The Life Planning 101 Podcast: Recent Episodes
Angela Robinson
Sharing over 40 years of experience to help you with financial planning, investment planning, tax planning, estate planning, legacy planning, retirement planning and much more.
This week, Angela discusses the importance of estate planning to ensure family harmony after death. She shares six lessons from an estate litigator to help listeners avoid common pitfalls that lead to family conflict. The core message is that a goal without a plan is just a wish, and a good plan is essential for preserving family legacy.
Key Takeaways 💡* Fair is not always equal: Treating children equally in an estate plan can be unfair, especially when one child works in the family business. Giving equal shares of a business to all children can create conflict, as the child working in the business ends up working for the others. Fairness requires considering each child's situation and role. * Clean up your messes: Leaving behind a cluttered estate or unresolved issues can cause your family to remember you for the mess rather than for who you were. It is important to organize your affairs and address any potential problems before they become burdens for your heirs. This helps preserve your legacy and family relationships. * Buy cash to solve problems: Having enough liquid cash, such as through life insurance, can prevent disputes over assets like a business. In one example, one brother received cash and another received a business, but the cash ran out and the valuation was unfair, leading to lasting family conflict. Life insurance can provide the cash needed to equalize inheritances and avoid such problems. * Involve your kids early: Involving children and other heirs in the planning process can prevent misunderstandings and ensure their wishes are considered. A father gave his daughter money to be equal with her siblings, but she actually wanted the family ranch, which her brother later sold. Talking to your children about their desires can lead to a more harmonious outcome. * Don't procrastinate: Waiting to plan can lead to missed opportunities and can stir bad blood among family members even before you die. As you age, especially with complex assets like ranches or businesses, it is critical to have a plan in place. Procrastination can result in family conflict and loss of the legacy you intended. * Use your hot air while you have it: Some aspects of your estate plan need to be explained to your family while you are still alive. For example, if you want your grandchildren to inherit your money rather than a daughter-in-law, you need to communicate that clearly. Using life insurance on your son to provide for his wife can be a solution, but only if the plan is explained and understood.
Angela discusses the importance of estate planning, particularly focusing on the differences between will-based and trust-based plans. She emphasizes the significance of having a well-organized estate plan to ensure that your assets are distributed according to your wishes and to avoid complications for your family after you're gone. The episode aims to demystify the concept of trusts and help listeners understand whether a trust-based plan is necessary for their specific situation.
Key Takeaways 💡* Estate planning is crucial because without a proper plan, settling an estate can take months or even years due to difficulties in locating and retitling assets. Companies often have strict requirements for retitling assets, such as medallion guarantee stamps, which can be challenging to obtain. Many people mistakenly believe that having a will is sufficient, but this may not always be the case, highlighting the need for a more comprehensive estate plan. * Overcomplicating estate planning can occur in two ways: either by becoming overly dedicated and trying to do too much at once, or by doing nothing and assuming everything will work out. Doing nothing can lead to more complications than having a plan in place. It's important to find a balance and take appropriate steps to ensure your estate is in order. * A will acts like a vacuum cleaner, picking up the remaining pieces of your estate after contract property (assets with specific titling or beneficiary designations) has been distributed. Contract property, such as IRAs or bank accounts with payable on death designations, supersedes the terms of your will. It is important to understand that titling and beneficiary designations take precedence over what your will states. * Assets passing through a will need to be itemized, found, listed, and valued, then go through probate, which can range from simple and quick to cumbersome, lengthy, and expensive. Many people underestimate the complexity of their estate, assuming it's simple because they consider themselves to be simple people with not a lot of assets. However, in reality, most Americans have more complex estates than they realize. * To understand the complexity of your estate, create a list of everything you own, including cash, personal possessions, bank accounts, CDs, investment accounts, credit cards, online accounts, annuities, life insurance policies, precious metals, businesses, properties, and safety deposit boxes. For each item, determine its value and how it is titled, as well as what would happen to it upon your death. This exercise will give you a taste of the homework your executor will have to do. * Probate involves working with an attorney, potentially going to court, paying creditors, closing accounts, and retitling assets, first to the estate and then to the beneficiaries. Some states are not friendly to probate, charging hefty fees to the estate. Probate can often be avoided by ensuring your contract property is set up correctly with appropriate beneficiary designations and payable on death designations. * A living trust, when used correctly, can alleviate heartache for a grieving family by avoiding probate. With a trust-based plan, the living trust becomes your will, and a pour-over will ensures any forgotten assets are included in the trust. Assets titled in the name of the living trust or with designations to go to the trust avoid probate, making the process of finding assets, documents, and retitling much simpler. * The downside of a living trust is that people often fail to retitle assets into the trust or continue to purchase assets without titling them to the trust, negating the benefits. A good trust document should make purchasing or financing items seamless for the trust. A living trust does not change your taxes, asset protection, or privacy. While setting up a trust can be expensive, it is often less expensive to administer than probating a will-based estate.
In this episode, Angela discusses the importance of asset protection planning in today's litigious society. She emphasizes that anyone can be sued, regardless of their wealth, and highlights the need for preventative measures to safeguard one's assets. The episode aims to educate listeners on how to create a holistic asset protection plan to mitigate risks and live life on purpose.
Key Takeaways 💡* There are an estimated 40 million lawsuits filed every year in the United States, highlighting the importance of being prepared for potential legal action. It's crucial to consider whether you could afford to defend yourself in a lawsuit and to understand the stress it would cause. Prevention is key, and having preventative measures in place is always a good idea. * An asset protection plan is a foundation for living life on purpose, and without it, individuals are vulnerable to financial loss. It is important to know where you stand, what is at risk, and who to call in case of a lawsuit. Preventative measures do not guarantee that you will not be sued, but they can help you know where you stand and what is at risk. * Many successful people lack a comprehensive asset protection plan, often because their existing professionals focus on their specific areas of expertise without considering the holistic picture. It's essential to have someone quarterback the plan and look at everything holistically to ensure all aspects are covered. Without a holistic asset protection plan, individuals may be exposed to significant financial risks. * Creating a good asset protection plan involves reviewing all assets, how they are titled, income, debt, and insurance policies to ensure they align properly. Many people operate under false assumptions, such as believing they have adequate umbrella insurance or that their trust provides sufficient protection. A revocable trust, for example, offers limited asset protection because the grantor can take the assets back, making them accessible to creditors. * Putting an asset protection plan in place often requires a team effort involving attorneys, insurance agents, accountants, and bankers who are all on the same page. A life planner can help facilitate communication between these advisors to ensure there are no gaps or overlaps in coverage. This holistic approach helps individuals live life on purpose by identifying and addressing potential risks to their financial well-being. * Procrastination, cost concerns, and not knowing where to start are common reasons why people don't have an asset protection plan. However, the time, cost, and stress of being sued can be far greater than the investment in a proactive plan. Planning now can prevent significant financial losses later, emphasizing the importance of taking action to protect one's assets and live LIFE on purpose.
In this episode, Angela discusses the importance of truly wanting a successful retirement and being willing to make the necessary sacrifices to achieve it. She shares a personal story about her grandparents' disciplined approach to finances and uses an analogy of an elite pianist to illustrate the dedication required for success.
Key Takeaways 💡* Angela shares a story about her grandmother, who meticulously kept a budget in a little green book ever since retirement. Despite not having a lot of money, her grandmother never worried about finances because she had a clear understanding of her income and expenses, which allowed her to travel and enjoy her retirement. * Angela asks listeners to consider if they truly want a successful retirement and if they are willing to make the necessary sacrifices to achieve it. She challenges listeners to be honest with themselves about their financial habits and priorities, emphasizing the importance of aligning their actions with their retirement goals. * Angela shares a story about a pianist who, when told someone wished they could play like him, responded that they likely didn't truly want it. The pianist explained that achieving such skill requires immense dedication, sacrifice, and perseverance, implying that many people are not willing to put in the necessary effort. * Angela questions whether listeners are willing to change their lifestyle today to ensure a successful retirement, suggesting potential sacrifices such as downsizing their home, quitting expensive habits, and rearranging their priorities to save more. She stresses the importance of saving at least 20% of one's income, especially for young people, to secure their future. * Angela emphasizes the need to protect one's future through financial planning and insurance, even if it means sacrificing immediate gratification. She highlights the importance of gathering financial data and creating a plan with a financial planner, as well as being willing to implement the plan and make necessary changes. * Angela argues that most people don't truly want a successful retirement because they are not willing to do what it takes to achieve it. She points out the power of immediate gratification and how it can hinder long-term financial goals, urging listeners to examine their thinking and be honest about their priorities.
In this episode of Black and White Market Minute, Aaron Kennedy and Sam Barker discuss the current state of the market and economy. They explore whether the market is in a bubble, considering factors like investment, productivity, and historical comparisons. They also touch on the potential impact of AI and energy on future growth.
On this week's episode, Angela discusses the importance of life insurance and addresses common misconceptions about its cost and coverage. She emphasizes the need to assess whether individuals are adequately insured, especially considering that many Americans are either uninsured or underinsured. The episode aims to educate listeners on making informed decisions about life insurance to protect their families' financial futures.
Key Takeaways 💡* A significant number of Americans, estimated at 42%, believe they are either uninsured or underinsured, according to a 2024 LIMRA study; however, this is a self-diagnosed statistic, suggesting the actual number of underinsured individuals may be even higher, highlighting the need for greater awareness and education about adequate life insurance coverage. * While permanent life insurance policies have their place, they are not always the best solution for everyone, and it's crucial to avoid canceling term insurance to purchase smaller permanent policies, as having the right amount of coverage is more important than the type of policy. * When determining the appropriate amount of life insurance, it's essential to consider income replacement for the surviving spouse, especially for younger families or those building towards retirement, as well as those in retirement who may need to fill gaps due to pension benefits or expected inheritances. * A million dollars in life insurance may not provide as much income as one might think, as a sustainable income that keeps pace with inflation might only yield $30,000 to $40,000 per year, emphasizing the need to consider the amount of income that would need to be replaced in the event of one's death. * Term insurance can be an inexpensive way to obtain a significant amount of coverage, and a 45-year-old man in decent health can obtain a million-dollar term policy for around $170 a month, making it a viable option for those who may have thought they could not afford adequate coverage. * When selecting a life insurance policy, it's important to consider factors beyond just the cost, such as the insurance carrier's stability and the policy's features, including the ability to convert to a permanent product or use the death benefit for chronic care, as the cheapest policy may not offer these valuable benefits. * Individuals can use the life insurance needs calculator provided by the Life Happens organization to determine how much life insurance they need, and it is important to seek professional guidance to build a holistic plan that fits their needs and goals.
In this episode, Angela discusses the importance of considering taxes and inflation when evaluating investment returns. She emphasizes that ignoring these factors can significantly reduce the real rate of return and impact long-term financial planning. She also touches on the potential financial challenges facing future generations due to factors like boomer spending habits, healthcare costs, and tax implications on inherited retirement plans.
Key Takeaways 💡* When evaluating investment returns, it's crucial to consider the impact of taxes and inflation to determine the real after-tax rate of return. A seemingly good return of 10% can be significantly reduced to around 2.9% when factoring in a 40% tax rate and 3% inflation, highlighting the importance of tax-efficient investment strategies. Ignoring these factors can lead to an inaccurate understanding of how much money you're actually making and whether your investments are truly keeping pace with the rising cost of living. * Even seemingly safe investments like money markets and interest-bearing instruments can result in negative real returns after accounting for taxes and inflation. For example, a 4.5% return on such investments can turn into a negative 0.29% real return when subjected to a 40% tax rate and 3% inflation, illustrating the need to consider all financial planning aspects. This underscores the importance of seeking professional advice to navigate the complexities of tax planning and investment strategies. * Boomers like to spend money, and the X and Y generations should not rely on inheriting their parents' money for retirement. Boomers may be spending more than they can sustain, and long-term healthcare costs could deplete their funds. Additionally, inherited qualified retirement plans are subject to taxes within 10 years of inheritance, which could significantly reduce the amount received. * Ignoring taxes and inflation in financial planning is a mistake, as Uncle Sam and inflation can significantly erode investment gains. However, there are strategies to mitigate these effects, such as creating tax-free investment vehicles and adjusting investment strategies. It's essential to consult with a financial professional to develop a comprehensive financial and tax plan that addresses these challenges and helps achieve long-term financial goals.
In this episode, Angela encourages listeners to reflect on their lives and consider whether they are living with purpose. She shares an unusual obituary as a starting point for reflection and challenges listeners to envision their own lives and legacies, urging them to take steps to align their actions with their desired stories.
Key Takeaways 💡* Reflecting on others' lives, such as through obituaries, can provide valuable insights into our own lives and help us consider our purpose. The story of Pat Stocks, a 94-year-old woman whose obituary was shared on the podcast, serves as a reminder that life is short and encourages listeners to think about what they want their own stories to be. * It's important to periodically assess whether you are living the life you truly want and to align your actions with your values and goals. Many people get caught up in the busyness of life and fail to pause and reflect on whether they are living with purpose, often ignoring the signs that they may not be on the right path. * To gain clarity on your life's purpose, imagine yourself in your favorite place during your final days, looking back on your life and consider what you want your story to be. Then, assess whether you are currently living that story and identify any areas where you need to make changes. * We offer a tool called the "LifeScore Card" on our website (https://www.kennedy-financial.com/lifescore-card) to help individuals assess different areas of their lives and identify areas for improvement. This tool can provide a more detailed and nuanced understanding of how well you are living in alignment with your desired story. * Most people only get one chance to raise their kids, enjoy their grandkids, and experience retirement, so it's crucial to live with intention and purpose. Instead of simply going through the motions, strive to live a life that reflects your values and passions. * Writing your own obituary can be a powerful exercise to gain clarity on your priorities and identify areas where you may want to make changes in your life. This exercise can reveal discrepancies between what you consider important and how you are actually spending your time and energy. * The poem "The Dash" by Linda Ellis emphasizes that the most important aspect of a person's life is not their possessions or accomplishments, but how they lived and loved during the time represented by the dash between their birth and death dates. Listeners should reflect on whether they would be proud of how they spent their dash.
In this episode, Aaron and Kade discuss the current market conditions, recent portfolio changes, and broader trends impacting investment decisions. Topics covered include the market’s recent lack of volatility, the influence of sentiment on bubbles, the semiconductor industry’s developments (especially Nvidia and ASML), changes in the portfolio such as selling Hershey’s and trimming Costco, and a new investment in Rolls-Royce with its innovative approach to power generation and motor leasing. The conversation provides detailed reasoning for each portfolio move and insight into current financial trends and psychology.
In this episode, Angela discusses tax planning strategies for business owners considering transitioning or selling their business. She emphasizes the importance of proactive tax planning to maximize benefits and avoid common mistakes that could negatively impact the sale and future financial security. The episode outlines three critical 'don'ts' related to tax planning when transitioning a business.
Key Takeaways 💡* Business owners should not be ignorant about potential taxes when selling their business, as guessing or adding estimated taxes to the business price can deter serious buyers. Understanding the tax implications for both the seller and the buyer can create negotiating power, potentially structuring the sale in a way that benefits both parties through deductions and favorable tax avenues. * Business owners should seek professional advice to obtain accurate tax assessments, as demonstrated by an example where a second opinion significantly reduced the initial tax estimate. Many business owners incorrectly assume they cannot sell their business due to high taxes, but strategic tax planning can significantly mitigate these taxes, potentially creating tax savings during the sale and throughout retirement. * Business owners should not wait until the last minute to engage in tax planning, as some tax strategies require years of implementation to be effective. For example, Section 1202 allows an exemption of up to $10 million or 10 times the basis when selling a business, but to maximize this benefit, planning needs to start six to seven years in advance. * Business owners should not ignore estate planning when preparing to sell their business, as it presents an optimal time to mitigate estate tax risks. Gifting shares of the business to trusts or heirs can be done at a lower valuation, potentially saving millions in estate taxes and future growth. * Business owners need expert assistance to navigate the complexities of tax planning during a business sale, as most lack the experience to simultaneously mitigate taxes during the sale, afterward, and at death. A team of professionals, including accountants and tax attorneys, can provide comprehensive support and specialized knowledge to optimize tax outcomes.
In this episode, Angela discusses costly mistakes business owners make when transitioning their businesses. She emphasizes the emotional aspect of business ownership and how it can lead to poor decision-making during the transition process. The episode focuses on three common mistakes: running on empty, building a honeybee business, and prioritizing everything, and provides tips for avoiding these pitfalls to ensure a successful transition and retirement.
Key Takeaways * Many business owners drive themselves too hard without planning for the future, leading to burnout, health issues, or even death, which forces them to transition their business under less than ideal circumstances. Waiting until a crisis occurs to plan for the transition often results in not getting top dollar for the business and a grimmer retirement outlook, both financially and physically. Business owners should start planning for their business transition now, regardless of their age, considering that they will eventually exit the business either vertically or horizontally. * Business owners often create a "honeybee business" where every decision and approval must go through them, making the business unattractive to potential buyers or successors. Buyers are less likely to invest in a business that heavily relies on the owner, as it poses risks of instability and loss of customers or key employees after the owner's departure. Instead, business owners should aim to create a self-managing company, like a "Christmas tree," that can sustain and grow even in their absence. * Business owners frequently prioritize everything in their business, living in the moment rather than strategically planning for the future and work-life balance. This approach can negatively impact the business, the owner's health, their family, and their future retirement. To avoid this, business owners should ensure their business is ready to transition or sell every quarter, giving them the choice to either keep growing it or sell it, and they should identify and address any gaps that prevent this from happening. * Progress starts with honesty, especially with oneself, and business owners need to acknowledge the changes they must make to prepare their business for transition. If business owners want their business to be attractive and ready for transition, leave a lasting legacy, and retire successfully, they need to take action now. There are resources available to help business owners with this process, and they should take advantage of them rather than waiting until they are burned out and forced to make hasty decisions.
In this episode, Aaron Kennedy, Sam Barker, and Kade Sparger discuss the week's market activity, the potential impact of interest rate cuts, and the importance of financial literacy and legacy planning. They explore how different sectors respond to economic announcements and the changing landscape of investment risk appetite. The guys also touch on the potential of Bitcoin and the need for financial education within families.
In this episode, Aaron, Sam, Kade, and Henry discuss the psychological challenges of investing in individual stocks versus viewing oneself as an owner of a company. They delve into the importance of long-term investment strategies and analyze specific companies, Novo and Palantir, to illustrate the differences between stock trading and company ownership. The guys also touch on market trends, value investing, and the potential impact of AI on the economy.
In this episode, Angela discusses the importance of seeking sound advice and avoiding common pitfalls. She shares humorous anecdotes of bad advice and emphasizes the need to be cautious about the voices influencing our decisions. Angela highlights the significance of having a trusted team of professionals to address various aspects of life planning, including business, finances, and legacy.
Key Takeaways 💡* It is important to be mindful of the sources of advice we receive and how they impact our decisions, not only in faith but also in relationships, raising children, business, and financial matters. There is a lot of advice available on every topic, but it's crucial to discern whether it's accurate and appropriate for your specific situation, especially with the rise of AI and readily available information on the internet. * Relying solely on a single professional, even a trusted one, can lead to gaps and overlaps in financial plans because they may not have a holistic view or the necessary expertise in all areas. It is important to ensure that the professional is equipped with the right tools and knowledge to provide comprehensive guidance, as even well-intentioned professionals can give bad advice if they lack expertise in a particular area. * Bad advice from even skilled professionals can stem from two main reasons: they may not know what they don't know, leading them to offer advice outside their expertise, or the right questions are not being asked, resulting in a limited or biased perspective. For instance, asking a banker how to pay for a business succession plan may lead to solutions involving banking products, while a broader approach might consider tax benefits, insurance, or alternative funding methods. * As financial situations grow more complex, individuals outgrow the need for a single professional and require a team of experts, with a quarterback to lead the charge and coordinate efforts. The role of a life planner is to help individuals define what it means for them to live life on purpose, understand their future goals, current situation, family dynamics, and feelings about risk and money, and then identify the right professionals to involve at the appropriate times. * When seeking advice for business, money, or legacy matters, it's beneficial to consult with a life planner first to help formulate the right questions and avoid costly mistakes down the road. Life planners can help identify holes in financial plans, determine which professionals need to be involved, and ultimately guide individuals towards living life on purpose.
In this episode of Life Planning 101's Black and White Market Minute, Aaron Kennedy and Sam Barker discuss the potential impacts of tariffs, the performance of their stock strategies, and the valuation of companies in the current market. They also explore the implications of allowing Bitcoin in 401(k)s and the democratization of alternative investments.
In this episode, Aaron, Sam, and Henry discuss the irrationality and volatility of the market, particularly during earnings season. They highlight the disconnect between strong earnings reports and stock performance, emphasizing the influence of computer-driven trading and short-term investment strategies. The guys also share strategies for weathering market downturns and taking advantage of opportunities to buy quality companies at discounted prices.
Angela discusses common blunders people make when planning for or entering retirement. She emphasizes the importance of planning and avoiding mistakes that can jeopardize financial stability and overall well-being in retirement. The episode covers five key blunders and offers advice on how to avoid them.
Key Takeaways 💡* Many people mistakenly treat their first year of retirement as a windfall, especially ranchers, farmers, and business owners who are used to spending when they have cash available. Spending too much money early in retirement can be devastating to long-term financial stability, so it's important to avoid this common pitfall. * To avoid overspending, retirees need a spending plan that their retirement nest egg can support, an investment plan to support that spending plan, and a backup plan for unexpected events. It's crucial to have the discipline to stick to these plans to ensure long-term financial security. * Many retirees incorrectly assume that their taxes will always be low in retirement, but this isn't always the case, especially if they retire in their early sixties without taking Social Security or taxable distributions. Failing to take advantage of lower tax years can lead to significantly higher tax payments later on, especially when Social Security and required minimum distributions kick in, and also consider the widow's penalty. * Taking Social Security at age 62 is a common mistake that can cost retirees a significant amount of money, as waiting each year results in an 8% increase in benefits. It's important to conduct a break-even maximization analysis to determine the optimal time to start receiving Social Security, considering factors like health, life expectancy, marital status, and tax situation. * It is a common misconception that retirees need to lower their investment risk, but this may not always be true, as retirement can last just as long as their working years. Taking less risk can put retirees at risk of not keeping up with inflation, so it's important to get the risk right and plan for the sequence of returns risk, which can be catastrophic to retirement if not properly managed. * Many retirees set themselves up for failure by not having a clear purpose or plan for what they are retiring to, focusing solely on retiring from something. The newness of hobbies can wear off quickly, so it's important to continue using one's God-given strengths and talents, challenge the mind and body, and maintain meaningful relationships to avoid losing purpose and direction in retirement.
In this episode, Kade Sparger is joined by Aaron Kennedy and Sam Barker to discuss the market's recent all-time highs and the factors driving it. They touch on the impact of tariffs, tax policies, and the potential of AI and deregulation on economic growth. Aaron emphasizes the importance of long-term planning and not getting caught up in daily market fluctuations.
This week Angela continues the discussion on the One Big Beautiful Bill Act. This episode focuses on student loans, charitable gifting, new tax legislation for individuals, and new tax legislation for businesses and farmers. The aim is to provide a broad overview to prompt listeners to inquire about potential impacts on their financial situations.
Key Takeaways 💡* The One Big Beautiful Bill Act introduces a lifetime borrowing cap for student loans, with graduates capped at $100,000 and medical/law students at $200,000, and further limitations for part-time students. Parent Plus loans now have a cap of $65,000, and repayment options have been simplified to just two choices, making it crucial to understand the implications for financial aid planning. * The new tax legislation introduces a 0.5% income floor for charitable write-offs, impacting the ability to deduct charitable gifts, and this floor also applies to corporations. This change means that individuals must now exceed this income threshold before they can begin to deduct their charitable contributions, potentially reducing the tax benefits of charitable giving. * The "no tax on tips, overtime, and Social Security" claims are misleading, as the legislation only provides exemptions on some tips, some overtime, and some Social Security income. There's an above-the-line exemption of $25,000 for qualified tips, but this phases out for higher incomes, and overtime has a $12,500 exemption with the requirement of separate reporting on the W-2, both clauses being eligible for only three years. * The "no tax on Social Security" is more of a senior deduction of $6,000 for those over 65, but it phases out for individuals with incomes starting at $75,000 or $150,000 for married couples filing jointly. This means that the promised benefits may not be as substantial as initially perceived, especially for seniors with higher incomes. * The legislation allows for 100% depreciation and bonus depreciation in one year, increasing the limits around Section 179 expensing up to $2.5 million. Additionally, certain qualified property used for manufacturing, agriculture, chemical production, or refining can be expensed at 100% in one year, though there are strong recapture rules over 10 years to consider. * Environmental quality incentives programs, conservation steward programs, and the agriculture conservation easement program have been funded through 2031, with increased funding due to the redirection of Inflation Reduction Act funds. There is also renewed funding through 2031 for smaller initiatives like well water programs and incentivizing farmers to open land for hunting and recreation, plus a feral swine eradication program for Texas. * The bill includes $66 billion in new spending for farm programs, the largest infusion since 2002, covering commodity programs, crop insurance, conservation, trade promotion, research, education, rural development, energy programs, and support for specialty crops. This presents numerous opportunities for farmers and ranchers to tap into various resources and programs. * The qualified small business stock exemption has been expanded, reducing the holding period to three years for partial gain exemptions, with 50% of gains not taxed at three years, 75% at four years, and 100% at five years. The exemption cap has also been increased to $15 million or 10 times the owner's basis, offering significant benefits for small business owners planning their exit strategies.
In this episode, Angela discusses the "One Big Beautiful Bill Act" and its implications for individuals, business owners, farmers, and ranchers. She provides an overview of the bill, focusing on key aspects such as permanence and stability in the tax code, student and child-focused provisions, charitable gifting, state and local taxes, and new tax legislation.
Key Takeaways 💡* The extension and expansion of the 2017 Tax Cuts and Jobs Act brings permanence to several provisions, preventing taxes from reverting to 2016 rates and rules, which includes the alternative minimum tax (AMT). This stability allows families and business owners to make informed decisions about their financial future without the uncertainty of fluctuating tax laws. * The estate tax exemption is set at $15 million per person, adjusted for inflation, providing a stable foundation for estate planning. This permanency helps small business owners, farmers, and ranchers plan their estates with more certainty, although significant inflation may still require additional planning for larger estates. * The Section 199A business owner deduction, which allows a 20% deduction on business income for pass-through entities, has been extended and expanded. This extension includes higher income phase-in amounts and a minimum deduction, offering significant benefits to small business owners by reducing their taxable income. * Businesses can once again depreciate 100% of assets placed in service after January 19th, 2025, regaining the first-year bonus depreciation. Additionally, the ability to expense depreciation on equipment has increased to $2.5 million, up from $1.25 million, providing valuable tax benefits for business investments. * Opportunity Zones have been made permanent, offering a rolling five-year deferral of capital gains for investments in designated areas. Investing in rural Opportunity Zones may qualify for a 30% basis increase, enhancing the tax benefits and incentivizing investment in these areas. * Businesses that utilized the Employee Retention Credit (ERC) should seek counsel to ensure compliance, as the audit time has been extended, clawbacks are being enforced, and penalties have been elevated. The IRS is scrutinizing ERC claims, and businesses need to verify their eligibility and documentation to avoid potential issues. * Several electric vehicle and clean energy credits are set to expire soon, including credits for commercial clean vehicles, new clean vehicles, and previously owned clean vehicles. To take advantage of these credits, purchases must be made before September 30th for electric vehicles and December 31st for solar, wind, and home energy improvements. * The cap on the federal deduction for state and local taxes (SALT) has been temporarily increased to $40,000, but it begins to phase out with $500,000 of income and reverts back to $10,000 in 2030. However, the pass-through entity workaround, which allows deducting property expenses within a pass-through entity, remains a viable strategy to regain missing state and local tax deductions.
In this episode of Life Planning 101's Black and White Market Minute, Kade Sparger is joined by Aaron Kennedy and Sam Barker to discuss the current state of the market and potential future trends. They analyze recent market performance, the impact of economic news, and the psychological factors influencing investor behavior. The speakers also delve into the implications of the recent "big, beautiful bill" and offer advice on personal finance strategies, including Roth conversions and disciplined spending.
In this episode, Aaron Kennedy and Sam Barker discuss portfolio management, specifically focusing on individual stock portfolios and the quality growth portfolio. They explore the decision-making processes involved in managing these portfolios, the impact of timing on returns, and the importance of diversification. The conversation also delves into the potential risks and opportunities presented by autonomous vehicles and their impact on the automotive and insurance industries.
In this episode, Angela discusses the implications of the SECURE Act and its amendments on retirement accounts, particularly when trusts are named as beneficiaries. She emphasizes the importance of reviewing trusts written before July 2024 to ensure compliance with the IRS's final RMD regulations and to avoid unintended tax consequences. The episode aims to educate listeners on the complexities of tax laws and the need for professional guidance in estate planning.
Key Takeaways 💡* Naming a trust as a beneficiary of a retirement account can be beneficial for several reasons, such as managing inheritances for underage children, protecting assets from spendthrift heirs, creditors, or divorces, and ensuring that assets are distributed according to your wishes even if your heirs predecease their spouses or face financial difficulties. * Updating an estate plan without updating the titling of assets and beneficiary designations can lead to unintended consequences, as retirement accounts are contract property that are paid out per their beneficiary designation; therefore, integrating trust updates with beneficiary designations can simplify estate planning and ensure that assets are distributed according to your wishes. * The IRS released its final RMD regulations on the Secure Act 2.0 of 2022 and Secure Act of 2019 in July 2024, which requires a review of trusts named as beneficiaries of IRAs, and it is important to be aware of these rules to avoid potential tax implications and ensure compliance with the latest regulations. * The SECURE Act eliminated the ability to stretch inherited IRAs over the beneficiary's life expectancy, mandating that the account be fully distributed within 10 years, which can result in significant tax implications for beneficiaries, especially those with high incomes, and there are still planning strategies available to mitigate these tax consequences. * If an IRA is left to an estate, a charity, or certain trusts, the distribution timeframe is reduced to five years, which can significantly increase the tax burden on the beneficiaries, and this highlights the importance of carefully considering beneficiary designations and trust language to avoid unintended tax consequences. * To qualify for the more favorable 10-year distribution rule, a see-through trust must allow the trustee to identify the beneficiary to the IRS, treating them as if they inherited the IRA outright, and the trust must also contain language allowing for the division of subtrusts before the grantor's death and specifically state the percentage of the retirement account allocated to each subtrust.
In this episode, Aaron, Sam, and Kade discuss the impact of politics and tariffs on the market, the psychology of investing, and strategies for long-term financial success. They emphasize the importance of ignoring short-term political noise and focusing on long-term investment goals.
Here’s the reality: financial literacy should be a required class in school—but for most people, it never was. And because of that gap, many of us are fumbling through adulthood, reacting to financial crises instead of preparing for them. This week we discuss 10 questions to jumpstart your financial literacy.
In this episode of Life Planning 101, Sam and Aaron discuss the market's reaction to recent geopolitical events, including the Iran-Israel conflict and China tariff deal. They also touch on the surprising rise of gold on national balance sheets and the potential impact of increased oil prices. At the conclusion of the episode, they share their outlook on the summer months and the overall health of the market.
In this episode, Angela addresses 18-year-olds and their parents about essential financial and legal considerations as they transition into adulthood. She emphasizes the importance of financial literacy and proactive planning to secure a stable future. The discussion covers medical and financial powers of attorney, building excellent credit, planning for the future, and investing in oneself through financial education.
Key Takeaways 💡* Upon turning 18, parents no longer have automatic access to their child's medical information or the ability to make medical decisions on their behalf; therefore, it is crucial for 18-year-olds to establish a medical power of attorney with HIPAA privileges, allowing their parents (or chosen representative) to access medical information and make informed decisions if the young adult is unable to do so themselves. * Similar to medical information, financial information becomes private at 18, and parents lose the automatic right to manage their child's finances; to address this, a durable power of attorney is essential, enabling parents to assist with financial matters such as bills and loans without needing court intervention, while avoiding the complications and liabilities of being directly on their child's bank accounts. * Having excellent credit is crucial and can save a person six figures over their lifetime by securing better loan terms and lower insurance premiums; building good credit involves using credit responsibly, such as through revolving lines of credit (credit cards) and installment credit (loans), and resources like "Seven Steps to 720" can provide valuable credit education. * It is important to think about the future and not get caught up in only living in the present; young adults should research and align their education and career paths with their life goals and desired lifestyle, considering the financial implications of different choices to avoid costly reinventions later in life. * Investing in oneself through financial literacy is essential for long-term financial stability; young adults should prioritize paying themselves first by saving and investing 20% of their income, learning to live off the remaining 80%, which will help them avoid financial struggles and make informed decisions about housing and other obligations.
In this episode, Sam Barker and Aaron Kennedy discuss the recent market trends, focusing on the impact of news and emotional reactions on stock prices. They also touch on employment numbers and the shift in market drivers from traditional consumer-based indicators to technology-driven factors. It's important to stay calm and not make emotional decisions based on media influence.
In this episode Angela discusses the importance of having family meetings, especially as children grow older and move out. She emphasizes the need for proactive communication within families to address important life decisions, end-of-life wishes, and potential conflicts that may arise after a parent's passing. She also encourages families to have open and honest conversations to ensure continued harmony and support.
Key Takeaways 💡* Family meetings are often perceived negatively due to past experiences, but they become increasingly important as children leave home to proactively address family matters, rather than reactively dealing with issues as they arise. Husbands and wives, despite living together, often spend significant time apart, leading to independent thoughts and goals that may not be communicated effectively, highlighting the need for open discussions. * It is important to openly discuss life wishes, such as preferences for end-of-life care, to avoid potential conflicts among family members, as assumptions about what a parent wants can lead to disagreements. Children need to hear directly from their parents about their wishes, ensuring everyone is on the same page and minimizing the risk of disputes after the parents are gone. * Parents should consider the potential impact of their decisions on family relationships after they are gone, as disagreements over estate money and end-of-life wishes can cause dysfunction and hardship among siblings and other relatives. Taking the initiative to communicate these decisions can foster wisdom and prevent future conflicts, ensuring the family remains united. * It is crucial to have a plan in place for long-term care assistance, including who will make medical and financial decisions if the parents are unable to do so, to avoid burdening children with difficult choices. Communicating these plans and wishes can alleviate stress and potential conflicts among family members, especially when differing financial situations and opinions exist. * Naming one child as the executor of an estate can create added pressure and potential resentment among siblings, especially if they have busy lives or differing financial needs. It is important to discuss these roles and responsibilities openly to avoid overburdening one child and causing conflict among the others. * Families should discuss potential tragedies, such as the death of a child, to ensure that guardians are in place for any young grandchildren and that the grandparents' desire to see them is known. Proactive communication can turn potential stress, tension, and disarray into a proactive approach that strengthens family relationships and ensures everyone is prepared for unforeseen circumstances. * When conducting family meetings, it may be beneficial to initially exclude in-laws, ex-laws, and outlaws to focus on the immediate family's boundaries and concerns. If you are struggling with how to have these conversations, seek guidance to help your family continue to live life on purpose and prevent family relationships from crumbling after you are gone.
This week Aaron and Sam discuss the current state of the market, inflation, interest rates, and potential impacts of government policies. They analyze recent economic data and offer insights into investment strategies for navigating the current financial landscape. They also touch on the national debt and potential future economic scenarios.
In this episode, Angela discusses the concept of "money scripts" and how our beliefs about money, often formed in childhood, can significantly impact our financial and overall health. Drawing from the work of Dr. Brad Klontz, a psychologist and certified financial planner, the episode explores four common money scripts and offers advice on how to identify and break free from negative patterns to achieve a healthier relationship with money.
Key Takeaways 💡* Money avoidance is a belief that money is inherently bad, leading to anxiety and disgust towards wealth and successful people. Individuals with this script often unconsciously sabotage their financial efforts, working long hours just to make ends meet, creating a miserable cycle where they believe their problems would be solved with more money, yet they actively avoid it. * Money worshipers believe that money is the key to true happiness and that one can never have enough. This can lead to compulsive shopping, hoarding, and prioritizing work over relationships in the relentless pursuit of wealth. This script, while seemingly opposite to money avoidance, is equally dangerous to one's health and relationships due to the stress and social issues it can cause. * Money status equates net worth with self-worth, leading individuals to believe that a higher net worth equals a higher self-worth. People with this script often live lavishly, trying to keep up with the Joneses and incurring extreme amounts of debt. They are also more likely to be compulsive gamblers or lie to their spouses about money, driven by the need to maintain a certain social standing. * Money vigilance involves being overly cautious and anxious about money, though these individuals typically live within their means, pay off credit cards monthly, and save for the future. However, they risk high levels of anxiety and may never fully enjoy the fruits of their labor, constantly feeling financially insecure. This script is often rooted in experiences like the Great Depression, leading to hoarding and an inability to spend money comfortably. * To break negative money scripts, the first step is telling yourself the truth about your problematic patterns and accepting them. Create a vision board with pictures and words representing what you want to accomplish in life, focusing on loved ones, causes, and enjoyable activities, to serve as a constant reminder of what is truly important and how money relates to those values. * To change engrained money scripts, cultivate good financial habits by increasing your financial literacy through resources like websites, webinars, and seminars. Keep a journal to write down negative thoughts about money and immediately counteract them with positive statements. Develop a financial plan or budget with the help of a mentor or advisor to stay on track and avoid feeling overwhelmed. * Millionaires spend an average of 8.4 hours per month managing and planning their finances, highlighting the importance of prioritizing financial health. Setting aside dedicated time for financial planning can serve as an outlet to avoid negative money scripts, allowing you to live life on purpose knowing that your finances are being taken care of.
This week we discuss how to identify the root cause of stress in life and business. Think about your thinking and identify the one thing that, if changed, would significantly reduce your stress and improve your overall well-being.
Key Takeaways 💡* Many successful individuals, especially business owners, juggle numerous responsibilities daily, including finances, employees, logistics, customer relations, and strategic planning, leading to significant stress. This constant multitasking and the inability to disconnect from work contribute to a lingering stress that affects health, relationships, and overall well-being. * Community involvement and supporting local businesses are important, but they add to the responsibilities and stress of business owners. Balancing business, family, and community obligations often leaves little time for personal health and financial planning, which are crucial for long-term well-being. * Business owners often delay personal financial planning, assuming they can address it when they have the money, but this reactive approach can be detrimental. Neglecting to plan for the future, including long-term healthcare and business succession, can lead to financial insecurity and missed opportunities. * The primary source of stress for many busy individuals is a lack of time, leading to burnout and health issues. Instead of focusing on how to find more time, individuals should identify who can help them delegate tasks and responsibilities, freeing up their time and energy for more important activities. * Business owners often resist delegation, believing that no one can perform tasks as well as they can, but this is often untrue. Identifying tasks that others can do better and finding the right people to delegate to can significantly improve efficiency and quality of life. * To reduce stress and live life on purpose, individuals should reflect on their thinking and identify the single most impactful change they can make. This may involve delegating tasks, prioritizing personal well-being, or seeking help from others to manage responsibilities.
This week Angela discusses the complexities and risks involved in gifting significant assets to children, such as land or businesses. She emphasizes the importance of proper planning and professional advice to avoid costly tax consequences and unintended liabilities. The episode focuses particularly on the tax implications of gifting versus inheriting assets and the importance of understanding cost basis.
Key Takeaways 💡* Many parents consider gifting significant assets like land, money, or business interests to their children as they age, but often do so without seeking comprehensive advice, which can lead to costly mistakes. Even when advice is sought, it is frequently from professionals who may not have a holistic understanding of estate and tax planning, resulting in overlooked risks. * Gifting assets without proper planning can expose the family to various risks including lawsuits, creditor claims, divorce risks affecting gifted assets, business liabilities of the recipient, and strained family relationships. Additionally, gifting can unintentionally disinherit grandchildren or transfer assets to unintended parties, such as a new spouse of a child’s widow(er). * One of the most significant and common financial pitfalls of gifting assets is the increase in taxes, particularly due to the transfer of the original cost basis to the recipient. When a gifted asset is sold, the recipient pays capital gains tax based on the original purchase price, which can be much higher than if the asset was inherited. * Cost basis is the original value of an asset for tax purposes, usually the purchase price minus any depreciation taken. When an asset is gifted, the recipient inherits the donor’s cost basis, meaning they may face large capital gains taxes upon sale. In contrast, if the asset is inherited after the donor’s death, the cost basis is stepped up to the asset’s fair market value at the time of death, potentially eliminating capital gains tax if sold immediately. * This difference in cost basis treatment between gifting and inheritance can result in significant tax savings if assets are held until death rather than gifted during life. For example, land purchased decades ago often has a very low cost basis compared to its current market value, so gifting it can trigger large capital gains taxes for the recipient upon sale. * Even if the family does not plan to sell the gifted assets, the cost basis remains important for other reasons, such as depreciation recapture on inherited rental properties or equipment. Inherited assets receive a stepped-up basis, allowing heirs to depreciate the asset anew, which can provide substantial income tax savings over time. * Farmers and ranchers may not realize they can depreciate certain components of their land, such as nutrients, which can offer additional tax benefits. This is an often-overlooked opportunity that can improve cash flow and reduce tax burdens across generations. * Angela stresses the importance of not making gifting decisions alone or without thorough professional guidance. While gifting can be beneficial in some cases, it must be done strategically to avoid unintended tax consequences and other risks. There are creative planning strategies available to mitigate these issues, especially in states like Texas. * The podcast concludes with a reminder that tax laws are complex and constantly changing, and that even accountants and tax professionals may not have complete knowledge of all relevant details. Therefore, a holistic life planning approach involving multiple professionals is essential to protect family wealth and minimize tax liabilities.
This week Angela discusses the importance of intentional retirement planning compared to the time people spend planning vacations. She highlights the irony that people often invest far more time planning short vacations than their entire retirement, emphasizing the need for early and purposeful retirement preparation beyond just finances.
Key Takeaways 💡* Travelers spend an average of 303 minutes per day on travel content during the 45 days before booking a vacation, totaling about 227 hours or over five and a half work weeks. This highlights how much time people invest in planning short-term leisure activities compared to retirement planning. * Most people spend little to no time planning for retirement, which can last decades, despite its critical importance. Retirement requires intentional planning not only financially but also in terms of physical, spiritual, intellectual, and social purpose to avoid depression and health issues. * Retirement should be viewed as a lifelong journey requiring a clear purpose beyond just leisure activities like golf or travel. Purposeful engagement such as mentoring, volunteering, or community involvement is essential to maintain fulfillment and mental health during retirement. * Without a clear retirement plan, including lifestyle and financial goals, it is impossible to accurately determine the amount of money needed for retirement. Budgeting in retirement should be practiced well in advance to ensure financial freedom rather than restriction. * Most retirement planning occurs too late, often within a year of retirement or after retirement, which limits options and increases risks such as tax liabilities and insufficient savings. Early planning, ideally five years or more before retirement, is crucial to maximize benefits and avoid compromises. * Last-minute retirement planning often results in the realization that 'something has to give,' meaning people may not achieve their desired retirement lifestyle due to lack of preparation. This can lead to reduced lifestyle, increased financial stress, and missed opportunities for tax and asset optimization. * Angela challenges listeners to treat retirement planning like vacation planning by dedicating 227 hours over a year to prepare for retirement. This approach is more manageable as it requires only about 30 minutes a day and can ultimately save money and provide peace of mind. * Angela emphasizes the importance of setting priorities and making time for retirement planning despite busy schedules, noting that failing to do so can lead to significant financial and emotional consequences for individuals and their families.
This week we discuss essential life planning advice for parents and graduates facing the transition after high school or college. The episode covers practical financial knowledge, legal considerations, and ongoing parental support to help young adults successfully launch and sustain their independence.
This episode we discuss recent financial market trends, we focus on interest rates, market rebounds, and international trade dynamics. We analyze the implications of fluctuating interest rates on investments and consumer behavior, the role of Bitcoin and gold in global finance, and the ongoing trade negotiations with China. We also touch on the impact of tariffs, consumer spending power, and the importance of staying active in volatile markets.
This week, Angela discusses the current financial market volatility in April 2025, emphasizing the theme 'Faith Over Fear.' She explores how investors can navigate uncertainty by understanding the nature of investing, the composition of financial markets, and the importance of having a solid financial plan.
Key Takeaways 💡* The current financial markets are experiencing significant volatility due to factors like tariffs, interest rates, and political noise, which understandably creates fear among investors. However, such turbulence is part of the economic cycle, and historically, crises have presented investment opportunities rather than just risks. Angela cautions against simply hiding from the market and encourages looking for opportunities amid the chaos. * Investing is fundamentally about the future—whether five, ten, or thirty years ahead—and requires a belief that the world will continue to advance with new technologies, efficiencies, and comforts. Without faith in a stable and growing future, investing loses its purpose. Angela urges listeners to consider their long-term outlook on the world and economy as a foundational step in overcoming fear. * The financial markets are not just abstract numbers or symbols on Wall Street; they represent real companies producing everyday goods and services that people rely on, such as toothpaste, clothing, and transportation. These businesses operate under supply and demand principles similar to local businesses, and their success depends on meeting consumer needs despite market noise or political disruptions. Understanding this can help investors see beyond market volatility to the underlying economic realities. * Much of the fear in the markets stems from uncertainty about whether investments will meet current and future financial needs, often due to a lack of a clear financial plan or insufficient cash reserves. Angela stresses the importance of 'cash confidence'—having enough liquid assets to weather market downturns without panic. She advises listeners to develop a plan that buckets cash appropriately to maintain stability and take advantage of market opportunities when they arise. * Emotions, especially fear, can undermine even the best investment strategies and analytics. While data and expert management are critical, they are insufficient if fear causes poor decision-making. Angela encourages investors to have faith in their future outlook, understand the business sense behind investments, and maintain a comprehensive plan that aligns with market opportunities. This mindset allows investors to act confidently rather than react fearfully during market volatility.
The loss of a loved one can be a difficult time for someone. And not knowing the details associated with their loved one’s digital legacy can make an already challenging time potentially more difficult and more expensive. Kate Hufnagel, The Digital Wrangler, joins us this week to share some tips.
Have you ever thought about what it could mean for your family if you needed care? What decisions would need to be made? Who would make them? How would things look? What impact would this have on your spouse and kids? Let us help you walk through the Quality-of-Life Planning Process™ to develop a true long-term healthcare plan. It is a gift beyond any measure of value for those you love the most!
As a life planning firm, it is our mission to help you take the essential steps needed to face each of life’s stages with confidence and clarity. We were asked if we could compile a list of the things that need to be addressed on every level when you find it necessary to assume physical, emotional, and financial responsibility for your parents.
In the spirit of Estate Planning Awareness Month, you need to be aware of the implications of your retirement dollars when you die. And…if you don’t like it, there still may be time to do something about it. Just don’t wait until it’s too late.
We were honored to have tax attorney Kyle Post join us this week as our guest. Kyle discusses some of the changes we may have coming our way after the election in regards to your estate and taxes. You don’t want to miss this.
October is National Estate Planning Awareness Month. Having an estate plan ensures that your wishes for your estate are carried out when you pass away or if you become unable to make decisions for yourself. This week we’re looking at the differences between a Will and a Trust.
Aaron Kennedy and Sam Barker give us a brief market update and talk a little bit about AI, energy, the Fed, the economy, and inflation. You don't want to miss this. If you have questions, you can reach out to us on our website: www.kennedy-financial.com.
Aaron Kennedy is joined by Matt Ervin and Sam Barker to talk a little bit about what's going on in the markets, economic indicators, stocks, FOMO, and more. You don't want to miss this week's episode. If you have questions/comments or ideas for future episodes, you can reach out to us online at: www.kennedy-financial.com.
The accumulation years are the easy years…if any years are really easy years. And frankly, that is when you need to start thinking and become proactive about your retirement years. Here are some things to consider.
Aaron Kennedy and Sam Barker give us a brief market update and talk a little bit about interest rates. You don't want to miss this. If you have questions, you can reach out to us on our website: www.kennedy-financial.com.
Emotionally we’re always thinking of reasons not to invest in the stock market. Is there fear today? Absolutely! Just think: What would Warren do? Well, he says, “Buy Fear!” Let these 90 years of experience help you be comfortable with exercising a good discipline to do what Warren does.
Graduation is a major step for those important young adults in our life. A parent’s goal is always to see their kids launch successfully and stay successfully launched. How do you do that? Well, we have few ideas for you.
You can read the corresponding article on our website at: https://www.kennedy-financial.com/blog/life-after-graduation-what-should-your-kids-know.
Why is it that if we don’t achieve perfection, we sometimes give up? It’s really about obtaining progress…not perfection. Since 1989 we have been on a mission to help people live Life on purpose! On this week’s episode of Life Planning 101, we give you a new 80/20 rule to consider.
For many Americans, putting money back into a retirement account such as a 401(k) or traditional IRA has been their primary choice to save for retirement. The problem with this is: The IRS is going tax you…either coming or going. Here are some important things you need to consider.
Does it feel like your life is dehydrated? This week we share 3 things to consider. Life is too short to live it dehydrated. Just as you have to purposely plan ahead, remind ourselves, and occasionally have an accountability partner to stay physically hydrated, it works the same way in LIFE.
Got 12 minutes? Sam Barker and Aaron Kennedy give us a brief market update and talk a little bit about returns. You don't want to miss this. If you have questions, you can reach out to us on our website: www.kennedy-financial.com.
Can you hear it? It’s those two, ominous notes from the movie Jaws to let you know we are drawing nearer and nearer to the almost inevitable…the sunset of the Tax Cuts and Jobs Act (TCJA) of 2017. This could mean that higher income taxes and estate taxes are headed your way.
Matt Ervin, Sam Barker, and Brent Bible join Aaron Kennedy this week to talk economic data and share some things that they're looking at in the portfolios.
This week, Matt Ervin and Sam Barker join Aaron Kennedy to discuss Europe and their debt and currency...They also talk about Broad-Based Markets vs. the Equal Weight Indices. You don't want to miss this. If you have questions, please feel free to reach out to us. We would love to have a conversation with you.
This week, Matt Ervin and Sam Barker join Aaron Kennedy to discuss Tesla, NVIDIA, and Apple. You don't want to miss this. If you have questions, please feel free to reach out to us. We would love to have a conversation with you.
If the cost-of-living increase for food remains at 5% each year, that $100 worth of groceries will only be worth $56.03 just 10 years into retirement. This week we share 12 questions you need to be asking your financial professional.
This week, Aaron gives us a brief market update and he talks a little about AI. You don't want to miss this. If you have questions, please feel free to reach out to us. We would love to have a conversation with you.
What will college or education look like for your child or grandchild? This week we discuss three different funding methods and the flexibility for each. Saving for higher education can be complicated. Don’t do the job alone, we’re here to help.
We were honored to have Cori Slingerland with Mosaic Planning Group join us this week. Cori discussed the difference between a brokerage firm and a captive company. She also discussed the importance of being honest with your agent and more! You can find out more about Cori and the Mosaic Planning group at: https://mosaicplanninggroup.com/.
Aaron Kennedy and Sam Barker share more from the 2024 Berkshire Hathaway Annual Shareholders Meeting with Warren Buffett. They also give us a brief market update.
Aaron Kennedy and Sam Barker had the honor of attending the 2024 Berkshire Hathaway Annual Shareholders Meeting with Warren Buffett. They share some of their takeaways from the meeting as well as a brief market update.
Wisdom isn’t always about knowing the answers. More often than not it's about knowing the right questions to ask. Here are questions every investor should be asking. You don't want to miss this Q&A session with our in-house CFA, Aaron Kennedy. This episode originally aired in 2019, please enjoy.
Aaron Kennedy, Matt Ervin, and Sam Barker join us this week to discuss the economy, earnings, inflation, AI, and more. You don't want to miss this week's episode of Black & White Market Chatter on Life Planning 101.
In the 4th quarter of 2023, household debt reached 17.5 trillion dollars with credit card debt. Here are a few ideas to possibly help you save money for retirement.
Planning is a gift. It is a gift of peace of mind and the ability to not just survive, but to thrive. Provide your family with the tools to take care of you and your wishes with confidence because you love them. Please enjoy this gem from our archive.
Aaron, Matt, and Sam join us this week to talk about what's going on in the market, what they're looking at, and why they have confidence moving forward. You don't want to miss this week's episode.
I was honored to sit down with the Real Wealth Podcast to talk about the struggles with long-term care in the United States, how grief heightens temperament, and how having a plan isn’t enough. You don't want to miss this week's episode.
This week Aaron, Matt, and Sam join us to talk about something pretty SWEET. They also share a market update and some companies they're looking into. You don't want to miss this week's episode.
Like the title of a James Bond movie, we live in a day and age where it can seem like there is no time to die. There seems to be so many obligations that need our attention. Do you care about your family? Then you don’t want to miss this week’s episode of Life Planning 101.
Aaron, Matt, and Sam host this week’s episode to give us a market update, talk a little bit about technology, and more. You don't want to miss this week's episode of Black & White Market Chatter right here on Life Planning 101.
We're honored to have Lisa Hunter join us this week on our show. Lisa shares with us the Teepa Snow Positive Approach to Care and information about the GEMS State Model. You don't want to miss this!
Every motion you make, whether with purpose or not, is compounding toward or away from a Life lived on purpose. Your financial health should be a priority today.
Recently I was speaking with a client about how important it is to take preventative measures in regard to health - eating right, exercising, and taking the right supplements. It is just as important that we take preventative measures in regard to our finances - planning for the worst-case and best-case scenarios, exercising good financial habits, and revisiting your plan on a regular basis to make necessary changes.
Are you nearing retirement? Are you already in retirement? Do you know someone who is? If so, then this week’s episode is for you. Guarantees may have a place in a retiree’s plan, but they may not. Proceed with caution, proceed with a plan, and proceed with a Life Planner.
Aaron Kennedy, Matt Ervin, and Sam Barker join us this week to talk about investor fatigue, volatility, and changes in the market.
Angela was honored to be a guest on the Real Wealth podcast with Jim Silbernagel to share the benefits and pitfalls that could occur when starting a financial strategy later in life. Please enjoy this gem from our archive.
Preparation is the one thing that separates an unpromising outlook from a successful future for you and your family. And that preparation starts with one thing – you!
Aaron Kennedy, Matt Ervin, and Sam Barker join us this week for a brief rundown of what's going on in the market and they share a little history lesson with us.
We were honored to have Erica Roelike with Elevate Results Consulting join us this week as our guest. Erica helps businesses grow by developing their employees and processes for overall success. If you're a business owner, farmer, or rancher...you don't want to miss this week's episode.
Got 16 minutes? Aaron Kennedy, Matt Ervin, and Sam Barker join us this week to discuss earnings and some stuff that they're seeing. Have questions, comments, or suggestions for topics you would like for us to discuss? You can reach out to us online at: www.kennedy-financial.com.
Money is never really about building more money—even when greed is involved. It is about the utility of that money. Yet we treat money as if it were about money. We look at it every day for what it is instead of what it is for. Find out more on this week’s episode.
Aaron Kennedy and Sam Barker join us for a brief rundown of what happened at the end of 2023 and share some reasons why we should keep our heads up in 2024.
We were honored to have retirement revolutionist Andy Robin, author of the book 'Tapas Life - A rich and rewarding life after your long career' join us this week on our show. If you're nearing retirement or are already in retirement, then you don't want to miss this! Andy talks about his step-by-step process to leading an interesting, rich, and fulfilling life after a long career. Pleased enjoy this gem from our archive.
There is nothing wrong with wanting to help your loved ones financially, but there are a few questions you have to ask yourself first. Find out more on this week's episode.
Instead of setting new year resolutions try to set a realistic goal – to get real in 2024. 91% of Americans won’t achieve their new year resolutions. Be intentional with your goals and celebrate wins. Find out more on this week’s episode.
Today there are thousands of insurance carriers, tens of thousands of products and even more bells and whistles on top of that. How do you know what you truly have and if it will be there when your family really needs it? September is Life Insurance Awareness Month. This week, we share 6 things you probably didn't know about life insurance.
Changes to our tax system are not certain and are ever changing. So here we are again - a new day with new rules. Here are 5 things you need to be aware of.
Aaron Kennedy and Sam Barker join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Are your assets protected? What good is all the hard work it took to build your success if you don’t take the time to protect it? We’re talking asset protection on this week’s episode. Here are some of the most common issues we see.
Did you know you can grow your HSA just like you grow your retirement account? This week we take a look at some things you might not know about Health Savings Accounts.
Thanks to legislation enacted over the past 5 years, you now have actual options when it comes to 529 plans. Here are some potential gems you may not know about.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
This week we take a dive into our archive for this gem. In 2021, IT expert Mike Ahern with Kennedy Computer Solutions joined us as our special guest to share some important fraud prevention tips. You don't want to miss this!
Matt and Aaron host our show this week and discuss some opportunities as well as some short-term and long-term views. You don’t want to miss this.
Allow yourself to live LIFE on purpose. Remember, life isn’t about money, it's about living. Learn to control your money so it doesn’t control you. Enjoy this episode from our archive.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened last week and share some reasons why we should keep our heads up during these tough times.
You’d almost have to live in a cave to not realize that times are tough right now. And under these uncertain conditions, people are hoping to find the perfect investment—one that’s safe, but offers an outstanding return. Our experience tells us that there is ultimately only one perfect investment—family.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
According to the Administration for Community Living, 7 out of 10 people turning 65 will need long term healthcare services in their lifetime. Imagine working and saving your entire life only to find your income cut in half when you finally retire. Chose diligence to protect the ones you love the most.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
The phrase “if you don’t use it, you will lose it” applies to more ways than one in retirement...It’s not just your health or mind – it could be your credit, too! Bottom line: There should be no expiration date for good credit. You may not need to work, but you do need to work at keeping your credit in shape. The only thing constant in life is change, so stay prepared.
Do you have it? Do you have enough? Does it cover what you think it does? Life happens. Make sure you know what you need and know what you have, then act on it. Here are 4 things to consider.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
We were honored to have Kate Hufnagel, aka The Digital Wrangler™, join us this week as our special guest. In this week’s episode, we talked about how technology — which makes our daily lives easier — has the potential to make things incredibly challenging for our loved ones, should something ever happen to us.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times. They talk AI and technology. You don't want to miss this.
With all the news about what made it in or out of the Fiscal Responsibility Act over the weekend, there is also a lot of hoopla around the IRS keeping most of its new funding. What does this mean for you? This week we are going to hit the refresh button on our publication from January entitled 87,000 New IRS Agents - 10 Things You Need to Know.
This week Aaron Kennedy and Matt Ervin join us to talk about the planning horizon and they talk technology, longevity, and opportunities. You don't want to miss this.
Life gets stressful sometimes, there’s no way around it. This week we give you some tools you can use to help decompress from the stress…whether its financial, business, or life.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Too often we see people carried away by these “new money” emotions. And then they are shocked to learn that what is left after they do a little spending won’t provide what they need it to do. Find out more on this week's episode.
Cash is king in today's economy...but only if you couple it with a clear view of what the cash is for and the discipline to strategize what it needs to be. Find out more on this week's episode.
This week on Life Planning 101, Aaron and Matt join us to give a market update, talk about interest rates, and more. You don't want to miss this. If you have questions, feel free to reach out to us.
Over 35 years of working in various fields of Life Planning has shown me that most people don’t plan to fail –they just fail to plan. I encourage you to be proactive as opposed to reactive and live your life on Purpose!
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
This week we rebroadcast an episode from 2017 with special guest Scott Conley from Crump Life Insurance Services. Angela and Scott discuss the importance of having Long-Term Care Insurance as a part of your estate strategy.
The truth is that we do live in interesting times. It is also true that no one or one thing can bring you peace but yourself. Find your horizon and don’t lose sight of it.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Special guest Bryce Gill, an Economist at First Trust joins us this week to talk about the Fed, recession issues, and more. You don't want to miss this.
Tax time is rapidly approaching. Don’t continue the grind. Do you have the right team in place to help you save all that you can? Let us help you map out your course for a potential lifetime of tax savings.
This week Aaron and Matt join us for a short podcast episode to talk about Silicon Valley Bank and The Fed. If you have questions, don't hesitate to reach out to us. We're here to help.
What do you value most? We forget that our money is a tool and it should be treated as such. Prioritize your dollars to match your values and don't delay!
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Only 15% of US households contributed to a traditional or Roth IRA in tax year 2021. A Roth IRA is a retirement vehicle that can grow tax-free and can provide tax-free income.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Aaron Kennedy and Matt Ervin join us this week to talk inflation and diversification. You don't want to miss this. If you have questions or feedback for our Black & White Market Minute segment, you can reach out to us online at: www.kennedy-financial.com.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Angela was honored to be a guest on the Real Wealth podcast this week to share the benefits and pitfalls that could occur when starting a financial strategy later in life. You don't want to miss this.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened last week and share some reasons why we should keep our heads up during these tough times.
Think of your 3 favorite restaurants. Now imagine the head chef from each made his/her very best dish for you. Sounds splendid, right? Now imagine if you took a big bowl and mixed these three dishes together with a wire whisk. How does that sound? Not so good, right? So why do we do that with our money? We cut and paste every strategy that sounds good and mix it all together. No matter how superb each strategy may be, when you mix the 3 they may not mesh well together at all.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened last week and share some reasons why we should keep our heads up during these tough times.
If we’re talking about money, diversification is very good thing. It doesn’t solve everything, but it certainly hedges a lot of risk. As your wealth and success grow...the number of baskets you have should grow as well. When this happens, you are also growing a new problem.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened last week and share some reasons why we should keep our heads up during these tough times.
While it may sound like the title of a James Bond movie, you need to ask yourself: Is your will alone enough to keep your estate from going through probate when you die? We’re talking legacy planning on this week’s episode. We give you 3 questions you need to ask yourself when setting up your estate.
Aaron Kennedy and Matt Ervin, along with special guest Ryan Holcombe with Hines, join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Aaron Kennedy and Matt Ervin join us this week to share what changes they're making to portfolios right now and their thoughts on the market. You don't want to miss this.
You may have heard some say that because of the new law, an “army” of 87,000 new IRS agents will be coming to audit ordinary taxpayers. Here’s what you need to know.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Secure Act 2.0 is here. And with it comes changes to your retirement planning. This is certainly a year in which you cannot procrastinate. This week we share some helpful tools you can use to navigate this complex topic.
As our wisdom grows so does our passionate desire to impart this wisdom on our loved ones. After all, most of our wisdom was gained by some hard knocks with good stories behind them.
Hey everyone! This week, Aaron Kennedy and Matt Ervin host the final episode of our Life Planning 101 Podcast for 2022. They take a look back over 2022 and share some things they're looking forward to in 2023.
63% of affluent 18-22 year old’s say that financial stability in retirement will depend on inheritance. Should inheritance be a retirement strategy? Find out more on this week’s episode.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Is there a way to know that the money you donate to a charity is being used effectively? We give you some helpful tools to use for your charitable giving. You don't want to miss this week's episode of Life Planning 101!
(Episode originally aired in 2019)
We have pandemic in this nation, and for once, I am not talking about COVID-19. The pandemic is the growing need for long-term healthcare and how ill-prepared families are for it. Find out more on this week’s episode.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Matt Ervin and Aaron Kennedy join us this week to give a market update, what we're looking at for clarity, and what we're doing in portfolios right now. You don't want to miss this.
Our world is a mess, but the cleanup can start in each of us with a simple, random act of kindness. Let’s make a family challenge - What can we do to start a ripple effect of gratitude?
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times. Hope everyone has a safe and happy Thanksgiving!
Tax season is officially over for 2022. Special guest Blake Briscoe, CPA with Briscoe & Associates, LLC joins us this week to talk about the most common Dos and Don’ts! Is there still time to plan for 2022? What do you need to watch out for in 2023?
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
A lifetime of success can a feel a little overwhelming. You don’t have to do the job alone. This week we share 3 important steps to help you setup a solid foundation.
Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7% in 2023. You may also have to fork over some additional cash come tax time. It will be more important than ever before to work with your tax professional to know where you land.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
This week Aaron Kennedy and Matt Ervin join us to talk a little bit about the process of investing, the 3 legged stool of risk, and much more. You don't want to miss this.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
This week on our Life Planning 101 podcast we share what could possibly be the most important strategy you can have in retirement. You don't want to miss this. Be sure to share this week's show with someone.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
This week's episode originally aired in 2015. Insurance is like Swiss cheese. It is not a matter of whether or not there are holes; it is a matter of how many holes there are. Here are 5 myths about life insurance.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
This week Aaron Kennedy and Matt Ervin join us for an episode of Black & White Market Chatter to talk interest rates and commodities. They also give you some ideas you could be taking advantage of during these crazy times. You don't want to miss this.
Most of us desire our portfolios to stand the test of time – will yours? This week we share 10 pieces of financial wisdom from successful individuals.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Think about the people you love and care about—your spouse, kids, grandkids, siblings, parents, employees. How would they fair if you suddenly died? Do you even know? September is Life Insurance Awareness Month. Find out more on this week's episode.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Social Security claiming strategies are much more complex than asking for your neighbor’s advice. Here are just some of the factors that could come into play with how to maximize not just your benefits, but your entire retirement.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
This week Aaron Kennedy and Matt Ervin are discussing the Fed and different behavioral biases.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
There is so much more to estate planning than having a will and telling your spouse where everything is. If you haven't made an estate plan with and for your spouse, there is still time…and we are here to help.
Matt Ervin joins us for a brief rundown of what happened this week and shares some reasons why we should keep our heads up during these tough times.
It doesn’t matter if you are retired, retiring early, retiring late, or just thinking about retiring...the fear of running out of money in retirement can turn your retirement dream into a retirement nightmare. This week we share the most valuable financial tool you can have in your retirement years.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
How you transition your 401(k) may not be as simple as it seems. There may be some crucial planning opportunities and/or pitfalls. Find out more on this week's episode.
This week Aaron Kennedy and Matt Ervin join us to discuss currency, interest rates, inflation, and economics. They also share some ways how we're positioning ourselves during these tough times.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Aaron Kennedy and Matt Ervin join us for a brief rundown of what happened this week and share some reasons why we should keep our heads up during these tough times.
Aaron Kennedy and Matt Ervin join us this week to talk about the importance of looking for opportunities in this volatile market. What is the 80/80 Rule? Find out more on this week's episode.
Do you look at your money for what it is or do you look at it for what it is for? Plan for what your money is for. Know holistically what your money needs to be doing, plan for it, and stay disciplined.
If you love your family, you don't want to miss this week's episode. Planning is a gift. It is a gift of peace of mind and the ability to not just survive, but to thrive. Provide your family with the tools to take care of you and your wishes with confidence because you love them.
You can't delegate your time with family and friends. And you certainly can't delegate your relationship with God. You can't delegate being healthy. But as the book says, you don't have to sweat the small stuff either. Delegate it!
You have a golden opportunity right now to press the reset button on your life and your life plan. Make the decision to rethink your thinking and make sure that your future you won’t end up with any unacceptable regrets.
Aaron Kennedy and Matt Ervin join us this week for another episode of Black & White Market Chatter. This week they discuss the importance of staying invested for the long-term.
Even though you think you have everything in order and in its place, your finances won’t stay stagnant. This means your financial house gets messy without you even knowing it. This week we take a look at some ways you can get a head start on your financial spring cleaning.
Did you know you can often choose when to pay tax? By default, you can often choose how much you will pay. There is no trick. It is simply a result of understanding how taxes work for or against your situation.
If you haven’t thought about your own legacy, please do. In order to help you get off on the right foot, here are some things to consider. We call it the “Who, What, When, How, Sam and Plan Approach.
Did you know twenty percent of men die before retirement age? Is your family ready if you were killed today? Would they be taken care of the way you would want? This week we debunk some common myths about life insurance.
The only guarantee is that there are no guarantees in life. When you retire there is no guarantee what the next three years will be. And, if you are retired, there is no guarantee what the next three years will be. The key is to plan for just this.
You have great power over the destiny of your family. In fact, you have the ability save your family… or destroy it. Too many of us make all the excuses in the world to not work on our estate plan or just throw darts at an attorney, get documents in place, and say we have one. Neither of these add up to a Family Disaster Plan.
Today is a very different world than it was just two years ago. A retiree in 2022 still faces those same risks and concerns, but there are a few new ones that need to make the list—or at least require more attention.
Aaron Kennedy and Matt Ervin join us this week for another episode of Black and White Market Chatter. Aaron and Matt talk inflation, interest rates, and the Fed. You don't want to miss this!
We were honored to have a sit down interview with Blake Briscoe, CPA and Jim Kennedy to talk about their new business partnership, Briscoe & Associates, LLC. For more information, check out: briscoeandassociates.com
Refer to any news media and the headlines are teeming with news about COVID…and has been for 2 years. It is no wonder that important information about other areas of interest is getting buried. After placing a few phone calls regarding various legislation that passed at the end of 2019, I thought it might be good to revisit some important issues that may impact your planning.
As life goes on, it seems to become more and more complicated. You can keep living by default or choose to live Life on purpose. This week we talk about the toy box approach when it comes to life planning.
What is it about our minds that make us more impatient the closer we get to our goal? We all want to get where we are going “yesterday.” The problem sometimes develops that we become so focused on “getting there,” that we forget to be a human being in the midst of it. We become a human doing instead.
I believe one of the hardest things to do is find the “right fit” advisor for you and your family. Because of this, I thought I might take a minute to educate you a little about our industry.
It is that time of year - Christmas! Maybe it’s due to watching Scrooge or The Grinch for the umpteenth time, but it seems we are all inspired to give back during the holidays even in the smallest way. Here are a few ideas to give to your favorite causes and have Uncle Sam help you do it.
We were honored to have IT expert Mike Ahern with Kennedy Computer Solutions join us this week as our special guest to share some important fraud prevention tips. You don't want to miss this!
What do you need to know or, do or not do before the ball drops on 2021 and 2022 begins? Complexity is growing every day in every corner. This week we discuss 7 things you should consider before the end of the year.
Your credit score is your financial reputation. It's a three-digit number that has a six-figure impact on your life. Fortunately, rebuilding your credit score is a lot easier than you think. Credit expert Philip Tirone has developed a step-by-step program to help you rebuild your credit score drastically.7 Steps to a 720 Credit Score exposes the rules of the credit game, giving consumers all the information they need to know to increase their credit scores and save thousands of dollars over the course of their life.
Aaron Kennedy and Matt Ervin join us for a special online exclusive episode of Black and White Market Chatter.
Aaron Kennedy and Matt Ervin join us this week on our show to talk ways to combat inflation. You don't want to miss this!
You’ve worked hard to build a legacy and be successful. Will your family remain successful after you’re gone? 90% of businesses fail by the third generation. The calluses are long gone and there is no foundation for these businesses to fall back on.
We were honored to have retirement revolutionist Andy Robin, author of the book 'Tapas Life - A rich and rewarding life after your long career' join us this week on our show. If you're nearing retirement or are already in retirement, then you don't want to miss this! Andy talks about his step-by-step process to leading an interesting, rich, and fulfilling life after a long career.
How much ___ can I afford? I fear that the majority of us don’t really have an answer to this question before we pull the trigger on a major purchase.
Our in-house CFA Aaron Kennedy and Matt Ervin join us this week on our Life Planning 101 podcast to talk about the market and why you should stay invested right now. You don't want to miss this!
What do you really want to help your grandchildren accomplish? Which is more important to leave behind to your grandchildren? Values or Money?
Get Ready! Medicare open enrollment begins October 15th. Our in-house insurance expert and para-planner Shelby Thompson joins us this week to share some important information that you need to know regarding Medicare. You don't want to miss this!
The world has changed a lot. And is continuing to change a lot. And there is more change coming. The bottom line is that you have a lot you can plan for now, but you may not have as much to plan for if you wait!
Our in-house CFA Aaron Kennedy and our CFP Matt Ervin join us this week on our show to give us a market update. You don't want to miss this!
S-Corp = Limitations. S-Corps are great for the mom-and-pop shop with little to no assets, but not so great for giving you flexibility as you grow.
Once you reach 18 years old, you need to obtain the basic legal documents. It's astonishing how many families we meet without a single legal document.
We spend years, decades even, building our legacies—our family’s success, our businesses, our wealth. Yet we wait until the last hour to plan for the biggest moments in our life. Don’t begin with finding an answer. Let us help you take the time to find YOUR answer!
There has been trouble brewing with life insurance carriers for decades now. The bottom line is this: Life insurance ain’t what it used to be, but it doesn’t mean it’s useless or not needed. It just needs to be managed.
Matt Ervin and our in-house CFA Aaron Kennedy join us this week on our show to talk about whether or not inflation is transitory.
Inflation is here. It’s important to not let your emotions get in the way of logic. Be proactive, keep your disciplines, and stay the course. Find out more on this week's episode of Life Planning 101.
401(k)s help millions of people put back money for retirement, but there are some dangers involved such as the loss of flexibility…in several ways. Find out more on this week's episode of Life Planning 101.
Moving in retirement -or even right before you retire - can bring its own set of surprises… and some may not be so pleasant. Here are five things you may want to consider.
Our in-house CFA Aaron Kennedy joins us this week on our show to share a market update. You don't want to miss this!
Your indecision about your future may cause someone or something else to make the decision for you. Find out more on this week's episode of Life Planning 101.
It's inevitable. Change is coming but no one knows for sure exactly what that change will be. Here are several things that may happen.
According to the Administration for Community Living, 7 out of 10 people turning 65 will need long term healthcare services in their lifetime. Imagine working and saving your entire life only to find your income cut in half when you finally retire. Chose diligence to protect the ones you love the most.
It's important that you get your risk right, stay disciplined, and get help from your advisor if you need it. Do you know your risk number? You can find out right now on our website: www.kennedy-financial.com.
Is your family important to you? What about your goals, money, or future? This week on our show we discuss things you could be doing now.
Our in-house CFA Aaron Kennedy and Matt Ervin join us this week to bring us part two of the three legged stool of inflation. Find out more on this week's episode.
Our in-house CFA Aaron Kennedy and Matt Ervin join us this week to talk about the three legged stool of inflation. Find out more on this week's episode.
Have you ever taken the time to write out a bucket list? This week we share 3 tips to help you get started.
The #1 fear in retirement is running out of money. When you retire, everything changes. You are no longer working and no longer hold those keys. Find out more on this week's episode of Life Planning 101.
We were honored to have Kenny Russell, Director of Disability Sales with Crump Life Insurance Services join us this week as our special guest. Do you have plan is in place to protect or replace your income in the event of a disability?
Our in-house CFA Aaron Kennedy and Matt Ervin join us this week on our show to share a market update. You don't want to miss this!
You don’t necessarily need to enroll in a big fancy course. Much of financial literacy stems from an understanding of the basics. Here are 10 questions you need to ask yourself today!
We were honored to have Dr. Alan Molk, author of Saving Lives Saving Dignity join us this week as our guest to discuss his book as well as the importance of having end-of-life planning in place.
Complexity can lead to confusion. Confusion can lead to inaction. Inaction can lead to lost dollars. Don’t let complexity cost you. Use these ten questions to help you find an individual you can trust to guide you in turning complexity into opportunity.
The U.S. markets recently hit another all-time! Should you be celebrating… or worried? Perhaps the primary risk you should be concerned with is you.
Have you ever considered your marital status during retirement – and its financial and social impact that it may have on you?
This week we're talking about everyone's favorite topic...TAXES!!! It's inevitable. Change is coming for 2021 but no one knows for sure exactly what that change will be. Here are several things that may happen.
As of January 2021 there are over 1.83 billion websites on the internet. There is no doubt that the instant availability of information has been life changing. However - if we aren’t careful - it could be our demise.
We were honored to have our friend Jim Farmer, Managing Partner of Financial Strategies Group, LLP join us this week as our special guest. We discuss Jim's two part article that he had published in Forbes explaining strategies you can use to possibly lower your tax bracket in retirement.
What is reflation? Our in-house CFA Aaron Kennedy joins us this week on our show to share a market update. You don't want to miss this!
You finally got your Will done. So, your estate plan is complete, right? Well… maybe not. For the month of March, we’re offering a complimentary review of your titling and designations. Contact us today!
Planning for retirement has never been just about the money. It’s about having, and taking, the time to bring a fullness to your life; the opportunity to accomplish personal goals you’ve been setting aside and to enrich those relationships that sustain you emotionally and spiritually.
The tax code can be changed at any time...Do something now or you may end up paying for it later. And remember, we are here to help when you’re ready!
A lot has changed, but the risk and reward relationship has not. Our CFA Aaron Kennedy said it best when he said "You deserve the return you get." This week learn about the Risk Pyramid and learn about 3 things you could be doing now with your investments.
Think of your 3 favorite restaurants. Now imagine the head chef from each made his/her very best dish for you. Sounds splendid, right? Now imagine if you took a big bowl and mixed these three dishes together with a wire whisk. How does that sound? Not so good, right? So why do we do that with our money? We cut and paste every strategy that sounds good and mix it all together. No matter how superb each strategy may be, when you mix the 3 they may not mesh well together at all.
Allow yourself to live LIFE on purpose. Remember, life isn’t about money, it's about living. Learn to control your money so it doesn’t control you.
Once you are successful, the next step is how do you keep it? Which is the job of a CFO. Who is going to help you keep and maximize your success?
This is your 2021 challenge: Dig deep—what is your greatest financial fear? Once you've figured that out, the next question you need to ask is 'why?' Our in-house CFA Aaron Kennedy also joins us this week to share a market update.
Trusts are like apple pie. If you leave out an ingredient, the end result is going to taste bad. Remember, a trust is only as good as you make it.
Imagine that you’ve worked 45 years and saved all you can only to hear that taxes are going to crush your retirement goals. Don't worry, there's hope! Learn how you can retire and stay retired successfully.
This week we talk about the updates to the economic relief package. So if you're a farmer, rancher, business owner, or non-profit, you don't want to miss this week's episode.
What are your thoughts on money? Do you work for IT, or do you allow IT to work for you? This week we learn some helpful tidbits from an elf and how we can apply those to our lives.
It’s not always about getting an answer. It’s about getting the right question to ask. Here's a list of the top money questions people searched using Google in 2020...with a KFS twist.
It's the most gifting time of the year. This week we deck your halls with some holly jolly gift giving strategies.
Our in-house CFA Aaron Kennedy joins us this week on our show. As risk managers, we are in the business of first preserving what you have worked so hard to get, then growing it—not the other way around. You don't want to miss this week's episode!
Are you looking for alternative ways to fund your children and grandchildren's education? Then you don't want to miss these 4 helpful tips from our Texas Tech intern Jeff Rumfield.
Right now, post-election, is the time to prioritize your to-do list in light of the results. Here are 5 priorities to consider.
Are you a farmer, rancher, or small business owner? This week we share what you need to do before the end of the year. You don't want to miss this!
Our in-house CFA Aaron Kennedy joins us this week on our show to let us know what you should be doing with your investments both pre and post election. You don't want to miss this!
Money is a hard topic. One thing experience has taught us is that people want one thing from money more than anything else—to stop thinking about it. Find our more on this week's episode of Life Planning 101.
No matter who you want to pass the economic crisis buck to, we all should take a closer look in the mirror. We're a nation living beyond our means. Find out more on this week's episode of Life Planning 101.
Planning is not always about the right answers. It's about knowing the right questions to ask and addressing those. Do you have a Real Financial Plan? This week our in-house CFA Aaron Kennedy also joins us to share a market update.
No matter your lot in life or the bad advice you have taken in the past, remember one thing: Today is the first day of the rest of your life. Find out more on this week's episode of Life Planning 101.
Are you a business owner? How do you successfully transition the family business? Off the cuff conversations and verbal handshakes are a recipe for disaster. Remember to treat your business like a business.
A reality that loved ones must face when someone passes is the responsibility of dealing with the departed’s estate. Can probate really be avoided? Find out the answer to this and more on this week's episode of Life Planning 101.
September is Life Insurance Awareness Month. If you died today, what would happen to your family, your business or ranch? How would everyone you love be affected? What are the reasons why NOT to buy life insurance? Find out more on this week's episode of Life Planning 101.
Did you realize that reactive and creative are an anagram? We’ve realized that far too many people fail to ask the “right” questions regarding their unique situations. The result: reactive. We encourage you to spend a little time being creative so you don't have to be reactive. You can begin by asking these 10 questions:
Tax policy will be a critical point of differentiation in the 2020 presidential race. Here are the key tax law changes each candidate is suggesting.
Are you a farmer, rancher, or business owner? Then you don't want to miss this week's episode of Life Planning 101. The Working Ranch Radio Show interviewed us recently and a listener asked a question: What type of legal ownership should you have for your ranch and property?
Our in-house CFA Aaron Kennedy and CFP Matt Ervin join us this week on our show to share a market update and possibly the perfect investment...you don't want to miss this!
Once you reach 18 years old, you need to obtain the basic legal documents. It's astonishing how many families we meet without a single legal document.
Successful retirees are the ones who retire and stay retired because they had a plan. Not just a plan for their dollars - a plan for their life. Find out more on this week's episode of Life Planning 101.
Are you a farmer, rancher, or even a business owner? Have you thought about how you're going to transition into retirement? Don't miss this week's episode! If you haven’t thought about your own legacy, here are some important things to consider. We call it the “Who, What, When, How, Sam and Plan Approach.”
COVID-19 has given many of us the gift of time. Are you using that time wisely? Are you focusing on the changes that you want to make?
Is your life insurance another victim of this pandemic? Imagine buying a permanent life insurance policy only to find out that it's not so permanent and learn that you will most likely outlive the policy.
Here are some common Q&A about the updated tax deadline and other money matters. If you have any questions, give us a call – we’re here to help.
Do you look at your money for what it is or do you look at it for what it is for? Plan for what your money is for. Know holistically what your money needs to be doing, plan for it, and stay disciplined.
You have a golden opportunity right now to press the reset button on your life and your life plan. Make the decision to rethink your thinking and make sure that your future you won’t end up with any unacceptable regrets.
We were honored to have CPA Brian T. Kofford join us as our special guest this week on our Life Planning 101 podcast to discuss some common Q&A of the COVID-19 environment.
Interestingly enough, COVID-19 has opened up some doors to help protect both your children and the charities that are near and dear to your heart.
Every generation has the capability to be just as great or even greater than the generation before them. They just need the tools, encouragement, and a little motivation. We have the tools to help. Our in-house CFA Aaron Kennedy also joins us this week to share a market update.
We were honored to have Corey Anderson, owner/founder of Disability Geek, as our special guest this week on our show. May is Disability Insurance Awareness Month and Corey shares some important information that you don't want to miss! For more information on Corey and the services he provides, you can check out the Disability Geek website at: www.disabilitygeek.com
We're entering a new age. It has been creeping into our lives for years. The only difference now is that COVD-19 has forced it upon us. Are you ready?
We're honored to have Lisa Hunter with Interim HealthCare join us this week on our show. Lisa shares with us the Teepa Snow Positive Approach to Care and information about the GEMS State Model. You don't want to miss this!
Capitalism is alive and well in America. Don’t let your emotions get in the way and be sure to stick to your disciplines - buy low and sell high. Our in-house CFA Aaron Kennedy joins us this week on our show. You don't want to miss this!
Do you want to simply cope with ambiguity or thrive in it? This week leadership coach Jeff Moore joins us on our show as our special guest. You don't want to miss this!
Perhaps you'll be able to weather through this pandemic financially, but chances are someone close to you will not. Be sure to pass this info along. Here are 3 things you can do financially in the midst of the chaos.
There's a lot packed into the 3 phases of the Relief Act that was signed into law. Some will apply to you and some will not. We’re here to help.
We’re faced with two facts: we’re in a pandemic and we were not prepared for it. Which leaves us with two options - go through it or grow through it.
Hey everyone, hope you all are staying safe out there. We just wanted to let you know that we're thinking about you and we know you have questions and concerns. Aaron and Jim recorded a podcast this week that will help explain everything that's been going on.
Just know that our phone lines are always open and we're always here to help answer any questions that you may have. Be sure to check out this week's edition of our Weekly Life Lessons newsletter for some great information as well. Have a great week!
The past couple of weeks have been treacherous for the markets. The market often climbs a wall of worry. What opportunities should you be looking at?
Will your family have good Christmases and Thanksgivings after you are gone? Our Legacy Planning Process isn’t about just writing the documents that you need done. It is about your Legacy—preserving that Legacy and ensuring that good Christmases and Thanksgivings will continue after you are gone. Don’t just have a wish. Have a plan!
Due to popular demand, this week we revisit the show we recorded in January where we discuss the SECURE Act. You don't want to miss this!
If November does swing our nation to the left, it will be almost impossible to get the tax planning you have needed to complete done before things begin changing in 2021. Also...our in-house CFA Aaron Kennedy joins us to discuss the volatility in the market.
Most people work extremely hard to get to retirement. The greatest risks occur as they begin their descent into retirement. Find out more on this week's episode of Life Planning 101.
Life Insurance - Most people own it, but do they really understand it? Life insurance may be the most complex financial product in existence – but why should this matter to you?
Get your Vitals checked. Get your Financial Vitals checked. Make 2020 the year you start living Life on purpose…rather than default!
Considering the kind of year we had in 2019, what can we expect for 2020? Our in-house CFA Aaron Kennedy joins us this week on our show. You don't want to miss this!
What are the 5 biggest risks in 2020? Can you see them? If you truly desire that 20/20 Vision for your future, go to the financial optometrist as soon as you can. Find out more on this week's episode of Life Planning 101.
It's 2020...Take control of your future so you can live Life on purpose! Don’t be sold something you don’t need. Invest in something you do need. Find out more on this week's episode of Life Planning 101.
The SECURE Act passed with flying colors at the end of 2019 and dictated several MAJOR changes to the rules around retirement plans.
2020 is upon us. I challenge you to make it a year in which you focus on your vision being 20/20. This week we share some important questions you need to ask as you get ready to start the new year.
It seems the more we are blessed with, the more we want to give. So is there a way to know if the money you give will be used the way you intended? Find out more on this week's episode of Life Planning 101.
We were honored to have speaker and bestselling author Arlene Cogen, CFP® join us this week on our show. Arlene shares with us some important information on charitable giving. Be sure to listen to the end of the show to learn about how you can get a FREE values exercise from Arlene.
We were honored to have Eido Walny from Walny Legal Group as our special guest on our show. This week we discuss helpful tips learned from celebrity estate plans gone wrong.
There are people and things that you hold very dear to your heart. Take some time this week to write them down and share them with your family.
Mutual funds aren’t the only investment vehicle that can help you accomplish your goals. Let us help you learn how to make your portfolio tax-smart. Our in-house CFA Aaron Kennedy joins us this week on our LifePlanning101 podcast to give us a market commentary.
Allow 2020 to be your year of clarity, sharpness, awareness, and coordination so that you may begin seeing more clearly and ‘living LIFE on purpose’.
…or at least bad debt. You can be done with bad debt with a little direction and a lot of accountability. So why not make a plan and make it happen?
Wow! Where has 2019 gone? We’d like to offer you some generic nuggets of advice. Here are the top five planning priorities for the rest of the year.
Whether you are fearful or greedy right now, remember to stay disciplined. It's important that you know your long-term plan and stay consistent.
Could you fall victim to it? Emotions coupled with decisions will decide your fate 99 percent of the time. Stay rational and keep educating yourself.
If living retirement to the fullest is important to you, get help—professional help. It’s worth it! Don’t fall victim to your behavioral inclinations.
Why is it human nature to do nothing until the pain is bad enough? Why do we not take preventative measures for our health, our business, and future?
Elder abuse is real! Research estimates nearly 5 million elderly people are abused each year and only 1 in 14 of abuse cases are actually reported. This week we discuss preventative steps you can take to protect your aging parents.
Many people get caught up in the news, economic conditions or watching the volatility in the markets, confusing that with the true basis of investing.
Tax Reform is a once-in-a-generation opportunity. This is your generation. This is your opportunity. Own it. Start planning right now before it’s too late.
Estate planning is something that too often people lose sleep over when they shouldn't. Procrastination surfaces from the complexity of the task. This week we talk about the 5 steps of estate planning. You don't want to miss this!
Your Social Security may be the windfall you have been earning your entire adult life. After all, it may be your last windfall to do the things you know you need to do or have always wanted to do. Don’t let it slip through your fingers.
August has not been fun. As humans, we tend to feel pain much stronger than we feel joy. In other words, we can lose that feel good feeling about the market from just one bad month.
Fifty is a defining time in your life. You get one last hurrah to help the old person you will be some day. Here are top five “Turning Fifty” tools to help you live LIFE on purpose!
Everyone has a slightly different definition when it comes to success. Most of us tend to get so busy in life that we lose the focus of our success. Take an hour out of your life to reset and get aimed back in the right direction.
Don’t get me wrong. When you buy life insurance, you are buying a benefit to pay out upon your death - a benefit “you” will never see. However, life insurance may be just the tool you need BEFORE you’re six feet under. Consider these five concepts:
A lot of business owners believe that being stuck between a rock and hard place regarding cash flow is an expected, necessary evil to building a business. And truth be told—sometimes it is. But not always. If you have a successful business, you need to get help.
If this were your last day on earth, where would you want to be, who would you want to be with, and what would you be doing? Picture yourself at that point. I would be willing to bet you aren’t worried about money.
I think most of us ask ourselves this at one time or another in our lives, or at least we should. Honestly though, I fear that the majority of us don’t really have an answer before we pull the trigger on a major purchase.
Over 35 years of working in various fields of Life Planning has shown me that most people don’t plan to fail –they just fail to plan. And one reason behind this procrastination is that they are overwhelmed by the complexity of the task and don’t know where to start. I feel it is very important for every family to seek help and take the time to focus on the questions that need to be addressed. I encourage you to be proactive as opposed to reactive and live your life on Purpose!
Imagine working and saving your entire life only to find your income cut in half when you finally retire. Chose diligence to protect the ones you love the most.
June 13th marked the ten-year anniversary of the end of The Great Recession and broke the long-standing record as the longest economic expansion in US history. So, what does that mean? Are we headed for a recession? Our in-house CFA Aaron Kennedy joins us this week on our show.
I believe one of the hardest things to do is find the “right fit” advisor for you and your family. Because of this I thought I might take a minute to educate you a little about our industry.
In many cases we are finding Tax Reform has created a perfect storm for some serious tax planning. Unwiring this tax bomb can be very complex, but it can be done. Don’t wait for the bomb to explode—there won’t be a way to turn back. Let us help you today.
Moving in retirement -or even right before you retire - can bring its own set of surprises… and some may not be so pleasant. Here are five things you may want to consider before moving in retirement.
One of the most valuable things we can pass on to our children is our wisdom. Make a plan for them so they too can live LIFE on purpose!
We take a look at behavioral finance on this week's episode. Let us help you visualize your entire financial layout and develop the best course for your financial future.
John Riggins, president of the Abilene Better Business Bureau joins us this week on our show. You don't want to miss this!
Wisdom isn’t always about knowing the answers. More often than not it's about knowing the right questions to ask. Here are questions every investor should be asking. You don't want to miss this Q&A session with our in-house CFA, Aaron Kennedy.
It doesn’t matter if you are just starting out in life, have a family and established career, or nearing/in retirement; the foundation of financial wellness is the same. The key to improvement is also the same. The key is your commitment to make progress, and progress can only start one way—telling yourself the truth. This little assessment is a great way to do just that. Just follow these instructions and create your financial wellness wheel to see where you need to place your focus.
Too many people enter retirement unprepared. Don’t let that be you. Here are the top five must reads to help you start practicing your retirement.
It is not an easy feat to understand all the aspects of Medicare, much less choosing the plan that is right for you. We're here to help you understand the system so that the task is not so daunting.
I think a lot of us have asked this question at one time or another. Well, today we have seven ideas that could possibly help you reach those goals.
If you have never consulted with a tax professional, this might be a good year to do so. Find out more on this week's episode of Life Planning 101 with Angela Robinson.
Is your investment portfolio tax smart? This may seem like peanuts, but over the years a tax-inefficient investment plan can make or break someone’s retirement. Our in-house CFA Aaron Kennedy joins us this week on our show.
We were honored to have Rhonda Dean, Membership Sales Manager with AirMedCare Network, as our special guest this week on our Life Planning 101 podcast. Learn more about AirMedCare Network and their Fly-U-Home program.
Did you know twenty percent of men die before retirement age? Is your family ready if you were killed today? Would they be taken care of the way you would want?
This sometimes overwhelming sense of duty to both our children and our parents may cause us to lose sight of the responsibility we owe to ourselves.
Be sure to check out this week's episode of Life Planning 101 to learn about 3 risks you need to be aware of. You don't want to miss this!
Here are some creative planning ideas that leave yourself asking, “How do you do that?”
We at Kennedy Financial Services care not only about your financial health, but your physical health as well. Dr. John Duncan, president of ViaScan, joins us this week on our show.
We were honored to have Laura J. Malone, CAP®, CEPA, with American Endowment Foundation join us this week on our Life Planning 101 podcast.
When it comes to investing, everyone is looking for the secret sauce. But what is the secret sauce? Our in-house CFA, Aaron Kennedy joins us this week on our show to let us know what the secret sauce is, and what you can do about it today!
CPA Cory Kohutek joins us this week on our show to answer some important questions about Tax Reform. You don't want to miss this!
The word “Legacy” is often used to refer to the wealth you leave behind. However, a “Legacy” goes far beyond a dollar amount.
Celebrities are not so different from the rest of us. The same estate planning blunders they make are the same ones we see on an every day basis. Here are the top ten lessons to be learned from celebrity estate plans gone bad.
What resolutions can you make for 2019 that will help you keep your eyes on the future while still cleaning up the messes you have in the meantime Here are the top five in regards to your financial plan.
God put us here with purpose. It is our responsibility to seek it and be it. Find your direction and focus your efforts and courage to make 2019 the best year ever!
74 percent of the parents with young children are prioritizing by saving for the kids’ college over saving for their own retirement. So, what could this mean for their retirement? Is is possible to save for retirement when you have a 5 or 6 figure education bill in front of you? Find out more on this week's episode!
You may find yourself being forced to take a withdrawal from your IRA that you really do not want or need. Did you know that there are creative options available when it comes to your RMD? Let us help you plan today!
Is there a way to know that the money you donate to a charity is being used effectively? We give you some helpful tools to use for your charitable giving. You don't want to miss this week's episode of Life Planning 101!
As 2018 draws to a close, there are important things that need to be addressed now rather than later. Find out what these issues are and more on this week's episode of Life Planning 101. Also, our in-house CFA Aaron Kennedy joins us to give us a market update. You don't want to miss this!
An Advantage Plan may not be all it’s cracked up to be. Medicare Advantage Plans are not for everyone and you need to know why. Remember that if it sounds too good to be true, it probably is—especially in the world of Medicare.
Do you have life insurance for your business and/or owned by your business? If so, the death benefit is supposed to be tax free, right? It might be. It might not be. Or worse, it could be taxed twice. Don’t leave your spouse and partner with a tax nightmare. Let us help you review this today!
Looking for ways to improve your credit score? Then you don't want to miss this week's episode of Life Planning 101 featurning credit expert Philip Tirone.
We will always live in interesting times. It is sticking to our disciplines that will allow us to make the most of it. Remember today is the first day of the rest of your life. Plan for it!
Everyone wants the same thing—good Christmases and Thanksgivings. Everyone wants to pay no more than their fair share to Uncle Sam. This is what we do. Let us be vessel to help get your estate plan to good health in 2018 before it is too late.
Have you ever wished you had a “Clean Up Button” in life? We all have messes and well…they’re messy. Believe it or not, Tax Reform has created a “Clean Up Button” for a lot of people.
We encourage you to take action so that you, your family, and your business can live Life on purpose. After all, people don’t plan to fail, they fail to plan.
Life isn’t about money, it is about living. Allow yourself to live Life on purpose. Do yourself a favor and control your money so it doesn’t control you.
I truly don’t believe any person plans to fail. It is true that we merely fail to plan. We can’t worry about the future. All we can do is plan for the “what ifs” in life. It is our job to help the individuals and families we work with imagine the worst. This is how we progress toward our mission to give our clients confidence in their financial future and life plan so that they may enjoy “Living Life on Purpose.”
Just how long will the rest of your life be? How long will your windfall need to last? Remember that reality will set in eventually - it will be your choice whether it is a gratifying reality or a harsh one.
September is Life Insurance Awareness Month. Jim Kennedy joins us this week on our show to share some important information that you don't want to miss!
As a Life Planning Firm, we are the financial quarterback for the families we work with. We spend tens of thousands of dollars each year to continue our education and keep up with the ever-changing information. We spend even more to retain access to some of the very best specialists, attorneys, and CPAs. We know who is needed, what is needed, and when things are needed to do the job so the families we work with only need to focus on one thing—living Life on purpose!
What or who decided that retirement means you’re old? Especially today, retirement means a new chapter, a new adventure, the start of what may be the greatest part of your life.
When it comes to your money, your retirement, or your Life plan…shouldn't you get a second opinion? You may be on the right track, but if you are not, don’t you want to know?
VA claim specialist Brian Byars joins us this week on our Life Planning 101 podcast to share some important information regarding VA program aid. Please contact our office if you have any questions or would like a copy of the VA Claim Checklist. 254-629-3863.
Are you investing the old way or the new way? Unfortunately you could purchase an insurance policy today - and it could turn out to be the ‘old policy’. Likewise, an investment plan today very well may be the old plan. The old plan consisted of one, two, or three components when it comes to investing. The new plan has five.
When you have a family business, you often need a reality check to keep your business what it it—a business.
Everyone wants to get rid of the complexity and stress in their life so that they can have the freedom to focus on the things in life that are most important to them. The recipe for “Living Retirement on Purpose” is no different. It begins with communication between you and your spouse. Talk about your future and goals. What direction do you want to be headed?
Do you have a plan in place to protect yourself from the 'what ifs' in life? It doesn't pay to try to do the job alone.
Don’t take Social Security on a whim or an assumption. Make sure you know your facts for the sake of your pocketbook, your tax return and your family.
Planning is not always about the answers or even the right answers. It is about knowing the right questions to ask and addressing those.
There are seasons for everything in life. You can either let them pass you by or you can thrive in them. Now is the season for planning.
3 planning strategies utilized to potentially help business owners protect assets, plan for their futures, and take care of their families.
Attorney Clinton Nix joins us this week on our show to discuss Medicaid and estate planning.
Think about this—when do you go see a doctor? That’s right - when something is wrong. The same is true for when people go see their financial specialist – when the pain is bad enough. Why do we do this to ourselves?
Jim Kennedy joins us this week on our show as our special guest to answer some important questions regarding your beneficiary designations. You don't want to miss this!
Bret Robinson joins us this week on our show to discuss the importance of having a plan in place to address long-term healthcare needs. You don't want to miss this!
Charlie Mahar with Tealwood Asset Management joins us this week for our show to discuss Behavioral Finance.
Our Legacy Planning Process helps families create a multi-generational vision that not only focuses on your legacy, but on the family’s legacy, which is built upon the foundation you set today.
A little known fact is that most of the recent tax reform has an expiration date in the near future, and there was very little effort to fight the ability for lawmakers to create claw backs. This means the statute of limitations law is critical and the clock is ticking.
Do you look at your money for what it is or do you look at it for what it is for? Plan for what your money is for. Know holistically what your money needs to be doing, plan for it, and stay disciplined.
Don’t let your emotions manage your money. Remember to buy fear and sell greed as Warren Buffet says. Jumping out of volatility and into a “safe” CD right now is quite the opposite. Even if you can’t sleep at night and can’t stand the volatility of the market, you have options that can fight inflation.
Wisdom isn’t something you are born with. Yet wisdom, once gained, can be the most valuable thing you achieve and maintain - second only to your relationships with God and those you love most in life. Wisdom is achieved through years of watching, listening, observing and experiencing.
Figuring out where you want your legacy to go and exactly how you would like everyone to receive it may be easy for you - or not, but even the simplest most straightforward estate plans don’t always actually turn out how you wanted them to. In fact, they may not achieve your wishes at all.
It is more important than ever to be proactive to stress test your retirement plan. Don’t accept a cookie cutter solution to your unique situation. There are so many creative planning tools out there. Work with someone who has an open architecture which utilizes these tools to address what is important to you before it is too late.
Don’t wait until the end of the year or when tax time rolls around to wonder what you can do to pay less in taxes. By then it may be too late. Create your windfall today!
We encourage all of the families we work with to introduce us to their children and grandchildren, allowing us an opportunity to help them build a solid Life Plan to guide their financial situation – without reinventing the wheel.
Retirement costs are going up and your retirement income is going down. If you haven’t started planning for it, don’t waste a minute more. Time is the best investment tool you have and you can’t get it back once you lost it.
One size doesn't fit all when it comes to investing. Don't let fear and greed get in the way of your success.
Did you get a raise this month? What are you going to do with these extra crumbs? Will you spend them or will you use them to make a feast for the future?
Is there something you need to do today for the sake of your family or future? Check out this week's episode for more info. You don't want to miss this!
Junior Pacheco from Texas Bank joins us this week for our show to give us some helpful identity theft prevention tips. You don't want to miss this!
One of the most well-known investors of the 20th Century, Benjamin Graham, said that “the investor’s chief problem—and even his worst enemy—is likely to be himself.” What Graham understood—and modern research is catching up to—is the idea that we all have emotions and biases that affect our decision-making. The innate wiring built to survive pre-modern times can be counterproductive in our modern world, especially when it comes to investing. Jim and Aaron were special guests this week on our Life Planning 101 podcast. You don't want to miss what they had to say in regards to our emotions and investing.
Join us this week to learn about some important tips to help you have a strong financial foundation.
Tax reform was designed to boost the economy by lowering taxes for everyone. But you may not get to take advantage of it unless you do a little planning. Start today!
You can't delegate your time with family and friends. And you certainly can't delegate your relationship with God. You can't delegate being healthy. But as the book says, you don't have to sweat the small stuff either. Delegate it!
Being a parent is tough. It is your instinct to love your children unconditionally, support them in whatever they need, and protect them in any way you can. You put them before you. But helping them doesn’t always help them.
A few years ago we were blessed to have the opportunity to attend an intimate forum with several self-made billionaires featured in the book, How they Did It: Billion Dollar Insights from the Heart of America by Robert Jordan. We thought you would enjoy these takeaways we attained from this event.
Jim Kennedy, president and founder of Kennedy Financial Services, joins us this week to discuss some important tips for business owners.
Many investors make decisions because they think they have enough information when all they really have is nothing but cognitive noise. Don’t let that be you.
It seems we are all inspired to give back during the holidays even in the smallest way. Here are 5 strategies for giving to your your favorite causes and have Uncle Sam help you do it.
In order to ensure a successful transition of your wealth to those you love, it is important to consider the various responsibilities and relational challenges which may be presented when serving as Trustee or Executor of your estate.
You’re not alone-whatever your excuse may be. It’s too time consuming, complicated, not sure how… Unfortunately, a budget is the very foundation for your entire life plan.
Investing…Just the word can be intimidating. There are so many options available when it comes to investing. These 3 tips could possibly help you start growing your future and begin Living Life on Purpose!
Money oftentimes brings out the extreme in people. Let us help you make it simple today so you can live Life on purpose!
There is so much more to estate planning than having a will and telling your spouse where everything is. If you haven't made an estate plan with and for your spouse, there is still time…and we are here to help.
Don’t live by default—live Life on Purpose and remember that the young person you are today will be the only one to take care of the old person you will be some day. Every year you wait is another year you put yourself at risk. Start planning today!
Are you passionate about your business? Do you want to see your business succeed? Here are the top 5 mistakes that we've found that business owners make.
There is no crystal ball when it comes to investing, but a correction will occur at some point. Do you have a plan in place for when it does?
Recently, we were asked if we could compile a list of the things that need to be addressed on every level when you find it necessary to assume physical, emotional, and financial responsibility for your parents.
If you died today, what would happen to your family, your business or ranch? How would everyone you love be affected? What if something happened today that left you uninsurable for the rest of your life? Can you foresee a point in your life that your loved ones would be financially crippled because you didn’t have life insurance?
Today there are thousands of insurance carriers, tens of thousands of products and even more bells and whistles on top of that. How do you know what you truly have and if it will be there when your family really needs it?
September is life insurance awareness month. We recommend talking to a financial expert that knows the right questions to ask to assure the correct steps are made to protect those you care about.
Since health savings accounts (HSAs) became available in 2004, we have found that very few people really understand their power.
What is your purpose? Is it leading? Is it serving? Is it being a good parent, grandparent or teacher? Is it giving back? Is it simply being a good friend? Or encouraging? None of these are destinations, but all of them build a legacy your family will be proud of.
The college experience is simply not was it was when most of you were attending - and it continues to evolve. When beginning your conversations about planning for higher education expenses, it is crucial to identify the most important aspects of your child or grandchild’s unique situation.
This week we sit down and interview our in-house CFA, Aaron Kennedy. He explains why we do what we do when it comes to investing.
What do you really want to help your grandchildren accomplish? Is it higher education, a windfall for their retirement, taking care of the family they will have some day? Or is it a gift of wisdom that you wish to impart?
What if taking a little time today to do some tax planning was able to save you half of what you owe for the remaining five months of the year? Would it be worth it?
I believe one of the hardest things to do is find the “right fit” advisor for you and your family. Here's a little education about our industry.
Identity theft doesn’t have to claim another victim. At Kennedy Financial Services, we strive to offer the best services and practices for our clients so they can continue living life on purpose. We continue to stand vigilant so that your information and well-being is always protected. Please take these steps to ensure that your identity is never compromised.
The Dow hit another all-time high last week! Should you be celebrating… or worried? The market highs of last week will eventually be just a blip in history. Focus on the long-term—and your future.
Would You Like a Financial Windfall? We all would! The good news is you can create one. Remember...Watch your pennies and your dollars will be there.
It is not an easy feat to understand all the aspects of Medicare, much less choosing the plan that is right for you. And unfortunately, we cannot sum up in one article - or even two - how to choose the right plan for you. This is a task that really needs to be coordinated with your entire life plan. But what we can do is help you understand the system so that the task is not so daunting.
Do you want to be able to leave money to your heirs and be able to leave money to the charities and organizations that are near to your heart? Here are some creative strategies that could possibly help.
Hall of Fame Dallas Cowboy Roger Staubach one said: "There are no traffic jams along the extra mile." Are you up for the Greatness Challenge? Check out this week's episode to find out more info.
As a business owner, you spend a lot of time working to make your business succeed. But have you spent the time to protect it or the “golden egg” your business has laid?
With around 80 million Baby Boomers in retirement or entering retirement, it doesn’t matter if you are one of them or part of Generation X, you might not be able to obtain the same pensions and government benefits your parents enjoyed, thereby placing a much larger burden on your own children and bringing them into the same club.
When it comes to funding college education there is not a one size fits all formula. Planning early for college can be life changing. Not only are there possibilities to graduate with a thriving sense of purpose, but also better health and increased financial security. When paired with the college education, stepping stones are created for a successful future.
Many individuals make the assumption that money is about money. Well, it is and it isn’t. Money is a tool…but how it is earned, saved, invested, maximized, leveraged, taxed, lost, protected, spent, given, or inherited can be done in a million different ways. How can the word on the street be the right thing for you, your unique situation, your family dynamics, your past, your future, your goals, your feelings about risk?
The only guarantee is that there are no guarantees in life. When you retire there is no guarantee what the next three years will be. And, if you are retired, there is no guarantee what the next three years will be. The key is to plan for just this.
Have you considered your marital status during retirement – and its financial and social impact on you? According to the US Census Bureau, 42.4% of people over age 65 were single in 2015 and 1 in 4 of those was a widow or a widower. So whether you are already single or believe you will never be single - this is for you.
I urge you to consider long-term care planning as a chapter in your estate plan. Yes, long-term care insurance is lousy, but it may be the only option. Would be worth giving up ½ of 1% of the return on your estate to protect your estate? Just remember plan for it when you don’t need it, because when you do need it; it will be too late.
According to the US Bureau of Census, 1,300 new blended families form every day. Sadly, too many estate planners employ a canned estate plan that only employs solutions for traditional families when simply traditional planning does not work!
If today is the first day of the rest of your life, how long will that be? 20 years…30 years…40, 50? People don’t plan to fail; they just fail to plan.
Don’t let Uncle Sam stick you with another 2016 tax bill. Here are 7 deductions that allow you to not only keep, but potentially grow your money.
Frank Mullins, CFP, Chartered Advisor in Philanthropy, Family Wealth Consultant with Legacy Wealth Counselors is our special guest this week. Find out what family-centric wealth planning is and how it can benefit you and your family.
Every year during our Life Planning Reviews, we take a look at the titling of assets and beneficiaries and list these out for the families we work with to find the holes before someone steps in one.
There is no doubt that the instant availability of information has been life changing. However - if we aren’t careful - it could be our demise.
Someone important in my life once told me to spend my money on two things: other people and experiences. Giving to people gives back to you and experiences are memories you will always have. Here are 5 alternatives to spending and taking more risk when it comes to your cash.
The base, or foundation, of your Life Planning Pyramid consists of the measures you take to protect everything you build in life: your emergency savings, your legal documents, and your risk management plan. Today we want to focus on the risk management piece which includes your insurances.
“Debt” The word alone makes most people cringe. After all, at some point in our life most of us have felt overwhelmed by debt. So how do we distinguish between the good, the bad and the ugly when it comes to debt?
What choices do you need to make to mitigate the fear of running out of money? We commonly ask families these three questions when it comes to their financial plans. 1. Could you? Could you make a few changes if you needed to? 2. Would you? Would you actually make these changes? 3. When? If so, when? Every year lost is lost to a year of worry. Is it worth it?
There are tools still available to you which, if implemented, could possibly allow you to weather out the upcoming estate tax storms. It may be now or never to take action and set up a lasting low or even no tax legacy.
With the beginning of each new year, we set resolutions to set ourselves on a better, more productive path… but oftentimes after we set them, we become discouraged by them, forget about them and before you know it - it’s another New Year’s Eve and time for another set of resolutions. So what’s the point, right? Well, consider this single question and wrap your 2017 resolutions around your answer: “How do you want to be remembered when you are gone?” If you deeply consider this question, it has the ability to influence every facet of your life.
Is “Longevity” a Risk You Need to be Thinking About? Perhaps a question we need to start with is… What are the risks of “longevity?" Check out this week's podcast for more information. Remember today is the first day of the rest of your life. How long will that be? Don’t let longevity be the demise of your family.
We at Kennedy Financial Services care not only about your financial health, but your physical health as well. We had the privilege of having Dr. John Duncan, owner of ViaScan, speak at one of our luncheons and we were amazed by all the information he presented. Please visit their website www.123bodyscan.com for more information.
When it comes to investing, you have one of two emotions working in you at all times: fear or greed. Unfortunately, when you let these manage your portfolio you will always trail the market. Check out our website to find out more: http://www.kennedy-financial.com/blog/avoid-these-3-most-common-pitfalls-of-investing
In regards to your retirement planning, it's important to determine what you want your retirement to look like and set goals to achieve that reality. Here are some tips that could possibly help with your planning, so you can retire successfully and successfully stay retired.
The old adage says that the only sure things in life are death and taxes…but there’s one other thing that’s pretty much a certainty. That certainty is change. Everything changes and successful people embrace change rather than fight it. In fact, the most successful people don’t wait for change to seek them out through accident or crisis – they are agents of change themselves.
For most, the holidays represent a season of giving. Although giving to family and friends occupies most of our attention, charitable giving also plays a significant role at this time of year.
What should you get done before the end of the year? Here are the only 5 things you need on that list.
It is our job to help the individuals and families we work with imagine the worst. This is how we progress toward our mission to give our clients confidence in their financial future and life plan so that they may enjoy “Living Life on Purpose.”
If this were your last day on earth, where would you want to be, who would you want to be with, and what would you be doing? What about Spiritually? Mentally? Physically? Do you measure your wealth by the value of your assets or by your life's imprint?
CPA Blake Briscoe is our special guest this week on our Life Planning 101 podcast. Blake discusses the changes in Fair Labor Exempt Wage threshold as well as some last minute tax savings ideas to watch out for. If you would like more information about Mr. Briscoe, you can check out his website: http://briscoecpa.com/
In this historic victory that shocked the political establishment and global financial markets alike, Donald J. Trump will become the 45th president of the United States. Here are 5 ways Trump could move markets.
In a recent study, 35% of people experiencing relationship stress said money was the primary reason. This could help explain why some experts say financial problems are the #1 reason marriages fail. Fortunately, couples may be able to head off many of the problems money can cause in a marriage. Here are 10 tips for married couples.
On this week's edition of Life Planning 101, we discuss a brief history of the Republican and Democratic parties and we compare the Trump and Clinton healthcare and tax plans.
Your credit score is your financial reputation. It's a three-digit number that has a six-figure impact on your life. Fortunately, rebuilding your credit score is a lot easier than you think. Credit expert Philip Tirone has developed a step-by-step program to help you rebuild your credit score drastically.7 Steps to a 720 Credit Score exposes the rules of the credit game, giving consumers all the information they need to know to increase their credit scores and save thousands of dollars over the course of their life.
The bottom line is that no matter who you want to pass the (economic crisis) buck to — the government, financial institutions, insurers, big business, regulators, etc — we all should take a close look in the mirror. We are a nation that lives beyond our means.It's time to quit living as if there’s no financial tomorrow, break the bad habits and take charge of our financial future.
What most Americans don’t know is that, to a certain extent, taxes are voluntary. A small business owner has 171 deductions available to him. Did you know the average business owner only takes 23 of these deductions?
If you haven’t thought about your own legacy, please do. In order to help you get off on the right foot, here are some things you need to consider. We call it the “Who, What, When, How, Sam and Plan Approach.”
Life insurance should be a staple in all households where possible, but it requires financial professionals educating families, individuals, and business owners on the correct insurance type and amount for their unique situation.
Would it be okay if your investment portfolio went down $400,000?
Absolutely NOT!
This was a conversation we recently had with a couple we have just come to know. The reason? We stress tested their current investments against the Financial Crisis of 2008 and 2009, and this was the result.
Most people believe that if their spouse dies, they simply receive the higher of their benefit or their spouse's benefit. In reality, this may not be the case and will depend upon multiple facts.
There are situations where paying down a mortgage makes perfect money sense. However,there is a good chance your situation is not one of these.
Naming the beneficiaries of your IRA, life insurance policy, annuity or any other contract property may not be as simple as choosing the ones you love to inherit the assets and writing those names down. Let me offer you a scenario: Suppose you name your two daughters as the...
For many of us we only get the chance to retire one time. This means we definitely don’t want to mess it up. In today’s economy, this can be downright scary and sometimes feel impossible. See if any of this sounds familiar: You decided you would like to retire and move to Colorado. You feared the current turmoil in the economy and the market; however, you knew you must keep up with inflation. So you placed your money...
The first thing that comes to everyone’s mind when you begin to discuss saving for your child’s future is…college savings. But what if your child does not go to college? What if they need a down payment to purchase their first home? What if they are faced with an unexpected hardship? There are countless what if’s in life and there are not two people that will face...
Most of the people we talk with believe that “retirement planning” deals exclusively with money and this is true… to a certain point. Experience has taught me that effective retirement planning is about much more than money: it is about all areas of Life.
Don’t worry…you’re not the only one. Whether you’re planning for college in the very near future or in the not so near future, you probably have concerns…and why shouldn’t you?
Today I would like to address these concerns and offer some alternative planning strategies that just might...
Will you stand to lose some of your hard-earned money,income or assets? Or will it be protected? Do you know for sure?
One evening while driving home, you glance down to adjust the radio. When you look back up, you are inches away from broadsiding a bus.Several passengers are seriously injured, resulting in a major law suit.
Again, will your assets...
Recently, I spent two days at a conference focused on income during retirement. I want to tell you a story I heard that you will probably think sounds familiar, but the tone I will set today may shed new light on it.
One of the speakers talked about his grandfather, who worked for the same company for 30 years, did everything by the book, and followed his...
One of my fellow advisors related one of the most horrific stories I have heard in my professional life.I would like to share that story with you in order to help you understand the importance of business succession planning:
A young man in his early forties owned an extremely successful manufacturing business in Georgia, grossing approximately
Well…if you have been a buy and hold investor, your portfolio will probably answer this with a resounding “No!” Though after reading the many headlines of any major financial news during late 2008, 2009 or 2010 you might think that...
There is a major issue today that has left a large number of Americans speechless and motionless: The issue of integrity. 2008 and 2009 were treacherous. It was bad enough that we witnessed the development of...
Tiny or not, economic bubbles don’t make anything feel fine, especially not your retirement plan. The problem is that most bubbles are difficult to identify. Consequently, they are only recognized in retrospect...
Economists say the Great Recession ended in June 2009. Still, it hasn’t felt like it. Our economy is rough and the recovery we have experienced since June 2009 has been and will probably remain slow. Faced with this continuing...
There is usually one of each in every family. So what makes some people stock away every dime they make and others oblivious to the concept of saving and always in debt? Interestingly enough, there has been extensive psychological research performed on the spending behaviors of individuals: why some people spend money frivolously and why some people don’t...
Adults entering a remarriage are likely to bring assets, debts, obligations and established spending habits into the relationship. Since credit reports aren’t required for a marriage license – and you generally only see them when you apply for a mortgage together - "your new partner's finances are often unknown, even though you usually need to agree as a...