E235: How to Freeze Your Credit (And Why You Might Want To)
One tool in your fight against identity theft is a credit freeze. But what exactly is a credit freeze, and why should you consider implementing one?
Aug 28, 2024•9 min
Wealth Redefined®
Practical insights on money with a modern approach to building wealth. Hosted by Michael Reynolds, CERTIFIED FINANCIAL PLANNER™ (CFP®) and Principal of Elevation Financial.
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Episodes
E234: The Psychology Behind Overspending
Overspending is a common financial challenge that affects millions of people, regardless of income level or financial knowledge.
Aug 21, 2024•13 min
E233: The Cash Balance Plan – A Powerful Tax Savings Tool for Solo Business Owners
As a solo business owner, you're probably looking for ways to maximize your tax savings and secure your financial future. One powerful tool that can help you achieve both goals is the cash balance plan.
Aug 14, 2024•12 min
E232: Solo 401(k) Contributions – EmployEE vs EmployER
What makes the Solo 401(k) particularly attractive is its unique dual contribution structure. Unlike traditional employer-sponsored 401(k) plans, a Solo 401(k) allows you to contribute to your retirement savings in two capacities: as an employee and as an employer. This dual role can significantly boost your ability to save for retirement, potentially allowing you to contribute more than you could with other self-employed retirement plans like SEP IRAs or SIMPLE IRAs.
Aug 07, 2024•10 min
E231: What is a Good Debt to Income Ratio?
Debt-to-income is a key financial metric. It reflects your financial health and helps you build a stable and prosperous future.
Jul 31, 2024•10 min
E230: Maximizing College Savings – A Guide to "Superfunding" a 529 Plan
When planning for your child's future education, one powerful tool at your disposal is the 529 plan. You may already be familiar with the basics of this tax-advantaged savings vehicle, but have you heard about "superfunding" a 529 plan?
Jul 24, 2024•9 min
E229: Will I Have to Pay Taxes When I Sell My House?
By understanding the tax implications and implementing these strategies early, you can significantly improve your financial outcome when selling your house.
Jul 17, 2024•10 min
E228: What Does a Solid Financial Plan Look Like?
As you might expect, there is no one correct answer. Most importantly, it guides you toward your goals and provides a solid financial foundation for your life. So what does the typical financial plan contain, and what should it cover?
Jul 10, 2024•9 min
E227: Should I Invest in the Current "Hot" Stock?
Investing in the biggest names in the stock market has always been tempting. These giants of the industry are often household names with a reputation for market dominance, and their stocks can potentially deliver impressive returns.
Jun 26, 2024•15 min
E226: How to Share and Transmit Documents When Working With Financial Professionals
Remember these rules when sharing financial documents with your financial professional to make life easier for everyone and help keep your data secure.
Jun 19, 2024•7 min
E225: A Guide to Designating a Transfer-on-Death Beneficiary for Your Vehicle
Assigning a beneficiary to your vehicle can be a simple and effective way to ensure that your car, truck, or motorcycle is transferred to the person of your choice upon your death. This process, known as designating a transfer-on-death (TOD) beneficiary, can save your loved ones time, money, and the hassle of going through probate.
Jun 12, 2024•11 min
E224: Unlocking Financial Stability – Mastering the Personal Finance Metrics that Matter Most
If you focus on these metrics and improve them over time, you will have a foundation of financial stability that will unlock potential in many other areas of your life.
Jun 05, 2024•11 min
E223: Choosing the Right Retirement Plan – Solo 401(k) vs. SEP IRA
SEP IRAs and Solo 401(k) both offer tax benefits and generous contribution limits. But they also have unique features that are different.
May 22, 2024•8 min
E222: The Impact of Money Scripts on Your Financial Decisions
Our behavior related to money is driven by many factors. One factor can be our unconscious beliefs about money. These beliefs are called "money scripts," and they can significantly influence our habits and results with money.
May 15, 2024•11 min
E221: How Debt Can Sabotage Your Financial Future – Understanding the Negative Effects of Debt
Debt is not always bad, but it's often overused. Avoiding debt as much as possible is one of the best ways to avoid financial stress and make faster progress toward your financial goals.
May 08, 2024•13 min
E220: Can I Withdraw From My IRA for a Down Payment on a Home?
Are you dreaming of buying a new home but struggling to come up with enough money for a down payment? If you have an IRA, you might be tempted to dip into it to fund your dream. But can you actually withdraw money from your IRA for a down payment on a home?
May 01, 2024•11 min
E219: Understanding 401(k) Loans – How They Work and When to Consider One
If you've ever wondered whether you can borrow from your 401(k), the answer is likely yes, but it comes with a host of considerations. Before you consider borrowing from your 401(k), you need to understand the mechanics of 401(k) loans, the potential downsides, and the risks involved.
Apr 24, 2024•9 min
E218: What Home Improvements Increase Cost Basis (And Why You Should Care)
By maintaining detailed records of all home improvements, you can maximize your chances of increasing your adjusted costs basis as much as possible when selling your home, which can minimize the capital gains taxes you might pay.
Apr 17, 2024•11 min
E217: What's a "Normal" Down Payment for Buying a House?
There are some myths as well as pros and cons of different down payment percentages. Whether you're a first-time homebuyer or looking to upgrade, understanding your option for a down payment will help you make informed decisions and find the right plan for your situation.
Mar 20, 2024•11 min
E216: How to Recognize (And Avoid) Scams
To protect yourself, you need to arm yourself with the tools and knowledge necessary to spot the red flags of a scam and the strategies to avoid these potentially devastating intrusions.
Mar 13, 2024•33 min
E215: How to Switch Banks (In 5 Steps)
Don't let inertia and the comfort of the status quo keep you from improving your bank experience. Switching banks is not that difficult and can make life easier if you put in a little time up front.
Mar 06, 2024•7 min
E214: Understanding Umbrella Insurance – What Does It Mean and Why Do You Need It?
Umbrella insurance is an important component of a comprehensive insurance portfolio. It provides an extra layer of liability coverage, protecting you from the financial consequences of lawsuits and potentially saving your assets.
Feb 28, 2024•9 min
E213: A Step-by-Step Guide to Setting Up a Solo 401(k) for Self-Employed Professionals
The Solo 401(k) is one of the best retirement plans available to business owners and can give you lots of flexibility when it comes to managing taxes and saving for retirement.
Feb 21, 2024•20 min
E212: Can a 529 Be Rolled Into a Roth IRA?
Under certain circumstances, a 529 to Roth IRA rollover can be a great way to use extra 529 funds in a tax-efficient way that benefits your child.
Feb 14, 2024•9 min
E211: The Benefits of Working With a Flat Fee Financial Advisor
If you are interested in getting help with financial planning and investment management and you want to keep costs under control while avoiding conflicts of interest, consider working with a flat fee financial advisor. It can be a great way to level up your money.
Feb 07, 2024•12 min
E210: Simplifying Tax Season – The Essential Tax Documents You Can't Afford to Miss
Tax season can be a stressful time for many individuals, but it doesn't have to be. By understanding the essential tax documents you can't afford to miss, you can simplify the process and save yourself unnecessary stress.
Jan 31, 2024•13 min
E209: Navigating Tax Debt – What to Do When You Can't Pay the IRS
It can be stressful when you find yourself unable to pay the IRS. It's a situation no one wants to be in, but it's important to know that there are steps you can take to address the issue and find a solution.
Jan 24, 2024•15 min
E208: New Reporting Requirement for Small Businesses (BOI)
Starting January 1st, 2024, a crucial new requirement for LLCs and most small businesses involves reporting Beneficial Ownership Information (BOI) to FinCEN (The Financial Crimes Enforcement Network). Ignoring this requirement could lead to severe consequences, including substantial fines and imprisonment.
Jan 17, 2024•9 min
E207: My Three Words for 2024
At the beginning of each year, I choose three words to set the direction for the year. Here are my three words for 2024 and insights to help you use this exercise to find success and fulfillment in your own life.
Jan 10, 2024•8 min
E206: Important Numbers for 2024
Here is a brief summary of some of the changes for 2024 followed by a more in-depth downloadable PDF at the end.
Nov 29, 2023•8 min
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