Financial and retirement guidance from CERTIFIED FINANCIAL PLANNER™ professional Wade Chessman, President, Wealth Advisor of Chessman Wealth Strategies in the Dallas, Texas area. Wade is the author of Giving Transforms You and hosts this podcast to help you better prepare for your financial future and to retire with financial confidence. Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partne ...
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What to Know About the IRS Changes to Inherited IRAs and RMDs
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In recent years, there have been significant changes to the rules governing inherited IRAs and Required Minimum Distributions (RMDs), primarily due to the introduction of the SECURE Act. These changes have left many people confused and unsure about how to proceed with their financial planning. Thankfully we have clarity now that the IRS has issued …
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We hear a lot of half-truths in the financial world, not necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn’t quite tell the whole story. These statements may sound correct on the surface but they just don't tell the whole story. On this episode, we’ll dive into the importance of unders…
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The Financial Challenges Following The Death of a Spouse
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One of the most challenging things anyone can face, both emotionally and financially, is the death of a spouse. Many widows are left without a partner who they’ve relied on for many years, and it’s incredibly difficult to navigate. While it can be hard to talk about, proper planning in advance can make the transition a little bit easier and take so…
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How are Social Security Benefits Calculated?
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Most retirees will rely on Social Security to make up a significant portion of their income in retirement, but knowing what your benefits will be isn’t always something people have a good handle on. Today we’re going to break down how your earnings history, adjusted for inflation, determines your benefit. From understanding the primary insurance am…
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Things to Consider When Naming a Trust or Estate as an IRA Beneficiary
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When planning your estate, one of the critical decisions you’ll face is naming beneficiaries for your Individual Retirement Account (IRA). While many people designate their spouse, children, or other loved ones as direct beneficiaries, there are situations where naming a trust or your estate as the beneficiary may be advantageous. Today we’re going…
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Combatting Popular Excuses For Poor Financial Decision-Making
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Very often, we see people who know that the financial decisions that they’re making aren’t the best decisions, but they try to create excuses or explanations for why they’re doing what they’re doing. From starting Social Security early to taking on too much investment risk, Wade offers insights into why these justifications often don't hold water a…
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The Current Landscape of Long-Term Care Insurance
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As you edge closer to retirement, have you considered the role of long-term care insurance in your financial plan? As plans and policies evolve, we want to take some time to help guide you through the nuances of long-term care and its critical importance for your future. Long-term care insurance has undergone significant transformations, and unders…
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Don’t Make These Income Planning Mistakes
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Are you planning for your retirement with the confidence that you're making all the right moves? You might feel that way, but many of the mistakes that people make happen when it’s too late to correct them. In today's episode, we'll unveil the crucial income planning mistakes that could jeopardize your retirement and show you how to craft a financi…
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Estate planning: it's a term that often evokes a sense of finality and permanence. However, estate planning is anything but a one-time event. It's a dynamic process that requires regular attention and updates to stay aligned with our lives' ever-changing landscape. Many people, including those with significant wealth, either lack an estate plan or …
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In this episode, Wade Chessman does more than just explain what a backdoor Roth IRA is; he walks you through the entire process. He addresses the common misconceptions and lays out the benefits in a way that's both easy to understand and actionable. Whether you're a seasoned investor or a novice to the world of finance, Wade's insights are invaluab…
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How One Overlooked Issue Can Sink Your Retirement
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Imagine your retirement plan as a ship sailing toward a horizon of rest and relaxation. But what if one leak could sink it all? In today’s episode, we spotlight some of the single oversights that could send your dreams to the bottom. We'll share key strategies to plug the gaps, ensuring your financial ship stays buoyant and on course. Tune in to pr…
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Retirement Planning Is Different For Women: Here’s Why
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Despite the progress women have made with money, the path to retirement is not without its unique challenges, and it’s important to recognize the financial hurdles that they continue to face. We work with more and more women every year and see these issues first hand. In this episode, we’ll share some eye-opening statistics and actionable advice to…
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Utilizing QCDs for Your IRA Withdrawal Strategy
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Unlock the secrets to aligning your philanthropic spirit with savvy tax strategies by utilizing Qualified Charitable Distributions (QCDs). Discover how these powerful financial tools can help you support your favorite charities while managing your taxable income more effectively, especially when dealing with required minimum distributions from your…
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Are Safe Investments Providing Big Enough Returns?
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After years of nearly zero interest rates in savings accounts, we’ve seen a much higher interest rate environment over the past few years. Getting four or five percent on your conservative investments is nice, but is it enough? In this episode, we explore this question, examining how the recent rise in interest rates affects the money sitting in sa…
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How Christians Can Reduce Taxes & Make Smart Choices with Their Money
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Listen in as we kick off the new year with a focus on an essential aspect of financial planning: understanding taxes. Wade wrote a book called Saved: How Christians Can Reduce Taxes and Make Smart Choices with Their Money and this episode we’ll tell you more about it and what you can learn from the book. Today’s show sheds light on the fine line be…
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Why a Health Savings Account Can Be a Powerful Tool
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When you think about saving for retirement, company retirement plans or IRAs probably come to mind. But there’s another option that people often overlook but using it alongside those traditional accounts could provide some great benefits. Today we’re going to tell you more about the potential of Health Savings Accounts (HSAs) for retirement plannin…
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When we talk about end of the year planning items, giving is typically a priority for many people. It’s close to our heart and something we enjoy helping people with. When most people think about giving, they really only consider giving cash, but there are some other options that you might want to consider this year. Cash gifts can come in the form…
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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 es…
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On this episode, we're going to continue the conversation we started on our last show about high-net-worth individuals by addressing the option of umbrella liability insurance? Is this something that you need? It might seem like an obvious choice because it appears to be a ‘bargain’ on the surface, but does it provide the coverage you need? Wade wi…
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Retirement Planning for High-Net-Worth Individuals
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In today's episode, we're taking a close look at high-net-worth individuals - those who have accumulated significant wealth and face unique challenges and opportunities when planning for retirement. Unlike the average person, their financial considerations go beyond the basics. We'll explore the distinct strategies and factors that come into play w…
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In this episode of The Money Knight podcast, we delve into a significant yet often overlooked threat to your retirement - the sequence of returns risk. Many people are unaware of the potential impact this risk can have on their retirement savings. Join us as we shed light on this issue and explore effective strategies to mitigate its consequences. …
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Navigating Finances After Losing a Spouse: Strategies & Mistakes to Avoid
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Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer. We explore actionable strategies to…
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More and more women are taking control of their finances and have found that the general guidance out there is perfectly suitable for what they need. However, women still face a few more financial challenges than men and that requires a little more diligence to create financial freedom. In this episode, Wade is going to discuss seven financial stra…
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If you’ve listened to this show before, you know we like to look at financial planning from a Biblical perspective and often dedicate a portion of the show to doing just that. In this episode, we want to go a little deeper on the relationship between faith and finances by discussing five money temptations we all face. Money is an essential aspect o…
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There are some people who don’t care at all about leaving a financial legacy, but for those who do, it’s important to eliminate some of the common estate planning mistakes. In this episode, we cover topics ranging from poor expense planning to outdated beneficiary designations and family conflict triggers. We also shed light on some misconceptions …
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Bad Money Habits Could Spoil Your Retirement Party
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Picture this: You're at your retirement party, finally ready to enjoy your golden years, but worries caused by some bad money habits have robbed you of fully enjoying the sweetness of the day. It happens to more people than you think, which is unfortunate because with just a little bit of modification, you can rid some of the worst money habits fro…
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Rethinking Longevity in Retirement Planning
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We came across an article recently that we thought was pretty interesting because it provided a different perspective on longevity. We always think about longevity in terms of savings and time but this discussion looks at it more as a complete framework. So we want to spend a little time on this today and reflect on this idea of paying more attenti…
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10 Biggest Money Mistakes In Retirement Planning
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In the complex world of retirement planning, there are countless pitfalls one could fall into. In this episode, we've distilled it down to what we believe are the top 10 mistakes to watch out for. Avoiding these crucial missteps can have a significant impact on the success of your retirement plan. So, join us as we delve into these key issues and l…
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Dismantling the Top Social Security Myths of 2023
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Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about. This is an important part of mo…
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Building a Spending Plan with the FaithFi App
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We’ve talked many times about the importance of budgeting or having a spending plan, and our guest today is someone who helps people manage their money with an emphasis on faith. Chad Clark is the executive director of Faith and Finance and they developed a budgeting program that also helps individuals be a good steward with what God has given them…
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Ep 89: Estate Planning Vs. Wealth Transfer
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In today’s episode, we’re going to discuss the difference between estate planning and wealth transfer. Wade will reflect on Ron Blue’s talk at the Kingdom Advisor’s Conference and discuss some important takeaways. He will then dive into the complexities and benefits of wealth transfer and discuss the important questions you should ask yourself duri…
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Ep 88: Fore Your Retirement - What Golf Teaches Us About Financial Planning
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Are you a golfer? Even if you're not, the game of golf can teach us valuable lessons about retirement planning. For example, hitting a hole-in-one might be thrilling, but it won't necessarily guarantee your overall success. And just like you need different clubs in your golf bag to play a round, you need a well-balanced approach to your investments…
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Ep 87: The Chessman Sponsorship Launch featuring Keyla Hernandez of Compassion International
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Keyla Hernandez and Compassion International are not affiliated with CWM, LLC, and opinions expressed may not be representative of CWM, LLC. The charitable entities and/or fundraising opportunities described herein are not endorsed by, or affiliated with CWM, LLC or its affiliates. Our philanthropic interests are personal to us and are not reviewed…
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Ep 86: Five Beneficiary Mistakes - Are You Accidentally Spoiling Your Retirement Plan?
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Beneficiaries are an important part of a well-thought-out retirement plan. While it may seem like naming beneficiaries is a simple task, there are some areas in this process that are easy to overlook, which could cause major complications down the road. On this episode, we’ll address five common beneficiary mistakes. We’ll bring these mistakes to y…
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Ep 85: Four Ways The SECURE Act 2.0 Might Impact You
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After being discussed in Congress for nearly a year and a half, the SECURE Act 2.0 passed in January. Listen to today’s episode to see what you need to know and learn four ways the new changes might impact you. All the changes that came down in this new bill likely won’t affect your retirement but you want to be aware of everything because there co…
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Ep 84: Reaching Financial Contentment with Ron Blue
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Rob Blue and Kingdom Financial Advisors are not affiliated with CWM, LLC, and opinions expressed may not be representative of CWM, LLC. We talk about the idea of financial freedom all the time on this show but maybe we should be looking at it through a slightly different lens. As today’s guest points out, financial freedom isn’t something you can f…
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Ep 83: At the Intersection of Faith & Finance with Rob West
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Rob West and Kingdom Financial Advisors are not affiliated with CWM, LLC, and opinions expressed may not be representative of CWM, LLC. Money and faith are often more aligned than we think, and that’s led more and more people to search for financial guidance that aligns with their beliefs and helps to marry those two important aspects of life. That…
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Ep 82: How Bonds Work - What Retirees Need To Know
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Too many folks misunderstand bonds, how they work, and what role they play in a proper financial plan. We’ll address some of those bond related issues on today’s show. Here’s some of what you’ll learn in this episode: What is a bond? (2:24) The difference between owning a bond vs a bond fund. (4:36) What is the relationship between interest rates a…
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Ep 81: Contribution Limit Changes for 2023
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Inflation continues to be a big story. In 2022, it went through the roof- we were told it would be transitory, but that ship has sailed. Though gas prices are down slightly, they are still significantly higher than they were a few years ago. In this episode, we will discuss how inflation is affecting the world right now and will share some perspect…
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Ep 80: Making Smart Decisions During Major Life Events
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We all make poor decisions from time to time, but we want to be sure to make the right ones when the stakes are high. In this episode, we will explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in your life. Here’s some of what you’ll learn in this episode…
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Ep 79: 5 Common Questions People Asked When Forced Into Retirement
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For anyone being forced into retiring earlier than they planned (or at least being presented with that option), we’ve found that there are often some common questions that they’re asking. In this episode, we will answer those questions and go over some scenarios that you may want to consider. Here’s some of what you’ll learn in this episode: Should…
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Ep 78: Warning Signs - How to Spot Problems in Your Financial Life
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Just like the lights on your dashboard can indicate if something is wrong with your car (like low tire pressure or leaking oil), there are indicators in your financial life that might point out that you have a problem that needs to be addressed. Let’s talk about some of the most common warning signs we see from pre-retirees and discuss what action …
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It’s a somber day for those using the Mvelope budgeting program we have talked about before with clients. They went out of business. The hunt for new budgeting tools inspired us to share some budgeting tools and our thoughts on them. Do you know where you are spending your money? Even if you think you do, it could be time to revisit your budget and…
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Being a good advisor isn’t about winning a popularity contest or just saying the same things that everyone else in the industry says. It’s about giving the best advice that you can for each individual situation. On today’s show, we’re going to peel back the curtain to discuss some areas where a good financial advisor’s opinions might go against the…
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Ep 75: Smart Choices Wealth Management Solution
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Sometimes it’s important to dive into the process behind what we do, so you know what to expect with Smart Choices Wealth Management Solution. Our process didn’t happen by accident. We have very intentional steps we take through the financial planning process. In this episode, you will learn about the services we offer, and how we collaborate and b…
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Ep 74: Smarter Giving at Compassion International with Jim Kirk
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If you have listened to our podcast before, you know we are advocates of giving. Today we have Jim Kirk with us. We will talk about an organization we have been supporting and show you how you can give smarter. Compassion International is an organization that allows you to sponsor children globally experiencing poverty. Giving through compassion ca…
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Ep 73: How Procrastination Negatively Affects Your Financial Future
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We’re all guilty of putting off things longer than we should, but doing it with your money could create some serious problems. People have many reasons for procrastinating when it comes to putting a retirement plan together. Let’s explore some of those excuses and why they can be dangerous, and talk about how to overcome them. Here’s some of what y…
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Chessman Wealth Strategies began back in 2004 when Wade Chessman left a large national firm to go independent. There were a few different reasons for the move, but it ultimately came down to the inability to serve clients in the way we felt was in their best interest. So nearly 20 years later, we’ll take a look back on how Wade started in the finan…
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It’s no secret the stock market is in turmoil. We’re in a bear market and the R-word (recession) is getting thrown around daily. So, what can you do to survive bear markets like the one we’re in now? We’ll discuss some things you should keep in mind as you navigate through this down period. Here’s some of what you’ll learn on this episode: Why a be…
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Ep 70: Why Retirement Planning Ain’t What It Used to Be
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In some ways, retirement planning was easier for past generations. Let’s explore how a good financial advisor helps people overcome the additional challenges of today. Our parents and grandparents may not have had to face these things, so just relying on the experiences of family members might not be enough to help us achieve our own financial succ…
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