Baltimore Washington Financial Advisors Podcasts

UNDERSTANDING THE NEW TRUMP ACCOUNTS FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Lawrence M. Post | CPA, MST, CFP®, CIMA® Senior Tax & Planning Advisor, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode New “Trump Accounts” have generated a lot of attention and confusion. This episode breaks down what these accounts are, who qualifies, how they work, and why a wait-and-see approach may be appropriate before making long-term planning decisions. Full Description Newly proposed “Trump Accounts” have sparked widespread interest, but many details remain unclear. While headlines have described them as powerful new savings tools for children, the reality is more nuanced and still evolving. In this episode of Healthy, Wealthy & Wise, the discussion walks through what is currently known about Trump Accounts and how they may function once fully implemented. Listeners will learn who qualifies, when accounts can be opened, and how contributions are expected to work under the proposed rules. The episode explains that these accounts are designed to allow savings for children under age 18 without the earned income requirement typically needed for IRAs. Contributions are limited annually, grow tax deferred, and generally cannot be accessed until the child turns 18. At that point, the account begins to function more like a traditional IRA, with taxes and penalties applying under standard rules. The conversation also highlights important limitations and unanswered questions. Custodians have not yet been announced, investment choices appear restricted, and final regulations are still pending. While the government has proposed a one-time starter contribution for certain birth years, families must still decide whether additional contributions align with their goals. Listeners will hear why these accounts may not be the best option for every family. Depending on the intended use of the money, alternatives such as 529 plans, custodial accounts, or Roth IRAs for working minors may offer more flexibility or tax advantages. Rather than rushing to act, this episode emphasizes thoughtful planning. Understanding the purpose of the savings and how funds may be used in the future is critical before committing long-term dollars to a new and evolving account structure. To learn more about how new savings options fit into a broader financial plan, visit BWFA's Financial Planning Services.

WHAT THE 2026 CONTRIBUTION LIMITS MEAN FOR YOU FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Lawrence M. Post | CPA, MST, CFP®, CIMA® Senior Tax & Planning Advisor, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Contribution limits for retirement accounts change periodically and can impact how much you are able to save. This episode explains the newly finalized retirement plan contribution limits for 2026 and why understanding these updates can help you make informed decisions about saving, planning, and taking advantage of available opportunities. Full Description Each year, retirement plan contribution limits are reviewed and adjusted, reflecting changes in economic conditions and cost-of-living considerations. These updates can affect how much individuals and families are able to contribute to retirement accounts and influence overall planning strategies. In this episode of Healthy, Wealthy & Wise, the discussion focuses on the retirement plan contribution limits finalized for 2026. Listeners will learn what has changed, which accounts are impacted, and why these updates matter when planning for long-term financial goals. The episode explains how contribution limits apply to common retirement vehicles and how increases may create new opportunities to save more efficiently. Understanding these limits is especially important for those nearing retirement, individuals trying to maximize savings, or anyone adjusting their financial plan for the coming year. The conversation also highlights why contribution limits should be viewed as part of a broader strategy rather than in isolation. Saving more is helpful, but aligning contributions with income, tax considerations, and future goals is equally important. Planning ahead allows individuals to take advantage of changes without disrupting cash flow or other priorities. Listeners will gain perspective on how staying informed about contribution limits supports proactive planning. Rather than reacting at tax time, understanding updates early allows for more intentional decisions throughout the year. At BWFA, we help clients evaluate how annual changes like contribution limits fit into their overall financial plans. This episode provides timely insight for anyone looking to stay informed and make thoughtful choices as they plan for 2026 and beyond. To learn more about retirement planning strategies, visit BWFA's Financial Planning Services.

ESTATE PLANNING BASICS FOR EVERY STAGE OF LIFE FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Tyler Kluge | CFP®, CPWA®, CDFA®, CEPS Financial Planner, BWFA Tessa Hall Media and Communications Specialist, BWFA About This Episode Estate planning is often misunderstood as something only wealthy families need to worry about. This episode explains why having a plan in place matters regardless of net worth and how basic estate documents can provide clarity, protection, and peace of mind at every stage of life. Full Description Many people assume estate planning is only necessary for those with significant wealth. In reality, estate planning is about protecting loved ones, clarifying wishes, and reducing uncertainty, regardless of net worth. In this episode of Healthy, Wealthy & Wise, the discussion explains why estate planning is important for individuals and families at all stages of life. Listeners will learn how basic planning documents help ensure decisions are made according to their wishes, not left to default rules. The episode covers common misconceptions around estate planning and why waiting can create unnecessary complications. Without proper documents in place, families may face delays, added stress, and difficult decisions during already challenging times. The conversation also highlights how estate planning supports broader financial planning goals. Coordinating beneficiaries, powers of attorney, and healthcare directives helps create clarity and continuity, especially as life circumstances change. Listeners will gain insight into why estate planning is not about predicting outcomes, but preparing for possibilities. Having a plan in place provides peace of mind and helps protect both people and assets. At BWFA, we encourage proactive planning that reflects each client's goals and values. This episode offers a clear reminder that estate planning is a foundational step for anyone who wants to care for those they love. To learn more about estate and financial planning strategies, visit BWFA's Financial Planning Services.

WHY FINANCIAL SUCCESS IS MORE ABOUT BEHAVIOR THAN MATH FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Tyler Kluge | CFP®, CPWA®, CDFA®, CEPS Financial Planner, BWFA Tessa Hall Media and Communications Specialist, BWFA About This Episode Financial success is not just about spreadsheets or calculations. Learn how habits, mindset, and everyday decisions often have a greater impact on long-term financial outcomes. Full Description Many people believe financial success comes down to formulas, calculations, and choosing the right investments. While the numbers matter, they are rarely the sole driver of long-term outcomes. In reality, behavior often plays a far greater role than most people expect. In this episode of Healthy, Wealthy & Wise, the discussion explores why financial success is shaped more by decisions and habits than by math alone. Listeners will learn how everyday choices, emotional responses, and long-term behaviors influence financial progress over time. The episode explains how consistency, patience, and follow-through often outweigh technical knowledge. Even well-structured financial plans can struggle when decisions are driven by fear, impulse, or short-term reactions. Recognizing these patterns can help individuals better understand where challenges may arise. The conversation also addresses common behavioral obstacles, such as reacting to market swings, increasing spending during strong income years, or avoiding difficult financial conversations. These behaviors can quietly erode progress, even when income and savings appear healthy on paper. Financial behavior develops over time and is shaped by experiences, confidence, and past outcomes. By understanding these influences, individuals can begin to identify habits that either support or limit long-term success. This episode emphasizes awareness and intentional decision-making rather than optimization or complexity. Small behavioral shifts, when paired with thoughtful planning, can lead to more sustainable outcomes. At BWFA, we help clients build financial plans that account for both the numbers and the human side of decision-making. This episode offers perspective for anyone seeking greater confidence by focusing on the habits that truly drive financial success. To learn more about building a thoughtful financial plan, visit BWFA's Financial Planning Services.

IRS IDENTITY THEFT AND WHAT TO KNOW FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Lawrence M. Post | CPA, MST, CFP®, CIMA® Senior Tax & Planning Advisor, BWFA About This Episode Identity theft can create serious tax complications, often before you even realize there is a problem. Learn how IRS-related identity theft happens, the warning signs to watch for, and how understanding the process can help reduce stress and protect your financial life. Full Description Identity theft can affect more than just your credit. When it involves tax filings, the consequences can be stressful, time-consuming, and difficult to resolve without proper guidance. In this episode of Healthy, Wealthy & Wise, the discussion focuses on identity theft as it relates specifically to the IRS. Listeners will learn how tax-related identity theft occurs, including how stolen personal information can be used to file fraudulent returns or claim refunds. The episode explains common warning signs that may indicate a problem, such as unexpected IRS notices, rejected tax filings, or missing refunds. Understanding these signals early can help limit further complications and reduce the time it takes to correct the issue. The conversation also outlines how the IRS typically responds once identity theft is identified. Listeners gain insight into the steps involved in reporting fraud, verifying identity, and protecting future tax filings. While the process can take time, knowing what to expect helps reduce uncertainty. In addition, the episode highlights practical steps individuals can take to reduce risk. These include safeguarding personal information, monitoring tax records, and responding promptly to IRS communications. Prevention and early action are key themes throughout the discussion. At BWFA, we help clients navigate financial challenges that extend beyond investments. This episode provides helpful context for anyone concerned about identity theft and its impact on their tax situation. To learn more about our tax services planning support, visit BWFA's Tax Planning.

HOW TO START SPENDING CONFIDENTLY IN RETIREMENT FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Tyler Kluge | CFP®, CPWA®, CDFA®, CEPS Financial Planner, BWFA Tessa Hall Media and Communications Specialist, BWFA About This Episode Moving from saving money to spending it in retirement can feel uncomfortable and unfamiliar. Learn why this transition is often emotionally challenging and how thoughtful planning can help you spend with greater confidence and peace of mind. Full Description For many retirees, the shift from saving money to spending it can be one of the most challenging parts of retirement. After decades of building assets, drawing from those savings often feels unnatural, even when the plan supports it. In this episode of Healthy, Wealthy & Wise, the discussion explores how to navigate the transition from saving to spending in retirement. Listeners will learn why this shift can feel emotionally difficult and how thoughtful planning helps ease the adjustment. The episode explains how retirement spending differs from working years. Income sources change, spending patterns evolve, and decisions often require more intention. Understanding how and when to use savings is critical for maintaining confidence throughout retirement. The conversation also addresses common concerns, such as fear of running out of money and uncertainty around market conditions. Listeners gain insight into how planning strategies can provide structure while allowing flexibility as needs change over time. Rather than focusing on rigid rules, the episode emphasizes aligning spending with personal priorities and long-term goals. Retirement spending should support the life you want to live, not create ongoing stress or hesitation. At BWFA, we help retirees develop income strategies designed to support both lifestyle and longevity. This episode offers perspective for anyone approaching retirement or already adjusting to life after full-time work. To learn more about retirement planning strategies, visit BWFA's Financial Planning Services.

DOING EVERYTHING RIGHT BUT STILL ANXIOUS ABOUT MONEY FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Tyler Kluge | CFP®, CPWA®, CDFA®, CEPS Financial Planner, BWFA Tessa Hall Media and Communications Specialist, BWFA About This Episode Even with solid financial habits, money anxiety can persist. Learn why this happens and how thoughtful planning can help restore confidence. Full Description Many people follow the “right” financial rules. They save consistently, avoid major debt, and plan responsibly. Yet despite doing everything they are told to do, anxiety around money often remains. This disconnect can be confusing and frustrating. In this episode of Healthy, Wealthy & Wise, the discussion explores why financial anxiety can exist even when the numbers appear sound. Listeners will learn how uncertainty, life transitions, and emotional stressors can influence how we feel about money, regardless of outward financial success. The episode explains how financial confidence is shaped by more than balances and spreadsheets. Factors such as market volatility, changing goals, and fear of the unknown often play a larger role than expected. Without clarity and context, even well-managed finances can still feel fragile. The conversation also highlights the importance of aligning financial plans with personal values and priorities. When goals are unclear or outdated, anxiety can persist despite strong habits. This episode encourages listeners to revisit not just what they are doing with their money, but why. Rather than offering quick fixes, the discussion focuses on building understanding. Recognizing the emotional side of financial planning can help individuals move from constant worry toward informed confidence. Planning is not only about preparing for outcomes, but also about reducing unnecessary stress along the way. At BWFA, we work with individuals and families to create plans that address both financial structure and peace of mind. This episode offers perspective for anyone who feels they are doing everything right, yet still worries about what lies ahead. To learn more about creating a financial plan that supports long-term confidence, visit BWFA's Financial Planning Services.

COSTLY MISTAKES OVERSPENDING IN RETIREMENT FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Tyler Kluge | CFP®, CPWA®, CDFA®, CEPS Financial Planner, BWFA Tessa Hall Media and Communications Specialist, BWFA Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA About This Episode Holding retirement savings in cash may feel safe, but over time inflation erodes purchasing power. In this episode, BWFA's Sandy Hornor, Jr. and Tyler Kluge explain why too much cash can become a costly mistake—and how to find the right balance for long-term security. You'll also learn why professional planning helps ensure that your money continues to grow, even as your needs and goals evolve. Full DescriptionMany retirees feel comfortable keeping large portions of their retirement plan in cash. It provides stability, avoids market swings, and seems like the safe choice. However, cash alone cannot keep up with inflation. Over the years, rising prices quietly reduce its value, leaving less to cover healthcare costs, everyday expenses, and the retirement lifestyle you planned. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor, Jr., Tyler Kluge, and Tessa Hall explain why holding too much cash can be risky. While every plan needs liquidity for emergencies, relying on cash at the expense of growth may limit your long-term success. Together, they share insights on how to strike the right balance, ensuring you maintain flexibility today while protecting your future purchasing power. Listeners will also hear how professional financial planning can help determine the right mix of cash, bonds, and equities. With careful guidance, it is possible to feel secure while still allowing your portfolio to grow. At BWFA, we believe retirement is about more than safety—it's about sustainability. This episode offers practical guidance for making smarter decisions, avoiding common pitfalls, and staying on track for the future. By learning how to balance risk and reward, you can create a retirement strategy designed to last. For more retirement strategies, visit BWFA's Financial Planning Services.

RELOCATING TOO QUICKLY IN RETIREMENT FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Lawrence M. Post | CPA, MST, CFP®, CIMA® Senior Tax & Planning Advisor, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Retirement withdrawals are more complex than many expect. Learn what often gets overlooked when turning savings into income. Full Description Saving for retirement is only part of the journey. Turning those savings into a reliable income requires careful planning and ongoing decision-making. Many retirees are surprised by how complex withdrawal strategies can be once retirement begins. In this episode of Healthy, Wealthy & Wise, the discussion focuses on what people are often not told about retirement withdrawal strategies. Listeners will learn why the order, timing, and source of withdrawals can significantly affect long-term outcomes. The episode explores how taxes, required distributions, and market conditions all influence retirement income planning. Without a clear strategy, withdrawals can unintentionally increase tax exposure or shorten the lifespan of a portfolio. The conversation also highlights why flexibility matters. Retirement plans are not static, and withdrawal strategies should evolve as circumstances change. Health needs, spending patterns, and market performance all play a role in shaping sustainable income. Listeners will gain insight into why a coordinated approach is essential. Withdrawal decisions should align with overall financial goals, not be made in isolation. This episode emphasizes the importance of planning and revisiting strategies regularly. At BWFA, we help retirees and pre-retirees build income strategies designed to support long-term confidence and adaptability. This episode provides a valuable perspective for anyone approaching or living in retirement. To learn more about retirement income planning, visit BWFA's Financial Planning Services.

ARE YOU BEING TOO SAFE WITH YOUR MONEY? FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Lawrence M. Post | CPA, MST, CFP®, CIMA® Senior Tax & Planning Advisor, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Relocating in retirement can be exciting, but moving without proper research can turn into a costly mistake. In this episode, BWFA's Sandy Hornor, Jr. and Tyler Kluge explain the risks of relocating too quickly—and how to make sure your next move supports both your lifestyle and your financial goals. Full Description Being cautious with money is often viewed as a strength. Avoiding risk, holding extra cash, and prioritizing security can provide peace of mind. However, being too conservative for too long can create challenges that are not always obvious at first. In this episode of Healthy, Wealthy & Wise, the discussion explores the hidden risks of being overly conservative with your finances. Listeners will learn how excessive caution can reduce growth potential and make it harder to keep pace with long-term goals. The episode explains how inflation, time, and opportunity cost can quietly erode purchasing power when money remains underutilized. While conservative strategies may feel safe in the short term, they can limit flexibility and options later in life. The conversation also emphasizes that risk is not one-size-fits-all. What feels appropriate at one stage of life may no longer support future needs. Understanding how risk tolerance, time horizon, and goals interact is critical when evaluating financial decisions. Listeners will gain insight into how thoughtful adjustments can improve balance without abandoning stability. Being strategic does not mean taking unnecessary risks. It means aligning decisions with long-term objectives while remaining adaptable as circumstances change. At BWFA, we help individuals and families strike the right balance between caution and opportunity. This episode encourages listeners to reassess whether their current approach supports where they want to go. To learn more about building a balanced financial plan, visit BWFA's Financial Planning Services.

MONEY MISTAKES THAT CAN HURT YOU IN YOUR 30S AND 40S FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Lawrence M. Post | CPA, MST, CFP®, CIMA® Senior Tax & Planning Advisor, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode HOW TO DECIDE BETWEEN DEBT AND INVESTING Full Description Your 30s and 40s are often some of the busiest and most financially complex years of life. Careers are advancing, families may be growing, and financial responsibilities tend to increase. During this time, small missteps can quietly compound into larger challenges later on. In this episode of Healthy, Wealthy & Wise, the discussion focuses on common money mistakes people make in their 30s and 40s. Listeners will learn how competing priorities such as housing, childcare, education costs, and lifestyle choices can strain finances if not managed intentionally. The conversation highlights how delaying planning can be one of the most costly mistakes. Waiting to save, invest, or address protection needs often reduces flexibility later. This episode explains why building good habits earlier in these decades can make future decisions easier and less stressful. Another key theme is balance. Overextending on lifestyle upgrades, underestimating long-term goals, or neglecting foundational planning can all slow progress. The discussion emphasizes the importance of aligning spending with values and maintaining clarity around priorities. Listeners will also hear why financial mistakes during these years are common and understandable. Life moves quickly, and many decisions are made without full information. The goal is not perfection, but awareness. Recognizing potential pitfalls allows individuals to course-correct before long-term consequences set in. At BWFA, we help individuals and families navigate these pivotal years with thoughtful planning and guidance. This episode offers practical insight to help listeners make more informed financial decisions during their 30s and 40s. To learn more about building a financial plan that evolves with your life, visit BWFA's Financial Planning Services.

HOW TO DECIDE BETWEEN DEBT AND INVESTING FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Lawrence M. Post | CPA, MST, CFP®, CIMA® Senior Tax & Planning Advisor, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Deciding whether to pay off debt or invest can feel overwhelming. Learn how to weigh your options and make choices that support long-term goals. Full Description One of the most common financial questions people face is whether they should focus on paying off debt or investing for the future. Both options can play an important role in a healthy financial plan, but the right answer is rarely the same for everyone. In this episode of Healthy, Wealthy & Wise, the discussion explores how to evaluate the decision to pay down debt versus investing. Listeners will learn why interest rates, cash flow, and personal goals all matter when deciding where to direct their money. The conversation explains that not all debt is created equal. High-interest consumer debt can place ongoing pressure on finances, while lower-interest debt may allow room for investing at the same time. This episode helps listeners understand how different types of debt fit into a broader financial strategy. The episode also highlights the emotional side of this decision. Paying off debt can provide peace of mind, while investing supports long-term growth. Balancing these priorities often requires tradeoffs. Rather than viewing the choice as all or nothing, the discussion encourages a more flexible approach that considers both progress and stability. Listeners will gain insight into how thoughtful planning can help avoid extremes. Making consistent, informed decisions over time often leads to better outcomes than reacting based on short-term emotions or headlines. At BWFA, we help individuals and families align debt management and investing within a comprehensive plan. This episode offers guidance to help you make confident decisions that fit your unique financial situation. To learn more about building a balanced financial plan, visit BWFA's Financial Planning Services.

WHY A HIGH INCOME DOESN'T GUARANTEE WEALTH FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Lawrence M. Post | CPA, MST, CFP®, CIMA® Senior Tax & Planning Advisor, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Earning more money does not always lead to financial security. Learn why income alone is not enough to build lasting wealth. Full Description Many people assume that a high income automatically leads to wealth. In reality, income is only one part of the financial picture. Without intentional planning, even strong earnings can fail to translate into long-term security. In this episode of Healthy, Wealthy & Wise, the discussion explores why income alone does not guarantee wealth. Listeners will learn how spending habits, lifestyle choices, taxes, and planning decisions often have a greater impact on financial outcomes than salary alone. The episode highlights common patterns seen among high earners who struggle to build wealth. Lifestyle inflation, lack of savings discipline, and uncoordinated financial decisions can quietly erode progress over time. The conversation explains how these issues can affect professionals at every income level. Listeners will also gain insight into what truly supports wealth building. Consistent saving, intentional spending, thoughtful investing, and long term planning all work together to create sustainable financial strength. Wealth is built through decisions made over time, not simply through higher paychecks. Rather than focusing on earning more, this episode encourages listeners to focus on making smarter choices with what they already earn. Understanding where money goes, aligning spending with goals, and creating a structured plan can make a meaningful difference. At BWFA, we work with individuals and families to help turn income into lasting opportunity. This episode offers a practical reminder that wealth is about behavior, planning, and consistency. To learn more about building a comprehensive financial plan, visit BWFA's Financial Planning Services.

HOW TO PREPARE FINANCIALLY FOR THE UNEXPECTED (WITHOUT OBSESSING) FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Lawrence M. Post | CPA, MST, CFP®, CIMA® Senior Tax & Planning Advisor, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Life is unpredictable, but financial planning does not have to be stressful. Learn how to prepare for the unexpected without constant worry. Full Description Unexpected events are a part of life. Job changes, health issues, family needs, and economic shifts can all impact financial stability. While it is impossible to plan for every outcome, being financially prepared can help reduce stress and improve confidence when challenges arise. In this episode of Healthy, Wealthy & Wise, the discussion focuses on how to prepare financially for the unexpected without becoming overwhelmed or overly cautious. The conversation emphasizes balance, showing how thoughtful planning can create flexibility without requiring constant monitoring or fear-driven decisions. Listeners will learn why preparation is about structure rather than prediction. Establishing emergency savings, maintaining appropriate insurance coverage, and understanding cash flow are foundational steps that help absorb life's surprises. This episode also explores how over-preparing can be just as harmful as under-preparing, particularly when excessive conservatism limits long-term growth or opportunity. The discussion highlights the importance of clarity. Knowing what resources are available and how they fit into an overall financial plan allows individuals to respond thoughtfully rather than react emotionally. Preparation does not mean obsessing over worst-case scenarios. It means building a plan that can adapt as circumstances change. Rather than offering quick fixes or rigid rules, this episode encourages a calm, intentional approach to financial readiness. When preparation is aligned with goals and values, it becomes a source of confidence rather than anxiety. At BWFA, we help clients design financial plans that are resilient, flexible, and realistic. Preparing for the unexpected is not about fear. It is about creating a plan that supports you through whatever life brings. To learn more about building a flexible financial plan, visit BWFA's Financial Planning Services.

GETTING THE MOST OUT OF A MARYLAND 529 FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Maryland 529 plans offer tax advantages for families saving for education. Learn how these plans work and how they fit into college planning. Full Description Saving for college can feel overwhelming, especially as education costs continue to rise. Maryland families have access to a powerful tool that can help make this goal more manageable: the Maryland 529 college savings plan. Understanding how these plans work is an important step in building an effective education funding strategy. In this episode of Healthy, Wealthy & Wise, Larry and Tyler discuss how Maryland 529 plans function and why they are commonly used for college savings. They explain the basic structure of a 529 plan, including how contributions grow over time and how funds can be used for qualified education expenses. The conversation also highlights the specific benefits available to Maryland residents. State tax deductions, flexibility in contribution amounts, and control over the account all play a role in making Maryland 529 plans appealing for families at different stages of planning. Larry and Tyler also discuss how these plans can be coordinated with other education funding options. Listeners will learn why it is important to align college savings with broader financial goals. Saving for education should not come at the expense of retirement planning or overall financial stability. This episode emphasizes the value of balance and thoughtful prioritization when planning for future expenses. Rather than viewing a 529 plan as a standalone solution, Larry and Tyler encourage families to integrate college savings into a comprehensive financial plan. This approach helps ensure education goals are supported while maintaining long-term flexibility. To learn more about education planning and savings strategies, visit BWFA's Financial Planning Services.

THE BENEFITS OF STARTING FINANCIAL PLANNING EARLY FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Lawrence M. Post | CPA, MST, CFP®, CIMA® Senior Tax & Planning Advisor, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Senior Financial Planner, BWFA About This Episode Starting financial planning early can make a meaningful difference over time. Learn why early action creates flexibility, confidence, and long-term opportunity. Full Description Financial planning is often viewed as something to address later in life, once income increases or major milestones approach. In reality, starting early can provide significant advantages that compound over time. The earlier planning begins, the more flexibility individuals have to adapt, adjust, and stay aligned with their goals. In this episode of Healthy, Wealthy & Wise, Larry and Tyler discuss why early financial planning lays a strong foundation for long-term success. They explain how starting early allows individuals to take advantage of compounding, build healthy financial habits, and make thoughtful decisions without unnecessary pressure. The conversation highlights how early planning is not about perfection, but direction. Establishing clear priorities, understanding cash flow, and setting realistic goals can help individuals navigate life changes with greater confidence. Early planning also creates room to course-correct as circumstances evolve, rather than reacting under time constraints later on. Larry and Tyler also emphasize the value of education and consistency. Small steps taken early can have an outsized impact over time. Whether planning for retirement, managing debt, or preparing for future expenses, starting early allows planning decisions to work together more effectively. Rather than waiting for a “right time,” this episode encourages listeners to view financial planning as an ongoing process that grows alongside them. Early planning supports better decision-making and helps reduce stress as goals become more defined. At BWFA, we help individuals and families build financial plans that evolve with each stage of life. This episode reinforces the importance of starting early and staying engaged over time. To learn more about building a financial plan that fits your goals, visit BWFA's Financial Planning Services.

PASSING A HOME TO THE NEXT GENERATION FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Thad Ismart | CFP®, ChFEBC, CEPS  Senior Financial Planner About This Episode A Qualified Personal Residence Trust, or QPRT, can be a powerful estate planning tool for transferring a home while managing estate taxes. Learn how it works and when it may be appropriate. Full Description Transferring a home to the next generation can be one of the most complex parts of estate planning. Between emotional attachment, tax considerations, and long-term planning goals, families often struggle to find the right approach. A Qualified Personal Residence Trust, commonly known as a QPRT, is one option that may help address these challenges. In this episode of Healthy, Wealthy & Wise, Thad Ismart, CFP®, ChFEBC, CEPS, explains how QPRTs work and why they are sometimes used in estate planning strategies. He outlines how a QPRT allows a homeowner to transfer a residence out of their estate while continuing to live in the property for a specified period of time. If structured properly, this approach can help reduce the taxable value of the estate. The discussion also highlights important considerations and potential risks. QPRTs are not a fit for every family, and they involve long-term commitments that should be carefully evaluated. Factors such as life expectancy, future housing needs, and changes in tax law all play a role in determining whether a QPRT makes sense. Thad emphasizes the importance of coordination between estate planning, tax strategy, and overall financial goals. Decisions involving property transfers should never be made in isolation. Understanding both the benefits and limitations of a QPRT helps families avoid unintended consequences. At BWFA, we work with clients and their estate planning professionals to ensure advanced strategies align with their broader financial picture. This episode provides a practical overview of QPRTs and their role in thoughtful estate planning. To learn more about estate planning strategies, visit BWFA's Financial Planning page.

UNDERSTANDING HOW FINANCIAL AID REALLY WORKS FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Thad Ismart | CFP®, ChFEBC, CEPS  Senior Financial Planner About This Episode Financial aid is often misunderstood. Learn how the system really works and what families should consider when planning for college costs. Full Description Financial aid plays an important role in college planning, yet many families misunderstand how it works and what it can realistically provide. Assumptions about eligibility, timing, and availability often lead to confusion and missed opportunities. Understanding the basics early can make a meaningful difference in how families prepare for higher education expenses. In this episode of Healthy, Wealthy & Wise, Thad Ismart, CFP®, ChFEBC, CEPS, breaks down the realities of financial aid and explains why expectations do not always match outcomes. He discusses how financial aid formulas evaluate income, assets, and household factors, and why aid packages can vary significantly from one school to another. The conversation also addresses common misconceptions, such as the belief that only low-income families qualify for assistance or that financial aid will cover the majority of college costs. Thad explains how financial aid decisions are influenced by multiple variables and why planning ahead is essential for families across income levels. Listeners will gain insight into how financial aid fits into a broader college funding strategy. While aid can help reduce costs, it should not be the sole plan. Thad emphasizes the importance of understanding deadlines, completing required forms accurately, and coordinating financial aid expectations with other savings and planning tools. At BWFA, we help families navigate college planning with a clear, realistic approach. By understanding how financial aid truly works, families can make more informed decisions and avoid surprises along the way. To learn more about how education planning fits into your overall financial picture, visit BWFA's Financial Planning page and explore how thoughtful planning can help you move forward with confidence.

MAKING THE MOST OF A FINANCIAL WINDFALL FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Thad Ismart | CFP®, ChFEBC, CEPS  Senior Financial Planner About This Episode Receiving a financial windfall can be exciting and overwhelming. Learn how to approach sudden wealth thoughtfully and avoid common missteps. Full Description A financial windfall can arrive in many forms, including an inheritance, bonus, business sale, or unexpected payout. While the influx of money may feel like an opportunity to act quickly, rushing decisions can often lead to regret. Taking time to plan is one of the most important steps after receiving a windfall. In this episode of Healthy, Wealthy & Wise, Thad Ismart, CFP®, ChFEBC, CEPS, discusses how to approach a financial windfall with clarity and intention. He explains why emotional reactions, whether excitement or anxiety, can cloud judgment and lead to decisions that do not align with long-term goals. The conversation emphasizes the value of pausing before making major moves. Creating short-term stability, understanding tax implications, and clarifying personal priorities all play a role in building a thoughtful plan. Rather than viewing a windfall as money that must be spent or invested immediately, Thad encourages listeners to see it as an opportunity to strengthen their overall financial foundation. Listeners will also learn why aligning a windfall with existing goals is essential. Whether the priority is reducing debt, saving for the future, supporting family, or increasing flexibility, a structured approach helps ensure the money is used intentionally. Planning also helps reduce the risk of lifestyle inflation and other common pitfalls that can erode the long-term value of sudden wealth. At BWFA, we help individuals integrate windfalls into a broader financial plan so short-term decisions support long-term confidence. With the right guidance, a windfall can become a meaningful step forward rather than a missed opportunity. To learn more about how windfalls fit into a comprehensive strategy, visit BWFA's Financial Planning page and explore how thoughtful planning can help you move forward with confidence.

HOW TO MAKE YOUR SAVINGS WORK HARDER FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Thad Ismart | CFP®, ChFEBC, CEPS  Senior Financial Planner About This Episode Saving money is only the first step. Learn how to make your savings work more efficiently toward your long-term financial goals. Full Description Saving money is an important habit, but where and how you save can make just as much of a difference as how much you set aside. Many people work hard to build savings, only to leave those dollars sitting idle or earning less than they could over time. In this episode of Healthy, Wealthy & Wise, the conversation focuses on how to make your savings work harder without taking unnecessary risks. The discussion explores common places people hold cash, such as checking accounts, traditional savings accounts, and short-term vehicles, and explains why some options may limit long-term progress when used incorrectly. Listeners will learn how aligning savings with specific goals can improve results. Emergency funds, near-term expenses, and long-term objectives all serve different purposes and should be treated differently. This episode highlights why a one-size-fits-all approach to saving often falls short and how thoughtful planning can help improve efficiency. The episode also addresses the impact of inflation on savings and why earning a return that keeps pace with rising costs matters over time. Small adjustments, such as reviewing account types, time horizons, and risk tolerance, can significantly influence outcomes without requiring drastic changes. Rather than chasing quick wins or complicated strategies, this discussion emphasizes clarity, discipline, and intentional decision-making. Making your savings work harder is not about doing more. It is about doing the right things with the money you already have. To learn more about how savings fit into a comprehensive financial plan, visit BWFA's Financial Planning visit BWFA's Financial Planning page and explore how thoughtful planning can help you move forward with confidence.

WHY RAISES CAN STILL LEAVE YOU BEHIND FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Thad Ismart | CFP®, ChFEBC, CEPS  Senior Financial Planner About This Episode As income increases, spending often follows, sometimes without being noticed. In this episode, Thad Ismart explains how lifestyle creep quietly erodes savings and why even small spending increases can have significant long-term financial repercussions. Full Description Lifestyle creep happens gradually. A raise leads to nicer vacations. A bonus can turn into a bigger home or an upgraded car. Over time, higher spending becomes the norm—even when income fluctuates, or unexpected expenses arise. While these changes may feel manageable in the moment, they can quietly undermine long-term financial goals. In this episode of Healthy, Wealthy & Wise, Thad Ismart, CFP®, ChFEBC, CEPS, Senior Financial Planner at Baltimore-Washington Financial Advisors, explores the real impact of lifestyle creep and why it's one of the most common challenges in financial planning. Thad explains how incremental spending increases often go unnoticed until savings stall or financial stress appears. The conversation highlights how lifestyle creep affects more than just monthly budgets. It can delay retirement, reduce flexibility, and limit the ability to respond to life's surprises. Thad also discusses how social comparison and changing expectations play a role, making it easy to spend more simply because it feels “normal.” Listeners will learn practical ways to manage lifestyle creep without sacrificing enjoyment. Thad emphasizes the importance of intentional spending, regular financial check-ins, and aligning lifestyle choices with long-term priorities. By setting clear goals and reviewing them as income changes, individuals can enjoy progress without losing control. At BWFA, we help clients create financial plans that balance today's lifestyle with tomorrow's security. This episode encourages listeners to recognize subtle spending shifts and make thoughtful choices that support lasting financial confidence. To learn more about building a sustainable plan, visit BWFA's Financial Planning Services.

WHAT MOST PEOPLE MISS IN THEIR FINANCIAL PLANNING FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Thad Ismart | CFP®, ChFEBC, CEPS  Senior Financial Planner About This Episode Even when your finances feel “on track,” hidden blind spots can quietly undermine your progress. In this episode, Thad Ismart explains how overlooked behaviors, assumptions, and habits can create financial risk—and how to identify them early. Full Description Many people assume that once they have a budget, an emergency fund, and a basic investment strategy, their financial life is in good shape. But confidence can sometimes create blind spots—areas that go unexamined simply because they're unfamiliar, uncomfortable, or easy to postpone. In this episode of Healthy, Wealthy & Wise, Thad Ismart, CFP®, ChFEBC, CEPS, Senior Financial Planner at Baltimore-Washington Financial Advisors, explores common financial blind spots and why they matter. He explains how people often focus on the parts of money management they understand while overlooking equally important areas that can impact long-term outcomes. Thad discusses how phrases like “spend money to make money” can be misunderstood and lead to unnecessary risk. He also explains why common financial rules of thumb—such as avoiding tax refunds at all costs—don't always apply to every situation. What works for one person may not work for another, and rigid thinking can prevent better solutions. Another major blind spot is comparison. Social media and lifestyle envy can distort priorities, pushing people to spend, invest, or borrow in ways that don't align with their goals. Thad also highlights how early life experiences shape our beliefs about money, often influencing decisions without us realizing it. Finally, the episode addresses one of the most common blind spots of all: retirement planning procrastination. Many people delay planning because the future feels uncertain or overwhelming. Thad emphasizes that financial planning is an ongoing process—one that evolves as life changes. This episode encourages listeners to step back, reassess assumptions, and address the gaps they may not even know exist. At BWFA, our financial planning process is designed to identify gaps and help clients make informed decisions over time. For more information, visit BWFA's Financial Planning Services.

COSTLY MISTAKES THE PITFALLS OF IRA WITHDRAWALS FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Individual Retirement Accounts (IRAs) are powerful tools for building wealth, but costly mistakes with withdrawals can lead to penalties, taxes, and reduced savings. In this episode, BWFA's Sandy Hornor, Jr. and Tyler Kluge explain how to avoid common errors with IRA withdrawals and keep your retirement plan on track. Full Description IRAs are designed to help individuals save for retirement with tax advantages. But when it comes time to withdraw funds, the rules can be complex. Missteps—like withdrawing too early, missing required distributions, or failing to plan for taxes—can create significant financial consequences. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor, Jr. and Tyler Kluge break down the most common mistakes people make with IRA withdrawals. They explain how taking money out before age 59½ can trigger early withdrawal penalties, and how overlooking required minimum distributions (RMDs) after age 73 can result in steep fines. The discussion also highlights how failing to coordinate withdrawals with other income sources can push retirees into higher tax brackets. Listeners will learn strategies to avoid these pitfalls. Sandy and Tyler emphasize the importance of understanding withdrawal timelines, planning ahead for taxes, and considering how withdrawals align with broader retirement goals. They also discuss how beneficiaries can make costly mistakes when inheriting IRAs if they don't follow the right distribution rules. The key takeaway: accumulating savings in an IRA is only part of the journey. Managing withdrawals wisely is just as important for preserving wealth in retirement. With the right guidance, retirees can maximize the value of their IRAs while minimizing taxes and penalties. At BWFA, we help clients navigate the complexities of retirement accounts, ensuring that every decision supports long-term financial security. This episode provides practical insights into how to avoid fumbling one of the most important aspects of retirement planning. For more resources, visit BWFA's Tax Planning Services.

COSTLY MISTAKES RELOCATING TOO QUICKLY IN RETIREMENT FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Relocating in retirement can be exciting, but moving without proper research can turn into a costly mistake. In this episode, BWFA's Sandy Hornor, Jr. and Tyler Kluge explain the risks of relocating too quickly—and how to make sure your next move supports both your lifestyle and your financial goals. Full Description A new home in retirement often represents more than just a change of address. For many, relocation symbolizes freedom, fresh opportunities, or a chance to be closer to family. Yet without careful planning, the dream move can bring unexpected expenses and regrets. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor, Jr. and Tyler Kluge explore the common pitfalls of relocating without enough research. They explain how factors like cost of living, property taxes, healthcare access, and state tax laws can have a lasting impact on financial security. Even small differences—such as insurance costs or utility bills—can add up over the years and strain a retirement budget. Listeners will also learn why lifestyle factors matter as much as financial ones. A move to a warmer climate may seem ideal, but access to quality healthcare, transportation, and social networks is equally important. Sandy and Tyler share real-world examples of clients who reconsidered relocation plans after evaluating these details. The key takeaway is that relocation should never be a snap decision. By running the numbers, visiting multiple times, and discussing long-term goals with a financial planner, retirees can ensure their move enhances rather than hinders their retirement. At BWFA, we help clients weigh the financial and lifestyle implications of relocation. This episode offers practical strategies to avoid surprises and make relocation a positive step forward. For more guidance, visit BWFA's Financial Planning Services.

COSTLY MISTAKES THE REALITY OF CREDIT MISUSE FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Credit cards are convenient, but without careful management, they can become a financial trap. In this episode, BWFA's Sandy Hornor, Jr. and Tyler Kluge discuss how misusing credit cards impacts long-term financial health—and share strategies for avoiding costly mistakes. Full Description Credit cards offer convenience, rewards, and short-term flexibility. Yet for many, they also become a source of debt and financial stress. High interest rates, overspending, and missed payments can quickly add up, making it harder to save, invest, or plan for retirement. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor, Jr., and Tyler Kluge discuss the hidden risks of mismanaging credit cards. They explain how carrying balances month after month erodes wealth and why relying on credit for everyday expenses creates long-term challenges. The conversation also covers the impact of late payments on credit scores and how that can affect borrowing costs in the future. Listeners will learn practical strategies for using credit responsibly. Sandy and Tyler share insights on how to avoid common traps, such as making only minimum payments or applying for too many cards at once. They also highlight the importance of budgeting, paying balances in full, and using rewards programs wisely. The key message is that credit cards are not inherently bad—they simply require discipline. With thoughtful use, they can provide flexibility and even benefits. Without discipline, they can derail savings goals and put your financial security at risk. At BWFA, we help clients make informed decisions about debt, savings, and long-term planning. This episode offers actionable advice to help you avoid the pitfalls of mismanaging credit cards and build a stronger financial foundation. For more financial planning resources, visit BWFA's Financial Planning Services.

COSTLY MISTAKES THE RISK OF OVERLOOKING INFLATION FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Inflation may not seem dramatic day-to-day, but over time it quietly erodes your purchasing power. In this episode, BWFA's Sandy Hornor, Jr. and Tyler Kluge explain why ignoring inflation is one of the most common and costly mistakes retirees make. Full Description Inflation has always been part of the economic landscape, but recent years have reminded us how quickly costs can rise. Even modest annual increases add up over decades, changing what retirees can afford and forcing tough decisions about lifestyle, travel, and healthcare. Planning without accounting for inflation often leads to budgets that work on paper at the start of retirement but fail later on. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor, Jr. and Tyler Kluge break down why inflation is called the “invisible thief.” They explain how it reduces the value of savings, increases the cost of essential services, and undermines long-term financial security. Retirees who ignore inflation may find that what felt safe in their 60s becomes inadequate in their 80s. Listeners will learn practical ways to protect against inflation. Strategies include investing in growth assets, diversifying income streams, and reviewing plans regularly to reflect changing conditions. Sandy and Tyler also share how BWFA helps clients stress-test portfolios under different inflation scenarios, offering peace of mind that the plan can adapt to both gradual increases and unexpected spikes. The key takeaway is that retirement planning must look forward, not just focus on today's expenses. By anticipating rising costs and adjusting proactively, you can preserve purchasing power, maintain your lifestyle, and protect the legacy you hope to leave for loved ones. For more guidance, visit BWFA's Financial Planning Services.

COSTLY MISTAKES HOW TO AVOID RUNNING OUT TOO SOON FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Spending too quickly in retirement can drain savings and create stress later in life. In this episode, BWFA's Sandy Hornor, Jr. and Tyler Kluge explain the “retirement spending trap” and share strategies to make sure your money lasts as long as you do. Full DescriptionRetirement should be a time to enjoy the results of years of saving and planning. Yet many retirees fall into the spending trap—using their nest egg too quickly in the early years. What feels comfortable in the moment may create long-term financial pressure, especially as healthcare costs rise and lifespans extend. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor, Jr. and Tyler Kluge discuss the importance of pacing withdrawals. They explain how lifestyle choices, travel, and large purchases in the first decade of retirement can have ripple effects decades later. The conversation also highlights why required minimum distributions and tax considerations should factor into withdrawal strategies. Listeners will learn how to develop a sustainable spending plan that aligns with both current lifestyle desires and future needs. Sandy and Tyler share examples of clients who adjusted their spending pace to preserve financial flexibility while still enjoying retirement. They also emphasize the role of professional planning in stress-testing different scenarios to ensure confidence throughout retirement. The retirement spending trap isn't about avoiding enjoyment—it's about making thoughtful choices that balance today's lifestyle with tomorrow's security. By slowing down spending in the early years and reviewing your plan regularly, you can maintain peace of mind while protecting your financial legacy. For more guidance, visit BWFA's Financial Planning Services.

COSTLY MISTAKES SPENDING BONUSES THE WRONG WAY FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Year-end bonuses can provide a big financial boost, but without a plan, extra income often disappears quickly. In this episode, BWFA's Sandy Hornor, Jr. and Tyler Kluge explain why “blowing your bonus” is a costly mistake—and how to turn windfalls into long-term opportunity. Full Description Receiving a bonus feels rewarding. It can be tempting to celebrate with a big purchase, upgrade, or vacation. But when bonuses are spent too quickly, they fail to create lasting financial impact. Instead of building wealth, they disappear into short-term lifestyle choices. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor, Jr. and Tyler Kluge discuss the common mistake of “blowing your bonus.” They explain how treating bonuses like “found money” often leads to spending that doesn't align with long-term goals. The conversation highlights how extra income, when used wisely, can accelerate savings, pay down debt, or strengthen retirement plans. Listeners will hear practical strategies for putting bonuses to work. Sandy and Tyler share how dividing bonuses into buckets—such as savings, debt reduction, and enjoyment—creates balance between financial progress and personal reward. They also discuss how ignoring tax implications can lead to surprises, and why planning ahead ensures that a bonus creates lasting value. The key takeaway: bonuses are opportunities, not guarantees. By planning in advance, individuals can avoid the costly mistake of spending without intention. Even small steps—like contributing to retirement accounts, funding emergency savings, or investing for growth—can have an outsized impact when applied consistently. At BWFA, we help clients integrate windfalls like bonuses into their broader financial plans. This episode shows how a thoughtful approach can turn extra income into meaningful progress toward long-term goals. For more insights, visit BWFA's Financial Planning Services.

COSTLY MISTAKES SELLING IN A DOWN MARKET FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS   with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Selling investments during a market downturn can feel like the safe move—but it's often the most costly. In this episode, BWFA's Sandy Hornor and Tyler Kluge explain why timing the market rarely works, and how emotional decisions can derail your long-term financial plan. Full Description When markets fall, fear often takes over. Investors may feel pressure to sell their holdings to “avoid more losses,” but history shows that this reaction usually does more harm than good. Selling in a down market not only locks in losses—it also prevents investors from benefiting when markets rebound. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor and Tyler Kluge discuss why selling during downturns is one of the most damaging financial mistakes investors make. They explain how emotional reactions, rather than strategy, often drive poor timing decisions. Once investors move to cash, they face two nearly impossible tasks: deciding when to sell and when to get back in. Missing even a few of the market's best days—many of which occur during volatile periods—can set back long-term growth significantly. Sandy and Tyler share practical strategies to help listeners avoid panic-driven decisions. They emphasize the importance of planning, understanding risk tolerance, and aligning investments with short-, mid-, and long-term needs. They also explain how diversifying portfolios and allocating funds to conservative assets can provide stability during volatile times. A key takeaway: volatility is temporary, but your goals are not. By sticking with a well-structured plan and working with a trusted advisor, you can stay focused on what you can control and weather downturns with confidence. At BWFA, we help clients design portfolios that can endure market cycles without jeopardizing long-term goals. This episode offers perspective, reassurance, and a steady reminder to stay the course. For more insights, visit BWFA's Investment Management Services.

COSTLY MISTAKES WHY SAVING TOO LITTLE HURTS LATER FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Saving may appear simple, but many individuals underestimate the actual amount they'll require for retirement. In this episode, BWFA's Sandy Hornor and Tyler Kluge delve into the reasons behind insufficient savings and highlight it as one of the most expensive financial blunders. They also provide actionable steps to help you catch up. Full Description Retirement often arrives sooner than expected—and for many, the biggest regret isn't market losses, but simply not saving enough. While most people know they should save, few realize how quickly expenses grow and how inflation can double the cost of living every 20 years. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor and Tyler Kluge break down the realities of under-saving. They explain why retirement “sneaks up” faster than most expect, and how even diligent savers can fall short without a clear plan. The discussion emphasizes the importance of starting early, automating savings, and increasing contributions over time. Sandy and Tyler also highlight the math behind compounding and inflation. A 7% annual return doubles a portfolio roughly every 10 years—but costs double about every 20. The earlier you start, the more power compounding has to work in your favor. For those starting late, they share realistic steps to catch up, such as boosting savings rates, maximizing employer plans, and aligning investments to long-term goals. The conversation wraps with a reminder that successful retirement planning isn't about reacting to markets—it's about integrating all aspects of wealth management. At BWFA, our comprehensive approach includes investment management, financial planning, tax strategy, and estate planning to ensure all parts of your plan work together. If you're wondering whether you're saving enough—or worried you're behind—it's never too late to take control of your future. For more insights, visit BWFA's Financial Planning Services.

COSTLY MISTAKES NOT HAVING ESTATE PLANNING DOCUMENTS FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Estate planning isn't only for the wealthy. Without the right documents, families may face legal challenges, financial stress, and uncertainty. In this episode, BWFA's Sandy Hornor, Jr. and Tyler Kluge explain why putting off estate planning is a costly mistake, and how to avoid it. Full Description Estate planning is often misunderstood. Many assume it's only necessary for people with large estates, but in reality, nearly everyone benefits from having key documents in place. A lack of planning can leave families unprepared, force courts to make critical decisions, and create unnecessary stress during already difficult times. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor, Jr. and Tyler Kluge discuss the risks of not having essential estate planning documents. They explain the role of wills, powers of attorney, and healthcare directives in ensuring that your wishes are carried out. They also highlight how trusts can provide structure for transferring assets, minimizing disputes, and reducing costs for loved ones. Listeners will hear stories of families caught unprepared because estate documents weren't updated—or never created. Sandy and Tyler emphasize that estate planning is not a one-time task. It must evolve with changes in family circumstances, financial situations, and state or federal laws. The episode also explores the emotional benefits of planning. Having documents in place allows families to focus on care and connection instead of conflict and confusion. It's not just about money; it's about protecting the people and priorities that matter most. At BWFA, we work with clients to review and update estate planning as part of a comprehensive financial strategy. This episode highlights why it's important to act now rather than wait until it's too late. For more information, visit BWFA's Financial Planning Services.

COSTLY MISTAKES THE DOWNSIDES OF EARLY PAYOFF FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode For many homeowners, paying off the mortgage feels like the ultimate financial milestone. But doing it too early can sometimes create unintended consequences. In this episode, BWFA's Sandy Hornor, Jr. and Tyler Kluge explain why paying off your mortgage may not always be the best move in retirement. Full Description Owning a home free and clear is a common financial goal. It provides emotional satisfaction, eliminates a major monthly bill, and can feel like the ultimate symbol of financial security. Yet for retirees, rushing to pay off a mortgage can be a costly mistake if it disrupts cash flow or limits investment opportunities. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor, Jr. and Tyler Kluge explore the trade-offs of using retirement funds to eliminate mortgage debt. They explain how withdrawing large sums to pay off a loan can trigger higher taxes, reduce liquidity, and leave less money invested for growth. While debt-free living has its appeal, it may not always align with long-term financial health. Listeners will hear why context matters—interest rates, tax brackets, and income sources all play a role in whether paying off a mortgage makes sense. Sandy and Tyler share examples of retirees who balanced a modest mortgage with strong investment growth, ultimately ending up with more flexibility and wealth than if they had paid off the loan immediately. The key lesson is that mortgage decisions should be made within the larger framework of a retirement plan. By weighing both the financial and emotional aspects, retirees can choose the approach that provides confidence today while protecting future stability. For more guidance, visit BWFA's Financial Planning Services.

COSTLY MISTAKES WHEN LIFE INSURANCE FALLS SHORT FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Life insurance is meant to provide peace of mind and protection for loved ones, but many people discover too late that their coverage is inadequate. In this episode, BWFA's Sandy Hornor, Jr. and Tyler Kluge explain how to avoid this costly mistake and ensure your family's future is secure. Full Description Life insurance often gets purchased early in a career and then left unchanged for years. While the policy may have been sufficient at the time, family needs, debts, and income can change dramatically. Too often, people only realize their coverage is lacking when a major event occurs, leaving loved ones financially vulnerable. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor, Jr. and Tyler Kluge explore the risks of inadequate life insurance. They discuss why many policies fall short and how factors like inflation, rising expenses, and lifestyle changes can quickly make an old policy outdated. The hosts also examine the difference between term and permanent coverage, stressing the importance of matching insurance to your goals. Listeners will learn how to evaluate whether their current coverage truly protects dependents, pays off debts, and replaces income if the unexpected happens. Sandy and Tyler share examples of clients who reassessed their needs and adjusted policies to better align with family and financial goals. The takeaway is simple: life insurance is not a one-time decision. It should evolve with your circumstances. By reviewing coverage regularly and working with a professional, you can help ensure that your plan provides the right level of protection—now and in the future. For more guidance, visit BWFA's Financial Planning Services.

COSTLY MISTAKES TOO MUCH CASH IN RETIREMENT FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS   with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Holding retirement savings in cash may feel safe, but over time inflation erodes purchasing power. In this episode, BWFA's Sandy Hornor, Jr. and Tyler Kluge explain why too much cash can become a costly mistake—and how to find the right balance for long-term security. You'll also learn why professional planning helps ensure that your money continues to grow, even as your needs and goals evolve. Full DescriptionMany retirees feel comfortable keeping large portions of their retirement plan in cash. It provides stability, avoids market swings, and seems like the safe choice. However, cash alone cannot keep up with inflation. Over the years, rising prices quietly reduce its value, leaving less to cover healthcare costs, everyday expenses, and the retirement lifestyle you planned. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor, Jr. and Tyler Kluge explain why holding too much cash can be risky. While every plan needs liquidity for emergencies, relying on cash at the expense of growth may limit your long-term success. Together, they share insights on how to strike the right balance, ensuring you maintain flexibility today while protecting your future purchasing power. Listeners will also hear how professional financial planning can help determine the right mix of cash, bonds, and equities. With careful guidance, it is possible to feel secure while still allowing your portfolio to grow. At BWFA, we believe retirement is about more than safety—it's about sustainability. This episode offers practical guidance for making smarter decisions, avoiding common pitfalls, and staying on track for the future. By learning how to balance risk and reward, you can create a retirement strategy designed to last. For more retirement strategies, visit BWFA's Financial Planning Services.

HOW TAX CHANGES WILL AFFECT CHARITABLE GIVING FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Thad Ismart | CFP®, ChFEBC, CEPS  Senior Financial Planner About This Episode Major tax changes are coming in 2026, and they'll reshape how Americans give to charity. In this episode, BWFA's Thad Ismart, CFP®, ChFEBC, CEPS, explains what's changing, who's affected, and how to make the most of your charitable donations under the new rules. Full Description Charitable giving is about more than generosity—it's also an important financial planning tool. But as key tax provisions are set to expire in 2026, many households could see the value of their charitable deductions change dramatically. In this episode of Healthy, Wealthy & Wise, BWFA's Thad Ismart, CFP®, ChFEBC, CEPS, Senior Financial Planner, outlines the upcoming changes to charitable giving and what donors should consider now. Under current law, those who take the standard deduction may soon qualify for a new above-the-line charitable deduction: $1,000 for individuals and $2,000 for married couples. While that's welcome news for many, itemizers will face new thresholds and reduced deduction rates. Thad explains how these adjustments may affect high-income earners and retirees who rely on charitable giving to manage taxes and support causes they care about. He also discusses how Qualified Charitable Distributions (QCDs) from IRAs remain one of the most efficient strategies for donors over age 70½, offering a way to give tax-free while satisfying required minimum distributions. Listeners will learn how to use timing to their advantage—whether it's accelerating donations before 2026, adjusting income levels, or combining giving strategies with estate and retirement planning. The key takeaway is simple: with the right planning, you can continue giving generously while maximizing your tax benefits. At BWFA, we help clients align charitable goals with financial objectives to create meaningful and lasting impact. This episode offers valuable insights for anyone who wants to give smarter in the years ahead. For more information, visit BWFA's Financial Planning Services.

10 KEY MEDICARE CHANGES TO KNOW IN 2026 FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Thad Ismart | CFP®, ChFEBC, CEPS  Senior Financial Planner Medicare is changing in 2026, and the updates will impact premiums, drug costs, and benefits. In this episode, BWFA's Thad Ismart, CFP®, ChFEBC, CEPS, breaks down the 10 most important changes retirees and families need to know to stay prepared. Full Description Medicare plays a central role in retirement planning, but the program is constantly evolving. Beginning in 2026, significant changes are scheduled that will affect millions of Americans. Some updates may help retirees save money, while others could increase costs or reduce benefits. In this episode of Healthy, Wealthy & Wise, BWFA's Thad Ismart, CFP®, ChFEBC, CEPS, Senior Financial Planner, explains the 10 biggest Medicare changes coming in 2026 and what they mean for you. Among the most notable: Part B premiums are projected to increase by more than 11%, making healthcare more expensive for many retirees. On the other hand, prescription drug costs are expected to drop as new pricing rules take effect, and out-of-pocket caps will help limit spending. Thad also highlights program adjustments that may surprise beneficiaries. Medicare Advantage plans could scale back supplemental benefits, while Original Medicare is introducing new pre-authorization requirements in pilot states. These changes underscore the need for proactive planning to ensure coverage continues to align with your healthcare and financial goals. Listeners will gain practical strategies to navigate these shifts. Thad explains how to budget for rising premiums, how to take advantage of reduced drug prices, and why reviewing coverage annually is more important than ever. By understanding these changes in advance, retirees can avoid unpleasant surprises and adapt their plans to maintain stability. At BWFA, we integrate healthcare costs into every financial plan, helping clients prepare for Medicare updates and the long-term expenses of retirement. This episode offers clear guidance on what's ahead in 2026 and how to protect your financial future. For more resources, visit BWFA's Financial Planning Services.

THE OVERLOOKED $2 MILLION SOCIAL SECURITY MISTAKE FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA About This Episode Social Security benefits can add up to more than $2 million for some households, yet many wealthy families overlook their value. In this episode, Senior Financial Planner Thad Ismart explains how high-net-worth individuals can make the costly mistake of ignoring Social Security—and strategies to maximize its impact. Full Description When people think about Social Security, they often imagine modest monthly checks. But over a lifetime, benefits can exceed $2 million for many high-earning households. Unfortunately, wealthy individuals often dismiss Social Security as irrelevant, leaving valuable opportunities on the table. In this episode of Healthy, Wealthy & Wise, Thad Ismart, CFP®, ChFEBC, CEPS, Senior Financial Planner at BWFA, explores how affluent families can misuse—or underuse—Social Security benefits. Thad explains how treating Social Security as “extra” income rather than a strategic asset can lead to missed planning opportunities. The conversation covers practical ways to put Social Security to work. For instance, using benefits to help fund long-term care, cover estate taxes, or purchase life insurance that transfers wealth more efficiently. Thad also highlights strategies like gifting benefits into trusts, which can create tax-smart legacies for heirs. Listeners will come away with a better understanding that Social Security is not just a government check but a tool that can enhance a larger financial plan. Wealthy households that integrate Social Security thoughtfully may free up other assets for investment, giving, or family support. At BWFA, we help clients of all income levels make informed decisions that align with their goals. This episode encourages even high-net-worth families to reconsider the role Social Security can play in their overall strategy. For more insights, visit BWFA's Financial Planning Services.

WHAT TO DO WITH LEFTOVER 529 FUNDS FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA Episode Details: Saving for education is one of the best financial gifts you can give your family. But what happens when a child graduates and there's still money left in the 529 plan? Many families find themselves asking this very question. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor and Tyler Kluge share practical strategies for putting leftover 529 funds to work. They begin by explaining the flexibility of 529 plans. These accounts aren't limited to just one child or even one generation. With a simple change of beneficiary, leftover funds can be reassigned to a sibling, cousin, or grandchild. Parents can even use the money for their own continuing education. The hosts also highlight how some families leave funds invested, allowing tax-free growth until future generations are ready for school. A newer option gaining attention is the ability to roll a portion of unused funds into a Roth IRA. Under current law, certain conditions apply, but this strategy can jump-start retirement savings for children or grandchildren. Sandy and Tyler walk through when a Roth rollover makes sense and how it can add long-term value. Not every situation allows for easy transfers, and sometimes withdrawals are considered. Non-qualified withdrawals typically involve taxes and penalties, but exceptions exist—such as when the student has received a scholarship. This episode provides guidance on how to evaluate whether withdrawing funds is ever the right move. Ultimately, leftover 529 funds are a “good problem” that reflects disciplined saving. With the right planning, families can use those dollars to support future education, retirement, or even their own lifelong learning. For more insights, visit our College Planning Services page. To explore current rules and IRS guidance on qualified education expenses, see the IRS 529 Plan FAQ.

IS CASH KING? BALANCING LIQUIDITY AND GROWTH FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA Episode Details: Cash is often described as either “king” or “trash.” In reality, it can be both—depending on your circumstances. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor and Tyler Kluge explore when holding cash makes sense and when it may work against your long-term goals. The conversation begins with why cash matters. Having an emergency fund provides peace of mind and flexibility when life delivers the unexpected—medical bills, job loss, or urgent home repairs. Sandy and Tyler discuss how to size an emergency fund, why rules of thumb like “three to six months of expenses” may not fit every situation, and how personal factors such as job stability or income volatility affect the right cash balance. But cash also has drawbacks. For retirees who already have stable income from pensions or Social Security, holding too much in cash can mean missed opportunities for growth. The episode shares real-life examples of families who kept significant wealth in ultra-conservative accounts—only to realize that over decades, inflation would erode their purchasing power and diminish the legacy they hoped to leave to children and grandchildren. Sandy and Tyler emphasize that the right answer depends on goals, timing, and flexibility. They recommend tailoring cash holdings to personal risk tolerance, liquidity needs, and investment horizon. The discussion also touches on practical strategies, such as using money markets, high-yield savings, or laddered CDs to keep funds both safe and accessible. Finally, listeners are reminded that cash needs evolve with life changes—new jobs, growing families, or retirement. Reviewing and adjusting cash reserves regularly is critical to keeping financial plans on track. For more insights, visit BWFA's Financial Planning Services.

WHAT IS FINANCIAL PLANNING? A COMPLETE GUIDE FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA Episode Details: Financial planning is often confused with investing, estate planning, or tax planning. However, at its core, financial planning is bigger than any one piece—it's the roadmap that helps you reach your life and financial goals with clarity and direction. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor and Tyler Kluge explain what financial planning truly means. They discuss how a comprehensive plan covers every part of your financial life: budgeting, saving, debt management, investing, insurance, retirement, and estate planning. Together, these elements create a foundation that helps you not only build wealth but also protect it for the future and for your loved ones. Listeners will also learn why financial planning is more than picking investments. It is about setting short-, mid-, and long-term goals and then creating a clear path to achieve them. Sandy and Tyler emphasize starting early, automating savings, and avoiding lifestyle creep. In addition, they highlight how estate planning documents, though often overlooked, play a critical role in protecting family members and ensuring your wishes are honored. Flexibility is another key takeaway. Plans should not remain static. Just as a pilot adjusts course during turbulence, financial plans must adapt to changes in life. Career transitions, shifting markets, or major family milestones may require new strategies. That is why ongoing updates, regular reviews, and professional guidance are essential to staying on track. With more than four decades of experience, BWFA has guided thousands of families as they set goals, manage challenges, and move forward with confidence. This episode offers practical tips as well as reassurance: you don't have to plan alone. Our advisors are here to help you build and maintain a strategy that works. For more insights on financial planning, visit BWFA's Financial Services page

THE EIGHTH WONDER OF THE WORLD - THE QCD! FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA and Tyler Kluge | CFP®, ChFEB℠, CPWA®, CDFA®, CEPS,  Financial Planner, BWFA Episode Details: For charitably minded retirees, a Qualified Charitable Distribution (QCD) can be one of the smartest tax strategies available. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor and Tyler Kluge explain how QCDs allow individuals age 70½ and older to donate directly from an IRA to a qualified charity—with meaningful tax benefits. Listeners will learn how QCDs work, the eligibility rules, and why this strategy often provides more advantages than giving directly from a bank account. For example, donating through a QCD reduces adjusted gross income, which may in turn lower Medicare premiums or reduce the taxable portion of Social Security benefits. Sandy and Tyler also explain how the annual contribution limits apply—$108,000 per person in 2025, or $216,000 for married couples filing jointly. The episode covers important differences between required minimum distributions (RMDs) and QCDs, showing why the two should not be confused. Unlike taking an RMD and then writing a check to charity, a QCD ensures the distribution is never taxed in the first place. This simple distinction can mean substantial savings. Practical guidance is also included. The hosts explain how to properly execute a QCD, why the funds must go directly from the IRA custodian to the charity, and how deadlines affect year-end giving. They also share a timeline for planning—suggesting that clients aim to finalize QCDs well before December to ensure smooth processing. Ultimately, QCDs represent a powerful way to align charitable giving with tax-smart planning. For clients who are both financially secure and charitably inclined, this episode highlights why QCDs are often referred to as the “eighth wonder” of retirement planning. For more on BWFA's approach, visit BWFA's Tax Planning page.

VOLATILITY TO CLARITY: PROVEN INVESTING LESSONS THAT WORK FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA Episode Details: Every investor encounters ups and downs. But those who grow their wealth over time often learn something valuable from each experience. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor explores what recent market cycles can teach us about smarter investing. From the turbulence of 2020 to the surprises of 2025, Sandy walks listeners through common behaviors that trip up investors. Reacting emotionally, chasing hot stocks, or sitting on the sidelines too long can all reduce long-term success. These lessons aren't just theoretical—they're pulled directly from real market movements and client experiences. Importantly, Sandy focuses on the difference between reacting and responding. When volatility hits, it's tempting to shift strategies or pull back. However, history shows that staying the course and relying on a long-term plan often leads to better outcomes. Timing the market rarely works, but time in the market builds resilience and results. In addition to mindset, this episode discusses strategic habits. These include diversifying assets, reassessing risk tolerance, and regularly reviewing your portfolio. While these actions may seem simple, they form the foundation of effective investing. If you're an experienced investor looking to reflect—or a newer one hoping to avoid common traps—this discussion will leave you more informed and confident. For more guidance on aligning your investments with your long-term goals, visit our Investment Management page. Looking for a more detailed approach? Schedule a complimentary consultation with us! At BWFA, we believe every market moment can shape a wiser investor. Whether you're saving for retirement, funding education, or building a legacy, the best time to learn is now.

WHAT DOES A MILLIONAIRE LOOK LIKE? FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA Episode Details: When people picture a millionaire, they often imagine luxury cars, expensive homes, and flashy lifestyles. But in reality, most millionaires look very different. In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor breaks down the habits and characteristics that many millionaires share. Surprisingly, most didn't inherit their wealth or attend elite schools. Instead, they achieved financial independence through consistent saving, long-term investing, and careful decision-making. Sandy shares practical statistics and real-life patterns, showing how many Americans have quietly reached the million-dollar milestone. He also explains how early planning, smart spending, and simple investment strategies often matter more than income alone. You'll learn how some millionaires build wealth through business ownership, while others rely on disciplined retirement savings. The episode also touches on how millionaires think about risk, giving, and lifestyle—even after achieving their goals. Whether you're just starting your financial journey or nearing retirement, this conversation helps you understand what it really takes to build lasting wealth. It may also inspire you to rethink what success looks like. Listen now to discover how ordinary habits can lead to extraordinary outcomes.

THE TRUTH ABOUT SOCIAL SECURITY TAXES FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Lawrence M. Post | CPA, MST, CFP®, CIMA® Senior Tax & Planning Advisor BWFA Episode Details: You may have heard that Social Security benefits are no longer taxed, but that's not the whole story. In this Tax Talk episode of Healthy, Wealthy & Wise, BWFA's Larry Post clarifies the facts. While a new $6,000 senior deduction (per person, age 65+) might help some retirees lower their taxes, the original Social Security tax rules are still in effect. This means many people will continue to pay taxes on up to 85% of their benefits. Larry explains how the new deduction works, who qualifies, and why income thresholds are important. For example, the deduction completely phases out at $175K for singles and $250K for couples. If you or a loved one is close to retirement, these details could help you plan better for tax season. This episode offers a clear look at what's new and what stays the same so that you can make informed decisions.

PROMISES AND PITFALLS OF THE NEW TAX LAW FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA Episode Details: In this episode of Healthy, Wealthy & Wise, Sandy Hornor explains how the new “One Big Beautiful Bill Act” may affect your taxes. While the bill promises tax breaks, many of them come with fine print—like income limits and phase-outs. That means planning ahead is more important than ever. Sandy covers the expanded SALT deduction, a new $6,000 senior deduction for those age 65 and older, and the now-permanent Qualified Business Income (QBI) deduction. He also reviews smaller but meaningful benefits, such as new deductions for tips, overtime, and car loan interest. However, each one comes with eligibility thresholds that may surprise you. This episode gives you a clear, high-level overview of what changed, what stayed the same, and why financial and tax planning must now work hand-in-hand. If you're unsure how the 2025 tax law will impact your income, investments, or filing status, this discussion will help you cut through the confusion

VOLATILITY VS. RISK FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA Episode Details: Volatility and risk are not the same, and misunderstanding the difference can derail your investment strategy. In this timely episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor explains why market swings (volatility) should be expected and even welcomed, while risk—the permanent loss of capital—is what truly threatens long-term financial health. Sandy breaks down the various types of financial risk, including credit and interest rate risk, liquidity, currency, and systemic risk. You'll also hear how investors often misjudge their capacity versus their willingness to tolerate risk. Are you chasing returns but not positioned to handle the downside? Do you have concentrated holdings that could create hidden vulnerabilities? This episode explores those questions and more, offering a framework to help align your investment decisions with your real-life goals and risk tolerance. Whether you're navigating a volatile 2025 or want more peace of mind in your financial life, this episode will help you think clearly about where your true exposure lies—and how to protect yourself from it. Perfect for both experienced investors and those new to portfolio strategy.

WHERE DO YOU GET YOUR FINANCIAL ADVICE? FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS TOWNSEND HORNOR JR., CEPS Managing Director, Wealth Management & Executive Manager, BWFA Episode Details: In this insightful episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor explores how Americans of all ages and backgrounds seek financial advice—and what the patterns reveal about confidence, access, and outcomes. Drawing from a recent Gallup study, Sandy breaks down the generational and income-based differences in financial behavior. You'll hear how younger adults tend to rely on social media, friends, and websites, while older and wealthier individuals increasingly turn to professionals. The episode also highlights how the use of digital resources often correlates with financial dissatisfaction, while those who work with a financial planner are more likely to feel in control of their future. Listeners will learn why it might be time to upgrade from a DIY approach to a more strategic relationship with a financial advisor—especially when wealth starts to accumulate or life becomes more complex. As the episode concludes, Sandy makes the case for introducing financial education earlier in life—especially as part of a family's broader generational wealth planning. If you've ever wondered whether your current financial information sources are serving you well—or if your children or parents could benefit from different guidance—this discussion offers a thoughtful and data-backed perspective.

EFFECTIVE SELF-TALK: HOW IT IMPACTS HEALTH AND PERFORMANCE WITH MARYROSE BLANK FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Speakers: Eve Kennedy | CEPS Client Relations Specialist, BWFA MARYROSE BLANK| PSY.D., M.ED., CMPC. Sport & Performance Psychology Consultant and Founder of Tier-1 Mindset Episode Details: BWFA is joined by Maryrose Blank of Tier-1 Mindset to explore the science and practice of effective self-talk. Discover how the words you say to yourself can influence everything from your emotional well-being to physical performance. If you're looking for simple, empowering tools to build mental resilience and reduce stress, this episode is a must-listen.

SHOULD I INVEST IN REAL ESTATE? FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS TOWNSEND HORNOR JR., CEPS Managing Director, Wealth Management & Executive Manager, BWFA Episode Details: In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor explores the pros and cons of investing in real estate in 2025. From changing interest rates and market uncertainty to evolving rental trends and property management, this episode breaks down the key considerations for anyone thinking about buying a property for income or growth. Whether you're a first-time investor or looking to diversify your portfolio, get the insights you need to make an informed decision.

CABLE TV OR STREAMING? HOW TO CHOOSE FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS with Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager, BWFA Episode Details: In this episode of Healthy, Wealthy & Wise, BWFA's Sandy Hornor tackles the streaming vs. cable debate. Based on personal experience and market research, he outlines the pros and cons of each—cost, flexibility, content, and ease of use—helping you decide which option (or mix of both) best suits your lifestyle and budget.

CLEAR HEADED: A NATURAL APPROACH TO SEASONAL ALLERGIES WITH DR. EMILY FROM BALTIMORE WASHINGTON FINANCIAL ADVISORS Speakers: Eve Kennedy | CEPS Client Relations Specialist, BWFA DR. EMILY TELFAIR, N.D. Naturopathic Doctor, HeartSpace Natural Medicine Episode Details: In this spring edition of Healthy, Wealthy & Wise, BWFA welcomes back Dr. Emily Telfair of HeartSpace Natural Medicine for an in-depth look at holistic ways to manage seasonal allergies. From understanding histamine triggers to immune-modulating foods and herbs like nettles, mushrooms, and quercetin, Dr. Emily offers practical strategies for supporting your body naturally and effectively through allergy season.