Ep 10: The Importance of Third-Party Financial Planning

Being in between jobs can be frustrating. If you find yourself in this season, it’s important to have a clear plan of action to keep your finances in order. Stay tuned as Craig and Jennifer discuss some areas to consider for those facing job changes, layoffs, or contemplating early retirement.

Here’s some of what we discuss in this episode:

• Do you have enough time and resources to start over in a new career?
• The considerations should be made before venturing into entrepreneurship
• How will you cover health insurance costs during this time?
• Is this a good time to roll over your 401(k), and what factors should be considered?
• When receiving a severance package, should you opt for lump sum or monthly installments?
• The importance of having sufficient insurance coverage beyond life insurance

Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ 

Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin 

The decade leading up to retirement comes with many things to think about. Not only are there some financial shifts and opportunities to navigate, but it’s important to keep your physical health and goals for retirement in focus too. In this episode, we’ll unpack the key elements that matter most during the home stretch of retirement planning.

Here’s some of what we discuss in this episode:

• Staying active and healthy in the later years of your career
• Figuring out what you’re retiring to and building that into your financial plan
• Some financial opportunities to take advantage of your last 10 years of working
• Taking a look at your debt + risk management

Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ 

Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin 

It’s easy for business owners to get so focused on their work that they overlook some of the long-term planning areas that need to be addressed. Today we want to highlight a few of the items that need your attention and explain why it’s necessary to have a sense of urgency with these things.  

Here’s some of what we discuss in this episode:

• Business owners need to be thinking about the what ifs for their business.
• Why you need to prioritize having an emergency fund built for 3-6 months of expenses.
• How should you handle an early buyout offer?
• Have you thought about life after working and have you started planning?
• Different challenges that come with succession planning for your business.

Contact Maestro Wealth:

Web: https://maestrowealth.com/

Email: info@maestrowealth.com

Phone: 336-448-1086

Everyone wants to get the year started on the right foot so today we’re going to run through a checklist of financial items you need to address in 2024. We'll explore the nuances tax planning, share some tips for staying organized, and make sure you’re making the most out of your retirement contributions in the coming year.

Staying on top of your overall financial health will give you the opportunity to make adjustments before it’s too late and help you stay on track to reach your retirement goals.

Here’s some of what we discuss in this episode:

• Are you withholding the right amount of money from your paycheck?
• What you should think about with your retirement account contributions.
• Tips for gathering all your info for this year’s tax filing.
• Now is a great time to assess your overall financial health.

Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ 

Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin 

We all seem to have a renewed focus on our health as the new year rolls around so let’s take some time to talk about your financial health and a few of the key indicators that show you’re in good health.

Each of the things we’ll discuss today might seem pretty straightforward or even obvious, but they are often overlooked or ignored. So let’s lay out some easy steps you can take in the new year to make sure your financial health gets a

Here’s some of what we discuss in this episode:

• Changing your spending habits to help increase your free cash flow.
• Why it’s important to understand the future tax implications of your money.
• Do both you and your spouse know enough about your retirement plan to be able to manage it?
• A complete retirement strategy will help alleviate worries about your future.

Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ 

Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin 

Having certainty in retirement is always the goal, but life just doesn’t allow for that. There are unforeseen circumstances that will undoubtedly arise in each of our lives, so how do you prepare for questions that don’t have answers yet? We’ll dive into the unpredictable world of financial planning and talk about how to stay informed and adaptable in retirement.

Here’s some of what we discuss in this episode:

• What economic indicators should you be paying attention to?
• Recent trends in consumer spending and inflation.
• Positioning yourself so a recession early in retirement isn’t devastating.
• Preparing for an uncertain future in healthcare.
• Tax planning without knowing what future rates will look like.

Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ 

Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin 

In this episode, we’ll weigh the pros and cons of different accounts, starting with tax-deferred accounts like 401(K)s and IRAs. Then we’ll shift to the tax-free options and the benefits that Roth IRAs can provide over time. Tax planning might not be the most exciting thing to dive into, but understanding the different tax strategies can help you keep more money in your pocket.

Here’s some of what we discuss in this episode:

• The pros and cons of tax-deferred accounts, which most people use to invest.
• The benefits of tax-free accounts like the Roth IRA.
• Using a product like a CD instead of a type of account.
• Tax strategies for pre-tax accounts versus tax-free accounts.

Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ 

Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin 

In this episode, Craig and Jennifer unpack the common pitfalls people encounter when cutting corners in retirement planning. From taking excessive investment risks to neglecting legal documents and estate planning, this episode sheds light on some crucial aspects of financial preparedness. Stay tuned to see why thorough, proactive planning and informed decision making are so important in the world of finance.  

Here are some of the cut corners we discuss in today’s show:

• Taking too much risk in investments
• Neglecting essential legal documents and estate planning
• Not planning for long-term care

Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ 

Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin 

Everyone we work with will have a different comfort level when it comes to risk, which we account for when building a plan. But what does it mean when someone tells us they are risk averse?

So how do we determine someone’s true capacity for risk? In this episode, we’ll tell you about an online tool we use with people to find out which range of outcomes they’re comfortable with and explore the idea of being risk averse and what that truly means to planning.

Here’s some of what we discuss in this episode:

• What does it mean to be risk averse?
• How does someone end up in risky investments when they think they’re risk averse?
• A situation where we saw someone carrying a lot more risk than they realized.
• What are some ways that we would help someone plan who is risk averse?

Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ 

Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin 

It’s pretty hard to believe that it’s been nearly 30 years since the movie Forrest Gump hit theaters. In case you needed another reminder of your age, there you go.

That was one of the great movies of all time, winning multiple Oscars and grossing more than $600 million at the box office, and it still holds up today with its memorable quotes. Today we’re going to share some of our favorites but apply a little financial planning lesson from what Forrest said.

And that’s all we have to say about that.

Here’s are the quotes we’ll have fun with in this episode:

• "My mama always said, 'Life was like a box of chocolates. You never know what you're gonna get.'"
• "Mama always said you've got to put the past behind you before you can move on."
• "What's normal anyways?"
• "Mama always said, dying was a part of life. I sure wish it wasn't."

Get additional financial resources: https://maestrowealth.com/how-money-works-podcast/ 

Schedule a meeting: https://timetoseemaestrowealth.as.me/ReadytoBegin