In this episode of The Retirement Readiness Project, we delve into the often neglected yet vitally important topic of involving family in financial decision-making. Hosts Tim Regan and Katie Umland explore why it’s crucial to bring family members into conversations about financial planning and decision-making well before any end-of-life scenarios arise.

From discussing the need to communicate with beneficiaries and those designated with power of attorney, to the importance of maintaining a "book of knowledge" for financial accounts and documents, this episode provides a comprehensive guide to ensuring your legacy is managed smoothly. “Financial discussions should ultimately help money be seen as a blessing, not a source of conflict,” Tim notes.

Listeners will also learn about the benefits of regular family meetings with financial advisors, the role advisors play in mediating familial financial disputes, and how making these meetings more informal, such as over dinner, can ease tensions and foster openness.

Katie also shares a personal update about her daughter Quinnie, who is nearly one and already active, while Tim reminisces about his fall traditions and the challenges of transitioning his children's wardrobes.

Tune in for a practical, down-to-earth conversation designed to help you prepare for the future with clarity and confidence.

3 Key Takeaways
- Involving family members in financial decision-making early on can prevent future conflicts and misunderstandings.
- Maintaining a "book of knowledge" for financial documents and accounts is essential for smooth transitions in case someone else needs to step in.
- Regular family meetings with a financial advisor can help build familiarity and trust, making financial discussions less daunting and more effective.

This week’s episode explores a crucial aspect of financial readiness: how to build strong financial foundations through effective college planning and money management strategies. Hosts Tim Regan and Katie Umland tackle real-world issues associated with preparing for college costs, including financial conversations, planning timelines, and teaching kids about money management at an early age.

"Set a clear budget early to inform your college search and avoid unnecessary disappointments," emphasizes Tim Regan, highlighting the need for thorough planning to prevent financial pitfalls.

Listeners will gain insights on how to align both parents on financial commitments before engaging children in discussions, the importance of exploring colleges within budget constraints, and practical advice on involving financial advisors. Tim and Katie also share their family experiences, such as using real-life responsibilities to teach credit management and employing tools to match college choices with individual interests.

Tune in to uncover more about setting your child up for success as they take their first step towards higher education, and explore the steps you can take now to ease future financial burdens.

3 Key Takeaways
✔️ Begin financial discussions early in your child’s junior year to set realistic expectations and establish a budget.
✔️ Parents need to align on financial contributions to avoid sending mixed messages to their child about funding college education.
✔️ Introduce money management techniques and responsibilities early to help your child build a strong financial foundation before heading to college.

This week, we're diving into a question many people ask themselves: Do I really need a financial advisor – and if so, what should that relationship look like through the different phases of life?

Often, your financial needs evolve through different stages of life – from early career to family life, pre-retirement, and into retirement. Hosts Tim Regan and Katie Umland explain why it’s crucial to find a financial advisor who specializes in where you’re at right now, whether it’s managing student loans and setting up your first 401(k), or navigating stock options and estate planning later in life.

“Get to the person that says, ‘You're exactly who I serve, this is my specialty, and this is where I can serve you well,’” Tim says.

Plus, hear about PrairieView Wealth’s exciting new digital tools designed specifically for young professionals to jumpstart their financial planning in a modern, interactive way.

Click play to learn more, and be sure to check out our library of previous episodes!

Have you ever wondered what life could have been if you'd pursued a different career?

Today, hosts Tim Regan and Katie Umland dive into the exciting possibilities of working after retirement or embarking on an entrepreneurial journey as a retiree. They share real success stories to help inspire your "second act” – from a previous client who became a global tour guide to an RV-lover who’s spending their retirement as a campground landlord.

“A lot of times people get to that age where they're like, ‘I feel like it's time for me to stop doing what I'm doing – but am I retiring from something or am I retiring to something?’” Tim explains.

Listen in to hear why starting a new business, franchising, consulting, or transitioning to a part-time role in your previous industry could help you stay sharp and fulfilled in your golden years, or check out our library of previous episodes!

In this episode of the “Retirement Readiness” podcast, our hosts discuss the importance of having a financial advisor even after retirement, emphasizing that retirement is not an endpoint but an ongoing journey that requires guidance. With new complexities like tax planning and required minimum distributions, an advisor can help you take a whole-life approach to keep your goals and money on track.

“Where we start to see the value in an advisor is in that forward-looking: Let's be really mindful and thoughtful about the Two Comma life you're trying to live, and how we can get the most out of your money to do it,” Tim explains.

Tim and Katie also touch on the misconceptions surrounding retirement and how it's often not just about sitting back and relaxing but also embracing a new chapter filled with creativity, vibrancy, and abundance.

Click play to learn more about the value of working with a financial advisor post-retirement, and browse our library of other podcast episodes to round out your retirement knowledge.

Wondering how to become independently wealthy?

In our latest episode of the “Retirement Readiness” podcast, hosts Tim Regan and Katie Umland dive into:

• What “independent wealth” truly means
• How building wealth and generating income are different
• The importance of creating specific goals, designing an intentional path to success, and planning for obstacles you’ll face along the way

Sometimes, those obstacles are deciding between your priorities, like answering work emails or making it to the Saturday morning softball game. It could also involve having tough conversations with your spouse, who may have a different vision of success in mind.

Listen to the full episode to learn more tips and strategies you can use to achieve independent wealth and work toward your version of a Two Comma Life. And if you’re looking for more financial planning content, feel free to browse our library of previous episodes.

In today's episode of "Retirement Readiness," hosts Tim Regan and Katie Umland explore the evolving phases of financial planning across one's lifetime. They break down the journey into three key stages:

• establishing a career and financial foundation in your early years
• optimizing wealth while your career flourishes and during the family-raising years
• strategic wealth management as you transition into retirement

From starting 401k contributions to protecting assets and planning legacies, you’ll hear actionable “bullet point” tips for each stage (and some real-world examples from Tim and Katie themselves!).

Click “play” to get started or explore our library of other “Retirement Readiness” episodes.

Did you ever imagine retirement as a launchpad for your dream business? Still love the idea of being your own boss? One of the best parts of living a Two Comma life of abundance is the opportunity to design a lifestyle you love (even after you stop working).

This episode of “Retirement Readiness” explores the exciting world of encore entrepreneurship – or building your own business as a senior. Learn how to leverage your experience, passions, and newfound freedom to launch a fulfilling business venture in your golden years.

Tim and Katie discuss:

• Why retirement is the perfect time to become your own boss
• Creative business ideas for post-retirees
• Financial considerations for entrepreneurs on Social Security
• How to design your ideal retirement – with or without a business

Tune in and discover how to turn your retirement into the most rewarding chapter of your life, and be sure to explore our library of other “Retirement Readiness” episodes.

In this episode of the “Retirement Readiness” podcast, Tim and Katie explore the concept of cultivating a "millionaire mindset" focused on abundance, freedom, and living a life filled with purpose. Listen in to discover:

• Finding your calling and what brings you joy
• Making small, consistent changes to achieve big results
• The importance of breaking free from limitations outside of your fishbowl
• Designing your own fulfilling retirement, regardless of net worth

Plus, Tim and Katie offer practical tips and strategies to help you transition into a vibrant and meaningful retirement, encouraging you to live life to the fullest – with or without Two Commas in your bank account.

Listen to the full episode to learn more about the Two Comma life and how to achieve it, or click here to explore our library of “Retirement Readiness” episodes.

Dream of spending your retirement with grandkids? This episode of “Retirement Readiness” tackles how to balance that joy with smart financial planning. Tune in to:

• Learn how to invest strategically for their future with different tax-advantaged accounts, from 529s to custodial accounts.
• Discover why clear communication with your spouse, kids, and grandkids is key.
• Explore the importance of keeping your overall vision for your Two Comma life in focus while planning for the future.
• Consider how you can best support your loved ones, even if the outcome isn’t always necessarily “equal.”

“If you take a minute and kind of step back and think about grandparenting and retirement intentionally, what do we want this relationship to look like? What do we want that lifestyle to look like?” host Tim Regan says. “I think you can get to a really happy place and kind of check all the boxes.”

Listen to the full episode to learn more about retirement and grandparenting, or click here to explore our library of “Retirement Readiness” episodes.