The Money Knight

Planning for the Rising Costs of Healthcare

In today's economic climate, the rising cost of healthcare is a pressing concern for many, especially those approaching retirement. In this episode, we will discuss the factors driving these costs and provide insights on how to manage them effectively.
Healthcare expenses have been outpacing general inflation, with costs rising by 5 to 6% annually. According to Fidelity, the average retiree spends about $4,300 per year on out-of-pocket healthcare costs. This figure is expected to grow, with a couple retiring in 2025 needing approximately $300,000 to $400,000 to cover healthcare expenses in retirement. These numbers can be daunting, but understanding the reasons behind the rising costs can help you prepare better.
For this week’s Kingdom Minute, will address the questions, ‘How much is enough?’ Inspired by the movie Wall Street, we explore the idea of focusing on eternal treasures rather than material wealth. This perspective encourages us to evaluate our priorities and find contentment in God's provision.
Here’s some of what we discuss in this episode:
Is inflation the cause for everything going up?
The reasons healthcare continues to be incredibly expensive.
What are the expenses that people typically overlook in retirement?
What can you do to help protect your finances from these healthcare costs?
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.

Better to Give Money While You’re Still Living?

For ​a ​lot ​of ​people, ​giving ​money ​to ​charities ​or beneficiaries ​that ​are ​close ​to ​them ​is ​very ​important. ​But ​oftentimes ​it's ​done ​as ​part ​of ​the ​estate ​planning process. ​Now we’re seeing a trend where more and more people are deciding to give while they’re still alive. Is this a good idea? ​Today's ​episode ​is ​all ​‘giving while you’re living’ and the planning decisions that go into gifting money now.
This approach allows individuals to see the impact of their generosity firsthand, guiding their loved ones in making wise financial decisions. Wade shares a personal story involving his father, who decided to start gifting money to his grandchildren. This anecdote sets the stage for a deeper dive into the rules and considerations around gifting.
Here’s some of what we discuss in this episode:
Why a conversation with his dad sparked this conversation for Wade.
How much can you give each year without having to file IRS forms?
The lifetime exemption amounts per person and per married couple.
What you need to consider before starting your gifting.
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 Questions Should You Ask a Financial Advisor?

“Test everything; hold fast what is good.” - 1 Thessalonians 5:21.
In that verse, the Apostle Paul teaches that we should practice discernment in all things and we submit that includes financial advice. So this episode will tackle a common question: What should you ask a potential financial advisor?
When it comes to choosing someone you can trust and who is a good fit for your financial situation, it’s essential to ask the right questions. We discuss key factors to consider when interviewing financial professionals, from investment advisors to estate attorneys. Plus, we share valuable insight from Kingdom Advisors, which has over 1,600 Certified Kingdom Advisor professionals, and provide a comprehensive list of questions you should ask when interviewing any financial expert. Tune in for expert guidance on how to find the right financial advisor for your needs.
 
Here’s some of what we discuss in this episode:
The first thing you might want to find out is how long your candidate advisor has been on the job.
What you can ask to help form reasonable expectations.
Referrals are extremely important, and they should be current or recent contacts.
A set of questions that you may be uncomfortable with, but you need to ask them anyway.
Don’t be afraid to ask about how your candidate expects to be paid.
 
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.

Most Americans Are Forced to Retire Early - Are You Ready?

Retirement is a phase of life that many of us look forward to, but what happens when it comes earlier than expected? An early retirement can put stress on your finances if you aren’t prepared and this episode will get into the challenges and planning opportunities you can expect.  
Did you know that most Americans retire earlier than planned, often due to unforeseen circumstances like health issues or job changes? According to research by the Transamerica Center for Retirement Studies, 60% of Americans retire earlier than expected, with a median age of 62. This unexpected shift can leave many unprepared for the financial demands of a longer retirement. Wade Chessman shares his insights on why early planning is crucial and how to navigate these challenges effectively.
Here’s some of what we discuss in this episode:
The reasons why people often find themselves in a position like this.
The different areas of financial strain that you might feel.
When should you start planning and how do you prepare yourself for this possibility?
What other ways do people find happiness in retirement besides money?
 
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.

Don’t Mix Politics and Investing

In the wake of the recent election, many investors find themselves questioning how political outcomes might affect their portfolios. In this episode, Wade sheds light on why mixing politics with investing isn't always the best strategy and offer listeners valuable insights into the market's reaction to political events.
With this big event finally behind us, let’s talk about where you should be focused moving forward and the key factors that truly impact long-term investment success. Discover why the White House isn't the sole determinant of market performance, and explore the biblical principles that guide financial planning at Chessman Wealth
For this week’s Kingdom Minute, we’ll discuss the significance of stewardship, generosity, and maintaining a balanced approach to wealth accumulation as we share the five lies we believe about money.
Here’s some of what we discuss in this episode:
A great Yogi Berra quote that applies to this discussion.
The response by stocks immediately after the election results.
Is the uncertainty in the market dropping?
What really matters in the long run?
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 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.