You should always have cash on hand, but what’s the right amount of money do you need? When do you know if you have too much of it on hand? This week in the No Payne, No Gain podcast, Bob and I will help you find the balance between how much you should have in cash and how much you should invest.Finding the right balance between the two will allow you to better prepare for your retirement. And in honor of the 92nd Academy Awards, we’re adding a little twist in the way we talk about financial planning. As always, we will also have this week’s financial propaganda.For our spotlight segment today, we have our colleague, Certified Financial Planner Courtney Dominguez. She’s here to break down a retirement plan for one of our clients. Our discussion highlights the importance of having the right strategy for your portfolio.We have a great show ahead of us, so tune in to the No Payne, No Gain podcast now! Cold Hard Cash—How Much Should You Have?Having a healthy amount of money in your bank account is always good. At a certain point, however, it becomes prohibitive to have too much of it. Like most things in life, it’s vital to find the balance between the amount of cash in your savings account and the money you have invested. [02:31] - The old passbook mentality is a detriment to your retirement plan. [03:06] - Even if your money is safe, it is not earning enough interest. You’re losing against the purchasing power of money.[03:42] - The rule of thumb is to have at least six months’ worth of expenses in cash.[04:38] - We’re all taught to diversify; however, people tend to have way too many accounts.[05:02] - The compound and penalty of your money in all your accounts are massive. In the long run, this does not help you achieve your goals.[05:40] - You have more flexibility and liquidity when your money is consolidated.[06:02] - You can boost your income by consolidating and investing properly. This significant cash flow can be enough to help your retirement plans.Financial Planning in MoviesThe 92nd Oscars happened this past Sunday. We thought it’d be a cool idea to take some famous movie quotes and put them into a financial context.  [11:09] - “I’ll be back.” —Arnold Schwarzenegger in The Terminator. Everything goes back to the average, so you always need to prepare for a bear market.[12:48] - Don’t prepare right before it happens. Make sure you test your portfolio and have a balanced approach.[14:08] - “Toto, I’ve got a feeling we’re not in Kansas anymore!” —Judy Garland in The Wizard of Oz. Retirement is a big transition, and you will have that income gap because you’re not working anymore.[14:45] - You will go from wealth creation, having a monthly paycheck to living off your portfolio.[16:03] - “You can’t handle the truth!” —Jack Nicholson in A Few Good Men. [16:52] - You don’t know what you own, why you own them, and the fees you’re paying. It can be daunting and not a lot of fun to find the answers to these questions.[17:10] - While you may be in better shape than you think, you need a better strategy to fix what you own.[17:38] - Financial planning should be intuitive and common sense. If you’re having trouble understanding your financial matters, your adviser is not doing a good job.Financial Propaganda of the WeekOnce in a while, Bob and I find brilliant articles with sound financial advice, instead of fear-mongering ones. Here are our great finds this week. [22:02] - Bob found a helpful article this week, entitled “5 Terrible Money Mistakes That'll Wreck Your Retirement.”[22:30] - The number one mistake most of you make is flying blind. [23:07] - The second is saving less than 15% of your income.[24:41] - Number five is assuming you can work forever.[25:43] - Ryan also found an excellent article about taxes. It shared some pro moves you can make in light of the New SECURE Act. [25:53] - One thing to consider is the frequent changes in the estate tax. Take advantage of that and do some gifting to move money out of your esta