Plan on Your Plan not Going According to Plan

11/07/23 • 34 min

Plan on Your Plan Not Going According to Plan- The Most Overlooked Variable in Financial Planning

As we unveil our newest WealthBuilders episode: "Plan on Your Plan not Going According to Plan" it might prompt you to question the use of "plan" in the title three times . And just like that, you’re engaged — because indeed, in the realm of financial planning, redundancy isn’t just a concept; it’s a critical strategy.

In this episode, we deconstruct the conventional disdain for redundancy and highlight its pivotal role in safeguarding your financial journey. Airplanes are the perfect metaphor here — with multiple fail-safes to protect against the unforeseen, they represent the epitome of meticulous planning. Similarly, in finance, creating redundancy means crafting a buffer against life's unpredictable nature.

We dive into the art and science of financial planning, balancing precise calculations with the flexibility to manage life's inevitable uncertainties. With discussions on the practicality of emergency funds, the wisdom of diversification, and the power of saving without a fixed purpose, this episode is a comprehensive guide to incorporating room for error into your financial strategy.

Here's a glimpse of the rich insights this episode offers:

🛫 The Wisdom of Redundancy: Why planning for the unexpected isn't pessimistic, it's pragmatic.
🛡️ Room for Error: How a buffer can transform uncertainty from a threat into an opportunity.
🔄 Mitigate Stress: The psychological benefits of having a financial cushion.
📈 Avoid High-Risk Pitfalls: Steering clear of strategies that promise the moon but could land you in the dust.
🚀 Incorporating Room for Error: Actionable steps to build resilience into your financial plan.

The path to financial freedom isn't a sprint; it's a marathon with its own set of hurdles. This episode is your playbook for enduring and thriving amidst the financial race of life.

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For more information on StatonWalsh please visit, StatonWalsh
This podcast is for informational purposes only. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. StatonWalsh and Founder’s Financial Securities do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.
Ryan Staton is an Investment Advisor of, and securities offered through, Founders Financial Securities, LLCMember FINRA/SIPC and Registered Investment Advisor.
Devin Walsh is an Investment Advisor of, and securities offered through, Founders Financial Securities, LLCMember FINRA/SIPC and Registered Investment Advisor.
Check the background of this firm on http://brokercheck.finra.org/

Plan on Your Plan Not Going According to Plan- The Most Overlooked Variable in Financial Planning

Here's a glimpse of the rich insights this episode offers:

🛫 The Wisdom of Redundancy: Why planning for the unexpected isn't pessimistic, it's pragmatic.
🛡️ Room for Error: How a buffer can transform uncertainty from a threat into an opportunity.
🔄 Mitigate Stress: The psychological benefits of having a financial cushion.
📈 Avoid High-Risk Pitfalls: Steering clear of strategies that promise the moon but could land you in the dust.
🚀 Incorporating Room for Error: Actionable steps to build resilience into your financial plan.

The path to financial freedom isn't a sprint; it's a marathon with its own set of hurdles. This episode is your playbook for enduring and thriving amidst the financial race of life.

Previous Episode

"The Changing Landscape of HSA Contributions in 2024: What You Need to Know"

Welcome to another episode of Wealth Builders! Today, we dive deep into the world of Health Savings Accounts (HSAs) and the notable changes set for 2024. If you're aiming to make the most of your healthcare finances or wondering how the recent IRS updates could impact you, this episode is packed with all the essential details you need. Whether you're an individual or supporting a family, understanding the 2024 HSA landscape is crucial. Let's unravel the intricacies together. Make sure to check out the blog post as well here: HSA Contribution Limits for 2024: What's New and How You Can Benefit | StatonWalsh

Introduction
- Quick overview of the evolving landscape of HSA contributions.
- The significance of 2024 for individuals and families regarding HSA changes.
The 2024 HSA Contribution Landscape
- Announcement of the new HSA contribution limits:
  - $4,150 for individuals (up from $3,850 in 2023).
  - $8,300 for families (up from $7,750 in 2023).
- Emphasis on the expanded opportunity to save and cater for healthcare expenses.
Understanding the Reason for the Leap
- Explanation of annual HSA adjustments in relation to inflation.
- Information on calculation basis provided by the Society for Human Resource Management (SHRM): Consumer Price Index.
- Historical perspective: comparing the 5.5% increase from 2022 to 2023 with the previous 1.4% rise from 2021 to 2022.
The Advantages of Higher HSA Contribution Limits
- The correlation between HSAs and high-deductible health plans (HDHPs).
- The growing trend: Asset growth in HSAs, highlighted by the recent milestone of $100 billion, as reported by HSA consultant Devenir Group LLC.
Eligibility and Updates to HDHPs
- Criteria for HSA contribution eligibility.
- Deductible requirements for 2024:
  - Self-only coverage: $1,600 (a rise from $1,500 in 2023).
  - Family coverage: $3,200 (an increase from $3,000 in 2023).
- Update on employer contribution limits to health reimbursement arrangements for 2024: $2,100, marking an increase from the 2023 limit of $1,950.
What Does the Future Hold?
- Encouraging listeners to leverage the new HSA limits for their financial and health insurance strategies.
- The overarching theme: The raised HSA contribution limits empower individuals to better manage their healthcare costs.
Closing Thoughts
- Recap of key takeaways from the episode.
- The importance of staying informed and proactive in the face of such changes.

Next Episode

Tax Talk 2024: What the IRS Changes Mean for You

This episode of Wealth Builders delves into the recently announced IRS updates for the 2024 tax year, offering listeners an in-depth understanding of the new tax brackets, standard deductions, and retirement plan contribution limits. Designed to assist taxpayers in proactive financial planning, this episode breaks down complex tax changes into easily digestible insights.

Key Segments:

Understanding the Tax Bracket Inflation Adjustment:
- Analysis of the 5.4% increase in tax brackets for 2024.
- Discussion on how these adjustments may affect individual tax liabilities.
Navigating the Increased Standard Deductions:
- Overview of the raised standard deductions to $29,200 for married couples and $14,600 for single filers.
- Expert advice on whether to itemize deductions or opt for the standard deduction.
Maximizing Retirement Savings:
- Insights into the increased IRA contribution limits, now at $7,000, and catch-up contributions for those aged 50+.
- Strategies for leveraging workplace retirement accounts like 401(k)s.
Estate Planning with Updated Gift Tax Exclusion:
- Explanation of the raised annual gift tax exclusion to $18,000.
- Tips on estate planning and gifting strategies under the new rules.

Wealth Builders - A StatonWalsh Podcast - Plan on Your Plan not Going According to Plan

Transcript

Intro (00:00):

This is Wealth Builders presented by StatonWalsh, a show designed to pull back the curtain of the financial industry and bring true transparency to the forefront of conversation on the show. We cover topics like financial education, current events, and interview business l