ThimbleberryU

We dive into a conversation about embracing future life phases today on ThimbleberryU. Amy and Jag discuss the importance of planning for both financial and non-financial aspects of our future. Amy emphasizes the significance of visualizing and imagining the life we want to lead, pointing out that financial planning isn't just about money—it's about making our desired future a reality. This involves considering future expenses and the lifestyle we aspire to maintain. Amy highlights the challenges people face when trying to envision their future, including fear of the unknown and the difficulty of imagining life changes. She shares personal stories to illustrate these challenges, such as her fear of financial independence after college (this contrasts with Jag's approach to college). We explore how different life stages, like becoming parents or transitioning to retirement, come with their own sets of fears and uncertainties. The conversation then shifts to the importance of being clear about what we want in later life stages to avoid being unprepared financially. Amy stresses the value of having specific goals to motivate saving and planning for the future. We discuss how changing priorities or goals is natural and not problematic as long as there's a willingness to adapt and adjust financial plans accordingly. Amy offers strategies for looking ahead and connecting with our future selves, such as setting aside time for contemplation, getting in touch with our values, and recognizing how today's choices impact our future. She shares personal anecdotes about preparing to enjoy activities with future grandchildren and the importance of taking care of oneself to maintain health and vitality in later years. Finally, we touch on the concept of living in limbo and the stress it causes due to a perceived lack of control. Amy suggests finding at least one aspect of a situation that can be influenced or controlled as a way to navigate forward. And as a bonus, you'll hear a couple of Shel Silverstein references. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In the 4th of our 6-part series for tech professionals,we dive into the world of Incentive Stock Options (ISOs), focusing on how tech professionals can leverage them. Amy Walls from Thimbleberry Financial breaks down ISOs as a form of equity compensation, allowing employees to buy company stock at a favorable price, known as the exercise price. The unique advantage of ISOs lies in their tax treatment. If handled correctly, through what's called a qualifying disposition, the profit from the sale of these stocks is taxed at the capital gains rate, rather than the higher ordinary income rate. Amy emphasizes the importance of timing for achieving a qualifying disposition. There must be at least one year between the grant and exercise dates, and another year between the exercise and sale dates, totaling a minimum two-year holding period. Failure to meet this timeline results in a disqualifying disposition, subjecting the profit to ordinary income tax rates. Strategic planning is crucial for maximizing the benefits of ISOs. Amy suggests considering the market price when exercising options, as this can affect the alternative minimum tax (AMT). Exercising when the market price is low can minimize AMT, potentially leading to significant tax savings. She also advises against using shares to cover the exercise price, as this could lead to a disqualifying disposition. Amy shares success stories of tech professionals who've strategically used ISOs to enhance their financial journey. One individual, referred to as Mark, meticulously planned his ISO exercises and holding periods, resulting in substantial long-term capital gains and contributing significantly to his financial independence. Another example involves Brenda, who initially hesitated to exercise her options during a market dip. However, after understanding the tax implications, she realized exercising more shares could save her $30,000 in taxes. For tech professionals looking to incorporate ISOs into their retirement plans, Amy underscores the importance of planning and working with financial and tax professionals familiar with ISOs. Understanding the specifics of your company's ISOs and how they fit into your overall financial plan is essential. She also highlights the need to be aware of how shares will be treated at retirement, as some companies allow for continued vesting or immediate vesting upon retirement. In summary, ISOs offer a valuable opportunity for tax-efficient growth and financial planning, but they require careful strategic planning and professional guidance to fully capitalize on their benefits. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

Today, we dive into the complexities of choosing funds in employer-sponsored retirement plans like 401(k)s and 403(b)s. Amy Walls from Thimbleberry Financial breaks down common misconceptions and essential strategies for fund selection. She clarifies that not all funds are created equal, debunking myths about choosing solely based on cost or past performance. Amy emphasizes the importance of aligning fund choices with individual investment objectives, risk tolerance, and the need for diversification across various asset classes. Amy also tackles the topic of fees and performance, urging listeners to consider the value provided by a fund rather than just its expense ratio. A fund's net performance, after fees, is what truly matters. The conversation shifts to assessing fund performance, where Amy suggests using custodian-provided information and comparing it against benchmarks over various time frames. This approach helps in making informed decisions rather than chasing short-term gains. The discussion addresses the risks associated with fund selection, including market volatility, inflation, interest rate changes, and the dangers of following unqualified advice from the internet. Amy advocates for a balanced approach to risk management through diversification and proper asset allocation. She also defends the use of target date funds, which can be a viable option for many investors, especially when other choices are limited or less appealing. Finally, Amy advises on the frequency of reviewing and adjusting fund allocations, recommending at least an annual check-up to ensure alignment with one's financial goals and market conditions. This conversation underscores the importance of informed decision-making and seeking professional guidance when navigating the complexities of retirement fund selection. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

We dive into the world of Restricted Stock Units (RSUs) in this episode, focusing on their role in equity compensation for tech professionals. RSUs are a form of stock option that grants ownership in a company's stock once vested, according to a predetermined schedule. This vesting schedule is crucial for employees to understand as it impacts their overall financial planning, including tax implications. RSUs are taxed as ordinary income upon vesting, similar to a paycheck, necessitating careful tax planning to manage potential liabilities. Amy highlights the importance of being forward-looking in financial planning, contrasting with the backward-looking nature of tax preparation by CPAs. She advises setting aside a portion of RSUs or their proceeds to cover taxes, ensuring no surprises come tax time. Employers typically withhold a portion of the vested shares to cover federal taxes, with the remaining shares transferred to the employee's brokerage account, which can then be liquidated or managed according to the employee's financial strategy. Success stories, like that of "Sarah," illustrate how effectively managing RSUs can significantly contribute to wealth building and achieving financial independence. By strategically selling vested shares to diversify investments, tech professionals can leverage RSUs as a cornerstone of their financial planning. However, it's crucial to avoid common misconceptions and pitfalls, such as the belief that holding RSU-derived shares for over a year qualifies them for preferential capital gains tax rates. In reality, RSUs are taxed as income upon vesting, and any decision to hold shares longer is akin to purchasing employer stock directly, with all associated risks. Understanding RSUs' role in compensation and wealth building, while navigating their tax implications and avoiding common pitfalls, is essential for tech professionals looking to maximize their financial potential. Engaging with a financial professional can provide valuable guidance in managing RSUs effectively as part of a broader financial strategy. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In our latest Thimbleberry U episode, we dive into inheriting investments.. Amy starts by differentiating between account types and actual investments. She focuses on the importance of the holdings in an account. Amy explains tax implications of inheriting investments, especially the step-up in basis, using an example to show how this works. When evaluating an inherited investment portfolio, Amy's advice is simple: check if the investment fits your needs and how it performs against its peers. She uses direct examples to show how to approach inherited investments, considering risk tolerance and diversification. The discussion shifts to the emotional side of inheriting investments, like stocks from a company with family loyalty. Amy suggests honoring the deceased in ways other than holding onto their investments. She proposes using the inheritance for family-oriented projects or supporting meaningful causes. Not changing inherited investments has many risks. These include lack of diversification, mismatched risk profiles, tax inefficiencies, and altered savings needs. On using inherited investments to support goals, Amy emphasizes clarity in goals and being aware of how they might change with new wealth. She advocates for a balance between saving for the future and enjoying the present. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In our latest episode of ThimbleberryU, Jag and I continue our six-part series focused on the tech sector. We delve into Employee Stock Purchase Plans (ESPPs), a topic particularly relevant to our tech professional listeners. An ESPP is a program allowing employees of public companies to buy company stock at a discounted price, typically through payroll deductions. We emphasize the importance of the discount, noting that not all ESPPs offer this benefit. We compare ESPPs to 401k plans, highlighting the immediate financial gain from the discounts, which can be as high as 15%. We explain the typical structure of these plans, including offering periods and the mechanics of purchasing shares at a discounted rate. The specifics of these plans, such as the discount rate and the timing of stock purchases, are set by the employer. Next. we cover the tax implications of ESPPs. While the discount is taxed as ordinary income, the real tax benefit comes when selling the shares. To maximize this benefit, shares should be held for at least one year after purchase and two years from the start of the offering period. This strategy allows gains to qualify as long-term capital gains, which are taxed at a lower rate than ordinary income. We also explore strategies for making the most of ESPP participation. We advise contributing the maximum amount allowed and discuss the importance of selling shares strategically. We note the risk of stock volatility and the potential issue of being too financially tied to one's employer. We share a real-life example of a client, who successfully used his ESPP to fund his children's college education and boost his retirement savings. This illustrates the power of ESPPs as a tool for achieving various financial goals. Finally, we discuss aligning ESPP participation with broader financial objectives. We stress the importance of understanding one's financial goals and how ESPPs can play a role in achieving them. You should consider your overall financial position and level of investment in your employer's stock when deciding whether to sell or hold ESPP shares. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of Thimbleberry U, Jag and Amy Walls from Thimbleberry Financial delve into the intricacies of Roth accounts for high-income earners. Amy begins by explaining the basics of Roth IRAs and their appeal to high-income individuals, particularly due to their tax-free growth and distributions. She emphasizes the importance of Roth accounts in the current low-tax environment and their role in portfolio diversification. The conversation then shifts to who can benefit from Roth accounts. While lower income brackets are often considered ideal candidates, high-income earners also stand to gain significantly, provided they approach it strategically. She outlines the income limits for Roth IRA contributions, highlighting the differences for single and married filers and the additional contributions allowed for those over 50. Amy and Jag discuss the SECURE Act 2.0 and its implications for Roth accounts, including the new provision allowing employer matches in 401ks and 403bs to be directed towards Roth accounts, and the delayed implementation of a rule mandating catch-up contributions to be made to Roth accounts, starting in 2026. The conversation then explores various strategies for high-income earners to maximize their Roth contributions, such as backdoor Roth conversions and after-tax contributions to employer plans. Amy stresses the complexity of these strategies and the importance of understanding their tax implications. Regarding optimizing Roth investments, Amy advises high-income earners to consider aggressive (but within their risk tolerance) investment strategies within their Roth accounts due to their tax-free nature. She also touches on the importance of regular portfolio reviews and being mindful of tax-efficient investing. Finally, there are limitations and pitfalls of using Roth accounts, such as income phase-out limits and tax consequences of improper conversions. Amy emphasizes the need for careful planning and awareness of contribution limits and deadlines. We also highlight the tax planning benefits of Roth accounts, including their role in estate planning and the flexibility they offer in managing future tax brackets. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of Thimbleberry U, Jag and Amy Walls from Thimbleberry Financial discuss the unique financial challenges faced by tech professionals, particularly focusing on equity compensation. The episode is the first in a six-part series dedicated to addressing the financial needs of tech professionals. Amy highlights three major challenges tech professionals face regarding equity compensation: time, knowledge, and access to accurate and up-to-date resources. She emphasizes that tech professionals often lead demanding lives, balancing intense work schedules with personal commitments, which leaves little time to manage personal finances effectively. This is particularly relevant in the context of 2023, which saw significant layoffs and increased work demands in the tech industry. The conversation then shifts to the importance of knowledge in managing equity compensation. Amy uses an analogy of baking, comparing the complexities of equity compensation to the intricacies of baking a complex recipe. She points out that while some aspects of equity compensation might be straightforward, integrating multiple elements such as various forms of equity compensation, taxation, and investment options can be challenging. The third challenge discussed is the need for accurate and up-to-date resources. Amy notes that tech professionals, being problem solvers, often rely on internet research or advice from colleagues, which may not always be reliable or applicable to their specific situation. She stresses the importance of seeking professional financial advice to navigate these complexities. Amy suggests that while there are tools available to manage equity compensation, simplicity is key. She recommends basic tools like Excel spreadsheets and calendar apps, combined with discipline and familiarity with employer-provided documents, to effectively manage equity compensation. Tech professionals should seek out financial advisors who specialize in equity compensation. She emphasizes the importance of professional advice in navigating the complexities of equity compensation and achieving financial goals. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

Jag and Amy discuss the importance of celebrating financial milestones and the psychological benefits of doing so. Amy emphasizes that acknowledging financial achievements, such as reaching a significant net worth, completing estate planning, paying off a mortgage, or achieving retirement goals, is crucial for several reasons. First, celebrating these milestones motivates individuals and gives them a sense of accomplishment. It acknowledges the hard work and dedication that goes into achieving financial goals. This recognition acts as a powerful motivator to continue striving towards financial aspirations. Secondly, celebrations reinforce positive financial behaviors and habits. When people see the results of their sound financial decisions, it encourages them to keep making wise choices. This helps maintaining disciplined saving, investing, and planning for the future. We also cover the psychological benefits of celebrating financial successes. These celebrations boost self-esteem and confidence, validating individuals' financial decisions and choices. This validation enhances their sense of security about their financial future. Moreover, celebrating these milestones helps develop a positive money mindset, which is essential for long-term financial success. Celebrations also create a sense of fulfillment and well-being, allowing individuals to reflect on their progress and appreciate how far they've come. This reflection can significantly reduce stress and anxiety related to financial matters. Additionally, these celebrations foster a sense of gratitude and happiness, encouraging a positive outlook that can influence other areas of life. Amy suggests various ways to celebrate these milestones, from simple dinners with loved ones to more elaborate events like special trips or charitable donations. The key is to choose a celebration method that aligns with one's values and is appropriate for the milestone. We should set both big and small financial goals and to celebrate these achievements as they come. These celebrations are not just about acknowledging progress but also about reinforcing positive financial behaviors. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this final episode of ThimbleberryU's six-part series, Jag and Amy delve into the critical topic of legacy and estate planning for healthcare professionals. Amy points out the potential disputes and uncertainties that can arise without proper planning, as seen in the cases of Prince and Aretha Franklin. Legacy planning ensures that assets are distributed according to one's wishes and helps in leaving a lasting impact, whether it's for loved ones, charitable causes, or the healthcare practice itself. Prince's estate faced a lengthy legal battle due to the absence of a will, despite having a Revocable Trust. Similarly, Aretha Franklin's lack of a will or trust led to potential disagreements among her heirs and increased estate taxes. These examples highlight the consequences of not having proper estate planning documentation. The first step in legacy planning is setting clear expectations with loved ones and ensuring that one's will or trust is legally sound and reflective of their desires. This helps avoid misunderstandings and conflicts. Amy compares trusts with wills, explaining the benefits of trusts, such as privacy, probate avoidance, control over asset distribution, and safeguarding one's practice. Trusts, unlike wills, remain private and allow for direct distribution of assets to beneficiaries without court intervention. Trusts also provide more flexibility in how assets are distributed and can be particularly useful in protecting a healthcare practice. An unfunded trust, like Prince had, lacks assets, which are necessary for the trust's instructions to apply. Other common mistakes in legacy planning, such as failing to update estate plans regularly and not considering tax implications, as seen in the cases of Philip Seymour Hoffman and James Gandolfini. We aren't all gloom and doom today, however. Amy shares success stories of healthcare professionals who effectively planned their estates, ensuring smooth transitions of their practices and creating lasting impacts through charitable foundations or scholarships. The power of legacy planning and the importance of organizing financial affairs benefits loved ones and the profession. To get in touch with Amy and her team at Thimbleberry Financial, listeners can reach out by calling 503-610-6510 or visiting thimbleberryfinancial.com. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

Welcome to episode 100 of ThimbleberryU, where we're diving into the integration of financial planning and wealth management at Thimbleberry Financial. Amy and Jag are also reflecting on the journey of the podcast over the past four years. Amy emphasizes the importance of combining financial planning and wealth management. Financial planning is not solely about investment management.She highlightsthe various elements involved, such as goal identification, cashflow, debt management, insurance, real estate, education, retirement, estate planning, and taxes. All of these components are like pieces of a puzzle, with each piece interlocking to create a complete financial picture. In discussing the challenges of managing multiple financial goals, Amy provides a real-life example of someone wanting to buy a new home while planning for early retirement. She explains how the integration of financial planning and wealth management allows them to navigate complex situations, ensuring that all financial pieces work together harmoniously. Jag raises the question of what happens if a client prefers one service over the other. Amy emphasizes the importance of educating clients and guiding them toward making informed decisions that align with their financial goals. If a client remains set on one specific approach, Amy is open to referring them to other advisors who may better suit their preferences. Costs in financial advisory services vary widely, and Amy clarifies that Thimbleberry Financial has a transparent fee structure, charging separately for financial planning and wealth management. She highlights the value of saving clients time by integrating these services, as it allows for a one-stop, comprehensive approach to financial decision-making. Jag shares his own experience transitioning from a wealth manager to an advisor like Amy, appreciating the ability to have more encompassing conversations about the implications of various financial decisions. Amy adds that Thimbleberry Financial's ideal clients are retirement-focused professionals in healthcare and tech sectors, who value financial independence and holistic financial planning. Regarding client communication, Amy explains Thimbleberry's team-based approach, with dedicated service teams working closely with clients to ensure smooth and efficient communication. The episode concludes with a shout-out to Sara, Amy's Chief of Staff, who plays a crucial role in podcast production and client relations. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

Today, we're delving into a crucial topic as part five of our series on healthcare professionals – protecting your assets and your family. Amy explains that protection isn't just about insurance, although that's a significant part of it. It encompasses various forms of insurance like life insurance, disability insurance, long-term care insurance, and more. For healthcare professionals, malpractice insurance is also a critical component. Amy then explains the different types of accounts where your money is held, and the varying levels of protection they offer. Amy emphasizes that under the Employee Retirement Income Security Act (ERISA), employer-sponsored retirement plans, such as 401(k)s, enjoy robust protection against creditors, even in bankruptcy situations. State rules come into play for IRAs, and their protection can differ significantly, so understanding your state's regulations is vital. The discussion then touches on IRAs, and Amy explains that while they have some federal bankruptcy protection, there's a cap on this protection, which can vary depending on factors like inflation adjustments. If you're transferring assets from a 401(k) to an IRA, the key is not to commingle rollover assets with contributions, maintaining the federal protection. The conversation shifts to traditional insurance types like life insurance and disability insurance. Amy distinguishes between term and permanent life insurance, highlighting that term insurance is cost-effective for temporary needs, while permanent insurance is more expensive and intended to last a lifetime. On the topic of disability insurance, Amy stresses the importance for healthcare professionals, as the risk of disabilities affecting their ability to work is substantial. She also points out that disability insurance can become more expensive with age, and it's statistically more expensive for women. Really, employees in any field (even podcast production) can face financial challenges if they become unable to work, emphasizing the need for disability insurance. Protecting your assets also involves considering long-term care insurance, ideally by age 60. Planning early is key, given the time required to assess care needs and preferences. Amy advises evaluating other assets that could cover these expenses and whether competing interests, like leaving assets to family members, affect your choices. We finish up with malpractice insurance, which is crucial for healthcare professionals, and the significance of umbrella insurance to protect against potential liability claims, especially for high-income individuals. For more, reach Thimbleberry Financial 503-610-6510 or at https://thimbleberryfinancial.com/ To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

For many of Thimbleberry Financial's clients in the startup and tech communities, Incentive Stock Options, or ISO's, are a hot topic. Today, Amy Walls and Jag break them down. Simply put, an ISO is a type of employee stock option that comes with tax advantages. No income tax is due when options are granted or exercised. Also, profits from the sale of ISO's can be taxed under more favorable long-term capital gains rates, provided certain conditions are met. In addition to those restrictions around time of holding, Amy also explains the Alternative Minimum Tax, or AMT. When do you pay AMT, and what AMT implications should you consider when exercising ISO's? We also walk through vesting, expiration, and post termination. Being proactive and creating a plan is key in this realm; there are certain decisions and actions that cannot be undone. Amy explains the $100k rule and the Rule of 65, and she cautions against being overweighted in company stock, particularly in the context of market volatility. For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In the fourth of our six-part series specifically for Healthcare Professionals, Amy Walls of Thimbleberry Financial gets into the tax complexities facing those in this field. These factors can include higher income, sometimes from multiple sources (and across borders), capital gains, and even taxes on tuition benefits for those at teaching hospitals. Amy walks us through the hurdles of having separate business entities, sometimes earning income in different countries with different rules. Regardless, its critical to keep good records and often advantageous to work with a Certified Public Accountant, or CPA. This can be helpful with understanding deductions and what you are eligible for. Amy's specialty is retirement planning. Because traditional retirement plans have dollar limits, those limits can often represent a smaller percentage of income for higher wage earners. These individuals may want to look into other retirement vehicles, such as 457 plans and saving into nonqualified, taxable investmets. We dive into the latter. Amy and Jag wrap up, we cover a few other tax strategies, including tuition benefits, student loan forgiveness, and chartiable giving. For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode of ThimbleberryU, Amy Walls and Jag delve into the intricacies of preparing for a six-month break between jobs. Amy's insights shed light on assessing financial situations, emphasizing the importance of building a solid foundation based on savings, investments, debts, and monthly expenses. We cover the financial considerations of taking a six-month break. Amy's practical approach navigates the complexities of maintaining financial stability during a career transition. The discussion also delves into the intricate balance between staying for vested equity and pursuing a career break. Benefits, equity, and health insurance are dissected as critical components of career transitions. Amy and JAG explore the nuances of leaving a current job, considering the impact on benefits, equity compensation, and insurance premiums. The hosts examine the financial implications and practical aspects of these decisions. Non-financial aspects are also explored, including the potential impact of resume gaps and the significance of planned time usage during a break. The hosts delve into the long-term considerations of career breaks and sabbaticals, inviting listeners to approach these decisions thoughtfully. Keep in mind, you'll likely spend more every week and month when you're not working! As always, It's important to place an emphasis on the significance of intentional decision-making tailored to individual circumstances. For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In part 3 of our 6-part series for Healthcare workers, Amy Walls emphasizes the importance of diversification and asset allocation in building a well-rounded portfolio. This is especially true for those in the medical profession who may have higher-than-average salaries. There are many tax complications that come with them! Risk tolerance is also a key factor to consider, as it determines an individual's comfort level with market fluctuations. Jag points out that your "theoretical" risk tolerance may not translate to what you actually feel when the market becomes volatile. Amy explains the tax implications of different investment options, such as retirement accounts and tax-free investing. She also addresses the concept of ethical and social investing, highlighting the need to align investments with personal values. That said, beware the idea of "emotional investing." If you have particular companies you believe in, consider a smaller "fun" investment account, as opposed to betting your retirement on them. We conclude by discussing the costs and fees associated with various investment options and the importance of adjusting investment strategies over time. For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

Creating a budget can seem like an insurmountable task, but today Amy Walls of Thimbleberry Financial introduces us to a basic concept that can get you started: The 50-30-20 rule. 50% of your budget goes to necessities, 30% goes to wants, and 20% goes to savings. Naturally, the first step is to categorize your needs vs your wants. Needs include housing, transportation, and utilities. Wants are more discretionary, like entertainment, hobbies, and dining out. But it is important to know that a want can become a need. For example, a vacation home may be a want, but after you buy it, the monthly bills become a need. Saving 20% of your income can make a major difference in your financial future. This can be done through retirement plans, emergency savings, and more. Finally, we talk about how to overcome some common challenges faced by busy professionals when they try to create a budget. For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

In this episode, Amy Walls discusses retirement planning for healthcare professionals, specifically physicians. She highlights the need for smart money management skills, as many physicians are not saving enough for retirement. Amy explains the different retirement plans available to healthcare professionals, such as 401(k), 403(b), and 457 plans, and how employer benefits and matches play a role in retirement planning. She also emphasizes the importance of tax efficiency in savings and the challenges of balancing competing financial goals. Amy concludes by stressing the significance of starting early and seeking personalized advice for successful retirement planning. Key Takeaways: For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

More and more often, we are hearing about data breaches and hacks in the news. Often times, your personal identifying information, or PII, may be compromised or leaked through no fault of your own. And while this can be a serious matter, Amy Walls and Jag are going to have some fun today - explaining how you can be your own super hero in the event of a data breach. Recently, the Oregeon DMV was hacked, compromising the drivers' licenses, photo, birth date, addresses, and last 4 social security digits of up to 3.5 million people. In another example, an software employee stole 33,000 credit reports and sold them for $30 each, netting anywhere from $50-$100 million for scammers. First, we explain how these hacks happen, through data breaches, your own online activity, and even just plain theft of your wallet or phone. Amy shows us what these bad actors can do with your information. Now, it's time to be your own super hero, by doing the following: Through these strategies, you can fight "the never ending battle against cyber villains." For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.

Jag is back and joins Amy Walls of Thimbleberry Financial for the first of a 6 part series on finances for healthcare professionals. Today they focus on three key areas: cash reserves, debt management, and cash flow. Healthcare workers often find it more stressful to manage their finances compared to the general population. Amy emphasizes the importance of having a cash reserve for emergencies and opportunities. She recommends having three to six months' worth of expenses set aside. Many healthcare professionals have lower cash reserves due to their higher incomes, but it is crucial to have a sufficient amount to cover unexpected expenses. Amy also highlights the significance of managing debt, including student loans, mortgages, and credit card debt. She suggests strategies such as paying off the highest interest debt first, or alternatively, using the snowball method. Additionally, Amy discusses the importance of cash flow and living within one's means. She explains that healthcare professionals often struggle with wealth accumulation due to factors such as the cost of education, late start in earning, and societal pressure to maintain a certain lifestyle. Amy encourages healthcare professionals to seek financial advice and education to better manage their finances. **Key Takeaways:** - Healthcare workers find it more stressful to manage their finances compared to the general population. - Cash reserves are important for emergencies and opportunities. Aim for three to six months' worth of expenses. - Healthcare professionals often have lower cash reserves due to their higher incomes, but it is crucial to have sufficient funds for unexpected expenses. - Strategies for debt management include paying off the highest interest debt first or using the snowball method. - Cash flow is about finding balance between current lifestyle and future goals. Seek financial advice and education to better manage finances. For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.