The Money Knight

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/ 

10 Biggest Money Mistakes In Retirement Planning

In the complex world of retirement planning, there are countless pitfalls one could fall into. In this episode, we've distilled it down to what we believe are the top 10 mistakes to watch out for. Avoiding these crucial missteps can have a significant impact on the success of your retirement plan. So, join us as we delve into these key issues and learn how to navigate them effectively when it's your turn to plan for retirement.
From not understanding your monthly expenses to ignoring the future tax implications of your retirement savings, Wade with cover a range of pitfalls to avoid. He’ll also emphasize the importance of reviewing and updating your retirement plan, accounting for long-term care in your plan, paying off high-interest debt before you retire, and much more. For our Kingdom Minute segment, Wade will dive into what the Bible says about co-signing for another person’s loan.
 
Here are the myths we break down in this episode:
Not understanding what your monthly expenses are. (1:20)
Not paying off high-interest debt before you retire. (4:39)
Factoring in long-term care costs into your plan. (7:22)
Ignoring the future tax implications of your retirement savings. (9:32)
The Kingdom Minute: Co-signing for another person’s debt. (11:03)
 
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.
 

Dismantling the Top Social Security Myths of 2023

Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future?
In this episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about. This is an important part of most people’s plan and it’s essential to understand the benefit and how it best fits into your income plan.
 
Here are the myths we break down in this episode:
The Social Security Administration will help you make the best decision about when to claim.  (1:54)
You won’t owe any taxes on your Social Security benefits. (3:56)
Social Security will run out of money. (5:35)
You should claim your benefits as soon as you’re eligible.  (7:27)
If you have a pension, you aren’t eligible for Social Security.  (10:44)
This week’s Kingdom Minute. (15:27)
 
 
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 a Spending Plan with the FaithFi App

We’ve talked many times about the importance of budgeting or having a spending plan, and our guest today is someone who helps people manage their money with an emphasis on faith.
Chad Clark is the executive director of Faith and Finance and they developed a budgeting program that also helps individuals be a good steward with what God has given them. It was designed with that in mind and it’s one of the reasons why we’ve really enjoyed using this system.
We asked Chad to join us on the show today to tell the story of FaithFi and explain their mission. Plus, we wanted him to explain the app, the different ways you can track your money, and why it can benefit anyone who needs to build a spending plan.
 
Here’s some of what we’ll talk about in this episode:
The story of how Chad began working with faith and finance.  (1:35)
What does the bible have to say about budgeting? (4:52)
What you need to know about the FaithFi app.  (9:48)
 
Learn more about FaithFi: https://www.faithfi.com/manage
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
 
Chad Clark is not affiliated with CWM, LLC. Opinions expressed may not be representative of CWM, LLC.
 
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.

Ep 89: Estate Planning Vs. Wealth Transfer

In today’s episode, we’re going to discuss the difference between estate planning and wealth transfer. Wade will reflect on Ron Blue’s talk at the Kingdom Advisor’s Conference and discuss some important takeaways. He will then dive into the complexities and benefits of wealth transfer and discuss the important questions you should ask yourself during the asset planning process.
Join us as Wade challenges you to think about passing on your assets thoughtfully. He will highlight the benefits of giving while you’re living and honoring God with the financial decisions that you make. He'll also discuss how to consider family dynamics and individual readiness when deciding to transfer wealth, ensuring that your choices benefit both your family and personal values.
 
Here’s some of what we’ll talk about in this episode:
What are the differences between estate planning and wealth transfer? (0:57)
Helping your heirs without harming them. (3:26)
Three questions to ask yourself before transferring wealth. (5:44)
Don’t use money to manipulate behavior. (9:34)
 
Listen to Episode 84 with Ron Blue
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.

Ep 88: Fore Your Retirement - What Golf Teaches Us About Financial Planning

Are you a golfer? Even if you're not, the game of golf can teach us valuable lessons about retirement planning. For example, hitting a hole-in-one might be thrilling, but it won't necessarily guarantee your overall success. And just like you need different clubs in your golf bag to play a round, you need a well-balanced approach to your investments in retirement. But perhaps the most important lesson from golf is the value of having a caddy.
In retirement planning, a financial advisor can help you navigate the hazards and make the most of your financial "clubs." Wade has an even better perspective on this now that he’s playing a little golf. Tune in to this episode to learn more about how the game of golf can help you plan for a successful retirement.
Here’s some of what you’ll learn in this episode:
The hole-in-one is exciting but does that one moment impact your overall success? (2:09)
You need to have as many tools at your disposal for any situation that might arise. (5:41)
Having someone to help guide you and provide feedback as you go. (8:49)
 
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.

Ep 87: The Chessman Sponsorship Launch featuring Keyla Hernandez of Compassion International

Keyla Hernandez and Compassion International are not affiliated with CWM, LLC, and opinions expressed may not be representative of CWM, LLC. The charitable entities and/or fundraising opportunities described herein are not endorsed by, or affiliated with CWM, LLC or its affiliates. Our philanthropic interests are personal to us and are not reviewed, sponsored, or approved by CWM, LLC.
As we have mentioned in recent emails, videos, and podcast episodes, Chessman Wealth Strategies is excited to be working alongside Compassion International to launch a new Compassion Sponsorship Center in Nicaragua. We are honored to have Keyla Hernandez, the Senior Manager of Program Support for Compassion International in Nicaragua, as a guest on our podcast today to provide valuable insight into this powerful mission and the remarkable impact it has already had. 
In this episode, Keyla shares how she came to be involved with Compassion International and sheds light on the important work the organization is doing in Nicaragua. Her firsthand experience offers a unique perspective on the transformative effect that sponsorships have had in her country. Join us as we talk more about the center that Chessman Wealth Strategies and its clients are launching and learn more about Compassion’s incredible plans for the future. 
 
Here’s some of what you’ll learn in this episode:
Keyla tells her story and how she came to be involved with Compassion International. (2:26)
Keyla shares some background on the needs in Nicaragua and the work Compassion is doing. (3:51)
What is a Compassion Center and why are they so important? (8:05)
Why is it important to sponsor this launch?  (10:01)
Keyla shares specific details about the center that Chessman Wealth Strategies is launching and the impact this location is making. (12:27)
Compassion’s vision for Nicaragua. (16:33)
 
Learn more and sponsor this mission:
https://www.compassion.com/donate/chessmansponsorshiplaunch.htm?utm_source=purl&utm_medium=purl&utm_campaign=chessmansponsorshiplaunch-650028&referer=650028
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 

Ep 86: Five Beneficiary Mistakes - Are You Accidentally Spoiling Your Retirement Plan?

Beneficiaries are an important part of a well-thought-out retirement plan. While it may seem like naming beneficiaries is a simple task, there are some areas in this process that are easy to overlook, which could cause major complications down the road. On this episode, we’ll address five common beneficiary mistakes. We’ll bring these mistakes to your attention and explain why these could damage your retirement if you’re not careful.
Join us as we talk about the importance of coordinating your beneficiary to your will and discover why it’s essential to keep your beneficiaries up to date as your life changes. We’ll also cover the complications of naming minors as beneficiaries, the importance of designating a successor, and more. Forgetting about these steps could completely spoil an otherwise well-done retirement plan.
Here’s some of what you’ll learn in this episode:
The complications with naming minors as beneficiaries. (1:41)
Why it’s important to coordinate your beneficiary designation and your will. (3:26)
How failing to designate successor beneficiaries could cause potential complications. (7:34)
Why you shouldn't name your estate as a beneficiary. (9:08)
Making sure the information on your beneficiary is correct. (10:17)
Changing beneficiaries when your life situation changes. (10:54)
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
 

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/