Saving money doesn't have to be difficult. If you find yourself in need of tips and tricks for budgeting and growing your personal savings, in an easy and cost-effective way, then we've got the perfect episode for you!

In this episode of Retire in Texas, Darry Lyons explores the practical realm of personal finance, stepping away from market-centric discussions to focus on tangible strategies that can be incorporated into everyday life.

Show highlights include: 

*Darryl Lyons' recount of the personal financial struggles he faced living beyond his means, accumulating debt, and relying on credit cards.

*A breakdown of the Envelope System, and how it aided him and his family with personal budgeting, including debt reduction and disciplined spending

* A description of the budgeting system, Monarch Money, and its features, including user interface, pricing, and functionality

*The importance of monitoring one's net worth as a standard part of the financial process to ensure comprehensive oversight.

* An explanation of how the integration of other budgeting apps, such as Plaid, can simplify the process of gathering financial data seamlessly across accounts.

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Disclaimer: Clicking the Like button does not constitute a testimonial for, recommendation or endorsement of our advisory firm, any associated person, or our services. Clicking the Like button is merely a mechanism to circulate our social media page. "Like" is not meant in the traditional sense. In addition, postings must refrain from recommending us or providing testimonials for our firm.

Despite record highs in major stock market indices and decreasing unemployment rates, many Americans express dissatisfaction and unhappiness, suggesting a disconnect between economic indicators and societal well-being.

In this week's episode of Retire in Texas, Darryl Lyons breaks down the crucial topic of financial planning amid the backdrop of societal discontent and economic prosperity. He navigates the complexities of navigating personal finances in a world where perceptions often diverge from economic realities.

Show highlights include:

*Why, despite economic prosperity, many Americans express dissatisfaction and unhappiness, similar to sentiments observed during deep recessions. 

*A breakdown of the data indicating that both the stock market and the economy are performing well.

*A look into a recent University of Michigan consumer sentiment survey that indicated that people feel as though they are in a deep recession despite economic indicators suggesting otherwise

*Why many individuals feel they are not receiving a fair shake, whether in their occupations or in broader societal structures. 

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Disclaimer: Clicking the Like button does not constitute a testimonial for, recommendation or endorsement of our advisory firm, any associated person, or our services. Clicking the Like button is merely a mechanism to circulate our social media page. "Like" is not meant in the traditional sense. In addition, postings must refrain from recommending us or providing testimonials for our firm.

Ronald Reagan said it best, trust but verify.

In this week's special edition of Retire in Texas, Darryl Lyons dives into the world of financial crime, breaking down the story of Tim Duncan's unfortunate encounter with deceit and manipulation in the realm of wealth management. Through a detailed recounting of Duncan's experience, Lyons sheds light on the tactics employed by fraudsters like Charles Banks IIII, emphasizing the importance of vigilance and due diligence in safeguarding one's financial well-being.

Show highlights include:

*The story of Tim Duncan, an NBA Hall of Famer, and how he was a victim of financial crime orchestrated by Charles Banks IV, whom he befriended early in life.

*Why vigilance is crucial, and how seeking assistance from trusted advisors like PAX Financial Group can provide added security against financial fraud.

*An explanation of the three attributes of trust: empathy, transparency, and consistency.

*The importance of skepticism in financial relationships, along with the necessity of verifying investment legitimacy.

If you enjoyed today's special edition episode of Retire in Texas, leave a comment and share the show with a friend!

Disclaimer: Clicking the Like button does not constitute a testimonial for, recommendation or endorsement of our advisory firm, any associated person, or our services. Clicking the Like button is merely a mechanism to circulate our social media page. "Like" is not meant in the traditional sense. In addition, postings must refrain from recommending us or providing testimonials for our firm.

For those looking to optimize their long-term wealth preservation and succession planning, strategic Roth conversions may be the answer you are searching for.

In this week's episode of Retire in Texas, Darryl Lyons is joined by PAX's very own advisor, Roger Stukkie. Together, the duo provides valuable insights into Roth conversions, expanding on the potential benefits, risks, and strategic considerations, while also expressing the importance of seeking individualized financial advice.

Show highlights include:

*A discussion of the concept of Roth conversions and how they differ from traditional IRAs in terms of taxation.

*The potential benefits and risks associated with Roth conversions.

*A breakdown of a case study illustrating the strategic planning involved in Roth conversions.

*An explanation of why Roth conversions may not be suitable for everyone.

If you enjoyed today's episode, leave a comment, and share the show with a friend!

Disclaimer: Clicking the Like button does not constitute a testimonial for, recommendation or endorsement of our advisory firm, any associated person, or our services. Clicking the Like button is merely a mechanism to circulate our social media page. "Like" is not meant in the traditional sense. In addition, postings must refrain from recommending us or providing testimonials for our firm.

If you're someone who's hesitant to invest due to fear of market volatility and often find yourself hoarding your money under your mattress, then this episode is tailor-made for you.

In this week's episode of Retire in Texas, Darryl Lyons delves into the world of structured products, offering a comprehensive overview of their potential benefits and considerations for investors seeking a middle ground between traditional investments and safer options.

Show highlights include:

*Why many investors are apprehensive with the current state of the market, and why structured products may be the ideal solution for those who feel this way.

*A breakdown of what a structured product is, and how it can be a useful alternative investment tool if utilized correctly. 

*An outline of five key points about structured products, including their construction by banks or institutions, their returns based on the performance of underlying assets, and their varied terms and features.

*The importance of understanding the risks and fees associated with structured products, including the potential for limited liquidity, varying costs, and the importance of working with reputable financial institutions.

If you enjoyed today's episode, leave a comment and share the show with a friend!

Disclaimer: Clicking the Like button does not constitute a testimonial for, recommendation or endorsement of our advisory firm, any associated person, or our services. Clicking the Like button is merely a mechanism to circulate our social media page. "Like" is not meant in the traditional sense. In addition, postings must refrain from recommending us or providing testimonials for our firm.

Finding the delicate balance between passive oversight and active involvement in personal financial management is a crucial challenge that everyone has to learn to overcome.

In today's episode of Retire in Texas, Darryl Lyons, CEO and Co-Founder of PAX Financial Group, discusses the importance of finding the perfect mix of being "lazy" with being proactive in financial planning.

Today's show highlights include:

*Why we see many individuals struggle with the overwhelming options and complexity of personal financial planning.

*The concept of behavioral traps, which some investors fall into such as inertia, overtrading, or overconfidence, can then lead to poor financial performance.

*Simplifying personal finance by being "lazy" (not obsessing over every investment trend) as beneficial for many individuals. However, this doesn't mean disengaging entirely from financial planning.

*Why regular checkups with a financial advisor are crucial for adapting to changes in taxes, life circumstances, product offerings, and market conditions.

If you enjoyed today's episode, make sure to comment and share it with a friend!

Disclaimer: Clicking the Like button does not constitute a testimonial for, recommendation or endorsement of our advisory firm, any associated person, or our services. Clicking the Like button is merely a mechanism to circulate our social media page. "Like" is not meant in the traditional sense. In addition, postings must refrain from recommending us or providing testimonials for our firm.

With the 2024 presidential election right around the corner, the significance of focusing on what one can control amid external uncertainties can't be stressed enough.

In today's episode of Retire in Texas, PAX Financial Group CEO and Co-Founder, Darryl Lyons, shares insights on navigating financial decisions and life goals through a series of thought-provoking questions. He explores the importance of questioning, drawing inspiration from biblical teachings, and encourages listeners to engage in self-reflection regarding their financial priorities.

Today's show highlights include:

*A breakdown of the 3 essential financial questions that everyone needs to be aware of.

* Why you need to consider your ultimate objectives regarding wealth and retirement, emphasizing purpose and significance beyond mere accumulation.

* The importance of asking questions rather than seeking immediate answers, particularly regarding financial matters.

* A reflection on the evolution of retirement as a concept in direct correlation to increased prosperity and longevity

If you enjoyed today's episode, make sure to comment and share it with a friend!

Disclaimer: Clicking the Like button does not constitute a testimonial for, recommendation or endorsement of our advisory firm, any associated person, or our services. Clicking the Like button is merely a mechanism to circulate our social media page. "Like" is not meant in the traditional sense. In addition, postings must refrain from recommending us or providing testimonials for our firm.

With the 2024 Presidential election just around the corner, it is more important than ever to equip ourselves with the knowledge and mindset necessary to weather market volatility and make informed financial decisions.

In today's episode of Retire in Texas, PAX Financial Group CEO and Co-Founder, Darryl Lyons, breaks down everything you need to be aware of with regards to the upcoming election, and its potential impact on your finances. By understanding the implications of political events on the economy and markets, staying focused on long-term goals, and avoiding emotional reactions to short-term fluctuations, investors can navigate uncertain times with confidence and resilience.

Today's show highlights include:

*An outline of key dates in the election process, including primaries, debates, and Election Day, to help you stay informed and prepared.

*A discussion of potential outcomes of the elections, including various combinations of party control in the presidency, House, and Senate, and how these scenarios may impact markets.

*Addressing top economic and non-economic issues identified in a recent Gallup poll, focusing on the federal budget and debt, and the different approaches of Democrats and Republicans regarding taxation and spending.

*Despite political volatility, why confidence in the long-term resilience of the stock market should be considered.

If you enjoyed today's episode, make sure to comment and share it with a friend or family member!

Disclaimer: Clicking the Like button does not constitute a testimonial for, recommendation or endorsement of our advisory firm, any associated person, or our services. Clicking the Like button is merely a mechanism to circulate our social media page. "Like" is not meant in the traditional sense. In addition, postings must refrain from recommending us or providing testimonials for our firm.

As the 2024 Presidential election approaches, it's crucial for Americans to discern what truly matters to them in order to make informed voting decisions.

In today's episode of Retire in Texas, PAX Financial Group CEO and Co-Founder, Darryl Lyons, dives into the intricate world of financial planning amidst the political landscape. With a focus on key issues like taxes, Social Security, and healthcare, he navigates the complexities of how proposed policies may impact personal finances.

Show highlights include:

*A discussion of the concept of "fair share" in taxes and how it's often framed in political discourse. 

*A breakdown of the historical debate over the size and role of government in the United States and how taxation ties into this debate.

*Four subplots in the upcoming election that may not be decisive factors in voting decisions but are still important for personal financial planning.

*Why, specifically now, it is important that you stay informed on proposed policy changes and their potential impact on personal finances.

If you enjoyed today's episode, be sure to comment and share it with a friend!

Disclaimer: Clicking the Like button does not constitute a testimonial for, recommendation or endorsement of our advisory firm, any associated person, or our services. Clicking the Like button is merely a mechanism to circulate our social media page. "Like" is not meant in the traditional sense. In addition, postings must refrain from recommending us or providing testimonials for our firm.

For 2024, estates exceeding $13,610,000 (or $26 million for married couples) may be subject to estate taxes, making strategic planning essential for wealth preservation, and this number could be even higher in 2025.

In today's episode of Retire in Texas, PAX Financial Group CEO and Co-Founder, Darryl Lyons, dives deep into the intricate world of inheritance and legacy planning, shedding light on key tax considerations that can significantly impact your estate and the wealth you pass on to the next generation.

Some of today's show highlights include:

*A breakdown of the immense tax benefits of living in a Community Property State.

*Why it's vital to differentiate between ordinary income and capital gains in inheritance.

*Understanding the key differences between estate taxes and income taxes.

*The valuable tax provision that is Step-Up in Basis.

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