The Money Knight

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.

Why a Health Savings Account Can Be a Powerful Tool

When you think about saving for retirement, company retirement plans or IRAs probably come to mind. But there’s another option that people often overlook but using it alongside those traditional accounts could provide some great benefits. Today we’re going to tell you more about the potential of Health Savings Accounts (HSAs) for retirement planning.
In this episode, we’ll take a closer look at the eligibility criteria and the unique triple tax advantage that HSAs offer, emphasizing how they can serve not just immediate healthcare needs but also as a strategic asset for future financial well-being. Wade shares his expertise on how to maximize HSA contributions, highlighting the ways these accounts can complement your retirement savings and the significance of early investment. Our discussion will also let you in on the lesser-known tactics of using non-HSA funds for healthcare costs, allowing your HSA balance to flourish and become a robust nest egg for your golden years.
For this week’s Kingdom Minute, Wade will tie in his favorite movie, Scrooge, in a holiday-themed financial message.
 
Here’s some of what we discuss in this episode:
An explanation of how the HSA works and the contribution limits for individuals and families.
Why we sometimes refer to these HSAs as super IRAs.
Any HSA qualifying expense can be reimbursed at any point down the road.
The a few examples of unexpected expenses that qualify.
 
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.

Different Ways to Give Beyond Cash

When we talk about end of the year planning items, giving is typically a priority for many people. It’s close to our heart and something we enjoy helping people with. When most people think about giving, they really only consider giving cash, but there are some other options that you might want to consider this year.
 
Cash gifts can come in the form of checks and deposits as well, but that can leave people feeling frustrated because they don’t think they can give away any more of their income. That’s why we want to talk about asset-based giving, which might also be more tax-efficient than cash giving as well. We’ll explain how this works and why it might be a better option for you.
 
Here’s some of what we discuss in this episode:
Why people might not want to give cash.
In the US, 10% of all wealth is held in cash but 80% of giving is done in cash.
Examples of assets that you might give.
How to incorporate charitable giving into your legacy 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.

End of Year Financial Planning For 2023

Join us for a thoughtful episode where we unpack our 2023 edition of key year-end planning strategies for those nearing or embracing their retirement years. We'll explore the nuances of optimizing your investment portfolio, safeguarding your assets, and ensuring a stable, rewarding lifestyle in the years to come.
Together, we'll navigate through essential topics like managing RMDs, exploring tax-saving opportunities, and even touching on the often-overlooked emotional aspects of this pivotal life transition. Plus, this episode’s Kingdom Minute includes a bonus planning item to tie everything together.
 
Here’s some of what we discuss in this episode:
The general planning and investment strategies we pay attention to.
The tax planning strategies to consider before the year ends.
With open enrollment underway, what should you be paying attention to with health insurance?
Taking steps to become more safe and secure with your cybersecurity.
Estate planning items to give some attention to.
 
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.

Do You Need Umbrella Insurance?

On this episode, we're going to continue the conversation we started on our last show about high-net-worth individuals by addressing the option of umbrella liability insurance? Is this something that you need? It might seem like an obvious choice because it appears to be a ‘bargain’ on the surface, but does it provide the coverage you need?
Wade will explain what it is and lay out some of the pros and cons that come with an umbrella insurance policy. If it’s something you’re considering, this episode should provide an overview but make sure you sit down with a financial professional to determine whether it’s a good fit.
 
Here’s some of what we discuss in this episode:
What do ‘property and casualty’ policies cover?
What’s already covered by your policy?
Some factors to consider for needing added protections.
What does an umbrella policy not cover?
Final considerations and why it might be something you want.
 
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 for High-Net-Worth Individuals

In today's episode, we're taking a close look at high-net-worth individuals - those who have accumulated significant wealth and face unique challenges and opportunities when planning for retirement. Unlike the average person, their financial considerations go beyond the basics. We'll explore the distinct strategies and factors that come into play when securing a comfortable and prosperous retirement.
For this week’s Kingdom Minute, we want to highlight some commonly misunderstood verses in the Bible that talk about money. There’s a lot of talk about money in the Bible but it’s not always interpreted the correct way so we’ll try to sort through that today.
 
Here’s some of what we discuss in this episode:
What classifies someone as having a high net worth?
The complexities that we need to navigate when planning.
Tax planning becomes increasingly important.
What discussions will you need to have about your estate?
Having a high net worth means you might have unique liability issues to consider.
3 retirement planning myths hurting high-net-worth individuals.
 
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.

Understanding Sequence of Returns Risk

In this episode of The Money Knight podcast, we delve into a significant yet often overlooked threat to your retirement - the sequence of returns risk. Many people are unaware of the potential impact this risk can have on their retirement savings. Join us as we shed light on this issue and explore effective strategies to mitigate its consequences.
Listen in as Wade explains how critical it is to have a plan in place to safeguard your retirement savings against market volatility during your early years of retirement. He dives into the power of the bucket strategy and insurance products in reducing sequence of return risk. For this week’s Kingdom Minute, we take a look at what the Bible has to say about diversification. Tune in to get insights into managing sequence of return risk and safeguarding your retirement dreams!
 
Here’s some of what we discuss in this episode:
What is sequence of return risk, and why is it important to understand, especially in retirement planning?
What is the bucketing strategy, and how can it help mitigate sequence of return risk?
Using insurance products like whole life or indexed life insurance as additional tools to reduce the impact of sequence of return risk.
Why diversifying your investments is a wise + biblical approach to safeguarding your financial future.
 
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.

Navigating Finances After Losing a Spouse: Strategies & Mistakes to Avoid

Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer.
We explore actionable strategies to address these problems, such as the importance of life insurance and the ins and outs of spousal pension continuation. This is the episode for you if you’re concerned with ensuring the financial well-being of your remaining family members and safeguarding your financial future and legacy in the face of loss.
For this week’s Kingdom Minute, Wade will discuss the story of King Midas, which reminds us that the love of money can cause problems. 
 
Here’s some of what we discuss in this episode:
Common financial issues faced by widows and widowers include an income gap and changes in tax filing status
Some strategies that Wade uses with clients to help bridge the income gap and prepare for unexpected events
After the loss of a spouse, it's important to review and update your estate plan, communicate with heirs, and ensure that your beneficiary designations are accurate
Trusts can be a useful tool in estate planning, but their appropriateness depends on individual circumstances and should be discussed with a qualified professional
 
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.

7 Financial Strategies for Single Women

More and more women are taking control of their finances and have found that the general guidance out there is perfectly suitable for what they need. However, women still face a few more financial challenges than men and that requires a little more diligence to create financial freedom.
 
In this episode, Wade is going to discuss seven financial strategies that women should consider as they plan for their future. These fundamental principles in planning will help alleviate the worry and anxiety that many women feel when it comes to their finances.   
 
We’ll also bring you another Kingdom Minute this week as Wade talks about the topic of ‘How big is your barn?’
 
Here are the different temptations we discuss in this episode:
Save for emergencies
Pay off debt
Plan for retirement
Build and maintain a budget
Diversify your investments
Consider your insurance options
Create 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.