The Money Knight

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

Ep 64: Clearing Up the Financial Jargon

The financial industry is filled with all types of complicated terms, acronyms, and expressions, which can make it difficult to follow along when you’re reading or watching news on the markets. We want to take this episode and use it to clear up some of the jargon you’re likely hearing more often in our current environment of inflation and uncertainty.
We won’t get into the weeds and bring you up to speed on things like P/E ratios. Instead, the hope is that you’ll be a little more comfortable with the investment jargon surrounding the markets we’re navigating right now.  
 
What we discuss in this episode:
2:15 – Bear vs Bull Market
6:19 – Investing during different markets  
7:45 – Recession
10:00 – Volatility
13:33 – Capital Gains/Losses
16:35 – The Kingdom Minute
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 63: When Guessing At Retirement’s Most Important Questions Goes Wrong

Most people, when trying to plan their retirement, have to guess the answers to some important questions. It’s one of the reasons why you’re going to put yourself in a stronger position when you work with an experienced advisor that can use experience and data to provide you with answers.
Today, we’ll talk about some of the questions that people are most commonly guessing at and tell you what might go wrong if you’re relying on the hope plan.
 
What we discuss in this episode:
1:00 – Finished a triathlon
2:29 – Monthly income needs in retirement
5:13 – Covering major purchases
7:02 – Inflation  
10:21 – Healthcare costs
13:20 – Kingdom Minute
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 62: Murky Issues that Make Retirement Planning Harder

Retirement is looking a lot different today than for previous generations. On today’s episode, we’re going to break down a USA Today article that breaks down 3 murky issues that increase retirement planning’s degree of difficulty. Are these issues really that threatening? If you're concerned, what should you be doing to address them?
Millions of Americans are unfortunately lacking the very basic knowledge they need to reach financial independence. The article explains only 26% of workers understood the correct level of income growth needed to offset inflation. Similarly, most folks are confused about how much Social Security will cover. Considering this is one of the cornerstones of most of our retirement we need to know the exact numbers we can expect. The same study showed that half of Americans don’t know how much they can take out of an investment account in order to have it last their lifetime. We’ll discuss these murky issues and how we can better understand these essential retirement planning components.  
USA Today Article: https://www.usatoday.com/story/money/personalfinance/retirement/2022/02/28/retirement-3-issues-making-planning-harder/49859935/
 
What we discuss in this episode: 
1:12 – How are you doing?
2:13 – USA Today Article
3:25 – Income growth to offset inflation
6:23 – How much Social Security will cover
8:44 – Taking investment money out
11:05 – How much you’re going to spend
14:22 – Introducing the Kingdom Minute!
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 61: What is the Smart Generations Program?

The Chessman Wealth Strategies approach has always been about helping clients and their families make smart decisions when it comes to money. That happens in every aspect of the planning process, including working with the children to ensure that they know what they need to about their parents’ estate.
 
Today we want to explain the Smart Generations program in a little more detail and help make you aware of this opportunity we provide all of our clients. It’s not something everyone needs to use, but we’ve found that it brings a certain peace of mind to know that your parents are well taken care of and that’s what we try to do with Smart Generations.
 
What we discuss in this episode: 
0:54 – Taco Bell subscription service
3:51 – Background on Smart Generations
6:29 – Giving children a chance to understand more
7:13 – Do most clients take advantage of this?
7:57 – Do children take an interest?
8:44 – How to get started
9:21 – Where does this happen in the process?
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 60: Changes That Will Impact Financial Planning in 2022

The new year is always a good time to evaluate your plan and assess the areas where changes could impact your goals in 2022. Wade will take you through the biggest areas we’re watching at Chessman Wealth and what adjustments might need to be made to your financial plan moving forward. From inflation to taxes to Roth contributions, we’ll bring you up to speed on what’s new for 2022.
 
What we discuss in this episode: 
1:11 – Childcare Tax Credit incorrect statements
3:08 – Inflation
4:33 – Tax changes
5:38 – Annual exclusion for gifts
6:28 – Roth contributions
8:49 – How we handle changes with clients
10:44 – Final thoughts
 
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120