The Money Knight

Ep 74: Smarter Giving at Compassion International with Jim Kirk

If you have listened to our podcast before, you know we are advocates of giving. Today we have Jim Kirk with us. We will talk about an organization we have been supporting and show you how you can give smarter.
Compassion International is an organization that allows you to sponsor children globally experiencing poverty. Giving through compassion can be as simple as a small monthly donation. We would like to focus on how you can contribute assets to charity to serve them more effectively while helping yourself simultaneously.
Here’s some of what you’ll learn in this episode:
Who Jim is and how he got involved with Compassion International. (0:48)
What Compassion International is. (2:50)
Ways you can broaden your horizons in giving, by donating assets. (7:14)
You can give smarter by benefiting the organizations you support (and yourself) more efficiently. (10:22)
Setting up a way to donate to a charity after you pass away. (14:05)
Learn more about Compassion International: https://www.compassion.com/
For more, visit us online: https://www.chessmanwealth.com/ 

Ep 73: How Procrastination Negatively Affects Your Financial Future

We’re all guilty of putting off things longer than we should, but doing it with your money could create some serious problems.
People have many reasons for procrastinating when it comes to putting a retirement plan together. Let’s explore some of those excuses and why they can be dangerous, and talk about how to overcome them.
Here’s some of what you’ll learn on this episode:
Why planning has become much more difficult and important than it was for your parents. (2:07)
Who should you be listening to when it comes to financial planning? (4:57)
How we help someone that stresses out when it comes to money. (7:32)
How our process helps people take that first step towards financial planning. (10:01)
This week’s Kingdom Minute on a great new resource we found. (14:28)
For more, visit us online: https://www.chessmanwealth.com/ 

Ep 72: Why I Went Independent

Chessman Wealth Strategies began back in 2004 when Wade Chessman left a large national firm to go independent.
There were a few different reasons for the move, but it ultimately came down to the inability to serve clients in the way we felt was in their best interest. So nearly 20 years later, we’ll take a look back on how Wade started in the financial services industry, the issues he quickly discovered, and the benefits of now being able to work independently.
Here’s some of what you’ll learn on this episode:
How a co-op program in college led him to financial planning. (2:27)
The biggest issues Wade discovered while working at a national firm that he didn’t agree with. (4:16)
Why Christmas parties became a reason for Wade going independent. (8:33)
What advice would we give other advisors considering the move to independence? (12:19)
For more, visit us online: https://www.chessmanwealth.com/ 
 

Ep 71: Getting Through A Bear Market

It’s no secret the stock market is in turmoil. We’re in a bear market and the R-word (recession) is getting thrown around daily. So, what can you do to survive bear markets like the one we’re in now? We’ll discuss some things you should keep in mind as you navigate through this down period.
Here’s some of what you’ll learn on this episode:
Why a bear market could potentially be good news for you. (1:48)
Making large bets to either into or out of the market doesn’t work out over time. (3:50)
How and why we factor in market volatility ahead of time when we’re building a plan for someone. (6:54)
You don’t need all the money right now which means you shouldn’t be worrying about your portfolio when you’re in the moment. (9:43)
The danger of partiality on this week’s Kingdom Minute. (11:48)
Make sure you work with a financial professional to help you evaluate your investments, manage your risk, and make sure you’re properly diversified.
 
For reference: 
S&P 500 - A capitilization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.
NASDAQ Composite Index - The NASDAQ Composite Index includes all domestic and international based common type stocks listed on The NASDAQ Stock Market. The NASDAQ Composite Index is a broad based index.
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 70: Why Retirement Planning Ain’t What It Used to Be

In some ways, retirement planning was easier for past generations. Let’s explore how a good financial advisor helps people overcome the additional challenges of today. Our parents and grandparents may not have had to face these things, so just relying on the experiences of family members might not be enough to help us achieve our own financial success.
Here’s some of what you’ll learn on this episode:
Retirees today don’t have near as much guaranteed income as generations before us so we carry more of that responsibility now. (1:35)
We’re living longer on average and have to plan for a longer retirement to cover all of our expenses. (5:04)
Why all of the information we can access isn’t necessarily a good thing when we’re doing our own financial planning. (8:52)
The danger of misunderstanding our identity when it relates to money on this week’s Kingdom Minute. (13:32)
If you haven’t taken a serious look at your plan and addressed these changes to retirement, we encourage you to take that next step today and set up a time to meet with an advisor.
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 69: Picking Sides in Important Financial Debates (Part 2)

On this episode, we’ll try to pick sides of some important financial debates. From bonds to life insurance, credit card debt to starting Social Security, we’ll propose several different topics to see which sides of the debates you and your advisor should probably fall on.
This is the second part of the discussion and it wraps up the debate on four more topics that we work on all the time. Plus, this week’s Kingdom Minute talks about defining wealth and the idea of being rich.
 
Here's what we discuss on this episode:
1:03 – Annuities are a rip off
2:54 – You’ll be in a lower tax bracket in retirement so it’s best to defer now
4:54 – It’s better to buy mutual funds than owning individual stocks
6:05 – You should start Social Security as early as possible
8:27 – Kingdom Minute
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120
 

Ep 68: Picking Sides in Important Financial Debates (Part 1)

On this episode, we’ll try to pick sides of some important financial debates. From bonds to life insurance, credit card debt to starting Social Security, we’ll propose several different topics to see which sides of the debates you and your advisor should probably fall on.
Since there’s a lot to discuss, we’re going to break up this conversation into two parts. Join us as we weigh in on this first group of financial topics and we’ll also discuss the dangers of wealth on this week’s Kingdom Minute.
 
Key topics to listen for:
1:30 – Always pay off your house as soon as you can
2:52 – Individual bonds are better than bond funds
5:03 – No one needs life insurance once they’re retired
7:18 – Better to have a fee-based advisor than a commission-based advisor
9:13 – Kingdom Minute
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 67: Secret to Retirement Success - Get Out of Your Own Way

There are plenty of external factors that often negatively influence our chances of having a successful retirement. But often, failure comes from within. On this episode, we’ll talk about some of the common ways people get in their own way when it comes to financial planning and what you can do to change that. 
 
What we discuss in this episode: 
0:30 – Fear and greed causing us to buy and sell
3:00 – Making investment choices just to save taxes
4:59 – Sitting in cash for too long
6:47 – Overthinking every decision
7:41 – Blindly following financial advice
10:30 – Kingdom Minute
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 66: Counting Down the Days to Financial Independence

The goal for everyone we work with is to reach that day where you become financially independent. It opens up a world of opportunity to do what you want and what you love. Before you get there, however, you want to make sure everything is in order. 
Today we've put together a short checklist of the most important things you can do as you're counting down the days to financial independence. This is a nice mix of financial, lifestyle, and health items so jot them down and let's get to work.
 
What we discuss in this episode: 
0:38 - Our topic today
1:15 - Get healthy and stay healthy
2:40 - How will you spend your free time?
5:09 - Post-work career
6:27 - Saving more
7:27 - Paying down debt
8:44 - Re-assessing risk
10:54 - Kingdom Minute
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120
 

Ep 65: The Most Important Birthdays in Retirement Planning

Getting older isn’t something all of us like to celebrate and birthdays lose a lot of the luster they had when we were younger, but that doesn’t mean there’s nothing to look forward to as you arrive at retirement.
There are certain milestone ages that present new retirement planning opportunities that everyone needs to be aware of and ready for. On this episode, we’ll look at the most important birthdays as you approach retirement and cover the exact things you should be checking off your to-do list at each age.
 
What we discuss in this episode: 
1:08 - Celebrating birthdays
1:45 - Age 50
3:35 - Age 55
4:52 - Age 59.5 
5:26 - Age 62
7:00 - Age 65
7:53 - Age 66 or 67
9:01 - Age 70.5 
10:55 - Age 72
12:47 - Kingdom Minute
 
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120