Wealth from Wisdom

Do you remember your first lesson as a kid on how to take care of money? Getting that first crip $20 bill to start your own savings account or even filling that piggy bank with pennies – we all have memories of where our personal finance lessons started. How do you teach your kids and grandkids these lessons? What conversations should you be having and when? Often, learning what not to do with money is just as important as knowing what to do with it.On this episode of Wealth From Wisdom, we’ll be talking about how kids and finance – from how to teach them those first lessons on handling money to leaving assets for them in your will and estate plan.

“Retirement: It's nice to get out of the rat race, but you have to learn to get along with less cheese,” said comedian Gene Perrett. Your life slows down, you don’t have the demands of work and you can turn that alarm clock off for good, but now your concerns are different: where will that income come from? Will it last? What will my lifestyle be like?Like any other point in your financial journey, in fact even more so, retirement takes planning and strategy. You can’t depend on the “givens” – social security, Medicare, retirement distributions – to fully fund your retirement without some intentionality and planning. On this episode of Wealth From Wisdom, we’re going to discuss not only how to plan for retirement, but how to plan for the retirement lifestyle you want – not just survival, but thriving in those years.

The holidays are well on their way. People will be lining up to see Santa, the stores are selling out of turkey, and the economy is preparing for a well-needed injection of capital. We’re in the fourth quarter, which is the giving quarter usually. Nearly one-third of all charitable giving happens in December alone. Around 12 percent of all giving happens in the last three days of the year. So not only are Walmart and Amazon gearing up for this season, but nonprofits and religious organizations are, as well. On this episode of Wealth From Wisdom, we’re going to discuss how to give effectively. It seems simple on the surface, but it’s more complex than you think. Are you giving with a tax-aware, savings-aware strategy? Are you giving to the same causes you always have or do you need to re-think some of your approach?

Wills, trusts and estate planning are complicated, involving legal issues, relationships and straight-up human personalities. There are entire careers made on the complexities and confusion of estate plans, probate and litigation that follows.I’m Paul West, and on this episode of Wealth From Wisdom, we’ll look at estate planning. How do wills and trusts work? How can you prepare in a way that will alleviate taxes, complexity and dysfunction for your family in the future? How do you leave a cleared trail as your legacy?

Leona Helmsley, a famous hotel owner known not-so-charitably as the “Queen of Mean” had a memorable will. Up until right before her death, she had wanted to leave her $8 billion estate to the care of the poor, but she changed it at the last minute to donate all the money to the care of dogs. She specifically left $12 million to her pug, which resulted in kidnapping and death threats. She left less than that to her grandchildren. Needless to say, wills, trusts and estate planning are complicated, involving legal issues, relationships and straight-up human personalities. On this episode of Wealth From Wisdom, we’ll look at understanding wills and trusts. How does estate and legacy planning work? How can you prepare in a way that will alleviate taxes, complexity and dysfunction for your family in the future?

Germany was the first nation in the world to adopt a social insurance program for the elderly in the late 19th century. The program was brought about by a letter from Emperor William the First, who said, “those who are disabled from work by age and invalidity have a well-grounded claim to care from the state.” The expectations of retirement, life span, income, economic stability and everything have changed since social security type programs were first put into place, yet Social Security remains a cornerstone of most of our retirement plans. I’m Paul West, and today on Wealth From Wisdom, we’ll look at Social Security. Where does it come from and where is it potentially going? How do you get the most out of your benefits and shape your financial plan with Social Security in mind?

Benefits enrollment is coming up at workplaces across the country. If you’re like me, your life isn’t exactly what it was last year. Many of us have health changes, family changes, income changes. You’ve at least gotten a year older! Bottom line: your life is different at this time this year than it was last year. Benefits enrollment is a good time to take a look under the hood of your finances. Are you getting the best benefits from your employer? Do you understand how those benefits work best? Are your contributions to your retirement plan on target? Will they get you where you need to be by your retirement date?On this episode of Wealth from Wisdom, we’re going to talk through benefits enrollment and how you can get the most out of those employer plans. Don’t leave money on the table, and make sure you’re prepared for what life could throw at you in 2020.

You’re about to approach one of the biggest milestones in your lifetime: retirement. For many retirees, this is a momentous event that gives you much needed time for family, relaxation and to enjoy hobbies. For others, this may create apprehension and fear. But, it doesn’t have to be that way. On this episode of Wealth From Wisdom, we’re going to show you how avoiding these common mistakes during retirement can put you on the right path to enjoying your second act.

Medical emergencies. Car accidents and repairs. Lay-offs. A busted water heater. We have no idea what will come our way, we just know that something eventually will. Unforeseen expenses can throw off your financial plan – for the short-term and long-term.A healthy emergency fund is a vital part of every financial plan. It’s there to cover urgent expenses, alleviate risk, and untether other funds to invest. But not all emergency funds are created equal.On this episode of Wealth from Wisdom, we’ll discuss emergency funds, rainy day money, cash under the mattress – whatever you call it, it’s an important part of your overall financial plan. Let’s look at how big this fund should be, how to grow it, when to spend it and what to do if you run out.

Should I buy, lease or rent? It’s a question that comes up quite often. Will we really be able to re-sell that car in 10 years? What if the housing market collapses? What if my rent goes up? Is a second home a good investment?We all need a place to live and transportation, so inevitably we run into mortgages and car loans and resale value. But deciding what’s the best financial decision often depends on your personal situation.On this episode of Wealth from Wisdom we’re going to discuss some practical financial planning decisions when it comes to leasing versus buying. Whether it’s your primary residence, a vacation home, a third car, your first boat, or even the tools you use regularly, saving and protecting your money in these decisions is more complex than it seems on the surface.

Nearly everyone has heard of the pop singer Prince. Purple Rain, When Doves Cry, 1999 – these were songs straight from the Pizza Hut jukebox. Prince died suddenly in the spring of 2016 – and he didn’t have an estate plan in place. He was relatively young at 57-years-old and had been quite wealthy for a long time. Of his $250 million estate, $100 million of it went to estate taxes. 40% of his fortune gone! The rest of the estate was distributed to the siblings he had relationships with, but also distributed to estranged siblings he probably wouldn’t have included. On this episode of Wealth from Wisdom, we’re going to talk through estate planning – how to shape your legacy while you’re still living and take care of those you love the most.

In 1992, the divorce rate in the U.S. was about 4.8 per 1,000 marriages. In 2019, it’s at 2.9 per 1,000. That’s still one in every three couples. But just because it’s common doesn’t mean it’s simple. There are many laws, emotional issues and financial planning questions specific to divorce that everyone must answer. On this episode of Wealth From Wisdom, we’ll look at some of the key financial planning decisions surrounding divorce. While no one likes going through a divorce, understanding how to best approach this difficult time is incredibly important.

Risk in financial planning is a common topic. Are you a conservative or growth-centric investor? Stocks or bonds? What are the Federal Interest Rates doing? But there are plenty of other risks in retirement outside of investments. From tax efficiency to long-term care insurance, dealing with unexpected health concerns, the death of a loved one, or needing to supplement your retirement income – you need to be prepared. In this episode of Wealth From Wisdom, Paul West and Erin Wood discuss the retirement risks outside of your investment portfolio, and how you can set yourself up to not only meet your retirement income needs, but also to protect yourself, your family and your legacy.

The 401(k) is the most popular retirement vehicle (outside of Social Security, of course) – and the number of 401(k) millionaires is at an all-time high. But a million dollars might not be enough for today’s retirement standards. How can you take your 401(k) to the next level and not only strive to reach that million-dollar mark – but actually meet your retirement needs?In this week’s episode of Wealth From Wisdom, Paul West and Scott Kubie discuss 401(k)s – and the four rules you can follow to help successfully save for retirement.

You’re a business owner. You had a dream and with your own two hands made it into a reality. People depend on you – to support the economy, create jobs, to keep vital gears of society turning. Your own financial needs can sometimes drift to the back-burner. Taking care of others’ livelihoods can draw you away from planning for your own. And your needs are unique — you signed paychecks instead of receiving them, you structured benefit plans rather than simply benefitting. On this episode of Wealth From Wisdom, we’re going to discuss financial planning for small business owners.

Is the longest bull market in history starting to unravel? Learn what could help shield your investments from a turbulent stock market on this episode of Wealth From Wisdom.

The last thing you need is a big, unexpected expense when you’re retired. Learn what overlooked expenses could blindside you in retirement on Wealth From Wisdom.

If you Google “investing for retirement” you’ll get 211 MILLION results. There are 211 MILLION different articles, blogs, and videos about investing for retirement. And there are probably 211 MILLION DIFFERENT OPINIONS about what you should, and shouldn’t do. Unfortunately, much of this advice is dated, misleading, or just flat out wrong. We bust the most common myths about planning and investing for retirement on this episode of Wealth From Wisdom.

In our 100th episode, Paul West is joined by Ron Carson to look back at the last two years and gauge what the future may hold.

Record-low interest rates are punishing retirees. How will you successfully generate income in a low-interest rate world? Don’t miss this episode of Wealth From Wisdom.

You may fear losing money in the stock market. But there are many other risks that could cut your nest egg in half! Learn what they are on Wealth From Wisdom.

Your IRA or 401(K) is one of your biggest retirement assets, but there’s a dark side to these accounts that nobody wants to talk about. Don’t miss this episode of Wealth From Wisdom.

What is Sequence of Returns risk, and how does it threaten your retirement? Learn how you could protect your entire life savings on Wealth From Wisdom.

When you retire, RMD’s could trigger massive taxes and penalties with your IRA, 401K and other retirement accounts. Don’t miss this episode of Wealth From Wisdom with Paul West and guest Senior Investment Strategist Scott Kubie.

How is it that two different people in nearly identical scenarios receive dramatically different amounts in Social Security benefits? Learn why on this episode of Wealth From Wisdom.

Diversification is more than just a mix of stocks, bonds and mutual funds. Learn how to avoid 5 other diversification blind spots on this episode.

Most people aren't honest about the mistakes they make with their money. On this episode of Wealth From Wisdom, Paul and Erin discuss how you learn more from your failures than your successes.... especially when it comes to your money.

You could experience one of two scenarios in retirement … One, your savings and investments are generating income for you. The money comes in like clockwork, which enables you to do everything you’ve dreamed of doing in retirement.Or two, you have no retirement income plan. Your principal is shrinking every month. And you live in constant fear of running out of money in retirement.Don’t miss the ultimate guide to generating income in retirement, on this episode Wealth From Wisdom.

There’s more to your IRA and 401K than meets the eye. Learn 5 way to get MORE out of your tax-deferred retirement accounts, on this episode of Wealth From Wisdom.

Most people THINK they’re ready to retire … long before they’re financially prepared. On this episode, learn the 5 things you must tackle before you start planning that retirement party.

Don't get hammered with taxes in retirement... Listen to this episode to learn how you could save yourself thousands of dollars in retirement, if not more!

Your success or failure in retirement … will be determined by one thing. And that one thing … is timing. On this episode, learn how to navigate the timing of critical issues that could make or break your retirement.

There are 5 strategies that could help you get more out of your Social Security benefits when you retire. Don’t miss this episode of Wealth From Wisdom to find out what they are!

There are some things you can’t control with financial planning. But there are 5 things you CAN control … that could give you a big financial shot in the arm. On this episode, Paul and Erin talk about how you can make your money and investments go further in retirement.

There’s one thing that could help you avoid losing your shirt in a stock market correction, or a bear market. Hear Paul West and Scott Kubie on this episode to learn more.

Required Minimum Distributions could trigger an avalanche of taxes you never expected! Learn how to avoid 5 critical mistakes that could cost you a fortune.

On this episode, Paul is joined by Erin Wood, Vice President of Wealth Planning at Carson Wealth. Tune in to hear what most people overlook in retirement, and how you can ensure you are successful in your retirement.

Your biggest expense in retirement isn’t what you think… On this episode of Wealth From Wisdom, Paul and Jim discuss the piece of the retirement puzzle that you are probably overlooking.

You’d never let a first time contractor remodel your house, so why let an inexperienced advisor manage your money? On this episode, Paul and Jim discuss the 5 things smart investors NEVER do with their money.

What is the magic number that will let you retire? What if we told you that number wasn’t so magical after all? On this week’s episode, Paul and Erin discuss what you could be missing for your retirement, and how to fix it before its too late.

If the market suddenly dropped in 2019, would you be prepared or would you be in a sheer panic? On this episode, Paul is joined by Scott Kubie to discuss how you can prepare for volatility in 2019.

The new year will bring an unprecedented amount of challenges for you and your money. On this episode, Paul and Erin Wood discuss how the new year affects you and your retirement plans.

What if the market had a 50% correction? Would you be in a sheer panic, or would you be prepared? As 2018 comes to a close, Paul is joined by Erin Wood to discuss the recent volatility and how you can be ready for it.

Your IRA or 401k may be your largest asset, and the single most important key to retiring successfully. Aside from looking at your balance every month, when is the last time updated or rebalanced your investments? Join Paul West and Erin Wood to discuss the critical mistakes people make with their IRAs or 401ks, and how you can avoid losing your money in retirement.

According to a recent study by CNBC, if you retire during a bear market, you could end up with 66% less money for the rest of your life. How can you avoid this? Tune in to this episode to find out!

The average person spends $1000 on Christmas presents. Don’t let holiday deals trick you into going overboard when it comes to shopping. On this episode, Paul is joined by special guest Erin Wood, Vice President of Wealth Planning for Carson Wealth. Tune in to hear the 4 critical factors you should keep in mind when buying gifts.

The very last thing you need in retirement is an unexpected financial surprise. On this episode of Wealth From Wisdom, Paul and Jim discuss the most common retirement blind spots, and how you could be avoiding them.

There is a fine line between daily monitoring your portfolio, and completely ignoring it. On this episode of Wealth From Wisdom, Paul and Jim discuss short term redemption fees, how to monitor your portfolio and how to keep your money in your pocket.

In a very special episode of Wealth From Wisdom, Paul and Jim are joined by Paul’s daughter, Cece West. They discuss taxes, money memories, the “Parent Tax,” and what babysitting, soccer refereeing, and lemonade stands have in common. Make sure you listen to this episode to hear all about what teenagers think about money, and how you can help your kids understand it better.

Did you know there is a loophole in the 2018 tax plan that could save you a small fortune? Listen to this episode to learn how to save money while paying taxes.

The “V-Word” reared it’s ugly head this week – volatility. No one can tell you what’s next, but we can agree that volatility is normal.