The Money Knight

What Makes Our Financial Planning Process Unique?

What makes you unique? That’s a question that you should be asking a prospective advisor during your search for the right fit. In this episode, Wade will break down exactly what sets Chessman Wealth Strategies apart from other financial services companies and explain the core values that we apply to everything we do.
If you’ve listened to any of our shows before, you know the role faith plays in our planning. We’ll tell you more about why that guides our decision-making and how we apply it to the plans we help build for clients. Discover how our Smart Choices Wealth Management Solution provides a structured process to help clients navigate complex financial situations, and learn about the importance of education and personalized financial solutions.
For this week’s Kingdom Minute, Wade will discuss how motivations matter when giving, and lessons on generosity that we see in The Book of Matthew.
Here’s some of what we discuss in this episode:
Our core values at Chessman Wealth and how faith drives what we do.
The Smart Choices Wealth Management Solution.
How we help clients make informed financial choices and address specific needs.
How motivations matter when giving.
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Financial Fraud: Keeping Yourself Protected

Financial fraud and scams are seemingly everywhere these days. It seems like barely a day goes by without a new attempt to trick you through email, text, or social media. And now, there’s a new scam out there known as pig butchering.
In this episode, Wade will break down this pig butchering scam, along with other common financial scams that you may be targeted by. We’ll also discuss strategies that you can use to protect yourself from financial fraud, like using two-factor authentication, managing long, strong passwords with a password manager, and more.
You don’t want to be caught off guard by any of these scams, and it’s important to have the tools you need to protect yourself, so tune in and be prepared for whatever might be thrown at you!
 
Here’s some of what we discuss in this episode:
What are some different types of financial fraud?
It can be easier to fall for scams than you might think
What is pig butchering?
Strategies to protect yourself from financial fraud
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

How Dependable is Rental Income in Retirement?

Real estate is often heralded as an easy method for generating income in retirement. While it can certainly be a great way to supplement your income, there’s a lot that you want to take into consideration when it comes time to decide whether you want to add a rental property to your portfolio.  
As Wade discusses in this episode, there needs to be a focus on cash flow when you make decisions, as well as a determination on if you want to do the work required of a landlord throughout your retirement. It’s not just a financial question, but a lifestyle decision as well.
For this week’s Kingdom Minute, Wade takes a dive into what financial lessons we can learn from the Gospel of Luke, and how we can tie that wisdom into our own lives.
 
Here’s some of what we discuss in this episode:
How television and social media influence our perception of rental properties.
Focus on cash flow when making decisions on rental properties for retirement.
Considering whether you want to do the work of being a landlord during your retirement.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

For Couples, Retirement Planning is a Team Sport

Every couple takes a different approach to their finances, and sometimes that leads to a lack of communication when it comes to money. Are you and your spouse on the same page when it comes to what retirement is going to look like? If not, it’s time to talk.
 
Listen to this episode where we'll explore why it’s so important for couples to have detailed conversations about their finances and retirement futures. We’ll cover exactly what you need to discuss, and how to handle any disagreements. Wade shares insights on why it's crucial for both spouses to be involved, the common areas of disagreement, and how to navigate them.
 
For this week’s Kingdom Minute, Wade takes a deep dive into the value of work from a Christian perspective, as well as some insight on the concept of retirement in the Bible.
 
 
Here’s some of what we discuss in this episode:
Getting on the same page with your spouse in terms of the specifics of retirement planning.
Key topics that couples should be discussing about their retirement plan.
Even if one spouse is more interested in the financial side of things, getting both partners involved in the financial plan.
The value of work from a Christian perspective and how a Christian work ethic ties into the concept of retirement.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Standard Deviation: What It Means For Your Investments and Risk Management

When we work with people to come up with an effective investment strategy, one of the key tools that can help understand and manage the ups and downs of the market is the concept of standard deviation. In this episode, Wade breaks down this crucial metric and explains its significance in investing.
Standard deviation is a statistical measure that quantifies the amount of variation or dispersion of a set of values. In the context of investing, it helps measure how much the returns of an investment fluctuate from its average over time. Join us to learn how we can use this to better understand risk, measure volatility in the stock market, and apply it to portfolio management.
 
Here’s some of what we discuss in this episode:
What standard deviation is and how it helps us with investing.
Using standard deviation to help understand risk.
How we help our clients match their investment choices to their personal comfort level of risk.
Measuring volatility in the stock market.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

What to Know About the IRS Changes to Inherited IRAs and RMDs

In recent years, there have been significant changes to the rules governing inherited IRAs and Required Minimum Distributions (RMDs), primarily due to the introduction of the SECURE Act. These changes have left many people confused and unsure about how to proceed with their financial planning. Thankfully we have clarity now that the IRS has issued final regulations and today we’re going to update you on what’s most important for your retirement.  
For this week’s Kingdom Minute, we’ll spend time on this question: Is Jesus Lord of all your affairs, or is there still one part of your life where you insist on being ‘in charge?’ That one area, all too often, is money. We all have to make a decision. Will we live in God’s economy or man’s?
Join us for a great episode with a lot of valuable information.
 
Here’s some of what we discuss in this episode:
What is an inherited IRA and what did the rules used to be?
What are the rules now and how do they differ for a spouse and non-spouse?
The new regulations for RMDs to be aware of.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Beware of Retirement Half-Truths

We hear a lot of half-truths in the financial world, not necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn’t quite tell the whole story. These statements may sound correct on the surface but they just don't tell the whole story.
On this episode, we’ll dive into the importance of understanding fees, the complexities of mortgage decisions, and why simply matching your employer's 401(k) contributions might not be enough. Wade also explains why having a retirement plan is crucial, even if you plan to work during retirement, and the limitations of relying solely on Medicare and Social Security. We’ll cover a wide range of retirement planning topics today and hopefully clear up some of the gray area to help you make more informed decisions.
 
Here’s some of what we discuss in this episode:
Why fees in your portfolio might not be as low as you think.
Is it better to pay off your mortgage early or invest that money?
Why diversification isn’t THE key to retirement planning.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.
Why planning is still essential even if you plan to work in retirement.

The Financial Challenges Following The Death of a Spouse

One of the most challenging things anyone can face, both emotionally and financially, is the death of a spouse. Many widows are left without a partner who they’ve relied on for many years, and it’s incredibly difficult to navigate.  
 
While it can be hard to talk about, proper planning in advance can make the transition a little bit easier and take some of that financial stress off your plate. Join Wade as he discusses some of the challenges that may lie ahead financially for someone who just lost their spouse and some strategies to make those a little easier to manage.
This episode is a replay from a couple of years ago but an area of planning that we take very seriously. We help widows all the time so please reach out with any questions.
 
Here’s some of what we discuss in this episode:
Planning in advance for the financial side of losing a spouse.
Knowing what income you will need going forward.
Tax changes for filing as single instead of jointly.
What you need to know about navigating wills.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

How are Social Security Benefits Calculated?

Most retirees will rely on Social Security to make up a significant portion of their income in retirement, but knowing what your benefits will be isn’t always something people have a good handle on. Today we’re going to break down how your earnings history, adjusted for inflation, determines your benefit.
From understanding the primary insurance amount (PIA) to the significance of your highest 35 years of earnings, this episode is packed with valuable insights for anyone nearing retirement. Understanding how Social Security works will help you maximize your benefits and plan effectively for retirement.
This episode is a replay from a couple of years ago but it’s a conversation that’s worth revisiting because Social Security continues to be a common topic of discussion with people we meet.
 
Here’s some of what we discuss in this episode:
What goes into the calculation?
How inflation is factored in and accounted for in the future.
Why it’s important to track your benefits online.
The role Social Security plays in income planning.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Things to Consider When Naming a Trust or Estate as an IRA Beneficiary

When planning your estate, one of the critical decisions you’ll face is naming beneficiaries for your Individual Retirement Account (IRA). While many people designate their spouse, children, or other loved ones as direct beneficiaries, there are situations where naming a trust or your estate as the beneficiary may be advantageous. Today we’re going to take a closer look at this topic and the decisions you’ll need to make.
While naming a trust or an estate as an IRA beneficiary can offer control and protection, it's essential to weigh the benefits against the drawbacks. The Secure Act has changed the landscape, making it more crucial than ever to review your estate planning strategies. This episode will give you some things to consider, but you’ll want to lean on a professional to help you make the best decisions for you and your beneficiaries.
 
Here’s some of what we discuss in this episode:
The impact of the SECURE Act and how beneficiaries manage their inherited assets.
Why you’d want to consider a trust as an IRA beneficiary.
The drawbacks of trusts and estates.
The importance of seeking professional advice when it comes to setting up an estate plan.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.
Ed Slott’s Elite IRA Advisor Group is a group of financial professionals who pay a fee to attend a seminar that explores regulations, tax updates, and other issues regarding individual retirement accounts. It does not qualify a financial professional to provide investment recommendations, or advice. Ed Slott and Ed Slott’s Master Elite IRA Advisory GroupSM are not affiliated with CWM, LLC.