Category: Education
Understanding the Psychology of Money with Brendan Frazier – Part 1 (Ep. 17)

Understanding the Psychology of Money with Brendan Frazier – Part 1 (Ep. 17)

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Are your financial decisions guided more by emotion than reason? Discover how understanding your financial behaviors can transform your money management skills.

In this episode, Jim Sumpter, CFP®, is joined by Brendan Frazier, Chief Behavioral Officer at RFG Advisory. They explore the often-overlooked psychological and emotional aspects of financial planning. You’ll learn why cash flow is the lifeblood of your financial plan and how small, incremental changes can lead to significant improvements in managing your finances. Brendan shares insights into behavioral barriers that often keep us from making the best financial decisions and offers strategies to help overcome them.

Jim and Brendan discuss: 

  • (02:49) The psychology of money
  • (08:12) Common resolutions and the challenges in keeping them
  • (12:58) Why cashflow is the foundation of a financial plan
  • (22:11) Overcoming procrastination in estate planning
  • (31:38) How past financial decisions influence future choices
  • And more

Join us to unravel the mental and emotional puzzles that impact your financial journey.

Connect with Jim Sumpter: 

Connect with Brendan Frazier:

About our Guest: 

Brendan Frazier is the Chief Behavioral Officer at RFG Advisory.

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Investment Basics: Is Your Investment Portfolio Ready for the New Year? (Ep. 16)

Investment Basics: Is Your Investment Portfolio Ready for the New Year? (Ep. 16)

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Are you unsure if your investment strategy aligns with your risk tolerance, especially as market conditions change?

In this episode, Jim Sumpter, CFP®, discusses investment strategies, focusing on understanding risk tolerance and rebalancing portfolios as we approach year-end. Jim digs into the nitty-gritty of asset allocation and why it’s crucial, especially after a booming year in the stock market. He also shares stories from his personal experiences, highlighting how different investment behaviors can impact family dynamics.

Jim Sumpter, CFP®, discusses: 

  • (01:57) Why rebalancing your portfolio is crucial after a strong market performance
  • (03:52) The concept of “mattress money” and its implication on investment growth
  • (08:37)  How different life stages affect your investment strategy: accumulation, preservation, and distribution
  • (16:21) Understanding what you own and if your investments align with your financial goals
  • (17:25) The importance of seeking professional advice for a well-rounded perspective
  • And more

Resources:

Connect with Jim Sumpter: 

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Understanding Tax Deductions for Charitable Contributions with Andy Graffeo (Ep. 15)

Understanding Tax Deductions for Charitable Contributions with Andy Graffeo (Ep. 15)

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Are you aware of how charitable contributions can impact your taxable income this year?

In this episode, Jim Sumpter, CFP®, brings Andy Graffeo, Financial Advisor at CMC Financial, on to piece together the tricky puzzle of end-of-year tax planning with a special focus on charitable contributions. Andy, a key partner at CMC Financial, lends his tax expertise to help listeners navigate this often confusing landscape. Together, they shed light on how to maximize tax deductions while doing good.

Jim and Andy discuss: 

  • (01:52) Understanding donations to reputable 501(c)(3) organizations and the documentation required for cash and non-cash contributions
  • (04:09) Best practices for assessing fair market value for non-cash items and the steps necessary for high-value donations, including vehicles
  • (13:20) The intricacies of charitable strategies involving appreciated assets, donor-advised funds, and charitable trusts
  • (17:52) Key insights into Qualified Charitable Distributions (QCDs) for those over 70½, highlighting the tax benefits of direct donations from IRAs
  • And more

This episode is packed with practical advice and insider knowledge to make your charitable giving both rewarding and tax-savvy.

Resources:

Connect with Jim Sumpter: 

Connect with Andy Graffeo: 

About our Guest: 

Andy Graffeo began his career with RFG in 2003. He has years of experience in tax and financial planning for families and small businesses. As a Birmingham native, he attended Ensley High and UAB. Andy is a board member of the Birmingham Girls Choir, Italian American Heritage Society, and serves as Treasurer of his HOA in Hoover.

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Navigating Holiday Stress with Jennifer Sumpter (Ep. 14)

Navigating Holiday Stress with Jennifer Sumpter (Ep. 14)

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How do you handle the stress of the holiday season?

In this episode of The Financial Puzzle Playbook, Jim Sumpter, CFP®, is joined by his wife, Jennifer Sumpter, FPQP®, to explore the stressful emotional and financial challenges we face during the holidays. With warmth and humor, they dive into personal stories about coping with family dynamics, unexpected holiday hurdles, and the financial strains many experience at this time of year. Jennifer, a key part of the CMC Financial team, shares heartfelt insights from her personal experiences and professional expertise as a financial paraplanner.

Jim and Jennifer discuss:

  • (02:02) The emotional impact of life changes like loss and divorce during the holidays
  • (07:12) Navigating the transition of empty nests and shifting family dynamics
  • (16:25) Diffusing familial tensions around divisive topics like politics and sports
  • (21:06) Managing financial stress and setting realistic expectations for holiday spending
  • (24:43) Practical coping strategies for not having loved ones nearby during the holiday season
  • And more

Whether it’s advice on handling seasonal stress or tips on financial planning for the holidays, this episode is relatable and invaluable. Tune in for a session filled with practical advice and a personal touch.

Resources:

Connect with Jim Sumpter: 

Connect with Jennifer Sumpter:

About our Guest: 

Jennifer Sumpter is a Financial Paraplanner Qualified Professional™ at CMC Financial.

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A College Student’s Guide to Cash Flow and Investments with Victoria O’Tool (Ep. 13)

A College Student’s Guide to Cash Flow and Investments with Victoria O’Tool (Ep. 13)

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Are you a college student or know a college student who’s wondering how to get a strong financial start? 

In this episode of The Financial Puzzle Playbook, Jim Sumpter, CFP®,  sits down with Victoria O’Tool, a finance major and aspiring financial advisor from the University of Alabama. They dive into the unique perspective college students have on managing cash flow and investments, sharing their insights and stories from different generational viewpoints.

Jim Sumpter, CFP®, Victoria O’Tool discuss: 

  • (10:30) Strategies for college savings and debt avoidance
  • (20:00) The importance of early investment and savings bonds
  • (26:33) Building credit wisely as a student
  • (30:02) The role of financial literacy from a young age
  • And more

Resources:

Connect with Jim Sumpter: 

Connect with Victoria O’Tool:

About our Guest: 

Victoria O’Tool is a dynamic and driven finance major at the University of Alabama, set to graduate in December 2025. Known for her determination, leadership, and adaptability, she has a passion for embracing diverse cultures and fostering collaborative innovation. Inspired by her father’s financial wisdom and her mother’s dedication to service, Victoria is committed to a career in financial services, with a focus on making a lasting impact through continuous learning and growth.

Upon graduation, she plans to relocate to New York City, where she will actively pursue a client-facing role in wealth management or financial advising. Victoria’s goal is to build strong, trusting relationships with clients and guide them toward financial security and success. With a relentless focus on excellence in every endeavor, she is eager to contribute to a dynamic team and leverage her unique skills to make a meaningful impact in the financial industry.

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You Inherit an IRA, Now What? (Ep. 12)

You Inherit an IRA, Now What? (Ep. 12)

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Could your financial future hinge on choosing the right path after inheriting a retirement account?

In this episode, Jim Sumpter provides insights and guidance on the nuanced rules and changes surrounding the inheritance of retirement accounts such as IRAs and 401(k)s. If you’ve recently found yourself as a beneficiary, understanding your options with inherited retirement accounts is crucial. Navigating the complex rules surrounding IRA inheritances can be daunting, with changes galore post-2020. Jim breaks it all down with real-world scenarios, helping you make informed financial decisions and avoid unnecessary pitfalls.

Jim Sumpter, CFP®, discusses: 

  • (01:10) Introduction to IRAs and inheritance rules
  • (02:47) Differences between spousal and non-spousal beneficiary rules
  • (03:11) Important strategies for handling required minimum distributions (RMDs)
  • (16:52) Clarifications on the post-2020 ’10-year rule’ for non-spousal IRA inheritance
  • (24:53) The significance of state taxes in IRA inheritance
  • (27:57) Unique challenges when inheriting an IRA as a minor
  • And more

Join us for this enlightening conversation to uncover how to strategically approach inheritance distributions while considering tax implications, ensuring you’re not left piecing your financial future together in the dark!

Connect with Jim Sumpter: 

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Maximize Your Retirement Savings: Tips on 401(k) and Roth 401(k) (Ep. 11)

Maximize Your Retirement Savings: Tips on 401(k) and Roth 401(k) (Ep. 11)

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Are you making the most of your company’s benefits? Dive in to uncover how to maximize your 401(k), 403(b), and other investment options within your employee benefits package.

In this episode of The Financial Puzzle Playbook, Jim Sumpter dives into the intricacies of 401(k) and 403(b) plans, comparing Roth and traditional options. He discusses the importance of employer matching and shares tips on navigating investment choices, ensuring you get the most out of your benefits. Discover the intricacies of traditional and Roth 401(k) plans, learn the impact of employer matches, and gain insight into how vesting schedules work. Jim also explores vesting, the importance of matching contributions, and tips for choosing investment options that align with your retirement goals.

Jim Sumpter, CFP®, discusses: 

  • A breakdown of the difference between traditional vs. Roth 401(k) options and their tax implications
  • Why you should always contribute at least enough to get the full employer match
  • Tips on selecting investment choices within 401(k) plans, including target date funds
  • Rebalancing your investment portfolio to align with your financial goals
  • And more

Connect with Jim Sumpter: 

Resources:

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Family, Faith, and Financial Resilience With Cassidy Sumpter (Ep.9)

Family, Faith, and Financial Resilience With Cassidy Sumpter (Ep.9)

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Uncover the heartfelt legacy of resilience and love as we dive deep into a family’s journey through cancer and discover the life lessons that emerged.

This special episode features Jim Sumpter and his daughter, Cassidy, as they share poignant stories about Carson, who battled cancer with courage and joy. Learn how these experiences have profoundly influenced Jim’s approach to financial planning, infusing it with empathy and resilience. 

Key episode discussions include:

  • The Strength of Family Bonds & how Carson’s battle with cancer united and strengthened his family.
  • Jim’s personal experiences have made him a more understanding and supportive financial advisor
  • How facing life’s toughest challenges can inspire personal growth and resilience.
  • The value of experiences over material possessions, and how these moments shape our lives

Connect with Jim Sumpter: 

 

About our Guest: 

Cassidy is Jim’s youngest daughter.  At 20 years old, she is a Junior at the University of Alabama majoring in Elementary Education and a member of Alpha Delta Pi (ADPi) sorority.  Cassidy is also a member of Tau Sigma National Honor Society. She lives in Tuscaloosa, Alabama with her dog, Buttercup.

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Boosting Your Home’s Market Appeal Using These Staging Tricks With Keith Weaver (Ep.8)

Boosting Your Home’s Market Appeal Using These Staging Tricks With Keith Weaver (Ep.8)

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Ever wondered which home renovations bring the highest return on investment? 

Whether you plan to sell your home soon or in the future, understanding the best investments can significantly impact your resale value, making the entire process smoother and more profitable.

Join us real estate professional, Keith Weaver, covers essential tips on home improvements that can significantly boost your home’s resale value. From updating your kitchen and bathrooms to smart staging techniques, Keith Weaver shares invaluable insights. 

Key episode discussion points include:

  • Learn the importance of decluttering, neutralizing personal decor, and how to make a home inviting to potential buyers.
  • Strategic advice for estates, including when to stage and how to handle inherited properties
  • The best areas of your home to remodel to help maximize the highest return on investment
  • Why a swimming pool might not be the best addition if you’re planning to sell

Connect with Jim Sumpter: 

Connect with Keith Weaver:

About our Guest: 

Keith Weaver has lived in Birmingham for 32 years and has had two major career paths. Prior to a career in Real Estate, Keith had a successful management career in retail with Parisian and Saks Fifth Avenue. He decided to take a leap of faith 15 years ago, get a Real Estate License, go to work for a new home builder and then eventually join ARC Realty. 

At an early age in life, Keith knew he loved houses and all of the things that go into making a home. He loves helping and educating Sellers and Buyers with their Real Estate needs, building long term relationships with his clients and long term friendships. In his spare time he loves design work, staging homes, travel, and occasionally baking.

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