Today we dive into the crucial topic of retirement planning for married couples. With the challenge of harmonizing two different perspectives on retirement, this episode offers valuable strategies to increase savings and ensure a comfortable retirement… Click here to Download Your FREE “3 Steps” Workbook:  https://trunorthwealth.activehosted.com/f/3 What’s included:  3 Steps to Planning an EPIC Retirement Step 1:  How will You Spend Your Time? Step 2:  Identify Your Income & Expenses Step 3:  Putting it all Together   Start YOUR FREE Financial Plan Today: Now available – FREE ACCESS – to a Financial Planning Tool: Click here:  https://bit.ly/GetFinancialPlan   Connect with Danette Lowe, CFP® https://linktr.ee/trunorthwealth Visit Our Website:  https://www.TruNorthWealth.com   We kick off with a discussion on a recent T. Rowe Price study, which benchmarks the ideal savings by age for both single individuals and married couples. For instance, at age 55, you should have five times your annual income saved, and by 65, it should be eight and a half times. Danette breaks down these figures with real-world examples, providing a clear starting point for retirement planning. T. Rowe Price Benchmark Study: https://trowe.com/3vEJiyM   IRS Contribution Limits 2024: https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000   The episode then guides you through practical steps to assess your financial status, including creating a Statement of Net Worth and analyzing monthly spending.   Here are 5 Strategies to Maximize Savings for Couples in 2024:   Maximize 401k and IRA Contributions: Understanding the impact of the SECURE Act 2.0 on retirement savings. Pay Yourself First: Leveraging automatic transfers and incremental savings increases. Eliminate High-Interest Debt: Starting with the smallest balances and working up. Smart Management of Car Expenses: Sharing a successful strategy for car payments and savings. Utilize IRAs Efficiently: Exploring the benefits of spousal and Roth IRAs. Each strategy is accompanied by real-life examples and practical advice. If you found this episode helpful, please give us a thumbs up. For more insights and advice on retirement planning, don't forget to subscribe and join us in the next episode of "Ready to Retire!".   Follow Us on Facebook: https://www.facebook.com/TruNorthRetirementPlanning About Danette: Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders.  We invite you to join our extended family and experience the TruNorth Wealth difference. Danette Lowe, CFP® Founder – Wealth Advisor TruNorth Wealth Management, LLC 123 W. Nye Lane, Suite 520, Carson City, NV  89706 Connect with Danette @ https://linktr.ee/trunorthwealth This podcast is for informational purposes only.  The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation.  Neither Commonwealth Financial Network nor your representative provides tax advice. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

Start YOUR FREE Financial Plan Today: Now available – FREE ACCESS – to a Financial Planning Tool: Click here:  https://bit.ly/GetFinancialPlan Subscribe to our YouTube Channel to be informed when we release new episodes! https://www.youtube.com/@readytoretire Connect with Danette Lowe, CFP® https://linktr.ee/trunorthwealth   Traditional IRA vs. Roth IRA – Which one is better? In this episode, Danette explores the decision between investing in a Traditional IRA, which offers immediate tax deductions but taxes gains upon withdrawal, and a Roth IRA, which doesn't provide tax deductions on contributions, but offers tax-free gains. She discusses the pros and cons of each option and the benefits of a Roth conversion for those who are not eligible for direct Roth contributions. The episode delves into the strategies for managing taxes during a Roth conversion, including staggered conversions and using non-IRA funds to cover the tax liability. Danette emphasizes the potential benefits of converting during market downturns and the implications of recent legislative changes. Danette recommends consulting with a financial advisor to determine the best retirement savings strategy based on individual circumstances, whether it involves Traditional IRAs, Roth IRAs, or Roth conversions.   Get YOUR FREE Risk Tolerance Number: Click here to Request YOUR Free Risk Tolerance Number – this quick survey will provide you with an objective look at your risk tolerance. https://bit.ly/GetMyRiskNumber   Click here to Download Your FREE “3 Steps” Workbook:  https://trunorthwealth.activehosted.com/f/3 What’s included:  3 Steps to Planning an EPIC Retirement Step 1:  How will You Spend Your Time? Step 2:  Identify Your Income & Expenses Step 3:  Putting it all Together   Leave COMMENTS on Facebook: https://www.facebook.com/TruNorthRetirementPlanning About Danette: Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders.  We invite you to join our extended family and experience the TruNorth Wealth difference. Danette Lowe, CFP® Founder – Wealth Advisor TruNorth Wealth Management, LLC 123 W. Nye Lane, Suite 520, Carson City, NV  89706 Connect with Danette @ https://linktr.ee/trunorthwealth This podcast is for informational purposes only.  The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation.  Neither Commonwealth Financial Network nor your representative provides tax advice. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

In this episode, we explore practical strategies to alleviate the financial strain that often accompanies five major life transitions: Relocating to new places, Navigating career or job changes, Managing finances through relationship shifts, Coping with unexpected health events, and Finding stability during times of loss or grief. Tune in to discover expert insights and actionable tips for achieving financial peace of mind during these pivotal moments in life. Start YOUR FREE Financial Plan Today: Now available – FREE ACCESS – to a Financial Planning Tool: Click here:  https://bit.ly/GetFinancialPlan   Subscribe to our YouTube Channel to be informed when we release new episodes! https://www.youtube.com/@readytoretire   Get YOUR FREE Risk Tolerance Number: Click here to Request YOUR Free Risk Tolerance Number – this quick survey will provide you with an objective look at your risk tolerance. https://bit.ly/GetMyRiskNumber   Click here to Download Your FREE “3 Steps” Workbook:  https://trunorthwealth.activehosted.com/f/3 What’s included:  3 Steps to Planning an EPIC Retirement Step 1:  How will You Spend Your Time? Step 2:  Identify Your Income & Expenses Step 3:  Putting it all Together   Leave COMMENTS on Facebook: https://www.facebook.com/TruNorthRetirementPlanning Episode 27:  Ways to Reduce the Financial Stress of 5 Major Life Transitions: In this episode of the Ready to Retire podcast, Danette explores the financial implications of five major life transitions: relocation, career or job changes, relationship changes, health events, and loss or grief events. She emphasizes the importance of having a solid financial plan in place to navigate these transitions.  Danette also offers practical advice, such as the significance of health insurance decisions, managing old 401(k) plans, and considering life insurance during career changes. She discusses the financial aspects of relocating, including trust updates and home investments, and highlights the importance of self-care during health transitions.  In times of relationship changes, Danette emphasizes the need to reevaluate asset titling and life insurance. Lastly, she addresses the challenges of grief and loss transitions, urging caution in making major decisions and recommending journaling as a helpful tool. This episode provides valuable guidance on managing finances during life's most significant changes. Danette mentioned John Holland’s book: Bridging Two Worlds – it’s available on Amazon here: https://amzn.to/452e8x9 About Danette: Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders.  We invite you to join our extended family and experience the TruNorth Wealth difference. Danette Lowe, CFP® Founder – Wealth Advisor TruNorth Wealth Management, LLC 123 W. Nye Lane, Suite 520, Carson City, NV  89706 Connect with Danette @ https://linktr.ee/trunorthwealth This podcast is for informational purposes only.  The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation.  Neither Commonwealth Financial Network nor your representative provides tax advice. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

Don't miss out on these easy steps that can make a big difference in your financial journey.  Uncover practical strategies, in our 1 YEAR Anniversary Episode, that can boost your wealth while fitting into your busy schedule. The episode explores hidden wealth-building gems to help you achieve prosperity. Start YOUR FREE Financial Plan Today: Now available – FREE ACCESS – to a Financial Planning Tool: Click here:  https://bit.ly/GetFinancialPlan   Check out our YouTube Channel – Please SUBSCRIBE! https://www.youtube.com/@readytoretire   Get YOUR FREE Risk Tolerance Number: Click here to Request YOUR Free Risk Tolerance Number – this quick survey will provide you with an objective look at your risk tolerance. https://bit.ly/GetMyRiskNumber   Click here to Download Your FREE “3 Steps” Workbook:  https://trunorthwealth.activehosted.com/f/3 What’s included:  3 Steps to Planning an EPIC Retirement Step 1:  How will You Spend Your Time? Step 2:  Identify Your Income & Expenses Step 3:  Putting it all Together   Leave COMMENTS on Facebook: https://www.facebook.com/TruNorthRetirementPlanning Episode 26: Top 10 Tips Countdown for Financial Education: The Ready to Retire podcast's one-year anniversary episode offers listeners the top 10 actionable financial tips, insights into the podcast's purpose, and plans for the future.  It underscores the importance of self-awareness, informed decision-making, continuous learning, and disciplined financial habits to achieve a secure retirement and overall financial well-being. 10. Know Your Biases: Understand personal beliefs and biases that impact financial decisions. 9. Take a Financial Inventory: Assess assets, liabilities, net worth, income, expenses, and insurance. 8. Determine Risk Tolerance: Utilize a risk tolerance assessment to gauge investment comfort levels. 7. Regularly Update Beneficiaries: Importance of keeping beneficiary designations current to avoid complications. 6. Incrementally Increase Savings: Gradually raise savings contributions to improve financial health. 5. Allocate Time for Financial Literacy: Set aside a day each month to enhance financial knowledge. 4. Exercise Caution After Life Quakes: Avoid making significant financial decisions during emotional transitions. 3. Balance Your Checkbook: Monitor transactions to understand spending patterns and catch errors early. 2. Keep Financial Documents Updated: Maintain an organized central location for essential financial documents. 1. Spend Less Than You Earn: Practice disciplined spending and avoid financial risks. Future Plans for the Podcast: Introducing interviews with fellow financial advisors for diverse perspectives. Advancing to more advanced financial planning topics. Bonus Tips: 1.     Maintain Financial Responsibility: Encourage both partners in a relationship to stay informed about finances. 2.     Prioritize Retirement Over Adult Children: Avoid compromising retirement by over-assisting adult children. 3.      Guard Against Online Scammers: Stay vigilant against evolving online scams. About Danette: Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders.  We invite you to join our extended family and experience the TruNorth Wealth difference. Danette Lowe, CFP® Founder – Wealth Advisor TruNorth Wealth Management, LLC 123 W. Nye Lane, Suite 520, Carson City, NV  89706 Connect with Danette @ https://linktr.ee/trunorthwealth This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation.  Neither Commonwealth Financial Network nor your representative provides tax advice. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

Risk Tolerance Number: Click here to Request YOUR Free Risk Tolerance Number – this quick survey will provide you with an objective look at your risk tolerance. https://bit.ly/GetMyRiskNumber   Click here to Download Your FREE “3 Steps” Workbook:  https://trunorthwealth.activehosted.com/f/3 What’s included:  3 Steps to Planning an EPIC Retirement Step 1:  How will You Spend Your Time? Step 2:  Identify Your Income & Expenses Step 3:  Putting it all Together   Episode 25: In this exciting episode, we'll be delving deep into the risks of long-term investing and equipping you with eight powerful strategies to reduce them. Let's start by exploring External Risks - those factors we have limited control over, such as inflation, credit defaults, interest rates, and the unpredictable stock market. On the other hand, Internal Risks are within our grasp, stemming from actions like overspending, neglecting portfolio rebalancing, and succumbing to income inflation.   You won't want to miss our comprehensive coverage of the eight Strategies to Mitigate the Risks highlighted in this episode. From diversification and asset allocation to countering emotional decision-making, we've got your back in managing your investments effectively. We'll also address the risks of procrastination and delayed savings, ensuring you can start saving and set your money to work for you.   Join us on the Ready to Retire Podcast for valuable insights and practical advice on securing your financial future. Whether you're a seasoned investor or just starting your investment journey, these strategies will empower you to make informed decisions and navigate the world of long-term investing with confidence. Tune in now and let's embark on this rewarding journey together!   About Danette: Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders. We invite you to join our extended family and experience the TruNorth Wealth difference.   Passion Ignited - My commitment to enhancing people's financial lives was kindled in 8th grade, sparked by a profile of a successful Certified Financial Planner (CFP®) professional. This marked the beginning of my journey to bring financial security to others.   Hobbies - I have a keen interest in photography, with a focus on nature. Our family adventures often lead us to the Sierra Nevada Mountains for various outdoor activities. I also find tranquility in knitting, quilting, and sewing, contributing to the 200+ creations donated to Chemo Caps for Kids. Content Creator – Enjoying my latest passion, teaching.  Writing the episodes is so rewarding! Danette Lowe, CFP® Founder – Wealth Advisor TruNorth Wealth Management, LLC 123 W. Nye Lane, Suite 520, Carson City, NV  89706 Connect with Danette @ https://linktr.ee/trunorthwealth   This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

Click here to Download Your FREE “3 Steps” Workbook:  https://trunorthwealth.activehosted.com/f/3 What’s included:  3 Steps to Planning an EPIC Retirement Step 1:  How will You Spend Your Time? Step 2:  Identify Your Income & Expenses Step 3:  Putting it all Together   Episode 24: In this episode of the Ready to Retire! podcast, host Danette Lowe CFP®, shares crucial tips to maximize your Social Security benefits and ensure a financially secure retirement.   Many Americans make common mistakes by starting to claim Social Security without a strategy, potentially leaving thousands of dollars on the table.   Danette presents five essential tips to know before claiming benefits, covering topics such as eligibility requirements, full retirement age, the early claiming penalty, working during retirement, and spousal benefits.   She also provides a bonus tip on the windfall elimination provision for those covered by alternative pension plans. Listeners can access additional resources, including a Social Security statement, retirement age calculation chart, and a free downloadable workbook. By implementing these tips, individuals can make informed decisions and optimize their Social Security benefits for a comfortable retirement.   Download Your Social Security Benefits Statement:  https://www.ssa.gov > Benefits     Full Retirement Age (FRA) based on birth year: Birth Year Full Retirement Age (FRA) 1943 or earlier 66 1944 66 and 2 months 1945 66 and 4 months 1946 66 and 6 months 1947 66 and 8 months 1948 66 and 10 months 1949 67 Please note that this table provides general information about the FRA, and individual circumstances may vary.  It's always recommended to consult the Social Security Administration to obtain accurate and personalized information about your specific Full Retirement Age. Top of Form Bottom of Form About Us: Danette Lowe, CFP® Founder – Wealth Advisor TruNorth Wealth Management, LLC 123 W. Nye Lane, Suite 520, Carson City, NV  89706 Connect with Danette @ https://linktr.ee/trunorthwealth   This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

Click here to Download Your FREE “3 Steps” Workbook:  https://trunorthwealth.activehosted.com/f/3 What’s included:  3 Steps to Planning an EPIC Retirement Step 1:  How will You Spend Your Time? Step 2:  Identify Your Income & Expenses Step 3:  Putting it all Together   Episode 23:  Primary Beneficiary vs. Contingent: An Easy Financial Planning Checkup to Protect Your Family In this episode, I discuss the often overlooked but crucial aspect of financial planning – conducting a beneficiary checkup.  Many people neglect to review and update their beneficiaries listed on various accounts, which can lead to unintended consequences. We explore the importance of regularly dedicating a small amount of time to ensure your beneficiaries align with your wishes.  Discover why a beneficiary checkup is one of the best financial planning tips you'll ever receive. Life is ever-changing, and it's essential to regularly review and update your beneficiaries to ensure your assets are distributed according to your wishes.  By dedicating a small amount of time to conduct a beneficiary checkup, you can protect your loved ones and provide peace of mind for yourself.   About Us: Danette Lowe, CFP® Founder – Wealth Advisor TruNorth Wealth Management, LLC 123 W. Nye Lane, Suite 520, Carson City, NV  89706 Connect with Danette @ https://linktr.ee/trunorthwealth   This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Discover expert strategies for protecting your retirement plan in times of high inflation, including tips for diversifying your portfolio and building a solid financial plan…   Get your free guide here: https://trunorthwealth.activehosted.com/f/3 Download your free workbook:  3 Steps to Planning an EPIC Retirement Step 1:  How will You Spend Your Time? Step 2:  Identify Your Income & Expenses Step 3:  Putting it all Together   Episode 22:  Inflation and Your Retirement Plan – How to Cope with Rising Costs and Keep Your Savings Safe Learn all about inflation, what it is, what's causing the current inflation, what the Fed is doing about it, and how we can protect ourselves and our own financial security during periods of high inflation. What is inflation? Definition of inflation and how it affects the cost of goods and services.Examples of inflation in everyday life. Causes of inflation Factors that can cause inflation, including an increase in demand, a shortage of supply, and government policies.Corporate wages and historically low unemployment as sources of inflationary pressure. The Federal Reserve's policy on inflation The Fed's target rate of inflation.The policy of raising interest rates to slow down the economy and control inflation.The risk of raising rates too high too quickly and causing a recession.The Fed's ability to stimulate the economy by lowering interest rates if necessary. Strategies for protecting yourself during inflationary periods The importance of having a financial plan that accounts for inflation on different types of expenses.The need for diversification and asset allocation in investment portfolios.The importance of not making big decisions based on short-term information. Don't make big decisions based on short-term information.  The economy is fundamentally sound, and the Federal Reserve's monetary policy is designed to help stabilize it.  With a solid financial plan and a diversified investment portfolio, you can protect yourself and your family during periods of high inflation.   About Us: Danette Lowe, CFP® Founder – Wealth Advisor TruNorth Wealth Management, LLC 123 W. Nye Lane, Suite 520, Carson City, NV  89706 Learn More @: https://www.trunorthwealth.com/   This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Empower your financial journey by understanding FDIC insurance, protecting your assets, and learning from the past…   Get your free guide here: https://trunorthwealth.activehosted.com/f/3 Download your free workbook:  3 Steps to Planning an EPIC Retirement Step 1:  Plan Your Sources of Income Step 2:  Identify Your Expenses Step 3:  Putting it all Together   FDIC Insurance Coverage Calculator: The FDIC provides an online tool called the Electronic Deposit Insurance Estimator (EDIE). This calculator helps you determine if your deposits at an FDIC-insured bank are within the coverage limits.  You can access the EDIE calculator on the FDIC website at the following link: https://edie.fdic.gov/   Ready to Retire!  Podcast: Episode 21: FDIC Insurance Explained In this episode, we dive into the details of FDIC insurance, including its history, purpose, and coverage limits, to help you better understand how it works and how you're protected. Protecting Yourself & Trusts We discuss the importance of keeping your accounts under FDIC insurance limits, staying protected in the case of a bank failure, and the potential risks of “un-funding” your family trust. Credit Unions & Investment Products Learn about the coverage provided by the NCUA for credit unions, as well as the lack of FDIC insurance for financial products like mutual funds, stocks, and bonds, and the role of SIPC insurance. Strategies for High Balances Explore the options for managing accounts that exceed FDIC limits, such as splitting funds between multiple banks or working with a financial advisor to purchase CDs from different institutions. Insider Story from 2008 Crisis Get a firsthand account from John Mack, former CEO of Morgan Stanley, about the government bailout during the 2008 financial crisis and the impact it had on the banking system.   About Us: Danette Lowe, CFP® Founder – Wealth Advisor TruNorth Wealth Management, LLC 123 W. Nye Lane, Suite 520, Carson City, NV  89706 Learn More @: https://www.trunorthwealth.com/   This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Retiring soon?  We discuss the 9 most common Financial Planning mistakes and How to AVOID them.  Plus, bonus advice on choosing an advisor… Get your free guide here: https://trunorthwealth.activehosted.com/f/3 Download your free workbook:  3 Steps to Planning an EPIC Retirement Step 1:  Plan Your Sources of Income Step 2:  Identify Your Expenses Step 3:  Putting it all Together  Ready to Retire!  Podcast: Episode 20: If you're feeling overwhelmed about planning for retirement, this episode is for you.  Danette shares 9 common mistakes that people make when planning for retirement and provides actionable tips on how to avoid them. You'll gain confidence in your retirement planning and be better equipped to achieve your financial goals. Are you worried that you haven't saved enough for retirement?  Danette shares insights on how to increase your savings and make saving a good financial habit. You'll also learn how to avoid taking on too much risk in your investment portfolio, plan for healthcare costs, and anticipate inflation.   If you're not sure how much to withdraw from your investment portfolio in retirement, this episode is a must-listen.  Danette explains how withdrawing too much too soon can leave you with an inadequate retirement fund.   Finally, if you're working with multiple financial advisors, you won't want to miss the bonus tip at the end of this episode.  Danette explains why consolidating your accounts with one advisor can provide you with a comprehensive overview of your financial situation and help you take advantage of fee breakpoints.  You'll also avoid the risk of having overlapping or conflicting plans. About Us: Danette Lowe, CFP® Founder – Wealth Advisor TruNorth Wealth Management, LLC 123 W. Nye Lane, Suite 520, Carson City, NV  89706 Learn More @: https://www.trunorthwealth.com/   This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Discover the 5 benefits of financial planning and follow the 6-step process to achieve financial goals, reduce stress, and secure your future.…   Get your free guide here-> https://trunorthwealth.activehosted.com/f/3 Download your free workbook:  3 Steps to Planning an EPIC Retirement Step 1:  Plan Your Sources of Income Step 2:  Identify Your Expenses Step 3:  Putting it all Together   Ready to Retire!  Podcast: Episode 19: In this episode, we explore the importance of having a solid financial plan for a secure and stress-free future.  Emphasizing 5 advantages of having a financial plan in place, like achieving dreams and goals, having a diversified investment portfolio, gaining confidence in financial decision-making, navigating difficult situations, and taking advantage of opportunities when things go well. The financial planning process is a series of steps that a financial advisor takes with a client to help them create a customized financial plan that meets their specific needs and goals. It all starts with an initial consultation, where you and your financial advisor get to know each other.  This is a chance for you to ask questions and make sure the advisor is a good fit for you. After the consultation, your advisor will provide you with a proposal that outlines their services and fees. If you decide to move forward, the next step is a discovery meeting.  This is where you and your advisor will dig deep into your financial situation, including your goals, values, dreams, and concerns.  Your advisor will use this information to create a customized financial plan that addresses your unique situation. Once your advisor has drafted your financial plan, they'll meet with you again to review it and make any necessary revisions. Then comes the implementation phase, where your advisor will help you put the plan into action. This might include consolidating accounts, making investments, or creating a budget.   Finally, the ongoing review and monitoring phase is where your advisor will help you stay on track and make adjustments as necessary. This is important because life is unpredictable, and your financial plan may need to be adjusted as your circumstances change. Overall, the financial planning process is designed to help you achieve your financial goals and live the life you want. It's a collaborative effort between you and your financial advisor, and it requires regular communication and review to ensure you stay on track.   About Us: Danette Lowe, CFP® Founder – Wealth Advisor TruNorth Wealth Management, LLC 123 W. Nye Lane, Suite 520, Carson City, NV  89706 Learn More @: https://www.trunorthwealth.com/   This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Where are you in your financial journey? Whether you’re just starting to save for retirement or already have your retirement party scheduled, take some time to review how to make the most of where you are right now to avoid future problems.   In this episode, I outline four important phases of your financial journey and how to prepare for retirement in each step.  Check out these 4 phases:  1-Savvy Saver: People who are getting ready to save for retirement, who may not even be thinking about retirement, typically under the age of 50 years old. Establish an “adventure fund” for unexpected expenses. Start saving early.  Eliminate credit card debt if possible. 2-Ready to Retire: People between the age of 50 and 65. This is the phase where you start to think about, have I done enough? Am I ready to retire? What will that look like when it happens? Seek the advice of a financial planner Finish paying off your debt. Review all insurance policies. Develop retirement income. 3-Loving Legacy: This phase is when you've retired and you’re able to meet your cash flow needs. Everything's going well, and the key focus at this time of your life is things like estate planning. Regularly review your will and trust. Review and update beneficiary information.  Enjoy your retirement!  Be social and vary your daily activities.  4-Life Quakes: A life quake can happen to us at any time in our lives, during any one of the phases. A life quake is when an unexpected event occurs like a death in the family, loss of job, or a crisis like the recent pandemic. I hope learning about these phases helps determine next steps for your financial journey.  In this episode, you’ll also hear: Advice for saving 3-6 months of your net income  Tips for developing a retirement income plan Letting go of scarcity mentality and enjoying retirement Must-listen moments:  [00:07:44]  If you're a Savvy Saver, this is the most important time to develop good financial habits. Getting regular habits in place, like regularly contributing to a 401k will go a long way towards making your long-term goals achievable and your long-term retirement plans successful. [00:17:24] Whether you work with a financial advisor or not, you need to have a retirement income plan. You can use some online tools that are available, but you want to map out how much income you have coming in, how much outflow you have going out. [00:25:18] Sometimes we have a scarcity mentality…that's something to be aware of, that it's okay to spend some of that money that you have spent your life accumulating during your lifetime. Thank you for listening! Please share this episode with 2 friends you think need to hear it! Connect with Danette: E-mail: Danette@TruNorthWealth.com Phone: 775.364.0010 Follow Danette Lowe on LinkedIn:  https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/ Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement  This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Tax season is fast approaching, so it’s time to ensure your finances are in order.  In this episode, I address the common confusion between taxable and tax-deferred accounts as well as 3 income tax blunders you definitely want to avoid.  Tax-deferred Account: Refers to a 401k, IRA, or a simple IRA. A tax-deferred account is where you get a deduction from your current paycheck or income tax. You get a deduction now and later when you take the money out. The total amount you withdraw from the account then becomes taxable, and it is taxed at your rate of ordinary income at the time. Taxable Account: This refers to the savings that you put aside after your net paycheck, so there's no current deduction in these taxable accounts when you go to make a withdrawal. There aren’t necessarily any tax consequences. When you take money out of a taxable account, the only tax consequences are if you have to sell something or sell an investment you had a gain on, and then the gain is taxed as a capital gain. 3 Common Income Tax Blunders:  1-Overweighting the Tax-Deferred Account:  In an effort to reduce our current income, we put way too much of our total savings into the tax-deferred account. The problem becomes when we retire or when we want to make a large purchase, all the money is not available. 2-Corporate Stock Options: Different kinds of stocks have different tax consequences. Make sure you understand the tax consequences of exercising your corporate stock options before you do it. 3-Not Selling an Investment to Avoid Paying Taxes: We are so averse to paying taxes that we would almost rather see the market value of something go down than pay taxes on a gain. We have a loss aversion bias; we're afraid of paying the taxes, we're afraid of selling and paying the taxes, but we also fear missing out.  3 Strategies if your Investment Experiences a Gain 1-Tax Gain Harvesting: When you take a position that you've made a lot of money in and sell a portion of it. 2-Make a Charitable Tax Donation: If you donate your gain to charity, you'll get to deduct a hundred percent of that, depending on your situation, but you'll get to deduct the market value, and you will not have to recognize income tax. 3-Trailing Stop Loss: A protective measure that says as long as the stock continues to go up, I will continue to own it, but if it goes down by a certain percentage, then that will trigger a sell order. Planning is key to ensuring you’re not making a mess of your taxes or retirement. I always recommend speaking to a CPA or financial advisor to help you as much as possible.  In this episode, you’ll also hear: Clarification between taxable accounts vs. tax-deferred accounts Avoiding 3 common income tax mistakes  3 strategies to consider if you have a large gain and don’t want to sell   Must-listen moments:  [00:05:36] Sometimes, when we say the word taxable and tax-deferred, it might feel like tax-deferred is better because not paying taxes now sounds better than something called taxable. [00:12:41] The key to that one is to know what your really large, significant purchases in retirement are going to be and start to plan where that money's gonna come from. [00:27:29]  It's very easy to buy a stock, to buy an investment, it is really hard to know when to sell. I really like the idea of these trailing stop losses because it creates a strategy around this…it protects us from losing a significant amount on the downside.   Other episodes mentioned during this episode: How to Make Better Financial Decisions- What are your Biases? Watch here: https://www.youtube.com/watch?v=zcjfedNlnEM and listen here: https://link.chtbl.com/bHXYczqV Thank you for listening! Please share this episode with 2 friends you think need to hear it! Connect with Danette: E-mail: Danette@TruNorthWealth.com Phone: 775.364.0010 Follow Danette Lowe on LinkedIn:  https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/ Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement  This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

In this episode, you’ll learn four key pieces of information from Secure Act 2.0 and how they are beneficial to you right now, including a significant update to the new IRA Beneficiary rule from Secure Act 1.0.  The changes made in this new law greatly impact how you should plan for retirement, so through this episode, I will give you tips on how best to utilize these new laws to your benefit.   The four key pieces from the Secure Act 2.0: The new RMD (Required Minimum Distributions) age is increasing from 72 to 73 as of 2023 and will change again in 2033 to age 75.  New Option for Surviving Spouse’s Beneficiary of an IRA. This new law now allows the surviving spouse, if younger, to make a non-revocable election to retain funds.  This would allow the surviving spouse to take RMDs based on their age going forward. Employer Sponsored Plan updates. This part of the new law will affect how an employer may help its employee with their 401(k) by matching what they pay in their student loan payments. The other part is now your employer may allow you to take up to four penalty-free withdrawals from their sponsored Roth plan for emergencies. Update to the 10-Year Rule for Beneficiary IRA. In Secure Act 1.0 congress changed the rule for beneficiary withdrawal to be completed within a ten-year window, but not requiring any to be withdrawn within the first nine years. Secure Act 2.0 is looking at changing this to require minimum withdrawals within the first nine years.  There are planning issues with this if you inherited an IRA between now and the first day of 2020; therefore, this rule of the law may change again.   There will be more information coming over the next several months as we continue to unpack this 4,000-page piece of legislation, and how it will affect you and your retirement strategy.  As always, talk with your financial advisor to help you understand the implications and decisions you can make for your retirement.   In this episode, you’ll also hear: Pro tips about how to make the best use of the new Required Minimum DistributionThere’s no required timeline in which employers must adopt these provisions of Secure Act 2.0 into their qualified plansPlanning strategies to help make the best use of the changes from Secure Act 2.0 If interested in learning more now about the Secure Act, here is a link to a youtube video by Dave Ramsey where he quickly breaks down the Secure Act:  https://www.youtube.com/watch?v=ZZP0MiI2lRcLooked" Must-listen Moments:  [00:06:16] Pro-tip number one is when you are first required to take your minimum distribution…you are actually not required to take your minimum distribution until April 1st the following year.  [00:09:16] When we’re making contributions…if you only have enough funds to contribute to one of the two spouses, you should be earmarking the money towards favoring the younger of the two spouses.  [00:14:09] It’s really important to have an emergency savings account…I think Congress is addressing the importance of us being able to have access to some money that’s going into qualified plans to encourage us to save more.  [00:16:55] In theory, they wanted you to take a tenth … every year and equally distribute the money yourself over the time period.  But, as we know from the work we did on our episode on biases, we do not like to take money out of IRAs and pay taxes.  Other episodes mentioned during this episode: The Four Phases of your Financial Journey - Watch here https://youtu.be/_1YDlVnqNkw or listen here https://link.chtbl.com/RTR-Ep7 Thank you for listening! Please share this episode with 2 friends you think need to hear it! Connect with Danette: E-mail: Danette@TruNorthWealth.com Phone: 775.364.0010 Follow Danette Lowe on LinkedIn:  https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/ Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement  This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Even if your children aren’t set to receive an inheritance, they must be educated about money if you want to increase their chances of becoming a financially successful adult.  In this episode, I describe nine strategies parents can use to help kids understand how to get the most value out of their money.      Check out these nine strategies you can try today: Decision making: Give them a specific amount of money and allow them to decide how they will spend it. You can implement this for allowances or special occasions like a trip to a theme park.    Skin in the game: We don’t value the things we get for free as much as those we contribute towards. For larger purchases, like college tuition or a car, require your child to contribute to the cost in some way. Have a contract: Get out a pen and paper. If you’re going to loan your child some money, write down the terms, make them sign it just like a contract to create some accountability to it. Budgeting: Have your kids make a budget for how they plan to spend their money. Make them stick to their budget to understand if their money is being used where they said it would be used. Watch their actions list: Pay attention to how they actually spend their money. Do they spend it how they say they will? Do they pay back borrowed money when they say they will?Chores and allowance: Consider adding chores like you add allowance. The more your kid is able to do, the more proud they will be of what they can accomplish. Saving half and spending half: Teach kids that if something costs $40, they need to have $80 so they can spend $40 and save $40. Create a habit of always setting money aside in savings.   Regular communication: Schedule a time to discuss finances as a family and talk about it regularly and repeatedly as your children grow up. Lead by example: Our children will do what we do. Share the simple financial choices you are making for yourself, acknowledge any struggles and celebrate your successes.  In this episode, you’ll also hear: Encouraging decision making skills and having skin in the game Creating accountability through budgeting and follow ups   Why regular communication is key to financial education     Must-listen moments:  [00:04:08] Kids are really starting to become aware of money at an early age and that carries through, so it's important that we start to think about things that we can do to help educate our kids about money. [00:19:58] This idea of regular communication seems to be one of the really biggest keys of success in educating the next generation about finances. [00:22:02] As our kids get older and we're at a different stage of our lives, the kids just might not remember what it was like when we struggled.   Thank you for listening! Please share this episode with 2 friends you think need to hear it! Connect with Danette: E-mail: Danette@TruNorthWealth.com Phone: 775.364.0010 Follow Danette Lowe on LinkedIn:  https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/ Episode Mentioned: Ep 14-5 Key Considerations for Early Retirement https://link.chtbl.com/MPBh7jv6 Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement  This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Connect with Danette : https://linktr.ee/trunorthwealth If you’re considering retirement before the age of 60, there are a few key things you must consider to ensure you’re financially prepared.  You need to have an understanding of how your age will affect your social security payout, how you plan to pay for health insurance, what penalties you may incur for withdrawing early from an IRA, and what the ups and downs of both inflation and the stock market mean for your retirement.      In this episode, I cover how social security, Medicare, IRAs, inflation, and the stock market can impact your decision to retire early.   Social Security: Social security looks at the highest 35 years of earning. If you're retiring in your fifties, there's a potential that your earlier years of working had a lower income and it could affect your overall estimate.Medicare: Medicare will kick in at the age of 65 if you're eligible. If you’re retiring early and leaving your employer, then you may have to pay for your medical insurance on your own. This can be extraordinarily expensive because the insurance companies know that when you turn 65, you are going to go onto Medicare.IRA: If you’re less than 59 and a half years old and pull money from your IRA, you’ll receive a 10% early withdrawal penalty. The 10% penalty is on the amount that's taken out. If you’re 50 and you need to access money from your IRA to fund your early retirement, then consider using a 72 T distribution, which you will definitely need help with to do the calculations.   Longevity and Inflation: If you’re planning to retire before the age of 60, you must consider the impact inflation can have if you live a long life. Inflation can rapidly increase the cost of living and impact your overall expenses so it’s important to be able to adjust if necessary.  Ebb and flow of the Stock Market: Pay attention to the jobs numbers, or the number of people working. You also want to watch the number of hours per week people are working and if that number is increasing, that means consumers are receiving more money so they can spend more money.   Remember to talk with your financial planner to help with early retirement decisions.   In this episode, you’ll also hear: How retiring early might impact your social security estimate Funding your own insurance and IRA withdrawal penalties Considering inflation for early retirement and investments  Must-listen moments:  [00:06:03] You could have a different time frame in your mind, but any time we're talking about under the age of 60, I would consider that early retirement. [00:11:24] Keep in mind for early retirement that accessing money from accounts like IRAs is going to be a little bit of a challenge. [00:12:57] When Social Security was enacted they set the retirement age at the age of 65, and our life expectancy at the time was 67. So, when social security was enacted, the government didn't expect that they would be paying out for years and years.  Thank you for listening! Please share this episode with 2 friends you think need to hear it! Connect with Danette: E-mail: Danette@TruNorthWealth.com Phone: 775.364.0010 Follow Danette Lowe on LinkedIn:  https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/ Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement  Social Security - https://www.ssa.gov/myaccount/ This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

So often when people think about financial goals, they believe money deserves the most attention, but in reality, it’s the end result that’s the center of your goal. Whether that result is a special experience, like traveling to a bucket list destination or visiting family every year, or perhaps something you’ve wanted forever like your dream home or car, your financial goals are entirely up to you.  It’s important to get clear on what you want, how you want to feel, and what steps you will follow to make your goals happen.  Discover the three step process to setting, prioritizing, and achieving your goals so you can have what you want and do what you want now and when you retire.  Step 1: 4 Brainstorming Topics for Setting Your Goals   How much do you want to spend in retirement? Less, the same, or more than what you spend now? Can you cover the costs of inflation? What do you want to focus your budget and attention on? Traveling? Home improvement projects? How much will your budget be? How much savings do you want to have at the end of your lifetime? Do you want a substantial amount to leave to your family or a charity? Or do you want your last check to bounce? What are you most passionate about? What’s your number one, must have, bucket list item?  Step 2: 5 Things to Consider When Prioritizing Goals  How are you doing mentally? What is your cognitive ability like?How is your physical health? Does a goal need to be adjusted to accommodate your physical situation?How much fun are you having? What do you need to replace to improve your situation? What’s your stress level? How can you resolve situations that are causing you the most stress?How long have you wanted to achieve this goal? How can you incorporate what you want to do into your life now?    Step 3: Achieving Your Goals  Choose one goal.Visualize having already achieved the goal. What would that feel like? Make your goal inevitable. Put the steps into place to give yourself no choice but to achieve that goal.      I hope these simple steps inspire you to create your own Wealth Vision Board!  In this episode, you’ll also hear: How the longevity of retirement has grown in recent years Why your mental and physical health might impact your goals The power of visualizing your goals as if they’re already accomplished  Must-listen moments:  [00:11:22] Now people are easily, easily retired 30 years, 35 years and 40 years. We do have to account for the longevity, and it's something to think about as we're setting goals. [00:19:06] Think about that level of savings over time…and if you have a partner, it's important that you both talk about it…to think about these goals separately and then come together because your answers might be very different. [00:32:59] Take a look at the things that you have wanted to have for a long time and give them a lot of points when it comes to prioritizing. There's no reason in life that we have to put off doing the things that we really love or that we really want to do.  Be sure to check out Episode 12 - How to Create a Wealth Vision Board Thank you for listening! Please share this episode with 2 friends you think need to hear it! Connect with Danette: E-mail: Danette@TruNorthWealth.com Phone: 775.364.0010 Follow Danette Lowe on LinkedIn:  https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/ Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement  This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

In a recent survey, 43% of Americans admitted they simply guess when it comes to how much income they will need in retirement.  Rather than leave it to chance, it’s imperative to think about how you want to spend your time in retirement to have a solid understanding of how much money you’ll need in the future. Creating a wealth vision board is an excellent way to get clear on what experiences you want to have, where you want to travel, what you want to own, and so much more.      In this episode, I share 4 simple steps to creating a wealth vision board so you can map out what the next chapter of your life will look like. Check out these four steps to creating and building a wealth vision board:  Step 1-Brainstorming: Grab a blank piece of paper and write down all the things that come to mind, all the things that you might want to have, things you might want to experience. Be sure to include your biggest, boldest, most magnificent wishes and dreams. Try to be specific around where you want to live, who you want to spend your time with, and how you want to spend your time.  Step 2-Choose 3-5 Top Wishes: Pick the ideas that really stand out, things that you've really wanted for a long time. Give your wishes a nickname and find images, either online or in a magazine, that represent each wish and use them for your vision board.  Step 3-Find Images and Words: Once you have a collection of images that represent your vision, assemble them either physically onto a board or paste them in your digital app. Have a printed version and a digital copy saved on your phone so you can see your vision board anywhere you go.      Step 4-Put Your Vision Board Where You Can See it Daily: Place your vision board where you can see it easily and often. Each day, take time to look at your vision board and think about what you want to have, holding that feeling of enjoyment for a few minutes every morning. You'll be surprised at how many of those things really start to come into your life sooner than you anticipated. I hope these simple steps inspire you to create your own Wealth Vision Board!  In this episode, you’ll also hear: Assigning 50/50 probability to get maximum effort What a vision board is and how it helps get what you want Suggestions for creating a digital and physical vision board  Must-listen moments:  [00:10:07]  We're working, we're putting money aside into our 401ks and IRAs, and doing all the things we're supposed to do, leading up to retirement. Everything except actually sitting down to think about what do we want to do with our time.  [00:24:17] The enjoyment that we receive from thinking about something is as good as actually having the thing.  [00:43:26]  When you see the vision board and you see the different ideas of things that you want to have, be or do, then allow yourself to enjoy that feeling of when that thing actually happens. Don't spend any time worrying about the how of it, or don't worry about how much it costs, don't worry about how it's gonna come to be.    If you haven’t recently, it’s time to go back and listen to Episode 2, Sources of Income in Retirement https://link.chtbl.com/30b6xIZX Thank you for listening! Please share this episode with 2 friends you think need to hear it! Connect with Danette: E-mail: Danette@TruNorthWealth.com Phone: 775.364.0010 Follow Danette Lowe on LinkedIn:  https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/ Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement  This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

With the holidays comes a season of giving, and sharing your wealth with those you love or causes you hold dear to your heart can make for a pretty fantastic, maybe even life-changing, gift. You can help a loved one purchase their first home, pay for college, or ensure the charity of your choice receives a boost in funding.    In this episode, I share fun and creative gifting strategies and what you need to know about charitable giving.  Remember that you always want to verify if the organization you donate to is a qualified charity and has a valid 501(c)(3) IRS designation, and that you’re following all rules and regulations tied to monetary gifts for family and friends. And, of course, always speak with your CPA or your financial advisor about any large sum gifts you plan to make.   Check out these 3 Strategies for Charitable Giving:  Donate highly appreciated assets: Rather than donating cash, you can donate an asset with increased value. This allows you to deduct the full amount, or the fair market value, of the asset at the time you make the donation and avoid paying capital gains taxes on the gain of that investment.   Gift directly from your IRA: You can make up to a $100,000 charitable donation directly from your IRA. As long as the money goes straight to the charity, you will not have to claim that as income for taxes, and this money that you donate counts towards your required minimum distribution if you're over 72. Use Donor-advised funds: Donor-advised funds are where you make a contribution into an investment and you have time to decide who ultimately receives the money. You don't have to decide right away who will receive the money, so you can incorporate it as part of your family gifting strategy and invite your family members to help you pick who will ultimately receive how much money and when.   In hope this makes incorporating a gifting strategy into your financial planning easier, listen for: Understanding two main types of gifting Annual gift exclusion amount and other gifting stipulations Practicing gratitude for what you can give  Download your own Charitable Giving Checklist here: https://bit.ly/EstCharitableGivingStrategy   This episode’s must-listen moments:  [00:06:22] When you have a blessed life, there is no greater joy than sharing that with others. [00:15:03] It's important to help prepare the next generation to receive wealth. If you've accumulated a decent size net worth, it's important to teach the people who are going to inherit it how to handle that kind of money.  [00:24:05] It's a great way to get started on a gifting program and make it become automatic so that you don't even notice these little amounts going in and going out on a regular basis. [00:33:41] Take a minute to congratulate yourself and really enjoy the feeling that you get from giving to someone that you love, or an organization that you care about. Thank you for listening! Please share this episode with 2 friends you think need to hear it! Connect with Danette: E-mail: Danette@TruNorthWealth.com Phone: 775.364.0010 Follow Danette Lowe on LinkedIn:  https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/ Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement    This podcast is for informational purposes only. The situations used herein do not constitute arecommendationas to the suitability of any investment for any person or persons having circumstancessimilar to those portrayed, and a financial advisor should be consulted for your specific situation.Neither Commonwealth Financial Network nor your representative provides tax advice.

If you build a healthy habit of saving, you will have more control over your finances.   You can start with small changes and watch the savings add up! In this episode, I lay out some of my favorite savings hacks I’ve learned from different clients over the years. These hacks can easily be implemented to help you start building a habit that helps you decrease your spending and increase your savings.     Here are my 5 favorite Savings Hacks:  1-Analyze Your Spending: Understand how much money you have going out each month. What are your biggest expenses? Use a program like QuickBooks to help know the exact amount of each expense you have and to better understand which expenses you can eliminate or decrease.  2-Address Credit Card Debt: Bring your credit card use down. Get the available balance up to about 50% on each of your cards to help your credit rating. Pay off your lowest balance first and then tackle the rest, and always pay attention to your interest rates.  3-Regularly Increase Your Savings: Start a habit of increasing your savings every six months or so. Increase your 401K contribution by 1%. Open and fund an extra savings account and send $100 a month to it.   4-Piggy Bank Savings & Mental Spending: Once a month, withdraw an actual $100 bill from your bank account. Put the bill in a special piggy bank or container of your choice. Watch it grow and use it only for special occasions. For visual spending, keep a $100 bill in your wallet and mentally spend it and save it!      5-The Best Things in Life are Free: Make a list of five things that give you a tremendous amount of pleasure, a tremendous amount of fun, that don't have a lot of expense associated with them—and do them. You can call a friend, make a yummy dinner at home, meditate, color, or so many other things, and most importantly, don’t forget to laugh!  In this episode, you’ll also hear: What details financial planning covers Why you must pay attention to credit card interest rates Different ways to save $100  Must-listen moments:  [00:06:57] The first step at saving money might be to take a look at where you're actually spending your money. What are your actual expenses? [00:10:30] There are times in our lives when we have to use credit cards; we don't have a choice and that is what they're there for—it's for emergencies. Also, you can use them for regular spending, as long as you're paying them off each month. [00:16:00] When you're doing a regular addition to savings, it adds up. If you can get into the habit of increasing your savings a little bit every six months or so, then you are going to get to a really great place very quickly. [00:22:30] We can spend money on all these things, but really when it comes down to it, the things that give us the most pleasure, the most enjoyment tend to not have a lot of cost. Thank you for listening! Please share this episode with 2 friends you think need to hear it! Connect with Danette: E-mail: Danette@TruNorthWealth.com Phone: 775.364.0010 Follow Danette Lowe on LinkedIn:  https://www.linkedin.com/in/danette-lowe-cfp%C2%AE-9b7bb716/ Visit www.trunorthwealth.com to Download your free workbook - Three Steps to Planning an Epic Retirement    This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.