The Money Knight

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/ 

Ep 84: Reaching Financial Contentment with Ron Blue

Rob Blue and Kingdom Financial Advisors are not affiliated with CWM, LLC, and opinionsexpressed may not be representative of CWM, LLC.
We talk about the idea of financial freedom all the time on this show but maybe we should belooking at it through a slightly different lens. As today’s guest points out, financial freedomisn’t something you can feel. What we really should strive to achieve is financialcontentment.
Ron Blue is the founder of Kingdom Advisors and we’re excited to welcome him onto theshow to talk about this idea of becoming financially content. It’s a guiding principle he’sfollowed throughout his personal and professional life, and we want to learn more about hisphilosophy on money and the role it plays in our faith. We also explore the importance ofgiving and why people aren’t inclined to give more despite their beliefs.
 
Here’s some of what you’ll learn in this episode:
What does it mean to have true financial freedom?(1:18)
What are the principles that may help you become financially free? (4:05)
Giving and the spiritual transformation. (8:58)
When you can answer the question, ‘How much is enough?’ it frees you up to give aboveand beyond. (14:22)
How do we work through the obstacles that prevent us from giving more? (19:25)
 
Learn more about our guest: https://www.ronblue.com/
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 

Ep 83: At the Intersection of Faith & Finance with Rob West

Rob West and Kingdom Financial Advisors are not affiliated with CWM, LLC, and opinions expressed may not be representative of CWM, LLC.
Money and faith are often more aligned than we think, and that’s led more and more people to search for financial guidance that aligns with their beliefs and helps to marry those two important aspects of life.
That’s why being a Certified Kingdom Advisor has always been a designation that Wade holds in high regard and why we make that a central focus on the podcast. We’re going even deeper into that conversation by welcoming on Rob West, CEO of Kingdom Advisors. It’s a conversation we’re excited to share because it will provide a deeper understanding of the goals and mission for Kingdom Advisors.
Financial professionals sit in an incredibly leveraged position in the life of the clients because money conversations are hard conversations. That’s another reason why we feel so passionate about this approach to planning and hope to give you more insight into that process on this episode.
Here’s some of what you’ll learn in this episode:
Rob’s history with Kingdom Advisors and the role they play with clients. (1:18)
Who created the idea of a Kingdom Advisor and what it takes to achieve the designation. (4:48)
More and more people are seeking out this financial advice tied to faith. (6:53)
Why the change from MoneyWise to FaithFi? (10:35)
Why you need to give every dollar an aim. (14:26)
What are the top issues and questions is he getting on his radio show? (18:52)
 
Learn more about our guest: https://kingdomadvisors.com/resources/speaker/37
 
Get in touch with Chessman Wealth here: https://www.chessmanwealth.com/podcast/ 

Ep 82: How Bonds Work - What Retirees Need To Know

Too many folks misunderstand bonds, how they work, and what role they play in a proper financial plan. We’ll address some of those bond related issues on today’s show.
 
Here’s some of what you’ll learn in this episode:
What is a bond? (2:24)
The difference between owning a bond vs a bond fund. (4:36)
What is the relationship between interest rates and bond values? (8:46)
Can you consider bonds to be a safe part of your portfolio? (12:17)
You need to understand the risk that bonds hold before you invest. (13:50)
 
For more, visit us online: https://www.chessmanwealth.com/ 

Ep 81: Contribution Limit Changes for 2023

Inflation continues to be a big story. In 2022, it went through the roof- we were told it would be transitory, but that ship has sailed.
Though gas prices are down slightly, they are still significantly higher than they were a few years ago. In this episode, we will discuss how inflation is affecting the world right now and will share some perspectives that you may not have considered, as well as recent contribution changes.
Here’s some of what you’ll learn in this episode:
Listen here to hear our thoughts on inflation. (0:33)
Is there a positive side to inflation? You might be surprised at the answer. (2:35)
Is a big increase in social security a good thing? (7:17)
This episode’s Kingdom Minute: Cosigning on loans. (12:16)
For more, visit us online: https://www.chessmanwealth.com/ 

Ep 80: Making Smart Decisions During Major Life Events

We all make poor decisions from time to time, but we want to be sure to make the right ones when the stakes are high.
In this episode, we will explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in your life.
Here’s some of what you’ll learn in this episode:
What to consider when going through a job change. (1:40)
How your advisor can help you through a divorce. (3:23)
Here are some decisions you may have to make with an inheritance. (6:49)
For more, visit us online: https://www.chessmanwealth.com/ 

Ep 79: 5 Common Questions People Asked When Forced Into Retirement

For anyone being forced into retiring earlier than they planned (or at least being presented with that option), we’ve found that there are often some common questions that they’re asking.
In this episode, we will answer those questions and go over some scenarios that you may want to consider.
Here’s some of what you’ll learn in this episode:
Should you accept a buy-out offer from work? (0:59)
Should you take your pension in a lump sum or in payments? (3:41)
Is it tough to get a job around retirement age? (8:20)
Discipline might not sound fun, but without it, chaos ensues. (10:45)
For more, visit us online: https://www.chessmanwealth.com/ 

Ep 78: Warning Signs - How to Spot Problems in Your Financial Life

Just like the lights on your dashboard can indicate if something is wrong with your car (like low tire pressure or leaking oil), there are indicators in your financial life that might point out that you have a problem that needs to be addressed.
Let’s talk about some of the most common warning signs we see from pre-retirees and discuss what action you might need to take.
Here’s some of what you’ll learn in this episode:
Do you know what it costs to fund your lifestyle? (2:04)
Are you more focused on net worth than generating an income? (3:25)
Have you prepared for long-term care? (9:09)
For more, visit us online: https://www.chessmanwealth.com/ 

Ep 77: Tools to Help You Budget Better

It’s a somber day for those using the Mvelope budgeting program we have talked about before with clients. They went out of business. The hunt for new budgeting tools inspired us to share some budgeting tools and our thoughts on them.
Do you know where you are spending your money? Even if you think you do, it could be time to revisit your budget and see if there are any expenses or splurges you’re missing. Listen to learn about the budgeting tool we are going to try out and how it might help you.
 
Here’s some of what you’ll learn in this episode:
The downside to ‘Every Dollar’, by Dave Ramsey. (4:48)
The program we signed up for; A Biblically-based ministry called ‘Money Wise’. (7:04)
How using a budgeting program can make a huge difference for you. (9:24)
For more, visit us online: https://www.chessmanwealth.com/