Wealthy HOMES

Ep.19- How To Invest Your 401(k)

📢 Invest in Your Future: Maximize Your 401(k) Potential! 💼💰
 
Did you know that your 401(k) is one of the most powerful tools for building wealth? Here's why you should make the most of it:
 
🌱 Start Early, Reap Rewards: The sooner you begin contributing to your 401(k), the longer your investments have to grow. Time is your best friend when it comes to harnessing the power of compounding interest. Start now and thank yourself later!
 
💡 Take Advantage of Tax Benefits: Your contributions to a traditional 401(k) are tax-deferred, meaning you can potentially lower your taxable income and save on taxes today. It's like getting a double win: saving for retirement and reducing your tax bill.
 
💪 Supercharge Your Savings with Employer Match: Many employers offer a matching contribution to your 401(k). That’s more money back in your pocket! Make sure you contribute enough to maximize this benefit—it's an opportunity you don't want to miss out on.
 
📈 Diversify, Diversify, Diversify: Don't put all your eggs in one basket. Choose a mix of investment options within your 401(k), such as stocks, bonds, mutual funds, index funds, and Target-Date Funds. Diversifying helps manage risk and enhances potential returns.
 
🔍 Review, Rebalance, Repeat: Regularly review your 401(k) investments to ensure they align with your goals and risk tolerance. Rebalancing your portfolio periodically helps maintain your desired asset allocation. Stay proactive and make adjustments as needed.
 
💼 Plan for Life's Changes: Job changes, promotions, and life events may impact your 401(k). Explore rollover options when switching employers and consider increasing contributions as your income grows. Adapt your strategy to help achieve your long-term goals.
 
Investing in your 401(k) is a powerful step towards financial freedom and a plentiful retirement. Start today, plan wisely, and watch your savings grow over time. Your future self will thank you! 🌟💪💸
 
#InvestInYour401k #FinancialFreedom #RetirementPlanning

Ep.18- Crushing Debt: Techniques for Paying Off Debt and Achieving Financial Freedom

Are you tired of the burden of debt weighing you down? Ready to take charge of your financial future? This episode is a must-listen! 🎧
 
Join me as I explore proven strategies, practical tips, and powerful techniques to tackle debt head-on and pave your way to financial freedom. 💸✨
 
In this episode, we'll cover:
🔸 The snowball and avalanche methods: Two powerful approaches to paying off debt strategically.
🔸 Debt consolidation options: Streamlining your debt management and finding the best solution for your situation.
🔸 Tips for reducing debt faster: Practical steps to increase your debt repayments and accelerate your progress.
🔸 Building momentum and celebrating milestones: Staying motivated on your debt-crushing journey.
 
Don't miss this opportunity to gain insights and actionable advice on how to take control of your finances and achieve a debt-free life! 🌟
 
📌 Tune in to the Wealthy HOMES podcast on Spotify, Apple Podcasts, or your favorite podcast platform. Let's crush debt, achieve financial freedom, and create a brighter future together! 💥💼
 
#CrushingDebt #FinancialFreedom #DebtManagement #WealthyHOMES #PodcastEpisode #FinancialWellbeing #DebtFreeLife #TakeChargeOfFinances

Ep.17- The Heart of Giving

In this episode, I delve into the incredible impact of giving and explore the profound happiness it brings. But what makes this episode truly special is the personal story I'll be sharing about my son's journey through open-heart surgery. ❤️‍🩹
 
Through his story, I uncover the incredible resilience and strength that can emerge from adversity, inspiring us to extend a helping hand to others facing mountains that seem impossible to climb. Our son's journey reminds us of the power of compassion and the immense impact we can have when we rally together.
 
Join me as we explore the psychology behind giving, the benefits of generosity on our well-being, and practical strategies to incorporate giving into our lives. Together, we can create a ripple effect of kindness and make a real difference in the world.
 
🎧 Listen to the podcast on Spotify, Apple Podcasts, or your favorite podcast platform, and be ready to be inspired and uplifted. Let's explore the incredible power of giving and how it can transform lives, including our own. 🌟
 
#HeartOfGiving #Generosity #Resilience #PodcastEpisode #Inspiration #MakeADifference #GivingBack #TogetherWeCan #OpenHeartSurgery #TransformingLives

Ep.16- Saving For College

Are you a parent or guardian concerned about the rising cost of higher education? 📚🎓 We've got you covered! The latest episode of the Wealthy HOMES Podcast dives into the crucial topic of saving for college. 💰✏️
 
Join me as I discuss the importance of early planning and how saving for college can open doors of opportunity for your child's future. Here's a sneak peek of what you'll learn:
 
🎯 The rising cost of college tuition and the impact on your family's finances.
💡 Proven strategies to start saving early and maximize your college fund.
📚 Exploring various savings options, such as 529 plans and other investment vehicles.
✅ Actionable steps to set realistic savings goals and stay on track.
 
Investing in your child's education is one of the greatest gifts you can give them. Don't miss out on this insightful episode that will empower you with the knowledge and tools to navigate the college savings journey.

Ep.15- Saving Is A Mindset

Saving money is not just about having a high income, it's also about developing the right mindset and discipline to pay yourself first. Instead of spending all of your money on things that you don't really need, set aside a portion of your income for savings. This could be as little as 10% of your income, or as much as you can afford.
By paying yourself first, you are making saving a priority in your budget. This means that you will have to make some sacrifices in order to save, such as cutting back on discretionary spending or finding ways to reduce your bills. But in the long run, the benefits of saving will far outweigh any short-term sacrifices you make.
It's important to remember that saving money is not just about putting money into a savings account. It's also about investing in your future and making smart financial decisions that will help you achieve your goals. This could mean investing in your education, starting a business, or building a diversified investment portfolio.
So if you want to become a successful saver, start by changing your mindset and making saving a priority in your life. With discipline and determination, you can achieve your financial goals and enjoy a more secure and fulfilling future.

Ep.14- Financial Advisor Mini Series: Part 3- When should you hire a financial advisor?

Are you looking to gain more insight into the importance of financial advisors and when you should have one? Look no further than the latest episode of the Wealthy HOMES podcast! Tune in to discover why having a financial advisor is important and when it’s the right time to take the plunge. Get ready to learn more about financial planning and the value of having a professional in your corner. 
 
#WealthyHOMES #FinancialAdvisor #FinancialPlanning 

Ep.13- Financial Advisor Mini Series: Part 2- How does a financial advisor get paid?

How much you make is a touchy subject. You don’t go around your workplace askinghow much you make or how much you’re paid per hour. Or, ask how much your carsalesman is making on the car they're selling. The financial industry is different. We have to disclose fees, charges, expenses, revenue sharing, kickbacks, and even different ways we can be compensated. But, it hasn’t always been this way. Over the years, FINRA, SEC, and other regulating agencies have cracked down on the financial industry. Whether it's because of bad eggs in our industry or just because it’s overall better for the client.
In this episode of the mini series, I pull back the curtain on how financial advisors and life insurance agents are paid. Let's be real, it's a question everyone wants to know. I can’t tell you how many times I have been in a meeting and discussing different financial planning/investment strategies and they’re completely on board, but they say “this is what we want, but how do we pay you?” Listen to this episode to find out!

Ep.12- Financial Advisor Mini Series: Part 1- What does a Financial Advisor do?

The financial planning industry can be confusing and often misunderstood. All “financial advisors” are different in how they work, the services they provide, and even how they are compensated. I decided to pull the curtain back and explain the ins and outs of what the day in the life of a financial advisor actually looks like. 
 
To do this I put together a 3 part mini series. Over 3 episodes I will explain what we do, how we get compensated, and when it makes sense to have/hire an advisor. An inside look at the good, the bad, and the ugly of our industry. 
 
Part 1 covers what a financial advisor does. I only cover the tips of the iceberg, but I broke down the main categories: Insurance, Taxes, Estate Planning, Investments, Retirement Planning, and how it all comes together in Financial Planning. 

Ep.11- Your Credit Matters with Marie Davis (CPCU)

Your credit score can be a touchy subject. It doesn’t indicate if you’re wealthy, or if you have a high income. A credit score was developed by lenders to assess how risky someone is to lend money to. We all know someone that we wouldn’t lend money to. Whether they haven’t paid you back or you have seen how badly they handle money. Your credit score tells your financial story, or what I like to call your financial résumé. A great credit score doesn’t mean you’re wealthy or even on track to be wealthy, but having a good score can help you get there!
 
In this week's episode of the Wealthy HOMES podcast, we are joined by Marie Davis from Consumers Professional Credit Union. Marie helps me talk about your credit score, how it’s calculated, what it affects, how to build it, and ways to check your score and credit report. 
 
Get your score here-> https://www.annualcreditreport.com/index.action 
 
Be sure to follow CPCU!
Website: https://www.cpcu.co/
Facebook: https://www.facebook.com/CPCU1
Twitter: https://twitter.com/cpcu1
Youtube: https://www.youtube.com/user/CPCUcreditunion
 
 
 

Ep.10- Your Estate Plan in 7-Steps with Sandy Derby

“Estate Planning” is often associated with people who are older in age and people who have significant wealth. But, in reality it should be something on everyone’s radar, especially young families. Sandy Derby, from Preferred Financial Group, joins us in this episode to talk about estate planning and the order you should take when it comes to your estate plan. Where do you start? Start with these 7-Steps!
 
Establish a medical IDEvery smartphone has the ability to link a medical contact in your phone. This could be your spouse or any loved ones that you want to be notified if something happened to you.
You can also add medical info like: Diabetic, organ donor, blood type, or any medications you’re on.
Write down your password(s)Physically write down your password to your phone and/or your computer. Place this in your safety deposit box, safe, or fireproof box at home. 
This allows your spouse, parents, or kids access to your immediate bills and documents
Name your beneficiariesRetirement accounts (IRA’s, 401k, etc), bank accounts, life insurance, your home, and any accounts with a beneficiary option should have someone listed.Primary: Your first choice of who you would want the asset to go to.
Contingent: Your second choice if your primary predeceases you. Often kids, parents,future guardians of your kids, or a trust.
These all avoid probate!
Medical documentsHIPAA medical formAllows someone to discuss your medical situation with them.
Medical Power of AttorneyGives someone authority to help in your medical treatment
Medical DirectiveGives guidance on the type of medical care you want. Mainly when to pull the plug…
The person who is your medical power of attorney doesn’t have to the same person named in your medical directive
Durable Power of AttorneyAllows someone to act as yourself when it comes to your financesThis is the most powerful financial document!
Springing Power of AttorneyAllows someone to act on your behalf once a “trigger” has happened.
WillA document to the probate court stating who gets your valuable possessions that aren’t named with a beneficiary. Think about furniture, animals, firearms, collectibles, and who you want as a guardian to raise your children.
TrustA document used to bypass probate court that is “funded” by your financial assets. You can specify who gets certain assets, when they will receive them, and how they will receive the assets. 
 
If something happened to you today, would your family be okay? If not, we need to talk. We can develop a plan and coordinate with an estate planning attorney if it makes sense for your situation. 
 
Michigan Power of Attorney Forms:
https://powerofattorney.com/michigan/
Medical Directive:
https://www.caringinfo.org/planning/advance-directives/by-state/michigan/
Michigan HIPPA Release Form:
https://www.michigan.gov/mdhhs/doing-business/providers/hipaa/authorization-to-disclose-protected-health-information
 
Have questions? Give us a call at 269-978-6000.
 

Ep.9- Is Your Cash Safe?

One of the greatest investors of all time has a great quote: “When the tide goes out, you find out who is swimming naked”-Warren Buffet. Well the tide has gone out and Silicon Valley Bank and some others are now naked. The question that a lot of people are wondering is: what happened and is my bank next? 
To fully understand what happened to SVB, you need to understand diversification, interest rate risk, accounting, and FDIC insurance. These all created the perfect storm which ended up being the downfall of SVB. 
Ever heard the term "Don't put your eggs in one basket?" Of course you have, who hasn't. But, SVB didn't get the memo. The majority of the SVB holders were tech companies, tech startups, or venture capitalists. This created the first major issue.
It's no surprise that inflation has been an issue and will likely continue to be an issue. The Fed has tried to step in to fight inflation. Not like any fight, but a Mike Tyson vs Marvis Frazier type fight. The Fed has come in swinging and swinging hard. The fastest rate hikes we have seen in history. This created the 2nd major issue.
Before and during Covid these tech companies were flush with cash. Who do they turn to? The bank closest to them (SVB). The bank does what they normally do when they get deposits, and buys U.S. treasuries (at record low interest rates). Fast forward to 2022-23 and these tech companies get hit the hardest in this economic downturn. So, they go to the bank to make big withdrawals.
SVB now has to sell their treasuries to raise cash for their clients. Insert the 2nd major issue. Interest rates and bond prices work in an inverse relationship. When interest rates increase, the bond price goes down. SVB now has to sell these bonds at a lower price, which causes a loss. 
Now SVB depositors run into the biggest issue. Their deposits are over the FDIC limit. And that is how you get the perfect storm. Or, as Warren Buffet would say “they were caught swimming naked.” 
 
Links to FDIC and NCUA Coverage Calculators:
\https://edie.fdic.gov/calculator.html
https://mycreditunion.gov/insurance-estimator

Ep.8- New Home Construction with Gavin Homer

Financial advisors are often looked at as the “Quarterback” of someone's financial life. We help create a game plan and then help our clients execute their plan to achieve their goals, whether that’s from a financial perspective, or their life goals. Our job as a quarterback can sometimes be as easy as “passing” a client to a CPA to help them with their complex tax situation, or “handing” them off to an estate planning attorney to create a will or trust for them. But, not often do financial advisors work with real estate agents.
 
I want to change that! So, I brought Gavin Homer from the Homer Group (EXP Realty) onto the Wealthy HOMES Podcast. Be a fly on the wall while Gavin and I talk about real estate, and how the Homer Group are specializing in new home builds. 
 
Have you wondered what the process is like to build a home?
How much would a new home be to build?
How do you get financing to build?
Where are some good spots to build in Southwest Michigan?
 
These are all answered in this podcast: https://wealthyhomes.podbean.com/
 
Interested in contacting Gavin? Check out his contact below!
https://linktr.ee/GavinHomer
 
 
 

Ep.7- Retirement Account Progression

One of the most common questions I get as an advisor is “What retirement account(s) should I contribute to?” 
 
Walking into a candy store as a kid with a couple dollars was overwhelming. So many options from candy bars to suckers, to gummy candy, to the candy only our parents ate, and even the gumbo jawbreaker. You know nobody made it to the center of those things! Candy can sound so simple, but it can mean something different for each person. Retirement accounts can be the same way. Some retirement accounts can sound the exact same but can be different based on the type of work your company is in. Very similar to flavors of candy, although they may look just like the other candy in the bag.
 
Most people have a workplace retirement plan and either have IRA’s or have heard they need them. In this episode, I go over the history of how people used to contribute to retirement, and also the progression of what accounts you should be contributing to.
 
Do you  have a workplace retirement plan?
If so, do you have a match?
Do you have a Roth option through your plan? 
Have you thought about a Roth IRA?
Or, is your income too high and need a different option?
Do you plan to retire before normal retirement age?
 
These are all questions that I answer in this episode! As always, if you have any questions about this episode, please don’t hesitate to reach out. 

Ep.6- Investing 101 with Pat & James Gilbert

Does understanding retirement make your head spin just from saying “Roth IRA?” Retirement and investments can sometimes be about as clear as mud. That is where we come in!    In this episode of the Wealthy HOMES podcast, Pat and James join us to talk about investments and retirement. We break down the differences of IRA’s, having a workplace retirement plan, and the different investments you will likely see inside of them.    You can mainly find James at Marshall Community Credit Union, and Pat not only at MCCU, but also in our offices in Battle Creek and Portage. With over 50 years of experience on this podcast, you are in for an awesome episode!Have questions about what we covered in this episode? Reach out to MCCU and ask for James or Pat, or call our main office at 269-978-6000.   Check out MCCU's website below! https://www.marshallcommunitycu.com/services/financial-planning.html   Investment and Advisory Services offered through Harbour Investments, Inc. Member SIPC.  

Ep.5- Mortgages For Beginners With Kyle McGann

What are odds that you have a podcast about financial planning and get to have your best friend on the show? Or even better yet, he works in financial services and provides a ton of value for the listeners of the Wealthy HOMES podcast.  You can say we are lucky to have Kyle McGann from Supreme Lending on the show! We dive deep into mortgages and what you should do prior to getting a mortgage, the types of mortgages for beginners, mistakes to avoid when getting a mortgage, and then cap off the episode with Kyle’s experience investing in a rental property.  Interested in talking with Kyle or asking him a question? Contact Kyle at 269-425-0559, or by email at kyle.mcgann@supremelending.com. NMLS# 2403698     Want to ask Connor a question, or give him an idea for a podcast? Send him a email at CBauserman@hirep.net or visit https://www.preferredfinancialgrouppfg.com/podcast and send him a message at the bottom of the page.

Ep.4- Insurance for Young Families with Ryan Underhill (Farmers Insurance)

In this week’s episode we welcome Ryan Underhill to the show. Ryan's a Farmers Insurance Agent from Marshall, Michigan. I have known Ryan for a couple years now and when I was putting this podcast together I knew Ryan would be great to have on. Not only is he an insurance business owner, but he also prioritizes his family and community. In this week’s episode I ask him some insurance questions that a lot of young families are wondering. I ask him questions like: What makes Farmers insurance unique from other insurance companies? What’s the difference between captive and independent agent?  What is the Michigan no-fault rules?  What are the biggest mistakes that young families make when purchasing personal insurance on their car or home?  When should you remove full comprehensive coverage on your car and go to PLPD?  Why you should do yearly or every other year reviews with your agent. We end the show with some news on the new factory coming to Marshall, Michigan. Ryan has seen and helped in the process as a member of the Marshall City Council. Have questions for Ryan, or interested in a quote? Give him a call at 269-727-0660, visit his website https://agents.farmers.com/mi/marshall/ryan-underhill, or message him on social media (Underhill Agency).