Do you remember your first lesson as a kid on how to take care of money? Getting that first crip $20 bill to start your own savings account or even filling that piggy bank with pennies – we all have memories of where our personal finance lessons started. How do you teach your kids and grandkids these lessons? What conversations should you be having and when? Often, learning what not to do with money is just as important as knowing what to do with it.On this episode of Wealth From Wisdom, we’ll be talking about how kids and finance – from how to teach them those first lessons on handling money to leaving assets for them in your will and estate plan. 

Wealth from Wisdom

How to Teach Your Kids About Financial Planning

“Retirement: It's nice to get out of the rat race, but you have to learn to get along with less cheese,” said comedian Gene Perrett. Your life slows down, you don’t have the demands of work and you can turn that alarm clock off for good, but now your concerns are different: where will that income come from? Will it last? What will my lifestyle be like?Like any other point in your financial journey, in fact even more so, retirement takes planning and strategy. You can’t depend on the “givens” – social security, Medicare, retirement distributions – to fully fund your retirement without some intentionality and planning. On this episode of Wealth From Wisdom, we’re going to discuss not only how to plan for retirement, but how to plan for the retirement lifestyle you want – not just survival, but thriving in those years. 

Protecting Yourself in Retirement

The holidays are well on their way. People will be lining up to see Santa, the stores are selling out of turkey, and the economy is preparing for a well-needed injection of capital. We’re in the fourth quarter, which is the giving quarter usually. Nearly one-third of all charitable giving happens in December alone. Around 12 percent of all giving happens in the last three days of the year. So not only are Walmart and Amazon gearing up for this season, but nonprofits and religious organizations are, as well. On this episode of Wealth From Wisdom, we’re going to discuss how to give effectively. It seems simple on the surface, but it’s more complex than you think. Are you giving with a tax-aware, savings-aware strategy? Are you giving to the same causes you always have or do you need to re-think some of your approach? 

How to Make Charitable Giving Part of Your Financial Plan

Wills, trusts and estate planning are complicated, involving legal issues, relationships and straight-up human personalities. There are entire careers made on the complexities and confusion of estate plans, probate and litigation that follows.I’m Paul West, and on this episode of Wealth From Wisdom, we’ll look at estate planning. How do wills and trusts work? How can you prepare in a way that will alleviate taxes, complexity and dysfunction for your family in the future? How do you leave a cleared trail as your legacy?

Leaving a Blazed Trail: Estate Planning for You and Your Family

Leona Helmsley, a famous hotel owner known not-so-charitably as the “Queen of Mean” had a memorable will. Up until right before her death, she had wanted to leave her $8 billion estate to the care of the poor, but she changed it at the last minute to donate all the money to the care of dogs. She specifically left $12 million to her pug, which resulted in kidnapping and death threats. She left less than that to her grandchildren. Needless to say, wills, trusts and estate planning are complicated, involving legal issues, relationships and straight-up human personalities. On this episode of Wealth From Wisdom, we’ll look at understanding wills and trusts. How does estate and legacy planning work? How can you prepare in a way that will alleviate taxes, complexity and dysfunction for your family in the future?  

Understanding Wills and Trusts

Germany was the first nation in the world to adopt a social insurance program for the elderly in the late 19th century. The program was brought about by a letter from Emperor William the First, who said, “those who are disabled from work by age and invalidity have a well-grounded claim to care from the state.” The expectations of retirement, life span, income, economic stability and everything have changed since social security type programs were first put into place, yet Social Security remains a cornerstone of most of our retirement plans. I’m Paul West, and today on Wealth From Wisdom, we’ll look at Social Security. Where does it come from and where is it potentially going? How do you get the most out of your benefits and shape your financial plan with Social Security in mind? 

What Does Social Security Mean for Your Financial Plan?

Benefits enrollment is coming up at workplaces across the country. If you’re like me, your life isn’t exactly what it was last year. Many of us have health changes, family changes, income changes. You’ve at least gotten a year older! Bottom line: your life is different at this time this year than it was last year. Benefits enrollment is a good time to take a look under the hood of your finances. Are you getting the best benefits from your employer? Do you understand how those benefits work best? Are your contributions to your retirement plan on target? Will they get you where you need to be by your retirement date?On this episode of Wealth from Wisdom, we’re going to talk through benefits enrollment and how you can get the most out of those employer plans. Don’t leave money on the table, and make sure you’re prepared for what life could throw at you in 2020.

How to Approach Benefits Enrollment at Your Workplace

You’re about to approach one of the biggest milestones in your lifetime: retirement. For many retirees, this is a momentous event that gives you much needed time for family, relaxation and to enjoy hobbies. For others, this may create apprehension and fear. But, it doesn’t have to be that way. On this episode of Wealth From Wisdom, we’re going to show you how avoiding these common mistakes during retirement can put you on the right path to enjoying your second act.

8 Blunders to Avoid in Retirement

Medical emergencies. Car accidents and repairs. Lay-offs. A busted water heater. We have no idea what will come our way, we just know that something eventually will. Unforeseen expenses can throw off your financial plan – for the short-term and long-term.A healthy emergency fund is a vital part of every financial plan. It’s there to cover urgent expenses, alleviate risk, and untether other funds to invest. But not all emergency funds are created equal.On this episode of Wealth from Wisdom, we’ll discuss emergency funds, rainy day money, cash under the mattress – whatever you call it, it’s an important part of your overall financial plan. Let’s look at how big this fund should be, how to grow it, when to spend it and what to do if you run out. 

How Much is Enough? Understanding Your Emergency Fund Needs

Should I buy, lease or rent? It’s a question that comes up quite often. Will we really be able to re-sell that car in 10 years? What if the housing market collapses? What if my rent goes up? Is a second home a good investment?We all need a place to live and transportation, so inevitably we run into mortgages and car loans and resale value. But deciding what’s the best financial decision often depends on your personal situation.On this episode of Wealth from Wisdom we’re going to discuss some practical financial planning decisions when it comes to leasing versus buying. Whether it’s your primary residence, a vacation home, a third car, your first boat, or even the tools you use regularly, saving and protecting your money in these decisions is more complex than it seems on the surface. 

Buy or Lease? Financial Planning for Everyday Life

Nearly everyone has heard of the pop singer Prince. Purple Rain, When Doves Cry, 1999 – these were songs straight from the Pizza Hut jukebox. Prince died suddenly in the spring of 2016 – and he didn’t have an estate plan in place. He was relatively young at 57-years-old and had been quite wealthy for a long time. Of his $250 million estate, $100 million of it went to estate taxes. 40% of his fortune gone! The rest of the estate was distributed to the siblings he had relationships with, but also distributed to estranged siblings he probably wouldn’t have included. On this episode of Wealth from Wisdom, we’re going to talk through estate planning – how to shape your legacy while you’re still living and take care of those you love the most. 

A Legacy of Clarity: Understanding Estate Planning for You and Your Family

In 1992, the divorce rate in the U.S. was about 4.8 per 1,000 marriages. In 2019, it’s at 2.9 per 1,000. That’s still one in every three couples. But just because it’s common doesn’t mean it’s simple. There are many laws, emotional issues and financial planning questions specific to divorce that everyone must answer. On this episode of Wealth From Wisdom, we’ll look at some of the key financial planning decisions surrounding divorce. While no one likes going through a divorce, understanding how to best approach this difficult time is incredibly important. 

Before You Go Your Separate Ways: Financial Planning for Divorce

Risk in financial planning is a common topic. Are you a conservative or growth-centric investor? Stocks or bonds? What are the Federal Interest Rates doing? But there are plenty of other risks in retirement outside of investments. From tax efficiency to long-term care insurance, dealing with unexpected health concerns, the death of a loved one, or needing to supplement your retirement income – you need to be prepared. In this episode of Wealth From Wisdom, Paul West and Erin Wood discuss the retirement risks outside of your investment portfolio, and how you can set yourself up to not only meet your retirement income needs, but also to protect yourself, your family and your legacy. 

Retirement Risks: Looking at the Hurdles in Retirement Beyond Your Investment Portfolio

The 401(k) is the most popular retirement vehicle (outside of Social Security, of course) – and the number of 401(k) millionaires is at an all-time high. But a million dollars might not be enough for today’s retirement standards. How can you take your 401(k) to the next level and not only strive to reach that million-dollar mark – but actually meet your retirement needs?In this week’s episode of Wealth From Wisdom, Paul West and Scott Kubie discuss 401(k)s – and the four rules you can follow to help successfully save for retirement. 

Understanding Your 401(k): Four Rules to Successfully Save for Retirement

You’re a business owner. You had a dream and with your own two hands made it into a reality. People depend on you – to support the economy, create jobs, to keep vital gears of society turning. Your own financial needs can sometimes drift to the back-burner. Taking care of others’ livelihoods can draw you away from planning for your own. And your needs are unique — you signed paychecks instead of receiving them, you structured benefit plans rather than simply benefitting. On this episode of Wealth From Wisdom, we’re going to discuss financial planning for small business owners.

From Tax Efficiency to Retirement: Financial Planning for Small Business Owners

Many people who are financially wealthy are emotionally poor. Carson Wealth has a simple mission: to inspire clients to pursue their True Wealth—the things that money can’t buy and death can’t take away. Tune in to hear some of the most celebrated and respected financial advisors and executives in the industry share their insight and wisdom on how to live life by design, not default.

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Wealth from Wisdom

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