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You’ve probably heard the word fiduciary but what does it actually mean and what’s the importance of this title? A fiduciary has to put the needs of their clients before their own. They must operate with full transparency. Not all financial professionals are held to this standard, so it’s important to know whether your advisor is a fiduciary. On today’s episode, we’ll explore why it’s an important standard for you to consider when choosing a financial advisor. Wade will also answer two mailbag questions about part-time work in retirement and mortgage payments.   What we discuss on this episode:  1:39 – Does Wade have any resolutions for 2022? 3:16 – What is the definition of a fiduciary? 6:19 – A fiduciary can help you customize retirement 9:17 – Is it OK to work with an advisor that is not a fiduciary? 10:59 – Mailbag: “Should I work full-time for 2 more years or part-time for 4?” 12:28 – Mailbag: “Should we pay our mortgage twice a month or once a month?”   More Resources:  Risk Survey: https://www.chessmanwealth.com/#survey-section Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/    Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120

Social security is one of the main pillars of retirement planning. However, many people do not realize how their benefit gets calculated. You need to have a plan when it comes to Social Security. Especially for a couple, maximizing your benefits is important. This can be a complicated topic, but we’ll discuss how they break up the percentages of your income and how inflation impacts these numbers on today’s show. Wade will also discuss the primary insurance amount and how you can track your benefit online. If you are looking to learn more always feel free to reach out to Wade!   What we discuss on this episode:  0:29 – How’s Wade doing? 1:52 – How is your benefit calculated? 5:13 – Percentage of your income 6:49 – Primary insurance amount 10:33 – Should you track your benefit online?   More Resources:  Risk Survey: https://www.chessmanwealth.com/#survey-section Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/    Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120

We see a lot of people who aren’t getting the kind of advice and service from their financial advisor that they should be. So today, we will be discussing some general scenarios where your advisor may be dropping the ball. If your advisor is hyper-focusing on investments and not the details of your overall plan it may be time to rethink your relationship with them. They should be reviewing your taxes and how it plays into your overall retirement plan. An advisor should be transparent about the fees and costs of their services and the investments they want you to invest in. Watch out for advisors not doing comprehensive retirement income planning or are ignoring legacy plans. Overall, you want to make sure your advisor is not glossing over important details. They need to understand your financial goals and take those into account when getting things done.    What we discuss on this episode:  1:34 – Tax planning 3:12 – Fees and costs 4:43 – Retirement Income 6:51 – Clarifying your money’s job 8:19 – Reviewing your legacy plans   More Resources:  Risk Survey: https://www.chessmanwealth.com/#survey-section Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/    Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120

Taxes may not be the most exciting conversation, but they are important! Today, we are talking about tax planning and why it’s important to retirement planning. Tax planning is part of our process and it’s not just something we do once a year. These strategies are important in keeping your overall plan efficient. We look at both the short-term and long-term strategies. As we reach the end of the year, we really want to think about tax planning. There are a lot of opportunities to maximize your tax efficiency whether you use conversions or charitable giving. We will be discussing tax strategy, deductions, end-of-year tax planning, and more. Wade will also answer two mailbag questions about taxes on retirement accounts and catch-up contributions.   What we discuss on this episode:  1:17 – Thanksgiving plans 3:15 – Tax planning year-round 6:09 – Deductions you can take today 6:48 – Things that will help you in the future 7:46 – End of year tax planning 9:00 – Opportunities towards the end of the year 10:28 – How do taxes impact retirement? 11:55 – Taxes in the future 13:06 – Mailbag: Can I get out of paying taxes on my 401(k) and IRA? 15:27 – Mailbag: Can I catch up on my 401(k) and IRA?   More Resources:  Risk Survey: https://www.chessmanwealth.com/#survey-section Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/    Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120

As our businesses grow it's important to stay true to our core values. On today’s episode, we are joined with Jim Fite to discuss his business Judge Fite Company and its growth through the Dallas, Texas area. Becoming an agent at 18 made him the youngest real estate agent in Texas history. Although college wasn’t for him, his father instilled the importance of continued education in him. This is something he continues to share with his team today. He soon bought his parent's business with his sister. Together they have grown a successful real estate business with intentionality and strategy. Staying true to their core values has always been the cornerstone of their business. We will discuss his worst and best moments in business, the advice he’d give others, the current housing market, and more.   What we discuss on this episode:  0:38 – Introducing Jim Fite 1:31 – Youngest Real Estate Professional in Texas 4:56 – What drew him to Real Estate? 7:35 – Becoming an agent at 18 10:01 – A generational business 12:51 – Real estate professionals 15:33 – Strategic planning 17:58 – Worst and best moments 21:10 – Advice for others 23:03 – Current housing market 26:29 – Judge Fite Charitable Foundation 29:43 – Finding Jim Fite online   Learn more about Jim and Judge Fite Company: https://century21judgefite.com/   More Resources:  Risk Survey: https://www.chessmanwealth.com/#survey-section Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/    Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120

Estate planning is overwhelming, but it is a necessary part of our overall financial plan. Having a plan makes it a lot easier on our families when we pass away or become incapacitated. Continued communication is ideal, everyone involved in the plan needs to be on the same page. On today's episode, we are talking about Wade's recent seminar "Who Will Inherit the Mess?" and the key takeaways from his lecture about estate planning.   What we discuss on this episode:  0:30 – Wade’s seminar on estate planning 1:52 – What exactly is estate planning? 3:51 – People’s desires and values 5:35 – Communicating with others 7:51 – Smart generations meeting     More Resources:  Risk Survey: https://www.chessmanwealth.com/#survey-section Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/    Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120

We want couples to be on the same page when it comes to financial planning and retirement. Despite any individual differences it’s important to plan together for the success and growth of your retirement plan. You and your spouse should be on the same page when it comes to risk management and how you will spend your investment money once in retirement. Planning out your Pension and Social Security decisions will be essential to your plan. So, today we are going to be talking about some financial mistakes that couples should be aware of and how to avoid them.   What we discuss on this episode:  0:27 – Catching up with Wade 3:00 – Pension spousal benefit 4:34 – Social Security claims   6:05 – How you want to spend your retirement 8:17 – Coordinating accounts 9:47 – Risk profile 11:19 – Being on the same page 12:38 – Mailbag: Do I have to take RMDs? 13:59 – Mailbag: Will I run out of money?   More Resources:  Risk Survey: https://www.chessmanwealth.com/#survey-section Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/    Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120

Financial planning often focuses on the accumulation of wealth. But what about spending after we retire? What happens when we get to the decumulation phase of retirement? Spending will eventually happen whether that comes in the form of taxes or something else. Having a plan will help mitigate seen and unforeseen financial risks that may occur after retirement. Replacing our paycheck may sound daunting, but having a plan will be an essential part of establishing a stable financial future. On today‘s episode we discuss 5 key things you must know about decumulation to successfully retire and become financially independent.    What we discuss on this episode:  1:00 – Catching up with Wade 2:35 – What is decumulation? 3:50 – Lack of support and resources 6:20 – The fear of spending 8:52 – Numerous risk 11:05 – Tax consequences 12:55 – Leverage your lifetime income 16:30- Mailbag: financial planning and divorce   More Resources:  Risk Survey: https://www.chessmanwealth.com/#survey-section Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/    Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120

Your advisor will always be available to provide information and data about financial planning, but how much do you actually know about them beyond the financial plan you’re building? On this episode of the podcast, we’ll pull back the curtain a bit and let Wade share what matters most for him in this industry. From his influences to his frustrations, we’ll learn more about Wade today.   What we discuss on this episode:  1:45 – School starting back 3:11 – Who influenced you early in life? 6:40 – What led you to this career? 8:04 – Influences now 9:40 – Frustrations he has within planning 12:27 – Most gratifying part of the job 14:47 – Mailbag question about retirement withdrawals   For additional financial resources, visit us online at http://chessmanwealth.com   

Wayne Walker is the Founder and Executive Director of OurCalling. A nonprofit organization dedicated to aiding the homeless community by giving them the tools and resources to transform their lives. OurCalling recognizes homelessness as a symptom of a deeper problem. The organization not only offers a hot meal and bed, but therapy relating to trauma, substances, and abuse. Wayne shares his passion for the work he is doing and how God has aided him in this venture. About our guest: https://www.ourcalling.org/about/    What we discuss on this episode:  0:52 – Welcome in Wayne 1:46 – Wayne’s background 4:02 – Story behind the business 6:23 – The challenges to a non-profit 8:14 – Stats about homelessness in Dallas 12:56 – The ‘why’ behind the business 14:56 – What action can people take 16:32 – Special calling for those in need 19:07 – Business principles 21:28 – The lows 24:31 – Highlights 26:13 – How to support OurCalling   Show References:  https://www.dallasnews.com/business/economy/2021/06/06/one-region-two-economies-as-dallas-fort-worth-aims-for-a-record-recovery-the-pandemic-deepens-the-divide-between-haves-and-have-nots/   https://dallas.culturemap.com/news/city-life/01-24-19-dallas-fort-worth-worlds-wealthiest-places-wealth-x-mini-millionaires/   Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120   ***Wayne Walker is not affiliated with CWM, LLC and opinions expressed by the presenter may not be representative of CWM, LLC.

Wes McDaniel is the Founder and Chief Executive Officer of Ideal Impact. Ideal Impact was founded for one purpose - to give back. Wes and his team of energy experts began working with Christian ministries in 2009 with the vision of reclaiming $1 Billion for these ministries to better accomplish their mission. Ideal Impact reached that goal. In 2015, Ideal Impact expanded their reach to Texas school districts and colleges with a new goal of $10 Billion for Christian ministry and education. Wes discusses some of the ups and downs that have come along with this career path, the future of the business, and his advice for business owners.   About our guest: https://www.idealimpactinc.com/who-we-are/board/    What we discuss on this show:  0:33 – Welcome in Wes 1:06 – Background on his business 2:53 – What lead him to start Ideal Impact 5:30 – Biggest challenges he’s faced 9:38 – Future of the business 11:25 – Best moments he’s had 14:39 – Advice he’d give business owners 15:48 – Book recommendations 17:15 – Advice he would give himself looking back   Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120   ***Wes McDaniel is not affiliated with CWM, LLC and opinions expressed by the presenter may not be representative of CWM, LLC.

Ironically, life insurance is a young man’s game. The perception among many people is that your need for life insurance dramatically decreases and perhaps becomes completely unnecessary as you age. Is that really the case? On this episode, let’s explore some ins and outs of life insurance and its various uses.   What we discuss on this episode:  0:50 – How much do you work with life insurance? 2:16 – Why life insurance gets a bad rap? 3:40 – Determining whether you need life insurance 5:44 – How much do I need? 6:50 – Risks of having too much coverage? 7:39 – Advanced strategies 10:39 – Different policies   Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120

The word diversification gets used a lot in the financial planning world but it typically refers to investing. Today we want to explain how to apply diversification to tax planning and why it’s important to utilize each of the three buckets: taxable, tax-deferred, and tax-free.   What we discuss on this episode:  0:32 – The concept of tax diversification 1:27 – The different buckets 6:10 – Balancing the three buckets 7:40 – Does tax strategy change over time? 8:50 – Mistakes that can be made 10:55 – Mailbag question on emergency funds 14:00 – Mailbag question on old 401K accounts   Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120

Today we speak with Jeff Wilson, Founder and CEO at Saxony Partners, someone Wade has known for more than 20 years. Wilson and his team at Saxony Partners have built a successful management and digital consulting firm through hard work and consistency. Find out his keys for starting a business, the highs and lows along the way, and how COVID created the toughest year yet.      What we discuss on this episode:  1:05 – Background on Saxony Partners 4:49 – Jeff’s career before Saxony 12:18 – Low moments during building the business 14:57 – Best moments he’s had 18:14 – Advice he’d give business owners 19:36 – Advice he’d give younger self 21:21 – How to connect with Jeff   Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120  

Business owners may be particularly vulnerable to some misconceptions and false assumptions about their retirement. Let’s address a few of these issues on today’s show. Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120

Wade invites in long-time friend and the CEO Mile Marker, Jud Mackrill. They discuss how business owners need to build a plan and identity that both they and their workers can understand and buy into. They also discuss other common mistakes they see by business owners just starting out, and how Jud has grown as a business owner to his current position today.   Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120  

Many financial circumstances that you’ll find yourself in have both positive and negative aspects. Decisions that you can make have both good and bad consequences. Or as Sir Isaac Newton put it: ”For every action, there is an equal and opposite reaction.” Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120

We invite a special guest from the Chessman Wealth office, Sean Phillips. Sean is the Vice President of Wealth Management and Wealth Advisor with a speciality in tax planning. We thought this would be a great time to have him on the show as you get ready to file your 2020 taxes. We cover some of the changes you need to be aware of and answer some common tax questions. Important Links: More Info About Sean: https://bit.ly/3sysJgL Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120

Sometimes the easiest way to learn about something is make it really simple. Like some of the first true/false tests you might have taken in school, let’s play a round of fact or fiction to test your financial planning acuity. Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120

There’s no doubt that the world around us is chaotic and messy. However, this should not translate to your finances. Let’s talk about some of the areas of your financial life where you might be flirting with disaster and don’t even know it. Important Links: Chessman Wealth Website: https://www.chessmanwealth.com Call: 214-572-2120