The Money Knight

April Fool’s: Beliefs That Fool Retirement Savers The Most

April Fool’s Day is all about jokes and pranks, but when it comes to retirement planning, getting fooled can cost you real money. Today, we’re uncovering the beliefs that fool retirees and pre-retirees into making bad financial moves. We’ll cover some of the most common myths that can derail your retirement plans and explain why they might not be as true as they seem.
Should you really claim Social Security as soon as possible? Will Medicare cover all your healthcare costs? Don’t let financial myths fool you- tune in and take control of your retirement!
For this week’s Kingdom Minute, Wade shares some biblical wisdom from Proverbs on diligence, avoiding debt, and thoughtful investing.
Here are the myths we cover in today’s episode:
“Guaranteed” high returns are easy to achieve
Social Security is going away and you should claim it ASAP
Underestimating how taxes can impact your retirement income
The misunderstanding that Medicare will cover all healthcare costs
The idea of the 'set it and forget it' retirement plan
The misconception that retirees should be overly frugal
The “I can just keep on working” fallacy
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 Do Proposed Tariffs Mean For Your Portfolio?

The day President Trump took office, he announced plans to implement a 25 percent tariff on goods from Mexico and Canada. Additional tariff conversations have exploded since that day. How might this impact your personal finances and the economy? Today, we’ll explain a bit of the backstory of tariffs and discuss these new tariffs.
For those looking to understand more about managing their finances in the face of uncertainty, this show will provide some great information about what’s happening and how we’re addressing these conversations with our clients.
Here’s some of what we discuss in this episode:
What exactly are tariffs and what does it mean to you?
Are tariffs a new thing?
Why do markets typically react negatively to tariffs?
What’s the strategy behind tariffs?
How we approach conversations about tariffs with our clients.
 
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.

6 Financial Mistakes to Avoid in Your 60s

Financial mistakes can happen at any age, but they can have a particularly significant impact in your 60s. In this episode, Wade discusses six critical financial mistakes that individuals often make during this pivotal decade. Understanding and avoiding these pitfalls can make the difference between a secure retirement and a financially precarious future.
There are numerous financial missteps that can occur as you prepare for retirement, which is why it’s so beneficial to work with an advisor. We can help you develop a customized plan that aligns with your goals and helps you avoid these common pitfalls.
We’ll also spend some time on the Rembrandt painting Parable of the Rich Fool and the parable from the Gospel of Luke. There’s a great financial lesson within this story and we’ll discuss it today.
Here’s some of what we discuss and we believe in this episode:
Many individuals rely on hope rather than building an actual plan.
Don’t enter retirement without knowing what your expenses are going to be.
Taking on more risk than you need to rather than shifting your mindset to protecting what you’ve built.
Delaying your Social Security might get you the largest benefit, but is that going to be your best strategy?
While it’s natural to want to be conservative with your investments as you age, having a portion of your portfolio in growth-oriented assets might help combat inflation.
Check out Parable of the Rich Fool: https://en.wikipedia.org/wiki/Parable_of_the_Rich_Fool
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.

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.