Thimbleberry Financial Website and Phone Number:https://thimbleberryfinancial.com/(503) 610-6510The tax plan being debated in the US House of Representatives can have significant impacts on the financial futures and retirements of many Americans.  Today, Amy Walls of Thimbleberry Financial highlights some key areas of the legislation, as of our recording date of October 12th.What are some differences between the House plan and President's Biden's plan?Who stands to be most impacted by these new laws?What are some changes that could impact high earners and high net worth individuals?Tax brackets and capital gainsRoth ConversionsWhat are some changes that could impact everyone?Could Back-Door and Mega Back-Door Roth Conversions go away?Wash Sale Rules extended to cryptocurrencyChild and Dependent Care CreditsWhat isn't in the plan?No elimination of step-up in basisNothing with social securitySALT (State and Local Tax) Deductions 

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The House Tax Plan

"A stock tender offer is a bid to purchase some or all of the shareholders' stock in a corporation." - InvestopediaIf you find yourself on the receiving end of a stock tender offer, there are a number of factors that should go into your decision. Today, Amy Walls of Thimbleberry Financial breaks them down.What is your purpose for the money?Are your short or long term goals more of a priority?Understand if there is a particular type of stock (RSU, ISO, etc.) that the offer applies to.What are your tax implications for accepting the offer?....and more!At Thimbleberry Financial, Amy Walls and her team make it a priority to really get to know their clients and what's important to them. This goes far beyond their investments.  If you'd like to contact the team and set up an appointment, you can visit:https://thimbleberryfinancial.com/or call: 503-610-6510.

Stock Tender Offers

End of life planning is an intimidating, yet necessary, process. Amy Walls of Thimbleberry Financial thought of today's topic after seeing a friend receive a terminal diagnosis, and watching her and her husband scramble to get their affairs in order.  It gave her pause, and she started thinking about her own family and future.You need to take stock of both your financial situation and your priorities.  They aren't one and the same!Financially:Knowing your accounts, who has access to them, and how to connect the people to each otherEstate Planning - wills and trusts, financial and health care powers of attorney, and beneficiary designations - are you happy with where things are set?Other items like joint accounts, gifting of assets, and accelerated riders on life insurancePriorities:Your Bucket ListMaybe more importantly, the quieter priorities - for example, anything you want to leave behind for loved ones, like notes and videosWho you want to spend time with - or even reconcile withMaking arrangements for your own funeral or service if you so choose.At Thimbleberry Financial, Amy Walls and her team make it a priority to really get to know their clients and what's important to them. This goes far beyond their investments.  If you'd like to contact the team and set up an appointment, you can visit:https://thimbleberryfinancial.com/or call: 503-610-6510.

End of Life Checklist

You may have seen that commercial a few years ago - people were walking around with their "magic retirement number" above their heads.  Well, it turns out there's no ACTUAL magic retirement number, because there are too many changing factors to influence it.  Today, Amy Walls of Thimbleberry Financial walks us through some of them, including:SpendingSavings rateRetirement dateInflation rateInvestment returnsFixed Income Streams and their growth rate, if anyLife expectancyWhere your money is saved and your tax bill We also talk about retirement not being a "switch" you flip.  Once you stop working, that doesn't mean you stop planning!Contact:Thimbleberry Financial Website: https://thimbleberryfinancial.com/Or call: 503-610-6510

What's My Magic Retirement Number

People have inconsistent income for many different reasons - they could be self-employed, in sales, or receive bonuses or equity compensation.  Ever receive a tax refund? You can see how difficult it can be to manage inconsistent income.Today, Amy Walls of Thimbleberry Financial walks through strategies for inconsistent income earners, including:Increasing cash reservesWorking with a CPAAsset allocationMaking a planAdjusting banking strategiesContact:Thimbleberry Financial Website: https://thimbleberryfinancial.com/Or call: 503-610-6510

Best Practices for Inconsistent Income

Like any relationship, sometimes the dynamic between two parties simply doesn't work.  This can be true in an advisor-client relationship as well.Today, Amy Walls of Thimbleberry Financial explains the unique, mutually responsible relationship she maintains with her clients, and what happens when this dynamic works well - a tandem of strategy and wealth management.  Thimbleberry and clients both have action items after every meeting.Sometimes, this approach isn't the right fit.  Clients may become unresponsive, or they may decide this isn't the right type of relationship for them.  In these cases, Amy explains how both parties can exit the relationship.Contact:Thimbleberry Financial Website: https://thimbleberryfinancial.com/Or call: 503-610-6510

When The Client-Advisor Relationship Doesn't Work

Behavioral finance is an important part of financial planning.  Today, Amy Walls of Thimbleberry Financial breaks down the 6 strategies of optimistic thinkers.  We give a real life example, and explain how these tips can be applied to planning your financial future.Notice the PositiveSee OpportunityControl and AcceptFocus on SolutionsTake Purposeful ActionReach OutContact:Thimbleberry Financial Website: https://thimbleberryfinancial.com/Or call: 503-610-6510

6 Strategies of Optimistic Thinkers

The Income Danger Zone isn't something you're going to find on a big bank's website or on Google, but it's a term that Amy Walls has come up with in her nearly two decades as a financial advisor.The Income Danger Zone is when you're earning enough to not be living paycheck to paycheck, but you aren't to the point where you can live without a budget.  And it happens to many of us, often when growing in a career or when childcare expenses lessen. You may be in the Income Danger Zone if you find yourself splurging, and promising to make it up next month, the proverbial "robbing Peter to pay Paul."  Also, inconsistent income can easily lead to the Income Danger Zone.This Income Danger Zone can lead to "lifestyle creep," as well as debt, and even emotional and behavioral pain.  The keys to avoiding it are intentionality and planning.Contact:Thimbleberry Financial Website: https://thimbleberryfinancial.com/Or call: 503-610-6510

The Income Danger Zone

Talking to your spouse or partner about money is often difficult.  Today, Amy Walls from Thimbleberry Financial breaks down why this is, and how to tackle this tricky subject.How do you make these conversations easier?Have a scheduled conversation in a neural place.Think about your "why" beforehand.When meeting, find common ground, acknowledge mistakes, and listen!What questions can you ask to start the conversation?What actions can you take as a couple to align spending?Contact:Thimbleberry Financial Website: https://thimbleberryfinancial.com/Or call: 503-610-6510

Talking To Your Spouse About Money

When investing in a brokerage account, as with any investment, it's important to be tax efficient.  Why pay more taxes than you have to?Today, Amy Walls of Thimbleberry Financial walks us through tax-efficient investing, or minimizing the amount of taxes you owe.There can be a difference in taxes on long term vs short term capital gains.Rate of return after taxes and fees is what's important.Taxes on investments are often paid out of cash flow, not out of those investments themselves!Amy explains stock, mutual fund, ETF, and muni bond investments, but also warns of pitfalls, including surprise tax bills, rebalancing, and emotions/bias.For help with your financial future, contact Amy Walls at Thimbleberry Financial:https://thimbleberryfinancial.com/Or call: 503-610-6510

Tax Efficient Investing

When you find out your company is headed toward an IPO, you may not fully understand what's ahead for you and your finances.  Today, Amy Walls of Thimbleberry Financial explains 5 areas that can affect your bottom line.Taxes on stock and Equity CompTaxes on investments for the longterm4% RuleSequence of Return RiskBiasesFor help planning for your company's IPO, or for any assistance with your financial future, contact Amy Walls at Thimbleberry Financial:https://thimbleberryfinancial.com/Or call: 503-610-6510

5 Items to Make or Break Your IPO Dreams

Building a financial plan is like building a house, or even a pyramid. You need a solid foundation and it needs to be built in order.  For a financial plan, there is a hierarchy of goals.  Yes, some are more important than others.  Put on your construction hat as Amy helps us build.While the priority of needs may sometimes vary, you need to start with a foundation. Cash ReservesDebtProtectionLife InsuranceDisability InsuranceOnce you have the foundation in place, you can focus more on medium and long term goals, the walls, or "floors" of your house. These could be college funds, vacation homes, or other goals.  Next, you can focus on retirement and financial independence. Finally, at the top, you can take care of estate planning.And don't forget the cloud above your house or pyramid - taxes.  Amy explains.For help with your financial future, contact Amy Walls at Thimbleberry Financial:https://thimbleberryfinancial.com/Or call: 503-610-6510

Building Your House or Pyramid

Through Amy Walls' work in the medical and tech sectors, she often deals with non-qualified deferred compensation plans - under which employees can defer part of their earnings to be paid later.Amy explains what differs these plans from qualified plans like 401k and 403b plans.   Employees can often contribute more money. By not being in the employees name, taxes are not paid at the time of compensation, but there are risks to these plans.Amy explains the pros and cons, and can help you decide if one of these plans is right for your individual situation.For help with your financial future, contact Amy Walls at Thimbleberry Financial:https://thimbleberryfinancial.com/Or call: 503-610-6510

Deferred Compensation Plans

Today, Amy Walls from Thimbleberry Financial joins Jon Gay to talk about windfalls - money that comes to you suddenly, often unexpectedly. This can be an inheritance, settlement, or even lottery winnings.70 percent of people who come into sudden money deplete those funds within a few years, so today Amy walks us through steps to avoid windfall pitfalls.Plan aheadBe honest, not manipulativePut a strong team in placeMake a wish listKeep quiet!Save appropriatelyTake responsibility for mistakes.For help with your financial future, contact Amy Walls at Thimbleberry Financial:https://thimbleberryfinancial.com/Or call: 503-610-6510

What To Do When You Get a Windfall

One of Amy Walls' key tenets at Thimbleberry Financial is creating a good client experience - one that is based on mutual trust and accountability.  The firm makes commitments to clients, and clients make commitments in return.This includes:Responding to communication.Revisiting the planning process annuallyUpdating the planKnowing what's important to our clients, but also where the boundaries areKnowing which clients are a good fit, and which ones are notProviding educationHaving processes and setting expectations around themHonest communication, even when it's what a client doesn't want to hear.As an example, Amy began scheduling her clients out for the year. She explains how well that was received.Resources:Thimbleberry Financial Website: https://thimbleberryfinancial.com/Thimbleberry Financial Phone Number: 503-610-6510

Creating A Good Client Experience

Financial planning is all about vision - what do you want for the rest of your life? Amy Walls of Thimbleberry Financial helps clients paint that picture every day. And it's what we will do in this podcast.

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