Wealth Redefined

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Practical discussions and insights on money with a modern approach to building wealth. Hosted by Michael Reynolds, independent financial advisor and Principal of Elevation Financial.

Michael Reynolds


    • May 14, 2025 LATEST EPISODE
    • weekly NEW EPISODES
    • 19m AVG DURATION
    • 260 EPISODES


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    Latest episodes from Wealth Redefined

    E259: Should I Buy a Duplex?

    Play Episode Listen Later May 14, 2025 8:47


    Thinking about buying a duplex? Learn the pros and cons, from financing and maintenance to tenant management and resale value, to decide if it's the right investment for you.

    E258: Medicare Enrollment 101 – A Guide to Help You Sign Up for Medicare

    Play Episode Listen Later May 7, 2025 11:20


    We'll review the basic parts of Medicare, enrollment deadlines, how to enroll, and some common costs you can expect.

    E257: What is a Buffered ETF and How Does It Work?

    Play Episode Listen Later Apr 30, 2025 9:59


    Buffered ETFs offer downside protection with capped gains, making them an attractive option for cautious investors. Learn how buffered ETFs work and when they might fit into your portfolio.

    E256: So You Started a Business – Now What?

    Play Episode Listen Later Apr 23, 2025 10:40


    You've taken the leap and started your own business. First, congratulations! It takes courage to step out on your own and build something from scratch. But now that you're officially in business, what comes next?

    E255: 3 Ways to Improve Your Tax Filing Process Next Year

    Play Episode Listen Later Apr 16, 2025 5:17


    Tax season can feel overwhelming, especially when you're scrambling to pull everything together at the last minute. Whether you file your own taxes or work with a tax professional, an organized approach can help reduce stress and improve your outcome.

    E254: 10 Budgeting Myths That Keep People from Using a Budget

    Play Episode Listen Later Apr 2, 2025 9:15


    Creating and following a budget is one of the most powerful ways to gain control over your finances. But despite its benefits, many people avoid budgeting altogether. Why?

    E253: How to Claim Your Tax Credits for Adoption Expenses

    Play Episode Listen Later Mar 26, 2025 12:44


    Adoption can be one of the most meaningful experiences in life—but it's no secret that it can also come with significant costs. Fortunately, the IRS offers adoption tax benefits designed to offset some of these costs. If you're planning to adopt or have recently completed an adoption, it's worth understanding how to claim these valuable tax credits.

    E252: Should I Repair or Replace My Car?

    Play Episode Listen Later Mar 19, 2025 6:12


    If you've ever owned an older car, you've probably faced the tough choice: Should you spend the money to repair it, or is it finally time to buy something newer? This is a common situation, and it's totally normal to feel a bit torn between the practical side of things and your emotional connection to your vehicle.

    E251: What Are My Options For College Savings For My Child?

    Play Episode Listen Later Mar 12, 2025 12:36


    Saving for your children's college education is one of the most important financial decisions you'll make as a parent. With the cost of higher education rising steadily, it's a great idea to start planning early and understand your options.

    E250: What Is a Roth 401(k) and How Does It Work?

    Play Episode Listen Later Mar 5, 2025 8:42


    If your employer offers a Roth 401(k), consider giving it a closer look. It could become an essential part of your financial strategy, setting you up for a financially secure, tax-efficient retirement.

    E249: Reasonable Compensation for S-Corps – Busting Common Myths

    Play Episode Listen Later Feb 26, 2025 9:53


    Reasonable compensation is one of the most misunderstood and debated topics for S-Corporation (S-Corp) owners. Despite its importance, misconceptions continue to circulate, often leading to IRS challenges or costly mistakes. Let's break down what reasonable compensation is, why it matters, and bust some of the most common myths.

    E248: How to Read a Fund Report – Understanding Key Investment Metrics

    Play Episode Listen Later Feb 19, 2025 9:17


    Investing in mutual funds and exchange-traded funds (ETFs) can be a great way to diversify your portfolio, but understanding fund reports is essential to making informed decisions. Fund reports contain a wealth of information about a fund's performance, strategy, and costs, but they can be overwhelming if you're not familiar with the terminology.

    E247: When to Use a Credit Card Balance Transfer

    Play Episode Listen Later Feb 5, 2025 7:43


    Timing is everything when it comes to balance transfers, and knowing when to use one is key to making the most of it. It can be a smart move for consolidating high-interest debt and speeding up your journey to being debt-free, but it's not a one-size-fits-all fix.

    E246: A Checklist of Documents for Filing Your 2024 Tax Return

    Play Episode Listen Later Jan 29, 2025 8:22


    As tax season approaches, staying organized can save you time, stress, and even money. To make filing your 2024 tax return easier, here's a checklist of documents you may need, depending on your income sources, deductions, and tax credits.

    E245: How (And Why) to Communicate Your Estate Plan to Your Family

    Play Episode Listen Later Jan 22, 2025 9:25


    Estate planning isn't just about organizing your assets or drafting a will. It's about creating a roadmap that ensures your wishes are honored and your loved ones are cared for. Communicating your estate plan to your family is helpful for several reasons.

    E244: The Biggest Mistakes Made During Tax Season That Can Trigger IRS Audits

    Play Episode Listen Later Jan 15, 2025 10:19


    Here are the biggest mistakes taxpayers make during tax season that can trigger IRS enforcement—and how you can avoid them.

    E243: My Three Words for 2025 – Setting Intentions for the New Year

    Play Episode Listen Later Jan 8, 2025 8:30


    I love this exercise because it avoids the head trash that can result from the pass/fail nature of goal-setting. Don't get me wrong, there is a time and place for setting goals. But for me, setting three words is much more effective when defining a theme for an entire year.

    E242: How to Create Retirement Income From Your Investments – Three Popular Strategies

    Play Episode Listen Later Oct 30, 2024 22:40


    Here's a look at three common retirement income strategies—Systematic Withdrawals (Total Return with Rebalancing), the Bucket Strategy, and the Guardrails approach. Each one has its own strengths and challenges, depending on your goals, risk tolerance, and personal style.

    E241: Why Shouldn't I Just Invest in the S&P 500?

    Play Episode Listen Later Oct 16, 2024 10:08


    While the S&P 500 can be a great foundation for a portfolio, investing solely in this one segment of the market may not always be the best approach. We'll explore several reasons why relying solely on the S&P 500 might not be the ideal strategy.

    E240: What to Do if You Lose Your Job

    Play Episode Listen Later Oct 9, 2024 15:13


    Losing your job is never easy, whether you saw it coming or it took you by surprise. Beyond the emotional toll, the financial uncertainty can be overwhelming. However, with thoughtful planning and strategic actions, you can protect your financial future and manage the transition to your next chapter with confidence.

    E239: 5 Myths About 401(k) Plans That Need to Be Debunked

    Play Episode Listen Later Oct 2, 2024 9:51


    The truth is, a 401(k) can be a powerful tool for building a secure retirement if you know how to use it wisely. We'll dive into five of the most common myths about 401(k) plans, debunk them, and provide clarity so you can make the most of your retirement savings strategy.

    E238: How Do Presidential Elections Affect the Stock Market?

    Play Episode Listen Later Sep 25, 2024 8:45


    Presidential elections often bring a heightened sense of uncertainty to the stock market, but historical data suggests that the impact is not as significant or predictable as many might believe. Here are some key points to consider.

    E237: Navigating Your Child's Transition to Independence – Key Considerations for Parents

    Play Episode Listen Later Sep 18, 2024 11:00


    As your child becomes independent, there are a multitude of factors to consider. From health care access and insurance coverage to tax strategies and estate planning, it's a significant transition for both you and your child. By proactively addressing these issues, you can ensure a smoother path toward your child's independence while safeguarding your family's financial well-being.

    E236: The Right Way to Set Up (and Use) YNAB for Budgeting

    Play Episode Listen Later Sep 11, 2024 27:55


    You Need a Budget (YNAB) is a powerful tool that can help you manage your cash flow, save with intention, and spend with confidence. I'm going to walk you through the "right" way to set it up and use it. Or at least, MY way.

    E235: How to Freeze Your Credit (And Why You Might Want To)

    Play Episode Listen Later Aug 28, 2024 9:10


    One tool in your fight against identity theft is a credit freeze. But what exactly is a credit freeze, and why should you consider implementing one?

    E234: The Psychology Behind Overspending

    Play Episode Listen Later Aug 21, 2024 12:45


    Overspending is a common financial challenge that affects millions of people, regardless of income level or financial knowledge.

    E233: The Cash Balance Plan – A Powerful Tax Savings Tool for Solo Business Owners

    Play Episode Listen Later Aug 14, 2024 12:10


    As a solo business owner, you're probably looking for ways to maximize your tax savings and secure your financial future. One powerful tool that can help you achieve both goals is the cash balance plan.

    E232: Solo 401(k) Contributions – EmployEE vs EmployER

    Play Episode Listen Later Aug 7, 2024 10:13


    What makes the Solo 401(k) particularly attractive is its unique dual contribution structure. Unlike traditional employer-sponsored 401(k) plans, a Solo 401(k) allows you to contribute to your retirement savings in two capacities: as an employee and as an employer. This dual role can significantly boost your ability to save for retirement, potentially allowing you to contribute more than you could with other self-employed retirement plans like SEP IRAs or SIMPLE IRAs.

    E231: What is a Good Debt to Income Ratio?

    Play Episode Listen Later Jul 31, 2024 9:45


    Debt-to-income is a key financial metric. It reflects your financial health and helps you build a stable and prosperous future.

    E230: Maximizing College Savings – A Guide to "Superfunding" a 529 Plan

    Play Episode Listen Later Jul 24, 2024 9:07


    When planning for your child's future education, one powerful tool at your disposal is the 529 plan. You may already be familiar with the basics of this tax-advantaged savings vehicle, but have you heard about "superfunding" a 529 plan?

    E229: Will I Have to Pay Taxes When I Sell My House?

    Play Episode Listen Later Jul 17, 2024 9:30


    By understanding the tax implications and implementing these strategies early, you can significantly improve your financial outcome when selling your house.

    E228: What Does a Solid Financial Plan Look Like?

    Play Episode Listen Later Jul 10, 2024 8:35


    As you might expect, there is no one correct answer. Most importantly, it guides you toward your goals and provides a solid financial foundation for your life. So what does the typical financial plan contain, and what should it cover?

    E227: Should I Invest in the Current "Hot" Stock?

    Play Episode Listen Later Jun 26, 2024 14:59


    Investing in the biggest names in the stock market has always been tempting. These giants of the industry are often household names with a reputation for market dominance, and their stocks can potentially deliver impressive returns.

    E226: How to Share and Transmit Documents When Working With Financial Professionals

    Play Episode Listen Later Jun 19, 2024 6:59


    Remember these rules when sharing financial documents with your financial professional to make life easier for everyone and help keep your data secure.

    E225: A Guide to Designating a Transfer-on-Death Beneficiary for Your Vehicle

    Play Episode Listen Later Jun 12, 2024 11:24


    Assigning a beneficiary to your vehicle can be a simple and effective way to ensure that your car, truck, or motorcycle is transferred to the person of your choice upon your death. This process, known as designating a transfer-on-death (TOD) beneficiary, can save your loved ones time, money, and the hassle of going through probate.

    E224: Unlocking Financial Stability – Mastering the Personal Finance Metrics that Matter Most

    Play Episode Listen Later Jun 5, 2024 11:05


    If you focus on these metrics and improve them over time, you will have a foundation of financial stability that will unlock potential in many other areas of your life.

    E223: Choosing the Right Retirement Plan – Solo 401(k) vs. SEP IRA

    Play Episode Listen Later May 22, 2024 7:34


    SEP IRAs and Solo 401(k) both offer tax benefits and generous contribution limits. But they also have unique features that are different.

    E222: The Impact of Money Scripts on Your Financial Decisions

    Play Episode Listen Later May 15, 2024 11:10


    Our behavior related to money is driven by many factors. One factor can be our unconscious beliefs about money. These beliefs are called "money scripts," and they can significantly influence our habits and results with money.

    E221: How Debt Can Sabotage Your Financial Future – Understanding the Negative Effects of Debt

    Play Episode Listen Later May 8, 2024 12:46


    Debt is not always bad, but it's often overused. Avoiding debt as much as possible is one of the best ways to avoid financial stress and make faster progress toward your financial goals.

    E220: Can I Withdraw From My IRA for a Down Payment on a Home?

    Play Episode Listen Later May 1, 2024 11:14


    Are you dreaming of buying a new home but struggling to come up with enough money for a down payment? If you have an IRA, you might be tempted to dip into it to fund your dream. But can you actually withdraw money from your IRA for a down payment on a home?

    E219: Understanding 401(k) Loans – How They Work and When to Consider One

    Play Episode Listen Later Apr 24, 2024 8:38


    If you've ever wondered whether you can borrow from your 401(k), the answer is likely yes, but it comes with a host of considerations. Before you consider borrowing from your 401(k), you need to understand the mechanics of 401(k) loans, the potential downsides, and the risks involved.

    E218: What Home Improvements Increase Cost Basis (And Why You Should Care)

    Play Episode Listen Later Apr 17, 2024 11:10


    By maintaining detailed records of all home improvements, you can maximize your chances of increasing your adjusted costs basis as much as possible when selling your home, which can minimize the capital gains taxes you might pay.

    E217: What's a "Normal" Down Payment for Buying a House?

    Play Episode Listen Later Mar 20, 2024 10:55


    There are some myths as well as pros and cons of different down payment percentages. Whether you're a first-time homebuyer or looking to upgrade, understanding your option for a down payment will help you make informed decisions and find the right plan for your situation.

    E216: How to Recognize (And Avoid) Scams

    Play Episode Listen Later Mar 13, 2024 32:55


    To protect yourself, you need to arm yourself with the tools and knowledge necessary to spot the red flags of a scam and the strategies to avoid these potentially devastating intrusions.

    E215: How to Switch Banks (In 5 Steps)

    Play Episode Listen Later Mar 6, 2024 7:21


    Don't let inertia and the comfort of the status quo keep you from improving your bank experience. Switching banks is not that difficult and can make life easier if you put in a little time up front.

    E214: Understanding Umbrella Insurance – What Does It Mean and Why Do You Need It?

    Play Episode Listen Later Feb 28, 2024 9:18


    Umbrella insurance is an important component of a comprehensive insurance portfolio. It provides an extra layer of liability coverage, protecting you from the financial consequences of lawsuits and potentially saving your assets.

    E213: A Step-by-Step Guide to Setting Up a Solo 401(k) for Self-Employed Professionals

    Play Episode Listen Later Feb 21, 2024 20:05


    The Solo 401(k) is one of the best retirement plans available to business owners and can give you lots of flexibility when it comes to managing taxes and saving for retirement.

    E212: Can a 529 Be Rolled Into a Roth IRA?

    Play Episode Listen Later Feb 14, 2024 9:08


    Under certain circumstances, a 529 to Roth IRA rollover can be a great way to use extra 529 funds in a tax-efficient way that benefits your child.

    E211: The Benefits of Working With a Flat Fee Financial Advisor

    Play Episode Listen Later Feb 7, 2024 11:33


    If you are interested in getting help with financial planning and investment management and you want to keep costs under control while avoiding conflicts of interest, consider working with a flat fee financial advisor. It can be a great way to level up your money.

    E210: Simplifying Tax Season – The Essential Tax Documents You Can't Afford to Miss

    Play Episode Listen Later Jan 31, 2024 13:05


    Tax season can be a stressful time for many individuals, but it doesn't have to be. By understanding the essential tax documents you can't afford to miss, you can simplify the process and save yourself unnecessary stress.

    E209: Navigating Tax Debt – What to Do When You Can't Pay the IRS

    Play Episode Listen Later Jan 24, 2024 14:58


    It can be stressful when you find yourself unable to pay the IRS. It's a situation no one wants to be in, but it's important to know that there are steps you can take to address the issue and find a solution.

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