Camille Koppenberg - Wealth Advisor

04/19/2023

Here are some steps you can take to make your cash flow more manageable during the year:

1. Change your monthly mortgage payment to a biweekly payment. This is especially helpful for those who are also paid biweekly. That way you won't feel the pinch earlier in the month. A bonus? When you pay biweekly, you get an extra mortgage payment in for the year. This will help shave off years of your mortgage & also reduce your interest payments.

2. Yesterday was tax filing day. If you had to pay extra for taxes, now is a good time to evaluate what 2023 is going to look like. Sure you can pay estimated taxes. But it may be easier to have payroll add an additional withholding from your paycheck.

3. If you haven't checked in with your service providers - like internet & cable, now is a good time to ask for a lower rate. More often than not, they'll have a special for you. (Especially if you tell them you're shopping for other providers.)

4. Ask for a raise. Plain and simple. If you've been performing well at work, now is a great time to ask. If anything, your employer will let you know what expectations they have for you to get a raise. Make sure to document what you've done. This is by far the best way to increase your incoming cash flow.

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04/11/2023

Did you know that a majority of large employers offer a Roth 401(k)?

Participation has been low in these plans, but hopefully with a bit more knowledge, you can make a decision that is right for you.

The major difference between a regular 401(k) & Roth 401(k) is the taxation.

When you select the Roth 401(k) option, you are deciding to pay income tax now vs. later in retirement.

High earners tend to stick with a traditional 401(k) to get the deduction in income now. (AKA pay less taxes now.) However, it can be difficult to tell what your future may look like.

If you are unsure, it's helpful to ask a professional like your accountant and financial advisor.

03/24/2023

I’m so excited for this next gardening season! We ripped out our strawberries last year. Looking forward to grabbing new starts!

We have some exciting news for you…we are open Sundays starting March 12 (this weekend).
Sunday 9am-5pm
Monday-Saturday 8am-5pm
We’ve added lots of new veggie starts to the stand this week along with fresh loads of colorful annuals and perennials - starting to look like spring! 🍭

02/17/2023

What is happening?

Women have surpassed men in earning college degrees and doctorates.

Women are earning more.

Women are earning more than their husbands at an increasing rate.

Women are starting businesses at twice the rate of men.

Women are more likely to be single than a generation ago.

The world is changing and will continue to change more quickly.

While the wage gap is still a reality, women are catching up in earning the money and making decisions about it.

Steps to take to make your money work for you:
✔Get organized
✔Review your cash flow
✔Review your budget
✔Set financial goals
✔Stick to a process
✔Ask questions

02/15/2023

When you line up your money decisions with the things that you value, your focus shifts. Your money becomes purposeful.

Ask yourself: "What types of purchases bring me the most joy? What types of purchases do I often regret? Is it possible to reduce or eliminate the purchases I often regret?"

Small action: eliminate a subscription you don't find value in anymore. (TV, monthly makeup box, etc...)

Big action: Review your January purchases. Rank them from what brought you the most joy to the least joy.

02/13/2023

Did you know that married couples are able to choose their filing status for federal income tax purposes? Most of the time filing jointly is the appropriate filing status. However, there are some instances when it makes more economical sense to file separately. Economical sense meaning more tax dollars back in your pocket!

I've listed the reasons why you might choose one over the other. However, the best way to *really* know is to prepare your tax return both ways. It's a bit more work, but definitely worth it. If you are working with a professional tax preparer, ask them about it.

02/03/2023

Having a vision creates a path for the future. On our morning call this morning advisors talked about what they are changing for 2023. Many talked about changing their mindset. It's incredible how we can control a lot by our thoughts.

As you are reading this ask yourself "How do I feel about my money right now?" Then ask "How do I want to feel?"

What would your first step in achieving that feeling?

As advisors, we focus a lot on save, save, save. But as you think about this first step, be open to thinking about how you can spend your money in a way that aligns with your values.

recently tweeted about a client of his who is facing health issues 9 years into retirement. Justin says "it's situations like his that confirm my belief it is just as important to experience today as it is to prepare tomorrow".

02/01/2023

2022 wasn’t a pretty year for investors. As you might be asking, where do we go from here? Our Carson Research team believes there are many potential reasons to be optimistic about the year ahead. Read their insight here: https://www.carsonwealth.com/insights/blog/carson-investment-researchs-outlook-23-the-edge-of-normal/

01/12/2023

Financial planning is never a one and done deal. Life happens. When working with my clients, I am continuously monitoring their situation, recommending appropriate changes and we meet as frequently as needed.

Questions? Email me at [email protected]

P2 Artwork by .artist

01/10/2023

If you've got a teen that is turning 18 next year or may be off to college, it's time to assess what legal documents you may need. While many teens are excited to fly the coop, these documents make it possible for you to help them. For example, many parents find it shocking that they no longer have access to their child's medical records or can make decisions in regard to their health.
It's important to have this conversation earlier than later as it can take time to put the documents in place.
Questions? Email me at [email protected]

01/09/2023

Bucketing is an approach to financial planning that helps us think about our wealth in “buckets” to visualize our retirement and give us a story for why we have each asset.

We generally think of three buckets: today, tomorrow & the future. We can also further categorize these buckets as needs, wants & wishes.

Today / Bucket No. 1 / Needs (1-3 Years)
The today bucket is where you have safer, more secure assets with less volatility. These assets could include cash & CDs. This bucket can be used for “needs,” which can be categorized as expenses for daily living, as well as current & future protection needs.

Tomorrow / Bucket No. 2 / Wants (5-10 Years)
The “wants” bucket can be used for expenses that come along with preferred lifestyle choices that are an extension of a need. For example, you need a car for work, but you want the luxury SUV.

Future / Bucket No. 3 / Wishes (10 + Years)
There aren’t set investments that always show up in buckets No. 2 (& bucket No. 3) – the investments in these buckets are dependent on your individual situation. It’s truly personalized planning. However, bucket No.2 could include your mixed investments, fixed-indexed annuities, bonds & CD ladders.

This bucket is for your riskier long-term growth assets. We want the assets in this bucket to sit for a longer period of time so we don’t have to worry about day-to-day volatility. The “wishes” bucket can be used for expenses associated with your aspirational lifestyle or for expenses that reflect your personal commitments and values, such as paying for your grandchild’s quinceañera or debut, a wedding or living debt-free.

The time ranges listed above are general guidelines that consider sequence of returns, or when you need to distribute money. This means that if you know you have cash flow needs now or in the next five years, you should align those cash flow needs with less volatile assets in bucket one.

Of course, the specific time ranges for the buckets depends on the individuals and their time horizons – somebody who is 85 won’t have a need for a 30-year bucket, but a 25-year-old would.

Email: ckoppenberg@carsonwealth for a free copy of our bucketing template.

01/06/2023

Put on your oxygen mask first. This one is hard for a lot of people. You might have even grown up in a first generation home where your parents sacrificed EVERYTHING for you & now you want to do the same for your own kids. You want to fund their education & savings accounts. You want to build generational wealth. But here’s the thing (and probably a hard one to digest if you’ve been taught otherwise.) If you aren’t saving for yourself, who will? When it’s time to retire, who’s going to take care of you? Your kids? Before you can take care of other people, you need to take care of yourself first. Invest in yourself.

Here’s an idea. Shoot to fully fund your Roth IRA this year. The maximum contribution is $6,500 for 2023. $7,500 if you’re over 50. (Income limitations apply, so reach out for guidance.) Did you know that you can withdraw your Roth IRA contributions (the money you put in) anytime, tax & penalty free? Did you know that you can use Roth IRA money for education and avoid the 10% early withdrawal penalty? I mention this because you can invest in yourself AND have the flexibility later in life to help those around you. *If this is something you are considering doing, please reach out to a financial advisor for guidance.*

Questions? Email me at [email protected]