10 Credit Cards, Pet Inheritance, Social Security Raise Shrinking

This week on Upticks, tune in as Jake and I discuss credit cards, pets in estate planning, and what paying bi-weekly on your mortgage looks like.

How many credit cards should you have? Will the social security raise shrink for 2025? How many fees are too many? All this and more on this episode of Upticks

Thank you for joining us this week! If you have a topic that you would like us to discuss or debate live on Upticks, please email it directly to Luke at?[email protected]?and he’ll be sure to ask us to bring it up on the show!

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Read a summary of the conversation below:

Be wary of headlines that spark fear in you, especially now.

Jake and Cory discuss the recent increase in alarming headlines related to financial planning, particularly around taxes and social security. They emphasize that while some of these headlines may seem daunting, it’s important to understand the context and not be swayed by fear. They advise listeners to consult with financial professionals, like those at Falcon Wealth Advisors, to get a clear understanding of their situation and to avoid making hasty decisions based on sensationalized news.

How to Use Biweekly Mortgage Payments to Pay Off Your Home Loan ASAP

Jake and Cory explore strategies to expedite paying off a mortgage. They highlight the benefits of making biweekly mortgage payments instead of monthly ones. By doing so, homeowners can make an extra payment each year, significantly reducing the loan’s lifespan and saving on interest costs. They also discuss the importance of understanding how such strategies fit into one’s overall financial plan, as this may not be the best option for everyone.

Put Rover in Your Estate Plan. He’ll Be Glad You Did.

Jake and Cory talk about the often-overlooked aspect of including pets in estate planning. They stress that ensuring pets are cared for after an owner’s death is crucial. Options like setting up a pet trust or designating a caretaker in the will are discussed as ways to help ensure pets continue to receive proper care. They encourage listeners to think about all aspects of their lives when planning their estate, not just the financial elements.

How Many Credit Cards Should I Have?

The discussion around credit cards revolves around finding a balance between having enough cards to build and maintain a strong credit score without becoming overwhelmed by debt. Jake and Cory suggest that the ideal number of credit cards depends on individual financial habits and needs. They advise listeners to focus on responsible usage, including paying off balances in full each month and avoiding the temptation to overspend.

Social Security Benefits’ Projected Raise Keeps Shrinking

Jake and Cory discuss the projections indicating that future raises in Social Security benefits may be smaller than expected due to economic factors. They highlight the importance of not relying solely on Social Security for retirement income and discuss strategies for supplementing it with other investments. The conversation emphasizes proactive retirement planning to ensure financial stability regardless of fluctuations in Social Security.

The Fees on These Funds Will Leave You High and Dry

In this section, Jake and Cory criticize the high fees associated with certain investment funds, particularly mutual funds and ETFs. They discuss how these fees can erode investment returns over time and caution listeners when selecting funds. They advocate for transparency and the importance of understanding all costs associated with investment products. The conversation reflects the broader philosophy at Falcon Wealth Advisors of avoiding unnecessary fees and focusing on tailored investments in stocks and bonds.

Thank you for tuning in, we hope you have a great week!

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