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Original publish date February 14, 2016 (hour 1). Welcome to the Your Money, Your Wealth\xae podcast: retirement planning, investing, and tax reduction made fun. Hosts Joe Anderson, CFP\xae, and Alan "Big Al" Clopine, CPA of Pure Financial Advisors have been providing financial education on the Your Money, Your Wealth\xae radio show in Southern California since 2008, and on the Your Money, Your Wealth\xae television show in San Diego since 2014! In this, the first episode of the YMYW podcast, Big Al tries to stump Joe with the financial literacy test that Forbes says 80% of participants failed.

3:08 \u201cJust because the balance of your overall portfolio goes down, that doesn\u2019t necessarily mean you lost money \u2013 that\u2019s volatility; that is normal in any type of market cycle\u201d

7:03 \u201cAnother thing you should be doing is tax loss harvesting, so you want to harvest some of the losses if you have down positions. Sell those and buy something similar to take those losses on your tax return\u201d

8:05 \u201cAn article out of Forbes Magazine reveals that 81% of Americans failed a basic financial literacy test\u201d

8:44 \u201cPlanning for your retirement can be scary, but when you think you know what you\u2019re doing and you really don\u2019t, the final outcome could be really scary\u201d

12:22 \u201cWhat\u2019s interesting about this is a lot of folks who took the test were very confident in their abilities to retire successfully (yet 80% failed the test)\u201d

20:59 \u201cWhich of the following types of long-term bonds typically have the highest yield? Triple A-rate corporate bonds, B-rated corporate bonds or treasury bonds?\u201d

24:56 \u201cAnything that comes out of a retirement account that you took a deduction for is going to be paid full ordinary income tax and the state of California tax\u201d

26:11 \u201cAs a CPA I would honestly say, it\u2019s been 30 years+ in the business and it does amaze me how many people fail to get the message about tax planning until they make a mistake that costs them thousands of dollars\u201d

32:10 \u201cThere is an age limitation on IRAs, so after 70 \xbd you can no longer contribute to an IRA, however if you\u2019re over 70 \xbd you can still contribute to your employer-sponsored plan\u201d

34:06 \u201cWhen do you want to do your Roth conversions? When the market is down!\u201d