The Money Knight

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.

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.