In this episode, Matt and Rachael discuss the concept of generational wealth and the goals that clients have for helping their children financially. They explore different tools and strategies, such as 529 accounts, UPMA accounts, brokerage accounts, and custodial Roth accounts, that can be used to pass on wealth to the next generation. They also touch on the importance of educating children about money and the potential downsides of generational wealth, such as lack of motivation and the need for careful estate planning.

Key Points Discussed:

1. Many clients have the goal of generational wealth and want to help their children financially.
2. Understanding how you want to help your children is the first step, whether it's covering college expenses, providing a head start in life, or supporting their career choices.
3. Different types of accounts, such as 529 plans, UPMA accounts, brokerage accounts, and custodial Roth accounts, can be used to build generational wealth.
4. It's important to consider the tax implications, control, and restrictions of each account when deciding which ones to use.
5. Lack of education about money is a common reason why generational wealth is destroyed, so it's important to educate children about budgeting, saving, and investing.
6. Trusts and estate planning can be used to protect and preserve generational wealth, especially in high net worth situations.
7. Being secretive about the extent of generational wealth and waiting to inform children until they have established their own careers and financial habits can help maintain their motivation and prevent entitlement.
8. Lifetime gifting and transferring assets while still alive can be a beneficial strategy to see the impact of generational wealth and ensure it is used when most needed.
9. It's important to balance providing financial support with allowing children to experience some hardship and develop their own financial responsibility.

Join Rachael and Matt as they provide practical advice for navigating the complex world of personal finance, helping listeners make informed decisions to secure their financial future.

Rachael X/Twitter - @camp_wealth

rachaelcampwealth.com

Matt X/Twitter - @matthew_garasic

unrivaledwm.com

Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions.

Rachael Camp offers advisory Services are offered through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600.

Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.

In this episode, Rachael and Matt discuss the important steps and expectations to consider when choosing a financial advisor. Whether you’re looking for comprehensive financial planning or need help with a specific issue, understanding what to look for can help you make an informed decision. We cover key topics such as assessing rapport, the importance of transparency, and ensuring proactive communication from your advisor.

Key Points Discussed:

1. Know what you’re looking for
   • Step back and consider if you’re really looking for someone to manage your complete financial situation or if you’re only looking to solve a specific problem (e.g., “I’m paying too much in taxes”).
2. Do your due diligence
   • Research the advisor to learn everything you can about what they do, their process, and how they charge. This helps avoid an unwanted sales pitch.
3. Assess rapport
   • An introductory meeting is all about getting a feel for the person and learning more about their service.
4. Expect more than just investment management
   • Look for comprehensive financial planning, coordinating every element of your financial life (investments, cash flow/savings, tax, estate, insurance, and any other part of life that your money touches).
5. Solutions instead of products
   • No investment product replaces a financial plan.
6. Transparency
   • Know what you’re paying.
   • Know how your advisor gets paid.
   • Understand conflicts of interest.
7. Education
   • The best advisor will help you understand your plan.
   • You should be able to explain your plan to someone else.
8. Proactive Communication
   • You should hear from your advisor more than once a year.
9. Thoroughness
   • You can’t expect exceptional results with mediocre inputs.
   • Onboarding should take time because there’s so much to consider.
10. Fiduciary duty at all times
    • Understand the difference between fiduciary duty when making investment recommendations vs. fiduciary duty at all times.

Join Rachael and Matt as they provide practical advice for navigating the complex world of personal finance, helping listeners make informed decisions to secure their financial future.

Rachael X/Twitter - @camp_wealth

rachaelcampwealth.com

Matt X/Twitter - @matthew_garasic

unrivaledwm.com

Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions. Rachael Camp offers advisory Services are offered through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600. Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.

In this episode Rachael and Matt discuss the traditional versus Roth debate when it comes to retirement contributions. They emphasized the importance of considering individual variables such as tax brackets, income changes, spending habits, and future tax implications. They also highlighted the value of timing strategies and Roth conversions in optimizing tax savings.

Key Points Discussed:

1. Traditional IRAs provide a tax deduction in the current year, grow tax-deferred, and are taxed upon withdrawal in retirement.
2. Roth IRAs require you to pay taxes in the current year, but offer tax-free growth and tax-free withdrawals in retirement.
3. The goal is to pay the least amount of tax, taking advantage of lower tax brackets.
4. If your tax rate stays the same, there is no difference between traditional and Roth.
5. Consider variables such as changes in tax laws, marital status, state income tax, spending habits, retirement age, and sources of retirement income.
6. A rule of thumb is to contribute to Roth if you are in the 10-12% tax bracket, traditional or Roth in the 22-24% bracket, and traditional if you are in the 32% bracket or higher.
7. Customize your approach based on your career stage, spending habits, and potential for future income changes.
8. Pay attention to big swings in income and consider timing strategies for traditional or Roth contributions.
9. Consider the impact of RMDs, Medicare premiums, and Social Security taxation in retirement.
10. Many individuals are forced into a mix of traditional and Roth due to income limitations and employer plans.
11. Roth conversions in retirement can be beneficial, especially for high earners or those with large brokerage accounts.
12. It's important to customize your strategy based on your individual situation and seek professional advice.

Connect with us:

Rachael

X/Twitter - @camp_wealth

rachaelcampwealth.com

Matt

X/Twitter - @matthew_garasic

unrivaledwm.com

Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions.

Rachael Camp offers advisory Services are offered through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600.

Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.