The Money Knight

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.

The 5 Money Temptations to Flee From

If you’ve listened to this show before, you know we like to look at financial planning from a Biblical perspective and often dedicate a portion of the show to doing just that. In this episode, we want to go a little deeper on the relationship between faith and finances by discussing five money temptations we all face.
Money is an essential aspect of our lives, and how we manage it can say a lot about our beliefs, morals, and relationship with God. The temptation to mismanage our money is real and can sometimes lead us astray.
Wade points out that our relationship with money could either draw us closer to God or lead us away from Him, and he underscores the importance of understanding the allure of money and its potential to suffocate God's word.
 
Here are the different temptations we discuss in this episode:
The temptation to desire riches
The temptation to love money
The temptation to be stingy
The temptation to put our hope in money
The temptation to not put God first in our finances
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.

Building An Estate Plan With No Regrets

There are some people who don’t care at all about leaving a financial legacy, but for those who do, it’s important to eliminate some of the common estate planning mistakes.
In this episode, we cover topics ranging from poor expense planning to outdated beneficiary designations and family conflict triggers. We also shed light on some misconceptions about transferring real estate and explain the impact of tax implications on your estate.
If you want to leave a legacy without regret or legal turmoil, this episode is a great starting point.
Here are some things we discuss in this episode:
Why people fail to plan for those expenses that can be foreseen.
The importance of reviewing and updating beneficiary designations regularly.
Are you taking the steps you need to keep your family from having to fight over assets?
Is it better to transfer real estate while living or at death?
The tax implications that come along with your estate.
 
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.

Bad Money Habits Could Spoil Your Retirement Party

Picture this: You're at your retirement party, finally ready to enjoy your golden years, but worries caused by some bad money habits have robbed you of fully enjoying the sweetness of the day. It happens to more people than you think, which is unfortunate because with just a little bit of modification, you can rid some of the worst money habits from your life and set yourself up for retirement success.
Today we want to highlight a few of these bad habits and hear from Wade on how we can make changes that will impact us over the long-term. We’re all human and we all going to make errors but it’s about how we handle ourselves in those situations. So we’ll take you through nine common mistakes that we see people make.
 
Here are some things we discuss in this episode:
Why you don’t want to completely ignore your account statements.
Don’t pretend like nursing home care is something you won’t need to deal with.
Are you investing emotionally rather than strategically.
Why people dip into emergency money to cover non-emergencies.
 
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.

Rethinking Longevity in Retirement Planning

We came across an article recently that we thought was pretty interesting because it provided a different perspective on longevity. We always think about longevity in terms of savings and time but this discussion looks at it more as a complete framework.
So we want to spend a little time on this today and reflect on this idea of paying more attention to a variety of aspects that old age presents. As you’ll see in the article, the MIT expert breaks it down through these three simple questions:
How will I get an ice cream cone?
Who will you have lunch with?
How will you change your lightbulbs?
Join us to hear Wade’s view on longevity and why it’s a big part of helping you achieve a successful retirement.
 
Here are some things we discuss in this episode:
What does Wade think about this idea of a more complete framework? (1:20)
This week’s Kingdom Minute  (8:37)
 
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.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/