Business Innovators Radio - Episode #45 – Mid-Year Money Moves – The 15 Minute Financial Feast Podcast-With Mark Triplett & Troy Westendorf

Episode Date: June 22, 2023

We believe that every dollar has a purpose and a timeline. When and how your retirement assets will be used should be understood before making important financial decisions.The Triplett-Westendorf Purpose and Timeline 5 Step Planning Process (PT5) begins with Discovery.Understanding where you are now, and then defining where you want to go (Your Purpose) and when you want to get there (Your Timeline), programs your financial GPS. Our Purpose and Timeline 5-step process (PT5) programs your financial GPS.Learn more: http://triplett-westendorf.com/ | https://mypt5.com/The 15 Minute Financial Feast Podcasthttps://businessinnovatorsradio.com/the-15-minute-financial-feast-podcast/Source: https://businessinnovatorsradio.com/episode-45-mid-year-money-moves-the-15-minute-financial-feast-podcast-with-mark-triplett-troy-westendorf

Welcome to the 15-minute financial feast podcast, bringing you 15-minute segments to help you retire with purpose on time. We're serving up food for thought and bread for the head. Are you hungry to learn? Here are your hosts, Mark Triplett and Troy Westendorf. Welcome to another episode of the 15-minute financial feast. Today, you are listening to the audio from a live television interview where one of our favorite local news station anchors asked us questions about a financial feast. topic on the minds of many hardworking folks in our community who are trying to make good decisions and get ahead. Welcome back, everybody. We want to help out your wallet this morning as

inflation, taxes. They may have already rocked your finances in 2021, but this morning we're discussing moves you can make to set you up for the rest of the year. So joining us is financial professional Troy Westendor. He's from Triplett Westendor Financial Group. Troy, Thank you for joining us this morning. A lot has happened since January. That could really be impacting our wallet. So what should we really keep our eye on now that we're well halfway over 2021 throughout the year? Yeah, thanks, Jackie.

The big thing right now is inflation. So we're hearing a lot about inflation. You're feeling at the gas pump we're seeing in the housing. There's a big deal right now. And to revamp this stuff, but we want to prepare, we're recommending, let's revamp your spending plans. So start with that. Get a spending plan in place if you have not done so.

If you got one in place, it's a great time to review it. I'd say once or twice a year, sit down and review that spending plan. Second thing that we're seeing a lot of in 2020 actually brought this to the forefront is a state planning, having that will and that trust in place. Kids turning 18, they're going off to school in about not even a month. power of attorney is extremely important now. They've turned 18. They're an adult. You now no longer have access to their medical records as a parent.

So if God forbid something happens and they go off to college and they get an accident, you need to get there, you need to get medical records, you need information, you can't get it. So I would highly recommend that power of attorney, especially for those kids going up to college. And then redo your finances. Check your portfolio. If you need to do some rebalancing, now is a great time to rebalance. If you need to do some tax preparing for the end of the year. Now is the time to do it.

Don't wait until December to try to have stuff that needs to be done by the end of the year. Let's take a little deeper into that because you covered quite a bit of things that we should be thinking about, especially after 2020, as you mentioned. But why is now, we're well over past halfway of 2021, but why is now a good opportunity to rebalance as we're looking at? at our finances? So halfway through the year is a really good time to rebalance because if you go in, if you've had a good year, if your stocks may have grown and maybe your portfolio's getting out of balance and you maybe have too much at risk, it's time to scale back a little

bit. We say here at Triple Westendorf, every dollar has a timeline, every dollar is a purpose. So if you have dollars that maybe the next 10 years you're going to need, maybe you need to scale back and get those out of the markets at this time. And the same goes for the other way around. If you have dollars that maybe you don't need for 10 plus years, you can go ahead and rebalance and take some risk with those dollars. Okay, kind of adjusting that risk format. But where should we get started, Troy? You've given us a lot to think about what do you recommend to just kind of put that first foot forward and get started? First foot forward would be, I feel, as a spending

plan, make sure you know the dollars are going out versus the dollars coming in. And we can all get out of whack with that. We all can overspend and not really realize it. And then you go to look at the checkbook and you're thinking, wow, where did that go? Or you get a raise and it's like I don't feel like I'm making any more money. So I would say start with that. Make sure you know dollars coming in versus dollars going out. Great advice this morning. Thank you very much, Troy, for joining us from Triplett Westendorf Financial Group. We appreciate your time today. Thanks, Jackie. You've been listening to the 15-minute Financial Faced podcast. Remember, every dollar has a purpose and every dollar has a timeline. If you have questions about today's topic,

schedule a call with a team member. Visit www.mip2.com. Until next time, be sure you're taking steps to retire with purpose on time. Mark Triplett is an investment advisor representative of and advisory services offered through Royal Fund Management LLC, an SEC registered investment advisor. Nothing contained in this program should be considered an offer to buy or sell security. Different investments have different risks associated with them, and not all investments are appropriate for all investors.