The Money Knight

Ep 85: Four Ways The SECURE Act 2.0 Might Impact You

After being discussed in Congress for nearly a year and a half, the SECURE Act 2.0 passed in January. Listen to today’s episode to see what you need to know and learn four ways the new changes might impact you.

All the changes that came down in this new bill likely won’t affect your retirement but you want to be aware of everything because there could be some planning opportunities to hop on this year. This show will identify four that most people we work with will want to know about and we’ll tell you why they’re important.

Here’s some of what you’ll learn in this episode:

• The RMD age has moved back once again from 72 to 75. What does this mean for your plan? (3:01)
• The new catch-up contribution provisions will allow you to save more before retirement.  (5:42)
• You’ll now have the opportunity to move money from a 529 plan to a Roth IRA and take advantage of the tax benefits. (7:50)
• You student loan payments could qualify you for a 401k company match. (10:08)
• The other provisions Wade is paying close attention to. (13:00)

 

Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 

Ep 84: Reaching Financial Contentment with Ron Blue

Rob Blue and Kingdom Financial Advisors are not affiliated with CWM, LLC, and opinions
expressed may not be representative of CWM, LLC.

We talk about the idea of financial freedom all the time on this show but maybe we should be
looking at it through a slightly different lens. As today’s guest points out, financial freedom
isn’t something you can feel. What we really should strive to achieve is financial
contentment.

Ron Blue is the founder of Kingdom Advisors and we’re excited to welcome him onto the
show to talk about this idea of becoming financially content. It’s a guiding principle he’s
followed throughout his personal and professional life, and we want to learn more about his
philosophy on money and the role it plays in our faith. We also explore the importance of
giving and why people aren’t inclined to give more despite their beliefs.

 

Here’s some of what you’ll learn in this episode:

• What does it mean to have true financial freedom?(1:18)
• What are the principles that may help you become financially free? (4:05)
• Giving and the spiritual transformation. (8:58)
• When you can answer the question, ‘How much is enough?’ it frees you up to give above
  and beyond. (14:22)
• How do we work through the obstacles that prevent us from giving more? (19:25)

 

Learn more about our guest: https://www.ronblue.com/

Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 

Ep 83: At the Intersection of Faith & Finance with Rob West

Rob West and Kingdom Financial Advisors are not affiliated with CWM, LLC, and opinions expressed may not be representative of CWM, LLC.

Money and faith are often more aligned than we think, and that’s led more and more people to search for financial guidance that aligns with their beliefs and helps to marry those two important aspects of life.

That’s why being a Certified Kingdom Advisor has always been a designation that Wade holds in high regard and why we make that a central focus on the podcast. We’re going even deeper into that conversation by welcoming on Rob West, CEO of Kingdom Advisors. It’s a conversation we’re excited to share because it will provide a deeper understanding of the goals and mission for Kingdom Advisors.

Financial professionals sit in an incredibly leveraged position in the life of the clients because money conversations are hard conversations. That’s another reason why we feel so passionate about this approach to planning and hope to give you more insight into that process on this episode.

Here’s some of what you’ll learn in this episode:

• Rob’s history with Kingdom Advisors and the role they play with clients. (1:18)
• Who created the idea of a Kingdom Advisor and what it takes to achieve the designation. (4:48)
• More and more people are seeking out this financial advice tied to faith. (6:53)
• Why the change from MoneyWise to FaithFi? (10:35)
• Why you need to give every dollar an aim. (14:26)
• What are the top issues and questions is he getting on his radio show? (18:52)

 

Learn more about our guest: https://kingdomadvisors.com/resources/speaker/37

 

Get in touch with Chessman Wealth here: https://www.chessmanwealth.com/podcast/ 

Ep 82: How Bonds Work - What Retirees Need To Know

Too many folks misunderstand bonds, how they work, and what role they play in a proper financial plan. We’ll address some of those bond related issues on today’s show.

 

Here’s some of what you’ll learn in this episode:

• What is a bond? (2:24)
• The difference between owning a bond vs a bond fund. (4:36)
• What is the relationship between interest rates and bond values? (8:46)
• Can you consider bonds to be a safe part of your portfolio? (12:17)
• You need to understand the risk that bonds hold before you invest. (13:50)

 

For more, visit us online: https://www.chessmanwealth.com/ 

Ep 81: Contribution Limit Changes for 2023

Inflation continues to be a big story. In 2022, it went through the roof- we were told it would be transitory, but that ship has sailed.

Though gas prices are down slightly, they are still significantly higher than they were a few years ago. In this episode, we will discuss how inflation is affecting the world right now and will share some perspectives that you may not have considered, as well as recent contribution changes.

Here’s some of what you’ll learn in this episode:

• Listen here to hear our thoughts on inflation. (0:33)
• Is there a positive side to inflation? You might be surprised at the answer. (2:35)
• Is a big increase in social security a good thing? (7:17)
• This episode’s Kingdom Minute: Cosigning on loans. (12:16)

For more, visit us online: https://www.chessmanwealth.com/ 

Ep 80: Making Smart Decisions During Major Life Events

We all make poor decisions from time to time, but we want to be sure to make the right ones when the stakes are high.

In this episode, we will explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in your life.

Here’s some of what you’ll learn in this episode:

• What to consider when going through a job change. (1:40)
• How your advisor can help you through a divorce. (3:23)
• Here are some decisions you may have to make with an inheritance. (6:49)

For more, visit us online: https://www.chessmanwealth.com/ 

Ep 79: 5 Common Questions People Asked When Forced Into Retirement

For anyone being forced into retiring earlier than they planned (or at least being presented with that option), we’ve found that there are often some common questions that they’re asking.

In this episode, we will answer those questions and go over some scenarios that you may want to consider.

Here’s some of what you’ll learn in this episode:

• Should you accept a buy-out offer from work? (0:59)
• Should you take your pension in a lump sum or in payments? (3:41)
• Is it tough to get a job around retirement age? (8:20)
• Discipline might not sound fun, but without it, chaos ensues. (10:45)

For more, visit us online: https://www.chessmanwealth.com/ 

Ep 78: Warning Signs - How to Spot Problems in Your Financial Life

Just like the lights on your dashboard can indicate if something is wrong with your car (like low tire pressure or leaking oil), there are indicators in your financial life that might point out that you have a problem that needs to be addressed.

Let’s talk about some of the most common warning signs we see from pre-retirees and discuss what action you might need to take.

Here’s some of what you’ll learn in this episode:

• Do you know what it costs to fund your lifestyle? (2:04)
• Are you more focused on net worth than generating an income? (3:25)
• Have you prepared for long-term care? (9:09)

For more, visit us online: https://www.chessmanwealth.com/ 

Ep 77: Tools to Help You Budget Better

It’s a somber day for those using the Mvelope budgeting program we have talked about before with clients. They went out of business. The hunt for new budgeting tools inspired us to share some budgeting tools and our thoughts on them.

Do you know where you are spending your money? Even if you think you do, it could be time to revisit your budget and see if there are any expenses or splurges you’re missing. Listen to learn about the budgeting tool we are going to try out and how it might help you.

 

Here’s some of what you’ll learn in this episode:

• The downside to ‘Every Dollar’, by Dave Ramsey. (4:48)
• The program we signed up for; A Biblically-based ministry called ‘Money Wise’. (7:04)
• How using a budgeting program can make a huge difference for you. (9:24)

For more, visit us online: https://www.chessmanwealth.com/ 

Ep 76: Going Against the Grain

Being a good advisor isn’t about winning a popularity contest or just saying the same things that everyone else in the industry says. It’s about giving the best advice that you can for each individual situation.

On today’s show, we’re going to peel back the curtain to discuss some areas where a good financial advisor’s opinions might go against the grain with mainstream ideas in the industry.

 

Here’s some of what you’ll learn in this episode:

• What is the appropriate amount of risk for a pre-retiree? (2:00)
• How should you handle debt? Is all debt bad? (6:00)
• Are annuities good financial tools? (8:17)
• How much cash should you keep in the bank? (10:57)

For more, visit us online: https://www.chessmanwealth.com/ 

Ep 75: Smart Choices Wealth Management Solution

Sometimes it’s important to dive into the process behind what we do, so you know what to expect with Smart Choices Wealth Management Solution. Our process didn’t happen by accident. We have very intentional steps we take through the financial planning process.

In this episode, you will learn about the services we offer, and how we collaborate and brainstorm with other professionals to your benefit. Learn about each step in our process so you can determine if we may be a good fit for you.

Here’s some of what you’ll learn in this episode:

• How the Discovery Meeting enables you to make smart choices. (2:23)
• The Smart Choices Strategy Meeting will set you up with a financial plan, without committing to implementation. (3:28)
• The Advanced Planning Meeting utilizes various professionals in different areas of expertise. We share your case with them anonymously and get feedback on other areas of financial planning. (5:14)
• How we go about monitoring progress. (6:26)

For more, visit us online: https://www.chessmanwealth.com/ 

Ep 74: Smarter Giving at Compassion International with Jim Kirk

If you have listened to our podcast before, you know we are advocates of giving. Today we have Jim Kirk with us. We will talk about an organization we have been supporting and show you how you can give smarter.

Compassion International is an organization that allows you to sponsor children globally experiencing poverty. Giving through compassion can be as simple as a small monthly donation. We would like to focus on how you can contribute assets to charity to serve them more effectively while helping yourself simultaneously.

Here’s some of what you’ll learn in this episode:

• Who Jim is and how he got involved with Compassion International. (0:48)
• What Compassion International is. (2:50)
• Ways you can broaden your horizons in giving, by donating assets. (7:14)
• You can give smarter by benefiting the organizations you support (and yourself) more efficiently. (10:22)
• Setting up a way to donate to a charity after you pass away. (14:05)

Learn more about Compassion International: https://www.compassion.com/

For more, visit us online: https://www.chessmanwealth.com/ 

Ep 73: How Procrastination Negatively Affects Your Financial Future

We’re all guilty of putting off things longer than we should, but doing it with your money could create some serious problems.

People have many reasons for procrastinating when it comes to putting a retirement plan together. Let’s explore some of those excuses and why they can be dangerous, and talk about how to overcome them.

Here’s some of what you’ll learn on this episode:

• Why planning has become much more difficult and important than it was for your parents. (2:07)
• Who should you be listening to when it comes to financial planning? (4:57)
• How we help someone that stresses out when it comes to money. (7:32)
• How our process helps people take that first step towards financial planning. (10:01)
• This week’s Kingdom Minute on a great new resource we found. (14:28)

For more, visit us online: https://www.chessmanwealth.com/ 

Ep 72: Why I Went Independent

Chessman Wealth Strategies began back in 2004 when Wade Chessman left a large national firm to go independent.

There were a few different reasons for the move, but it ultimately came down to the inability to serve clients in the way we felt was in their best interest. So nearly 20 years later, we’ll take a look back on how Wade started in the financial services industry, the issues he quickly discovered, and the benefits of now being able to work independently.

Here’s some of what you’ll learn on this episode:

• How a co-op program in college led him to financial planning. (2:27)
• The biggest issues Wade discovered while working at a national firm that he didn’t agree with. (4:16)
• Why Christmas parties became a reason for Wade going independent. (8:33)
• What advice would we give other advisors considering the move to independence? (12:19)

For more, visit us online: https://www.chessmanwealth.com/ 

 

Ep 71: Getting Through A Bear Market

It’s no secret the stock market is in turmoil. We’re in a bear market and the R-word (recession) is getting thrown around daily. So, what can you do to survive bear markets like the one we’re in now? We’ll discuss some things you should keep in mind as you navigate through this down period.

Here’s some of what you’ll learn on this episode:

• Why a bear market could potentially be good news for you. (1:48)
• Making large bets to either into or out of the market doesn’t work out over time. (3:50)
• How and why we factor in market volatility ahead of time when we’re building a plan for someone. (6:54)
• You don’t need all the money right now which means you shouldn’t be worrying about your portfolio when you’re in the moment. (9:43)
• The danger of partiality on this week’s Kingdom Minute. (11:48)

Make sure you work with a financial professional to help you evaluate your investments, manage your risk, and make sure you’re properly diversified.

 

For reference: 

S&P 500 - A capitilization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

NASDAQ Composite Index - The NASDAQ Composite Index includes all domestic and international based common type stocks listed on The NASDAQ Stock Market. The NASDAQ Composite Index is a broad based index.

 

Important Links:

Chessman Wealth Website: https://www.chessmanwealth.com

Call: 214-572-2120

Ep 70: Why Retirement Planning Ain’t What It Used to Be

In some ways, retirement planning was easier for past generations. Let’s explore how a good financial advisor helps people overcome the additional challenges of today. Our parents and grandparents may not have had to face these things, so just relying on the experiences of family members might not be enough to help us achieve our own financial success.

Here’s some of what you’ll learn on this episode:

• Retirees today don’t have near as much guaranteed income as generations before us so we carry more of that responsibility now. (1:35)
• We’re living longer on average and have to plan for a longer retirement to cover all of our expenses. (5:04)
• Why all of the information we can access isn’t necessarily a good thing when we’re doing our own financial planning. (8:52)
• The danger of misunderstanding our identity when it relates to money on this week’s Kingdom Minute. (13:32)

If you haven’t taken a serious look at your plan and addressed these changes to retirement, we encourage you to take that next step today and set up a time to meet with an advisor.

 

Important Links:

Chessman Wealth Website: https://www.chessmanwealth.com

Call: 214-572-2120

Ep 69: Picking Sides in Important Financial Debates (Part 2)

On this episode, we’ll try to pick sides of some important financial debates. From bonds to life insurance, credit card debt to starting Social Security, we’ll propose several different topics to see which sides of the debates you and your advisor should probably fall on.

This is the second part of the discussion and it wraps up the debate on four more topics that we work on all the time. Plus, this week’s Kingdom Minute talks about defining wealth and the idea of being rich.

 

Here's what we discuss on this episode:

1:03 – Annuities are a rip off

2:54 – You’ll be in a lower tax bracket in retirement so it’s best to defer now

4:54 – It’s better to buy mutual funds than owning individual stocks

6:05 – You should start Social Security as early as possible

8:27 – Kingdom Minute

 

Important Links:

Chessman Wealth Website: https://www.chessmanwealth.com

Call: 214-572-2120

 

Ep 68: Picking Sides in Important Financial Debates (Part 1)

On this episode, we’ll try to pick sides of some important financial debates. From bonds to life insurance, credit card debt to starting Social Security, we’ll propose several different topics to see which sides of the debates you and your advisor should probably fall on.

Since there’s a lot to discuss, we’re going to break up this conversation into two parts. Join us as we weigh in on this first group of financial topics and we’ll also discuss the dangers of wealth on this week’s Kingdom Minute.

 

Key topics to listen for:

1:30 – Always pay off your house as soon as you can

2:52 – Individual bonds are better than bond funds

5:03 – No one needs life insurance once they’re retired

7:18 – Better to have a fee-based advisor than a commission-based advisor

9:13 – Kingdom Minute

 

Important Links:

Chessman Wealth Website: https://www.chessmanwealth.com

Call: 214-572-2120

Ep 67: Secret to Retirement Success - Get Out of Your Own Way

There are plenty of external factors that often negatively influence our chances of having a successful retirement. But often, failure comes from within. On this episode, we’ll talk about some of the common ways people get in their own way when it comes to financial planning and what you can do to change that. 

 

What we discuss in this episode: 

0:30 – Fear and greed causing us to buy and sell

3:00 – Making investment choices just to save taxes

4:59 – Sitting in cash for too long

6:47 – Overthinking every decision

7:41 – Blindly following financial advice

10:30 – Kingdom Minute

 

Important Links:

Chessman Wealth Website: https://www.chessmanwealth.com

Call: 214-572-2120

Ep 66: Counting Down the Days to Financial Independence

The goal for everyone we work with is to reach that day where you become financially independent. It opens up a world of opportunity to do what you want and what you love. Before you get there, however, you want to make sure everything is in order. 

Today we've put together a short checklist of the most important things you can do as you're counting down the days to financial independence. This is a nice mix of financial, lifestyle, and health items so jot them down and let's get to work.

 

What we discuss in this episode: 

0:38 - Our topic today

1:15 - Get healthy and stay healthy

2:40 - How will you spend your free time?

5:09 - Post-work career

6:27 - Saving more

7:27 - Paying down debt

8:44 - Re-assessing risk

10:54 - Kingdom Minute

 

Important Links:

Chessman Wealth Website: https://www.chessmanwealth.com

Call: 214-572-2120