Retirement Road Map

As a parent, it's never too early to start talking to your kids about money. Before you know it, they'll be going off to college and getting their first job as a young adult. At that point, they'll probably have questions about how much they can afford to spend and whether or not they should invest in a 401(k). Today's episode will help prepare you for some of those questions.

We're excited to introduce our audience to Mike Guthrie. Mike is a Financial Advisor at SHP and has over 25 years of experience in finance and financial planning. Before joining us at SHP, Mike worked at Morgan Stanley, BlackRock, and Northwestern Mutual, to name just a few.

In our conversation, we'll explore some of the common questions that your kids might need advice on. We'll discuss employer benefits that might be available to them, the difference between a traditional and Roth 401(k), and what types of investments they should consider within those plans.

In this podcast interview, you'll learn:

• The value of saving early with compounding interest.
• How to start the process of teaching your kids about managing expenses.
• The difference between a traditional and Roth 401(k).
• How Target Date Funds work and why they are attractive for young investors.
• The importance of investing early with regular contributions, especially when the markets are down.

Want the Full Show Notes?

To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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Many entrepreneurs and business owners will admit that it's easy to get caught up in sales, numbers, targets, and growth. But at what cost? As you'll hear in this conversation, the sacrifices people make to build a 7, 8, or even 9-figure business can leave their family and loved ones wishing they could enjoy more time with them instead of enjoying the fruits of their labor.

Today, we're thrilled to have Michael Hyatt on the podcast. Michael is the Founder and Chairman of Full Focus, which has been featured in the Inc 5000 list of Fastest Growing Companies in America and Inc's Best Workplaces. He's also scaled multiple companies, including a $250 million publishing company with 700+ employees, and has written numerous bestselling books, including Your Best Year Ever, Free to Focus, Win at Work and Succeed at Life, and Mind Your Mindset.

In this conversation, we get into what Michael is doing to take a back seat in his business without exiting entirely, how to prioritize the Double Win in life and work, and why your most important purpose hasn't been fulfilled if you're reading this right now.

In this podcast interview, you'll learn:

• How the lessons Michael learned about exits and retirement from his long career in business informed his own transition plan.
• What happened when Michael had enormous success in business at the cost of his home life–and how he rethought his approach to show up for his family.
• How Michael has helped clients cultivate a vision for their life after the 40+ hour workweek.
• The beauty of finding work-life balance–and why purpose is at the heart of it all.

Want the Full Show Notes?

To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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Whether we like it or not, our tax laws will be changing again soon. That's why it's so important to keep your tax planning needs top of mind and be aware of what those changes are and how they factor into your retirement plan.

Today, we're once again joined by Chase Reardon to talk about some important changes to the Tax Cuts and Jobs Act and how you can take advantage of opportunities that exist to mitigate taxes.

We'll discuss why tax planning and portfolio planning have to go hand in hand, how Chase and the SHP Financial team works with clients to build a tax plan for their specific needs, and what you can do right now to save money in retirement.

In this podcast interview, you'll learn:

• Why tax planning can never be a set it and forget it strategy.
• The major advantages of the Tax Cuts and Jobs Act–and why these benefits will mostly go away at the end of 2025.
• How to know whether a Roth conversion is right for you.
• Assets you can use to change your tax structure, including trusts, charitable gifts, and 529 accounts.

Want the Full Show Notes?

To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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If you're buying a home or thinking about refinancing your existing mortgage, you've probably got a lot of questions: what are interest rates going to be? Are these high interest rates here to stay forever? How much equity can I unlock to pay bills or renovate my home?

We're thankful to have Nate Hartseil from Main Street Home Loans with us today to walk us through the current mortgage landscape and what your options might be, whether you're looking to buy or sell.

In this conversation, we explore when, why and how the Fed may finally cut interest rates, strategies you can use to retire debt for you and your family, and how to get out from under debts that might be weighing you down.

In this podcast interview, you'll learn:

• Why Nate believes we're approaching the light at the end of the tunnel when it comes to the housing market.
• Why so many Americans are living paycheck-to-paycheck and why debt is on the rise.
• The two types of refinances you can use to free up disposable income.
• When, why, and how to write a reverse mortgage.

Want the Full Show Notes?

To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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One of the most popular questions that we get from our clients is, "How are you different?" It's a simple question but difficult to explain in 10 words or less. The quick answer is that it's not just the people, our portfolios, or our years of experience on our teams. It's all of it... and more.

Here to help me explain what sets SHP apart from other firms is VP of Advisory Solutions, Nick Nelson. Nick started at SHP in 2016 and has been instrumental in helping us grow our business to what it is today.

So today, we'll discuss how we've been a culture that prides itself on delivering an outstanding client experience by putting our clients first and going beyond helping them achieve personal or financial goals. You'll also hear why all of our teams are solutions teams and how each team is making a difference in the growth of our business and our client's lives.

In this podcast interview, you'll learn:

• How being a good culture fit is so important for new hires.
• Why the Advisory Solutions team is such an integral part of client experience.
• The ripple effect of growing your firm with trusted and dedicated team players.
• How SHP's 3rd party relationships enhance the client experience.

Want the Full Show Notes?

To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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Most business owners are probably unaware that the Corporate Transparency Act went into effect on January 1, 2024. More importantly, this new law will directly impact the day-to-day operations of many business owners. Intended to combat money laundering, human trafficking, and funding terrorism, this new law brings with it new reporting requirements with an array of penalties.

We're thrilled to welcome David Chaves back to the podcast as he brings unique skills and experience to talk about this very important topic. He's a retired FBI Agent, attorney, and keynote speaker on topics including white-collar crime, compliance, risk management, government investigations, and leadership.

In this conversation, we'll explain why most businesses will be impacted by this law, how to ensure your business complies with FinCEN if necessary, and how to get ahold of David's ebook to learn more.

In this podcast interview, you'll learn:

• Who within your company may now need to file for corporate transparency compliance and why it matters.
• Reporting deadlines for FinCEN compliance and potential fines for noncompliance.
• Who will be able to see your FinCEN compliance information after you file.
• Why FinCEN compliance is catching the United States up to the rest of the world.

Want the Full Show Notes?

To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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Welcome to the kickoff of 2024 as we explore the evolving economic terrain. Join us for valuable insights shared by SHP Financial's Co-founder, Matthew C. Peck, CFP® CIMA®, who brings clarity to dissect the latest updates in the financial landscape. Alongside him is our co-host and Sr. Service Representative, Laura Russo, ready to provide an insightful perspective and make sense of the dynamic changes in store for this year.

In this episode, we'll navigate through the intricacies of the financial world, uncovering key trends, potential challenges, and exciting opportunities that lie ahead. Matt and Laura will break down the essential updates, ensuring you're well-informed and prepared to navigate the economic landscape in 2024!

There are five worlds of financial planning: income, investment, tax, health care, and legacy–and today's episode is all about legacy. We believe your legacy is more than your estate and the assets you leave behind.

The fact is, if you don't take control of your legacy with proper financial planning, someone else will. These are tough conversations to have for most people, but by the end of the episode, our goal is to help you feel comfortable taking that first step and getting started.

We're happy to have someone like Mark Kenney at SHP share his expertise and experience. Today, we'll discuss how legacy planning impacts every other part of your financial plan, simple ways to reduce your estate taxes, and the key touch points you should be aware of as you create your legacy plan.

In this podcast interview, you'll learn:

• Why legacy is an integral part of every financial plan.
• The common complications that arise in legacy planning and passing assets on to children or other beneficiaries.
• How (and why) certain clients choose to gift to their beneficiaries over the course of a lifetime, rather than just after they pass.
• Why the rules for gifting are more generous when it comes to education (529) accounts.
• What makes legacy planning so difficult for DIYers.

Want the Full Show Notes?

To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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The end of the year is a time to reflect not just on what we're grateful for and what we accomplished, but it's also a great time to review the state of our financial plans–and the opportunities to take advantage of before the clock strikes midnight on December 31.

Here at SHP, that means it's all hands on deck this time of year to check all the boxes so that we're setting our clients up for long-term success and a stress-free retirement.

In today's episode, we're talking about how the major changes to tax law passed over the last five years will affect retirees for decades to come, and what you can do right now to make sure that your finances are one less thing for your loved ones to worry about.

In this podcast interview, you'll learn:

• Why a holistic financial plan is so much more than portfolio management.
• How to avoid massive tax penalties when it's time to take required minimum distributions.
• What you can do to avoid leaving money on the table in a time of maximized interest rates.
• Why it's almost always better to focus your time and energy on earning money than saving it by DIYing your finances.

Want the Full Show Notes?

To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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When most people think of tax planning or doing their taxes, many would rather save it for another day. But if there's one area that we can help our clients with to save them money, it's with their tax planning.

In today's episode, Derek Gregoire and Matthew Peck emphasize the importance of proper tax planning in your retirement plan. They'll discuss tax diversification strategies, Roth conversions, and concepts to ensure that more of your hard-earned money stays in your account instead of going to Uncle Sam.

If you've been contributing to IRA and 401(k) accounts, you have a head start. By implementing simple (yet effective) strategies to move money into tax-free accounts, you'll be ahead of the game when you retire.

In this podcast interview, you'll learn:

• How future increases to tax rates will impact how much investors will need to withdraw from their investments.
• The guides that are available online at SHP to help with your tax planning needs.
• How tax planning and legacy planning go hand in hand with what you leave behind to your children and beneficiaries.
• Why now might be the right time to leverage Roth conversions in your portfolio.
• How a methodical approach to moving pretax and after-tax dollars to a tax free account will save more money in the long run.

Want the Full Show Notes?

To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast

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