ThimbleberryU

In this episode, we tackle one of the most significant financial decisions tech professionals face: knowing when and how to walk away from a job—whether that's to retire or move to another opportunity—especially when equity compensation is in the mix. We emphasize the mental and financial distinction between retiring permanently and transitioning to a new firm. Retirement means permanently stepping away from income and needing a long-term strategy to generate cashflow from your assets. Switching firms, on the other hand, is temporary unemployment with the potential for new income and equity.We walk through how to determine readiness for either scenario. For retirement, it's essential to assess total wealth, stress test sustainable spending, and build a reliable paycheck from assets. For switching jobs, we need ample cash reserves and liquidity, as job searches are unpredictable in length. Equity compensation plays a central role—particularly what we leave behind. We highlight the importance of reviewing company plan documents to understand if retirement will trigger accelerated vesting or forfeiture of RSUs.When it comes to timing, especially for those with stock options or RSUs, planning ahead is critical. If possible, we want to spread taxable events over multiple years to manage the tax burden more efficiently. We also discuss evaluating whether to hold or sell company stock after departure. The decision hinges on one's financial goals, income flexibility, and risk tolerance. Behavioral aspects come into play too—avoiding regret by making informed, goal-aligned choices and not falling into the “shoulda, coulda, woulda” trap.Taxes are unavoidable, but they can be managed with proper planning, especially when dealing with capital gains, ordinary income, and potential AMT from equity compensation. We stress the importance of integrating equity compensation into a long-term financial plan, using it to meet both short-term liquidity needs and long-term diversification goals.Company-specific events like IPOs, mergers, layoffs, or vesting schedules can all influence the decision to leave. Evaluating those triggers through the lens of your goals helps in deciding whether to act now or wait. Lastly, we return to the value of working with a financial planner and the need for intentionality. Walking away—whether to retire or transition—is rarely simple, and it's okay to find the decision hard. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode, we confront a truth many couples avoid: one partner will likely outlive the other. Statistically, especially in heterosexual relationships, it's often the woman. That fact shapes the financial, emotional, and logistical choices couples need to make as they plan for retirement. We talk about why it's essential to create a shared plan—one that not only protects assets, but gives peace of mind to both people involved.We open by acknowledging that in many relationships, one person traditionally handles the finances. If that person passes first, the surviving partner can be left not only grieving, but scrambling to understand the financial puzzle. Amy shares how often she hears from women who feel anxious and uncertain when they're suddenly in charge. These women aren't incapable—they just haven't been part of the process.The heart of our conversation is about empowering both partners to be part of financial planning. Amy outlines the three big areas where questions tend to show up: understanding the financial picture, handling the emotional baggage around trust and confidence, and building knowledge to make informed decisions. It's not about control—it's about shared responsibility and kindness. We highlight how reframing conversations away from aging and death toward security and love can help bring both partners to the table more comfortably.We also touch on how crucial it is for the financially involved partner—often men in older generations—to help build a bridge of understanding and trust. Amy uses the metaphor of setting up a tent: it takes both people holding up their corner to make the structure stand. We talk practical next steps, including setting up regular financial check-ins, building a “what-if” folder with key documents and passwords, and ensuring both partners feel respected and heard in these discussions.Ultimately, we conclude that it's never too late to get involved, and one of the most powerful legacies anyone can leave behind is a partner who feels confident to navigate life after loss. This isn't just about money—it's about care, connection, and preparing for a future that's secure for both people in the relationship. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, we step behind the curtain of financial planning to unpack what makes a financial plan succeed—and just as importantly—what can derail it. We kick things off with a discussion about structure and intentionality. Amy Walls explains how her team at Thimbleberry Financial organizes their schedules to be proactive and client-focused. By setting clear availability and reserving space for strategic planning and internal work, they're able to show up fully prepared for client meetings and respond effectively in between.We then explore how life events, especially the big and unexpected ones, impact planning. Medical diagnoses, large expenses, home changes, or receiving an inheritance—all of these can affect a financial strategy. We emphasize the importance of timely communication: the sooner we know, the better we can adjust the plan. Amy also reminds us that “big” is subjective. Our financial mindset and values shape how we define major changes, and that's part of the data that matters, too.Speaking of data, we clarify that every document request serves a purpose. Whether it's retirement summaries or tax returns, we ask only for what might improve the accuracy and depth of our advice. Sometimes, those pieces of information reveal benefits or pitfalls that clients weren't even aware of, significantly shifting their trajectory. Taxes, in particular, often catch people off guard, and without returns in hand, it's tough to diagnose the real issue.As we dig deeper, we confront ambition versus reality. When clients want to retire early but aren't on track for a more standard goal, we stress the importance of honest evaluation. If you're not ready to make the changes needed to hit the baseline, it's not useful to explore stretch goals. It's not about being harsh—it's about using everyone's time wisely and avoiding decision fatigue.We close by highlighting what a successful client-advisor relationship looks like. Clear communication, timely data, and realism about trade-offs are essential. When clients are engaged, responsive, and honest about what's possible, we can offer not just sound advice, but advice that truly improves lives. Financial planning works best when both advisor and client show up ready to collaborate with transparency and intention. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode, we tackle a difficult but crucial topic: what to do when someone passes away. While it's not a conversation most people want to have, planning ahead can save significant stress and confusion for those left behind.We start with the immediate steps that need to be taken. First, a legal pronouncement of death is required, which is usually handled by hospital or hospice staff, but in cases of a home passing, 911 or hospice must be called. Then, notifying immediate family and close friends becomes a priority. This can be overwhelming, so enlisting help to spread the word is essential. Arranging transportation of the body, securing the deceased's home and belongings, and taking care of any pets are also critical early tasks.Next, we move into handling financial and legal matters. Obtaining multiple copies of the death certificate is key, as most financial institutions require them. Locating the will or estate documents helps determine whether probate is necessary. If the deceased's assets were solely in their name, probate is likely required. However, if assets were jointly owned or placed in a trust, probate may be avoided. It's important to notify key institutions—banks, investment custodians, mortgage lenders, pension providers, Social Security, and credit card companies—to avoid complications like continued payments that may need to be repaid.Probate can be a time-consuming and public legal process, so we discuss three common scenarios:If assets are solely owned, probate is required to legally transfer them.If assets are jointly owned, probate is not needed, and the co-owner retains full ownership.If a trust is in place, assets can be distributed per the trust's instructions without probate, saving time and legal fees.After probate (or if it's not required), the final steps include distributing personal belongings and assets, closing remaining accounts, and handling final taxes. Supporting family members emotionally and financially is also critical, as unexpected financial burdens can arise even with the best planning.The best way to ease this process is by planning ahead. Having an updated will or trust, maintaining a list of financial accounts and key documents, using a password vault, and discussing final wishes with loved ones can help ensure a smooth transition. Regularly reviewing beneficiary designations on accounts and property is also essential to prevent unintended complications.While this is a difficult conversation, taking steps now can relieve significant stress later. If you need guidance, Thimbleberry Financial can help. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode, we dive into the 83(b) Election—a tax strategy that can have significant financial implications for individuals who receive stock as part of their compensation. While it might sound technical, understanding how it works can be crucial for employees, particularly in startups and the tech sector.The 83(b) Election allows recipients of stock grants to pay taxes on the stock's value at the time of the grant rather than waiting until it vests. If the stock appreciates over time, this decision can result in substantial tax savings, as the taxable income is locked in at a lower rate. However, it's not always the best choice, and there are key risks to consider. Once the election is made, it cannot be reversed, and the taxes must be paid upfront, regardless of future stock performance.Amy walks us through a real-world example with a hypothetical client, Emily, a software engineer who receives 10,000 shares of restricted stock. If she files the 83(b) Election when the shares are valued at $1 each, she pays taxes on $10,000. Four years later, if the stock is worth $10 per share, she avoids paying income tax on $100,000 when the stock vests, benefiting from long-term capital gains treatment instead. Without the election, she would be taxed on the stock's higher value at vesting, potentially leading to a much larger tax bill.We also discuss how 83(b) applies to stock options using another hypothetical client, Mark, a doctor in the healthcare field. If Mark exercises his options early while the stock is at $2 per share and files an 83(b) Election, he eliminates the income tax liability at vesting and benefits from capital gains treatment on future gains. Without filing, he would owe income tax on the difference between the strike price and the stock's value at vesting, which could lead to a massive tax burden.However, the 83(b) Election is not for everyone. Key risks include leaving the company before stock vests, the stock declining in value, or not having the cash available to pay the upfront tax. Timing is also critical—filing must be completed within 30 days of the grant or exercise, with no exceptions. The process involves submitting a signed election form to the IRS via certified mail, providing a copy to the employer, and attaching the form to the tax return for that year.Ultimately, the 83(b) Election can be a powerful tax-saving tool, but it requires careful consideration. If you're receiving stock as part of your compensation, understanding this option and consulting a financial professional can help determine if it's the right move for you. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode, we dive into one of the most delicate yet essential discussions families need to have: aging and finances. It's not just about planning for the future—it's about ensuring clarity and peace of mind for everyone involved. Many parents assume their children are only interested in their inheritance, while adult children are more focused on logistics—whether their parents are financially secure, who will make decisions, and what kind of support will be needed.At the same time, adult children often think their parents only want to talk about maintaining independence or that they're unwilling to discuss financial matters. In reality, many parents want to share their wishes but struggle with how much detail to provide. Some are hesitant because they fear their preferences may be ignored or overridden. Others want to pass on their financial values, ensuring their wealth is used to support family members or causes they care about.The key to bridging these communication gaps is to approach the conversation with curiosity rather than control. Keeping discussions casual and starting with shared goals—like ensuring the family is prepared—can help ease tension. If starting the conversation feels awkward, using a real-life example (or even a made-up one) can make it more natural. A financial professional can also be a valuable resource in facilitating these discussions, helping to clarify complex topics like estate planning and long-term care preferences.   Amy explains how this might work.A structured yet informal family meeting with a financial advisor can ensure that everyone understands the financial landscape, responsibilities, and expectations. Whether it's deciding who will handle the bills, managing digital assets, or simply settling who gets a sentimental ceramic cat, these discussions help eliminate surprises and prevent misunderstandings down the road.The bottom line: these conversations don't have to be overwhelming. By starting small, approaching with curiosity, and focusing on shared goals, families can navigate aging and financial planning with confidence. And if it all feels too daunting, professionals like Amy Walls at Thimbleberry Financial are available to help guide the process. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, Jag and Amy delve into the benefits and functionality of virtual financial advising, a model that Thimbleberry Financial has embraced fully. Amy explains how their transition to a 100% virtual advisory model was initially born out of necessity during the COVID-19 pandemic but has since proven to be a more efficient and effective way to serve clients. Catering to their tech-savvy and healthcare-focused clientele, this approach has saved time and made financial planning more accessible.Amy highlights the seamless integration of technology into their services. Through secure platforms like Microsoft Teams, they maintain interactive sessions where screen sharing and real-time guidance ensure clients remain engaged and understand every aspect of their financial plans. This virtual method also allows for greater flexibility, enabling clients to meet from home, work, or even while traveling within the U.S.Despite initial misconceptions, Amy dispels the myth that virtual advising is less personal. She emphasizes that trust, communication, and understanding—not physical proximity—build connection. Clients still receive the same personalized care and attention, from initial consultations to ongoing check-ins. The virtual format even enhances convenience, as meetings can adapt to clients' schedules without the burden of commuting.Amy recounts how the virtual model benefits clients, particularly busy professionals, who appreciate the efficiency of hopping into meetings without interrupting their day. She also notes the technology's role in maintaining client relationships even when they relocate, a challenge in pre-pandemic times.For anyone hesitant about the virtual format, Amy assures listeners that technology simplifies the process without sacrificing the personal touch. Thimbleberry Financial's approach is designed to integrate seamlessly into clients' lives, helping them achieve their financial goals confidently and efficiently. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, we dive into a detailed case study centered on Stan and Jan, a fictitious couple navigating the complexities of retirement planning with a focus on creating income, simplifying finances, and leaving a meaningful legacy. With $5 million in assets—$3 million in qualified accounts like IRAs - and 403(b)s and $2 million in taxable accounts—they are financially secure but face challenges in optimizing their retirement strategy.We begin by addressing their primary goal: replacing Stan's paycheck as he retires. Given their modest spending of $100,000 annually, the focus is on balancing stability, flexibility, and efficiency. Strategies include leveraging Stan's Social Security at age 70, drawing from qualified accounts to manage required minimum distributions (RMDs), and addressing the 10-year fixed distribution requirements from certain accounts. Consolidating multiple accounts into a single IRA for administrative simplicity is another point of emphasis.Once income is stable, we explore aligning their investments with their goals. A mix of bond ladders, dividend-paying stocks, and liquid investments ensures consistent income while managing risk. We emphasize a conservative-to-moderate approach for near-term needs, with some growth-focused investments to combat inflation and support their longer-term financial stability.Taxes play a significant role, and we discuss strategies like Roth conversions before Stan's RMDs begin, allowing funds to grow tax-free for future needs. Charitable giving through Qualified Charitable Distributions (QCDs) and donor-advised funds offer opportunities to support causes while reducing taxable income. For family, gifting up to $19,000 per year per recipient tax-free enables Stan and Jan to enjoy seeing their loved ones benefit from this money during their lifetime.Ultimately, this case study highlights that retirement planning is about more than just numbers—it's about aligning financial strategies with personal values and creating a fulfilling, stress-free retirement. Whether simplifying accounts, managing taxes, or crafting a legacy, thoughtful planning helps ensure a meaningful and secure future.  Having "enough to retire" may only be the first piece of the puzzle. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, we dive into the financial uncertainty researchers are facing due to upcoming NIH funding changes. Many professionals in research and healthcare are dealing with shifting grant structures, including caps on overhead costs for already-funded projects. These changes create job security concerns and financial stress, so we focus on practical steps individuals can take to gain control over their financial situation.The first step is assessing financial security. We discuss the importance of emergency savings—understanding how many months of expenses are covered in cash and adjusting based on job risk. Fixed versus variable expenses come next, distinguishing between unavoidable costs like mortgages and flexible spending like entertainment or dining out. Debt management is another key area, ensuring that individuals understand their obligations, interest rates, and potential flexibility in payments.Beyond immediate financial security, we talk about the importance of understanding job stability. If layoffs or funding cuts are on the horizon, it's crucial to be proactive—whether that means increasing savings, cutting non-essential spending, or exploring additional income sources like consulting or teaching. Healthcare coverage is another major consideration, and we encourage listeners to research COBRA, marketplace insurance, or partner coverage options before a crisis hits.For those already facing job loss, prioritizing cash flow is essential. Cutting unnecessary expenses, filing for unemployment, negotiating with lenders, and leveraging professional networks can help mitigate financial strain. We emphasize the importance of staying connected—networking can lead to unexpected opportunities.Finally, long-term financial planning remains critical. Maintaining a flexible budget, keeping emergency savings replenished, and ensuring retirement investments align with financial security goals all contribute to financial resilience. Having an updated resume and staying aware of career opportunities can make transitions smoother if funding cuts impact employment.The key takeaway: focus on what you can control. By taking small, proactive steps each day, researchers and professionals can navigate uncertainty with confidence. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

Today, JAG interviews Amy Walls about her journey into financial advising and her work with tech and healthcare professionals. With over five years and 128 episodes together, Jag and Amy take the opportunity to reflect on Amy's "why"—the motivation behind her career at Thimbleberry Financial.Amy shares that her early exposure to financial advising came from her father, who was a financial advisor until his passing when she was six. Although she initially strayed from the path, working in nonprofit management and fundraising, Amy became disillusioned with the inefficiencies she witnessed in the nonprofit space. This led her to soul search for a profession where she could have greater influence and deliver meaningful results. After years of self-assessment, Amy embraced her calling as a financial advisor, driven by a passion for empowering others with clear direction and support.Amy specializes in tech and healthcare clients. and each group faces unique challenges. For tech clients, Amy emphasizes the complexity of equity compensation, tax implications, and the "noise" of unsolicited advice within the industry. These clients often need help navigating inconsistent income streams and making personalized financial decisions. In healthcare, professionals face challenges such as complex tax scenarios, underutilized employer benefits, delayed wealth accumulation due to extended education (and loans), and societal pressures to maintain a high-cost lifestyle. Amy highlights the importance of tailored financial strategies to address these multifaceted issues.Amy's approach at Thimbleberry Financial focuses on educating clients, simplifying complex financial concepts, and creating plans that align with individual goals and values. Her team emphasizes trust, a judgment-free environment, and actionable guidance, enabling clients to feel confident and supported. Whether it's saving a client from significant tax penalties, helping them navigate unexpected early retirement, or enabling tech clients to take self-funded sabbaticals, Amy finds deep fulfillment in making a tangible impact.Amy concludes by sharing her ultimate goal for her clients: to feel confident, supported, and empowered in their financial journeys. Through trust, connection, and education, Thimbleberry Financial aims to provide clients with clarity and peace of mind, ensuring their financial plans align with their personal values and future aspirations. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, we dive into a critical financial planning misconception: using a HELOC (home equity line of credit) as a cash reserve. This approach can increase financial risk and reduce flexibility, and we offer smarter alternatives for financial security.Amy begins by explaining what a HELOC is—a line of credit secured by the equity in your home that operates much like a credit card, but with a variable interest rate and lender-imposed limitations. Unlike cash in the bank, which is liquid and entirely within your control, a HELOC is borrowed money subject to lender discretion. Amy recalls the 2008 financial crisis when many lenders reduced or froze HELOCs due to economic downturns. If a HELOC were someone's sole cash reserve, they might find themselves without access to funds when they need them most.There's also the unpredictable nature of HELOCs. Factors like interest rate variability, declining home values, or personal credit score changes can make repayment more expensive or render the HELOC inaccessible. Relying on this type of borrowing creates new debt, adds to monthly financial burdens, and can even endanger your home if you're unable to make payments.Amy emphasizes the importance of building a liquid cash reserve as the cornerstone of financial planning. She advises saving three to six months' worth of living expenses in a savings or money market account. This cash reserve acts as a financial "life jacket," offering immediate access to funds during emergencies without incurring debt or lender restrictions.While a HELOC should not serve as a cash reserve, Amy acknowledges it can have a place in a financial plan. For example, it can be a useful tool for home improvement projects, provided it is used strategically and repaid responsibly. A cash reserve is like a life jacket and a HELOC is like a paddle—both valuable, but with distinct purposes.You should approach emergency funds with a clear purpose. Start small, save consistently, and remember that a solid cash reserve is the foundation of financial stability. A HELOC, while useful in certain scenarios, is not a replacement for cash. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, we dive into actionable strategies to make 2025 a banner year for financial growth. We focus on practical, often-overlooked habits that can help listeners tackle common hurdles in financial planning, like maximizing contributions, handling stock options, estate planning, and finding a healthier work-life balance.Amy Walls begins by discussing the challenges of maximizing tax-advantaged contributions. She emphasizes the importance of building habits, likening it to brushing your teeth or exercising. A gradual increase—like raising 401(k) contributions by 1% each month—can make these adjustments manageable and sustainable. Small, consistent actions build financial momentum.Next, we tackle stock options and RSUs, particularly for those in the tech sector. Amy recommends diversifying holdings to avoid placing all financial eggs in one basket. Planning how to reinvest proceeds from selling stock in advance can help manage the emotional hurdles of timing sales. She advises consulting trusted individuals with relevant experience and reframing decisions as part of a larger financial strategy.For those with excess cash flow, Amy suggests breaking large decisions into smaller, less intimidating steps. Like planting a garden, starting small with investments and building over time allows for control and adaptability. Monthly transfers, for example, can help build confidence without feeling overwhelming.Estate planning is another key area where procrastination reigns. Amy advises creating annual check-ins and starting small—like updating beneficiary designations—to make progress feel less daunting. Life changes happen frequently, making regular updates essential to ensure alignment with current goals.We also explore the art of meaningful giving, whether to charities or family. Simplifying the process—such as focusing on a few causes or using donor-advised funds—can make giving more impactful and less stressful. Transparent family conversations around financial goals can further reduce misunderstandings.Finally, we discuss achieving better work-life balance by prioritizing personal goals with the same importance as professional ones. Amy shares her own experience of scheduling personal tasks, like watering plants, alongside work obligations. She emphasizes making vacation planning and funding non-negotiable and leveraging delegation to minimize stress.The overarching message is that financial success in 2025 depends on small, consistent changes, intentional planning, and balancing priorities. For personalized support, we encourage you to connect with Thimbleberry Financial, below. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, we continue our conversation about teaching kids financial responsibility, focusing on debt, budgeting, generosity, and investing. Jag and Amy Walls provide practical strategies for helping children understand money in an age-appropriate way.We start by tackling the sensitive topic of debt. Amy shows us her “suitcase” analogy to explain tailoring financial discussions to a child's age and capacity. Younger children benefit from relatable examples like borrowing toys or Halloween candy trades to grasp the basics of borrowing and repayment. For older kids, it's about introducing concepts like credit cards, interest, and student loans while sharing real-life stories to provide context.Next, we cover budgeting, where Amy suggests turning it into a game. She shares how activities like shopping for a food drive or handling a pretend shopping trip can teach kids about choices and trade-offs. By guiding children through small financial goals and allowing them to make mistakes in a controlled way, they learn the value of planning and accountability.Amy also emphasizes the importance of generosity. She explains how encouraging kids to give, whether through charitable donations or thoughtful gift-giving, can foster a sense of responsibility and connection. She suggests matching their contributions to amplify the impact and reinforce positive habits.When it comes to investing, Amy recommends starting with simple concepts. For example, using well-known companies like Disney or Apple can make stocks relatable. Analogies, like planting a tree to illustrate the slow growth of investments, help demystify the process. However, she stresses the importance of having a solid cash reserve before diving into investing.Jg and Amy reflect on how money conversations were often avoided in previous generations. By fostering open discussions and age-appropriate financial lessons, parents can better prepare their children for a healthy financial future. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, we dive into a crucial topic: teaching kids financial responsibility. Jon Gay and Amy Walls discuss practical strategies and personal experiences around introducing children to money management. One of the key points is the importance of teaching responsibility first. Amy emphasizes that kids should learn that some tasks are simply part of being in a family and shouldn't always be tied to financial rewards. When chores are linked to allowances, there's a risk that children might develop an expectation of always being paid for contributing, which could undermine the value of communal responsibility.Amy shares how her own family balances this by distinguishing between routine chores, which support the family, and additional tasks that can earn money. This system, which includes "bonus jobs" for extra earnings, teaches kids the value of effort and money while avoiding a sense of entitlement. The conversation also touches on how to engage young kids in financial learning. For example, letting them handle cash or count coins at an early age makes money more tangible. Jon and Amy agree that relying solely on credit and debit cards can obscure the concept of money, not only for children but for adults as well.One particularly memorable anecdote involves Amy's son learning to budget while shopping for a food drive. This hands-on experience with a limited budget helped him understand the importance of stretching dollars to maximize value. As kids grow older, parents can introduce more complex financial lessons, such as saving a portion of birthday money or learning to budget for personal expenses like clothes. These lessons can be tailored based on the child's age and developmental stage.Amy also explains how she uses personal experiences, such as her own childhood encounter with buyer's remorse, to teach her kids about the emotional aspects of spending and saving. In addition, Jon and Amy discuss visual tools like clear jars labeled “save,” “spend,” and “share,” which can help younger children grasp the concept of managing money. For older kids and teenagers, opening a savings account or tracking spending through a debit card is recommended. Amy's daughter, for example, learned a valuable lesson when she accidentally purchased a video game multiple times, illustrating the importance of monitoring bank accounts and understanding the consequences of online purchases.Overall, Jon and Amy highlight the importance of being intentional and adaptable when teaching kids about money. Every family and child is different, so it's about finding the right balance and approach that works for your situation. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, we tackle the complex and often surprising situation of receiving an early retirement offer from your employer.  Amy walks us through the essential considerations when navigating such an offer, emphasizing that while the initial reaction may be shock or panic, taking a step back to calmly assess the situation is crucial.The first point Amy makes is that understanding the details of the offer is essential. It's not just about a severance payment; early retirement packages might also include healthcare benefits, stock options, and other perks. A deep dive into these aspects is necessary to fully understand the implications, especially regarding taxes and retirement accounts. For example, lump-sum payments could push someone into a higher tax bracket, impacting overall cash flow. Additionally, unvested stock options and healthcare subsidies could significantly affect the offer's true value. Therefore, thoroughly reviewing the package over time ensures that all questions are addressed before making a decision.Amy also discusses evaluating the risks of turning down an offer, such as the possibility of forced retirement or layoffs in the near future. For some, making the decision themselves—rather than waiting for the company—can provide a greater sense of control and ease of mind. We also explore the financial side: big payouts often mean big taxes, and drawing from retirement accounts prematurely could result in penalties. Amy explains that, for some clients, continuing to work may not improve their retirement outlook due to the high tax burden on their income.Beyond the financial, the emotional aspect of this decision is key. Amy emphasizes the importance of aligning the offer with personal lifestyle goals. Is this a chance to change careers, pursue a passion project, or even relocate to be closer to family? For some, taking the offer can provide a sense of relief and new opportunities, while for others, the sacrifices may not be worth it.Ultimately, the decision to accept or decline an early retirement offer should be made with long-term happiness in mind. It's not just about the money—it's about living the life you want, both now and in retirement. Amy advises listeners not to let fear drive the decision and to seek expert guidance to navigate these complex choices. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, we explore the concept of building intergenerational wealth. Amy Walls and Jon "Jag" Gay dive into the importance of ensuring your own financial independence before focusing on wealth for future generations. We begin by discussing the need to establish a solid financial foundation for yourself first, covering goals like education, retirement, and potential medical costs. This ensures that you're not only able to support your family but also secure your own future, which is a crucial first step.Once you're financially independent, the next phase is about bringing together a team of professionals—a financial advisor, tax advisor, and estate planning attorney. These experts help create a strategic plan tailored to your specific financial situation and goals. Amy explains that intergenerational wealth-building strategies should focus on both tax efficiency and long-term growth, which often means taking a more aggressive investment approach with money earmarked for future generations.Several financial tools can assist in this process. Amy mentions 529 plans for education, Roth IRAs for tax-free growth, and even life insurance policies that pass wealth tax-free. These instruments provide flexibility and potential tax advantages that help protect and grow wealth over time.A significant aspect of wealth-building is education and passing down financial wisdom. As Amy points out, financial literacy is just as important as the money itself. Teaching children and grandchildren how to manage money responsibly, giving them opportunities to practice, and allowing them to make mistakes are crucial for ensuring that the wealth you've built doesn't get squandered by future generations.We wrap by emphasizing the importance of legal protections, such as insurance and estate planning, to safeguard wealth. From umbrella liability policies to updating estate plans regularly, it's essential to have the right protections in place to ensure that your wealth transfers smoothly and securely when the time comes.Amy encourages listeners to start planning today, whether they're still in the dreaming phase or ready to take action, and to seek professional help to feel more confident in their decisions. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of Thimbleberry U, Jon Gay and Amy Walls dive into the differences between investment advice and financial advice, a distinction often misunderstood. Amy starts by explaining that investment advice primarily focuses on managing and growing an investment portfolio. This type of advice is transactional, with recommendations on specific actions—buying, selling, or holding certain securities like stocks and bonds. The goal is to maximize returns while managing risk, ensuring that decisions align with an individual's financial goals, but it tends to be isolated to just the investments themselves.On the other hand, financial advice, or financial planning, takes a broader and more comprehensive approach. It encompasses every aspect of a person's financial life, from budgeting and cash flow to debt management, tax planning, retirement, and estate planning. Amy highlights that financial planning is about creating a roadmap tailored to individual goals and life circumstances. It's not just about managing investments, but rather helping people make smarter financial decisions across all aspects of their life, ensuring their puzzle pieces—such as income, taxes, healthcare costs, and family goals—fit together to create a cohesive financial picture.The conversation further explores the importance of looking at long-term financial health. While investment advice can grow wealth, Amy emphasizes that without a financial plan, people might miss out on maximizing their financial potential or addressing risks like healthcare costs or tax inefficiencies. Financial planning adds purpose and intentionality to the money management process by linking investment strategies to broader life goals. This holistic approach is key for most people, as few live their lives in silos, and their financial decisions are deeply interconnected.While investment advice serves those with specific portfolio management needs, financial planning offers a complete, integrated approach for those with broader, more complex financial goals. Amy underscores that most people would benefit from financial planning due to the interconnected nature of life and money. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, we dive into part two of our series on debunking retirement myths with Amy Walls from Thimbleberry Financial. We explore five common misconceptions that can hinder financial planning for retirement, starting with the belief that Social Security alone can sustain retirees. Amy explains that Social Security is designed to cover only about 40% of pre-retirement income, meaning additional savings are crucial to maintain one's lifestyle. We also touch on the underestimated impact of healthcare costs, taxes, and inflation, all of which can stretch finances even further.Next, we tackle the myth that retirees will naturally spend less. While some costs like commuting might decrease, other expenses like travel, hobbies, and particularly healthcare, often increase. The Bureau of Labor Statistics reports that households led by those 65 or older still spend an average of $48,000 annually, suggesting that retirement spending is not always significantly lower than during working years.We then discuss the misconception that retirees should avoid stocks to protect their savings. Amy challenges this idea, pointing out that retirement often spans 20-30 years. Having stocks in a diversified portfolio can be essential to outpace inflation and maintain purchasing power. Reducing stock exposure too drastically can actually increase the risk of losing value over time.Another myth we address is the notion that retirees can always return to work if they run out of money. While it might seem like a safety net, factors like age, health, and the ability to find suitable work can make this option less reliable than people believe. Finally, we debunk the myth that it's too late to start saving for retirement. Amy emphasizes that even late contributions can grow significantly through compound interest and make a meaningful difference in retirement planning. Jag adds that retirement is a long period of time, not just a line in the sand.In closing, Amy reminds listeners that small, consistent efforts toward saving and planning can improve their financial future, regardless of their starting point. As always, the advice here serves as a guide, but consulting with a financial professional is key to personalized retirement planning. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, we begin a two-part series debunking common myths about retirement. Jag and Amy Walls dive into the misconceptions that many people have when planning for their post-work years.The first myth we tackle is the belief that you need $1 million to retire comfortably. Amy explains that while this is often thrown around as a benchmark, the reality is far more nuanced. Retirement comfort depends on various factors like social security, pensions, and personal expenses. Many retirees live well on less than $1 million, provided they have a balanced financial plan and modest needs. Everyone's situation is different, and it's important to consider your own income sources and expenses, rather than focusing on an arbitrary number.Next, we explore the idea that retirement means never working again. Amy highlights that many retirees continue to work part-time, start businesses, or freelance to stay active and fulfilled. In fact, 56% of retirees plan to work in some capacity after retirement, according to a Transamerica study. Interestingly, however, studies show that those who make a clean break from work tend to be happier in retirement. The trick is finding purpose, whether through work, volunteering, or family.We also address the common belief that downsizing your home will always save money. While this might seem like a logical step, it doesn't always pan out financially. Real estate fees, moving costs, and potential renovations in the new home can eat into savings. Additionally, many retirees find themselves emotionally attached to their homes, especially when considering family gatherings or memories, making downsizing less appealing or practical.Another popular myth is that all debt should be paid off before retirement. While it's a comforting idea to enter retirement debt-free, it's not always necessary or even beneficial. Amy notes that paying off debt might require large withdrawals from retirement accounts, which can lead to significant tax consequences. Instead, it's important to assess your cash flow, the interest rates on your debt, and whether paying it off makes sense in the bigger picture.Finally, we debunk the notion that Medicare will cover all healthcare costs. While Medicare is essential, it doesn't cover everything. Gaps like long-term care, dental, and vision expenses can add up, with retirees needing an estimated $315,000 to cover healthcare costs. It's crucial to plan for these expenses early and consider supplement plans or health savings accounts.In our next episode, where we'll tackle five more retirement myths. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

Today, Amy and Jag delve into the contrasting strategies of lump sum investing versus dollar-cost averaging (DCA). Amy starts by defining lump sum investing as the practice of investing a large amount of money all at once, like a $100,000 bonus, while dollar-cost averaging involves spreading the investment over time, such as $10,000 a month for ten months.Amy explains that dollar-cost averaging helps mitigate risk by buying more shares when prices are low and fewer when prices are high, thereby balancing the overall cost. This strategy is particularly useful for those wary of market volatility. On the other hand, lump sum investing can yield higher returns as it gets the money working in the market immediately, a point backed by research from Vanguard which shows that lump sum investing outperforms DCA 68% of the time over one-year and ten-year periods.We discuss why an investor might choose one strategy over the other. Lump sum investing offers simplicity and higher potential returns but comes with the risk of market downturns right after the investment. Dollar-cost averaging, while potentially yielding lower returns, reduces this risk and provides psychological comfort, preventing panic in the face of market drops.Jag and his wife employ both strategies. She invests consistently each month through her 401(k), embodying dollar-cost averaging, while Jag, as a self-employed individual, saves throughout the year and make a lump sum investment into his SEP IRA at year's end.Market conditions also play a significant role in choosing a strategy. In a bull market, lump sum investing tends to perform better as the market is generally rising. During volatile or bear markets, dollar-cost averaging can be advantageous as it allows investors to benefit from lower prices over time.Amy highlights historical performance, noting that lump sum investing generally yields more over a 10-year period, with 66-67% success across various markets like the US, UK, and Australia. However, risk-averse investors, or those who need time to adjust psychologically to seeing their cash reserves drop significantly, might prefer dollar-cost averaging.Practical tips for deciding between these strategies include assessing personal risk tolerance, considering one's financial situation and goals, avoiding market timing, and seeking professional advice. The key takeaway is that there's no absolute right or wrong choice between lump sum investing and dollar-cost averaging. The best decision is the one that aligns with personal comfort and long-term financial objectives.For further advice, listeners can reach out to Amy and her team at Thimbleberry Financial via their website or phone. It's important to remember that investing should always be approached with a long-term focus and in consultation with financial professionals To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, Jon "JAG" Gay and Amy Walls discuss strategies for making better decisions, particularly focusing on financial decision-making. We delve into what influences good and bad decisions and how we can improve our decision-making processes.We start by recognizing that emotions significantly impact our decisions. Amy shares a personal anecdote about her current dilemma in buying a new car, highlighting how fear and greed can influence our choices. These emotions, she explains, can cloud our judgment, making us second-guess our financial decisions even when we are financially capable.Cognitive biases also play a crucial role. Overconfidence, anchoring, and confirmation bias can lead to poor decision-making. For instance, anchoring on a specific price point or seeking out information that supports pre-existing beliefs can skew our choices. Additionally, heuristics or mental shortcuts, like the outdated 4% rule for retirement withdrawals, can lead to oversimplified and potentially harmful financial strategies.Amy emphasizes the importance of rational analysis and comprehensive data in countering these biases. She also stresses the value of delayed gratification, learning from past mistakes, and remaining adaptable. Jon and Amy discuss the benefits of having rational conversations, especially on polarizing topics like politics, to understand different perspectives and make informed decisions.A significant point Amy raises is the concept of mental accounting, where people treat money differently based on its source or intended use. This can lead to irrational spending habits, such as splurging bonuses or inheritance money multiple times over.On the flip side, good decision-making strategies include rational analysis, focusing on long-term benefits, and emotional regulation. Amy advocates for making decisions based on logic rather than impulse, and seeking the advice of experts to provide objective insights.Amy shares practical tips to avoid common financial pitfalls. Panic selling during market downturns, chasing trends without proper research, and overconfidence in unfamiliar areas are major traps. To avoid these, she suggests having a long-term investment plan, staying disciplined, diversifying investments, and regularly reviewing one's financial strategy.Finally, Jon and Amy conclude by stressing the importance of professional financial advice. Whether one is working with an advisor or managing finances independently, education, thorough research, and the use of technology for data-driven decisions are key. Balancing the science of financial data with the art of human behavior is essential for successful financial management. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, Jon Gay and Amy Walls discuss the risks of having a highly concentrated portfolio. Amy defines a highly concentrated portfolio as one where a single asset or a small group of assets constitutes 10% or more of the portfolio's total value. This lack of diversification can increase risk significantly, as the portfolio's performance hinges on those few investments.Amy explains that increased volatility is a major risk factor. A portfolio with fewer assets is more susceptible to large swings in value based on the performance of those assets. For instance, if a single asset makes up 25% of the portfolio and its value drops significantly, the entire portfolio suffers. This risk is compounded if the concentrated asset belongs to a single company or industry, which can be affected by negative news, regulatory changes, or industry-specific challenges.Jag and Amy also explore the emotional stress associated with a concentrated portfolio. Significant fluctuations can lead to stress, resulting in impulsive decision-making, such as selling low during downturns. Amy highlights the importance of diversification in spreading risk and reducing the impact of any single investment's poor performance. Without diversification, investors are essentially putting all their eggs in one basket, which can be dangerous.To assess if their portfolio concentration is acceptable, Amy suggests investors ask themselves several questions. These include evaluating their financial and emotional ability to handle a significant loss, understanding their level of diversification, considering their time horizon for needing the money, and determining their stress tolerance for market fluctuations. Investors should also reflect on their understanding of the investment and its risks, how it aligns with their long-term financial goals, and their exit strategy if things don't go as planned.Behavioral finance plays a crucial role in investment decisions. Amy advises listeners to consider their reaction to market volatility, potential overconfidence in investment decisions, and biases such as anchoring, confirmation, and recency bias. It's essential to recognize tendencies to hold onto losing investments or be influenced by herd behavior. Additionally, Amy emphasizes the importance of simplifying decision-making processes and understanding how personal experiences influence behavior.If investors decide their portfolio is too concentrated, Amy recommends several steps. These include immediate or gradual diversification, using tax-advantaged accounts to minimize tax impacts, considering exchange funds to pool concentrated stocks with other investors, employing hedging strategies, making charitable donations of concentrated stock, and seeking professional guidance.In conclusion, Jon and Amy stress the importance of regularly reviewing portfolios and reassessing risk tolerance. Each individual's situation is different, and risk tolerance can change over time. Staying flexible, open-minded, and informed is crucial for managing investment risks effectively. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, we delve into the critical topic of safeguarding senior finances with Amy Walls from Thimbleberry Financial. The discussion highlights the importance of recognizing signs of financial exploitation among seniors and offers practical advice on how adult children can approach their parents about financial matters. We stress the importance of maintaining open, empathetic, and proactive conversations to prevent financial abuse and ensure seniors' financial well-being.Amy starts by explaining the signs of financial exploitation, such as unexplained withdrawals, sudden changes in spending patterns, and alterations in legal documents. These warning signs might indicate someone is trying to gain control over a senior's assets. Isolation from family and friends, as well as the sudden appearance of new friends or caregivers with a strong interest in finances, are also red flags.Approaching the topic with parents can be challenging. Amy suggests starting these conversations early, even before there are signs of trouble. Regular check-ins can help normalize financial discussions and reduce anxiety. Empathy is key—approaching these conversations from a place of care and support rather than control. Setting clear agreements about when and how to get involved can prevent misunderstandings and ensure everyone is on the same page.For senior listeners, open communication with their adult children is crucial to prevent exploitation. Statistics show that a significant number of seniors experience financial victimization, and regular discussions can help identify and stop abuse early. Seniors should also ensure their wishes are clearly communicated to avoid misunderstandings and ensure their intentions are honored.Amy provides practical steps for both seniors and their adult children to make these conversations more effective. Organizing important documents, developing a financial plan, and using technology to monitor accounts and automate payments are essential measures. Regular reviews with or without a third party can keep everyone informed and prepared for any financial or health emergencies.As we wrap up, the emphasis is on the importance of technology and communication. Technology offers great tools for managing finances, and maintaining an open and ongoing dialogue is crucial for building trust and ensuring financial security. Amy encourages starting these conversations early and being empathetic and respectful throughout the process. For those needing assistance, financial advisors and lawyers can provide valuable support and mediation. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, Jon “JAG” Gay and Amy Walls tackle one of the biggest fears for retirees: running out of money before they die. They delve into the critical topic of deciding from which accounts to draw money in retirement, illustrating the profound impact these decisions can have on one's financial stability.Amy emphasizes that this concern often leads people to adopt an "ostrich" mentality, where they bury their heads in the sand to avoid facing daunting financial decisions. Jon adds that this behavior is a form of fight or flight, driven by fear and unfamiliarity. They agree that simply winging it can be a costly mistake.We introduce a case study to illustrate these points. They discuss a hypothetical couple, both aged 60, with different types of savings: $40,000 in cash, $600,000 in taxable investments, $2 million in IRAs, and $200,000 in Roth accounts. They compare the financial outcomes of spending $85,000 versus $100,000 annually in retirement.For $85,000 in annual spending, the optimal strategy involves withdrawing 45% from taxable accounts and 55% from IRAs. For $100,000, the best approach shifts to 60% from taxable accounts and 40% from IRAs. Deviating from these strategies, even slightly, can significantly impact financial outcomes. Using the $85,000 strategy for $100,000 in spending could result in $400,000 less in available funds by age 95.Using the $100,000 strategy for $85,000 in spending could lead to $300,000 less.The consequences are even more dramatic when retirees choose to withdraw 100% from either taxable accounts or IRAs. Drawing solely from taxable accounts until depletion could result in $740,000 less by age 95. Withdrawing entirely from IRAs could lead to $1.5 million less.We underscore the importance of dynamic financial planning, which involves regular reassessment of one's strategy to adapt to changing circumstances and ensure efficiency. Amy concludes by stressing that thoughtful distribution strategies are essential not only for maintaining financial stability but also for achieving personal goals, whether it's enjoying life, covering unexpected expenses, or leaving a legacy.For listeners seeking personalized advice, Amy encourages reaching out to Thimbleberry Financial for guidance tailored to individual circumstances. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this final episode of our six-part series for tech professionals, we focus on tying together the various aspects of equity compensation. We recap the key points discussed in previous episodes, including ESPPs, RSUs, ISOs, and NQSOs, emphasizing the importance of strategic management to leverage these tools effectively.We discuss the common pitfalls tech professionals encounter when managing equity compensation on their own, such as significant tax bills from incorrectly selling ISOs and inadequate diversification. Holding onto stock with the hope of future gains, only to see the stock price plummet, is a recurring issue. We stress the importance of understanding the tax implications and maintaining a diversified portfolio to mitigate risks associated with over-concentration in company stock.Amy highlights that while tech professionals are experts in their fields, they often lack expertise in financial planning, underscoring the value of consulting financial advisors. Using tools like Excel and calendar apps to track vesting schedules and exercise options can help, but disciplined execution is crucial. We recommend leveraging digital tools to manage equity compensation effectively, but also emphasize the importance of human expertise.Work-life balance is another critical topic. We advise setting boundaries and scheduling dedicated time for financial planning to prevent it from overwhelming personal life. For instance, Amy shares how she and her husband hold regular meetings to discuss financial matters, integrating this practice into their routine to ensure it doesn't interfere with family time.Lastly, we encourage tech professionals to balance their involvement in financial planning with delegation to trusted advisors. Staying informed and asking questions about their equity compensation strategies ensures they understand and agree with the advice they receive. We suggest working with advisors who specialize in tech and behavioral finance to align financial strategies with personal goals and risk tolerance.In conclusion, effectively managing equity compensation requires a blend of personal involvement and professional advice. By staying organized, disciplined, and informed, tech professionals can maximize their financial opportunities while maintaining a healthy work-life balance To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

Today Jag and Amy delve into five common myths surrounding retirement planning. Amy, leveraging her 20+ years of experience as a financial advisor, deconstructs each myth, providing insights grounded in real client interactions.First, they address the myth "I'll spend less in retirement," discussing how retirement often brings new expenses, such as travel, hobbies, and healthcare, which may not decrease spending as expected. While fixed costs like mortgages might end, discretionary spending and healthcare needs can actually rise.The second myth is the belief that being debt-free in retirement equates to reduced expenditures. Amy explains that having low-interest debts like mortgages during retirement isn't necessarily bad if the returns on investments exceed the interest rates, emphasizing the importance of financial planning over simply clearing all debts.The conversation then shifts to the effectiveness of employer-sponsored retirement plans like 401(k)s and 403(b)s. Amy argues that merely saving the maximum in these plans may not suffice for a comfortable retirement due to factors such as investment choices, duration of savings, and the timing of retirement, highlighting the complexity of retirement planning.The fourth myth tackled is the idea of downsizing homes in retirement. While some may intend to downsize, Amy points out that emotional attachments and the physical demands of moving often keep people in their current homes longer than planned, complicating the downsizing process.Lastly, they debunk the myth that taxes will be lower in retirement, with Amy warning that retirement income can trigger higher taxes and health insurance costs under Medicare's IRMAA surcharges. She stresses the importance of strategic financial planning to manage these potential increases effectively. Jag asks about the possibility of tax increases in the coming years.Throughout the podcast, Amy and Jag emphasize that effective retirement planning requires a holistic approach, considering not only savings but also spending strategies, tax implications, and personal circumstances to ensure financial stability and fulfillment in retirement. They conclude by reminding listeners to consider retirement as a phase requiring its own unique set of strategies and preparations To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

Today, Amy Walls and Jag into the world of Non-Qualified Stock Options (NQSOs), a versatile form of equity compensation often offered to tech professionals. In our fifth episode of a six-part series, we explore how NQSOs, despite their simplicity in terms of taxation, require careful planning to effectively manage within one's financial portfolio.NQSOs allow employees to purchase company stock at a predetermined price but come with no preferential tax treatment, meaning they are taxed as ordinary income upon exercise. This straightforward taxation can seem appealing, but it necessitates a keen understanding of one's tax situation, especially in pivotal life moments such as receiving a spouse's bonus or facing unemployment.A key strategy in managing NQSOs is knowing when to exercise them to minimize the tax burden, particularly during years with lower income. However, it's crucial to only exercise options when the stock's market price exceeds the exercise price, ensuring a financial benefit.Further discussing diversification, Amy emphasizes that once the stock is acquired through NQSOs, it should be treated like any other asset in the portfolio. The strategy here involves not just holding onto the shares hoping for appreciation but planning their sale to align with broader financial goals such as funding children's education, planning for retirement, or aiding family members financially.Amy also shared a success story of  "Emily," who leveraged her well-timed exercise of NQSOs to significantly advance her retirement plans and support her children's education, demonstrating the potent role these options can play in achieving financial independence and meeting family goals.Conclusively, while NQSOs offer no direct tax advantages, their real value lies in strategic exercise and diversification, underscoring the importance of planning and professional guidance to avoid pitfalls and maximize potential benefits. Remember, it's not just about having the shares; it's about integrating them thoughtfully into your financial landscape to meet personal and familial aspirations. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

We dive into a conversation about embracing future life phases today on ThimbleberryU. Amy and Jag discuss the importance of planning for both financial and non-financial aspects of our future. Amy emphasizes the significance of visualizing and imagining the life we want to lead, pointing out that financial planning isn't just about money—it's about making our desired future a reality. This involves considering future expenses and the lifestyle we aspire to maintain.Amy highlights the challenges people face when trying to envision their future, including fear of the unknown and the difficulty of imagining life changes. She shares personal stories to illustrate these challenges, such as her fear of financial independence after college (this contrasts with Jag's approach to college). We explore how different life stages, like becoming parents or transitioning to retirement, come with their own sets of fears and uncertainties.The conversation then shifts to the importance of being clear about what we want in later life stages to avoid being unprepared financially. Amy stresses the value of having specific goals to motivate saving and planning for the future. We discuss how changing priorities or goals is natural and not problematic as long as there's a willingness to adapt and adjust financial plans accordingly.Amy offers strategies for looking ahead and connecting with our future selves, such as setting aside time for contemplation, getting in touch with our values, and recognizing how today's choices impact our future. She shares personal anecdotes about preparing to enjoy activities with future grandchildren and the importance of taking care of oneself to maintain health and vitality in later years.Finally, we touch on the concept of living in limbo and the stress it causes due to a perceived lack of control. Amy suggests finding at least one aspect of a situation that can be influenced or controlled as a way to navigate forward.   And as a bonus, you'll hear a couple of Shel Silverstein references. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In the 4th of our 6-part series for tech professionals,we dive into the world of Incentive Stock Options (ISOs), focusing on how tech professionals can leverage them. Amy Walls from Thimbleberry Financial breaks down ISOs as a form of equity compensation, allowing employees to buy company stock at a favorable price, known as the exercise price. The unique advantage of ISOs lies in their tax treatment. If handled correctly, through what's called a qualifying disposition, the profit from the sale of these stocks is taxed at the capital gains rate, rather than the higher ordinary income rate.Amy emphasizes the importance of timing for achieving a qualifying disposition. There must be at least one year between the grant and exercise dates, and another year between the exercise and sale dates, totaling a minimum two-year holding period. Failure to meet this timeline results in a disqualifying disposition, subjecting the profit to ordinary income tax rates.Strategic planning is crucial for maximizing the benefits of ISOs. Amy suggests considering the market price when exercising options, as this can affect the alternative minimum tax (AMT). Exercising when the market price is low can minimize AMT, potentially leading to significant tax savings. She also advises against using shares to cover the exercise price, as this could lead to a disqualifying disposition.Amy shares success stories of tech professionals who've strategically used ISOs to enhance their financial journey. One individual, referred to as Mark, meticulously planned his ISO exercises and holding periods, resulting in substantial long-term capital gains and contributing significantly to his financial independence. Another example involves Brenda, who initially hesitated to exercise her options during a market dip. However, after understanding the tax implications, she realized exercising more shares could save her $30,000 in taxes.For tech professionals looking to incorporate ISOs into their retirement plans, Amy underscores the importance of planning and working with financial and tax professionals familiar with ISOs. Understanding the specifics of your company's ISOs and how they fit into your overall financial plan is essential. She also highlights the need to be aware of how shares will be treated at retirement, as some companies allow for continued vesting or immediate vesting upon retirement.In summary, ISOs offer a valuable opportunity for tax-efficient growth and financial planning, but they require careful strategic planning and professional guidance to fully capitalize on their benefits. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

Today, we dive into the complexities of choosing funds in employer-sponsored retirement plans like 401(k)s and 403(b)s. Amy Walls from Thimbleberry Financial breaks down common misconceptions and essential strategies for fund selection. She clarifies that not all funds are created equal, debunking myths about choosing solely based on cost or past performance. Amy emphasizes the importance of aligning fund choices with individual investment objectives, risk tolerance, and the need for diversification across various asset classes.Amy also tackles the topic of fees and performance, urging listeners to consider the value provided by a fund rather than just its expense ratio. A fund's net performance, after fees, is what truly matters. The conversation shifts to assessing fund performance, where Amy suggests using custodian-provided information and comparing it against benchmarks over various time frames. This approach helps in making informed decisions rather than chasing short-term gains.The discussion addresses the risks associated with fund selection, including market volatility, inflation, interest rate changes, and the dangers of following unqualified advice from the internet. Amy advocates for a balanced approach to risk management through diversification and proper asset allocation. She also defends the use of target date funds, which can be a viable option for many investors, especially when other choices are limited or less appealing.Finally, Amy advises on the frequency of reviewing and adjusting fund allocations, recommending at least an annual check-up to ensure alignment with one's financial goals and market conditions. This conversation underscores the importance of informed decision-making and seeking professional guidance when navigating the complexities of retirement fund selection. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

We dive into the world of Restricted Stock Units (RSUs) in this episode, focusing on their role in equity compensation for tech professionals. RSUs are a form of stock option that grants ownership in a company's stock once vested, according to a predetermined schedule. This vesting schedule is crucial for employees to understand as it impacts their overall financial planning, including tax implications. RSUs are taxed as ordinary income upon vesting, similar to a paycheck, necessitating careful tax planning to manage potential liabilities.Amy highlights the importance of being forward-looking in financial planning, contrasting with the backward-looking nature of tax preparation by CPAs. She advises setting aside a portion of RSUs or their proceeds to cover taxes, ensuring no surprises come tax time. Employers typically withhold a portion of the vested shares to cover federal taxes, with the remaining shares transferred to the employee's brokerage account, which can then be liquidated or managed according to the employee's financial strategy.Success stories, like that of "Sarah," illustrate how effectively managing RSUs can significantly contribute to wealth building and achieving financial independence. By strategically selling vested shares to diversify investments, tech professionals can leverage RSUs as a cornerstone of their financial planning. However, it's crucial to avoid common misconceptions and pitfalls, such as the belief that holding RSU-derived shares for over a year qualifies them for preferential capital gains tax rates. In reality, RSUs are taxed as income upon vesting, and any decision to hold shares longer is akin to purchasing employer stock directly, with all associated risks.Understanding RSUs' role in compensation and wealth building, while navigating their tax implications and avoiding common pitfalls, is essential for tech professionals looking to maximize their financial potential. Engaging with a financial professional can provide valuable guidance in managing RSUs effectively as part of a broader financial strategy. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In our latest Thimbleberry U episode, we dive into inheriting investments.. Amy starts by differentiating between account types and actual investments. She focuses on the importance of the holdings in an account.Amy explains tax implications of inheriting investments, especially the step-up in basis, using an example to show how this works.When evaluating an inherited investment portfolio, Amy's advice is simple: check if the investment fits your needs and how it performs against its peers. She uses direct examples to show how to approach inherited investments, considering risk tolerance and diversification.The discussion shifts to the emotional side of inheriting investments, like stocks from a company with family loyalty. Amy suggests honoring the deceased in ways other than holding onto their investments. She proposes using the inheritance for family-oriented projects or supporting meaningful causes.Not changing inherited investments has many risks. These include lack of diversification, mismatched risk profiles, tax inefficiencies, and altered savings needs.On using inherited investments to support goals, Amy emphasizes clarity in goals and being aware of how they might change with new wealth. She advocates for a balance between saving for the future and enjoying the present. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In our latest episode of ThimbleberryU, Jag and I continue our six-part series focused on the tech sector. We delve into Employee Stock Purchase Plans (ESPPs), a topic particularly relevant to our tech professional listeners. An ESPP is a program allowing employees of public companies to buy company stock at a discounted price, typically through payroll deductions. We emphasize the importance of the discount, noting that not all ESPPs offer this benefit.We compare ESPPs to 401k plans, highlighting the immediate financial gain from the discounts, which can be as high as 15%. We explain the typical structure of these plans, including offering periods and the mechanics of purchasing shares at a discounted rate. The specifics of these plans, such as the discount rate and the timing of stock purchases, are set by the employer.Next. we cover the tax implications of ESPPs. While the discount is taxed as ordinary income, the real tax benefit comes when selling the shares. To maximize this benefit, shares should be held for at least one year after purchase and two years from the start of the offering period. This strategy allows gains to qualify as long-term capital gains, which are taxed at a lower rate than ordinary income.We also explore strategies for making the most of ESPP participation. We advise contributing the maximum amount allowed and discuss the importance of selling shares strategically. We note the risk of stock volatility and the potential issue of being too financially tied to one's employer.We share a real-life example of a client, who successfully used his ESPP to fund his children's college education and boost his retirement savings. This  illustrates the power of ESPPs as a tool for achieving various financial goals.Finally, we discuss aligning ESPP participation with broader financial objectives. We stress the importance of understanding one's financial goals and how ESPPs can play a role in achieving them. You should consider your overall financial position and  level of investment in your employer's stock when deciding whether to sell or hold ESPP shares. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of Thimbleberry U, Jag and Amy Walls from Thimbleberry Financial delve into the intricacies of Roth accounts for high-income earners. Amy begins by explaining the basics of Roth IRAs and their appeal to high-income individuals, particularly due to their tax-free growth and distributions. She emphasizes the importance of Roth accounts in the current low-tax environment and their role in portfolio diversification.The conversation then shifts to who can benefit from Roth accounts. While lower income brackets are often considered ideal candidates, high-income earners also stand to gain significantly, provided they approach it strategically. She outlines the income limits for Roth IRA contributions, highlighting the differences for single and married filers and the additional contributions allowed for those over 50.Amy and Jag discuss the SECURE Act 2.0 and its implications for Roth accounts, including the new provision allowing employer matches in 401ks and 403bs to be directed towards Roth accounts, and the delayed implementation of a rule mandating catch-up contributions to be made to Roth accounts, starting in 2026.The conversation then explores various strategies for high-income earners to maximize their Roth contributions, such as backdoor Roth conversions and after-tax contributions to employer plans. Amy stresses the complexity of these strategies and the importance of understanding their tax implications.Regarding optimizing Roth investments, Amy advises high-income earners to consider aggressive (but within their risk tolerance) investment strategies within their Roth accounts due to their tax-free nature. She also touches on the importance of regular portfolio reviews and being mindful of tax-efficient investing.Finally, there are limitations and pitfalls of using Roth accounts, such as income phase-out limits and tax consequences of improper conversions. Amy emphasizes the need for careful planning and awareness of contribution limits and deadlines. We also highlight the tax planning benefits of Roth accounts, including their role in estate planning and the flexibility they offer in managing future tax brackets. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of Thimbleberry U, Jag and Amy Walls from Thimbleberry Financial discuss the unique financial challenges faced by tech professionals, particularly focusing on equity compensation. The episode is the first in a six-part series dedicated to addressing the financial needs of tech professionals.Amy highlights three major challenges tech professionals face regarding equity compensation: time, knowledge, and access to accurate and up-to-date resources. She emphasizes that tech professionals often lead demanding lives, balancing intense work schedules with personal commitments, which leaves little time to manage personal finances effectively. This is particularly relevant in the context of 2023, which saw significant layoffs and increased work demands in the tech industry.The conversation then shifts to the importance of knowledge in managing equity compensation. Amy uses an analogy of baking, comparing the complexities of equity compensation to the intricacies of baking a complex recipe. She points out that while some aspects of equity compensation might be straightforward, integrating multiple elements such as various forms of equity compensation, taxation, and investment options can be challenging.The third challenge discussed is the need for accurate and up-to-date resources. Amy notes that tech professionals, being problem solvers, often rely on internet research or advice from colleagues, which may not always be reliable or applicable to their specific situation. She stresses the importance of seeking professional financial advice to navigate these complexities.Amy suggests that while there are tools available to manage equity compensation, simplicity is key. She recommends basic tools like Excel spreadsheets and calendar apps, combined with discipline and familiarity with employer-provided documents, to effectively manage equity compensation.Tech professionals should seek out financial advisors who specialize in equity compensation. She emphasizes the importance of professional advice in navigating the complexities of equity compensation and achieving financial goals.  To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

Jag and Amy discuss the importance of celebrating financial milestones and the psychological benefits of doing so. Amy emphasizes that acknowledging financial achievements, such as reaching a significant net worth, completing estate planning, paying off a mortgage, or achieving retirement goals, is crucial for several reasons.First, celebrating these milestones motivates individuals and gives them a sense of accomplishment. It acknowledges the hard work and dedication that goes into achieving financial goals. This recognition acts as a powerful motivator to continue striving towards financial aspirations.Secondly, celebrations reinforce positive financial behaviors and habits. When people see the results of their sound financial decisions, it encourages them to keep making wise choices. This helps maintaining disciplined saving, investing, and planning for the future.We also cover the psychological benefits of celebrating financial successes. These celebrations boost self-esteem and confidence, validating individuals' financial decisions and choices. This validation enhances their sense of security about their financial future. Moreover, celebrating these milestones helps develop a positive money mindset, which is essential for long-term financial success.Celebrations also create a sense of fulfillment and well-being, allowing individuals to reflect on their progress and appreciate how far they've come. This reflection can significantly reduce stress and anxiety related to financial matters. Additionally, these celebrations foster a sense of gratitude and happiness, encouraging a positive outlook that can influence other areas of life.Amy suggests various ways to celebrate these milestones, from simple dinners with loved ones to more elaborate events like special trips or charitable donations. The key is to choose a celebration method that aligns with one's values and is appropriate for the milestone.We should set both big and small financial goals and to celebrate these achievements as they come. These celebrations are not just about acknowledging progress but also about reinforcing positive financial behaviors.  To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this final episode of ThimbleberryU's six-part series,  Jag and Amy delve into the critical topic of legacy and estate planning for healthcare professionals. Amy points out the potential disputes and uncertainties that can arise without proper planning, as seen in the cases of Prince and Aretha Franklin. Legacy planning ensures that assets are distributed according to one's wishes and helps in leaving a lasting impact, whether it's for loved ones, charitable causes, or the healthcare practice itself.Prince's estate faced a lengthy legal battle due to the absence of a will, despite having a Revocable Trust. Similarly, Aretha Franklin's lack of a will or trust led to potential disagreements among her heirs and increased estate taxes. These examples highlight the consequences of not having proper estate planning documentation.The first step in legacy planning is setting clear expectations with loved ones and ensuring that one's will or trust is legally sound and reflective of their desires. This helps avoid misunderstandings and conflicts.  Amy compares trusts with wills, explaining the benefits of trusts, such as privacy, probate avoidance, control over asset distribution, and safeguarding one's practice. Trusts, unlike wills, remain private and allow for direct distribution of assets to beneficiaries without court intervention. Trusts also provide more flexibility in how assets are distributed and can be particularly useful in protecting a healthcare practice.An unfunded trust, like Prince had, lacks assets, which are necessary for the trust's instructions to apply. Other common mistakes in legacy planning, such as failing to update estate plans regularly and not considering tax implications, as seen in the cases of Philip Seymour Hoffman and James Gandolfini.We aren't all gloom and doom today, however. Amy shares success stories of healthcare professionals who effectively planned their estates, ensuring smooth transitions of their practices and creating lasting impacts through charitable foundations or scholarships. The power of legacy planning and the importance of organizing financial affairs benefits loved ones and the profession.To get in touch with Amy and her team at Thimbleberry Financial, listeners can reach out by calling 503-610-6510 or visiting thimbleberryfinancial.com.

Welcome to episode 100 of ThimbleberryU, where we're diving into the integration of financial planning and wealth management at Thimbleberry Financial. Amy and Jag are also reflecting on the journey of the podcast over the past four years.Amy emphasizes the importance of combining financial planning and wealth management. Financial planning is not solely about investment management.She highlightsthe various elements involved, such as goal identification, cashflow, debt management, insurance, real estate, education, retirement, estate planning, and taxes. All of these components are like pieces of a puzzle, with each piece interlocking to create a complete financial picture.In discussing the challenges of managing multiple financial goals, Amy provides a real-life example of someone wanting to buy a new home while planning for early retirement. She explains how the integration of financial planning and wealth management allows them to navigate complex situations, ensuring that all financial pieces work together harmoniously.Jag raises the question of what happens if a client prefers one service over the other. Amy emphasizes the importance of educating clients and guiding them toward making informed decisions that align with their financial goals. If a client remains set on one specific approach, Amy is open to referring them to other advisors who may better suit their preferences.Costs in financial advisory services vary widely, and Amy clarifies that Thimbleberry Financial has a transparent fee structure, charging separately for financial planning and wealth management. She highlights the value of saving clients time by integrating these services, as it allows for a one-stop, comprehensive approach to financial decision-making.Jag shares his own experience transitioning from a wealth manager to an advisor like Amy, appreciating the ability to have more encompassing conversations about the implications of various financial decisions. Amy adds that Thimbleberry Financial's ideal clients are retirement-focused professionals in healthcare and tech sectors, who value financial independence and holistic financial planning.Regarding client communication, Amy explains Thimbleberry's team-based approach, with dedicated service teams working closely with clients to ensure smooth and efficient communication. The episode concludes with a shout-out to Sara, Amy's Chief of Staff, who plays a crucial role in podcast production and client relations.To get in touch with Amy and her team at Thimbleberry Financial, listeners can reach out by calling 503-610-6510 or visiting thimbleberryfinancial.com. 

Today, we're delving into a crucial topic as part five of our series on healthcare professionals – protecting your assets and your family.Amy explains that protection isn't just about insurance, although that's a significant part of it. It encompasses various forms of insurance like life insurance, disability insurance, long-term care insurance, and more. For healthcare professionals, malpractice insurance is also a critical component.Amy then explains the different types of accounts where your money is held, and the varying levels of protection they offer. Amy emphasizes that under the Employee Retirement Income Security Act (ERISA), employer-sponsored retirement plans, such as 401(k)s, enjoy robust protection against creditors, even in bankruptcy situations. State rules come into play for IRAs, and their protection can differ significantly, so understanding your state's regulations is vital.The discussion then touches on IRAs, and Amy explains that while they have some federal bankruptcy protection, there's a cap on this protection, which can vary depending on factors like inflation adjustments. If you're transferring assets from a 401(k) to an IRA, the key is not to commingle rollover assets with contributions, maintaining the federal protection.The conversation shifts to traditional insurance types like life insurance and disability insurance. Amy distinguishes between term and permanent life insurance, highlighting that term insurance is cost-effective for temporary needs, while permanent insurance is more expensive and intended to last a lifetime.On the topic of disability insurance, Amy stresses the importance for healthcare professionals, as the risk of disabilities affecting their ability to work is substantial. She also points out that disability insurance can become more expensive with age, and it's statistically more expensive for women.Really, employees in any field (even podcast production) can face financial challenges if they become unable to work, emphasizing the need for disability insurance.  Protecting your assets also involves considering long-term care insurance, ideally by age 60. Planning early is key, given the time required to assess care needs and preferences. Amy advises evaluating other assets that could cover these expenses and whether competing interests, like leaving assets to family members, affect your choices.We finish up with malpractice insurance, which is crucial for healthcare professionals, and the significance of umbrella insurance to protect against potential liability claims, especially for high-income individuals. For more, reach Thimbleberry Financial 503-610-6510  or at https://thimbleberryfinancial.com/

For many of Thimbleberry Financial's clients in the  startup and tech communities, Incentive Stock Options, or ISO's, are a hot topic.  Today, Amy Walls and Jag break them down.Simply put, an ISO is a type of employee stock option that comes with tax advantages.  No income tax is due when options are granted or exercised. Also, profits from the sale of ISO's can be taxed under more favorable long-term capital gains rates, provided certain conditions are met.In addition to those restrictions around time of holding, Amy also explains the Alternative Minimum Tax, or AMT.  When do you pay AMT, and what AMT implications should you consider when exercising ISO's?We also walk through vesting, expiration, and post termination.Being proactive and creating a plan is key in this realm; there are certain decisions and actions that cannot be undone.  Amy explains the $100k rule and the Rule of 65, and she cautions against being overweighted in company stock, particularly in the context of market volatility.For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.

In the fourth of our six-part series specifically for Healthcare Professionals, Amy Walls of Thimbleberry Financial gets into the tax complexities facing those in this field.  These factors can include higher income, sometimes from multiple sources (and across borders), capital gains, and even taxes on tuition benefits for those at teaching hospitals.Amy walks us through the hurdles of having separate business entities, sometimes earning income in different countries with different rules.   Regardless, its critical to keep good records and often advantageous to work with  a Certified Public Accountant, or CPA.   This can be helpful with understanding deductions and what you are eligible for.Amy's specialty is retirement planning.  Because traditional retirement plans have dollar limits, those limits can often represent a smaller percentage of income for higher wage earners.    These individuals may want to look into other retirement vehicles, such as 457 plans and saving into nonqualified, taxable investmets.  We dive into the latter.Amy and Jag wrap up, we cover a few other tax strategies, including tuition benefits, student loan forgiveness, and chartiable giving.For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.

In this episode of ThimbleberryU, Amy Walls and Jag delve into the intricacies of preparing for a six-month break between jobs. Amy's insights shed light on assessing financial situations, emphasizing the importance of building a solid foundation based on savings, investments, debts, and monthly expenses.We cover the financial considerations of taking a six-month break. Amy's practical approach navigates the complexities of maintaining financial stability during a career transition. The discussion also delves into the intricate balance between staying for vested equity and pursuing a career break.Benefits, equity, and health insurance are dissected as critical components of career transitions. Amy and JAG explore the nuances of leaving a current job, considering the impact on benefits, equity compensation, and insurance premiums. The hosts examine the financial implications and practical aspects of these decisions.Non-financial aspects are also explored, including the potential impact of resume gaps and the significance of planned time usage during a break. The hosts delve into the long-term considerations of career breaks and sabbaticals, inviting listeners to approach these decisions thoughtfully.  Keep in mind, you'll likely spend more every week and month when you're not working!As always, It's important to place an emphasis on the significance of intentional decision-making tailored to individual circumstances. For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial. 

In part 3 of our 6-part series for Healthcare workers, Amy Walls emphasizes the importance of diversification and asset allocation in building a well-rounded portfolio. This is especially true for those in the medical profession who may have higher-than-average salaries.  There are many tax complications that come with them!Risk tolerance is also a key factor to consider, as it determines an individual's comfort level with market fluctuations. Jag points out that your "theoretical" risk tolerance may not translate to what you actually feel when the market becomes volatile.Amy explains the tax implications of different investment options, such as retirement accounts and tax-free investing. She also addresses the concept of ethical and social investing, highlighting the need to align investments with personal values. That said, beware the idea of "emotional investing."  If you have particular companies you believe in, consider a smaller "fun" investment account, as opposed to betting your retirement on them.  We conclude by discussing the costs and fees associated with various investment options and the importance of adjusting investment strategies over time.For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.

Creating a budget can seem like an insurmountable task, but today Amy Walls of Thimbleberry Financial introduces us to a basic concept that can get you started:  The 50-30-20 rule.   50% of your budget goes to necessities, 30% goes to wants, and 20% goes to savings.Naturally, the first step is to categorize your needs vs your wants. Needs include housing, transportation, and utilities.  Wants are more discretionary, like entertainment, hobbies, and dining out.   But it is important to know that a want can become a need.  For example, a vacation home may be a want, but after you buy it, the monthly bills become a need.Saving 20% of your income can make a major difference in your financial future.  This can be done through retirement plans, emergency savings, and more.Finally, we talk about how to overcome some common challenges faced by busy professionals when they try to create a budget.For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.

In this episode, Amy Walls discusses retirement planning for healthcare professionals, specifically physicians. She highlights the need for smart money management skills, as many physicians are not saving enough for retirement. Amy explains the different retirement plans available to healthcare professionals, such as 401(k), 403(b), and 457 plans, and how employer benefits and matches play a role in retirement planning. She also emphasizes the importance of tax efficiency in savings and the challenges of balancing competing financial goals. Amy concludes by stressing the significance of starting early and seeking personalized advice for successful retirement planning.Key Takeaways:Smart money management is a skill that can be developed, and physicians need to prioritize saving for retirement.Healthcare professionals have access to different retirement plans, such as 401(k), 403(b), and 457 plans, which offer tax advantages and employer matches.Tax efficiency is crucial in retirement planning, considering physicians' higher incomes.Balancing competing financial goals, such as paying off student loan debt and saving for children's education, requires personalized strategies.Starting early and investing money for growth are essential for successful retirement planning.For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.

More and more often, we are hearing about data breaches and hacks in the news. Often times, your personal identifying information, or PII, may be compromised or leaked through no fault of your own.  And while this can be a serious matter, Amy Walls and Jag are going to have some fun today - explaining how you can be your own super hero in the event of a data breach.Recently, the Oregeon DMV was hacked, compromising the drivers' licenses, photo, birth date, addresses, and last 4 social security digits of up to 3.5 million people.  In another example, an software employee stole 33,000 credit reports and sold them for $30 each, netting anywhere from $50-$100 million for scammers.First, we explain how these hacks happen, through data breaches, your own online activity, and even just plain theft of your wallet or phone.  Amy shows us what these bad actors can do with your information.Now, it's time to be your own super hero, by doing the following:Unmask the Invisitble Intruders - use AnnualCreditReport.comIce Out The Enemy - by freezing or locking your credit (Amy explains the differences)Shield Your Secrets with Two Factor Armor - by enablying two-factor authentication (2FA)The Power of the Unbreakable Code - creating strong and unique passwordsDodge Digital Phantoms - identify and avoiding phishing scams.Fortify Your Digital Fortress - use only secure Wi-Fi networks, and make your own safe!Through these strategies, you can fight "the never ending battle against cyber villains."For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.

Jag is back and joins Amy Walls of Thimbleberry Financial for the first of a 6 part series on finances for healthcare professionals.Today they focus on three key areas: cash reserves, debt management, and cash flow. Healthcare workers often find it more stressful to manage their finances compared to the general population. Amy emphasizes the importance of having a cash reserve for emergencies and opportunities. She recommends having three to six months' worth of expenses set aside. Many healthcare professionals have lower cash reserves due to their higher incomes, but it is crucial to have a sufficient amount to cover unexpected expenses. Amy also highlights the significance of managing debt, including student loans, mortgages, and credit card debt. She suggests strategies such as paying off the highest interest debt first, or alternatively, using the snowball method. Additionally, Amy discusses the importance of cash flow and living within one's means. She explains that healthcare professionals often struggle with wealth accumulation due to factors such as the cost of education, late start in earning, and societal pressure to maintain a certain lifestyle. Amy encourages healthcare professionals to seek financial advice and education to better manage their finances.**Key Takeaways:**- Healthcare workers find it more stressful to manage their finances compared to the general population.- Cash reserves are important for emergencies and opportunities. Aim for three to six months' worth of expenses.- Healthcare professionals often have lower cash reserves due to their higher incomes, but it is crucial to have sufficient funds for unexpected expenses.- Strategies for debt management include paying off the highest interest debt first or using the snowball method.- Cash flow is about finding balance between current lifestyle and future goals. Seek financial advice and education to better manage finances.For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.

This might be one of the most important episodes of ThimbleberryU. Amy Walls with her vast experience will discuss how to conduct a beneficiary review focusing on  the importance of designating beneficiaries for your accounts to ensure the smooth transfer of assets upon the account holder's death. She'll have a step-by-step guide as well as the best practices for maintaining beneficiary designations, such as keeping records in a secure location, informing loved ones about the designations, and reviewing beneficiaries.  For more information you can reach Amy and her staff at 503-610-6510 or email Thimbleberry Financial at https://thimbleberryfinancial.com/ 

 In this episode Amy Walls talks about the S&P 500, the stock market index that measures the performance of 500 large companies listed on the US stock exchanges. She'll break down how diversification reduces investment risks and increases returns compared to solely relying on the S&P 500, and the risks of relying solely on one index for investment growth. Plus, she will discuss fees associated with investing solely in an S&P 500 fund compared to fees associated with more diversified investment strategies.And as always, she and her staff can be reached at 503-610-6510 or email Thimbleberry Financial at https://thimbleberryfinancial.com/ 

This time Amy helps us understand Roth IRAs and executing a backdoor Roth. She explains how they work, who the strategy is for, and the steps needed to properly execute a backdoor Roth IRA. More importantly she discusses the need for Form 8606 filing, and some of the pitfalls someone may find themselves in when implementing this strategy. For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.

We are diving into the mail bag for this episode. Email and letters from those who need answers involving navigating personal finances as a Tech Executive.  Amy will answer a variety of questions like how much should one save for retirement and how to minimize tax liability while maximizing income and benefits. And she'll discuss in some detail the importance of planning for retirement early on in your career.Contact Amy and her team at  503-610-6510. Or at Thimbleberry Financial HERE.