The Money Knight

Estate planning: it's a term that often evokes a sense of finality and permanence. However, estate planning is anything but a one-time event. It's a dynamic process that requires regular attention and updates to stay aligned with our lives' ever-changing landscape. Many people, including those with significant wealth, either lack an estate plan or let their existing one gather dust on a shelf. Wade shares his surprise at how common this oversight is and stresses the importance of treating your estate plan with the same care you would your investment portfolio. Just as life evolves—children grow, we move to new states, our health changes—so too should the documents that dictate our wishes after we're gone. Here’s some of what we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

In this episode, Wade Chessman does more than just explain what a backdoor Roth IRA is; he walks you through the entire process. He addresses the common misconceptions and lays out the benefits in a way that's both easy to understand and actionable. Whether you're a seasoned investor or a novice to the world of finance, Wade's insights are invaluable. Here’s some of what we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Imagine your retirement plan as a ship sailing toward a horizon of rest and relaxation. But what if one leak could sink it all? In today’s episode, we spotlight some of the single oversights that could send your dreams to the bottom. We'll share key strategies to plug the gaps, ensuring your financial ship stays buoyant and on course. Tune in to protect your future from the one mistake that could derail everything. Here’s some of what we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Despite the progress women have made with money, the path to retirement is not without its unique challenges, and it’s important to recognize the financial hurdles that they continue to face. We work with more and more women every year and see these issues first hand. In this episode, we’ll share some eye-opening statistics and actionable advice to empower women in their financial journey. From the persistent gender pay gap to the impact of caregiving responsibilities and higher debt burdens, this is why retirement planning is different for women and we’ll talk about how we work through these things at Chessman Wealth. Here’s some of what we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.

Unlock the secrets to aligning your philanthropic spirit with savvy tax strategies by utilizing Qualified Charitable Distributions (QCDs). Discover how these powerful financial tools can help you support your favorite charities while managing your taxable income more effectively, especially when dealing with required minimum distributions from your IRA. In this episode, we navigate the complexities of IRS regulations, unveiling how QCDs can smartly satisfy required minimum distributions and offer a substantial boon to your favored nonprofit organizations, all the while keeping an eye on your financial well-being. For this week’s Kingdom Minute, we’ll discuss letting people borrow money and how to handle that debt. Here’s some of what we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

After years of nearly zero interest rates in savings accounts, we’ve seen a much higher interest rate environment over the past few years. Getting four or five percent on your conservative investments is nice, but is it enough? In this episode, we explore this question, examining how the recent rise in interest rates affects the money sitting in savings accounts, CDs, and conservative investments. We'll discuss the new dynamics of managing your funds in a world where traditional saving methods are seeing better returns. Are these options now a viable part of a savvy investment strategy, or are there still better ways to make your money work harder for you? For this week’s Kingdom Minute, we’ll discuss letting people borrow money and how to handle that debt. Here’s some of what we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Listen in as we kick off the new year with a focus on an essential aspect of financial planning: understanding taxes. Wade wrote a book called Saved: How Christians Can Reduce Taxes and Make Smart Choices with Their Money and this episode we’ll tell you more about it and what you can learn from the book. Today’s show sheds light on the fine line between tax planning and tax preparation, ensuring you're equipped to optimize your finances and honor your values without overpaying Uncle Sam. Our mission is to help you make smart choices about your money so you can worry less, enjoy life more and ultimately become a better steward of the resources God has provided. One of the top ways you can do that is to be real wise about taxes, and we’ll discuss how we help you do that in this episode. If you’d like to get a copy of the book, email us at wade@chessmanwealth.com and we’ll get a copy over to you. Here’s some of what we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

When you think about saving for retirement, company retirement plans or IRAs probably come to mind. But there’s another option that people often overlook but using it alongside those traditional accounts could provide some great benefits. Today we’re going to tell you more about the potential of Health Savings Accounts (HSAs) for retirement planning. In this episode, we’ll take a closer look at the eligibility criteria and the unique triple tax advantage that HSAs offer, emphasizing how they can serve not just immediate healthcare needs but also as a strategic asset for future financial well-being. Wade shares his expertise on how to maximize HSA contributions, highlighting the ways these accounts can complement your retirement savings and the significance of early investment. Our discussion will also let you in on the lesser-known tactics of using non-HSA funds for healthcare costs, allowing your HSA balance to flourish and become a robust nest egg for your golden years. For this week’s Kingdom Minute, Wade will tie in his favorite movie, Scrooge, in a holiday-themed financial message. Here’s some of what we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

When we talk about end of the year planning items, giving is typically a priority for many people. It’s close to our heart and something we enjoy helping people with. When most people think about giving, they really only consider giving cash, but there are some other options that you might want to consider this year. Cash gifts can come in the form of checks and deposits as well, but that can leave people feeling frustrated because they don’t think they can give away any more of their income. That’s why we want to talk about asset-based giving, which might also be more tax-efficient than cash giving as well. We’ll explain how this works and why it might be a better option for you. Here’s some of what we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Join us for a thoughtful episode where we unpack our 2023 edition of key year-end planning strategies for those nearing or embracing their retirement years. We'll explore the nuances of optimizing your investment portfolio, safeguarding your assets, and ensuring a stable, rewarding lifestyle in the years to come. Together, we'll navigate through essential topics like managing RMDs, exploring tax-saving opportunities, and even touching on the often-overlooked emotional aspects of this pivotal life transition. Plus, this episode’s Kingdom Minute includes a bonus planning item to tie everything together. Here’s some of what we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

On this episode, we're going to continue the conversation we started on our last show about high-net-worth individuals by addressing the option of umbrella liability insurance? Is this something that you need? It might seem like an obvious choice because it appears to be a ‘bargain’ on the surface, but does it provide the coverage you need? Wade will explain what it is and lay out some of the pros and cons that come with an umbrella insurance policy. If it’s something you’re considering, this episode should provide an overview but make sure you sit down with a financial professional to determine whether it’s a good fit. Here’s some of what we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

In today's episode, we're taking a close look at high-net-worth individuals - those who have accumulated significant wealth and face unique challenges and opportunities when planning for retirement. Unlike the average person, their financial considerations go beyond the basics. We'll explore the distinct strategies and factors that come into play when securing a comfortable and prosperous retirement. For this week’s Kingdom Minute, we want to highlight some commonly misunderstood verses in the Bible that talk about money. There’s a lot of talk about money in the Bible but it’s not always interpreted the correct way so we’ll try to sort through that today. Here’s some of what we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

In this episode of The Money Knight podcast, we delve into a significant yet often overlooked threat to your retirement - the sequence of returns risk. Many people are unaware of the potential impact this risk can have on their retirement savings. Join us as we shed light on this issue and explore effective strategies to mitigate its consequences. Listen in as Wade explains how critical it is to have a plan in place to safeguard your retirement savings against market volatility during your early years of retirement. He dives into the power of the bucket strategy and insurance products in reducing sequence of return risk. For this week’s Kingdom Minute, we take a look at what the Bible has to say about diversification. Tune in to get insights into managing sequence of return risk and safeguarding your retirement dreams! Here’s some of what we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer. We explore actionable strategies to address these problems, such as the importance of life insurance and the ins and outs of spousal pension continuation. This is the episode for you if you’re concerned with ensuring the financial well-being of your remaining family members and safeguarding your financial future and legacy in the face of loss. For this week’s Kingdom Minute, Wade will discuss the story of King Midas, which reminds us that the love of money can cause problems. Here’s some of what we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

More and more women are taking control of their finances and have found that the general guidance out there is perfectly suitable for what they need. However, women still face a few more financial challenges than men and that requires a little more diligence to create financial freedom. In this episode, Wade is going to discuss seven financial strategies that women should consider as they plan for their future. These fundamental principles in planning will help alleviate the worry and anxiety that many women feel when it comes to their finances. We’ll also bring you another Kingdom Minute this week as Wade talks about the topic of ‘How big is your barn?’ Here are the different temptations we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

If you’ve listened to this show before, you know we like to look at financial planning from a Biblical perspective and often dedicate a portion of the show to doing just that. In this episode, we want to go a little deeper on the relationship between faith and finances by discussing five money temptations we all face. Money is an essential aspect of our lives, and how we manage it can say a lot about our beliefs, morals, and relationship with God. The temptation to mismanage our money is real and can sometimes lead us astray. Wade points out that our relationship with money could either draw us closer to God or lead us away from Him, and he underscores the importance of understanding the allure of money and its potential to suffocate God's word. Here are the different temptations we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

There are some people who don’t care at all about leaving a financial legacy, but for those who do, it’s important to eliminate some of the common estate planning mistakes. In this episode, we cover topics ranging from poor expense planning to outdated beneficiary designations and family conflict triggers. We also shed light on some misconceptions about transferring real estate and explain the impact of tax implications on your estate. If you want to leave a legacy without regret or legal turmoil, this episode is a great starting point. Here are some things we discuss in this episode: The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Picture this: You're at your retirement party, finally ready to enjoy your golden years, but worries caused by some bad money habits have robbed you of fully enjoying the sweetness of the day. It happens to more people than you think, which is unfortunate because with just a little bit of modification, you can rid some of the worst money habits from your life and set yourself up for retirement success. Today we want to highlight a few of these bad habits and hear from Wade on how we can make changes that will impact us over the long-term. We’re all human and we all going to make errors but it’s about how we handle ourselves in those situations. So we’ll take you through nine common mistakes that we see people make. Here are some things we discuss in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

We came across an article recently that we thought was pretty interesting because it provided a different perspective on longevity. We always think about longevity in terms of savings and time but this discussion looks at it more as a complete framework. So we want to spend a little time on this today and reflect on this idea of paying more attention to a variety of aspects that old age presents. As you’ll see in the article, the MIT expert breaks it down through these three simple questions: Join us to hear Wade’s view on longevity and why it’s a big part of helping you achieve a successful retirement. Here are some things we discuss in this episode: The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors. Get in touch with Chessman Wealth: https://www.chessmanwealth.com/

In the complex world of retirement planning, there are countless pitfalls one could fall into. In this episode, we've distilled it down to what we believe are the top 10 mistakes to watch out for. Avoiding these crucial missteps can have a significant impact on the success of your retirement plan. So, join us as we delve into these key issues and learn how to navigate them effectively when it's your turn to plan for retirement. From not understanding your monthly expenses to ignoring the future tax implications of your retirement savings, Wade with cover a range of pitfalls to avoid. He’ll also emphasize the importance of reviewing and updating your retirement plan, accounting for long-term care in your plan, paying off high-interest debt before you retire, and much more. For our Kingdom Minute segment, Wade will dive into what the Bible says about co-signing for another person’s loan. Here are the myths we break down in this episode: Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing. Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.