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Madison and Mike discuss the rising need for umbrella insurance due to increasing costs and larger claims, emphasizing its role in providing additional liability coverage. They highlight the importance of considering one's personal assets, risk profile, and net worth when determining the amount of umbrella coverage needed, especially for individuals with high visibility or in certain professions. Later, Mike turns the employee spotlight on Madison for a change! Madison discusses her journey at Yardley Wealth Management, her role in producing the company's podcast, and her personal interests outside of work. Madison also shares her pride in the podcast she produces and her fulfillment in assisting her colleagues and interviewing local businesses. The conversation concludes with Madison expressing her gratitude for being featured in the employee spotlight.

Link to Wall Street Journal article: https://www.wsj.com/personal-finance/umbrella-insurance-covers-worst-case-scenarios-there-are-now-more-of-them-e655f2d3

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Madison and Mike discuss why investors might be drawn to high dividend yields, such as the potential for steady income and the allure of getting returns without waiting for stock appreciation. However, Mike cautions against the risks, including the possibility that a high yield might result from a declining stock price or unsustainable payouts. He also advises against focusing solely on high dividend yield stocks and instead considering a broader investment strategy, aiming for a globally diversified portfolio based on other factors. Later, we sit down with Ben Madden, the owner of Allied Cleaning Services, a well-established local business in Yardley. Ben shares the story of how the company was founded by his father 43 years ago and the journey of taking over and expanding the business. He discusses the range of services they offer, including residential and commercial cleaning, windows, floors, carpets and power washing. We delve into the importance of quality work and strong customer relationships, with Ben emphasizing how word-of-mouth and community referrals have been vital to their success.

Allied Cleaning Services website: https://www.allied-cleaning.com/
Allied Cleaning Facebook: https://www.facebook.com/AlliedCleaningServicesLLC
Allied Cleaning Instagram: https://www.instagram.com/allied.cleaning.llc/
Allied Cleaning phone number: 215-493-0759

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Madison and Mike discuss the complexities and financial implications of transferring a house to a child, including potential risks, tax liabilities, and the impact on Medicaid eligibility. They emphasize the importance of consulting with a financial advisor and elder law attorney to make a well-informed decision and stress that each individual's situation is unique. The discussion concludes with a call for listeners to gather all necessary information and seek expert advice before making any decisions.