Listen, Learn & Prosper. Wise Money Show is where individuals looking to build wise financial habits turn for advice. We’re all about teaching you how to make the right financial decisions in your life that align with your financial plan. If you are looking to be better prepared for retirement, pay fewer taxes, fully fund your retirement accounts, and more, then make sure you subscribe to this channel now!
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Tax Planning Opportunities From the SECURE Act 2.0
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We are diving into the SECURE Act 2.0, which was enacted nearly two years ago, and exploring the tax planning opportunities it presents. While many changes are still on the horizon, there are strategies you can implement now to enhance your tax situation. We are breaking down the key changes from the SECURE Act 2.0 and how you can optimize your tax…
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401k Strategies for Early, Middle, and Late in Your Career
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What is your strategy for investing in your 401(k)? For most of us, your 401(k) is your most powerful wealth-building tool, so having a proper strategy for using it can truly make or break your retirement plan. In this episode, we share 401(k) strategies that are best in the early stages of your career, the middle of your career, and the late stage…
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Pre and Post-Retirement Tax Strategies
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Are you prepared for the tax implications of retirement? Tax planning is one of the six areas of your financial life, and it's taking center stage today as we share our favorite pre-retirement and post-retirement tax strategies. In this episode of Wise Money, we dive deep into essential tax strategies that can shape your financial future both befor…
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On your path toward a confident retirement, distractions could take you off course. To help you stay on target, we're sharing 6 myths about retirement to be aware of. From misconceptions about savings and Social Security to working in retirement, we break down the facts and provide you with the truth behind these myths. That and more on this episod…
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5 Avoidable 529 Plan Mistakes
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Are you making the most of your 529 plan? It is one of the most versatile tools to save up for college, and thanks to the new laws, the 529 plan has gotten more flexible and can be used in more situations. But with that versatility comes confusion, so in this episode of Wise Money, we are diving into 5 avoidable mistakes that could be costing you v…
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How to Invest When Heading Into Retirement
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As you approach retirement, making smart investment choices is crucial for securing your financial future. This time period of your life is one where you still need growth but need to do so in a more risk-conscious way. So, which investment areas are the best fit for you? We're answering that question while exploring the different strategies to hel…
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Backdoor Roth IRA vs Mega Backdoor Roth IRA - Which Is Best for Your Retirement?
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If you're looking to maximize your tax-advantaged retirement contributions, understanding how the Backdoor Roth IRA and the Mega Backdoor Roth IRA work is crucial. We are diving into when these strategies make sense to use, how they work, and how they differ so you can determine which one is best for your retirement savings on this episode of Wise …
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Inherited IRAs and the 10-Year Rule: Key Strategies for Your Finances
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After nearly 5 years, the IRS has finally determined its interpretation of the new 10-year rule for inherited IRAs. Whether you're a beneficiary or planning your estate, we're breaking down the details of the 10-year rule and what it means for your financial future on this episode of Wise Money. Season 10 Episode 2 Have a question you want to have …
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Why You Need a Comprehensive Approach to Your Finances
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What does it mean to be "wise" about your money? We're kicking off the 10th season of The Wise Money Show, and to do so, we're resetting the purpose and benefits of taking a comprehensive approach to your finances, looking at all 6 areas of your finances. All that and more on this episode of Wise Money. Season 10 Episode 1 Have a question you want …
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How Your Views Influence Your Financial Success
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What if we told you that the strategy and planning were only half of what helps you have financial success? In this episode, we go beyond the financial planning and take a look at how our beliefs and views can fuel our financial decisions. Financial Behavior Specialist Ashley Quamme takes us deeper than the numbers in this episode of Wise Money. Se…
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3 Financial Scams to Lookout For
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The latest in financial scams that hackers are using to try and defraud you out of your hard-earned money. It is always prudent to be on guard for sophisticated scams and attacks. We're sharing the 3 most common financial scams you need to be on the lookout for in today's episode of Wise Money. Season 9 Episode 51 Have a question you want to have a…
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Top Reasons to Draw Social Security Early and When Not To
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Choosing when to claim Social Security is one of the biggest financial decisions you'll make in your life. The impact is far bigger than many realize, with the difference being potentially $100k or more over your lifetime. We're discussing the top reasons someone would draw Social Security early and the main reasons not to draw early in this episod…
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3 Unique Retirement Planning Issues for Government Workers
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While there are common factors and variables that apply to all of us as we plan for retirement, teachers and many government workers have a handful of additional unique items they must navigate for a successful retirement. What are those commonalities, and what are those unique items? We're helping you plan for those during this episode of The Wise…
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How to Reduce Capital Gains Tax
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If you own an asset that has grown in value, you likely will be subject to a considerable amount of capital gains tax when you sell it. In this episode, we're helping you know what strategies exist to help you reduce the capital gains that you would otherwise have to pay. Season 9 Episode 48 Have a question you want to have answered on the show? Ca…
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Stock Market Halftime Report 2024
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The stock market has surpassed just about everyone's expectations in the first half of 2024. What has caused the strong returns, and what should investors expect in the second half of the year? We're discussing that during this Stock Market Halftime Report episode of the Wise Money Show. Season 9 Episode 47 Have a question you want to have answered…
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How to Achieve Financial Freedom
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As we celebrate our nation's freedom, what are some things you can do to be on the path to financial freedom? We're taking a fresh look at the American dream and those common goals shared by so many and how you can achieve them financially. Joined in the studio by guests Arch Hoxton, CFP®, and Ben Chambers, CFP®. Have a question you want to have an…
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The Habits That Lead to Long-Term Financial Success
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What are the financial habits that lead to long-term financial success? In today's episode, we are joined by CFPs Rob Hoxton and Larry Maddox to share common behaviors that you can implement to achieve lasting success in your finances. Season 9 Episode 45 Get Atomic Habits by James Clear here: https://amzn.to/3xxR1A3 Get The Seven Habits of Highly …
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Insurance Underwriting Secrets Revealed & How to Stay in Good Standing With Your Insurance Company
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Given the continuing trend of insurance companies being more selective in who they offer insurance to and choosing to not renew customers when their policy comes up for renewal, what are insurance underwriters looking for, and what can you do to reduce the chance that you would be non-renewed? We are discussing the secrets of insurance underwriting…
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Navigating the Great Wealth Transfer: Strategies for Success
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Over the next 20 years it is projected that over $84 trillion dollars will pass from one generation to the next. This "Great Wealth Transfer" will impact many people's financial lives and financial plans in a variety of ways, not all of them positively. In this episode of Wise Money, we're discussing different strategies to help set you up for succ…
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The Impact of Tax Laws on Your Wallet
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From 401(k) contribution limits to tax credits and phaseouts, tax laws can make a huge impact on your financial life. In this episode of Wise Money, we are joined by tax law and policy expert Scott Hodge of the Tax Foundation to discuss how tax laws influence our everyday lives and get his perspective on future policy changes. Season 9 Episode 42 P…
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Understanding the Finances of Your Small Business
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If you own or run a small business, are self-employed, or are considering starting your own small business, what financial statements should you be monitoring, and which ones help you run your business? This is one of the most common questions new entrepreneurs have, and we're helping you answer that question and providing other small business fina…
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Financial Planning Strategies if Tax Cuts Expire
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The Tax Cuts and Jobs Act passed in 2017 made significant tax law changes and reduced taxes and tax rates. If no congressional action is taken, these tax cuts will expire at the end of next year, and rates will revert to where they were in 2017. We're discussing what planning strategies you need to be considering right now should this happen on thi…
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How to Invest During Election Years
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Election years seem more volatile and pivotable for the world, but certainly the US economy and stock market. For this reason, many people get concerned about investing during election years, or investing should certain results occur. We're discussing what history tells us and how you should invest in the stock market during election years on this …
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Should You Plan for an Inheritance?
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If you anticipate receiving an inheritance, should it influence your financial plan, or is it best to ignore it until it happens? We're answering that question and breaking down the ways an inheritance can impact your financial plan in this episode of Wise Money. Season 9 Episode 38 Have a question you want to have answered on the show? Call or tex…
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Insuring Your Small Business: Closing the Coverage Gaps
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One common problem with not taking a comprehensive approach to your finances is having your insurance get out of sync with your financial situation. This gets especially problematic if you're a small business owner. Insurance expert Alysia Boehner joins the Wise Money Show to discuss common insurance needs for your small business and how to close t…
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Medicare Mistakes to Avoid When Working Past 65
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Working past age 65 has its benefits, though it can cause confusion when transitioning onto Medicare. We're discussing the biggest mistakes you need to avoid when getting onto Medicare while still working on this episode of the Wise Money Show. With Health Insurance Advisor Ben Bulgrien. Season 9 Episode 36 Have a question you want to have answered…
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Record Number of 401k Early Withdrawals - How to Avoid This
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Despite a strong labor and stock market, data showed that a record number of people took early hardship withdrawals from their 401(k) in 2023. In this episode of Wise Money, we're discussing why this trend is increasing and what other options are available to avoid taking an early withdrawal. Season 9 Episode 35 Have a question you want to have ans…
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Tax Planning Changes for 2024
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As the tax filing season for 2023 comes to a close, it's not too early to start thinking about your 2024 taxes. What tax planning changes should be on your radar, and what strategies should you adopt in your plan right now to make the most of 2024? We're discussing those changes in this episode of Wise Money. Season 9 Episode 34 Have a question you…
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How to Become a 401k Millionaire
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Do you have a goal of having $1 million saved up inside your 401(k) and other retirement accounts? Data from the end of 2023 showed the number of people achieving this milestone skyrocketed. We're sharing how you can achieve $1 million in your 401(k) on this episode of Wise Money. Season 9 Episode 33 Have a question you want to have answered on the…
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The Right Retirement Plan for Self-Employed
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When you own your own business or are self-employed, one of the key financial decisions you need to make is what type of retirement plan to set up. With all of the different options and new lucrative tax incentives available, this decision can no longer be an afterthought. We are discussing all of your options and tax benefits on this episode of Wi…
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Pros and Cons of Health Insurance on Marketplace
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If you find yourself between jobs, retiring early, or are self-employed, you'll likely need to explore getting your health insurance through the Marketplace (Affordable Care Act). We're sharing the pros and cons of health insurance on HealthCare.gov and tips you need to be aware of during this episode of Wise Money with special guest Health Insuran…
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How to Help Your Kids Develop Money Skills
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What should you do when your kids appear to lack the skills and maturity to handle money well? As a parent, should you step in and help, or do you let your kid learn their own lesson? Whether you're managing multigenerational wealth or just observing your kid's decisions with their own finances, we're helping you know the right steps to take in thi…
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Top Tax Strategies for Retirement
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Tax planning is one of the six areas of everyone's financial life and needs to be considered when making financial decisions. Being proactive and aware of how you can structure your wealth to pay less tax over your lifetime — or multiple generations — can lead to significant tax savings but could be costly if not done. In this episode of Wise Money…
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The Right Entity Structure For Your Small Business
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From risk management to tax planning, the entity structure of your small business plays a big role in your financial life and planning. What is the right entity structure for your small business? We're discussing those options, a new regulation, and hitting your questions in this episode of Wise Money. Season 9 Episode 28 Have a question you want t…
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How to Invest Tax-Efficiently
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Do you have a tax-shelter strategy? And beyond that, for money outside of retirement accounts, are you investing tax-efficiently? We're helping you answer those questions as well as other questions submitted by listeners on this episode of Wise Money! Season 9 Episode 27 Have a question you want to have answered on the show? Call or text 574-222-20…
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Many economists predicted a recession in 2023 that never came. How important is it to stay on guarded watch for a recession, and what impact does it make in your financial life? In this episode, we're sharing five truths about recession so you can plan ahead even better. Season 9 Episode 26 Have a question you want to have answered on the show? Cal…
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Tax Surprises for Your 2023 Tax Return
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This tax season has very few law changes compared to the previous three years. However, that doesn't mean it won't be full of tax surprises that may wreak havoc on your finances. We're covering those tax surprises you should be aware of and how to avoid them on this episode of Wise Money. Season 9 Episode 25 Have a question you want to have answere…
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Understanding the Partial-Year Rules for HSA
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When you are covered by an HSA-eligible high-deductible health plan for part of a year instead of the full calendar year, what amount are you allowed to contribute? What happens if you contribute too much? We're answering those and other listener questions during this episode of Wise Money. Season 9 Episode 24 Have a question you want to have answe…
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Tax Planning Strategies to Maximize Your 2023 Tax Return
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As tax season kicks off, what are the tax strategies you need to consider before you finalize your tax return? We're discussing those and this year's surprising tax rule changes on this episode of Wise Money. Season 9 Episode 23 Have a question you want to have answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a…
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Solutions for Today's Greatest Risks
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What can you do to help shelter yourself from some of life's greatest financial risks outside your control? In today's episode of Wise Money, we discuss what those risks are and how you can help limit their impact on your own financial life. Season 9 Episode 22 Have a question you want to have answered on the show? Call or text 574-222-2000 or leav…
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2023 Investment Recap and 2024 Market Outlook
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The stock market in 2023 didn't meet anyone's expectations, thankfully, in a good way. How did the performance catch so many experts by surprise, and what can you expect from the markets in 2024? We're covering that and more on this episode of Wise Money. Season 9 Episode 21 Have a question you want to have answered on the show? Call or text 574-22…
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Best Ways to Save for Retirement Without a 401k
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If you don't have a 401(k) available to you at work, or you have one but no company match is offered, what are the best strategies to help you save for retirement? We're discussing the strategies out there and what might be the best one in your situation on this episode of Wise Money. Season 9 Episode 20 Have a question you want to have answered on…
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The Most Common Financial Goals for 2024
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As the year comes to a close, what do you have your sights on to achieve in your finances in the year ahead? We're sharing the top 3 financial goals people have for 2024 and the strategies for how to achieve them on this episode of Wise Money. Season 9 Episode 19 Have a question you want to have answered on the show? Call or text 574-222-2000 or le…
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What Is Your Retirement Score?
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A ranking of the world's retirement systems scored the U.S. a C+ in retirement. What factors contributed to this score, and more importantly, what is your retirement score? We're helping you ace your retirement during this episode of Wise Money. Season 9 Episode 18 Have a question you want to have answered on the show? Call or text 574-222-2000 or …
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How to Manage Rising Insurance Rates
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Home and auto insurance rates continue to rise due to ongoing inflationary pressures, increased large claims, and a low supply of goods and labor. While you cannot influence these trends and how they impact insurance rates, we're covering what you can control that can help limit the rate increases you see on this episode of Wise Money. Season 9 Epi…
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Common RMD Mistakes to Avoid
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Once you reach age 73 it is required that you withdraw at least a minimum amount out of your pre-tax retirement accounts each year. This Required Minimum Distribution (RMD) might seem straightforward, but there are some common mistakes you'll want to avoid. We're hitting those mistakes and telling you how to avoid them on this episode of the Wise M…
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Backdoor Roth and Mega Backdoor Roth Strategies
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If your income is above the Roth IRA contribution limit, what creative strategies exist for you to get dollars into a Roth IRA to grow tax-free for your future? The backdoor Roth and mega backdoor Roth contributions are two creative strategies that could be a good fit if they're right for your situation. We're covering how these strategies work and…
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Year-End Tax Planning Strategies for 2023
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As the year is ending, little time remains for you to do your year-end tax planning for 2023. With the goal of paying the least amount of tax over your lifetime, what strategies exist for you in 2023 that you need to implement before the end of the year? We're sharing our favorite year-end tax planning strategies for 2023 on this episode of Wise Mo…
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The Most Dangerous Assumptions in Retirement Planning
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To best plan for retirement, you must make several key assumptions about the future: when you'll retire, how much you'll spend, if you will have a part-time job, and many others. These assumptions will influence the output of your projections, thereby influencing the conclusions you draw and your actions. On this episode, we cover the most dangerou…
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Is It Possible to Do Too Much Roth Conversion?
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The Roth Conversion is a great strategy for shifting dollars from a retirement account with a future tax liability to one where the dollars will grow tax-free for the rest of your life. Should you consider doing a Roth Conversion, and is it possible to do too much? We're helping you answer those questions and more on this episode of Wise Money. Hav…
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