Your Wealth, Your Legacy

Long-term investment success isn't about timing the market — it's about having the right perspective and discipline. In this episode, we share the key principles that help investors avoid costly mistakes, stay invested, and reach their financial goals.Learn why emotional decisions, media noise, and chasing trends often do more harm than good — and why a steady, long-term strategy remains the most reliable path to wealth.Backed by decades of data and insights from Warren Buffett and Charlie Munger, this episode will help you block out the noise and focus on what truly matters.If you're looking to achieve long-term investing success, we think you'll enjoy this podcast episode. Thanks for listening!For more details we recommend that you check out our blog post covering the same topic at https://pw-wm.com/learn/investing/the-secrets-of-investment-success/

Is your cash working for you? Each year individuals leave thousands of dollars on the table by accepting the extremely low interest rates offered on their checking and savings accounts. In fact, this is an area where we consistently see family after family missing out on significant income that could easily be theirs.With the significant drop in interest rates after the Great Recession, most banks began paying little to no interest to their depositors. Over the ensuing 15 years, most individuals became accustomed to earning very little interest. Now as overall interest rates have started to rise, most banks have left the interest rates they pay on deposit accounts very low. With most individuals no longer expecting to earn interest on their bank accounts, very few have spent the time to find a solution paying a better interest rate. For many families, this costs them thousands of dollars each year.The good news is that this is one of the easiest issues to fix! In this podcast, we discuss a simple option to begin earning a competitive interest rate on your cash balances. If you want your money to work for you, we think you'll enjoy this podcast episode. Thanks for listening!For more details we recommend that you check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/flourish-cash-is-your-cash-working-for-you/

Will you be leaving your children a burden or a blessing? When planning for the future, the primary focus is typically on growing wealth, but few take the necessary steps to ensure their estate is passed on to the next generation efficiently. Because of this, many families leave their children a massive burden of paperwork and sleuthing to identify assets and clean up their estate. Not the ideal scenario when you are already grieving the loss of a loved one.Leaving your family a well-structured estate is one of the greatest gifts you can provide. In a world where so many families are left with financial disorder, you can leave your family with a blessing.If you are interested in learning more about how to prepare your finances for the next generation, we think you'll enjoy this month's episode. Thanks for listening!For more details we recommend that you check out our blog post covering the same topic at https://pw-wm.com/learn/estate-planning/are-your-children-inheriting-a-burden-or-a-blessing/.

My father recently passed away, and he left a significant inheritance to me and my siblings. How do we make sure we don't waste it?Questions like the one above are becoming more common and will increase in the years ahead as approximately $84 Trillion dollars is transitioned from the silent generation and baby boomers to their children. More and more individuals and families will be faced with the blessings and challenges that come from a significant inheritance.A sudden wealth transfer often comes at an emotionally difficult time. In addition, the individual receiving the money may never have dealt with a similar amount of money before. Rather than building wealth gradually and developing the skills to manage it over the years, they are immediately handed the inherited assets along with the related challenges and must learn to navigate them quickly.If you are interested in learning more about how to handle the sudden wealth that can accompany an inheritance, we think you'll enjoy this month's episode. Thanks for listening!For more details, we recommend that you check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/sudden-wealth-how-to-handle-a-large-inheritance/.

Using exchange-traded funds (ETFs) and mutual funds to create diversified portfolios and track well-established indices has provided a great way for many investors to grow their wealth over the past few decades. However, simply using ETFs and mutual funds can restrict the investor's ability to maximize the tax savings available since access to the underlying positions is not available. Direct indexing offers the ability to track a particular index while providing the additional flexibility of actually holding each underlying position. While this strategy used to only be feasible for the wealthiest Americans, the transition to commission-free trading at the major custodians and the advancement of technology has made this strategy available to many more individuals. Direct indexing can offer significant tax efficiency by maximizing the benefits of tax-loss harvesting, gifting appreciated positions to charity, and implementing a stepped-up basis strategy for the next generation. Combined, these opportunities can keep more money in your pocket and reduce your tax bill to Uncle Sam! If you are interested in learning more about direct indexing and its tax efficiencies, we think you'll enjoy this month's episode. Thanks for listening! For more details we recommend that you check out our blog post covering the same topic at https://pw-wm.com/learn/investing/cutting-your-tax-bill-with-direct-indexing/.

Welcome to the first podcast episode of 2025! Looking back over 2024, market performance continues to be driven by the incredible performance of the Magnificent 7 - the seven largest tech companies. Aside from these seven companies, market returns were much less exciting. The question remains, how long can the outperformance of large US technology companies continue, and are investors who are heavily allocated to the S&P 500 taking on unnecessary risk for the years to come given 1/3rd of the S&P is allocated to these seven companies? Looking forward, 2025 is slated to be a year of significant discussion around tax legislation where lawmakers debate the December 31, 2025 scheduled expiration of many important individual, business, and estate tax provisions. If you are interested in learning more about our perspective on 2024 and recommendations for key planning opportunities in 2025, we think you'll enjoy this month's episode. Thanks for listening! For more details, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/year-in-review-and-looking-ahead-to-2025/

The Corporate Transparency Act (CTA), passed on a bipartisan basis in 2021, introduces new federal reporting requirements aimed at improving corporate transparency and combating illegal financial activities. The reporting requirements will impact most small business owners and investors who own or have substantial control over a business entity such as an LLC or corporation. In this podcast, we provide a brief overview of why the CTA was considered necessary and how individuals can ensure they are compliant with the requirements in order to avoid the severe penalties for those who fail to file the necessary information. If you are interested in learning more about the CTA and the reporting requirements, we think you'll enjoy this month's episode. Thanks for listening! For more details on who needs to file and how to file we recommend that you check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/the-corporate-transparency-act-for-small-business-owners/

While many of our clients have already achieved financial freedom and independence for themselves, they are often reaching the stage where they have children who are leaving home and beginning their own journey. This month's podcast is designed to assist parents as they have conversations with their children about how to get off to the right start with their finances. If you are interested in the best practices for ensuring your children make wise financial decisions from the beginning, we think you'll enjoy this podcast. Thanks for listening! For more details on the six steps we recommend to help guide your children to financial freedom and independence, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/guiding-your-children-to-financial-success/.

For many parents who own small businesses, two of their primary goals are passing on a strong work ethic to their children while also lowering their tax bill. While many parents work for a large employer and may not have the option to hire their children directly; others who own small businesses may find that employing their children can be a great way to start building that work ethic while also receiving tax benefits. Significant tax advantages may include tax free income for the children up to the standard deduction, avoiding Social Security, Medicare and federal unemployment taxes, and reducing the parents' tax bill. In addition, children with earned income can make Roth IRA contributions at a young age to maximize the value of tax-free growth for decades – ultimately creating the potential for a multi-million-dollar Roth IRA in retirement. If you are interested in learning more about how to incorporate your children into the family business, as well as helping them get started saving for retirement, we think you'll enjoy this episode. Thanks for listening! For more details on employing your children, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/hiring-your-children-saving-taxes-and-teaching-responsibility/

On August 1st, 2024, a class action lawsuit was filed against Jerico Pictures, Inc. otherwise known as National Public Data, alleging a massive data breach that appears to impact nearly all Americans. SpyCloud, a leader in helping businesses avoid cybercrime, reported that their team was able to access and analyze the data and confirmed that 277 million distinct social security numbers were included in the breach. Given the current population of the United States is about 337 million people, most individuals should assume their information was included. When data breaches like this happen, what should everyday Americans do to reduce the risk that they become the victim of identity theft? In the past, most individuals were careful to avoid giving out their data and then simply hoped that their identity would not be compromised. With the size and frequency of recent breaches, this is no longer a viable strategy. Individuals must assume that their data is available to identity thieves. In this month's podcast, we discuss the steps individuals should be taking now to actively reduce the risk of becoming a victim of identity theft in light of the National Public Data security breach. If you are interested in learning more about how to protect yourself financially from identity thieves, we think you'll enjoy this episode. Thanks for listening! For more details on protecting yourself from identity theft, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/avoiding-identity-theft-when-your-data-is-exposed/

According the Giving USA 2024: Annual Report on Philanthropy, individuals in the United States gave over $374 billion to charity in 2023. Beyond the intrinsic reward of helping others, charitable giving also offers substantial tax benefits if it is approached strategically. While most individuals choose to simply give to charity via cash, check, or credit card, these options are typically the least tax efficient. In this month's podcast we are discussing how various charitable giving strategies such as giving appreciated stock, bunching charitable contributions, making qualified charitable distributions, and utilizing the North Dakota qualified endowment tax credit can significantly increase the tax savings individuals receive from their charitable gifts. If you are interested in learning more about tax-smart ways of giving to charity, we think you'll enjoy this episode. Thanks for listening! For more details on tax smart charitable giving, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/tax-smart-charitable-giving-strategies/

The life insurance industry in the United States is large and growing. According to LIMRA, US life insurance premiums set a new record in 2023 with over $15 billion in new annualized premium sales. Only $3 billion of the total represents term life insurance which means 80% of the new premiums were generated from non-term policies. When insurance agents endorse the investment characteristics of life insurance, they are referring to permanent insurance which is a blend of insurance and investments. In this month's podcast, we discuss how the investment component of permanent life insurance works and how it generally performs compared to other investment options. If you are interested in learning more about how the investment component of permanent life insurance stacks up against other investment options, we think you'll enjoy this episode. Thanks for listening! For more details on permanent insurance, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/is-life-insurance-a-good-investment/

Discussions of life and death are often uncomfortable. Facing our own mortality forces us to answer questions and consider scenarios we'd rather pretend do not exist. While we'd rather believe life will go on for decades and we'll be able to continue providing for loved ones, the reality is that we don't always have that opportunity. When individuals pass away, often their loved ones are left in a difficult financial situation, and things that previously were assumed to be a given (staying in their current home, covering day to day expenses, assisting children with education expenses, etc.) are no longer guaranteed. In this podcast, we discuss the financial implications resulting from the untimely death of a loved one and how life insurance plays an important role in ensuring your family is adequately protected. If you are interested in learning more about navigating life insurance and avoiding pitfalls, we think you'll enjoy this episode. Thanks for listening! For more details on navigating life insurance, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/navigating-life-insurance-and-avoiding-pitfalls/

The American Dream has led thousands of people to start businesses, and eventually, become successful through years of hard work and persistence. In most cases, success did not come without lean times in the early years, late nights and long weekends, and missed quality time with family. On top of the personal sacrifices made, successful business owners typically have paid significant amounts in taxes throughout the years – income taxes, Social Security taxes, Medicare taxes, etc. Now after decades of hard work, their goal is to pass what they've created down to the next generation; so it is no wonder they are frustrated to learn that their estate may also be subject to estate taxes. Despite playing by the rules and paying taxes for years, they feel like they are a victim of their own success as Uncle Sam takes another bite at the apple. In this podcast, we discuss planning considerations for families who are concerned about estate taxes - including how estate tax rules are expected to change at the end of 2025 when many of the provisions of the Tax Cuts and Jobs Act of 2017 expire. If you are interested in learning more about ways to protect the wealth you've created from estate taxes, we think you'll enjoy this episode. Thanks for listening! For more details on estate tax considerations, check out our blog post covering the same topic at https://pw-wm.com/learn/estate-planning/protect-your-estate-from-taxes/

Marjorie Bloom had worked 42 years as a federal attorney. She had amassed her nest egg of $660,000 for retirement through decades of work and an inheritance from her parents. She was looking forward to her future and ultimately leaving any leftover money to her children just as her parents had for her. Unfortunately, that all changed in 2021 when her computer suddenly froze and cunning con artists stole her life savings. This story first published by CNBC in 2023 tells a far too common story of individuals losing funds to cyber criminals. With cybercrime becoming increasingly sophisticated, all individuals need to be prepared to protect their information and accounts. In this podcast, we discuss the prevalence of cybercrime as well as common scams and ways to decrease the likelihood of becoming a victim. If you are interested in learning more about how to protect the wealth you've created from cunning cybercriminals, we think you'll enjoy this episode. Thanks for listening! For more details on cybersecurity, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/dont-lose-your-life-savings-in-an-instant/

Between 2010 and 2030, the Baby Boomer generation (estimated at 73 million individuals) is retiring at a rate of 10,000 people per day, and while each of these individuals likely looks toward their new found freedom with excitement, they also face significant challenges. One of the most significant challenges is ensuring their money lasts throughout retirement. When asked about the most likely reason they may run out of money, most retirees will say a significant market decline that reduces the value of their investment accounts. However, history shows that inflation and the loss of purchasing power over time is likely a more significant risk. In this episode, we discuss how retirees can balance the risk of market fluctuations with the loss of purchasing power as they construct a portfolio to last throughout their lifetime. If you are interested in learning more about how to invest for retirement, we think you'll enjoy this episode. Thanks for listening! For more details on investing for the future, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/your-greatest-retirement-risk/

At the end of 2023, the Magnificent 7 (Apple, Microsoft, Amazon, Google, NVIDIA, Meta, and Tesla) accounted for 28% of the S&P 500 index. With many of the largest exchange traded funds and mutual funds tracking the S&P 500 index, numerous investors have chosen to passively track the S&P 500 index with a significant portion of their portfolio. While the S&P 500 has generally been regarded as a very diversified index, many investors don't understand the level of concentration that the S&P 500 has in the largest tech companies. On this episode, we discuss how an index holding 500 companies can end up with 28% of its allocation in only seven companies, the risks that this can present, and whether there are better approaches that can mitigate the risks. If you are interested in learning more about how to invest for long-term success, we think you'll enjoy this episode. Thanks for listening! For more details on the Magnificent 7 and market cap weighting, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/the-magnificent-seven-and-market-cap-weighted-indexing/

Happy New Year! Looking back at 2023, it was a whirlwind year that began with bank failures in March, continued fighting between Russia and Ukraine, a new war between Israel and Hamas, consistent increases in interest rates, and retreating inflation. In this episode, we recap 2023 market performance and consider the key changes and planning opportunities for 2024 that individuals should consider and implement. If you are interested in learning what's changing as we roll into the new year and how you can update your financial plan to be prepared for the year ahead, we think you'll enjoy this episode. Thanks for listening! For more details on key changes and planning opportunities for 2024, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/key-changes-for-2024-and-planning-opportunities/.

Beginning in March 2022, the Federal Reserve began raising interest rates in an attempt to mitigate high inflation. Over the course of the last two years, the Federal Reserve has raised interest rates 11 times resulting in targeted interest rates that are 5.25% higher than they were at the beginning of 2022. In this episode, we discuss how the rapid increase in interest rates has resulted in certificates of deposit (CDs) paying over 5% to savers. With the increase in CD rates, the advertisement of CD specials has exploded with nearly every bank marketing their attractive CD rates to the public. Naturally, this has led many individuals to ask the question whether CDs are right for them. If you are interested in learning about CDs and points to consider when determining if they are appropriate for your situation as well as alternatives that may make more sense in specific cases, we think you'll enjoy this episode. Thanks for listening! For more details on certificates of deposit, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/cd-rates-are-over-5-should-you-buy-them/.

As year-end approaches and individuals begin considering their charitable giving goals for 2023, it is important to consider not just the charities to support, but also the most tax-efficient way to contribute. In this episode, we discuss how qualified charitable distributions (QCDs) directly from your IRA to charity may be the most tax efficient way for individuals who are at least age 70 ½ to fulfill their charitable goals. Since QCDs are excluded from income, individuals are able to lower their taxable income and reduce their tax obligation – even without itemizing their deductions. If you are interested in learning how to minimize your tax burden and maximize the impact of your charitable giving, we think you'll enjoy this episode. Thanks for listening! For more details on qualified charitable distributions, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/using-your-ira-for-tax-efficient-charitable-giving/.

With the challenges that come from creating and running a small business, most small business owners spend a majority of their time dealing with the day-to-day tasks necessary to keep the business moving forward. This often leaves little time to consider the various retirement plans that are available which can provide significant tax advantages to the small business owners and their employees. In this episode, we discuss the various small business plans available to small business owners and how implementing the right retirement plan can accelerate their wealth accumulation by hundreds of thousands and potentially millions of dollars over their career. If you are interested in learning how small business retirement plans can help you accelerate your wealth accumulation, maximize your retirement savings, and minimize your tax burden, we think you'll enjoy this episode. Thanks for listening! For more details on small business retirement plans, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/maximizing-small-business-retirement-plans/.

One year ago, we highlighted a high return and low risk investment, Series I Savings Bonds (I Bonds), which were yielding an annualized 9.62% due to the high inflation rate in the United States. Since then, the inflation rate has decreased and the inflation component of the I Bond yield has declined to 3.38% as of May 1, 2023. As a result, investors have redeemed over $1.2 billion since the beginning of May. In this episode, we discuss the one-year return of I Bonds for those who invested last fall and consider whether now is the right time to redeem. If you are interested in revisiting I Bonds to see how the investment turned out and whether they remain a good option going forward, we think you'll enjoy this episode. Thanks for listening! For more detail about our I Bond discussion, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/revisiting-i-bonds-is-it-time-to-redeem/.

Will you need long-term care during your lifetime? If so, what will it cost and how will you pay for it? As individuals progress through retirement, the possibility of needing long-term care becomes an important consideration. The cost of long-term care can be substantial and a common fear for many individuals is losing their life savings in the event that they need assistance in the future. In this episode, we discuss the cost of long-term care as well as the considerations individuals should be thinking about before they actually need assistance. Those who plan ahead are most likely to be prepared and will have the best chance to effectively navigate the expensive landscape of long-term care costs. If you are interested in learning more about the cost of long-term care and the considerations you should be thinking about now, we think you will enjoy this episode. Thanks for listening! For more detail about planning for and navigating the cost of long-term care, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/are-you-prepared-for-long-term-care/

What does it take to be wealthy? While each person may have a different financial threshold in mind, most people have a similar mental picture of what wealthy looks like. They see a fancy home, nice cars, and lavish vacations enjoyed by someone who sold their company for a fortune or received a significant inheritance. This month we are discussing how most individuals have accumulated their wealth and how you can too! The research shows that most millionaires did not get lucky, strike it rich, or receive a substantial inheritance. They accumulated their wealth gradually over a long period of time. They lived on less than they earned, they saved consistently over time, and they let their investments ride regardless of market conditions. If you are interested in learning the simple and attainable strategies that others have used to create long-term wealth and how you can too, we think you will enjoy this episode. Thanks for listening! For more detail about building wealth, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/the-misperception-of-wealth/

Over the past decade, real estate values have soared. Nearly everyone knows someone who has “made a fortune” in real estate and touts it as a “can't miss” opportunity. While real estate is a valuable addition to many investment portfolios, all real estate is not created equal. Real estate is an industry just like anything else, and those who have devoted careers to it are much more likely to succeed than those who simply dabble with the hope of making a quick return. Since most individuals with a full-time career in another field do not have the time or desire to develop the skills to succeed in real estate, the majority of individuals are best served by passively investing in real estate deals led by professional real estate sponsors. In this episode, we discuss the key factors to evaluating and identifying quality sponsors that create long-term value for their investors. If you are interested in private real estate investing, we think you'll enjoy this episode. Thanks for listening! For those who are interested in even more detail about evaluating real estate sponsors, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/private-real-estate-investing-evaluating-sponsors/.

Health savings accounts (HSAs) have been around for nearly two decades. First introduced in 2004, HSAs provide a way for Americans to temper the bite of significant health care costs by creating a triple tax benefit through an upfront tax deduction when contributions are made, tax-free growth over time, and tax-free distributions for qualified medical expenses. In this episode, we discuss who is eligible to contribute to an HSA account and how to maximize the tax benefits to reduce taxes and take some of the bite out of future health care costs. If you are interested in learning how to maximize your tax savings today and save for the inevitable rising cost of health care, we think you'll enjoy this episode. Thanks for listening! For those who are interested in even more detail about tax advantages available through health savings accounts, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/triple-tax-savings-with-health-savings-accounts/.

March 2023 has seen the start (and hopefully the end?) of a financial industry crisis that has captivated Wall Street and many Americans. It all started on Wednesday, March 8th when Silicon Valley Bank in Santa Clara, CA announced it needed to raise capital to shore up losses on its available for sale securities portfolio. What followed next amounted to the 2nd and 3rd largest bank collapses in American history. In this episode, we discuss the failure of Silicon Valley Bank and Signature Bank as well as the best way for individuals to ensure their cash balances are protected. If you are interested in learning how to effectively manage your cash to ensure it is both secure and earning a fair return, we think you'll enjoy this episode. Thanks for listening! For those who are interested in even more detail about managing your cash balances in light of the current challenges in the banking industry, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/banking-crisis-are-your-assets-safe/.

Mutual funds have long provided a simple way for Americans to diversify their assets and invest for the future. The primary attraction of mutual funds has been the ease of diversification and affordable access to professional managers which has helped the US mutual fund industry grow to control over $20 trillion in assets. However, what many people don't understand is how owning mutual funds in taxable brokerage accounts often results in capital gain distributions that increase their tax burden and reduce the long-term growth of their portfolio. In this episode, we discuss the challenges that investors face when investing in mutual funds and what options they have to build portfolios that increase the likelihood of achieving the best long-term results. If you are interested in maximizing the tax efficiency of your investment portfolio, we think you'll enjoy this episode. Thanks for listening! For those who are interested in even more detail about tax efficient investing and minimizing capital gain distributions, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/mutual-fund-tax-surprise-capital-gain-distributions/.

Beginning with the Tax Cuts and Jobs Act otherwise known as “Trump Tax Reform” that was passed at the end of 2017, Americans have seen significant new tax legislation passed almost annually. As we enter 2023, it appears the rate of change in tax and retirement rules is not about to slow down anytime soon with President Biden signing the SECURE Act 2.0 into law on December 29th, 2022. In this episode, we discuss how the Secure Act 2.0 makes significant changes that will impact retirement and tax planning for many families and will provide new opportunities for those who proactively adjust to the changes. If you are approaching retirement or reviewing your own tax planning strategy, we think you'll enjoy this episode. Thanks for listening! For those who are interested in even more detail about the SECURE Act 2.0, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/secure-act-2-0-new-tax-law-new-opportunities/.

Medicare is the primary health insurance for most retired Americans, and given how expensive private health insurance has become, many individuals approaching retirement often plan their retirement around their eligibility for Medicare coverage. While Medicare can be very affordable for most retirees, individuals with high incomes often receive an unwelcome surprise when they learn that Medicare premiums are adjusted for those with higher incomes. In this episode, we discuss how an individual's income can impact their Medicare premiums and the best planning strategies to ensure individuals do not pay larger Medicare premiums than necessary. If you are approaching retirement or on Medicare already, we think you'll enjoy this episode. Thanks for listening! For those who are interested in even more detail about Medicare premium adjustments, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/why-are-my-medicare-premiums-so-high/.

As we near year-end, charitable giving is once again on the minds of many families. While giving charitably is valuable in its own right, most families are also interested in maximizing the tax benefits of their charitable gifts. Traditionally, the default method for charitable giving is cash, check, or credit card, but these gifts fail to maximize the tax advantages available. In this episode we discuss how gifting long-term appreciated stock can increase the tax benefits families receive from their charitable giving - ultimately reducing the after-tax cost of the gifts they make. We also discuss how to streamline and simplify the gifting process to avoid the hassle that often comes with gifting stock to multiple charities. If you are charitable and would like to maximize your tax savings, we think you'll enjoy this episode. Thanks for listening! For those who are interested in even more detail on gifting appreciated stock to charity, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/gifting-appreciated-stock-it-is-better-to-give-and-receive/.

For many Americans, saving for retirement is a top priority and ensuring that retirement savings accumulate in the most tax advantaged way is an important step in achieving the retirement of their dreams. For decades, Roth IRA accounts have provided a tax-free option for retirement savings and have accelerated the growth of retirement accounts for many families. While Roth IRA accounts provide attractive tax benefits, there are income limits that restrict the ability of high-income families from contributing to these accounts. Although these income limits appear to eliminate the benefits of a Roth IRA for high-income families, there is an allowable way to work around the restrictions that has the potential to save hundreds of thousands of dollars in taxes over the course of a lifetime. Welcome to the back-door Roth IRA strategy. For those who are interested in even more detail on back-door Roth IRA contributions, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/tax-free-growth-with-back-door-roth-ira-contributions/.

Charitable giving is an important part of creating a legacy for those we love and impacting the world we live in. Accordingly charitable giving often plays a substantial role in the financial goals of many families, and while charitable giving is valuable in its own right, the savviest of individuals will go one step further to ensure they also obtain the maximum tax benefits from their charitable giving. In this episode we discuss how charitable bunching can increase the tax savings available to individuals who give charitably. If you are interested in learning how to maximize the tax savings you receive from your charitable contributions, we think you'll enjoy this episode. Thanks for listening! For those who are interested in even more detail on charitable bunching, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/saving-taxes-with-charitable-bunching/.

Investing is typically a game of balancing risk and reward. Those who take more risk have the opportunity for higher reward, and those who take little risk are limited to minimal returns. However, there are occasionally times when the relationship between risk and return breaks down, and investors can achieve great returns without exposing themselves to significant risk. Series I Savings Bonds which are paying 9.62% are a current opportunity that fall into this category. If you are interested in learning how to earn a great return on your excess cash balances, we think you'll enjoy this episode. Thanks for listening! For those who are interested in even more detail on US Series I Savings Bonds, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/high-return-and-low-risk-series-i-bonds-at-9-62/.

A brief review of the Forbes 400 list for 2021 quickly demonstrates real estate's ability to create wealth. Twenty-four of the billionaires that made the list focused their careers in real estate, and that doesn't consider the number of other Forbes 400 members who hold real estate as part of their investment portfolios. In this episode, we discuss the benefits and challenges of real estate investing and whether every investor should consider an allocation to real estate to help them reach their investing goals. Thanks for listening; we hope you enjoy this episode! For those who are interested in even more detail on real estate investing, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/should-you-invest-in-real-estate/

Stock market bubbles and the ensuing crashes are nothing new to the experienced investor, and while they are common, they still leave many people asking why they happen in the first place. In this episode, we discuss the causes of stock market bubbles and crashes and consider how investor behavior and psychology play a part in creating market fluctuations. By understanding how investors think about money and the common biases that can lead to irrational decision making, investors can understand what leads to market bubbles and crashes and be equipped to avoid the unintentional consequences of irrational decision making in the future. For those who are interested in even more detail on stock market bubbles and crashes, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/why-do-market-bubbles-and-crashes-happen/

Market fluctuations are part of life when it comes to investing, and while attempting to move money in and out of the market at just the right time is a losing strategy, market fluctuations provide substantial financial planning opportunities for those who are prepared to implement them. In this episode, we discuss the financial planning strategies that are most effective during market downturns as well as those that are most effective when markets are at all time highs. By understanding how market fluctuations can improve the effectiveness of financial planning strategies, the prepared investor can use market fluctuations to their advantage and improve the likelihood of reaching their long-term goals. We hope you enjoy this episode! For those who are interested in even more detail on financial planning during market fluctuations, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/financial-planning-during-market-fluctuations/.

Investing and uncertainty go hand in hand, and over a lifetime, every individual is going to experience events that concern them and lead them to ask whether they should change their investment approach. In this episode, we focus on the uncertainty of the stock market and which historical approaches have led to long-term success. Investment uncertainty is part of the process, and the investor who is prepared will be more likely to succeed. Thanks for listening! We hope you enjoy this episode! For those who are interested in even more detail on investing during uncertain times, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/investing-during-uncertain-times/.

Taxes are a necessary part of life, but that doesn't mean you have to pay more than your fair share. Since taxes impact almost every area of each person's finances, one of the most impactful ways to improve your financial situation is to employ sound tax planning strategies to reduce the taxes you pay. In this episode, we focus on Roth conversions. Roth conversions are a fundamental strategy that can provide substantial tax savings to individuals who have pre-tax retirement accounts such as 401(k), 403(b), or traditional IRA accounts. Thanks for listening! We hope you enjoy this episode! For those who are interested in even more detail on Roth conversions, check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/reducing-taxes-with-roth-conversions/.

Welcome back to the second episode in our two-part series on maximizing your Social Security benefits. Given the significance of Social Security to most retirees, it is important to consider the available options to ensure each individual is able to get the most out of their Social Security benefits. In this episode, we discuss current research and cover specific strategies that can help each individual get more from the Social Security system. Thanks for listening! We hope you enjoy this episode! For those who are interested in even more detail on maximizing their Social Security benefits, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/maximizing-your-social-security-part-2/.

Social Security plays a significant role in our retirement system and is a component of almost everyone's retirement planning. At the same time, Social Security is one of the most complex programs with an endless set of rules that can make even the most savvy retiree's head spin! In this episode which is part one of a two-part series, we discuss how Social Security works and begin laying the groundwork for understanding the specific strategies available to maximize Social Security benefits. This episode will culminate in the following episode where we take the foundational topics a step further and discuss specific strategies available to ensure you maximize your Social Security benefits. Thanks for listening! We hope you enjoy this episode!

Financial advisors provide a wide range of advice to their clients, and almost all financial advice has a tax impact. In this episode we discuss the importance of working with a financial advisor who understands both the tax impacts of the advice they give as well as how to identify proactive tax strategies to help you reduce the taxes you pay over your lifetime. While many individuals work with a CPA for tax preparation, CPAs often don't have time to do proactive planning from February - April 15th. Unless you are meeting with your CPA proactively throughout the year, your CPA likely will not provide the tax planning support you need. That's why we believe it is important to work with a financial advisor who understands taxes and can help you create a long-term plan to reduce the taxes you pay. Thanks for listening! We hope you enjoy this episode!

Individuals who choose to work with a financial advisor often have questions about how to choose a financial advisor and frequently wonder whether their current advisor is still the best option for them. In this episode, we discuss how different financial advisors are held to different legal standards and are compensated in ways that may increase or decrease conflicts of interest. In total we've identified six key differentiators between financial advisors in the marketplace. By understanding each of these key differentiators, you will be well on your way to ensuring you work with a financial advisor that is the best fit for you and your family. Thanks for listening! We hope you enjoy this episode!

As life progresses and wealth grows, people often find themselves asking whether they should hire a financial advisor and if so, at what point should they take that step. In this episode, we discuss our perspective on how to determine whether it makes sense for you to "Do It Yourself" or whether you should hire a financial advisor. We discuss how this decision is dependent on your capability, time, and desire and what the real commitment is in order to manage your wealth well. Evaluating these factors in light of your specific situation will help you decide what is best for your family. Thanks for listening! We hope you enjoy this episode!

In this episode we give you the chance to learn more about your hosts, Steve Nelson and Nathan Anderson! We also discuss what led Steve to start Prairiewood Wealth Management back in 2008, and the challenges in the financial advisory industry that he wanted Prairiewood Wealth Management to address. Thank you for listening; we hope you enjoy the very first episode of Your Wealth, Your Legacy!