In this episode, A.B. Ridgeway dives deep into the truth behind cash back credit cards. While credit card rewards seem enticing, they may actually lead to hidden losses when fees outweigh the benefits. A.B. provides actionable advice on when to use credit cards versus debit cards, and how to avoid unnecessary costs for convenience.

3 Key Takeaways

1. Cash Back Isn't Free Money
   • Cash back is essentially a discount, not extra income. You could still be paying more through hidden processing fees.
2. Processing Fees Eat into Rewards
   • If a purchase involves a 2.49% processing fee but only earns 1% cash back, you are losing 1.49% of your money.
3. Use Credit Cards Strategically
   • Credit cards offer fraud protection, but they shouldn’t be used for every purchase. Large or recurring payments are often better handled through a debit account to avoid fees.

3 Memorable Quotes

1. “Cash back is nothing but a fancy coupon—just paying a little less.”
2. “Why pay a couple hundred extra dollars to get $150 back of your own money that you didn’t need to spend in the first place?”
3. “We are paying for convenience—how much is that convenience worth to you?”

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

In this episode, A.B. Ridgeway dives into the lack of financial literacy education in the U.S. and its consequences. He reflects on how credit cards are introduced to students before they learn the basics of budgeting, saving, or understanding interest. A.B. explores practical steps to reverse this trend and empower listeners to become more financially literate through informed choices and better saving habits.

3 Key Takeaways

1. Lack of Early Financial Education is Costly
   • Most people enter adulthood without essential financial skills. This contributes to debt accumulation, with Americans now holding over $1 trillion in credit card debt.
2. Inflation Erodes Purchasing Power
   • Savings accounts with low interest rates lose value over time when inflation rises faster. You must invest or seek better returns to avoid losing purchasing power.
3. Financial Literacy Requires Continuous Learning
   • Financial knowledge isn't static. The ability to learn, unlearn, and relearn is essential for adapting to changing economic conditions and avoiding costly mistakes.

3 Memorable Quotes

1. “We were introduced to credit cards before we were introduced to savings accounts. And that is a scary thing.” – A.B. Ridgeway on the dangers of early exposure to debt without financial education.
2. “Illiteracy is no longer the inability to read and write, but the inability to learn, unlearn, and relearn.” – A.B. Ridgeway on the importance of continuous education in personal finance.
3. “You cannot save yourself from inflation.” – A reminder that saving alone won't protect against the loss of purchasing power due to inflation.

Tune in to this episode to gain a deeper understanding of how financial literacy can empower you and future generations to make smarter financial decisions.

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

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📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio Credit: VOX

In this episode of Financial Advisors Say The Darndest Things, A.B. Ridgeway breaks down the essential steps for deciding if hiring a financial advisor is the right move. He discusses key life changes—like having a baby, marriage, or retirement—when financial advice may be most beneficial.

You'll learn about different types of advisors and when to hire one: proactively before a major decision or reactively after. A.B. also explains various payment structures, including hourly rates, flat fees, and assets under management (AUM), weighing the pros and cons of each. With practical insights, this episode will help you understand how to get the best value from your advisor and avoid costly mistakes.

Whether you’re thinking about rolling over your 401k, planning for home improvements, or just want to strategize better for the future, this episode equips you with the tools and knowledge to confidently decide if and when to engage a financial advisor.

Key Takeaways

1. Timing Matters: Hire Advisors Proactively
   • It’s better to hire a financial advisor before making big financial decisions (like buying a house or vehicle) to avoid costly mistakes and lock in better rates. Reactive help might not fix pre-existing issues.
2. Flexible Fee Structures to Fit Your Needs
   • Financial advisors offer various pricing models: hourly fees, flat fees, and asset-based fees (AUM). Each has pros and cons, so it’s essential to find the one that matches your situation and budget.
3. Financial Advisors as Strategy Experts
   • A good financial advisor can provide strategies beyond traditional savings, such as maximizing investments or minimizing tax liabilities through careful planning.

Memorable Quotes

1. "Having a financial advisor to guide you through different strategies is actually a good idea."
2. "I think you should hire them before, because if you hire them after, everything is going to be reactive instead of proactive."
3. "When your portfolio does well, your fees go up—but so does your wealth. You keep 99%, and your advisor gets 1-2%."

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

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📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Audio/Video Credits: Today Show

In this rare part two episode, A.B. Ridgeway revisits a compelling story about a customer’s struggle with removing an ex from a joint account, resulting in a large sum being withdrawn without authorization. Through the breakdown of the call, A.B. highlights important financial lessons and practical customer service strategies for managing joint accounts effectively.

3 Key Takeaways

1. Timing Your Leverage in Negotiations:
   • Mentioning how long you’ve been a customer can be useful—but it’s more effective when used later in the conversation, not at the start. Waiting allows you to use it as a bargaining tool when negotiations become more rigid.
2. Keep Personal Records of Transactions:
   • Always document interactions with banks, including who you spoke to, when, and the nature of the conversation. While banks keep notes on their side, having your own records provides an additional layer of protection.
3. Joint Accounts Can Lead to Confusion if Not Managed Properly:
   • Miscommunication about account ownership and permissions can lead to serious financial complications. Make sure all necessary paperwork is confirmed, especially when removing an authorized party from an account.

3 Memorable Quotes from A.B. Ridgeway

1. "Notes beat no notes."
   • A reminder that thorough documentation helps protect consumers and institutions alike during disputes.
2. "Hold off on how long you've been a client—until they're unwilling to make any more adjustments."
   • Wise advice on using your tenure as leverage during tough negotiations.
3. "The general public really doesn't know how joint accounts work."
   • A candid observation on the importance of educating consumers about account management to avoid misunderstandings.

Tune in to hear: A.B. Ridgeway’s expert take on managing joint accounts, avoiding negotiation pitfalls, and the value of clear communication with financial institutions. Stay informed to prevent similar situations in your financial journey!

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

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📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio Credit: DLai

In this episode, A.B. Ridgeway challenges listeners to reflect on their financial priorities, specifically when it comes to building an emergency fund. Drawing from a report highlighting that one in four Americans have no emergency savings, A.B. discusses the common excuses people make for not saving and the mindset shifts necessary to prioritize financial security. He tackles the concepts of lifestyle creep, how inflation impacts saving, and the importance of setting financial goals to prepare for unexpected events. A.B. also emphasizes the importance of cutting back on unnecessary expenses to prioritize yourself and your family's well-being.

Key Takeaways:

1. Emergency Savings is Essential, Not Optional: One in four Americans don't have emergency savings, but having at least three to six months of living expenses saved is crucial for financial security.
2. Lifestyle Creep is Real: As people earn more, their spending often increases, but maintaining a modest lifestyle while increasing savings can help combat this issue.
3. Prioritize Yourself First: You can't help others financially if you're struggling yourself. Establish financial boundaries, save for your future, and only then consider discretionary spending.

Notable Quotes:

1. "You don't have emergency savings because you don't want to have emergency savings."
2. "Set up a framework to say 'no' more now so you can have more 'yeses' later."
3. "You need to prioritize your savings before you think about saving the world."

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

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📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

In this episode, A.B. Ridgeway tackles the ever-growing complexity of tipping in today's economy. As tipping expectations continue to rise, consumers are left wondering how much to tip, when to tip, and whether service fees really count as a tip. We explore the impact of tipping on both consumers and workers, as well as recent changes in wage laws that could shift the burden off the customer.

Key Takeaways:

1. Tipping Confusion: With so many service charges, delivery fees, and added costs, it’s difficult to know when to tip and how much. Many consumers mistakenly believe these fees include gratuity.
2. Wage Laws Are Changing: Several cities like New York and Seattle have introduced laws raising the minimum wage for app-based delivery drivers, which could ease the burden of tipping on consumers.
3. Is It Our Responsibility?: A.B. Ridgeway argues that tipping shouldn't be the consumer’s responsibility, especially when employers should be paying their workers a living wage. He emphasizes that tipping is becoming an unfair burden on customers.

Top Quotes:

1. "It’s not the consumer's responsibility to pay a fair wage to someone they just met five minutes ago."
2. "I’m glad they are raising the minimum wage. Unfortunately, they should have done that before."
3. "Jobs that are truly impactful, like helping someone save for retirement, don’t get tips—but we do the hard work."

Tune in to hear how A.B. Ridgeway breaks down the confusing world of gratuity and explores ways to navigate this tipping fatigue.

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

https://calendly.com/abridgewaywm/consultation

📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

In this episode, A.B. Ridgeway dives into the fascinating and unfortunate story of a woman who won a $9.8 million lawsuit and invested it all into a Golden Corral franchise, only to lose it all in just 52 days. Inspired by a clip from comedian Shuler King, A.B. dissects the financial decisions behind the scenes and offers his expert financial advisor perspective. What could she have done differently? And what lessons can we take from this bizarre scenario?

Key Takeaways:

1. Diversification is Key: Rather than putting all of your money into one venture, spreading your investments across various asset classes like real estate or stocks can provide financial security.
2. Get Professional Advice: Consulting a financial advisor can help avoid impulsive decisions and ensure a strategic approach to managing large sums of money.
3. Understand Financial Products: Not all investments are created equal. It's crucial to understand what financial products (like money markets and fixed annuities) can realistically offer in terms of returns.

3 Quotes:

1. "There ain’t no way in the hell you spend $9.8 million on a Golden Corral."
2. "You mess around and win a lawsuit or get a lot of money, your safest bet is to invest in something solid, like rental property."
3. "A financial advisor can’t guarantee 12%, but they can help you make better choices to grow your wealth over time."

Subscribe to Financial Advisors Say The Darndest Things for more financial insights and visit A.B. Ridgeway on YouTube to watch the full breakdown of the lawsuit.

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

https://calendly.com/abridgewaywm/consultation

📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio Credit: Shuler King

In this eye-opening episode, A.B. Ridgeway takes us through the harrowing experience of a man whose ex-wife drained their joint account of nearly $100,000. We explore the dangers of joint accounts, the importance of confirming financial paperwork, and how to stay calm when faced with financial crises. A.B. also provides actionable advice on preventing this kind of disaster and dealing with customer service effectively.

Key Takeaways:

1. Joint Accounts Come with Risks: No matter who contributes the most, joint account holders have equal access to all the funds. Removing a person from the account doesn’t take effect until the paperwork is fully processed.
2. Verify Paperwork with Financial Institutions: Never assume the process is complete until you receive written confirmation. Regularly follow up to ensure all actions are reflected on your account.
3. Stay Calm with Customer Service: Emotions run high during financial crises, but keeping calm and strategic can help build bridges and resolve issues faster. Treat the customer service rep as an ally, not the enemy.

Quotes:

1. “When you have joint owners, regardless of who puts the money in, they have 100% access to every dollar.”
2. “The person that you’re dealing with is not the person who actually did the transaction. You can burn a bridge or build one to someone who can help.”
3. “Sit and relax… you want to maintain your mental capacity to fight what’s going forward.”

Tune in for practical advice and insightful financial lessons!

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

https://calendly.com/abridgewaywm/consultation

📖Free E-Book- 4 Pillars to Christian Investing: https://mailchi.mp/abrwealthmanagement/christianinvesting

🏠 Visit our Website: https://www.abrwealthmanagement.com

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Video/Audio Credit: DLAITV