john-taylor123

Retirees Have A Serious Financial Temptation Problem

Thu, 21 Nov 2024 12:30:00 GMT

Retirees face serious financial temptations that can jeopardize their future, but there are smart ways to avoid them. In this episode, we’ll reveal the most dangerous temptations the average retiree faces and share strategies to help you avoid them, or correct your current course, to keep retirement on track.

Things like carrying too much debt, deferring taxes, or starting Social Security at age 62 are all things that can be tempting to some folks as they get near their retirement. Desmond will break down the temptations that can creep into retirement and explain strategies to help you avoid getting caught up in things that can derail your hard work.

Here’s some of what we cover in this episode:

0:00 – Intro

1:46 – Carrying too much debt

5:26 – The challenges with changing the spending mindset

10:13 – Deferring taxes

14:36 – Starting Social Security at 62

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What Financial Advisors Wish Every Investor Knew

walter@thirdwheelmedia.com (Walter Storholt) — Thu, 14 Nov 2024 11:00:03 GMT

Imagine you could read your financial advisor’s mind before you even walked through the door for the first time. What would they want you to know? In this episode, we bring you the game-changing insights financial pros wish every saver and investor understood.

From building a portfolio with an understanding of real risks to discerning the motivations behind financial advice, Desmond will explain why these are so important for your financial success. Learn why transparency is crucial, the importance of independent financial advice, and why financial planning is essential for everyone, regardless of wealth. We think this show will give you a deeper understanding of our process and how to navigate your financial future.

Here’s some of what we cover in this episode:

Why most people don’t know the real risk in their portfolio because they’re focused on upside potential.
What’s the motivation behind the information you’re reading and hearing about finances.
Well-known national companies aren’t automatically a better option to help you plan.
Financial planning goes well beyond picking investments.
You don’t need to be uber wealthy to need a retirement plan.

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How to Put Yourself in the Best Position in Retirement

walter@thirdwheelmedia.com (Walter Storholt) — Thu, 26 Sep 2024 10:00:05 GMT

Once you reach retirement, how do you know whether you’re doing everything you can to succeed? There are specific questions you can ask and we will address some of those key topics in this episode. We explore things like annuities, tax efficiency, Social Security, inflation protection, and estate planning to make sure you know you’re in the best position for retirement.

Retirement planning is multifaceted and requires a thorough understanding of various financial tools and strategies, and we hope this conversation helps you navigate this complex landscape. Whether you're just entering retirement or looking to optimize your current plan, these insights can guide you toward a financially secure future.

Here’s some of what we cover in this episode:

How do you know if you should buy an annuity for retirement income?
How do you know how to balance saving for retirement and other financial goals?
How do you know if your retirement plan is tax-efficient?
How do you know how to protect your retirement savings from inflation?
How do you know if you need a trust or an estate plan?

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How Do You Know When You're Ready to Retire?

walter@thirdwheelmedia.com (Walter Storholt) — Thu, 12 Sep 2024 09:00:01 GMT

Retirement planning is filled with ‘how do you know’ questions. How do you know if you’re saving enough? How do you know if you’ll have enough income in retirement? How do you know if you have enough to retire? We work to answer these with clients on a daily basis, and today we’re going to discuss how we work through these key retirement questions to help people find the right answer.

From income planning to savings strategies, Desmond provides practical tips and guidance for anyone working towards a successful retirement. Tune in to learn how to balance your savings goals with other financial priorities, how to determine the right amount of risk for your investments, and how to ensure you're financially ready to retire.

Here’s some of what we cover in this episode:

How do you know how much income you’ll need when you retire?
How do you know how much money you should have in your savings account?
How do you know how much risk you should be taking with your investments?
How do you know which retirement accounts (IRA, 401(k), etc.) are best for your situation?
How do you know when you're financially ready to retire?

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The Top 401k FAQs in 2024 (Part 2)

walter@thirdwheelmedia.com (Walter Storholt) — Thu, 29 Aug 2024 09:00:00 GMT

We get a lot of questions about 401ks, and we know they can be tricky to navigate. It’s such a unique account because it’s attached to the employer with different custodians from place to place. But we work with several companies to help manage their 401ks and consider this a specialty of ours at CLC Financial, and that's why we're tackling your top questions in two comprehensive episodes.

Part two addresses essential topics like investment strategies as you approach retirement, managing your 401K when changing jobs, and the ins and outs of catch-up contributions. Gain insights into the complexities of vesting schedules and the potential risks and benefits of including company stock in your 401K. This episode is a must-listen for anyone looking to optimize their 401K and secure their financial future.

Here are the questions we’ll cover in this episode:

How should I adjust my 401k investments as I get closer to retirement?
What happens to my 401k if I change jobs?
Can I make catch-up contributions to my 401k? If so, how much and when?
How does vesting work with a 401k, and what should I understand about my plan’s schedule?
What are the risks and benefits of including company stock in my 401k?

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The Top 401k FAQs in 2024 (Part 1)

walter@thirdwheelmedia.com (Walter Storholt) — Thu, 22 Aug 2024 09:00:00 GMT

We get a lot of questions about 401ks, and we know they can be tricky to navigate. It’s such a unique account because it’s attached to the employer with different custodians from place to place. But we work with several companies to help manage their 401ks and consider this a specialty of ours at CLC Financial, and that's why we're tackling your top questions in two comprehensive episodes.

This first part will discuss six of the most frequently asked questions in 2024, offering expert advice on navigating employer plans, optimizing contributions, and making informed decisions about loans and rollovers. This episode is a must-listen for anyone looking to make informed decisions about their 401k plan.

Here are the questions we’ll cover in this episode:

My company plan offers a program where I can get advice on my 401k for a low fee. Good idea?
Should I contribute as much as I can to my 401k or only as much as the company will match?
Should I use target date funds in my 401k?
Is taking a 401k loan always a bad idea?
When should I take money out of my 401k and roll it over to an IRA?
What are the tax implications of contributing to a 401k, and how does it affect my take-home pay?

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Lies You Might Be Telling Yourself About Money

walter@thirdwheelmedia.com (Walter Storholt) — Thu, 15 Aug 2024 13:48:05 GMT

In today’s unpredictable financial landscape, it’s easy to fall into the trap of believing common lies about money and retirement. In our latest episode of Riverbank Riches, Desmond will debunk these myths and provide valuable insights to help you navigate your financial journey more effectively.

From the misconception that banks are the safest place to keep your money to the belief that it's too late to start saving for retirement, we cover it all. Desmond shares insights on how to stay calm during market crashes, the importance of starting early, and why everyone should consider investing, regardless of their financial knowledge.

Here’s some of what we cover in this episode:

What options do you have for safe money?
Why investing in the stock market isn’t only for someone who understands everything about it.
Why it’s never too late to start saving for retirement.
The importance of starting your savings as early as possible, even if you feel like you still have plenty of time.
Do you need to have a certain amount of money to use a financial advisor?

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Good Dave, Bad Dave – Breaking Down Dave Ramsey’s Financial Advice

walter@thirdwheelmedia.com (Walter Storholt) — Thu, 13 Jun 2024 09:30:00 GMT

Dave Ramsey has built a big following for his financial advice and his direct approach to advising people on his media platforms. Like everything in the financial world, there’s some advice that applies well and some that doesn’t. In this episode, we’re going to give you two examples of information that we think is valuable and another that should be challenged.

Each of the clips today were pulled directly off social media and a good example of a video that people would watch and assume it was practical advice for anyone. We’ll break down both videos and describe our approach to financial planning and wealth management as it applies to these clips.

Here’s some of what we cover in this episode:

The importance of financial literacy.
What you need to know about the S&P 500 and how it’s used for benchmarking.
Why paying cash for everything isn’t always the best approach. Debt can be beneficial.
If you’re able to manage your money properly, you’ll have greater options for your financial decisions.

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With Higher Interest Rates, Is “Lazy Money” Still A Concern In 2024?

walter@thirdwheelmedia.com (Walter Storholt) — Thu, 01 Feb 2024 10:00:00 GMT

Is 'Lazy Money' still a concern in 2024's higher interest rate landscape? 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?

Here’s some of what we cover in this episode:

What would we consider ‘lazy money’?
Why taking advantage of the rates now is a good thing but it still might not keep pace with inflation.
The most common reasons why people keep too many conservative investments.
How we help our clients through our advisory services when it comes to investing.

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Crafting a Successful Financial Snowman

Thu, 11 Jan 2024 10:00:00 GMT

Just like building a snowman in the crisp winter air, creating a structurally sound retirement strategy requires careful consideration and planning. From establishing a solid base to adding protective layers, we’re here to ensure your financial landscape remains cool and stable.

Tune in and learn how to build a financial snowman that stands the test of time. And who knows, maybe we’ll even get a little snow in eastern North Carolina this year so that we can build our own snowman. Bundle up and let’s get to building.

Here’s some of what we cover in this episode:

A solid foundation of savings is crucial for a successful retirement plan.
Regular contributions and investments add stability and balance to your financial portfolio.
Setting clear retirement goals is essential for creating a plan that aligns with your aspirations.
Diversification is key to adding depth and uniqueness to your investment portfolio.
Flexibility and adaptability are important qualities for a retirement plan to withstand changing circumstances.
Protecting your assets and planning for different market conditions is crucial for long-term financial security.
Blocking out noise and staying focused on your goals is essential in navigating the financial landscape.

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Business Brokerage Challenges, Technology, and Future Growth with Ashley Kelsey (Part 2)

Thu, 07 Dec 2023 10:00:01 GMT

Having an exit plan for your business isn't easy and business owners struggle with this transition all the time. Today we're going to talk with someone from the business brokerage industry who helps connect buyers and sellers to find out how the process works, learn more about how it can alleviate some of the challenges facing owners, and hear a few success stories she's been a part of.

Ashley Kelsey, CBI is a Senior Business Advisor with Transworld Business Advisors of Eastern NC and has worked with all types of business owners to connect them with the right buyers when they’re ready to exit. In this two-part series, we’ll talk in-depth about the business brokerage industry with this episode focusing on their process, success stories, and the advice she’d give both buyers and sellers.

Part two will focus on recent trends in the economy, the role of technology in buying and selling businesses, and what the future of the brokerage business could look like.

Here’s some of what we cover in this episode:

How the macro events in the economy impact the work they’re doing with business owners.
What problems are created when there’s the possibility of a government shutdown?
How is technology and things like AI changing the way they do business?
Why she thinks this industry will continue growing in the coming years.
Ways in which they customize their approach to meet the needs of all types of businesses.

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Business Brokerage Challenges, Advice, and Success Stories with Ashley Kelsey (Part 1)

Tue, 21 Nov 2023 10:00:00 GMT

Having an exit plan for your business isn't easy and business owners struggle with this transition all the time. Today we're going to talk with someone from the business brokerage industry who helps connect buyers and sellers to find out how the process works, learn more about how it can alleviate some of the challenges facing owners, and hear a few success stories she's been a part of.

Here’s some of what we cover in this episode:

A rundown of how Transworld helps businesses and what sets them apart from other brokerage firms.
Two real-life examples of completely different businesses and how they found the best deal for them.
The challenges that are facing the industry right now.
Advice for both buyers and sellers that are in the market.

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End of Year Financial Planning For 2023

Thu, 09 Nov 2023 10:00:00 GMT

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.

Here’s some of what we discuss in this episode:

What is Desmond most thankful for this year as we approach Thanksgiving?
How to evaluate your investments and portfolio heading into the new year?
Should you consider a Roth conversion?
Assessing your spending and budget.

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The Universal Truths of Retirement (Part 2)

Thu, 26 Oct 2023 09:00:00 GMT

Retirement is a unique journey for each of us. The thought that there's a one-size-fits-all solution is a myth, but what if we told you there are certain universal truths that can guide every retiree?

This two-part series will juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board. Join us as Desmond finishes out the top 10 with five more truths everyone needs to take into account when building a plan.

Here are the five truths we cover in this episode:

Diversification is Essential for Risk Management.
Emotions Can Be an Investor's Worst Enemy.
Tax Implications Matter.
Retirement Doesn't Mean Complete Disengagement from Work.
Estate Planning Isn't Just for the Wealthy.

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The Universal Truths of Retirement (Part 1)

Thu, 12 Oct 2023 08:45:00 GMT

Retirement is a unique journey for each of us. The thought that there's a one-size-fits-all solution is a myth, but what if we told you there are certain universal truths that can guide every retiree?

Dive deep in this two-part series, where we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board. Join us as Desmond tells you about 10 different retirement truths and how they can have an impact on retirement. This episode will tackle the first five and we’ll tell you why you need to account for each of these in your retirement plan.

Here are the five truths we cover in this episode:

Everybody needs an income plan.
Everybody needs a plan to address long-term care issues.
Nobody can consistently time the stock market successfully.
Nobody knows how long they’re going to live.
Money sitting in cash isn’t keeping up with inflation.

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Dissecting Dave Ramsey’s Tik Tok Advice

walter@thirdwheelmedia.com (Walter Storholt) — Thu, 28 Sep 2023 10:30:20 GMT

Dave Ramsey is well known for his no-nonsense approach to personal finance, particularly in the areas of budgeting, debt management, and wealth-building. He has gained a significant following through various media platforms, including books, radio shows, podcasts, live events, and more recently, Tik Tok.

Tune in as we peel back the layers of Dave’s bite sized Tik Tok advice and share our thoughts beyond the clips. Agree or disagree, Desmond will weigh in on each of the videos, which you’ll be able to see on the podcast.

Here are some of the things we’ll cover in this episode:

The role emotions play in investing and the risks you face trying to chase popular investments.
People tend to react to what they hear on the news, which can be dangerous.
How we help people avoid knee-jerk reactions and maintain balance.
How decisions made today can impact our finances and lifestyle in retirement.
Building wealth over time is about planning and following a process. Retiring wealth isn’t due to luck.

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Understanding Your Risk Tolerance

Thu, 14 Sep 2023 09:00:00 GMT

Risk is a constant companion in our financial journey, particularly when it comes to investments and retirement planning.

The unpredictable nature of the market demands that we make decisions that best align with our risk tolerance, but not everyone does that with their investments.

In this episode, we want to spend some time on this key principle to investing. We want to first understand what risk tolerance is and then explore the role it plays in planning. Whether you have a high risk tolerance or a low one, there's a strategy out there for you. It's all about finding the right balance and making your money work for you in a way that doesn’t keep you up at night.

Here are some of the things we’ll cover in this episode:

Understanding what risk tolerance is and the role it plays in investing.
How we help clients identify their risk tolerance and use that to help structure their portfolio.
The different types of investments you can use to align with your risk tolerance

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The Financial Red Zone

Thu, 07 Sep 2023 09:00:00 GMT

The red zone in football is the portion of the field that’s within twenty yards of the endzone. The way a team performs in the red zone is often the difference in success and failure for the game.

That same concept can apply to retirement planning. The financial red zone begins about 5-10 years before retirement and lasts five years into retirement, and this is most important stretch of planning. The decisions that you make during this time frame will have a significant impact on your financial future, so you want to pay close attention to a number of items.

This episode will explain the financial red zone in more detail and tell you what we’re helping clients with during these crucial years. With time no longer on your side, the margin for error gets much smaller so let’s make sure you’re scoring touchdowns and not settling for field goals in retirement.

Here are some of the highlights from this episode:

Why this period of time is so critical for planning.
The areas that we want to play close attention to.
Time isn’t on your side so managing risk and making smart decisions is a priority.

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UnitedHealthcare No Longer in Cape Fear Valley Health Network – How Does This Impact You?

Thu, 31 Aug 2023 09:00:00 GMT

Earlier this summer, Cape Fear Valley Health’s hospitals announced that they would be transitioning to an ‘out of network’ status with UnitedHealthcare Medicare. This news impacts tens of thousands of people in Fayetteville and surrounding communities, forcing them to find alternative options for their Medicare needs.

We have already been discussing this news with clients as more and more questions come in, and it’s something we expect will continue to be a major topic of conversation this year and into 2024.

To help us better understand what’s happening, we asked Joseph Dowless, a Licensed Insurance Professional at CLC Financial, to join the show. He’s a Medicare specialist who’s been staying on top of this decision by Cape Fear Valley, and he’ll break everything down for us on this episode, including why this happened, who does it impact, what’s still covered, and what options you have now.

Here are some of the things we’ll cover in this episode:

What exactly is happening and what caused this decision?
What is covered and what is not for UnitedHealthcare patients?
Where else can you go?
What does this mean for you going forward?
What you should think about when it’s time for insurance enrollment for 2024.

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The Three Worlds of Money

Thu, 24 Aug 2023 21:29:19 GMT

Putting together a financial plan is going to be different for everyone we work with. Tools for you might not work for someone else and finding the best investments to align with your goals is what we want to achieve.

When you really boil it down, there are really only three places where you can invest money: banking, insurance, and Wall Street. Each of these sectors have benefits but they all come with some downside as well so you want to find the right mix and balance to get your desired results.

In this episode, we’re going to talk about the role that each of those worlds play in a good financial plan and who might benefit most from these three.

Here are some of the highlights from this episode:

Why the banking world is safe but can cause you to lose buying power to inflation.
Diversity of accounts is as important as diversity of investments.
Determining how much insurance you need for your family.

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Getting to Know Desmond Taylor and CLC Financial

Thu, 17 Aug 2023 15:40:06 GMT

Thanks for joining us for the first episode of Riverbank Riches with Desmond Taylor. We’re excited to have you and look forward to the financial planning and retirement conversations we’ll have every show.

To get things kicked off, we wanted to take a little time telling you more about who we are and provide some background on CLC Financial Services. If you’ve worked with us before, you might already know Desmond, but for those that aren’t as familiar, we’ll find out more about how he got into the business and what he loves most about Fayetteville and the other North Carolina communities we serve.

Plus, we’ll give you a preview of what we hope you’ll learn from each show and who will get the most out of the conversations we have with Desmond and other members of the CLC Financial team. Please subscribe to the show if you like what you hear and stay tuned for more from Riverbank Riches!

Here are some of the highlights from this episode:

Desmond shares the story of how an interest in the stock market before he was old enough to trade laid the foundation for what he’s doing now.
A little insight into our holistic approach for planning and who we think will benefit the most from this show.
Find out why Desmond spends nearly every Saturday picking pecans.

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