Instilling good financial habits in children starts at a young age, but that doesn’t mean that every lesson will stick in adulthood. Once your kids start working and earning significant money for the first time, it’s pretty common to put spending ahead of saving. As parents, we want to help them establish good financial habits but what’s the best approach to do that?

In this video, John will address a question we received from a parent who wants to make sure their kid is doing more than just getting by financially. Join us as we discuss strategies you can use to get those messages across. It all begins with solid communication, but we’ll also share some ways to help motivate your kids to grasp these financial concepts that will help them work toward financial independence.

Financial literacy is a vital component of a strong financial legacy. By communicating effectively, using incentives, and finding the right balance between help and independence, parents can equip their children with the skills they need to manage money wisely.

This is part three of a four-part series where we take a deep dive into how children and grandchildren fit into financial planning, and discuss how to look at some of the bigger questions that come with that, tune in!

Here’s what we discuss in this episode:

0:00 – Intro

1:51 – Effectively communicating financial literacy concepts.

7:11 – What if the message isn’t landing?

8:30 – Striking the right balance when teaching kids financial literacy skills.

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446

Schedule a Meeting: http://meetwithjohn.com

Check us out on YouTube: https://bit.ly/46RaLvL

With college costs continuing to rise, some grandparents wonder if there’s anything they can do to help ease the burden of college expenses for their grandchildren. Today we’ll explore the best strategies for those who want to support their grandchildren’s college education without compromising their own financial stability.

The 529 plan gets most of the attention when it comes to college savings, but we’ll share a few more options that are worth considering. All of these could work for you but the best approach depends on your family’s unique situation and goals. Whether you prioritize the tax advantages of a 529 plan or the flexibility of a brokerage account, the key is to start planning early and consider all available options.

Here’s what we discuss in this episode:

0:00 – Intro

1:43 – The pros and cons of a 529 plan.

5:14 – Transferring 529 funds into a Roth IRA.

8:18 – Other savings options for college.

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446

Schedule a Meeting: http://meetwithjohn.com

Check us out on YouTube: https://bit.ly/46RaLvL

It’s not uncommon for children to stay on their parent’s payroll in some capacity when they’re adults, but that could end up impacting the parent’s ability to retire. At what point do you move your kids off of the payroll and what’s the best way to handle that conversation?

In this episode, we’re going to address this situation and talk about how it ends up happening for parents. John sheds light on this issue, sharing his own experiences and those of his clients. He also emphasizes the importance of setting boundaries and understanding the long-term implications of continued financial support. If you’re in this situation or feel like the time is coming soon, we hope this conversation will help prepare you for ripping that band-aid off.

This is part one of a four-part series where we’ll explore how your kids and grandkids fit into your overall financial plan and discuss how to work through some of the key areas that children impact you financially.

Here’s what we discuss in this episode:

0:00 – Intro

1:43 – Different levels of being on payroll

4:45 – Our role in these situations

6:50 – How much does this hold you back financially

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446

Schedule a Meeting: http://meetwithjohn.com

Check us out on YouTube: https://bit.ly/46RaLvL

When you have multiple IRAs, managing them across different platforms and figuring out your RMDs for each account can be a little bit tricky. So what’s the best way to manage these accounts? Should you consider consolidating your IRAs?

Today’s featured question comes from a comment left on one of our previous videos so thank you for the contribution. Here is the question John will answer:

We have multiple IRAs set up over the years as different approaches appealed each year. Would you recommend consolidating all those IRAs to one account? Would it matter if we were taking RMDs or not in your answer?

Join us to hear strategies for consolidating IRAs, some benefits to simplifying your accounts, and best practices for navigating your RMDs. By simplifying your accounts and understanding the true nature of diversification, you can streamline your retirement planning and make informed decisions.

Here’s what we discuss in this episode:

0:00 - Intro

1:24 - Consolidating IRAs

8:27 – Old IRAs and 401(k)s

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446

Inheriting assets can be a life-changing financial boost, but it often comes with a maze of tax implications and decisions. In this episode, we will answer a question about an inheritance and lay out the tax considerations for a variety of assets to help you better understand what you might owe.

Discover how to navigate the tax implications of IRAs, annuities, bank accounts, real estate, and stocks to make the most of your inheritance. Even with this information, you still want to plan ahead as much as possible. If you know an inheritance is coming, or if you've just received one, it's crucial to sit down with a financial advisor to put a comprehensive plan in place. This will help you make the most of your inheritance, ensuring that you are as tax-efficient as possible.

Here’s what we discuss in this episode:

0:00 – Intro

1:06 – Today’s question

2:17 – IRA

4:41 – Annuities

5:45 – Bank account

6:50 – Home and stock

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446

Retirement planning doesn’t have to be overwhelmingly complicated. It certainly doesn’t have to be as complicated as some people make it.

In this episode, we unravel the unnecessary complexities often woven into the fabric of retirement advice. We’ll debunk some myths, simplify strategies, and uncover the beauty of simplicity and straightforward retirement planning. If you’re looking for more simplicity within your financial plan, we’ll even provide a few steps you can take today to move in that direction.

Here’s what we discuss in this episode:

0:00 – Intro

1:13 – The cause for complexity

5:09 – Steps to simplify things

8:33 – Simplifying investments

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446

What should you do with an old 401k that you’re still holding onto from an previous employer? Does that answer change when the market is performing well and your account is generating strong returns?

Let’s take a closer look at the rollover IRA and whether it’s something that you should be doing with your old 401k accounts. The primary reason someone uses a rollover is to gain more flexibility and control over that money so let’s talk about how the current investing environment impacts that decision. We’ll share our approach with clients when we’re helping them manage their portfolio and help you get a better idea of whether a rollover is a strategy you should utilize.

Here’s what we discuss in this episode:

0:00 – Intro and today’s question

1:12 – The reason to rollover your money

4:18 – The investment options

5:44 – Tax considerations

7:40 – Can you do this on your own?

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446

No one has a crystal ball that will tell them what will happen with tax rates in the future and we certainly can’t predict what will happen, but the expectation for many people is that rates will only be going up from where they are right now.

With that in mind, does it make sense to sell investments off ahead of those possible tax increases in order to take advantage of the lower rates? We’ve been talking to our clients at Rosewood Wealth Management about tax planning strategies that will position them better over time but does it make sense in this specific situation? We’ll break that down in this video.

Here’s what we discuss in this episode:

0:00 – Intro on tax rates

1:32 – Today’s question

4:13 – Charitable giving strategies

9:32 – Capital gains taxes

Connect with us:

Web: https://rosewoodwealthmanagement.com/

Phone: 919-391-3446