“How much should I be saving?” and “How much can I spend once I retire?” are the two questions I get asked more than anything else.

Almost every answer you’ll find online treats them as separate: save 15%, spend 4%, done.

But they’re actually the SAME question.

What you save while you’re working decides what you can spend when you stop, and how you plan to spend in retirement should decide how much you save right now.

Whether you’re 35 and building or 63 and about to flip the income switch, this episode connects the dots with the good, the bad, and the ugly of saving and spending.

You’ll also learn:

- How to calculate your real savings rate (employer match included) and your withdrawal rate

- The “double win” of saving more: you build FASTER and you shrink the retirement you need to fund

- Why the 4% rule is a starting point, not a plan

- Why rules of thumb built for average earners can leave high earners under-saving, and how to build YOUR OWN number from your actual spending

- Why a million dollars in a pre-tax 401(k) isn’t a million dollars of spending money, and why you want taxable, tax-deferred, and tax-free buckets

- How lifestyle creep, the cost of waiting, sequence of returns risk, and saving so well you forget to live can all derail the plan, and the fix for each

They’re not two questions. They’re ONE plan.

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You've built something real.

Let's make sure it stays that way.

I help business owners and high-achieving families build clear, practical financial plans that hold up when life doesn't go according to plan.

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Parallel Financial, LLC is a member firm of The Fiduciary Alliance, LLC, which is a registered investment adviser. More information about Parallel Financial can be found in Form ADV Part 2 which is available upon request. This website is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security or other investment, or to undertake any investment strategy. Opinions expressed herein are solely those of Parallel Financial, LLC, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel prior to implementation.

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#WellAdvisedWealth #FinancialPlanning #BuildWealthLiveWell #CertifiedFinancialPlanner #BackdoorRoth #RothIRA #TaxPlanning #RetirementPlanning #MoneyMindset #PersonalFinancePodcast

You retire, you've done everything right: saved, invested, even paid your taxes.

Then a few months into your first year on Medicare, a letter from Social Security tells you your premium is going to be two, three, even FOUR TIMES what your neighbor pays.

Same Medicare, same doctors, same coverage, just a much BIGGER bill.

It's not a loophole or a rumor. It's an actual line in the tax code, and it works the same whether you own a business or not.

It's called IRMAA, and it catches more successful retirees off guard than almost anything I see in my practice. In this episode, I break down how the decisions you make before December 31st of this year decide what you'll pay for Medicare two years from now.

You’ll also learn:

- The two terms you need to know - MAGI and the two-year look-back

- Why IRMAA is actually one of the most predictable costs in retirement, and the form that can get your surcharge reduced if you've had a qualifying life event

- How one extra dollar of income can cost a couple over $2,000 a year, and why married couples get hit twice as HARD

- Why tax-free municipal bond interest still counts against you

- How to plan Roth conversions with Medicare's price tag in mind

- The often-overlooked "widow's penalty" that can double a surviving spouse's premium

If you're 63 or older, this episode could help you protect thousands of dollars before the year ends.

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You've built something real.

Let's make sure it stays that way.

I help business owners and high-achieving families build clear, practical financial plans that hold up when life doesn't go according to plan.

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Parallel Financial, LLC is a member firm of The Fiduciary Alliance, LLC, which is a registered investment adviser. More information about Parallel Financial can be found in Form ADV Part 2 which is available upon request. This website is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security or other investment, or to undertake any investment strategy. Opinions expressed herein are solely those of Parallel Financial, LLC, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel prior to implementation.

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#WellAdvisedWealth #FinancialPlanning #BuildWealthLiveWell #CertifiedFinancialPlanner #BackdoorRoth #RothIRA #TaxPlanning #RetirementPlanning #MoneyMindset #PersonalFinancePodcast

Every April, homeowners in Augusta, Georgia rent out their houses to golf tournament visitors - pulling in FIVE FIGURES for one week, completely tax-free.

It's not a loophole or a rumor. It's an actual line in the tax code, and it works the same whether you own a business or not.

It's called the Augusta Rule, and today I break down the good, the bad, and the ugly - including a real tax court case that shows exactly what goes WRONG when someone pushes it too far.

You’ll also learn:

- Why any homeowner qualifies for tax-free rental income up to 14 days a year

- How the rule works separately for each home you genuinely live in, if you own more than one qualifying property

- The "double-dip" version business owners can use - renting your own home to your own company for a legitimate business purpose

- The exact rules that TRIP people up

- The exact fix that lets a fresh backdoor contribution convert cleanly

- A 2023 tax court case where a business's $290,000 in "rent" got reduced to just $16,500

Whether you're just renting to a stranger for a weekend or considering the business owner version, this episode gives you what you need to do it right - and what can go WRONG if you don't.

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You've built something real.

Let's make sure it stays that way.

I help business owners and high-achieving families build clear, practical financial plans that hold up when life doesn't go according to plan.

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Parallel Financial, LLC is a member firm of The Fiduciary Alliance, LLC, which is a registered investment adviser. More information about Parallel Financial can be found in Form ADV Part 2 which is available upon request. This website is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security or other investment, or to undertake any investment strategy. Opinions expressed herein are solely those of Parallel Financial, LLC, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel prior to implementation.

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#WellAdvisedWealth #FinancialPlanning #BuildWealthLiveWell #CertifiedFinancialPlanner #BackdoorRoth #RothIRA #TaxPlanning #RetirementPlanning #MoneyMindset #PersonalFinancePodcast

You probably have a Health Savings Account - but chances are, you’re NOT using it correctly.

It's the only account in the entire tax code where your money goes in tax-free, grows tax-free, and comes out tax-free.

Yet most people leave it sitting in cash, treating it like a checking account for co-pays instead of one of the BEST wealth-building tools available.

In this episode, I break down the good, the bad, and the ugly of the HSA - including a simple trick almost nobody uses and a mistake that can quietly cost you THOUSANDS.

You’ll also learn:

- The "tax trifecta" that makes the HSA the only account with three tax advantages at once

- Why turning 65 turns your HSA into a second retirement account

- The double penalty for spending HSA money on the wrong thing, and the yearly contribution limits you need to know

- How a Medicare backdate can silently create an "excess contribution"

- Why leaving your HSA to the wrong person can turn it into one giant tax bill for them

If you have an HSA right now, this episode could change how you use it for the rest of your life.

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You've built something real.

Let's make sure it stays that way.

I help business owners and high-achieving families build clear, practical financial plans that hold up when life doesn't go according to plan.

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Parallel Financial, LLC is a member firm of The Fiduciary Alliance, LLC, which is a registered investment adviser. More information about Parallel Financial can be found in Form ADV Part 2 which is available upon request. This website is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security or other investment, or to undertake any investment strategy. Opinions expressed herein are solely those of Parallel Financial, LLC, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel prior to implementation.

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#WellAdvisedWealth #FinancialPlanning #BuildWealthLiveWell #CertifiedFinancialPlanner #HSA #HealthSavingsAccount #TaxPlanning #RetirementPlanning #MoneyMindset #PersonalFinancePodcast

Your spouse passes away.

Days later, a letter shows up from the custodian with four options and a deadline - all while you're planning a funeral. One decision at that moment can permanently affect your taxes, sometimes costing tens of thousands of dollars more than it should.

In this episode, I walk you through inherited IRAs and spousal rollovers - what actually happens to a retirement account when it passes from one spouse to another, and the good, the bad, and the ugly of each path.

You’ll also learn:

- Why a surviving spouse gets more flexibility than any other beneficiary in the tax code

- The real difference between a spousal rollover and staying a beneficiary

- The "hybrid" strategy that lets a spouse access funds penalty free now and roll over later

- Why custodians often default you into the wrong choice, and how that single decision can trigger unnecessary taxes and penalties

- The blended-family mistake that can accidentally cut out a deceased spouse's intended beneficiaries

If you're a beneficiary on a spouse's retirement account right now, this episode could save you thousands in taxes and heartache before you sign anything.

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You've built something real.

Let's make sure it stays that way.

I help business owners and high-achieving families build clear, practical financial plans that hold up when life doesn't go according to plan.

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Parallel Financial, LLC is a member firm of The Fiduciary Alliance, LLC, which is a registered investment adviser. More information about Parallel Financial can be found in Form ADV Part 2 which is available upon request. This website is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security or other investment, or to undertake any investment strategy. Opinions expressed herein are solely those of Parallel Financial, LLC, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel prior to implementation.

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#WellAdvisedWealth #FinancialPlanning #BuildWealthLiveWell #CertifiedFinancialPlanner #WealthMindset #FinancialEducation #MoneyMindset #GriefAndGrowth #Legacy #PersonalFinancePodcast

Did you know the federal government might already owe your child $1,000?

It's called a Trump account, and if you're a parent, grandparent, aunt, uncle, or employer looking to give a child a financial head start, you NEED to understand exactly how this works before you touch it.

In this episode, I break down the good, the bad, and the ugly on Trump accounts.

You’ll also learn:

- What a Trump account actually is (hint: it's NOT what the name makes it sound like) and who qualifies

- The good: free seed money, tax-deferred growth with no earned income required, and how multiple family members can contribute

- The bad: why it's not a "Roth for kids," the strict age-18 lockup, and the contribution deadline most people get wrong

- The ugly: what happens tax-wise at 18, the unresolved financial aid question, and why this account can't replace a 529 or Roth IRA

- Why using the right financial tool for the right goal matters more than any single account type

If you're planning ahead for a child's future, this is the episode that gives you the FULL picture before you decide if a Trump account fits into your family's plan.

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You've built something real.

Let's make sure it stays that way.

I help business owners and high-achieving families build clear, practical financial plans that hold up when life doesn't go according to plan.

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Parallel Financial, LLC is a member firm of The Fiduciary Alliance, LLC, which is a registered investment adviser. More information about Parallel Financial can be found in Form ADV Part 2 which is available upon request. This website is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security or other investment, or to undertake any investment strategy. Opinions expressed herein are solely those of Parallel Financial, LLC, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel prior to implementation.

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#WellAdvisedWealth #FinancialPlanning #BuildWealthLiveWell #CertifiedFinancialPlanner #WealthMindset #FinancialEducation #MoneyMindset #GriefAndGrowth #Legacy #PersonalFinancePodcast

Are you working with a financial advisor - or wondering if you should be?

Before you sign anything, there are four questions every financial planner should be able to answer clearly.

Most people NEVER ask them.

In this episode, I break down the exact questions I tell my own clients to ask, and the follow-up question that reveals who your financial advisor is really working for.

You’ll also learn:

- Why "Are you a fiduciary?" isn't enough - and the CRITICAL follow-up question you need to ask next

- The difference between money management and true financial planning

- Why most people need more than just their money managed

- The three ways financial advisors get paid (the pros, the downsides, and what to watch for)

- How to measure whether your advisor relationship is actually working, beyond just investment returns

- Why liking your advisor matters MORE than you'd think - and what I look for in an ideal client relationship

If you walk away from this episode with nothing else, ask your advisor these four questions. Their answers will tell you almost everything you need to know.

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You've built something real.

Let's make sure it stays that way.

I help business owners and high-achieving families build clear, practical financial plans that hold up when life doesn't go according to plan.

----

Parallel Financial, LLC is a member firm of The Fiduciary Alliance, LLC, which is a registered investment adviser. More information about Parallel Financial can be found in Form ADV Part 2 which is available upon request. This website is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security or other investment, or to undertake any investment strategy. Opinions expressed herein are solely those of Parallel Financial, LLC, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel prior to implementation.

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#WellAdvisedWealth #FinancialPlanning #BuildWealthLiveWell #CertifiedFinancialPlanner #WealthMindset #FinancialEducation #MoneyMindset #GriefAndGrowth #Legacy #PersonalFinancePodcast