The Wise Money Show™

Whether it's a signing bonus, inheritance, business sale, or a lucky break, sudden wealth can change your life—but only if you manage it wisely. With the NFL Draft happening this coming week, we're using it as a timely reminder: when the money comes fast, your decisions matter even more. We're breaking dow the financial habits, disciplines, and key strategies you need to set yourself up for long-t...

Is it wise to rely solely on dividend-paying stocks in retirement, or could that strategy backfire? Conventional wisdom says to reduce stock exposure as you age, but what if your dividend income covers your living expenses? In this episode of Wise Money, we explore whether holding only dividend stocks is a strategy you should consider and answer other listener questions.  Season 10, Episode 34 Sch...

In today's financial landscape, having the right emergency fund is more crucial than ever for maintaining your financial confidence. In this episode of Wise Money, we are diving deep into the essentials of building an emergency fund that suits your unique needs. Discover how to determine the ideal amount to set aside, explore the best places to keep your emergency fund, and learn how to optimize i...

Are you planning to move into a new home? Securing homeowners' insurance can be more complex than ever before. In this episode of Wise Money, we dive into the essential considerations and planning strategies you need to keep in mind when obtaining homeowners' insurance for your new house. Join us as we discuss the latest trends in the insurance landscape, common pitfalls to avoid, and expert tips...

Tax planning is one of the six areas of your financial plan, and yet, unlike tax preparation, there is no requirement or deadline to complete your tax planning. In this episode, we are sharing stories of successful tax planning strategies—ones that you can consider this year or in the future—as well as common pitfalls that led to missed opportunities. Don't let tax season catch you off guard, watc...

The Roth IRA is a fantastic and versatile tool for your financial future. However, it has intricate rules that can cause confusion and uncertainty on how best to utilize this tool. In this episode of Wise Money, we are answering listener questions regarding the Roth IRA to help you understand how they work, their benefits, and how you can maximize your retirement savings. Season 10, Episode 30 Sch...

Navigating the options for an old 401(k) from a previous employer is a crucial step in optimizing your long-term financial strategy. From rolling it over to a new employer's plan, transferring it to an IRA, cashing it out, or others, there are many options available. In today's episode, we're breaking down the key choices available and the potential benefits and drawbacks to each, as well as how y...

If you have a crystal clear vision of retirement, saving up today in order to accomplish that may come naturally. But what if that picture isn't so clear, or what if you plan to never stop working? Should you still save for retirement if you plan to continue working? We're answering that question and others on this episode of Wise Money. Season 10, Episode 28 Schedule a meeting with one of our CER...

Every tax season, before you file your return, you need to answer three specific questions that will help you with your tax planning both for the tax return you're preparing but also for the year ahead. We're sharing those questions and creative tax strategies to improve your tax picture on this episode of Wise Money. Season 10, Episode 27 Schedule a meeting with one of our CERTIFIED FINANCIAL PLA...

New in 2025 is a confusing rule regarding Catch-up Contributions to 401(k)s, 403(b)s, and SIMPLE IRAs. This confusion will lead to many people who are eligible to not take advantage of it. We're explaining the new Super Catch-Up, clarifying the confusion around them, and sharing how you can take advantage of this new rule and maximize your 401(k) on this episode of Wise Money. Season 10, Episode 2...

In the midst of the Great Wealth Transfer, where trillions are set to move from one generation to another, how do you ensure the transfer is a blessing and not a curse? Recent data suggest this is much harder than it seems, so what should you be doing right now to best transition wealth within your family? We're covering that on this episode of Wise Money. Season 10, Episode 25 Schedule a meeting...

After experiencing a remarkable surge in the stock market in 2024 and 2023, many investors are left wondering what lies ahead. We are diving into the strategies you need to effectively position your investment portfolio for the uncertainties of the stock market in 2025. We'll discuss key investment themes that are likely to shape the market landscape in 2025, helping you to balance both offense an...

Choosing the right life insurance is crucial for your financial well-being, but term life insurance isn't always the best fit for everyone, and there are specific scenarios where it might fall short. In this episode of Wise Money, we dive deep into the world of life insurance and explore how you can find the best life insurance option for your unique financial situation. Season 10, Episode 23 Sche...

As the year is getting started, are you setting yourself up to be in an even more favorable position with your taxes in 2025? Proactive tax planning at the beginning of the year can help you reduce the tax you pay this year. We're sharing 5 ideas with you on how you can reduce your taxes on this episode of Wise Money. Season 10, Episode 22 Schedule a meeting with one of our CERTIFIED FINANCIAL PLA...

Kodak is the latest of many companies that have stopped their pension, giving participants options on whether to cash it out, roll it over, or draw a monthly retirement payment. In this episode of Wise Money, we are explaining all the options you have if you find yourself in this situation and how to decide which is best for your unique financial situation. Season 10, Episode 21 Schedule a meeting...

Welcoming a new baby into your life is an exciting journey, but it can also bring financial challenges. Whether you're expecting, planning to grow your family, or currently have kids, they all have different financial needs. In this episode of Wise Money, we're breaking the journey into 3 stages—pregnancy, maternity (the first 3 months), and life with a child—and guiding you through the essential...

What are your financial priorities for 2025? The habit of establishing written financial goals is extremely helpful in building wealth and achieving financial success. In this episode of Wise Money, we'll help you establish the right goals for the new year and build a plan to achieve them. Season 10, Episode 19 Schedule a meeting with one of our CERTIFIED FINANCIAL PLANNERS™: https://www.korhorn.c...

If you are planning to retire in the year ahead, not only do you need to build out a five-factor retirement plan, but you need to pay more attention to three specific areas in your financial life. In this episode of Wise Money, we're sharing which areas need extra attention and how you can get a jump start in those areas if you are looking to retire in 2025. Season 10, Episode 18 Schedule a meetin...

As the year comes to a close, it's the perfect time to consider your giving strategies. Do you optimize both your tax planning and your estate planning when making charitable gifts? In this episode of Wise Money, we're sharing our favorite strategies that not only benefit your loved ones and favorite charities but also help you unlock significant tax savings. Season 10, Episode 17 Schedule a meeti...

Are you looking to reduce your Required Minimum Distributions (RMD) and keep more of your hard-earned money? Once you turn age 73, soon to be 75, you are required to begin withdrawing at least a minimum amount from your pre-tax retirement accounts. If you're not already drawing from them, this requirement can cause significantly more taxes than you'd wish to pay. In this episode of Wise Money, we'...

Retirement is often the most significant financial goal for many, and it usually requires the longest time to reach. One crucial factor in retiring with confidence is knowing how much money you need to save. So, how much should you have set aside for a secure retirement? In this episode of Wise Money, we're joined by guest Ryan Ledden, CFP®, to guide you through the process of determining that amo...

Tax planning is the proactive, creative work done before the end of the year and, in some instances before you file your taxes to improve your tax return. We are walking you through some of the most beneficial tax planning strategies that you should consider implementing in your financial situation before the end of the year during this episode of The Wise Money Show. Season 10, Episode 14 Schedul...

There are 6 areas to everyone's financial life, and the best way to make progress in your finances is to make wise strategies that bring synergy to these 6 areas in pursuit of your financial goals. In this episode of the Wise Money Show, we break down 5 steps you can take within these 6 areas to help you regain control of your finances and get back on the right path. Season 10, Episode 13 Schedule...

Starting next year, there will be a new administration in the White House, which leaves a lot up in the air when it comes to the economy and fiscal policy. What adjustments should you be making to your financial plan to future-proof your finances? We're covering taxes, the markets, and the economy and helping you protect your finances on this episode of Wise Money. Season 10, Episode 12 Schedule a...

Doing a Roth conversion can be an incredibly powerful financial strategy, allowing you to pay tax on some retirement funds now to have them grow tax-free for your future. However, that does not mean it always makes sense to do. From a tax planning perspective, we are sharing examples of times when you should not do a Roth conversion on this episode of Wise Money. Season 10, Episode 11 Schedule a m...