ratings. That would be amazing. Uh, and as Mike gives the big thumbs up to me there. But yeah, listen to previous episodes as well on the website. The archive is there and there are plenty of episodes to choose from. Also, check us out on YouTube. We've got great highlights from the show, some YouTube shorts as well. And of course, you know, don't hesitate to give Mike Zeno a call with your questions. I mean, we've got the phone number, of course. It's (704) 560-1573. That's one way you can reach out to him. (704) 560-1573. You can also go to the website. It's Money Matters with mike.com. You can follow Money Matters with Mike on Facebook as well. And Mike will be, you know, interacting with you They're basically like, what we're trying to say here is if you can't find this, you're not looking because we're just about everywhere.
Speaker3:
That is absolutely the truth. And folks, the whole reason we do the show is to lift everybody's financial acumen. And that's a big word. But the financial education system in the United States has been broken for quite some time. And we want to arm you with that information so that you make the best financial decisions that ultimately lead to a successful retirement for you. Yeah. Thank you. Each and every single one of you for tuning in and sticking with us throughout the almost three years now that we've been doing the show.
Speaker1:
Which is crazy how time flies there. But yeah, absolutely. Thank you. Because without you listening, we do not have a show at all. And we've got some great information coming up for you here momentarily as we give you a financial checklist to start off the new year. But first, how about we get a great quote of the week under our belt to start off 2025? And we'll do that right after this.
Speaker4:
And now for some financial wisdom. It's time for the quote of the week.
Speaker1:
And this week's quote comes from our 32nd president, Franklin Delano Roosevelt, who said this. The only limit to our realization of tomorrow is our doubts of today. Boy, that that just says a lot there, Mike.
Speaker3:
It really does. Matt. I think it highlights the power of belief and the detrimental effects of doubt on achieving future goals. Right? It suggests that our potential to shape a better future is constrained not only by external circumstances, but by our internal uncertainties or simple lack of confidence.
Speaker2:
Hungry for something to chew on? Here's some meat on the bone.
Speaker3:
Belief, folks. Fuels action. Right? Confidence in our abilities and our vision motivates us to take bold steps toward progress. But on the other hand, doubt can absolutely paralyze you and prevent you from acting on opportunities. And so it's really important to understand the role of perspective. If we allow doubts, whether that's the fear of failure, whether that's self-limiting beliefs or maybe some uncertainty about outcomes to dominate our thought processes, we're going to limit our imagination as well as our willingness to take risks that are necessary for growth. And so overcoming barriers becomes paramount. And I think his quote encourages us to overcome today's doubts and focus on possibilities rather than on our limitations. And by shifting our thought process from doubt to determination, we open the door to realizing tomorrow's potential so we can apply that in our personal life, right? It might mean silencing the inner voice that says I can't and instead take steps toward the goal, even if success is not guaranteed. If you're a leader, it underscores the importance of inspiring confidence in others to envision and work toward a brighter future, even amidst some uncertainty. And in retirement planning. Because, let's face it, that's what our show is about. Or any financial decisions for that matter. It could relate to overcoming fear or hesitation to invest in long term goals. Trusting that today's disciplined efforts will lead to security as well as success down the road. And ultimately, I think his quote is a call to action to believe in ourselves and our potential. Recognizing that doubt is often the greatest obstacle to achieving our dreams. Matt.
Speaker1:
Yeah. That's right. And overcoming that doubt and that fear really is, uh, is paramount to making positive changes, as you said, that that can lead to a better tomorrow. And of course, you know, FDR famous as well for another, probably his most famous quote, the only thing we have to fear is fear itself. And I think that one's very, uh, appropriate here also, because that's the thing that can hold us back if we just have that uncertainty, that fear, that doubt about taking steps right now because we're we're uncertain about what it's going to lead to and all of that get rid of that uncertainty, especially when it comes to your financial life, because, you know, you want those assurances and those, um, you know, you want to achieve those goals for a much better tomorrow.
Speaker3:
You do. Matt. And so many people that I meet with initially have such a lack of confidence, they have no idea where they are they are financially. No real plan of how to get from where they are to where they want to be. And one of the first things I asked them is, you know, hey, do you really know more than the experts? Right? Do you know more than your doctor? Do you know more than your attorney? Do you know more than your home contractor? And ultimately, they say no. Well, just as you trust those experts in those important situations, we believe that nothing replaces a capable financial professional. So the start of the new year is a great time to reevaluate your retirement plans. Whether retirement is still many years away, just a few years away, or if you've already been retired for a number of years, let me show you a plan that gives you confidence and ultimately, peace of mind.
Speaker1:
That's right. And peace of mind really is worth its weight in gold, you know? I mean, it really, really is. And that is something you really kind of can't put a price on. Is that peace of mind here. Of course, if you want to get started on your financial plan to get that piece of mind to get, you know, those goals in line for the future, just go to Money Matters with Mike. Com contact Mike Zeno there. It's Money Matters with mike.com. That's the website. And you can just reach out via the contact form and schedule your own personal consultation. That's free of any charge and any obligation to continue on. You'll only work with Mike if it's best for you. You can also call him (700) 456-0157 37045601573. Alright, so let's move on here. Now to our jumpstart for the New Year with our financial checklist. Very very important. You know the calendar turns over this in this situation from 2024 to 2025. We flipped that page now. And so it's time to just take a step back to reassess and to look at where your financial life stands and how you can make those improvements going forward. Number one in our checklist here, Mike, is to really just lay the groundwork and see where things stand. Calculate your net worth.
Speaker3:
Yeah. So many people have no idea what they're worth. Like literally no clue. And any changes that you need to make become much more obvious once you calculate that net worth. And so people should start by totaling their assets, which means their all their account balances, any real estate that they own anything of value basically. And then subtract your liabilities, which are things that you owe your mortgages, uh, any other debt that you have, whether it is credit card debt, student loan debt, personal loan debt, uh, vehicle debt. And that's going to create a much more clear picture of where you stand as far as your net worth.
Speaker1:
Yeah. And that's the thing. Like, you know, if you don't know where you are now, how in the world do you know how to map out a plan to get you where you want to go in the future? Right. It's like. Absolutely. That's the thing. I mean, you I always look at it and sort of talk about these things as like a financial GPS, right? So you, you get in the car and if you're going somewhere you've never been before. In this case, retirement in this illustration. Right. You've got to set that destination. But the GPS, it already kind of knows where you are right now. So hey Mike Zeno can be your financial GPS, right? Find out where you are right now and then help you map out to that destination all the twists and turns along the way. Again, money matters with Mike. Com is the website to go to. Um, and of course along the way, Mike, if you find yourself with a bunch of debt right now in that assessment, you're going to want to pay that off, especially the high interest debt, right?
Speaker3:
Yeah. No doubt you have to make a plan though. And then act on that plan, right? Because you can make a plan and stick it in the drawer of procrastination. And guess what? The debt just keeps snowballing and getting bigger and bigger and bigger. So decide how much you can pay toward any of your loans, any of your debts, as well as your mortgage accounts. Right? You want to attack, um, all of your credit card debt, starting with the highest interest rates. Folks, most credit cards have April's north of 20%, which is ridiculous. And some go as high as 29.999%. So that's 30%. Let's just call it what it is, right? Don't carry a big balance on those credit cards with those super high. April's. Nobody has ever become rich off of airline miles or hotel points. So make it a goal to pay off that balance each and every single month, okay? Also, as a side note, your credit card should not be your emergency fund. I like folks to have somewhere between six months and 12 months of all of their expenses. Set aside just for those foreseen or unforeseen, I should say, emergencies. And then develop a plan to pay your house off. Okay. The happiest retirees. They don't have a mortgage payment. Okay. And the easiest way to increase your net worth is to eliminate your debts. Right? With your mortgage most likely being the largest one.
Speaker1:
Yeah, that's absolutely right. The biggest debt that that most people do have is that mortgage, of course, followed by things like cars and other big ticket items like that. And you know, you got to make that plan. But as you say, Mike, you got to stick to it. Um, there are also some other things here, you know, that we want to go through in a number three on our list is something that people might not have thought of yet, but you can actually minimize some taxes going forward with a Roth conversion. Talk about a Roth conversion here and what that actually means for folks.
Speaker3:
Right? So if you still have room in your tax bracket before the amount of income you have is pushed up into the next highest bracket, you can actually take some of that money and convert it, pay the taxes on it out of your IRA or out of your 401 K. If you're already over the age of 59.5 and move it into a Roth IRA, because doing so you're you're setting your future self up to never have to worry about a required minimum distribution. Right? And once you've paid your taxes, uh, Uncle Sam doesn't ever have to come knocking at your door again. Even on the growth that that money, uh, I guess, increases over time, right? You're going to want to complete any Roth conversions, though, before you turn age 73, which is the current age for required minimum distributions. Now that's a great way to help kind of maximize your your tax bracket by minimizing the ultimate tax that you pay. Yeah.
Speaker1:
Minimize that tax burden. So your taxable income is going to be less in retirement because yeah like you said the tax man is not going to come knocking at your door over any of those, um you know, funds that are in a Roth type account. And I can't tell you like how many times now that I have spoken with somebody, um, about, you know, Roth type accounts and, you know, somebody wanting to open one or do a Roth conversion, and they're like, wait, what? I don't have to pay any more taxes in, in retirement on this money at all. Um, even the growth and yeah, it is absolutely possible. And that is something that we hope the government doesn't take away at any point in time because it's a great, great thing. Number four here on our retirement planning checklist for the new year, is to check up on those retirement accounts, whether it's a Roth account, 401 K IRA, whatever it might be.
Speaker3:
I cannot tell you. I can't count on my fingers and toes how many people, when I ask them a very simple question that every single one of you should know is ballpark. How much do you have in your in, you know, save for retirement? And they don't know because they said it and they totally forget it. And the important thing that we say a lot of times is you shouldn't do that. You should actually inspect what you expect. So once you know how much you have, be sure to take advantage of any contribution matches that are offered within your employer's retirement plan. So this year you can do 20,000, um, excuse me, $23,000 into a normal retirement plan. And if you're over 50 or should I say 50 or older, even the year that you're turning 50, you can contribute an extra $7,500. So for 2025, the amount that you can contribute total if you're 50 or over, has gone up by $500 to $30,500.
Speaker1:
Yeah. And so that's important to know as, as well, because, you know, if you feel like you are behind or even if you don't feel like you're behind and you're over age 50, make those catch up contributions and that can really do you a world of good. You know, once you get to that retirement age, that age that you want to call it quits and leave the workforce and do whatever it is that you want to do in life. Number five on our checklist here, Mike, is to update your savings goals and set a monthly budget for your retirement. Boy, there's that word budget that people just kind of, you know, don't like. They they, you know, their hair on their arm stands up and they just feel a little queasy.
Speaker3:
I prefer to call it a spending plan because it sounds so much better, doesn't it? It does. You have to determine, you know, how much income is going to be required to meet your needs, as well as to meet your desires, because nobody just wants to get through retirement. You want to enjoy retirement? Well, if you can forecast how much you're going to need planning for inflation because most people don't want a lifestyle change, right? That's why we need to plan for inflation. We also need to plan for future tax increases okay. That will allow you to meet your desires as well. So you need to determine how much you plan to set aside each month for your future self. A pretty smart guy. I know you guys have heard of him, the Oracle of Omaha, Warren Buffett said don't save what is left after spending, but spend what is left after savings because it is amazing. If you do the first thing, you'll never have enough money to save. But if you pay yourself first, it matters. It just it flabbergasted me. Boggles my mind. How? Guess what? There's still money left over to pay bills.
Speaker1:
It's kind of crazy, isn't it? How that happens, you just sort of flip that that logic on its head and it really does work. So, so much better as far as not only helping you today, but helping future you, you're really paying future you and future you is going to be very thankful that you have taken that into account. Um, another important thing. And people should be doing this all the time, especially to check for errors and things like that, is to review your credit report.
Speaker3:
Yes, your credit report is key. It's paramount, especially if you are going to make any large purchases in the future. Buying another, uh, vehicle, buying another home or a second home, a beach house or a mountain home. Right. Make sure that you check your credit report regularly and take any steps necessary to repair any negative or, um, misreported aspects. There's no excuse, none, for not reviewing this important information. Um, I actually did this earlier this year and found that another company that's based in another state but has a very similar name and a tax ID that is only two digits off, was reporting on my company. And guess what folks? It wasn't reporting well, and I take my credit very, very seriously. So we got that rectified immediately. And you should do the same by reviewing your credit report at least once a year. Yeah.
Speaker1:
Gosh, you never know what could happen as far as those errors like that. And, you know, there are apps and and free services out there that make it a little bit easier for you to check up on your credit report and, and even will alert you if any changes are detected, new accounts, different reporting, things like that. So maybe take advantage of those as well. Um, number seven is to maximize your Social Security income benefit. And people might say, wait a minute. I have like choices that I can make when it comes to Social Security. Yeah. It's not one size fits all.
Speaker3:
It it is not. You know, the first way that you that you can do that is by increasing your salary, right? Because the more you make, the more money is going to go into your Social Security. So and then for those of you who are eligible or who will become eligible very quickly at age 62 currently consider delaying Social Security because you can actually increase your benefit by 8% each and every year that you defer until you turn 70 years of age. And depending on your situation as well as your health, that can be a very, very beneficial, um, step in securing future use financial, um, security. So those are things that, you know, there is no one size fits all in. Every single person is going to be different. It's probably the number one question that I get asked by those who are approaching Social Security age. When should I take Social Security based on my current situation? Yeah. If you need to know the answer to that question. Pick up a phone and give me a call. Let's set an appointment and get you taken care of.
Speaker1:
Yeah, that's 7045601573704560 1573. You can also go online to reach out to Mike Zeno. That's Money Matters with mike.com. Once again money Matters with mike.com. And you know Mike can also help you with you know all of your different aspects of your financial life including you know, things like how to sort of rebalance what you might have as far as your, you know, financial assets to start off the year 2025. You know, again, not a set it and forget it type situation. You might want to take a look at what you have and rebalance everything.
Speaker3:
Yeah. So the beginning of the year is an excellent time to actually do just what Matt said. Rebalance the portfolio. Why? Well, the stock market always has its ups and downs and some sectors over perform while other sectors underperform. Just think back a couple of years ago, 2022 was a pretty grim year for most of those sectors. And by rebalancing your portfolio to its original or maybe updated asset allocation, you're going to take steps to lock in gains from the sectors with the best returns and then purchase shares in the sectors that have lagged behind. And so here's the thing to note, though, folks, if you do this with a broker, your broker is likely charging you up to, believe it or not, 5.5% in rebalancing fees that are kind of disguised in the overall fee structure. And that is absolutely not a fee efficient strategy. We recommend that you work with somebody who does have your best interests in mind and looks to save you money, not take more of it from you.
Speaker1:
That's absolutely right. You know, a friend of mine who has been kind of in this, the financial world for many, many years has a saying that I really love. He says the longer I'm with my broker, the broker I get. And so if that is you, you need to reach out to Mike Zeno, because, you know, eliminating fees is one of the many, many things that he can help you out with. Another thing, implementing a bond replacement strategy to erase more of those unnecessary fees and stop the bleeding in what is really supposed to be your safe money.
Speaker3:
Right. So everybody has heard of the, you know, your granddad's asset allocation of of 60% in stocks and equities and then 40% in bonds. But again, going back to 2022 and really ever since, bonds have had their worst year back then and haven't really done a whole lot. And bonds charge you fees. Okay. So you may consider an alternative fixed income option that can provide you guaranteed income for life with zero fees. And folks, yes, that is an option.
Speaker1:
Yeah, it's funny because people say is is that actually a real thing? Yeah, there are options out there that are free of fees or at the very least have much lower, much, much lower fees than probably what you're paying inside your portfolio right now. So this really highlights number ten on this checklist, Mike, which is the most important thing in our book. That's to schedule a retirement consultation with Mike Zeno today. Don't wait.
Speaker3:
Yeah I mean, you know, numbers one through nine were not necessarily in that order. They're just great things to check off your financial checklist for 2025. But number ten folks, that is you need to get in contact with us so that we can help you build and navigate your financial plan. When it comes to something as important as your money, we want to provide you or you and your spouse a one on one opportunity to ask us any questions you have about your specific situation. We want you to give your money the attention it deserves and needs in order to grow for your future. So what are we going to do? Well, we'll show you the fees that you're paying. We'll show you the risk that you are taking with your current investments. We'll show you how you can go from where you are to where you want to be, through the creation of a retirement income plan that fits your budget. And so each of those ten steps are definitely New Year's resolutions that we can help you keep.
Speaker1:
That's right. And if you want help keeping those New Year's resolutions, I feel like we all need help keeping those resolutions because, you know, after about the first week of the year, they tend to go by the wayside. You just go to the website Money Matters with mike.com. You can kind of think of Mike Zeno as your accountability coach for your New Year's resolutions here. Money matters with Mike. Schedule that free consultation. You can also call Mike at (704) 560-1573. That number once again 704560 1573. And Mike, those consultations, as I say, absolutely free of any cost and any obligation. You know, you only work with Mike Zeno if it's best for you. That's that's kind of the bottom line. And you know what, Mike? I feel like a lot of people may be nervous or kind of intimidated to work with a financial professional. They really don't need to be, though.
Speaker3:
No they don't. We want to help ease those concerns in our initial consultations. We're just going to simply help you answer those important questions that we mentioned before. You know, what does a successful retirement look like to you? Who are you doing it with? Right. How are you enjoying that? What are you looking to accomplish? And do you have any specific goals like if you were to invest, who would you invest it with? Especially if you've listened to this radio show for a long time and would like to talk with me, guess what? You can. All you need to do is give me a call, and you've not made a decision until you've actually taken action. So take action. Take control of your retirement plan. Take control of your financial future. Pick up a phone. (704) 560-1573 or visit me on the web at Money Matters with mike.com.
Speaker1:
Well, Mike, I cannot think of a better way to close out today's show. It has flown by for this very first new edition of the show for 2025. But I thank you, sir, for everything that you bring to the table each and every week. And we'll do it again next time.
Speaker3:
Matt, we couldn't do the show without you, but most importantly, without our listeners, we don't have a show. So whatever you are doing to this weekend, I hope you enjoy it to its fullest extent. And as always, make it a great day.
Speaker2:
Thanks for listening to Money Matters with Mike. You deserve to work with a licensed financial and insurance professional who can offer strategies for protecting and growing your hard earned money. To schedule your free, no obligation consultation, visit Money Matters with mike.com or pick up the phone and call 704 560 1573. That's (704) 560-1573. Not affiliated with the United States government. Mike Zeno does not offer tax, legal or investment advice. Consult with your tax advisor or attorney regarding specific situations. Opinions expressed are subject to change without notice. These opinions are not intended as investment advice, nor do they predict future performance of any product. All information provided is believed to be from reliable sources. However, we make no representation or warranty as to the accuracy of any statement. This information is intended to be educational in nature and does not provide a guarantee or a specific result. All copyrights and trademarks are the property of their respective owners. Life assumes no responsibility or liability for the content of this message. The information contained herein is provided on an as is basis with no guarantees of completeness, accuracy, usefulness, timeliness, or the results obtained from the use of this information.
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