The Money Knight

Ep 54: Tax Planning Strategies

Taxes may not be the most exciting conversation, but they are important! Today, we are talking about tax planning and why it’s important to retirement planning. Tax planning is part of our process and it’s not just something we do once a year. These strategies are important in keeping your overall plan efficient.
We look at both the short-term and long-term strategies. As we reach the end of the year, we really want to think about tax planning. There are a lot of opportunities to maximize your tax efficiency whether you use conversions or charitable giving. We will be discussing tax strategy, deductions, end-of-year tax planning, and more. Wade will also answer two mailbag questions about taxes on retirement accounts and catch-up contributions.
 
What we discuss on this episode: 
1:17 – Thanksgiving plans
3:15 – Tax planning year-round
6:09 – Deductions you can take today
6:48 – Things that will help you in the future
7:46 – End of year tax planning
9:00 – Opportunities towards the end of the year
10:28 – How do taxes impact retirement?
11:55 – Taxes in the future
13:06 – Mailbag: Can I get out of paying taxes on my 401(k) and IRA?
15:27 – Mailbag: Can I catch up on my 401(k) and IRA?
 
More Resources: 
Risk Survey: https://www.chessmanwealth.com/#survey-section
Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/ 
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 53: Why Core Values Matter with Jim Fite

As our businesses grow it's important to stay true to our core values. On today’s episode, we are joined with Jim Fite to discuss his business Judge Fite Company and its growth through the Dallas, Texas area. Becoming an agent at 18 made him the youngest real estate agent in Texas history. Although college wasn’t for him, his father instilled the importance of continued education in him. This is something he continues to share with his team today.
He soon bought his parent's business with his sister. Together they have grown a successful real estate business with intentionality and strategy. Staying true to their core values has always been the cornerstone of their business. We will discuss his worst and best moments in business, the advice he’d give others, the current housing market, and more.
 
What we discuss on this episode: 
0:38 – Introducing Jim Fite
1:31 – Youngest Real Estate Professional in Texas
4:56 – What drew him to Real Estate?
7:35 – Becoming an agent at 18
10:01 – A generational business
12:51 – Real estate professionals
15:33 – Strategic planning
17:58 – Worst and best moments
21:10 – Advice for others
23:03 – Current housing market
26:29 – Judge Fite Charitable Foundation
29:43 – Finding Jim Fite online
 
Learn more about Jim and Judge Fite Company: https://century21judgefite.com/
 
More Resources: 
Risk Survey: https://www.chessmanwealth.com/#survey-section
Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/ 
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 52: Who Will Inherit The Mess?

Estate planning is overwhelming, but it is a necessary part of our overall financial plan. Having a plan makes it a lot easier on our families when we pass away or become incapacitated. Continued communication is ideal, everyone involved in the plan needs to be on the same page. On today's episode, we are talking about Wade's recent seminar "Who Will Inherit the Mess?" and the key takeaways from his lecture about estate planning.
 
What we discuss on this episode: 
0:30 – Wade’s seminar on estate planning
1:52 – What exactly is estate planning?
3:51 – People’s desires and values
5:35 – Communicating with others
7:51 – Smart generations meeting  
 
More Resources: 
Risk Survey: https://www.chessmanwealth.com/#survey-section
Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/ 
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 51: Financial Mistakes Couples Should Avoid

We want couples to be on the same page when it comes to financial planning and retirement. Despite any individual differences it’s important to plan together for the success and growth of your retirement plan.
You and your spouse should be on the same page when it comes to risk management and how you will spend your investment money once in retirement. Planning out your Pension and Social Security decisions will be essential to your plan. So, today we are going to be talking about some financial mistakes that couples should be aware of and how to avoid them.
 
What we discuss on this episode: 
0:27 – Catching up with Wade
3:00 – Pension spousal benefit
4:34 – Social Security claims  
6:05 – How you want to spend your retirement
8:17 – Coordinating accounts
9:47 – Risk profile
11:19 – Being on the same page
12:38 – Mailbag: Do I have to take RMDs?
13:59 – Mailbag: Will I run out of money?
 
More Resources: 
Risk Survey: https://www.chessmanwealth.com/#survey-section
Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/ 
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 50: 5 Things You Need to Know About Decumulation and Retirement

Financial planning often focuses on the accumulation of wealth. But what about spending after we retire? What happens when we get to the decumulation phase of retirement? Spending will eventually happen whether that comes in the form of taxes or something else. Having a plan will help mitigate seen and unforeseen financial risks that may occur after retirement. Replacing our paycheck may sound daunting, but having a plan will be an essential part of establishing a stable financial future. On today‘s episode we discuss 5 key things you must know about decumulation to successfully retire and become financially independent. 
 
What we discuss on this episode: 
1:00 – Catching up with Wade
2:35 – What is decumulation?
3:50 – Lack of support and resources
6:20 – The fear of spending
8:52 – Numerous risk
11:05 – Tax consequences
12:55 – Leverage your lifetime income
16:30- Mailbag: financial planning and divorce
 
More Resources: 
Risk Survey: https://www.chessmanwealth.com/#survey-section
Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/ 
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 49: What Makes Your Advisor Tick

Your advisor will always be available to provide information and data about financial planning, but how much do you actually know about them beyond the financial plan you’re building? On this episode of the podcast, we’ll pull back the curtain a bit and let Wade share what matters most for him in this industry. From his influences to his frustrations, we’ll learn more about Wade today.
 
What we discuss on this episode: 
1:45 – School starting back
3:11 – Who influenced you early in life?
6:40 – What led you to this career?
8:04 – Influences now
9:40 – Frustrations he has within planning
12:27 – Most gratifying part of the job
14:47 – Mailbag question about retirement withdrawals
 
For additional financial resources, visit us online at http://chessmanwealth.com 
 

Ep 48: Transforming Lives One Step At A Time with Wayne Walker

Wayne Walker is the Founder and Executive Director of OurCalling. A nonprofit organization dedicated to aiding the homeless community by giving them the tools and resources to transform their lives. OurCalling recognizes homelessness as a symptom of a deeper problem. The organization not only offers a hot meal and bed, but therapy relating to trauma, substances, and abuse. Wayne shares his passion for the work he is doing and how God has aided him in this venture.
About our guest: https://www.ourcalling.org/about/ 
 
What we discuss on this episode: 
0:52 – Welcome in Wayne
1:46 – Wayne’s background
4:02 – Story behind the business
6:23 – The challenges to a non-profit
8:14 – Stats about homelessness in Dallas
12:56 – The ‘why’ behind the business
14:56 – What action can people take
16:32 – Special calling for those in need
19:07 – Business principles
21:28 – The lows
24:31 – Highlights
26:13 – How to support OurCalling
 
Show References: 
https://www.dallasnews.com/business/economy/2021/06/06/one-region-two-economies-as-dallas-fort-worth-aims-for-a-record-recovery-the-pandemic-deepens-the-divide-between-haves-and-have-nots/
 
https://dallas.culturemap.com/news/city-life/01-24-19-dallas-fort-worth-worlds-wealthiest-places-wealth-x-mini-millionaires/
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120
 
***Wayne Walker is not affiliated with CWM, LLC and opinions expressed by the presenter
may not be representative of CWM, LLC.

Ep 47: Helping School Districts & Ministries with Wes McDaniel

Wes McDaniel is the Founder and Chief Executive Officer of Ideal Impact. Ideal Impact was founded for one purpose - to give back. Wes and his team of energy experts began working with Christian ministries in 2009 with the vision of reclaiming $1 Billion for these ministries to better accomplish their mission. Ideal Impact reached that goal. In 2015, Ideal Impact expanded their reach to Texas school districts and colleges with a new goal of $10 Billion for Christian ministry and education. Wes discusses some of the ups and downs that have come along with this career path, the future of the business, and his advice for business owners.
 
About our guest: https://www.idealimpactinc.com/who-we-are/board/ 
 
What we discuss on this show: 
0:33 – Welcome in Wes
1:06 – Background on his business
2:53 – What lead him to start Ideal Impact
5:30 – Biggest challenges he’s faced
9:38 – Future of the business
11:25 – Best moments he’s had
14:39 – Advice he’d give business owners
15:48 – Book recommendations
17:15 – Advice he would give himself looking back
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120
 
***Wes McDaniel is not affiliated with CWM, LLC and opinions expressed by the presenter
may not be representative of CWM, LLC.

Ep 46: Do Retirees Really Need Life Insurance?

Ironically, life insurance is a young man’s game. The perception among many people is that your need for life insurance dramatically decreases and perhaps becomes completely unnecessary as you age. Is that really the case? On this episode, let’s explore some ins and outs of life insurance and its various uses.
 
What we discuss on this episode: 
0:50 – How much do you work with life insurance?
2:16 – Why life insurance gets a bad rap?
3:40 – Determining whether you need life insurance
5:44 – How much do I need?
6:50 – Risks of having too much coverage?
7:39 – Advanced strategies
10:39 – Different policies
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 45: What is Tax Diversification?

The word diversification gets used a lot in the financial planning world but it typically refers to investing. Today we want to explain how to apply diversification to tax planning and why it’s important to utilize each of the three buckets: taxable, tax-deferred, and tax-free.
 
What we discuss on this episode: 
0:32 – The concept of tax diversification
1:27 – The different buckets
6:10 – Balancing the three buckets
7:40 – Does tax strategy change over time?
8:50 – Mistakes that can be made
10:55 – Mailbag question on emergency funds
14:00 – Mailbag question on old 401K accounts
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120