Accumulating Wealth

It's a tale as old as time, you love your children and want to give them the best, but when is it too much? The adult child's car insurance, cell phone, student loans—are they eroding your retirement savings? This episode is not here to tell you to cut off your kids (although maybe you should), but rather how to help you never have to get to that point. Judson and Hunter cover when and how to start educating your children on the value of money, and why not only is it a priceless gift to your children—but can save your retirement. They embark on a conversation on why you need to start this conversation early on, if you should pay for your child's college and the 3to1 Foundation's resources.

Projecting your lifestyle is the most important part of your retirement plan—it can also be the hardest. Hunter and Judson cover the four variables to determine what you need for retirement: when, what you'll spend, what to save and rate of return. They also uncover what distribution strategies there are, retirement calculators and choosing Roth or Traditional Deferrals.

Not all debt is created equal. In this episode hosts Hunter & Judson help clear the air around the different types of debt. Good debt, bad debt, the worst debt—and what qualifies each. They hit all the common questions around student loan debt, how to start paying down common types of debt or refinancing your home. They shed more light on when to pay off debt, the current interest rates and when to refinance your home.

Is there an easy way to budget? Hosts Judson and Hunter share their secrets around favorite budgeting apps, escrowing big expenses, homes, cars and lifestyle creep. They also cover some of the tough topics like how to budget when a spouse is involved, and the ever present question—do you need an Amazon category in your budget?!

When you are a business owner, how do you determine how much to pay yourself? Hosts Judson and Hunter clue listeners in on why the how you pay yourself is just as important as the how much. They start at the top with four questions to ask yourself to determine the right amount and move into the breakdown of the tax implications of W-2 wages versus distributions. They address the 4 big questions to ask yourself when and how to pay yourself, how to avoid excess payroll taxes and more.

Even if the children are still in diapers, it's likely you are already thinking of how you are going to save for their college education. In this episode Hunter and Judson offer clarity on how much to save, and different vehicle options available to do it. Coverdell or 529, the hosts share what to look for and what to avoid in a state sponsored plan. They shed light on the average cost of college, best ways to save and what to do with those left over funds.

There are multiple corporate structures you could use when setting up your business—Sole Proprietorship, Partnership, S-Corp, C-Corp, LLC—and they all impact your level of tax liability in different ways. In this episode Hunter & Judson help you review the legal versus tax side of each entity, and how to determine which structure is right for you. Want more information on this topic? Read a full description on business entity options at http://bit.ly/2onH3gT.

Sometimes audits happen. Is it random selection, or based on a higher than average deduction? In this episode Hunter and Judson tell you when to take a deep breath and contact your CPA…and when to panic and move to Bermuda. They cover top risks, types of audits, how long to keep receipts and what to do if you get a letter from the IRS.

When it comes to summitting your tax return, there are some mistakes that you just don't want to make. In this episode Hunter and Judson cover some of the most common mistakes made on both a business and personal return, and what to do if you've already made them. From travel, 1099 employees, safe basis estimated taxes and "omissions of information," get prepared this season by knowing what not to do.

As the end of the year approaches, have you done all you can to minimize your tax liability? Listen in as Hunter & Judson walk through their end-of-year tax checklist. From maximizing your 401(k) to deductions, equipment purchases and charitable donations—they will cover the steps to take to proactively plan for next year's tax season today. In this episode you will also hear Hunter explain the difference in marginal versus effective tax rates and Judson's public service announcement on IRA distributions.