Navigating the Mental Shift into Retirement From moving off a paycheck to living off assets, today Brian is discussing his insights on overcoming common mental blocks, easing into this new phase, and maintaining financial flexibility. Whether you're nearing retirement or supporting someone through it, this episode offers valuable advice for navigating the transition confidently. Full show notes: https://www.bonfirefinancial.com/shift-into-retirement/ To learn more about Bonfire Financial, please...
Nov 27, 2024•8 min
Managing multiple accounts as you approach retirement can feel overwhelming. In this episode, we explore how taking a "big picture" approach to your 401(k), IRAs, brokerage accounts, and more can help you maximize tax efficiency and optimize growth. Full show notes: https://www.bonfirefinancial.com/optimizing-retirement-accounts/ To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Disclosure: https://www.bonfirefinancial.com/disclosure/...
Nov 20, 2024•7 min
As retirement approaches, the big question looms: are you financially ready to make the leap? In this episode of The Field Guide, we break down some critical steps for those 5 to 10 years away from retirement. Full show notes: https://www.bonfirefinancial.com/5-10-years-retirement/ To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Disclosure: https://www.bonfirefinancial.com/disclosure/...
Nov 13, 2024•9 min
College is over, but there’s money left in your 529 plan. Now what? In this episode of The Field Guide, Brian explores smart ways to put those leftover funds to good use, from rolling them into a Roth IRA to covering other educational expenses—all while avoiding penalties and maximizing value. Tune in to learn the best options for your excess 529 savings! Full show notes: https://www.bonfirefinancial.com/unused-529-plan-funds/ To learn more about Bonfire Financial, please visit: https://www.bonf...
Nov 06, 2024•9 min
Retirement is closer than you think—are you prepared? Discover the three most common mistakes pre-retirees make and learn how to avoid them. Full show notes: https://www.bonfirefinancial.com/retirement-mistakes/ To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com
Oct 30, 2024•10 min
Are you nearing retirement and wondering how to make the most of your 401k? In this episode, Brian dives into the essential do's and don'ts to ensure your retirement savings are on track. We’ll discuss why your risk tolerance should evolve as retirement approaches, the importance of regular rebalancing, and how to avoid common mistakes that could cost you in the long run. Full show notes: https://www.bonfirefinancial.com/401k-retirement/ To learn more about Bonfire Financial, please visit: https...
Oct 23, 2024•9 min
Asset allocation is a foundational concept that plays a crucial role in designing investment portfolios. While it may sound straightforward, the reality is far more nuanced. It is truly more of an art than a science. Tune in to hear practical insights on building a strategy that fits your unique financial goals. Full show notes: https://www.bonfirefinancial.com/asset-allocation/ To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Disclosure: https://www.bonfiref...
Oct 16, 2024•12 min
The popular FIRE Movement (Financial Independence, Retire Early) philosophy of extreme frugality and postponing life’s pleasures isn’t the key to true financial freedom. In this episode, we are providing insights on how to achieve a balanced approach to financial independence that allows you to enjoy life now, without sacrificing your future. Full show notes: https://www.bonfirefinancial.com/fire-movement To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Discl...
Oct 09, 2024•13 min
Today we are exploring how shifting your focus to monthly expenses can make the transition from a paycheck to living off your savings smoother and less stressful. Learn practical strategies to maintain your lifestyle and financial security by mirroring the familiar income patterns you've relied on throughout your working life. Full show notes: https://www.bonfirefinancial.com/expenses-in-retirement To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Disclosure: ...
Oct 02, 2024•10 min
In this episode of The Field Guide, we dive into the recent updates to inherited IRA rules and their impact on beneficiaries. Whether you're a spouse or a non-spouse inheritor, understanding these changes is crucial for making informed financial decisions. Join us as we break down the key points and offer guidance on navigating the new landscape with confidence. To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Disclosure: https://www.bonfirefinancial.com/disc...
Sep 25, 2024•6 min
Today we are exploring the ins and outs of RMDs, helping you understand what they are, when they kick in, and how they impact your retirement planning. Tune in to learn strategies to manage your RMDs effectively and minimize the tax burden, ensuring your hard-earned savings last as long as you do. To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Disclosure: https://www.bonfirefinancial.com/disclosure/...
Sep 18, 2024•11 min
While having a paid-off home is a significant milestone, relying on home equity as a primary retirement asset may not be the best strategy. From the pitfalls of reverse mortgages to the challenges of downsizing, we are breaking down the options and offering practical advice on how to approach homeownership as part of a broader financial plan. Tune in to gain insights on why your home's equity should be viewed as a part of your plan—not the whole plan. Full show notes: https://www.bonfirefinancia...
Sep 11, 2024•8 min
Explore the importance of keeping your beneficiary designations up to date, ensuring your accounts reflect your current wishes. Whether you've experienced life changes or just haven't checked in a while, this episode will guide you through the essential steps to make sure your assets go exactly where you want them to. To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Disclosure: https://www.bonfirefinancial.com/disclosure/...
Sep 04, 2024•5 min
Discover why insurance isn't the investment you think it is. Uncover the truth about common misconceptions and learn how to make smarter financial decisions to protect and grow your wealth. Detailed notes: https://www.bonfirefinancial.com/insurance-is-not-an-investment/ To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Disclosure: https://www.bonfirefinancial.com/disclosure/...
Aug 28, 2024•9 min
Have you ever wondered what is inside your CFP's portfolio? Today we are pulling the curtain back into the personal investment strategies of our founder and CEO, Brian Colvert, CFP® Join us as he shares his insights on balancing risk, asset allocation, and the importance of having a diversified portfolio, while also exploring innovative investment opportunities and the principles guiding his financial decisions. Detailed notes: https://www.bonfirefinancial.com/cfp-portfolio To learn more about B...
Aug 21, 2024•10 min
Today we are addressing a critical topic for self-employed business owners and 1099 employees: retirement planning without a company-sponsored plan. In the absence of traditional employer benefits, it's essential to take proactive steps. We'll explore various retirement strategies tailored for those who must self-manage their retirement savings, including Solo 401(k)s, SEP IRAs, and other investment options. Detailed notes: https://www.bonfirefinancial.com/retirement-planning-for-self-employed T...
Aug 14, 2024•9 min
Dollar Cost Averaging (DCA) is an investment strategy that has stood the test of time. Learn how DCA works, why it's a common approach within 401k plans, and how it can benefit your overall investment strategy. Detailed notes: https://www.bonfirefinancial.com/ dollar-cost-averaging To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Disclosure: https://www.bonfirefinancial.com/disclosure/...
Aug 07, 2024•8 min
What is the Yield Curve and how to use it? Today we are looking into the yield curve, why it matters, and its critical role in economic forecasting. Discover how the yield curve can signal potential recessions and what this means for your financial planning. Detailed notes: https://www.bonfirefinancial.com/yield-curve To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Disclosure: https://www.bonfirefinancial.com/disclosure/...
Jul 31, 2024•8 min
Uncover the lasting impact of Alexander Hamilton's creation of U.S. Treasuries in this episode of The Field Guide. Join Brian Colvert, CFP® as he dives into the modern relevance and stability of these investments in today's financial markets. Detailed notes: https://www.bonfirefinancial.com/t reasuries To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Disclosure: https://www.bonfirefinancial.com/disclosure/...
Jul 24, 2024•8 min
In this episode of The Field Guide, Brian breaks down the essential differences between money market accounts and money market funds, helping you understand their benefits, risks, and ideal uses. Tune in to gain clarity on how to make the best cash management decisions for your financial goals. Detailed notes: https://www.bonfirefinancial.com/money-markets To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Disclosure: https://www.bonfirefinancial.com/disclosure...
Jul 17, 2024•9 min
Discover why this classic investment vehicle is making a strong comeback in today's high interest rate environment. Explore the mechanics of CDs, their benefits, and the reasons they might be a good addition to your financial strategy. Detailed notes: https://www.bonfirefinancial.com/certificates-of-deposit/ To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Disclosure: https://www.bonfirefinancial.com/disclosure/...
Jul 10, 2024•11 min
Join host Brian Colvert as he sits down with Nick Coleman, CFP®, to discuss the unique financial challenges and retirement planning strategies for pilots. Discover how Nick's tailored approach guides pilots in achieving financial security from takeoff to touchdown in retirement. To get in touch with Nick: nick@bonfirefinancial.com or 719-394-3900 Detailed notes: https://www.bonfirefinancial.com/financial-planning-for-pilots To learn more about Bonfire Financial, please visit: https://www.bonfire...
Jun 19, 2024•28 min
In this episode, Brian discusses the impact of elections on the market. Using historical data from 1944 to today, he reveals patterns and trends that show how markets react to election outcomes. Discover why markets often settle after the election and the role of underlying economic conditions. Learn what to expect during election years and how to navigate market uncertainty with a long-term perspective. Detailed notes: https://www.bonfirefinancial.com/elections-stock-market To learn more about ...
Jun 05, 2024•8 min
Today we are diving deeper into alternative investments and talking about the crucial aspects of investing in real estate, from understanding who truly benefits from these investments to evaluating fees, cash flow, and risks. You'll learn about different real estate investment options, including REITs, personal property investments, and limited partnerships. Detailed notes: https://www.bonfirefinancial.com/real-estate-investing To learn more about Bonfire Financial, please visit: https://www.bon...
May 29, 2024•9 min
Discover how the fun and passion of collecting items like cars, art, wine, and more can become part of your investment portfolio. Learn about the intricacies, due diligence, and market nuances that make collectible investing both a hobby and a financial strategy. Whether you’re a seasoned collector or just curious, this episode will enlighten you on how to balance enjoyment and profitability in the unique realm of collectibles. Detailed notes: https://www.bonfirefinancial.com/collectibles To lea...
May 22, 2024•7 min
Explore the world of alternative investments. Learn how adding real estate, commodities, collectibles and other alternatives can diversify and strengthen your portfolio. To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Disclosure: https://www.bonfirefinancial.com/disclosure/
May 15, 2024•9 min
Explore what Required Minimum Distributions (RMDs) mean for your retirement and how to manage your savings and steer clear of penalties with practical tips and insights. To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Disclosure: https://www.bonfirefinancial.com/disclosure/
May 08, 2024•10 min
One of the most disruptive elements to any well-crafted financial plan is the unpredictable nature of medical expenses. Enter the Health Savings Account (HSA), a powerful tool that can change how you manage and mitigate healthcare costs both now and in retirement. Tune in to learn about its unique benefits and how you can navigate the ever-changing terrain of healthcare costs with confidence. To learn more about Bonfire Financial, please visit: https://www.bonfirefinancial.com Disclosure: https:...
May 01, 2024•7 min
Join host Brian Colvert, CFP®, as he unpacks the intricacies of backdoor Roth IRAs, an often-misunderstood approach to tax-efficient retirement saving. He covers everything from the basics of Roth IRAs to navigating the complexities of backdoor conversions, offering actionable tips for maximizing wealth-building potential. Whether you're a high-income earner or simply looking to optimize your retirement savings, this episode provides a comprehensive guide to leveraging a Backdoor Roth IRA. To le...
Apr 24, 2024•11 min
Do you dream of traveling in retirement? Join host Brian Colvert, CFP®, as he shares insights at the intersection of finance and adventure. Through anecdotes of clients embarking on once-in-a-lifetime journeys, you’ll learn the transformative power of travel and the lasting memories it creates. Whether it's leveraging investments or maximizing travel rewards, Brian encourages you to prioritize experiences now and through retirement. To learn more about Bonfire Financial, please visit: https://ww...
Apr 17, 2024•8 min
