Rick Bloom Talks Money

Today, Rick looks at 8 financial opportunities for you to consider in the current financial climate.

1. Flexibility in health care accounts, switching members or plans
2. Moratorium on federal student loan payments through September 30
3. Refinancing your mortgage with lower rates - what you need to look at to see if it's right for you.
4. Cutting back on your distributions if your spending is down.
5. Tax Loss Harvesting
6. Roth Conversions
7. Online Banking - where interest rates can differ
8. The stock market is on sale!

Also, Rick answers some listener emails.

Got a question for rick? Email him at [email protected]

Resources:

Bankrate Website: https://www.bankrate.com/

Bloom Asset Management website: http://www.bloomassetmanagement.com/

In our second episode, Rick is back to answer some of your most common email questions. We start with a breakdown of stimulus checks, and how not to fall for the many scams that are out there!

Next, what does Rick see for the economy going forward? How has a lack of spending - and tax revenue - affected us? Could higher taxes be on the way? And how does the rest of the world economy impact us? Rick is bullish on the future of the market and he explains why.

The new CARES Act has a number of provisions regarding retirement plans with regard to Required Minimum Distributions, hardship loans and more. Rick takes a look.

Here in Michigan, new insurance laws will soon take effect. Rick explains what options Michiganders will have - and some of the misconceptions about what we will save.

How can the stock market be up with unemployment so high? If you need money right now, what avenues should you look at first?

If you have a question for Rick Bloom, or feedback on the show, send him an email:

[email protected]

Resources: Bloom Asset Management Website: http://www.bloomassetmanagement.com/

Jennifer Bloom's Blog on the new Michigan auto insurance laws: http://blog.bloomassetmanagement.com/whats-the-deal-with-michigans-new-auto-insurance-law/

With 2020 (finally) drawing to a close, many have you have emailed Rick Bloom questions about year-end tax planning. So today, Rick is joined by Jonathan Goldberg, a CPA, financial advisor, and member of the Bloom Advisors team.

Remember, the goal is not to reduce your income; it is to reduce your taxes.

• Jonathan and Rick cover many topics, including:
• The $300 above the line deduction for charitable contributions available in 2020.
• Contributions of investments that have significant gains to charities.
• QCD's, or Qualified Charitable Distributions
• Deductions of investment losses and wash rules.
• The pause on Required Minimum Distributions (RMD's) in 2020.
• Roth Conversions
• Tax deadlines returning to normal
• Maximizing retirement plan contributions by end of year.
• NOT deducting home office expenses if you began working from home in the pandemic.

Rick closes today's show by answering listener emails about charitable donations and paying off home mortgages.

Note: Bloom Asset Management is now Bloom Advisors. Find Rick and the team at https://www.bloomadvisors.com/ or call (248) 932-5200.

Rick Bloom has been helping people with their money for decades, and he often gets asked the same questions frequently. Today, he answers the top ten financial questions people ask him.

1. How much do I need to start investing and when should I start?
2. Can I do it on my own, and if not, how do I choose a good financial planner?
3. How do I invest risk free?
4. What are some of the red flags I should know about in investing?
5. Should I use a Roth or traditional 401k?
6. What is the best investment for a newborn's college education?
7. What does it mean to diversify?
8. How do I know when I should sell an investment?
9. How much do I need to retire? And how much should I save for my retirement?
10. Is buying a house a good investment?

Note: Bloom Asset Management is now Bloom Advisors. Find Rick and the team at https://www.bloomadvisors.com/ or call (248) 932-5200.

Today, Rick Bloom is joined by Bloom Advisors colleague Scott Whyte to discuss all things inflation. It's been a hot topic in the news lately, and we cover what you need to know.

• We begin with a definition of inflation - what exactly is it?
• How is inflation measured and what exactly is the CPI, or Consumer Price Index?
• What about the core inflation rate?
• Why is it important to see how inflation factors into your individual situation?
• Some suggest inflation is here to stay. Others say it's transitory. Either way, we are not facing the historic inflation you may remember from the 1970's.
• Inflation isn't all bad. What can you do in your portfolio in times of inflation? (Hint: Diversify!)
• Why hoarding cash or gold may not be the best idea.
• What is "shrink-flation?"
• What is inflation's impact on retirees?
• What are some things you can do right now to protect yourself?

Finally, Rick answers a listener email regarding his changing stance on annuities. Rick explains why he recommended them in the 90's, but not anymore.

If you have a financial question for Rick, you can email him: [email protected].

Note: Bloom Asset Management is now Bloom Advisors. Find Rick and the team at https://www.bloomadvisors.com/ or call (248) 932-5200.