Wright Money Tips: Recent Episodes
Isaac Wright
- Where to invest your next dollar
- The importance of having an emergency fund
- The benefits of paying off debt and high interest rate credit cards
- Taking advantage of employer match benefits for your 401(k)
· How purchasing a home can impact your cash flow.
· Why it’s important to have a clear picture of the expenses involved in purchasing a home.
· Why renting may be a good option versus home ownership.
· How your credit score can impact the type of mortgage you qualify for.
· How a financial planner can help you integrate the purchase of a home into your overall financial and lifestyle plan.
- Charitable contribution and gift planning strategies
- Potential tax benefits
- How to make gift planning part of your financial or legacy plan
- How charitable contributions and gift planning can impact your favorite nonprofits
- The definition of an annuity and its benefits as a financial product
- The different types of annuities that are available
- How an annuity serves as a contractual guarantee
- How annuities can help generate future income in retirement
- Why consider an annuity as an investment option
- How working with a financial professional can help you with this investment option as part of your overall retirement plan
- The differences between a traditional IRA and Roth IRA
- The tax advantages of an IRA
- Converting your workplace retirement accounts
- How diversifying your portfolio can help you prepare for retirement
- The benefits of working with a financial professional
- Employer benefit packages
- Life insurance plans
- Income changes and how that impacts your budget
- The fundamentals of financial planning
- The importance of naming beneficiaries.
- What happens if there are no beneficiaries listed.
- Why you should alert each beneficiary of being named on an account.
- Why it’s important to have updated contact information on file.
- Recommendations on how often you should update your beneficiary list.
- How beneficiaries work on your accounts relative to a Will or a Trust.
Here are just a handful of things that they will discuss:
- Age qualifications for required minimum distributions (RMD)
- Reduced penalties for a missed RMD payment
- Catch-up provisions for retirement savings
- Changes to 529 plans for college education
- Incentives for paying off student loans
- · The importance of re-examining your budget and cash flow.
- · How much to save in your emergency fund.
- · What to do if you have a mortgage or debt.
- · The benefits of rebalancing your investment and retirement accounts.
· Important questions you should ask yourself when thinking about retirement:
- · How to make sure that your lifestyle needs are being met.
- · Common shortfalls to avoid if you plan to retire soon.
- · How family can play a role in preparing for retirement.
- · How a financial planner can help you prepare for retirement.
Here are a few things that they’ll discuss:
- Income as cash flows
- Medical and health care
- Advanced financial planning
- Risk management
- Tax-efficient strategies
- Options for estimated federal income tax payments.
- What to do if you had capital gains the year before.
- Why it is important to review your W-4.
- The benefits of working with a financial professional.
- Determining if you need to make changes to your cash flow.
- How to combine finances.
- Maintaining separate or joint accounts.
- Reviewing your filing status.
- How to carefully structure your estate plan if you or your spouse have children from a previous marriage.
- Income cash flow needs
- Social Security benefits
- Asset transfers
- Employer life insurance and disability policies
- How a financial planner can help you with your unique situation
- Cash flow challenges
- Assets and debt
- Insurance planning
- Tax planning
- Long-term planning
- Protecting your privacy
- The roles of an executor in handling the payment of debts, distribution of assets to beneficiaries, taxes, and documenting this with the court.
- Creating asset inventory.
- Establishing an Estate Tax ID number.
- The possibility of being paid as an executor.
- How to determine if probate is necessary.
- Using an attorney to help guide you through the process.
- How to review your expenses and identify your variable rates.
- How to review your income plan before making an employment decision.
- Consider annuities because of their guaranteed income and increases for inflation.
- How an HSA can serve as an avenue for helping with rising medical costs
- How to work with an advisor to create and adjust income streams over time
- How to protect yourself from potential cyber threats.
- What to do if you are a victim of identity fraud.
- Tips to protect you and your family with social media and downloadable apps for your phone.
- The importance of identifying what you’re trying to accomplish before investing.
- Whether you will need most if not all the money within a certain window of time.
- Determining how liquid your other assets may be.
- Do you need to review your risk tolerance?
- Which documents you should keep and the ones that could be done away with.
- Documents that are commonly overlooked.
- Additional ways to file or store important documents.
- Will the surge in early retirement continue and should you consider this option?
- What does “work optional” mean?
- Key points to evaluate a transition to either approach above…and more!
- How much can you invest into an I bond annually and when?
- What time horizons do you need to consider when choosing an I bond?
- How do you purchase an I bond or set up an account?
- Consider looking back before looking forward.
- Identifying new life events on the horizon to help prioritize any excess cash flow.
- The importance of reviewing your employer benefits.
- Understanding the difference between tax preparation and tax planning…and much more!
- How did Mercy Mall of Virginia get its start?
- What services and resources does Mercy Mall provide to individuals and families?
- How can members of the community become involved with Mercy Mall?
- What is going on with ACA plans for 2022? The pros and cons.
- Should I change healthcare plans during open enrollment?
- What options make sense for Medicare solutions…and much more!
- How can people afford the cost of a home today?
- How interest and savings rates are driving factors with home and real estate buyers
- Where does supply factor into the real estate market…and much more!
- How to be careful not to fall into the “cash” trap.
- I’ll get serious about saving…next year mindset pitfall.
- Never getting around to reducing risk when prompted… and much more!
Learn more about:
- Why jumping on any investment without a game plan is the wrong approach.
- Do you really understand the different risks you are taking with your investment dollar?
- How to minimize the “emotional roller coaster” to help stabilize thoughts related to your investments…and much more!
- Should you leave money with a former employer’s plan instead of rolling it over into an IRA?
- How often should I review my plan investments?
- Incorrect assumptions around your retirement plan setup, fees and much more!
- What keeps people engaged and how that translates into success?
- How to keep things fresh when it comes to your routines.
- Why staying grateful and recognizing small wins can lead to breakthroughs…and much more!
- What exactly is a bond?
- Why you should consider bonds in your portfolio.
- How bonds could be in trouble in today’s economy…and much more!
- When you should consider collecting your pension and social security.
- The value add of having a household view of assets and lifestyle goals.
- Taking the time to coordinate your financial affairs.
- Managing risk that’s consistent amongst both spouses and much more!
- Where is the cost of goods headed and why?
- What to consider with your investment dollar when it comes to inflation.
- Why interest rates are not rising at the bank… and much more!
- How time management needs to be an important consideration with your finances.
- What to consider when you are a “do it yourself” investor that many people miss.
- How to establish a healthy relationship with a financial advisor…and much more!
- Why use a travel agent for setting the right agenda for your trip.
- Should traveling outside the U.S. be on your bucket list right now?
- Where to travel locally if you are not ready to fly…and more!
- Important steps if you are laid off or are offered a severance package.
- Retirement buyouts and need to know checkpoints.
- Death of a spouse and how to reduce financial stress…and much more!
- Why you should consider life insurance as an “asset class” in your financial plan.
- Learn the mindset of leveraging life insurance around our uncertain tax code.
- How to use a life insurance policy for health care costs…and much more
- What to be aware of with the recent changes regarding your “Required Minimum Distributions”
- A key change to know if you are charitably inclined to minimize taxes using your IRA accounts
- Why inheriting IRA’s and qualified plans will look very different for your beneficiaries and loved ones…and much more!
- Learn some basic ideas about starting small if you are considering a fitness regimen.
- What to look for when considering a gym or personal trainer (not just jumping on the bench press or taking a class).
- The beauty of accountability and why sharing your fitness journey matters!
- The renewed importance of actually completing your legal documents!
- Why a review of your Power of Attorney & Medical Directives matters with a life changing event.
- Government rules that could affect the viability of your estate plan…and more!
- Why a family first approach can help drive clear decisions with your money.
- Portfolio considerations when setting up your finances around “who you are”.
- Why enjoyment matters when building out your financial plan.
- Timing the market – Does this strategy work?
- Do you know what is in your portfolio now?
- Help defining risk to determine your goals!
Learn more about:
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- When to consider refinancing your home
- How to approach the closing table with a loan or refinance
- Fixed rate vs. variable rate discussion