The Wise Money Show
Tune in to 104.7 WFRN every Saturday morning at 8:00 am or 95.3 MNC every Saturday morning at 9:00 am for The Wise Money Show with Korhorn Financial Group! Every episode is also available on podcast and YouTube!
Listen to local Certified Financial Planners™ Kevin Korhorn, Josh Gregory and Mike Bernard discuss current financial planning issues and answer your financial questions.
Join us for a weekly discussion about financial topics that impact you: saving for retirement, planning for college, managing your investments, tax planning, insurance, good financial habits for small businesses, what you need to know about Medicare, and much more.
The Balance Between Wealth and Health
Season 7/Episode 2
It’s common to neglect your health to build up wealth, and then use your wealth to (try) regain your health. How can you avoid that cycle and instead obtain a good balance between building wealth and staying healthy? What are ways that you can manage this tension? We have those answers for you and more in this episode of the Wise Money Show!
At What Age Do Most People Retire?
Season 7/Episode 1
What’s the most popular retirement age? What’s the best age for you to retire and how do you determine it? What do the trends say and are you on track? We’re helping with that and more on this week's episode of the Wise Money Show.
New Income Rules for Health Insurance Through the Affordable Care Act
Season 6/Episode 52
In order to qualify for cheaper health insurance through the Affordable Care Act (healthcare.gov), your income must be below a certain threshold. For 2020 and for 2021, the income rules are different in order to qualify for those premium tax credits. We have health insurance experts from Korhorn Financial Group Ted Foster and Craig A. Wiker, on the show to help us understand these changes and answer more health insurance-related questions.
The 10 Best Financial Decisions of Your Life
Season 6/Episode 51
What are the 10 best financial decisions you’ve made in your life? At what age did you make those decisions? It may surprise you that the most important financial decisions people make in their lives tend to happen early in life. We're pondering those decisions and answering questions from fans of the show all coming up on this episode of Wise Money.
The 3 Choices You Have With Your Pension
Season 6/Episode 50
Although pensions are rarer than they used to be, if you have one, choosing how you draw it is one of the most important financial decisions of your life. Mike, Josh, and Kevin will explain your options and help you make a wise choice in this episode of Wise Money!
When to Get Long Term Care Insurance
Season 6/Episode 49
To financially protect against the future cost of needing assisted living or nursing home care, at what age should you consider getting Long Term Care insurance in place? Additionally, in what circumstances would someone need this coverage, or not need this coverage? Should you just explore long term care insurance, or are there other options you should consider? That and more coming up on this hour of Wise Money!
The Rules for SIMPLE IRAs
Season 6/Episode 48
The SIMPLE IRA is a wonderful retirement plan if you work at or own a small business, and for all its benefits, it does have a couple not so simple rules that you’re going to want to know about to use this retirement plan effectively...that and more this hour on Wise Money.
2020 Midyear Stock Market Update
Season 6/Episode 47
The US stock market has had one of its most consistent performances through the first six months in history, yet there have been challenges bubbling beneath the surface. We break down the investment results of the first six months and share our perspective for the rest of 2021 in this episode of the Wise Money Show!
Ways to Use a 529 Plan
Season 6/Episode 46
Traditionally the 529 Plan has had a singular purpose: paying for college. Now the rules have changed and you have more options. What are the new ways you can use a 529 plan, and should you consider them as well? We’ll explain that and more in this hour of Wise Money!
Repaying a Coronavirus Related Distribution
Season 6/Episode 45
The Coronavirus Related Distribution from a qualified retirement plan has a very unique feature in that you can pay it back within 3 years as if you never took the money out in the first place. If you took a coronavirus-related distribution last year, you have some special tax planning options with it over the next few years. We’ll explain and help you make a great decision on this episode of Wise Money!
The Bitcoin Episode
Season 6/Episode 44
What role, if any, should Bitcoin or other cryptocurrencies play in your financial life and financial plan? Is the attention worth it and you should get in early on this investment while you can...or is this pure speculation and you’re better off ignoring all of the hype? We’re sharing our perspective and more this hour on Wise Money.
Should Your Umbrella Policy Cover Underinsured Risks?
Season 6/Episode 43
What is Uninsured and Underinsured Motorist coverage and is it important to have on your Umbrella policy? We're going to explain what all of that means and then help you determine if it's necessary for your situation on this episode of Wise Money!
Can I Use My 401(K) To Buy a House?
Season 6/Episode 42
Can you buy a house using your 401(k)? What about your IRA? As the housing market is surging, more people are wondering what the rules are for using their retirement money for a down payment. We're covering those rules and reviewing your options in this episode of Wise Money!
5 Unique Rules of the Roth IRA
Season 6/Episode 41
The Roth IRA is one of the most versatile financial instruments available. While it gets a lot of attention, it also has some very strange rules that come along with it. We're sharing our top 5 obscure rules about the Roth IRA that you need to know and answering listener questions on this episode of Wise Money!
How to Avoid 10% Early Withdrawal Penalty in Retirement
Season 6/Episode 40
This week we’re discussing the creative financial planning strategies for those of you looking to retire before age 59 ½. Where can you get access to cash and avoid the 10% early withdrawal penalty? We share our ideas in this episode of Wise Money!
Financial Paths After Graduation
Season 6/Episode 39
Long-term financial success is much more attainable if you start on the right track. Therefore, once graduating high school, how do you financially navigate your three choices of what to do next? Each of these choices has different financial ramifications, so we want to help you, or your son or daughter, succeed financially by getting started on the right path. That and more in this episode of Wise Money!
Why Is the FED Lying About Inflation?
Season 6/Episode 38
Despite the Federal Reserve downplaying inflation, prices appear to be rising rapidly. What’s the truth about inflation, is it going to be a huge concern, and what should you be doing with your money? We are covering that and more in this episode of Wise Money!
The Biggest Financial Planning Gaps
Season 6/Episode 37
Where are the biggest financial gaps that a comprehensive approach to your finances fills in? How can you fill in those gaps and avoid unforced financial mistakes? We're covering that and more in this episode of Wise Money!
Protect Your Finances From Identity Theft
Season 6/Episode 36
What’s the best way to protect yourself and your finances from Identity theft? Is it best to purchase identity theft insurance, or is it not actually necessary? If you find yourself a victim of identity theft, what should you do? We’re hitting that and more in this episode of Wise Money!
Investment Strategies as You Enter Retirement
Season 6/Episode 35
We all understand the concept of saving up for retirement, but what about investing in retirement? Should your investment approach and risk level change as you near and enter retirement? We're hitting that and more in this episode of Wise Money!
Planning Strategies for the SECURE Act 10-Year Rule
Season 6/Episode 34
The SECURE Act introduced the 10-Year Rule for withdrawing inherited retirement accounts and it is going to represent a significant tax increase for your beneficiaries on your hard-earned savings. What are some creative financial planning strategies to manage the 10-Year Rule? We are covering that and more in this episode of the Wise Money Show!
Time to Prepare for Higher Taxes
Season 6/Episode 33
The Biden Administration has been floating ideas about how they plan to increase taxes to help cover more spending in the future. What are the ways you can prepare for higher tax rates in the future? We’re hitting that and more in this episode of Wise Money!
How to Talk to Your Kids About Money
Season 6/Episode 32
What’s the right age to begin talking to your kids about money? Do you wait until they get a job, or when they are in high school or college? How do you do so effectively so that they avoid the common financial mistakes that young adults make? We’re hitting that and more in this episode of Wise Money!
Discussing Finances with Your Family - The 70/40 Rule
Season 6/Episode 31
At what point should you begin discussing finances with your family? You don't want to wait until it's too late, but some family members may not be ready. Follow the 70/40 Rule as a benchmark for when to start discussing this sensitive topic. We’re hitting that and more in this episode of the Wise Money Show!
How the New Stimulus Plan Affects Your 2020 Taxes
Season 6/Episode 30
The latest stimulus plan brought on significant tax changes, some of which even impact your return for 2020. Changes include the extension of the tax filing deadline to May 17, 2021, taxation on unemployment benefits, additional stimulus payments, and changes to the child tax credits. We’re sharing details with you in this episode of Wise Money.
Early Withdrawals From Retirement Accounts Through CARES Act
Season 6/Episode 29
The CARES Act gave people unprecedented access to their retirement accounts during the pandemic. A Kiplingers poll showed an alarming statistic, that nearly 25% of Americans withdrew or borrowed from their retirement to cover basic living expenses during the pandemic. Is there an unintended consequence to withdrawing funds early? We’re hitting that and more in this episode of Wise Money!
Is My Home Office Tax Deductible? Biggest Tax Questions Part 2
Season 6/Episode 28
Part 2 of the biggest tax questions from the pandemic, joined once again by CPA Ryan Fair. During the pandemic, many employees shifted to working from home - can you get a write-off on your taxes for it? What about all those home DIY projects you completed? Those questions and more on this episode of Wise Money!
The Most Important Variable When Retiring
Season 6/Episode 27
There are 5 factors, or 5 major variables, that influence your ability to retire with confidence. They are all interrelated, but is there one area of the five that is most important? We’re hitting that and more in this episode of Wise Money!
Making Sense of the Most Important Short Squeeze Ever
Season 6/Episode 26
The WallStreetBets and GameStop (GME) short squeeze will go down in stock market history, but it is as confusing as it was entertaining. We’ll explain what led up to it, what happened, and the possible long-term implications it will make on the stock market in this episode of Wise Money!
The Biggest Tax Questions from 2020
Season 6/Episode 25
Another tax season is upon us and it comes with several big changes. The biggest tax questions from the 2020 pandemic: When can you file? Will you have to pay tax on your unemployment? What can I deduct for home office expenses? We’re hitting that and more in this episode of Wise Money with special guest Ryan Fair, CPA!
Should You Have Multiple Investment Strategies?
Season 6/Episode 24
Should you have a different investment strategy for your Roth IRA as you do for your 401(k)? Do certain investment strategies make sense in some accounts but not others? This episode we're discussing whether it makes sense to use a different investment strategy for your different types of investment accounts.
How Much House Can You Afford?
Season 6/Episode 23
How much house can you afford? Is this just a number the bank tells you or is it a financial planning decision? As housing prices surge, it’s more important than ever to ensure you have the right clarity on how much house you can afford. We're covering that and more in this episode of Wise Money!
Health Insurance Options in Early Retirement
Season 6/Episode 22
Health insurance remains one of the most important factors in someone's ability and timing of retirement. If you are retiring before age 65, what are your options for health insurance and how would you rank or prioritize those options? We are hitting that and more in this episode of the Wise Money Show!
The Current Retirement Boom
Season 6/Episode 21
We are in a Retirement Boom...more people are retiring now than ever before. Due to the risks and challenges in a coronavirus world, and inflated stock prices, people are retiring earlier than they planned. Wherever that hits you, how do you know if you’re ready? We're covering that and more in today's episode of Wise Money!
Stock Market Outlook for 2021
Season 6/Episode 20
2020 will go down as one of the most unusual years in stock market history. What investment opportunities should you watch out for in 2021 and what moves should you make in your portfolio? We are covering that and more in this episode!
How To Make 20201 Your Best Financial Year Ever
Season 6/Episode 19
If you were to look back on the year, how would you grade 2020 in your financial life? We are giving you financial tips that you can begin doing right now to make sure 2021 gets a better grade. We’re hitting that and more in this episode of Wise Money!
Last Minute Tax Planning for 2020
Season 6/Episode 18
With 2020 almost over, some critical tax planning opportunities are about to expire as well. What are the tax planning steps you need to consider taking right now before they’re gone? We’re hitting that and more in this episode of Wise Money!
Financial Challenges to Retiring Early
Season 6/Episode 17
Many people hope to retire early, a trend only increased thanks to the Covid-19 pandemic. Few, however, can actually pull it off successfully. What are the main financial challenges you must overcome in order to retire early? We’re hitting that and more in this episode of Wise Money!
The Financial Do's and Don'ts of Gift Giving
Season 6/Episode 16
How much money can I gift to a child or family member? It’s the season of giving and that’s actually one of the most common questions we get. We’re going to answer that question and provide clarity to the entire gift-giving process today on this episode of Wise Money!
It's the Most Financially-Stressful Time of the Year
Season 6/Episode 15
It’s supposed to be the most wonderful time of the year, but for many people, it is the most stressful time of the year when it comes to your finances. We’re going to solve this today by helping you put in place some habits to permanently relieve the holiday financial stress and put the joy back in this season.
5 Financial Professionals You Need in Your Life
Season 6/Episode 14
The average person needs to be collaborating with 5 different financial professionals in their life in order to be on the right track. There’s a fundamental flaw in this model though. Who are these five individuals and why is this problematic? We're going to tell you this episode of Wise Money.
Roth IRA for Teens
Season 6/Episode 13
We often talk about the benefits of starting early for retirement, but how young is too young? The Roth IRA can be a very advantageous financial instrument for those that start investing for the future at a young age. We're hitting the rules for Roth IRA's for teens in today's episode!
The Financial Confidence Account
Season 6/Episode 12
Do you have confidence in your financial life? If not, we’ll help you build that confidence today through a Financial Confidence Account, also known as an Emergency Fund. Having money in this account allows you confidence and peace of mind to pursue your other financial goals and that you’re prepared for a financial crisis. We'll tell you exactly what it is and how to fund it in this episode of the Wise Money Show.
The 2020 Election and the Stock Market
Season 6/Episode 11
With the most contentious election day in modern history behind us, the American people are still left wondering who will be in the White House next year. Unsure of who it will be, we’re discussing how you should plan for what could be ahead with the markets and your money.
Should You Practice Socially Responsible Investing?
Season 6/Episode 10
No surprise considering all that’s happening in the world, but Socially Responsible Investing has become a big trend on Wall Street and with investors the past couple of years. However, the term can mean different things to different people. What does Socially Responsible Investing mean and is it wise? That and listener questions on Wise Money.
How to Pay Less Tax in 2020
Season 6/Episode 9
Are you up to speed on all of the unique tax law changes that apply in 2020? Tax planning should be a focus of your comprehensive financial plan, and this year there are more tax planning ideas than in most years thanks to the CARES Act and other stimulus plans. We’re talking through different tax strategies, breaking them down, and helping you pay fewer taxes coming up on this episode.
The Different Parts of Medicare
Season 6/Episode 8
Medicare is the most important health insurance decision you’ll make in your life, yet it's terribly confusing. Joined by Medicare experts, Ted Foster and Craig A. Wiker, we’ll break this complex plan down to its simple parts in today’s episode of Wise Money.
Is Our National Debt a Problem
Season 6/Episode 7
The ballooning federal debt has now pushed America's debt level over our nation's annual GDP, with it projected to stay above that level for the foreseeable future. Should investors be worried about this and what are the implications in your own personal life? We are covering that and more in this episode of Wise Money!
Should Married Couples File Taxes Separately or Jointly?
Season 6/Episode 6
Most people can agree they hate losing money. So when it comes to filing taxes, married couples often wonder whether they are better off filing jointly or married filing separately. Joined by CPA Ryan Fair, we’re going to put the debate to rest today and discuss a handful of other tax planning considerations in this episode of Wise Money!
Stock Splits Explained
Season 6/Episode 5
Both Apple and Telsa split their stock this summer and made major waves in the investment world. Why would a company do a stock split and how did investors fare in each case? We’re talking about the mathematics and psychographics of stock splits on today's episode of the Wise Money Show.
Student Loan Forgiveness and Forbearance Explained
Season 6/Episode 4
What is the difference between Student Loan Forgiveness and Student Loan Forbearance? Do either of these actually help address the student debt crisis we have in this country,? We are explaining student loan forgiveness and forbearance and how you can ensure that you don’t slip into crisis yourself!
60/40 Portfolio Is No Longer Enough for Investors
Season 6/Episode 3
With interest rates at record lows, it’s never been more difficult for retirees to generate income from their portfolio than it is right now. Is the 60/40 mix dead, and what alternatives should you consider? It's time to rethink the traditional approach to managing risk and obtaining income from your investments in retirement. That and more coming up on this episode of Wise Money!
The First Thing You Need to Know About Money
Season 6/Episode 2
The Rule of 72 is a quick, understandable formula to help investors understand the power of compounding interest. It helps tell approximately how long it will take an investment to double using a given interest rate. We’re explaining more about the rule and how to leverage it in this episode of the Wise Money Show.
Wise Money Movement - Why Comprehensive Financial Planning
Season 6/Episode 1
Comprehensive Financial Planning is more than just investments. It is applying wisdom to your financial decisions with all 6 areas of your financial life in mind. The Wise Money Movement covers Retirement planning, Tax Planning, Investments, Protection Planning (Insurance), Present Financial Position (Cashflow/Budgeting), and Estate Planning. In this episode, you will learn how each of these areas works together to help you achieve your financial goals.
COVID Housing Boom - 2020 Housing Market Update
Season 5/Episode 52
The housing market is unusually strong given the coronavirus pandemic. What is causing this strength and is it likely to change anytime soon? Is now the time to sell your house? We invite Residential Real Estate expert, Diane Bennett, back to the show to discuss this and how it applies to you.
The Importance of a Banking Relationship
Season 5/Episode 51
As banking goes digital, 2020 proves the value of having a relationship with your local bank. In today’s episode, Mike brings Dana Trowbridge and Brandon Williamson from First State Bank into the Wise Money studio to discuss the ways banks have served small businesses during this pandemic and why it is important to have a relationship with your banker.
The Greatest Financial Regrets of the COVID Recession
Season 5/Episode 50
We’re discussing the number one financial regret that families had as the coronavirus recession started. We’ll tell you not only what it was, but also help you avoid having this regret in your life. That and more coming up in this episode of Wise Money.
Is the Stock Market Different This Time?
Season 5/Episode 49
In John Templeton’s timeless “16 Rules for Investment Success” he writes that the four most costly words in investing are “This Time It's Different.” Well, it is finally true in this instance? Is the stock market truly different this time? That and more coming up in this episode of Wise Money!
How to Solve the Social Security Crisis
Season 5/Episode 48
Today’s recession is putting even more strain on an already broken Social Security system. With the current projection showing that Social Security would be insolvent within 15 years, what options are there to fix the problem, and how should this influence your financial plan? That and listener questions in this episode of Wise Money!
2020 Stock Market Update
Season 5/Episode 47
How are your investments performing so far this year? The stock market in 2020 will go down in the history books, and we’re only halfway through the year. The big question is after the huge swings in the 1st and 2nd quarters, what should you expect from the markets the rest of this year and how should that influence your investment decisions? We are providing a Stock Market Update in this episode of Wise Money!
Questions to Ask Your Financial Advisor
Season 5/Episode 46
Not all financial planners and financial advisors are made equal. Depending on their process, convictions, and core beliefs, you could have a very different experience and achieve very different results depending on who you work with. We’re helping you find the right fit for you by sharing the best questions you need to ask a prospective financial planner on today’s episode.
How to Have Financial Freedom
Season 5/Episode 45
Comprehensive Financial Planning is all about helping you achieve your own version of financial freedom. What’s that look like for you and what steps do you need to take in all 6 areas to help you reach the peace of mind that comes from Financial Freedom? We are helping you determine that in today's episode!
No-Fault Insurance Laws Are Changing
Season 5/Episode 44
No-Fault auto insurance laws are changing! Residents of Michigan have loathed their No-Fault insurance for decades, but reform is finally happening on July 2, 2020. We invite insurance advisor Alysia Boehner back to this episode to discuss these changing laws, the key decision you need to make, and answer other insurance questions!
Watch Out for Social Security Traps
Season 5/Episode 43
Social Security is an extremely important financial benefit, but it is also extremely confusing. Make sure you don’t inadvertently penalize your Social Security by taking the wrong steps in your financial life. We will tell you what Social Security traps to watch out for in this episode of Wise Money!
What's The Best Investment Strategy?
Season 5/Episode 42
What’s the best overall investment strategy? How did you decide what to invest in within your 401(k), and how should you invest your IRA’s, Roth’s, 529 plans, and other accounts? We will help you decide what is best for your financial plan in this episode of Wise Money!
How to Avoid Paying Capital Gains Tax
Season 5/Episode 41
Is it possible to pay tax on capital gains if you never sold any investments? The answer is yes due to the different types of capital gains there are on various investments. We'll help you understand this unique circumstance, and let you know how to avoid it in this episode of Wise Money!
Where to Get Money From in a Crisis
Season 5/Episode 40
The world changed on a dime this February, leaving many people in a cashflow crunch without knowing where to turn. Where is the best place to get money from if you’re in a crisis? We’re telling you the best options in this episode of Wise Money!
Should I Retire in 2020?
Season 5/Episode 39
With so much changing and so much uncertainty, if you were planning to retire in 2020, is it still safe to do so? We’ll help you know whether you still have the green light, or whether it’s best to postpone one of the biggest financial decisions of your life.
Financial Advice During a Crisis | Graduates and Young Professionals
Season 5/Episode 38
Students graduating from college today find themselves in a very different job market and economic situation than anyone before them. This could cause significant financial challenges, on top of that already monumental student loan debt crisis. Here is our financial advice for graduates and young professionals during a crisis.
What to Do After Maxing Out Your 401(K)
Season 5/Episode 37
In your quest for a secure retirement, saving as much as possible into tax-sheltered accounts ensures more of your money stays in your hands instead of going to Uncle Sam. What should you do after maxing out your 401(k)? What other options are there? That answer and more on this episode of Wise Money.
What to Do With an Old 401(K)
Season 5/Episode 36
On average, employees in the US change jobs 12 times over the course of their careers—changing employers about every 5 years. In most cases, that change means deciding what to do with an old retirement account. Should you transfer your funds to your new employer’s 401(k)? Should you leave it behind to ‘diversify’ your holdings? Should you transfer your assets to an IRA? In today’s episode of The Wise Money Show, Mike, Josh, and Kevin discuss the options and explore how to make the best choice possible—no matter how many times you make the jump!
Should You Have a Mortgage in Retirement?
Season 5/Episode 35
Many people have a goal of entering retirement debt-free, which means finding a way of getting the mortgage paid off while also aggressively saving into retirement accounts. Is that the best strategy? Should you do everything possible to avoid having a mortgage in retirement? Those answers and more this episode of Wise Money.
How Often Should You Review Your Home and Auto Insurance?
Season 5/Episode 34
How often should you review your home and auto insurance? Not the cost, but rather the coverage? Most people set it and forget it, but is that the best approach? Insurance Advisor Alysia Boehner joins us again so that you know how often you should review your insurance and what you need to look out for.
How the CARES Act Impacts Small Businesses (Part 2)
Season 5/Episode 33
How does the CARES Act impact your small business? The economic stimulus package, now known as the CARES ACT, carries with it significant law changes that will likely impact one or more financial decisions that you need to make, especially as a small business owner, decision-maker, or team member. This is the second of a two-part series on what’s in the CARES ACT, including the Paycheck Protection Program (PPP), the Employee Retention Credit, and the Economic Injury Disaster Loan (EIDL) and how it should influence your financial decisions.
How the CARES Act Impacts You (Part 1)
Season 5/Episode 32
The CARES Act is an economic stimulus package designed to help bolster the US economy in the wake of the COVID-19 pandemic. In part one of our two-part series on the topic, Mike, Josh, and Kevin share the highlights of the CARES Act and discuss how it is likely to change your financial action plan in the year ahead. Don't miss this important episode of The Wise Money Show.
Your Most Common Tax Questions Answered
Season 5/Episode 31
Despite recent efforts to simplify the US tax code, it seems it is more complicated than ever before. As a result, tax time can be confusing—and frustrating—for taxpayers. On today’s episode of The Wise Money Show, Mike and Josh welcome Korhorn Financial Group CPA Ryan Fair back to the show to answer some of the most common tax questions as the tax filing deadline approaches. Join us to see how the new SECURE Act changes the game, when your children need to start filing their own taxes, and much more.
NOTE: This episode was recorded prior to the IRS extending the tax filing deadline to July 15, 2020.
How to Build Your Financial Skill Stack
Season 5/Episode 30
Your Financial Skill Stack includes a wide range of knowledge and specific capabilities that can help you achieve your version of financial success. On today’s episode of The Wise Money Show, Mike, Josh, and Kevin discuss how to identify what your Skill Stack needs to be, which skills you can acquire and which you should hire, and how to be sure every ability in your Skill Stack is working together in concert to continuously strengthen your financial foundation.
5 Responses to the Stock Market Uncertainty
Season 5/Episode 29
Investors have reacted sharply to the combination of the coronavirus and OPEC’s failure to reach an agreement on oil prices and production. The result has been a dramatic tumble in the stock market that has many investors wondering how to respond. Has your strategy already kicked in to help preserve your assets? If not, are there adjustments you can make now to minimize the impact on your financial life? On today’s episode of The Wise Money Show, Mike, Josh, and Kevin discuss what’s happening and why, and then walk through what steps you can take to help protect your own financial stability in these challenging times.
Tax Tips for Your 2019 Tax Return
Season 5/Episode 28
Unlike 2018, 2019 didn’t deliver any major changes to the tax law. However, in this final stretch of tax season, there are still things you need to know to be sure your taxes reflect any changes in your own life and also optimize the current tax law to your advantage. On today’s episode of The Wise Money Show, Mike and Josh welcome KFG CPA Ryan Fair back to the show to share some of our team’s key learnings from the more than 2,700 returns they are preparing for our clients this year—and what you can do to be sure you are on the right course toward an optimal outcome for your 2019 taxes.
Retiring Early? Be Sure You Know These Two 401(k) Tricks
Season 5/Episode 27
The 401(k) is one of the most powerful wealth-building tools available, especially when planning for financial freedom in retirement. It’s no wonder 401(k) accounts hold more than $6 trillion dollars today—or 20% of all retirement money in the US. And while accessing that money in retirement is pretty simple, gaining access to your savings if you choose or are forced to retire before age 59½ is not so straightforward. On today’s episode of The Wise Money Show, Mike, Josh and Kevin discuss two creative strategies that can help maximize the usefulness of your savings and minimize unforced errors—no matter when you retire—and the importance of careful financial and tax planning when navigating this next big step in your financial life.
How to Adjust Your Financial Plan
Season 5/Episode 25
Life happens. That’s why the greatest value of financial planning is not the plan itself, but the adjustments that are made along the path to, and through, retirement. On today’s episode of The Wise Money Show, Mike, Josh and Kevin discuss the importance of having a financial plan that can adapt as your goals change over time, and the process that can help you make wise financial decisions—no matter what surprises life throws your way.
Top Five Tax Tips for Your Side Job
Season 5/Episode 25
In the gig economy, it’s been estimated that more than 30% of Americans are creating side income in a variety of creative ways—including hosting for Airbnb, driving for Uber or Lyft, selling items on Ebay or Etsy, doing contract work, and more. If that’s you, it’s important that understand how that additional income will impact your taxes. On today’s episode of The Wise Money Show, Mike, Josh and Kevin share their top five tax tips to help freelancers, sole proprietors, and self-employed moneymakers create a proactive plan to make your side hustle as tax-efficient as possible.
What You Need to Know Before You Prepare Your Taxes
Season 5/Episode 24
The 2019 tax season is officially underway! While we aren't facing any massive changes to the tax law like we did in 2018, there are a number of things you need to be aware of in order to prepare your 2019 taxes with confidence. On today's episode of The Wise Money Show, Mike and Josh are joined once again by KFG tax advisor Ryan Fair, CPA, CFP®, to discuss what you need to know before April 15—from changes in tax forms and withholdings miscalculations, to more complex strategies like back-door Roth IRAs, multi-year depreciation calculations for small business owners, and the importance of multi-year tax planning.
How Car Insurance Works Crossing State Lines
Season 5/Episode 23
In our part of the country, we tend to drive across state lines all the time. And because each state sets the laws and regulations for auto claims, the claim process can be confusing if you or a family member has a car accident across state lines. What should you do if you have an accident across state lines? Is a national or regional insurance carrier best? How do Indiana's tort liability, Michigan's personal injury protection (PIP), and other state regulations come into play when you are in another state? On today's episode of The Wise Money Show, Mike and Kevin are joined by KFG's all-star insurance advisor Alysia Boehner to answer these questions, discuss Michigan's no-fault auto insurance reform, and ease your mind about auto insurance.
How the SECURE Act Impacts Your Financial Plan
Season 5/Episode 22
The SECURE Act (which stands for 'Setting Every Community Up for Retirement Enhancement') was signed into law in late December. And though the Act barely made a blip in the mainstream news, it marks the largest overhaul in retirement planning in more than two decades. How do those changes impact your own retirement plan? What do you need to do differently now to prepare for a financially strong future? On today's episode of The Wise Money Show, Mike, Josh, and Kevin highlight the changes that are most likely to impact your retirement plan, and discuss why and how your retirement planning strategy needs to change as a result.
'Financial Success' and How to Achieve It
Season 5/Episode 20
How do you define 'financial success'? Because the definition is different for everyone, the best place to start is by taking a close look at what a 'successful life' looks like to you. Using that as a springboard, you can more effectively align your financial and material resources to help you reach your goals. On today's episode of The Wise Money Show, Mike, Josh, and Kevin discuss how to create your personal definition of 'financial success' and then build a strategy to achieve more of it in your owm life.
How to Create the Right Spending Plan
Season 5/Episode 19
Heading into a new year, updating (or perhaps creating) your budget should be a top priority. However, just having a basic budget is not sufficient to reach your short- and long-term financial goals. To take your budget to a higher level in 2020, it's time for the 'Three Bank Account System'! On today's episode of The Wise Money Show, Mike, Josh, and Kevin walk through the components of the Three Bank Account System and how this powerful spending plan can help transform your finances in the year ahead.
Aligning Your Financial Goals with Your "Primary Aim" in 2020 and Beyond
Season 5/Episode 18
As we celebrate the end of 2019 and the start of a new decade, it's time to look to your financial future. What do you want 2020 to look like? Are your goals in alignment with the vision you have for your ideal future—what we call your "primary aim" in life? On today's episode of The Wise Money Show, Mike, Josh, and Kevin share information and tools to help you identify your "primary aim" in life and then set specific goals to help turn your vision into reality in 2020 and beyond.
Year-End Financial Planning
Season 5/Episode 17
As 2019 comes to a close, it's a great time to take inventory of your financial life and tackle any time-sensitive financial planning work that is necessary to set you up for a great 2020. On today's episode of The Wise Money Show, Mike, Josh, and Kevin share our year-end financial planning checklist for 2019 and answer listener questions to help put you on a path toward greater financial confidence.
Transferring Your IRA to an HSA
Season 5/Episode 16
The Health Savings Account—or HSA—is an extremely versatile financial instrument that allows you to contribute pre-tax dollars, grow your invested assets over time, and then withdraw from your account for qualified medical expenses absolutely tax-free. That power begs the question: To make the most of an HSA, can you and should you transfer assets from your IRA into your HSA? On today's episode of The Wise Money Show, Mike, Josh, and Kevin discuss the basics of HSA accounts, when transferring IRA assets into an HSA may make sense, and the tax traps to avoid if you do make the move.
What to Do When Receiving an Inheritance
Season 5/Episode 15
Receiving an inheritance is a complicated blessing. In most cases, an inheritance comes as the result of losing a loved one, which means that just as you're grieving, you have to manage the many financial implications the come with death and money. The whole process can raise a lot of questions. Who will pay for the funeral? Exactly where is the money and how can it be accessed? Do you have to pay taxes on the inheritance? Do you need an attorney to do everything "right"? On today's episode of The Wise Money Show, Mike, Josh, and Kevin review these and other common questions related to inheritances—and offer answers to help ease the way.
5 Catch-Up Strategies for Late Retirement Savers
Season 5/Episode 14
If you're one of the many Americans whose retirement savings isn't what it should be, don't despair! On today's episode of The Wise Money Show, Mike, Josh, and Kevin share 5 strategies that can if you're getting a late start saving for retirement. We'll discuss the key decisions you need to make today, and share insights to help you get on track toward a more confident retirement.
5 Ways Grandparents Can Help Pay for College
Season 5/Episode 13
As a grandparent, you want the best for your kids and your grandkids. One creative way to help both generations at once is to help fund your grandchildren's college education. But what's the smartest way to provide that funding from a financial and tax planning perspective? On today's episode of The Wise Money Show, Mike, Josh, and Kevin share the top 5 ways for grandparents to invest wisely in their grandkids' education.
Don't Fall for These 3 Social Security Myths!
Season 5/Episode 12
When and how to draw Social Security is one of the biggest financial decisions you will make in your lifetime. And yet the majority of people make this choice based on common myths. Too often, the result is a significant decrease in lifetime Social Security income. On today's episode of The Wise Money Show, Mike, Josh, and Kevin share the top 3 Social Security myths, discuss why these myths are costly financial traps, and walk through the process of making a wise decision based on your entire financial life.
Top Tax Planning Moves to Make Before the New Year
Season 5/Episode 11
Tax planning is best defined as 'the art of making the right proactive decisions with your moneyto optimize your tax bill.' When you do that—and do it well—the results will speak for themselves come tax time. So where do you begin? On today's episode of The Wise Money Show, Mike, Josh, and special guest Ryan Fair, CPA, share their top tax planning strategies for 2019 and how to position yourself for tax planning success in the coming year.
How to Save Taxes Using Donor-Advised Funds
Season 5/Episode 10
Charitable giving is an act that comes from the heart. And while supporting the important causes and missions that matter to us most is rarely done for the purpose of saving taxes, it's important to recognize that incorporating a plan for charitable giving into your tax plan is not an act of greed, but instead a wise way to increase your financial resources. On today's episode of The Wise Money Show, Mike, Josh, and special guest Ryan Fair, CPA, discuss how a Donor-Advised Fund can support a proactive giving strategy that helps boost your giving power by reducing taxes.
The Student Loan Crisis and Your Financial Future
Season 5/Episode 9
The student loan crisis in the US has created a serious financial crisis for a growing number of borrowers whose massive loans have put them into decades of financial bondage. While government programs have done a great job of providing opportunity for those without the means to pay for a college education, the fact that loans are so easy to get has resulted in $1.5 Trillion dollars in national student loan debt—and 5.1 million people currently in default on their loans. On today's episode of The Wise Money Show, Mike, Josh, and Kevin discuss how students and parents can balance opportunity with financial reality to help protect your financial future.
'Suddenly Single' Part 3: Financial Planning for Singles
Season 5/Episode 8
Whether you're not married yet or never plan plan to be, the stakes of financial planning are much higher, largely because you don't have anyone else's income to provide a financial cushion--either when you're younger or in retirement. In this final episode of our 3-part series titled 'Suddenly Single,' Mike, Josh, and Kevin discuss the unique challenges of going it alone, and how a financial coach can help you create a wise money plan and keep you on track toward financial success in the decades ahead.
'Suddenly Single' Part 2: Financial Planning After a Divorce
Season 5/Episode 7
Going through a divorce can be very painful, both emotionally and relationally. But it can also turn your financial life completely upside down. In Part 2 of our 3-part series about what to do when you find yourself 'Suddenly Single,' Mike, Josh, and Kevin discuss strategies to help navigate through the inevitable financial transitions that go hand-in-hand with divorce--starting with tackling the basics that matter most.
'Suddenly Single' Part 1: Financial Planning After the Death of a Spouse
Season 5/Episode 6
When you're a single adult, financial planning has a very different emphasis than when you're planning as a married couple. On today's episode of The Wise Money Show, Mike, Josh, and Kevin kick off a 3-part series about what to do when you find yourself 'Suddenly Single.' We begin with one of the most difficult and overwhelming events in anyone's life: the death of a spouse--and how to manage financial planning in the midst of your grief.
What to Do if You’ve Been Burned by a Financial Professional
Season 5/Episode 5
Unfortunately, too many people put off wise financial planning because of a bad experience with a financial professional in the past. Yet it's a fact that putting off important decisions today can easily compound the impact of yesterday's mistakes. On today's episode of The Wise Money Show, Mike, Josh, and Kevin discuss how to pick up the pieces after you've been burned--and how to rebuild trust so you can begin to move forward on your path to financial confidence.
Social Security Explained
Season 5/Episode 4
When and how you start drawing Social Security can have a significant impact on how much income you actually receive from this important financial tool. But making the right choice can be confusing, and it can be hard to avoid making a mistake with so much misinformation surrounding Social Security. On today's episode of The Wise Money Show, Mike, Josh, and Kevin help dispel the many myths about Social Security to help you choose an approach that supports your financial health in retirement.
Season 5/Episode 3
Feeling overwhelmed with the many decisions that come with Medicare open enrollment? What coverage do you really need? How will your elections affect your spouse's health insurance? Whether you're about to turn 65, are already on Medicare, or are helping ensure your parents have the right health coverage, it's important to stay up to date with the latest changes and to understand which options are right for you. On today's episode of The Wise Money Show, Mike and Josh welcome back health insurance expert and Medicare guru Ted Foster to talk through the information you need to prepare for Medicare open enrollment.
How to Get the Best Insurance Rates
Season 5/Episode 2
Home and auto insurance can be challenging to navigate. So how can you be sure you're getting the best rates and the most appropriate coverage to meet your needs? On today's episode of The Wise Money Show, Mike and Kevin welcome special guest and KFG insurance advisor Alysia Boehner to discuss her four top tips for getting the best price for optimal coverage so you don't "risk a lot to save a little." This special episode is sponsored by Indiana Farmers Insurance.
Should You Buy Your Next House Before You Sell Your Current One?
Season 5/Episode 1
In today's housing market, home buyers may be tempted to hold on to your current property until prices rise even higher. But is that really the wise choice? On today's episode of The Wise Money Show, Mike and Kevin welcome special guest, realtor Diane Bennett, to explore how the current housing market, interest rates, and the long-term economic outlook might affect your home-buying decisions--including when to buy, when to sell, and if now is the time to buy your first home.
The Two Goals of Tax Planning
Season 4/Episode 52
One of the six core areas of your financial life, tax planning should be a part of your financial planning process all year long. When done well, tax planning can save you a significant amount of money over your lifetime and, ultimately, help you achieve your long-term financial goals. On today's episode of The Wise Money Show, Mike and Josh welcome special guest and Korhorn Financial Group CPA Ryan Fair to explore the two primary goals of tax planning and share the steps you can take today to achieve them.
College Planning 101
Season 4/Episode 51
"Paying for college." Those words are enough to strike fear into the hearts of any parent or grandparent with the goal of funding a student's education! On today's episode of The Wise Money Show, Mike, Josh and Kevin discuss what steps you can take today to make this major financial goal a reality--without sacrificing your own financial security!--whether you have a student already in college or are planning for the future.
Teaching Students Financial Literacy--How, When, and Why
Season 4/Episode 50
The Treasury Department recently recommended a requirement for all college students to take a mandatory course in financial literacy. But what do students really need to learn about money and risk--and is college too late to start the conversation? On today's episode of The Wise Money Show, Mike, Josh and Kevin discuss the basic financial skills and principles students need to prepare for the real world, and when and how to offer them this vital information.
The Millennial Financial Dilemma: How Do We Change the Trajectory?
Season 4/Episode 49
A recent Wall Street Journal article revealed that Millennials have less money saved than their parents and grandparents did at the same age (according to Pew Research Center, the median net worth of households headed by Millennials is ~$12,500, compared to $20,700 for households headed by Boomers of the same age in 1983). On today's episode of The Wise Money Show, Mike, Josh and Kevin discuss what’s causing this alarming shift, and what millennials can do to improve their finances--starting today!
Should You Take a Severance If Offered Today?
Season 4/Episode 48
If you were offered a buyout from your job today, would you--and should you--take it? On today's episode of The Wise Money Show, Mike, Josh and Kevin discuss the importance of maintaining a "decision-able" financial life so you can confidently make the right decisions for your future. Whether you're choosing to take a grand vacation or an early retirement, understanding the long-term impact on your finances matters!
2019 Investment Halftime Report
Season 4/Episode 47
We're now at the halfway point of 2019. How have your investments performed? What changes should you be making now in order to capture the most upside in the second half of the year? On today's episode of The Wise Money Show, Mike, Josh and Kevin evaluate the first half of the year, discuss current themes driving the investing world, and explore strategies to help prepare your portfolio for a strong second half.
Making the Most of Your 401(k) Company Match
Season 4/Episode 46
Many employers offer a "match" for their 401(k) retirement plans. But what constitutes a "good match" versus a "bad match"? Even more importantly, how should the quality of your employer's match influence whether you invest in the plan? And if you do choose to invest, how much should that match impact the amount you contribute? On today's episode of The Wise Money Show, financial planners Mike Bernard, Josh Gregory, and special guest Amy Masters answer these questions and more.
Celebrating Freedom in Your Financial Life
Season 4/Episode 45
On this Fourth of July episode of The Wise Money Show, Mike and Josh are joined by special guest Amy Masters, CFP®, to discuss the four declarations of financial independence and some steps you can take to create--and celebrate--freedom in your own financial life.
Are You a Great Financial Role Model for Your Kids?
Season 4/Episode 44
Whether you’re a parent, grandparent, or work with children professionally, your actions are serving as a model for the future behavior of the next generation--whether you realize it or not. Are you confident that your financial decisions and behaviors are delivering the right messages to the kids in your life? On today's episode of The Wise Money Show, Kevin, Josh, and Mike explore this important topic and share 3 strategies to help you become a better financial role model.
How to Solve the Retirement Crisis
Season 4/Episode 43
Research continues to show that the average American is woefully prepared for retirement. Why has this happened? And more importantly, how do we solve the crisis in an environment where a staggering 42% of adults are not saving for retirement at all? On today's episode of The Wise Money Show, Kevin, Josh, and Mike discuss what you can do to avoid becoming part of America's retirement crisis.
Are Your Adult Children Costing You A Secure Retirement?
Season 4/Episode 42
Prolonged adolescence is a phenomenon that’s been evident in today’s culture for the past decade. As a result, the retirement dreams of many baby boomers are being impacted. On today's episode of The Wise Money Show, Kevin, Josh, and Mike discuss what this trend means for you and how you can successfully balance the desire to help your children with the need to create a financially sound retirement.
The Roth 401(k) Tax Trap
Season 4/Episode 41
There’s a lot to love about the Roth 401(k). However, a little-known provision in the complicated US tax code can create an unexpected tax trap when it comes time to withdraw assets in retirement. In today's episode of The Wise Money Show, Kevin, Josh, and Mike discuss the details of this provision and how a Certified Financial Planner™(CFP®) can help you take the appropriate steps to ensure tax-free growth from your Roth 401(k) remains tax-free in retirement.
The Risks, Rewards, and Regrets of the FIRE Movement
Season 4/Episode 40
The radical movement called FIRE--which stands for "Financial Independence, Retire Early"--has gained a lot of attention recently. The idea: dramatically cut your expenses and then save and invest aggressively in order to retire in your 30s or 40s. Like any radical idea, it's something to be approached with great caution. In today's episode of The Wise Money Show, Kevin, Josh, and Mike discuss the risks, rewards, and regrets of those who have already achieved FIRE in the real world.
Financial Lessons from March Madness
Season 4/Episode 39
Valuable lessons about your finances can be found just about anywhere. In our office March Madness bracket challenge this year, our own Kevin Korhorn went from the shoe-in winner to out of the money in just a few games. It provided a great example of the fact that what really matters--in March Madness and investing for the future--is making the right decisions at the right time. In today's episode of The Wise Money Show, Kevin, Josh, and Mike share the important similarities between March Madness and wise investing.
The Four Laws of Rental Real Estate
Season 4/Episode 38
Owning rental property can be a valuable, lucrative, and diversifying investment. But is it for everyone? In today's episode of The Wise Money Show, Mike, Josh, and Kevin share their opinions on when to consider investing in rental property, when to avoid it, and how to use the "four laws of rental real estate" to help make a choice that's right for you.
Most Valuable Planning Concept #6: Estate Planning
Season 4/Episode 37
Many people think of estate planning as simply creating a Will. In this final episode of The Wise Money Show series on the 6 most valuable planning concepts, Mike, Josh, and Kevin explore the true definition of estate planning and discuss how wise planning can help ensure that the resources you leave behind are a true blessing for the people and causes you care about most. By answering the 'whys' now, you can help avoid the chaos, confusion, and frustration that so often damages relationships in the aftermath of losing a loved one.
Most Valuable Planning Bonus Concept: College Planning
Season 4/Episode 36
It's easy to look at college planning as something that lies outside of your overall financial plan, and yet it can have a significant impact on every other aspect of your finances. In today's episode of The Wise Money Show, Mike, Josh, and Kevin discuss the importance of creating a concrete plan for covering college expenses, beginning with setting clear expectations about who will pay for what--including parents, college-bound children, and grandparents.
Most Valuable Planning Concept #5: Retirement Planning
Season 4/Episode 35
Welcome to week 5 of our series covering the 6 most valuable planning concepts! In today's episode of The Wise Money Show, Mike, Josh, and Kevin discuss the importance of envisioning your ideal future after you are no longer earning a paycheck. With your vision in top of mind, you can then begin to define your roadmap toward a financially secure future. Tune in to today's episode to learn about the key steps in building your plan, the importance of consistently updating your strategy as 'life happens,' and how a Certified Financial Planner can add value to the process.
Most Valuable Planning Concept #4: Investment Planning
Season 4/Episode 34
In week 4 of our series covering the 6 most valuable planning concepts, Mike, Josh, and Kevin discuss the role of investment planning in your overall financial plan. While choosing the "best" investments seems to be everyone's favorite topic, investment planning is the real key to investor success. Tune in to today's episode of The Wise Money Show to learn how investment planning can help you control your behavior and stay on track toward your long-term goals.
Most Valuable Planning Concept #3: Tax Planning
Season 4/Episode 33
Welcome to week 3 of our series covering the most valuable planning concepts. In today's episode, Mike, Josh, and Kevin discuss the power of tax planning--an area that is impacted by nearly every financial decision you make. Tune in to this episode of The Wise Money Show to understand how a proactive approach to multi-year and even multi-generational tax planning can help strengthen your financial life over the long term.
Most Valuable Planning Concept #2: Protection Planning
Season 4/Episode 32
In week 2 of our series covering the most valuable planning concepts, Mike, Josh, and Kevin discuss the power of protection planning--an area that is often viewed independently, but which, in reality, complements all other areas of your financial life. Tune in to this episode of The Wise Money Show to understand the importance of managing risk in your financial life and the steps you can take to create a protection plan that's right for you.
Most Valuable Planning Concept #1: Your Present Financial Position
Season 4/Episode 31
Welcome to our new series covering the most valuable planning concepts in each of the 6 areas of your financial life! In this episode of The Wise Money Show, Mike, Josh, and Kevin kick off the series with a detailed look at concept #1: your present financial position. As your starting point, this inventory serves as the foundation for your entire financial life, giving you the clarity you need to create a wise path forward.
The 20-Year Term Life Insurance Mistake
Season 4/Episode 30
Some will say that a 20-year term life policy is all you need to protect your family, but is that rule of thumb the right choice for you? On this episode of The Wise Money Show, Mike, Josh, and Kevin discuss why this could be a dangerous approach to protecting those you love, and why it's so important to work with a Certified Financial Planner to help you decide which coverage is best for your situation.
Don't Convert Your RMD into a Tax Penalty!
Season 4/Episode 29
Taking your Required Minimum Distribution (RMD) from a pre-tax retirement account sounds easy, right? Unfortunately, there are a few tax rules that can wind up costing you lots of money if you make a misstep. On this episode of The Wise Money Show, Mike, Josh, and Kevin discuss the unique tax rules around handling your RMD, and how to make the right moves to avoid costly tax penalties.
The Financial Do’s and Don’ts Before Having a Baby
Season 4/Episode 28
Having a baby is one of the most joyful experiences in most people's lifetimes. However, along with that joy comes a slew of new challenges, including dirty diapers, lack of sleep, and new financial hurdles. On this episode of The Wise Money Show, Mike Bernard and Josh Gregory help you prepare financially for what's ahead with tips on what to do--and not do--as you embark on your new adventure as a parent!
Seven Promises For This Year’s Taxes
Season 4/Episode 27
In any year, tax returns can be complicated and emotional. This year, the changes in the tax law have taken that reality to a whole new level. On this episode of The Wise Money Show, join Mike and Kevin as they welcome back special guest Ryan Fair, CPA, to walk through the seven personal promises you need to make about your tax return this year.
The Retirement Spending Gap
Season 4/Episode 26
New research was just released that illustrates a widening gap between how much today's retirees are spending versus how much they can really afford. It's not a pretty picture! In today's episode of The Wise Money Show, Mike and Josh discuss these disturbing findings and share strategies to help you avoid this crucial retirement mistake.
Ease Your Path "Down the Mountain" with a Smart Retirement Withdrawal Strategy
Season 4/Episode 25
Most savers spend their working careers focused on saving money to fund their retirement. And yet, when it’s finally time to retire, it can be a challenge to suddenly reverse that process and begin withdrawing your assets. In this week’s episode of The Wise Money Show, Mike and Josh discuss some common withdrawal strategies and how to create a sound strategy that can help you take the right path "down the mountain."
The Dangers of Preparing Your Own Tax Return
Season 4/Episode 24
A year ago, tax reform was unveiled with the promise of making our complicated tax system so simple that you could "file your return on the back of a postcard." Unfortunately, the reality is far different. Join Mike, Josh, Kevin, and special guest Ryan Fair, CPA, on this episode of The Wise Money Show as we discuss the real impact of the new tax law on the filing process--and the dangers to be aware of if you opt to prepare your taxes without the guidance of a professional.
Should You Retire at the Same Time as Your Spouse?
Season 4/Episode 23
A recent study found that fewer and fewer married couples are retiring at the same time. Whether that reality is dictated by age differences, healthcare insurance needs, the desire to give your retirement fund a final boost, or something else entirely, retiring "out of synch" can have a very real impact on your plan. On this episode of The Wise Money Show, Mike, Josh, and Kevin discuss the things to consider today to help ensure the best possible retirement--no matter when you and your spouse choose to stop working.
Are You Making the Most of Your Health Savings Account?
Season 4/Episode 22
Health Savings Accounts (HSAs) have become increasingly popular, offering tax benefits that are not offered by any other savings vehicle. However, with this tool comes plenty of confusion over when it can--and can't--be used. On this episode of The Wise Money Show, Mike, Josh, and Kevin discuss when you can contribute, when you can withdraw, and the most effective ways to utilize the power of a Health Savings Account.
What Do Rising Interest Rates Mean To You?
Season 4/Episode 21
One of the major themes concerning the economy and the stock market today is rising interest rates, but few investors understand the true impact of rising rates. On this episode of The Wise Money Show, Mike, Josh, and special guest Matt Hoke discuss how interest rates affect the stock market, as well as how they impact your personal investments and other areas of your financial life.
2018 Stock Market Recap & How You Should Invest in 2019
Season 4/Episode 20
2018 was a chaotic ride for investments, bringing two stock market corrections, a significant increase in volatility, and great uncertainty heading into 2019. In this episode of The Wise Money Show, Mike, Josh, and special guest Matt Hoke share the root causes of the markets dramatic swings in 2018 and what to expect in the year ahead.
The Value of Tracking Your Net Worth
Season 4/Episode 19
Did you close out 2018 with confidence in your financial future? On today's episode of The Wise Money Show, Josh, Mike, and Kevin discuss how calculating your net worth—and comparing it to your long-term financial history—can give you the perspective you need to help ensure you are making progress toward your long-term financial goals.
How to Set Great Financial Goals
Season 4/Episode 18
Achieving great financial progress starts with setting clear financial goals. On this episode of The Wise Money Show, Kevin, Mike, and Josh kick off the New Year by sharing the KFG process for goal setting and goal achievement. Heed their advice and set aside some time today to start making intentional choices toward your financial goals for 2019 and beyond.
Financial Planning for Year End 2018
Season 4/Episode 17
As 2018 comes to an end, make sure you carve out time to deal with all of the time-sensitive financial planning items that must be done before the end of the year! In this final episode of the year, our Wise Money Show team highlights the most important items to check off your list before ringing in the New Year.
Giving Strategies Under the New Tax Law
Season 4/Episode 16
'Tis the season of giving, and that brings with it all sorts of questions about taxes. Is your gift taxable? How can you get the best tax deduction for each gift? What are the best giving strategies under the new tax law? In this episode of The Wise Money Show, Mike Bernard, Kevin Korhorn, and Josh Gregory address some of the biggest opportunities available when it comes to giving and tax savings in 2018.
Is Going Back to College a Smart Idea?
Season 4/Episode 15
When planning our finances, we spend most of our time focusing on our financial capital and not on our human capital—the skills and abilities that we have to make money. But with student loan debt being such a burden, is it still smart to go to college? And when is it smart to go back to college? To help us address this issue and more, Mike and Josh welcome special guest Dr. Gregg Chenoweth, President of Bethel College, to this episode of The Wise Money Show.
2018 Year End Tax Planning Checklist
Season 4/Episode 14
There are some tax planning opportunities that expire at the end of the year, and some that you can now utilize more in 2019. We’re helping you make your year end tax planning checklist for 2018 on this week’s episode with Certified Public Accountant Ryan Fair.
The Convenience Revolution with Shep Hyken
Season 4/Episode 13
Best-selling author Shep Hyken joins this special episode of The Wise Money Show to discuss what your small business needs to do to ride the wave of The Convenience Revolution, and how all of us can apply these principles in our financial life. Click here for more information on Shep or to purchase your own copy of The Convenience Revolution.
Do You Have Any Lazy Dollars?
Season 4/Episode 12
In an intentional financial life, you’ve assigned every dollar a job to do. Whether the task is to bail you out of an emergency, grow to fund your retirement, or help put your kids through college, every dollar saved should be working to fulfill its intended role. But do you have any 'lazy dollars' in your financial life? In today's episode of The Wise Money Show, Mike, Josh, and Kevin share how to spot those lazy dollars and put them to work!
Financial Planning for Millennials by Millennials
Season 4/Episode 11
It’s been said that the decade from age 20 to age 30 is the most important decade of your life. If you or your adult child or grandchild is in that season now, don't miss this special edition of The Wise Money Show as our own in-house millennials discuss the importance of financial planning for millennials. This week's special guests are Amy Masters, CFP®, Lance Ludwig, CFP®, and Jake Phelps, Financial Planning Coordinator.
Why This Year’s Tax Planning is More Important Than Ever
Season 4/Episode 10
It's important to be proactive with your taxes every year, exploring what changes are going to impact you and what tax opportunities you should utilize. However, with the new tax laws taking effect this year, tax planning is more important than ever. In this episode of The Wise Money Show, Mike Bernard, Josh Gregory, and CPA Ryan Fair discuss tax planning strategies and the new Tax Law.
Is it Wise to Payoff Your Mortgage Early or Invest More?
Season 4/Episode 9
Paying off your mortgage and being debt free is a great milestone to strive for in your financial life, but should you seek that ahead of saving aggressively for retirement? Mike, Josh, and Kevin discuss this important topic and answer your questions in this episode of The Wise Money Show.
Is Long Term Care Insurance Worth The Cost?
Season 4/Episode 8
The cost of long term care services is increasing rapidly. To protect your savings and your financial future, it is critical that you explore how you will manage this financial risk if and when the need for care arises. In this episode of The Wise Money Show, financial planners Mike Bernard, Josh Gregory, and Kevin Korhorn walk through the pros and cons of long term care insurance and discuss how to make the most appropriate choice for you.
Are You Ready For This Year’s Medicare Open Enrollment?
Season 4/Episode 7
Open Enrollment for Medicare is upon us again. Whether you’re about to turn 65, already on Medicare, or helping your parents ensure they have the most appropriate health coverage for their needs, it’s important that you are up to date with the latest changes and options available in 2019. In this episode of The Wise Money Show, Mike and Josh welcome back our in-house health insurance expert, Ted Foster, to give you the information you need to get ready for Open Enrollment.
How to Avoid the Biggest Home & Auto Insurance Mistake
Season 4/Episode 6
In today's episode of The Wise Money Show, Mike Bernard and Josh Gregory welcome special guest Leann Davis. A long-time member of the KFG team of insurance planners, Leann has been a home and auto insurance advisor for more than 30 years. Leann shares the biggest mistake many people make when it comes to home and auto insurance--and how to avoid making that same mistake yourself.
How Your Thinking Impacts Your Money
Season 4/Episode 5
What does your thinking have to do with your ability to accumulate wealth? As it turns out, probably a lot more than you believe. In this episode of The Wise Money Show, Mike, Josh, and Kevin share the 24 core beliefs that wealthy people adopt to help lead them to success--and how you, too, can change the way you think to help put your own financial goals within reach.
Answering One of Financial Planning’s Biggest Questions
Season 4/Episode 4
Do you have the right type of life insurance policy in place? Do you have the right amount of coverage? Answering these questions is critical to ensuring that your financial plan is structured correctly, especially when the stakes are so high. Join Kevin, Josh, and Mike in this episode of The Wise Money Show as they ask one of financial planning’s biggest questions—and help you uncover the answers that are right for you.
Should You Invest Using Mutual Funds or Exchange Traded Funds?
Season 4/Episode 3
Mutual funds and exchange traded funds (ETFs) are both popular investment vehicles, but which tool is best to help you reach your own goals? In this episode of Wise Money, Mike, Josh, and Kevin walk through the pros and cons of each to help you decide which is best for you.
The Eight Best Indicators of the Long-Term Stock Market
Season 4/Episode 2
Every investor is looking for an edge on how to position their investments for what might lie ahead. With the stock market still in a 10 year bull market, many investors are wondering what’s next. In this episode of Wise Money, Mike, Josh, and Kevin discuss the eight best indicators of the long-term stock market and how you can use that information to help prepare for the future.
All The Ways You Can Mess Up Your 401(k)
Season 4/Episode 1
Your 401(k) is vital to your financial future. This is even more true due to the dramatic decrease in employer-provided pensions and the bleak outlook on the future of Social Security. Unfortunately, many people are making basic errors that can have a negative impact on their 401(k) over the long term. In the premier episode of Season 4, Josh, Mike, and Kevin discuss how to avoid these common mistakes to get the most from your 401(k).
College Planning Prep Course
Season 3/Episode 52
Paying for college education is no small task. Do you have confidence in your plan to cover the ever-rising costs of tuition? In this episode of The Wise Money Show, Kevin Korhorn, Josh Gregory, and Mike Bernard discuss wise planning strategies to help you achieve this important financial goal.
Overcoming Retirement Obstacles
Season 3/Episode 51
The Wall Street Journal posted an article recently stating that today’s retirees are entering old age dangerously under prepared. Despite laying out a clear case for that opinion, the article sadly did not offer any suggestions on how retirees can overcome these challenges. In this episode of Wise Money, Mike, Kevin, and Josh discuss the data and, even more importantly, share strategies that can help you enter old age as financially prepared as possible.
2018 Stock Market Update
Season 3/Episode 50
We’re more than halfway through 2018. Now is the time to ask: How have your investments performed, and what changes do you need to make to capture the most upside during the second half of the year? In this episode of The Wise Money Show, Mike, Josh, and Kevin discuss the current themes that are driving the investing world and how they should impact your strategy in the months ahead.
The Four Financial Habits That Lead to Lasting Success
Season 3/Episode 49
When it comes to creating lasting financial success, how much money you make or where you grew up aren't the biggest success factors. Join Mike Bernard, Josh Gregory, and Kevin Korhorn as they share the four primary financial habits that can have a lasting impact on your finances and how you can implement them into your financial life.
How 4 Years Can Propel Your Next 40 Years
Season 3/Episode 48
How can four years of your life shape the next 40? Ron Powlus, Director of Player Development for the Notre Dame football team and former Notre Dame quarterback joins Mike, Josh, and Kevin in this week’s episode to talk about the amazing 4 For 40: Excellence BeyoND program Ron developed for the football team. It's a concept that can help anyone at any age build a better plan for the future.
Does Your Small Business Need a Line of Credit?
Season 3/Episode 47
Banking and credit services are crucial to the success of a small business. Whether you are seeking to capitalize on new opportunities or looking at a change in ownership, knowing what options and tools are available from your local bank is very important. In this episode of The Wise Money Show, Mike Bernard and Josh Gregory welcome special guest Sheila Gordy from First State Bank to walk through the why, what, and how of small business lines of credit.
How to Succeed at Succession Planning
Season 3/Episode 46
If you own a small business, your business is likely the most valuable financial asset in your financial life. In order for that asset to provide for you and your family, it’s crucial that you transition it to the next generation effectively. Business attorney Jamey Haigh rejoins Mike and Josh on this episode of the Wise Money show to discuss how to create a succession plan that works for your small business--and your future.
Should Your Small Business Be an LLC or S Corp?
Season 3/Episode 45
Why should you structure your small business as an LLC, and when would an S Corp be a better option? In this episode of Wise Money, Mike and Josh welcome special guest and business attorney Jamey Haigh to the program to discuss the various types of ways to legally structure your business and how to know which one is best for you.
The What and the Why of Estate Planning
Season 3/Episode 44
Estate Planning can be a difficult component of your financial life, not only because it is emotional, but also due to its complexity. This week, Mike Bernard and Josh Gregory welcome back attorney Mark Criniti to discuss the essential elements of a good estate plan and why you need them.
What To Do When Life Throws You Curveballs
Season 3/Episode 43
Life is uncertain. Sometimes you feel like you’ve got it all figured out. Other times, your finances seem to get hit with one thing after another. Planning for when everything is going right can be easy, but what do you do when life throws you curveballs? In today's episode of Wise Money, Mike, Josh, and Kevin share their own personal experiences, and discuss how you can set up a system to help manage life's inevitable surprises.
Are All Term Life Insurance Policies Created Equal?
Season 3/Episode 42
Life insurance is complicated. That can make it challenging to distinguish one type from another, let alone have confidence that you know which policy is right for you. In this episode of Wise Money, Mike, Kevin, and Josh walk through the different types of life insurance policies, and how to choose among the menu of available Term Life insurance policies.
2018 State of the Housing Market
Season 3/Episode 41
Is now the time to put your house on the market? We’ve all heard the stories of bidding wars and offers for full-list price, so is now the time for you to cash in? Should we expect this strong housing market to continue? Real estate expert Diane Bennett, a realtor with RE/MAX 100, joins Mike and Kevin on this episode of Wise Money to discuss the current state of the housing market and what it means to you.
Is Your Retirement Vision Crystal Clear?
Season 3/Episode 40
Everyone has a unique vision of what retirement looks like, and formulating that vision is where the process of planning for retirement begins. To accompany that, you need to analyze how your Five Factors of Retirement fit together to see whether you’re on track to make your vision a reality. In this episode of Wise Money, Kevin, Josh, and Mike help you uncover what your vision is for retirement and share the process of how to know whether you’re on track.
The Electric Shock - Lessons From GE
Season 3/Episode 39
Shares of General Electric have been in a tailspin over the past 12 months while the company is making drastic changes to reinvent and sustain their business. However, employees, investors, and retirees of GE have been significantly impacted, and many are scrambling to find a way to recover. In this episode of Wise Money with Korhorn Financial Group, join Mike, Kevin, and Josh as they break down the personal financial planning lessons from GE’s crisis.
Choosing a Values-Based Approach to Financial Planning
Season 3/Episode 38
Are your financial decisions connected to creating your ideal life? Most financial professionals only seek to help you get the right investment mix or a certain insurance policy in place. Very few focus on tying all areas of your financial life together in order to fulfill your own dreams for the future. Mike, Josh, and Kevin welcome special guest Amy Mullen from Money Quotient to this week’s episode to explore how to align your financial decisions with your ability to live the life you want.
Planning For Healthcare In Retirement
Season 3/Episode 37
Research shows that the average couple will spend more than $260,000 on healthcare in retirement, making it one of the biggest expenses in your lifetime. That means that the health insurance decisions you make leading up to and during retirement are an extremely important component of a successful financial plan. Join Mike and Kevin as they welcome health insurance expert Ted Foster to this week's Wise Money Show to discuss how smart insurance decisions can help cover the high cost of healthcare in retirement.
Could You Pass This Retirement Readiness Quiz?
Season 3/Episode 36
Retirement is most everyone's largest financial goal, and it's also one of the most difficult to get right. In today's episode of Wise Money with Korhorn Financial Group, Mike, Josh, and Kevin offer a Retirement Readiness Quiz to determine if you're on target to reach your goal--and provide key steps to help you prepare if you're not.
Use These Tax Insights To Start Planning Your 2018 Taxes Today
Season 3/Episode 35
Although tax season can be a stressful time for some individuals, it is always rich with insights into future planning opportunities. Join Kevin, Josh, and Mike in this episode of Wise Money with Korhorn Financial Group as they share their biggest tax season takeaways from the 2017 tax season to help you start preparing now for 2018.
Are You Financially Ready To Have Kids?
Season 3/Episode 34
Starting a family is a game changer, especially for your finances. How do you know when you’re financially ready? What do you do to get ready, and how do you succeed financially once you start having children? Join Mike Bernard and Josh Gregory in this episode of Wise Money as they discuss how to thrive financially when starting a family.
How to Prepare Financially For A Sudden Health Change
Season 3/Episode 33
When you face a major health change, your finances are likely the last thing on your mind. In this episode of Wise Money with Korhorn Financial Group, Mike Bernard and Josh Gregory discuss how a sudden change in your health can impact your finances--both during and after a diagnosis--and the steps you can take today to proactively prepare so that getting and staying healthy is the only thing you need to worry about during a health crisis.
Financial Mistakes To Avoid When Receiving An Inheritance
Season 3/Episode 32
Receiving an inheritance can be a tremendous boost to your financial life--but it can also wreak havoc if it's not handled with care. How so? In this episode of Wise Money, Mike Bernard and Josh Gregory share the most common mistakes people make when receiving an inheritance so you can avoid making them yourself.
Do Not Miss These Financial Steps When Facing A Job Change
Season 3/Episode 31
Whether it’s by your choice or not, when facing a job change, there are several financial issues you need to be on top of. Too many people overlook some key areas of their financial life and end up spending more time and money cleaning it up later. On this episode of Wise Money, financial planners Mike Bernard and Josh Gregory give you their list of financial items you need to tackle right away when transitioning to a new job.
Your Most Important Estate Planning Choices
Season 3/Episode 30
Estate planning can be complicated and confusing, which is why you want to understand your options so that you can make the best decisions possible. In this episode of Wise Money with Korhorn Financial Group, Kevin, Josh, and Mike clarify the different options you have in your Estate Plan and how to make the best decisions possible.