Tax Planning 101: Strategies For Today And In The Future?

Minimizing your tax burden requires more than just annual filing strategies—it demands a lifetime perspective on wealth management. In today's riveting discussion, we dive deep into the world of comprehensive tax planning that most financial advisors and CPAs simply don't address.

The concept of "tax windows" could transform your financial future. These are specific years when your income situation deviates significantly from your norm—perhaps due to an unexpected bonus, job change, or temporary income reduction. By identifying these windows, we can implement strategic moves like accelerating charitable donations during high-income years or executing Roth conversions during low-income periods. These tactical decisions can save you thousands over your lifetime.

For our younger listeners in their 30s and 40s, we challenge conventional wisdom about tax deductions. While the immediate gratification of tax breaks feels good, we explore why prioritizing Roth contributions and HSAs might actually be your smartest long-term play. With historically favorable current tax rates and the likelihood of increasing income (and potentially tax rates) in your future, building tax-free retirement assets now could be your most powerful wealth-building strategy.

Retirement brings an entirely new tax planning landscape that requires specialized navigation. Those transition years between stopping work and claiming Social Security create golden opportunities for tax optimization that many retirees miss. Remember—you're only newly retired once, and maximizing those early retirement years can dramatically impact your financial security for decades to come.

Ready to transform your approach to taxes? Visit Steadfastwealthplanning.com for a complimentary consultation or call 469-606-2040 to start building a tax strategy that works across your entire lifetime, not just until next April.

To learn more about Steadfast Wealth Planning visit:
https://www.SteadfastWealthPlanning.com
Steadfast Wealth Planning
5550 Granite Pkwy, STE 270
Plano, TX 75024
469-606-2040

What Does It Mean To Have A Fiduciary Financial Advisor, And Why Is It Important?

Finding the right financial advisor isn't just about credentials—it's about connection, compatibility, and comprehensive expertise that aligns with your unique needs. Cody Stansell, CFP and Senior Wealth Advisor at Steadfast Wealth Planning, breaks down the essential questions everyone should consider when selecting a financial planning partner.

The conversation reveals critical red flags that signal potential misalignment, like the uncomfortable "salesman feeling" that permeates some advisor relationships. Cody emphasizes the importance of that initial gut reaction: "If you sit down in a financial planner's office, it's almost like that gut feeling of do we feel like we're in the right place?" True professionals view planning as a relationship, not a transaction, giving clients the time and space needed to make informed decisions without pressure.

Beyond personality fit, Cody explores the fundamental differences between comprehensive planning approaches versus single-focus strategies. He highlights the evolution of financial planning from strictly investment management or insurance-focused models to today's integrated approach that addresses taxes, estate planning, employee benefits, and more. For those navigating complex financial situations, finding an advisor with relevant expertise becomes even more crucial. As Cody notes, "We want a financial planner that goes through several aspects...a comprehensive view on all your money and not just being sold an insurance product."

Whether you're considering a large established firm or a boutique practice like Steadfast Wealth Planning, understanding these distinctions empowers you to make choices aligned with your values and financial goals. Smart planning begins with selecting the right advisor—one who views your financial journey through a lens of transparency, integrity, and Christian values that build toward a life well lived.

To learn more about Steadfast Wealth Planning visit:
https://www.SteadfastWealthPlanning.com
Steadfast Wealth Planning
5550 Granite Pkwy, STE 270
Plano, TX 75024
469-606-2040

How Much Should I Contribute To My 401(k) Or 403(b)?

Ever wondered if you're putting too much—or too little—into your retirement accounts? This question plagues nearly every working adult, but the answer isn't as straightforward as many financial advisors might suggest.

In this deeply insightful conversation, Cody Stansell reveals a revolutionary perspective on 401k and 403b contributions that challenges conventional wisdom. Rather than pushing the "max out your retirement" mantra, he explains why your age fundamentally changes how you should approach retirement savings. For those over 45, he unveils a mathematical tipping point where investment returns actually drive more growth than your contributions—potentially freeing up cash flow for other priorities like long-term care insurance, mortgage payoff, or enjoying life with family.

The discussion demystifies the pre-tax versus Roth contribution decision with a simple "two trees" analogy that clarifies exactly when each option makes sense for your tax situation. For younger savers, Cody provides practical guidance for balancing retirement savings with debt repayment and emergency funds, explaining why capturing your employer match might be sufficient during certain life stages.

What truly distinguishes this episode is how it weaves financial wisdom with faith-based stewardship principles. "The whole goal is not just to accumulate zeros and commas," Cody reminds us, emphasizing that moderation and balance should guide our financial decisions. This perspective transforms retirement planning from a numbers game into a thoughtful exercise in building a life that honors both present needs and future security.

Ready to apply these insights to your own financial journey? Visit Steadfastwealthplanning.com for a complimentary consultation or call 469-606-2040 to speak with an advisor who understands both financial wisdom and faith-based values.

To learn more about Steadfast Wealth Planning visit:
https://www.SteadfastWealthPlanning.com
Steadfast Wealth Planning
5550 Granite Pkwy, STE 270
Plano, TX 75024
469-606-2040

How Does Christian-based Financial Planning Differ From Traditional Financial Planning?

Money talks, but does yours speak the language of faith? In this thought-provoking episode, Cody Stansell, senior wealth advisor at Steadfast Wealth Planning, pulls back the curtain on how Christian-based financial planning differs from conventional approaches in meaningful ways.

At its foundation lies the stewardship mindset—recognizing that our resources aren't truly ours, but entrusted to us for wise management. Cody explores three key areas where faith transforms financial practice. First, he breaks down Biblically Responsible Investing, explaining how portfolios can be filtered to exclude companies involved in activities contrary to Christian values without confusing faith-based investing with politically-motivated approaches. For Christians concerned about where their investment dollars flow, this provides practical guidance for aligning portfolios with personal convictions.

Transitioning to retirement challenges, Cody addresses a common question from Christian retirees: how to tithe without regular income. He offers two straightforward approaches—tithing on retirement income streams or tithing based on monthly spending—while cautioning against tying giving directly to investment performance. The conversation shifts naturally to legacy planning with a stewardship perspective, encouraging intentionality about how our resources can bless others both during our lifetime and beyond. Rather than simply accumulating wealth until death, Cody advocates experiencing the joy of generosity while still living through foundations, donor-advised funds, and meaningful family experiences.

Grounded in 1 Corinthians 15:58, Steadfast Wealth Planning embodies being "steadfast, immovable" amid market volatility and media-driven fear. This conversation reminds us that financial planning at its best isn't just about building wealth, but cultivating a life of purpose and faith. 

Ready to align your finances with your faith? Call 469-606-2040 to explore how stewardship principles can transform your approach to wealth.

To learn more about Steadfast Wealth Planning visit:
https://www.SteadfastWealthPlanning.com
Steadfast Wealth Planning
5550 Granite Pkwy, STE 270
Plano, TX 75024
469-606-2040

The Building Blocks To Everyone’s Finances – What Should I Be Focused On? 

In this episode of the Steadfast Wealth Planning Podcast, host Cody Stansell, owner and senior wealth advisor, discusses comprehensive Christian-based financial planning for different life stages. The episode breaks down financial planning into three stages: early years (under 40), crucial years (40-60), and enjoyment years (60+).  The episode provides practical advice for individuals and families to establish a strong financial foundation at any age

Key focus areas include maintaining a good cash balance, prioritizing debt repayment, saving for retirement, life insurance, and estate planning. Cody provides valuable insights tailored to each phase, helping you build a strong financial foundation and plan for a prosperous future. Join us for expert advice to secure your financial health through all stages of life.

To learn more about Steadfast Wealth Planning visit:
https://www.SteadfastWealthPlanning.com
Steadfast Wealth Planning
5550 Granite Pkwy, STE 270
Plano, TX 75024
469-606-2040

How Often Should I Review And Rebalance My Investment Portfolio? 

Does your investment strategy need a checkup? We explore why your portfolio isn't a "set it and forget it" proposition in this essential episode on investment maintenance.

Ever wondered about the difference between rebalancing and reviewing your investments? Wealth advisor Cody Stansell breaks down these critical concepts using clear, practical examples that demystify portfolio management. Rebalancing—the practice of systematically buying low and selling high—should happen quarterly at minimum to maintain your target allocation as market movements naturally shift your investments off balance.

But when it comes to reviewing and potentially changing your investment strategy, Stansell offers surprising advice: don't do it too often. Constantly adjusting your portfolio based on market noise or weekly news cycles typically hurts more than helps. Instead, focus on thorough research upfront, make conviction-based decisions, and stick with them unless fundamental economic conditions change significantly. That said, completely neglecting your investments for years is equally problematic—an annual portfolio review provides the right balance for most investors.

We also tackle a common investment mistake: choosing funds based solely on past performance. Different mutual funds have different objectives—some prioritize stability and income while others aggressively pursue growth. Understanding these distinctions is crucial for building a portfolio that aligns with your financial goals and timeline. Remember that yesterday's star performer might not be tomorrow's winner as economic conditions evolve.

Ready to give your investment portfolio the attention it deserves? Visit Steadfastwealthplanning.com for a complimentary consultation or call 469-606-2040 to start building a financial future aligned with both smart planning and Christian values.

To learn more about Steadfast Wealth Planning visit:
https://www.SteadfastWealthPlanning.com
Steadfast Wealth Planning
5550 Granite Pkwy, STE 270
Plano, TX 75024
469-606-2040

How Do I Create A Retirement Income Plan That Lasts?

Retirement planning goes far beyond simply saving money—it requires a strategic approach to creating sustainable income that lasts throughout your golden years. In this enlightening episode, Senior Wealth Advisor Cody Stansell breaks down the essential components of building retirement income that withstands the test of time.

At the heart of effective retirement planning is understanding your own investment personality. Are you the conservative type who values predictable income and minimal market fluctuations? Or do you have a more aggressive mindset, comfortable with market volatility in exchange for potentially higher returns? Cody emphasizes that neither approach is inherently right or wrong—what matters is creating a strategy aligned with your personal comfort level and needs.

The conversation explores the classic "three-legged stool" approach to retirement income. First, Cody offers powerful insights on Social Security timing, revealing how delaying benefits can increase your monthly payments by approximately 8% for each year you wait. Second, he discusses the pros and cons of annuities and pensions as guaranteed income sources, highlighting when they might (or might not) be appropriate for your situation. Finally, he examines how to strategically withdraw from investment portfolios to complement your other income streams.

Perhaps most compelling is Cody's breakdown of "bucket planning"—a methodology that divides retirement savings into three distinct timeframes: a conservative bucket for immediate needs (24-36 months of expenses), an intermediate bucket for the medium term, and a growth-focused bucket for long-term needs. This approach allows retirees to sleep peacefully during market downturns while still positioning a portion of their assets for the growth needed to combat inflation over decades of retirement.

Want to create a retirement income plan tailored to your unique situation? Visit Steadfastwealthplanning.com for a complimentary consultation or call 469-606-2040. Smart planning, Christian values, a life well lived.

To learn more about Steadfast Wealth Planning visit:
https://www.SteadfastWealthPlanning.com
Steadfast Wealth Planning
5550 Granite Pkwy, STE 270
Plano, TX 75024
469-606-2040

What Are The Biggest Mistakes People Make When Withdrawing From Retirement Accounts?

How you withdraw from your retirement accounts is just as crucial as how much you save—possibly even more important. This fundamental truth sits at the heart of our latest conversation with Cody Stansell, who reveals why many retirees struggle despite substantial savings.

Drawing from years of experience guiding clients through retirement transitions, Cody explains that moving from accumulation to distribution represents a profound shift that many fail to navigate properly. "It's like taking off with a plane," he explains. "It's easier to take off and coast in the air than it is to actually land the plane." This aviation metaphor perfectly captures why even diligent savers can find themselves in trouble without proper withdrawal strategies.

The episode delves into the two most devastating retirement withdrawal mistakes. First, failing to create a comprehensive plan that accounts for market volatility, unexpected expenses, and inflation—which has driven the cost of living up 22% since 2021 alone. Second, maintaining inappropriate investment allocations that either expose retirees to excessive market risk or fail to generate the growth needed to sustain purchasing power over decades.

Cody's innovative three-bucket approach provides a practical framework anyone can implement. By strategically allocating funds based on when they'll be needed—immediate expenses, mid-term needs, and long-term growth—retirees can both sleep soundly during market turbulence and ensure their money lasts as long as they do. He also addresses the psychological aspects of retirement spending, noting how natural savers and spenders require different guidance to achieve financial balance.

Whether you're approaching retirement or already there, this episode delivers actionable insights to help ensure your nest egg provides the retirement lifestyle you've worked so hard to achieve. Ready to implement these strategies? Visit Steadfastwealthplanning.com for a complimentary consultation or call 469-606-2040 to speak with a qualified advisor who can help tailor these principles to your unique situation.

To learn more about Steadfast Wealth Planning visit:
https://www.SteadfastWealthPlanning.com
Steadfast Wealth Planning
5550 Granite Pkwy, STE 270
Plano, TX 75024
469-606-2040

How Do I Know If I’m On Track For Retirement?

Do you lose sleep wondering if your retirement savings will be enough? You're not alone. The most common concern we hear isn't about becoming wealthy—it's about avoiding becoming a burden on family in later years.

In this enlightening discussion, Senior Wealth Advisor Cody Stansell tackles the question that weighs heavily on so many minds: "How do I know if I'm on track for retirement?" Moving beyond simplistic online calculators and one-size-fits-all solutions, Cody reveals why retirement planning is deeply personal and comparable to individual calorie needs—what works for one person may be completely inadequate for another.

Discover the powerful concept of cash flow matching—identifying how much you'll need in retirement and aligning it with income sources. Cody explains how the 4-5% withdrawal rule works and why having your retirement "oxygen mask" secured before addressing other financial priorities creates a foundation for confidence. For younger listeners still decades from retirement, learn the value of the 15% savings guideline and how it provides direction amidst life's inevitable changes.

Whether retirement feels distant or drawing near, this episode delivers practical wisdom grounded in Christian values to help you build more than wealth—to build a life well-lived with purpose and peace of mind. Ready to gain clarity on your retirement journey? Visit steadfastwealthplanning.com for a complimentary consultation.

To learn more about Steadfast Wealth Planning visit:
https://www.SteadfastWealthPlanning.com
Steadfast Wealth Planning
5550 Granite Pkwy, STE 270
Plano, TX 75024
469-606-2040

What Are The Key Components Of A Strong Financial Plan?

Money management without clear purpose is like driving without a destination—you might move forward, but you'll never arrive where you truly want to be. This episode dives deep into the three foundational pillars that make the difference between simply having money and having a purposeful financial plan.

Cody Stansell shares why your cash position might matter more than your overall net worth, explaining that even millionaires feel financial anxiety when they're cash-strapped. He recommends maintaining 6-12 months of expenses in liquid assets to prevent emotional decision-making during market downturns and provide true financial confidence. Beyond emergency protection, this liquidity gives you the freedom to seize opportunities when others are forced to sell.

We explore the surprising reality that many couples—even those who've been married for decades—have never had meaningful conversations about their financial goals. Cody draws a compelling parallel between financial planning and personal training: just as a fitness program requires clear objectives, your money needs direction to work effectively for you. The episode walks through practical conversation starters to help you and your spouse align your financial vision.

The discussion culminates with a detailed breakdown of the "bucket strategy" for retirement planning—a three-tiered approach that provides immediate security while still allowing for long-term growth. By segmenting your investments based on when you'll need the funds, you create both psychological comfort and financial efficiency. Whether you're two years or two decades from retirement, this framework offers a balanced approach to risk management that works in all market conditions.

To learn more about Steadfast Wealth Planning visit:
https://www.SteadfastWealthPlanning.com
Steadfast Wealth Planning
5550 Granite Pkwy, STE 270
Plano, TX 75024
469-606-2040