Smart Money Questions

Small Business Planning and the Purpose of Money

We’re coming down to the final few days of 2023 and we hope you have all enjoyed a good holiday season. As we close out the year, we wanted to go over a couple of client conversations we had recently dealing with small businesses and the power of money.
 
Here’s some of what we discuss in this episode:
How should business owners balance saving for retirement and putting money back into the business?
What are some consistent financial habits you can create as a business owner?
Reviewing opportunities for Roth conversions.
Managing an inheritance and how to pass it along to your children.  
 
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Putting Your Extra Cash to Work

It’s hard to beat this time of the year with the holidays and everything that comes along with it, and we hope that you enjoyed a wonderful Thanksgiving. We have a lot to be thankful for and hope you do as well when you look back on this year and what’s to come in 2024.
Today we want to go over a couple of meetings we’ve had recently with clients who had needed to address some specific scenarios. In each of these scenarios, we’ll share the process we went through and the different options we considered before helping them determine the best path forward.
 
Here’s some of what we discuss in this episode:
What should you do with the extra money each month once your mortgage is paid off?
Why it might make more sense to pay off your mortgage now if you have the extra cash.
Changing from a joint tax filing to a single filer and is it worth staying in a marriage for.
 
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What You Need to Know About 2024 Open Enrollment

As we close in on the final two months of the year, there’s a lot happening now and plenty to look ahead to for 2024. That’s what we want to spend some time on today by sharing some of the discussions we’re having in our office and some of the questions we’re answering from clients in this final quarter of the year. This includes open enrollment, world conflicts, and financing a new home.
 
Here’s some of what we discuss in this episode:
The different open enrollments and what you need to know.
Understanding the different parts of Medicare.
Does the market overreact to world conflicts?
Working through a situation with clients about moving into a new property.
 
Want to contact us?
Website - https://smartmoneyquestions.com/
Email - info@smartmoneyquestions.com
Set up a time to talk – http://SpeakWithMatt.com     
Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

What You Missed at Our Educational Event

Last month, we held an educational event and covered a lot of important information. We even featured estate attorney Jennifer Walker, who talked about the estate planning do’s and don’ts. It was a great event and we appreciate everyone that came out.
Because we went over a list of key planning items for the year, we wanted to provide all of that information and education for you on the podcast. So this show will be go over all of that today, which should be very helpful for anyone thinking about what they need to do before the year ends.
 
On today’s show, here’s some of what you’ll learn:
We’ll go over the recently signed SECURE Act 2.0 and the impact it has on inherited IRAs, catch-up provisions, RMDs, and retirement account opportunities.
The estate do’s and don’ts that Jennifer Walker shared with us.
The current tax code will sunset in the end of 2025. We’ll tell you why there’s a good chance your taxes will go up.
The current investment climate this year and what it might look like moving forward.
 
Want to contact us?
Website - https://smartmoneyquestions.com/
Email - info@smartmoneyquestions.com
Set up a time to talk – http://SpeakWithMatt.com   
Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

Mid-Year Financial Check-Up – Items to Assess

As we move beyond the mid-point of the year, we always take this time to have a check-up with clients to run through a number of items that might need attention before the end of the year. Today we’ll share a few of those things, including budgeting, Roth contributions, and SECURE Act 2.0 changes.
Then we’ll spend some time running through a few different scenarios we’ve helped clients out in recent weeks. 
 
On today’s show, here’s some of what you’ll learn:
Is a Roth IRA or Roth 401k actually a bad investment option? Let’s breakdown a recent article we found.
A list of items to be paying attention to before the end of the year.
Is it a good idea to help out your child and their boyfriend/girlfriend with a house down payment? Here’s what you should address.
Should you keep your mortgage in retirement for the tax deduction?
The financial topics that create tension for couples.
 
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What We’re Paying Attention to This Summer

Hard to believe we’re already into July but we’ve had a great summer so far. Hopefully you’ve been making the most of the warm weather and longer days. Today’s episode isn’t a long one but we wanted to take a little time to update on what’s going on at Old Security Group and talk about some of financial topics we’ve been paying attention to.   
 
On today’s show, here’s some of what you’ll learn:
Details on our upcoming client educational event (1:04)
We’ve been hearing from people about investment scares  (5:46)
Why an HSA is considered a hidden gem in investing.  (8:17)
2 ways we advise clients to use an HSA  (10:51)
How to invest when worried about a recession (14:19)
 
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Talking Finances With My 21-Year-Old Daughter

Today we have a special guest. My 21-year-old daughter Ashley and I have been talking about doing this interview for several months. We want to share the importance of personal finance and personal finance education. My wife and I constantly talk to our kids about this topic, including behavioral finance, so we are excited to share this episode with you! 
 
On today’s show, here’s some of what you’ll learn:
What has Ashley been doing the past few years? (2:23)
How Ashley budgeted her money. (6:03)
How Ashley started investing. (10:56)
 
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Bank Failures, Debt Ceiling And The Market

We’re covering several important topics today derived from client questions and concerns. Given the relevance of today’s questions, Matt thought you’d like to hear these answers as well. Join us as we touch on the recent events taking place in the financial sector and explore actionable steps that we can take to help set up our heirs for success.
 
On today’s show, here’s some of what you’ll learn:
What’s been in the headlines about bank failures? (4:26)
What’s happening with the debt ceiling and market? (7:25)
Is your estate plan in order? (9:08)
 
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Website - https://smartmoneyquestions.com/
Email - info@smartmoneyquestions.com
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Paying Off Debt and Relocating

We met with a new client recently and looked at a snapshot of their financial situation. One of the things we noticed was their outstanding debt, including credit cards and car loans. The client wanted to take about $40,000 to $50,000 out of their 401k and take a financial hit in order to pay down that debt.
Is that a good idea? We’ll share what advice we gave them and how you can handle a similar situation. Join us for an insightful conversation about relocating, extinguishing your debt, and more.
 
On today’s show, here’s some of what you’ll learn:
Should I take a hit on my 401k to pay off debt? (4:24)
Look for opportunities with your home equity line of credit. (7:24)
How to extinguish your debt. (10:57) 
If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.
 
Want to contact us?
Website - https://smartmoneyquestions.com/
Email - info@smartmoneyquestions.com
Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

Traveling Tips and Picking a Bank

We have a lot to talk about today, so let’s jump into it. We read some articles recently about the travel industry and how people are getting back out there and traveling. Many of our clients have been doing some big trips.
If you want to travel and get deals, we’ll share some insight on that topic. You’ll need to think about advanced planning and figure out how you’ll pay for the trip. We’ll also discuss banks and what to do with your cash.
On today’s show, here’s some of what you’ll learn:
How to plan travel and get deals. (7:00)
Why you should be checking your bank on the heels of the Silicon Valley Bank failure. (12:06)
The reality of home values. (19:10)
Should you push back your retirement date if you haven't figure out much of your planning questions? (25:14)
A horror story about why you need to do tax planning before doing a Roth conversion (28:48)
Want to contact us?
Website - https://smartmoneyquestions.com/
Email - info@smartmoneyquestions.com
Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/