The Money Knight

Combatting Popular Excuses For Poor Financial Decision-Making

Very often, we see people who know that the financial decisions that they’re making aren’t the best decisions, but they try to create excuses or explanations for why they’re doing what they’re doing.
From starting Social Security early to taking on too much investment risk, Wade offers insights into why these justifications often don't hold water and how to make better choices for a secure financial future.
 
Here’s some of what we discuss in this episode:
Why you might not want to start Social Security at age 62.
When you might be taking too much risk with your money.
Why you shouldn’t keep your money in cash out of fear of a market crash.
Do you know what you’re invested in?
Why you should consider working with an advisor.
 
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.

The Current Landscape of Long-Term Care Insurance

As you edge closer to retirement, have you considered the role of long-term care insurance in your financial plan? As plans and policies evolve, we want to take some time to help guide you through the nuances of long-term care and its critical importance for your future.
Long-term care insurance has undergone significant transformations, and understanding these changes is key to making informed decisions. With life expectancies increasing and healthcare costs on the rise, nearly 70% of people turning age 65 are expected to require some form of long-term care. This stark statistic from the U.S. Department of Health and Human Services highlights the urgency of planning ahead.
We’ll share insights on the changes in insurance policies, the importance of protecting assets, and the innovative hybrid options available today.
 
Here’s some of what we discuss in this episode:
What is long-term care insurance and how has it evolved?
Why would you consider long-term care insurance?
The limitations of traditional policies.
What are the new hybrid policies?
 
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 Make These Income Planning Mistakes

Are you planning for your retirement with the confidence that you're making all the right moves? You might feel that way, but many of the mistakes that people make happen when it’s too late to correct them.
In today's episode, we'll unveil the crucial income planning mistakes that could jeopardize your retirement and show you how to craft a financial plan that's built to last decades, not just years. Tune in to ensure your retirement strategy is foolproof against common pitfalls and ready to secure your financial future.
 
Here’s some of what we discuss in this episode:
Don’t plan to be retired for years. Plan to be retired for decades.
Don’t start Social Security too early.
Don’t assume that bonds will be your main source for retirement income.
Don’t ignore inflation.
Don’t forget to create lifetime income streams other than just Social Security.
 
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.

Are You Reviewing Your Estate Plan?

Estate planning: it's a term that often evokes a sense of finality and permanence. However, estate planning is anything but a one-time event. It's a dynamic process that requires regular attention and updates to stay aligned with our lives' ever-changing landscape.
Many people, including those with significant wealth, either lack an estate plan or let their existing one gather dust on a shelf. Wade shares his surprise at how common this oversight is and stresses the importance of treating your estate plan with the same care you would your investment portfolio. Just as life evolves—children grow, we move to new states, our health changes—so too should the documents that dictate our wishes after we're gone.
 
Here’s some of what we discuss in this episode:
Why it’s important to review these documents alongside your financial plan.
What documents do you need to have?
The importance of an estate plan to your overall 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.

Utilizing a Backdoor Roth IRA

In this episode, Wade Chessman does more than just explain what a backdoor Roth IRA is; he walks you through the entire process. He addresses the common misconceptions and lays out the benefits in a way that's both easy to understand and actionable. Whether you're a seasoned investor or a novice to the world of finance, Wade's insights are invaluable.
 
Here’s some of what we discuss in this episode:
What is a backdoor Roth?
The backdoor Roth allows you to contribute after-tax money to an account.
When does it make sense for you?
Can you do it yourself?
 
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 One Overlooked Issue Can Sink Your Retirement

Imagine your retirement plan as a ship sailing toward a horizon of rest and relaxation. But what if one leak could sink it all? In today’s episode, we spotlight some of the single oversights that could send your dreams to the bottom. We'll share key strategies to plug the gaps, ensuring your financial ship stays buoyant and on course. Tune in to protect your future from the one mistake that could derail everything.
 
 
Here’s some of what we discuss in this episode:
The importance of having a robust financial strategy that ensures a steady income throughout retirement.
Investment strategies to keep pace with, or beat, inflation.
The importance of considering long-term care costs in retirement planning.
The potential impact of market volatility on retirement savings.
Tax-advantaged savings options and strategies to manage tax risk.
 
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.

Retirement Planning Is Different For Women: Here’s Why

Despite the progress women have made with money, the path to retirement is not without its unique challenges, and it’s important to recognize the financial hurdles that they continue to face. We work with more and more women every year and see these issues first hand.   
In this episode, we’ll share some eye-opening statistics and actionable advice to empower women in their financial journey. From the persistent gender pay gap to the impact of caregiving responsibilities and higher debt burdens, this is why retirement planning is different for women and we’ll talk about how we work through these things at Chessman Wealth.
 
Here’s some of what we discuss in this episode:
Lower income can limit their ability to save and impact certain retirement benefits.
On top of earning less, women generally take the caregiving lead for children and elder relatives.
Divorce can also be a major setback for women, especially those who are relying on their partners for future financial support.
Women often carry more debt, which can slow down the savings process.
 
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.

Utilizing QCDs for Your IRA Withdrawal Strategy

Unlock the secrets to aligning your philanthropic spirit with savvy tax strategies by utilizing Qualified Charitable Distributions (QCDs). Discover how these powerful financial tools can help you support your favorite charities while managing your taxable income more effectively, especially when dealing with required minimum distributions from your IRA.
In this episode, we navigate the complexities of IRS regulations, unveiling how QCDs can smartly satisfy required minimum distributions and offer a substantial boon to your favored nonprofit organizations, all the while keeping an eye on your financial well-being.
For this week’s Kingdom Minute, we’ll discuss letting people borrow money and how to handle that debt.
 
Here’s some of what we discuss in this episode:
What are some things we can do to minimize our tax liability while helping our favorite charities?
How does a QCD work?
What are some of the requirements for using these QCDs for tax purposes?
Why you want to keep good records for any QCDs that you make.
 
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.

Are Safe Investments Providing Big Enough Returns?

After years of nearly zero interest rates in savings accounts, we’ve seen a much higher interest rate environment over the past few years. Getting four or five percent on your conservative investments is nice, but is it enough?
In this episode, we explore this question, examining how the recent rise in interest rates affects the money sitting in savings accounts, CDs, and conservative investments. We'll discuss the new dynamics of managing your funds in a world where traditional saving methods are seeing better returns. Are these options now a viable part of a savvy investment strategy, or are there still better ways to make your money work harder for you?
For this week’s Kingdom Minute, we’ll discuss letting people borrow money and how to handle that debt.
 
Here’s some of what we discuss in this episode:
Should you take full advantage of these interest rates?
How to build a portfolio that matches your risk tolerance while getting the growth you need.
You can’t predict how and when rates will change.
 
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 Christians Can Reduce Taxes & Make Smart Choices with Their Money

Listen in as we kick off the new year with a focus on an essential aspect of financial planning: understanding taxes. Wade wrote a book called Saved: How Christians Can Reduce Taxes and Make Smart Choices with Their Money and this episode we’ll tell you more about it and what you can learn from the book.
 
Today’s show sheds light on the fine line between tax planning and tax preparation, ensuring you're equipped to optimize your finances and honor your values without overpaying Uncle Sam. Our mission is to help you make smart choices about your money so you can worry less, enjoy life more and ultimately become a better steward of the resources God has provided. One of the top ways you can do that is to be real wise about taxes, and we’ll discuss how we help you do that in this episode.
If you’d like to get a copy of the book, email us at wade@chessmanwealth.com and we’ll get a copy over to you.
 
Here’s some of what we discuss in this episode:
We’ll highlight one Bible verse that talks specifically about the importance of paying taxes.
How charitable giving plays into tax planning strategies.
Why tax planning is so important right now.
The differences between tax planning and tax prep.
 
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.