[00:44] – Joel Defines The Term “Fiduciary.”

• It’s a term you might have heard a lot about in the news over the last couple of years. A fiduciary is one who is obligated by a code of ethics to act in the best interest of his or her clients. The contrast of that is someone who operates under a suitability standard. This means they simply can’t hurt their client. It’s important to work with a fiduciary advisor.

[2:57] – A Looming Student Loan Debt Crisis?  

• Jamie Dimon is the chairman and CEO of JP Morgan Chase. He recently predicted the next major recession in this country will be related to student loan debt. Joel shares his advice on how to pay for your children’s education in a way that doesn’t contribute to this crisis.

[7:33]  – Identifying Spousal Disagreements On Risk.    

• They say opposites attract, and we often see that’s the case when it comes to risk tolerance. One spouse seems to be the risk taker while the other is more risk averse. Our job is to unify each spouse together in a singular investing strategy.

[9:48] – Legacy Planning Disputes.

• Spousal disagreements on legacy planning are also common. Basically, one spouse wants to spend their last dollar on their way out of this world while the other might want to leave a legacy for the kids. In less extreme instances, one spouse wants to first be certain they’ll be cared for in retirement before worrying with a legacy. We would suggest there are ways to do both. It’s possible to maximize income while leaving wealth to future generations.

[11:22] – To Downsize Or Stay Put? 

• Especially if you’ve lived in the same house for several years, this can be an emotional decision. Joel shares his own parents’ decision to downsize.

[12:58] – Spousal Disagreements On Retirement Goals. 

• Luckily, these aren’t ultimate decisions, but it’s still important to be on the same page with your spouse when it comes to setting goals for your retirement. If your spouse wants to stay put and watch cable news at night while you want to travel the countryside, you need to come together and make a compromise.

[15:06] – A Quick Aside On Hot Dogs And UPS.

• Joel shares a story on the hardest job he ever had.