Making the Most of Cash Balance Plans: A Simple Guide for Business Owners

A cash balance plan helps business owners save more for retirement while lowering taxes. With higher contribution limits than a 401(k) and tax-deferred growth, these plans offer major financial advantages. Employers fund the plan, providing stable benefits for employees. While they require annual contributions and administration, the tax savings and wealth-building potential make them a smart choice for high-income professionals.

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Tax-Smart Retirement Withdrawals: How Discipline today results in freedom tomorrow.

One of the most overlooked aspects of retirement planning is your withdrawal strategy—how you take money from your accounts. Without a plan, you could end up paying more taxes than necessary, reducing the longevity of your investments. By strategically withdrawing from your accounts, you can optimize your tax bill and potentially extend the life of your portfolio. 

Do not be fooled into thinking that this is something you don’t have to think about until you near retirement age - that could not be further from the truth! The flexibility of your retirement withdrawal strategy is directly tied to the cash flow planning, tax planning, and savings strategy you implement in your working years.

The Three Main Buckets of Tax Diversification

Understanding how different types of retirement accounts are taxed is crucial to a well-structured withdrawal strategy. There are three main tax buckets to consider:

1. Ordinary Income Bucket

These funds are taxed at ordinary income rates, which currently range from 10% to 37%, depending on your marginal tax bracket.

Examples include:

  • W-2/1099 wages

  • Business income

  • Rental income

  • Ordinary dividends and interest from a taxable brokerage account

  • High-yield savings interest

  • Short-term capital gains from a brokerage account or sale of other assets

  • Withdrawals from traditional IRAs, 401(k)s, and similar tax-deferred accounts

2. Long-Term Capital Gains Bucket

Long-term capital gains are taxed at preferential rates of 0%, 15%, or 20%, depending on your taxable income.

Examples include:

  • Sales of long-term securities in a brokerage account

  • Profits from the sale of long-term assets (i.e. rental home, business assets, etc.)

3. Tax-Free Income Bucket

These funds are entirely tax-free when withdrawn under the right conditions.

Examples include:

  • Roth IRA and Roth 401(k) withdrawals (if qualified)

  • Principal from savings accounts or after-tax contributions to brokerage accounts

Having a proper ratio of your portfolio in these different tax buckets will not only save you in taxes over your entire lifetime, but it also can add flexibility to other aspects of your financial plan as you near retirement, such as healthcare.

Consider Healthcare Challenges

Be Aware of Health Care Opportunities - Managing taxable income wisely may allow you to qualify for subsidies on the Health Insurance Marketplace by minimizing withdrawals from tax-deferred accounts.


Mind the Medicare IRMAA Surcharges – Medicare premiums are subject to an income-related monthly adjustment amount (IRMAA), based on a two-year look-back period. Large withdrawals from tax-deferred accounts could push you into a higher Medicare premium bracket, unnecessarily increasing healthcare costs.

Focus on What You Can Control

Financial headlines often focus on what’s beyond your control—market fluctuations, Federal Reserve interest rate decisions, or potential tax law changes. Worrying about these external factors can lead to anxiety and inaction. Instead, shift your focus to what you can control: how you save, where/how you invest, and how you structure your future withdrawals.

By diversifying your retirement savings across different tax buckets, you gain more flexibility in deciding how to draw income in retirement. This strategy can help minimize taxes, stay within favorable tax brackets, and strategically pass wealth to heirs.

A Balanced Approach

The best withdrawal strategy depends on your tax bracket, investment returns, and most importantly, your future financial needs. Your specific goals should be the drivers of your financial plan. By taking a thoughtful, tax-aware approach, we can do our best to control what we can, regardless of the noise around us. 

It’s never too early to start thinking about tax diversification within your investment portfolio. The discipline you apply during your working years translates to flexibility and freedom in retirement. If you’d like to explore how a tax-efficient savings strategy can impact your financial future, let’s connect!


Recent Articles Written by Kristiana:


Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.

Fiduciary Financial Advisors does not give legal or tax advice. The information contained does not constitute a solicitation or offer to buy or sell any security and does not purport to be a complete statement of all material facts relating to the strategies and services mentioned.

Fiscal Fitness: The Behavioral Connection Between Consistent Exercise and Retirement Savings

 

What if I told you that the time you spend in the gym can help you maximize the amount you save for retirement? Consistently exercising and saving for retirement share underlying behavioral traits, including goal-setting, delayed gratification, and self-discipline. Exploring these parallels can offer insights into building better habits for physical and financial well-being.

Shared Behavioral Foundations

Physical fitness and financial planning are parallel journeys, both requiring long-term goal setting and consistent effort. For example, whether you aim to shed a few pounds before a vacation or save for a larger home as your family grows, success depends on creating a broad plan and adjusting the details as you progress. The most challenging step is often getting started, but once you do, the benefits compound. Practicing delayed gratification strengthens your ability to prioritize future rewards, making it easier to develop lasting habits. Over time, these small, incremental changes lead to significant outcomes—such as increased metabolic rate in fitness or the growth of wealth through compound interest. These benefits come together beautifully, enabling us to maximize energy and health as we age. This not only reduces medical expenses but also extends the freedom to travel and engage in activities during retirement, enhancing overall quality of life.

Psychological Benefits of Consistency

Consistency in exercise and financial saving offers psychological benefits that extend across both domains. Regular exercise helps build resilience by fostering mental toughness, a quality that directly translates to the discipline needed for financial planning and saving. Additionally, studies show that exercise reduces cortisol levels and improves cognitive function, leading to lower stress and more rational decision-making—critical factors in managing finances effectively. Furthermore, success in one area, such as achieving fitness goals, creates a positive feedback loop, boosting confidence and reinforcing habits that can be applied to other areas, like saving for the future. These interconnected benefits illustrate how consistency in one domain can enhance overall well-being and success in life. I’m excited to have partnered with Justin Merriman on this article, owner of FitLyfe Training. As a Physical Trainer with a Bachelors in Clinical Exercise Science from Grand Valley State University, he brings a unique perspective to the changes he sees in his clients’ healthy habits. If you’ve been thinking about working with a Physical Trainer feel free to schedule a meeting with him or follow him on Instagram @jman_merriman. Here’s his take on the matter.

Trainer’s Perspective

For most people, acquiring discipline can be quite the tall task. This typically comes when facing a goal we are not quite sure how to even begin working towards. With all the information out there in today’s world, some of which is very conflicting, it can be very hard to determine the “perfect route” to take. That is the thing though, trying to create a flawless routine is going to lead to trying many different extreme strategies that may not ‘fit’ into our lives, thus making it very hard to establish discipline. The key to creating a solid foundation of discipline is to make small changes in our lifestyle that we know will be sustainable. If it takes roughly 21-days for something to become a habit, all we need to do is act consistently on a very simple task for the course of that duration, and we can begin to build something very valuable. This is basically the brick & mortar process to set that foundation for building discipline. An example of a small task that can lead to a healthier lifestyle is finding a mode of exercise that you enjoy. This can be as simple as going for a walk through your neighborhood, swimming with your kids at the local pool, or going for a bike-ride. It doesn’t always have to be hitting a high-intensity workout at the gym. Once you find that mode of physical activity that you enjoy, then you build it into your routine on a regular basis. The more you do, the more you begin to enjoy the “doing.” This is where the discipline really solidifies. Eventually, you may start dabbling in other forms of exercise (weightlifting, group classes, yoga, etc), because of all the positive returns that you see and feel from that initial step you made. It’s a beautiful cycle.

Lessons From Research

Baumeister’s Strength Model of Self-Control gives us a great way to understand the connection between staying consistent with exercise and being disciplined with money. His research shows that self-control works like a muscle—the more you use it, the stronger it gets. When you stick to a workout routine, you’re not just building physical strength, you’re training your ability to delay gratification and stay committed to long-term goals. That same discipline makes it easier to make smart financial decisions, like saving for retirement. The cool part? Building willpower in one area of life naturally spills over into others, proving that self-control isn’t just something you’re born with—it’s a skill you can develop and use to create lasting success.

Practical Tips to Cultivate Habits in both Domains

Just like tracking your finances, monitoring your body’s progress is key. Big goals are great, but success often comes from setting manageable benchmarks. For example, rather than jumping straight to 10,000 steps a day, start by adding 2,000–3,000 steps daily—about a 30-minute walk. Over a few weeks, gradually increase your activity. Small choices, like taking the stairs or parking farther away, add up and make movement a natural part of your lifestyle. A step-counter is just one way to track progress. Many apps can help monitor food intake, strength training, running, and more. Find a metric that works for you—it will keep you motivated and push you toward greater achievements. Like gradually increasing your step count, building financial stability starts with small, manageable steps—like creating a basic budget and contributing to your employer-sponsored retirement plan. As you progress and push your limits, consider fine-tuning your approach by analyzing your diet and seeking expert guidance. Whether in fitness or finance, a professional’s perspective can help you optimize your strategy, avoid costly mistakes, and accelerate your progress. Tracking and refining both your physical and financial habits will keep you on a sustainable path toward long-term success.


References:

https://www.researchgate.net/publication/228079571_The_Strength_Model_ of_Self-Control


Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.

Estate Planning: Advanced Strategies for Wealth Management

Estate Planning: Advanced Strategies for Wealth Management

Estate planning goes beyond preserving wealth; it’s a strategic approach to financial security, tax efficiency, and legacy building. This guide explores advanced estate planning techniques, including trusts, business succession strategies, and philanthropic giving, to help you safeguard assets and optimize wealth transfer. Whether managing a business or planning for future generations, these insights ensure a comprehensive and tax-efficient estate plan.

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A Prescription for Raising Financially Savvy Children

Just as we prioritize early intervention in healthcare, teaching your kids about money early sets them up for a healthy financial future. Children develop money habits from a young age, so it's crucial to guide them toward smart financial decisions. Here are some ideas to nurture your children’s financial literacy, broken down by age group.

Young Children (Ages 3-7): Building a Strong Foundation

  • Save, Spend, Give: Make it visual! Use three jars labeled "Saving," "Spending," and "Giving." This helps young children grasp the concept of balancing different financial goals. For example, they could save for a coveted toy, spend some on an ice cream treat, and donate to a cause they care about, like an animal shelter.

  • Needs vs. Wants: Explain the difference between needs (things we must have to survive, like food and shelter) and wants (things we'd like to have, like toys and candy). Involve them in grocery shopping and explain how you prioritize needs and stick to a budget.

  • Delayed Gratification: Teach patience! Help them set small savings goals. "If you save your allowance for two weeks, you can buy that awesome robot!"

  • Fun and Games: Make learning about money enjoyable! Play money-themed board games like Monopoly Jr. or Life.

Middle Childhood (Ages 8-12): Developing Key Skills

  • Money = Time: Connect effort to earnings by offering paid chores or an allowance. Help your children understand that buying a video game requires a certain number of chore hours. This reinforces the value of hard work and mindful spending. Want to dive deeper? Check out my full blog post on this topic.

  • Budgeting 101: Introduce the concept of budgeting. Give your child a small allowance and help them create a simple budget, perhaps using a whiteboard or spreadsheet to track income and expenses.

  • Savvy Shopper: Turn shopping into a learning experience. Teach comparison shopping, looking for deals, and using coupons. They'll feel empowered seeing their money go further!

  • Banking Basics: Open a savings account for your child and explain how interest works (and the magic of compound growth!). Encourage them to deposit a portion of their allowance regularly. To make it exciting, find a bank with a good new account promotion or help them compare interest rates to find the best deal.

Teenagers (Ages 13-18): Preparing for Adulthood

  • Credit and Debt: The Good and the Bad: Explain the responsible use of credit cards and the dangers of high-interest debt. Discuss credit scores and how they can impact getting a loan for a car or a house in the future.

  • Real-World Experience: Encourage your teen to get a part-time job. This provides valuable experience with earning, managing money, and developing essential workplace skills.

  • Investing for the Future: Introduce basic investment concepts like stocks, bonds, ETFs, and mutual funds. If they have earned income, consider opening a custodial Roth IRA to help them start investing for their future with tax-free growth!

  • Setting Financial Goals: Help your teen set realistic financial goals, such as saving for college, a car, or a down payment on a house. Discuss the costs and benefits of different choices, like whether a pricey college is worth the investment. “Price is what you pay, value is what you get.” -Warren Buffett

Essential Principles for All Ages:

  • Open and Honest Communication: Create a safe environment for money conversations. Encourage your child to ask questions without fear of judgment.

  • Be a Role Model: Your kids are watching! Model good financial habits and be open about your own financial journey (within appropriate boundaries).

  • Personalized Approach: Every child is different. Tailor your teaching to their interests and learning styles. If your child loves sports, use sports analogies to explain financial concepts.

  • Tech-Savvy Tools: Utilize apps like Greenlight to give your child hands-on experience with budgeting and managing money in today's digital world.

  • Mastering Money Emotions: Help your child understand how emotions can drive spending decisions. Teach them strategies to manage impulsive spending and stay calm when the stock market takes a dip.

By investing time and effort in your children's financial education, you're empowering them to make sound financial decisions and achieve lifelong financial well-being.



Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.

Financial Love Languages: A Couple’s Guide to Building Wealth Together

For many couples, financial conversations can be a source of tension. Working with clients, I’ve noticed that often this tension stems from a misunderstanding of each other's natural tendencies and values. Sometimes it's difficult to understand and identify our own deep-seeded values - doesn’t everyone just think like I do?!

Understanding each other’s "financial love language" can transform these discussions into opportunities to strengthen your relationship and work toward shared goals. Clarity is kindness!

What Are Financial Love Languages?

The concept of financial love languages adapts the idea of love languages—how people give and receive love—to the world of money. Everyone has a unique relationship with money shaped by their upbringing, experiences, and values. Recognizing your partner’s financial love language can help you navigate differences in spending, saving, investing, and planning habits.

Here are five common financial love languages:

1. The Saver

  • Core Traits: Loves building a financial safety net and prioritizes long-term security over immediate gratification.

  • How They Operate: Savers often prefer maintaining a robust emergency fund (at least six months of living expenses) and shy away from unnecessary risks.

  • How to Support Them: Celebrate their commitment to stability and work together to define clear savings goals, such as retirement planning or purchasing a home.

2. The Spender

  • Core Traits: Enjoys treating themselves and others, valuing experiences, travel, or material comforts.

  • How They Operate: Spenders might allocate a specific portion of their budget for indulgences, such as a travel fund or a splurge account.

  • How to Support Them: Encourage their zest for life by creating a financial plan that accommodates flexible spending while ensuring long-term goals are still prioritized. A bucket strategy can work wonders here!

3. The Investor

  • Core Traits: Focuses on growing wealth through calculated risks and strategic decisions.

  • How They Operate: Investors thrive on understanding the details of holdings and might allocate a small portion of their portfolio to speculative opportunities.

  • How to Support Them: Engage with their enthusiasm by discussing investment strategies and aligning their goals with the broader financial plan. Having a hobby/play account for speculative investments can be a great solution to keep the financial plan on track.

4. The Planner

  • Core Traits: Thrives on structure, setting budgets, and meticulously tracking financial goals.

  • How They Operate: Planners love detailed financial plans and tracking progress through spreadsheets or planning software.

  • How to Support Them: Provide the nitty gritty details of the cashflow plan and retirement projections. Collaborate with your advisor on creating a detailed financial roadmap and schedule regular check-ins to review progress and pivot as needed.

5. The Giver

  • Core Traits: Finds joy in sharing resources through gifting or charitable contributions.

  • How They Operate: Givers prioritize supporting loved ones or charitable causes. Working with a great advisor allows for maximum tax-efficiency, making your dollar as generous as possible.

How to Support Them: Work together to incorporate charitable giving into the financial plan, ensuring it aligns with other priorities like savings and investments. Charitable planning is a proactive process that should be woven into the financial plan all year long.

Building a Financial Partnership

Identifying your financial love languages can give you a great starting point to understand deeply held values within one another. Pinpointing your money motivators helps align your approaches and build a stronger financial foundation together. 

Having different financial motivations doesn’t mean you can’t create a cohesive plan. With proactive planning and open communication building and sticking to a financial plan can bring a lot of joy to your life!

Money doesn’t have to be a source of stress in your relationship. Instead, it can become a way to deepen your connection and work toward shared dreams. This Valentine’s Day enjoy a heartfelt conversation about your financial future. After all, what’s more romantic than building a life and accomplishing goals together?


Recent Articles Written by Kristiana:


Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.

Fiduciary Financial Advisors does not give legal or tax advice. The information contained does not constitute a solicitation or offer to buy or sell any security and does not purport to be a complete statement of all material facts relating to the strategies and services mentioned.

Featured In: ApartmentGuide

Kristiana Daniels, CFP®, EA, BFA™ was named an expert in an ApartmentGuide article, a subsidiary of Redfin. Check out the featured article: Tips for Couples Cohabitating for the First Time | ApartmentGuide.com

 
 

Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.


Recent Articles Written by Kristiana:

Financial Planning Feature: Wealth Think Wisdom, vision, wealth: How parents can instill enduring financial habits

Kristiana Daniels, CFP®, EA, BFA™ had the privilege of being featured in Financial Planning, where she shares insights on the importance of instilling enduring financial habits in the next generation.

Kristiana emphasizes the need for proactive and intentional thought behind how we incorporate our children and our client’s children in building solid foundations and generational wealth.

Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.


Recent Articles Written by Kristiana:

2025 Financial Wellness Checklist: 7 Steps to a Healthier Future

2025 Financial Wellness Checklist: 7 Steps to a Healthier Future

It’s that time of year when everywhere you look, you’re encouraged to reflect on the previous year and set new goals for the one ahead. Don’t forget to take the temperature of your financial health.

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House Rich, Cash Poor: Managing Wealth When Your Largest Asset is Real Estate

House Rich, Cash Poor: Managing Wealth When Your Largest Asset is Real Estate

Managing wealth when your largest asset is real estate requires thoughtful strategies. From tax-efficient tools like 1031 exchanges to diversification through DSTs and UPREITs, each option offers unique benefits and trade-offs. Finding the right path depends on balancing growth, liquidity, and long-term goals while navigating the complexities of real estate investment.

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2024 End of Year Financial Checklist


Completing an end-of-year financial checklist is essential for setting yourself up for success in 2025. This process will allow you to review your progress and goals from 2024 while also helping you refresh and enhance your financial plan as you head into the new year.


Cash Flow Review

Whether you like to budget or not, assessing your spending habits is the essential first step. All financial progress stems from spending less than you make. If you consistently budget, this is the time to figure out what worked well and what needs to be changed. Think about these questions as you forecast for next year.

  • How will household income change in 2025?

  • What significant expenses am I anticipating in the coming year that I can plan for?

  • Am I saving and investing enough of my income?


Prepare for Tax Season

Much of your tax planning will have to wait until next year, but getting a few items in order can be helpful before tax season. You can collect business expenses, charitable giving receipts, childcare expenses, and other tax-deductible items.

The final piece of preparation for tax season would be to decide how you plan to prepare your taxes. You could do it yourself or hire it out. There is no wrong way to go about it, but now is the time to reach out and find a good CPA that you can work with to optimize your tax situation.


Max Out Your Contributions

The end of the year is the perfect time to review your annual contributions to your retirement accounts. In 2024, employer-sponsored plans such as 401(k), 403(b), or 457 allow you to contribute up to $23,000. It's important to note that this amount does not include any employer match. If you are 50 years old or older, you are eligible for a "catch-up" contribution, allowing for an extra $7,500 of contributions. This raises your total maximum contribution to $30,500 for the year.

The contribution limit for individual retirement accounts (IRAs) in 2024 is $7,000, with a $1,000 catch-up contribution available for those 50 or older.


Review Your Investments

If you have a financial advisor, they should have scheduled a year-end planning meeting by now. 

If you manage your investments independently, this is an excellent time to review your strategy, assess your performance, and rebalance your portfolio. If you feel it's time to seek professional help, consider finding a fiduciary advisor who prioritizes your best interests.


Consider a Roth Conversion

Roth conversions involve transferring pre-tax dollars into a Roth account, which will then grow tax-free. This approach can be great for someone nearing retirement with much of their wealth in pre-tax accounts. It can also benefit young professionals with plenty of time for the investment to grow. However, this only makes sense for some, so consult a financial professional to weigh the pros and cons of this option.


Open Enrollment

Open enrollment occurs at different times of the year and is dictated by your employer. It is most commonly presented around early November and allows you to review or change employee benefits options. 

This is an excellent time to ensure you get the best insurance plan value. You and your spouse may even qualify for additional plans, such as term life insurance or disability coverage, at little to no cost.


Confirm Beneficiaries

While this does not change often, it is necessary to ensure that it is up to date. Here are some accounts that should have a beneficiary associated with them. 

  • Retirement/Investment Accounts (401k, 403b, 457, and IRAs)

  • Bank Accounts

  • Life Insurance Policies

Properly assigning beneficiaries can help you have peace of mind that your loved ones will be cared for. 

This checklist can help you clearly assess your financial situation and prepare for success in 2025.


References

https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000

Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.

Protecting Your Business’s Future: The Critical Role of Buy/Sell Agreements

Protecting Your Business’s Future: The Critical Role of Buy/Sell Agreements

For business owners, the importance of buy/sell agreements cannot be overstated. These contracts are designed to protect both the business and its owners by setting clear guidelines for ownership transitions in case of unforeseen events such as death, disability, or retirement. Without such an agreement, businesses can face severe disruptions, leading to internal disputes or financial strain.

A buy/sell agreement helps ensure that ownership changes are handled smoothly by defining how shares will be sold and at what price. More importantly, it prevents the business from falling into the hands of unintended parties, like an owner’s ex-spouse or an outsider who could negatively impact the company’s operations.

By incorporating key provisions such as purchase price determination and funding mechanisms, buy/sell agreements give businesses a solid foundation for navigating ownership transitions, ultimately protecting their long-term success.

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Financial Goal Setting: 5 Simple Steps for Success


I want to make my case for why goal setting matters for your financial picture. A study by Gail Matthews at Dominican University showed the benefits of goal setting, specifically the advantages of having written goals with accountability. Feel free to check out the study yourself, but she found that having written goals gave people a 33% higher chance of success compared to those with unwritten goals. Here are 5 steps to help guide you through your financial goal-setting and give you more confidence in your financial plan.


Step 1: Define Specific Goals

I got my bachelor’s degree in exercise science, and in my program, every class emphasized goal setting. Whether discussing exercise and nutrition or personal finance, achieving a goal must be done with strategy in mind. The strategy I find the most effective in goal setting is called SMART goals. SMART stands for specific, measurable, attainable, relevant, and time-bound. By being specific, you can track progress and know when you’ve achieved your goals. For example, “I am going to invest 5% of my monthly income into a Roth IRA for the next year”.

  • Specific: Investing into a Roth IRA

  • Measurable: 5% of monthly income

  • Attainable: 5% is a manageable contribution

  • Relevant: Relevant for someone starting to invest

  • Time-bound: The next year


Step 2: Prioritize Your Goals

The reality is we can’t focus on a bunch of goals at one time. When we try to accomplish too many goals at once, they all suffer, hurting our chance of accomplishing the most important ones. I recommend prioritizing your list of SMART goals down to your top 3. This could be due to urgency or importance. Examples include creating a budget or maxing out your IRA contribution for the year. Jot down all the goals, but don’t set the expectation that you can do them all at once.

If your goal seems too big, break it down into a few smaller goals that will help you see the progress quicker. For example, break down a goal to pay off all debt into paying off credit card debt first, then student loans, and then car loans. This way, you break down a goal that would take 3 years, allowing you to check off one goal each year, making it more manageable.


Step 3: Create A Plan and Track Progress

Now that you’ve established your SMART goals and broken them down by priority, the rubber can hit the road. There are multiple ways in which this can be done well, so find what works for you and stick with it. Research shows that written goals with accountability give you the highest chance for success. Whether you write your goals in a journal, your phone notes, or an app, the important part is that you do it.


Step 4: Use Goals to Cultivate Consistency

This point could be summed up if you read the book “Atomic Habits” by James Clear. If you’re interested, I can’t recommend that book enough. Clear makes the point that small habits that are successfully implemented over time lead to major changes. Essentially, it is easier to make three small changes than to make one major change. This is where accountability comes into play. 

If you’re married, you have a built-in accountability partner. One that will likely share the same goals as you. If you’re single, find a trusted friend or family member who can help keep you on track with your goals over time. The beauty of financial goals is that these individual goals often turn into habits that can be automated. In my earlier example of putting 5% of your monthly income into a Roth IRA, by doing this, you build a habit that can be repeated year on year with minimal effort.


Step 5: Learn from Setbacks and Adjust

News Flash: Setbacks will happen for everyone. Nobody is perfectly consistent, and a lack of consistency will lead to setbacks. I don’t say this to discourage you, but hopefully to encourage you. A setback does not equal failure when it comes to goal setting. By readjusting instead of giving up, you give yourself a chance to still be successful. Your financial life is a constantly changing picture, and your goals should be no different. Having goals in place, even after adjusting for unforeseen circumstances, will still put you in a better position than if you had never set the goals to begin with.

Goal setting is an incredibly important way to implement changes to your financial picture. It is how you intentionally go from getting out of debt to saving for retirement and having a bulletproof retirement plan. The beauty of goal setting is that it benefits everyone from the 18-year-old college student to the 72-year-old retiree and everyone in between. Use these steps to sit down and see the benefits for yourself.


References

https://www.dominican.edu/sites/default/files/2020-02/gailmatthews-harvard-goals-researchsummary.pdf

https://success.oregonstate.edu/learning/smart-goals#:~:text=In%20general%2C%20SMART%20goals%20are,able%20to%20celebrate%20your%20accomplishment.

Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.

MoneyGeek Feature: Average Cost of a Wedding

Leanne Rahn had the privilege to be featured in MoneyGeek to talk to readers about the “Average Cost of a Wedding”.

Ever wonder why wedding prices seem to skyrocket? From personalized touches to seasonal trends and logistics, there are several factors that can inflate the cost of your big day. Leanne dives into the reasons behind these wedding markups and offers practical tips on how couples can manage their wedding budget without compromising on what matters most.

Discover how to prioritize key elements of your special day while keeping costs under control!

Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.


MoneyGeek Feature: Financing Your Wedding

Leanne Rahn had the privilege to be featured in MoneyGeek to talk to readers about “Financing Your Wedding”.

Are you considering a wedding loan but unsure if it's the right choice? Leanne will guide you through key factors to help you decide, from cash flow to debt-to-income ratio, and how it might affect your future plans like buying a home. Learn about smart ways to maximize a wedding loan if you get one and explore alternative financing options that might surprise you.

Start your marriage on the right financial foot with this comprehensive guide!"

Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.


Nourishing Your Body and Bank Account: Recipes for Busy Healthcare Professionals

As healthcare professionals, you know that staying healthy is more than just the occasional workout or salad—it’s about consistent habits that lead to long-term well-being. The same is true for managing your finances. Whether investing for retirement or planning your meals for the week, both areas require thoughtful strategies that can compound into significant benefits and savings over time.

Just like a balanced diet, a well-rounded financial plan helps you build resilience and stability. Think of budgeting as meal planning: you wouldn’t eat junk food every day and expect to feel great and wouldn’t spend impulsively without considering how it affects your financial future. Both require discipline and foresight.

In both finances and health, consistency is key. Saving a portion of your income each month may seem small at first, but over time, those savings can grow through compound interest. Similarly, making healthier food choices daily—like adding more vegetables or reducing processed foods— can compound into a healthier you. The smarter choices you make today, the more you set yourself up for success tomorrow.

I’m excited to have partnered with Bre Bock on this blog post. She has provided 10 simple suggestions on how to easily add additional nutritional value to recipes you may already be making for you and your family.

She is a Registered Dietitian and owner of Revived Nutrition Counseling. Her focuses are gut health, heart health, and general health management for her clients. She is also an HAES aligned dietitian and approaches sessions with her clients within an intuitive eating framework.

If you have been thinking about meeting with a Registered Dietitian feel free to schedule a meeting with her or follow her on Instagram @revivednutritionrd.

Let me know what your favorite recipe tip is, I know I plan on trying all of them.


1. Cowboy Caviar

A nutritional vegetarian powerhouse with legumes, bell peppers, cilantro, canned corn, and red onion - add a few seasonings like cumin, smoked paprika, chili powder, and lime juice for a very quick, and inexpensive meal.

I like to pair mine with a whole grain tortilla chip for some crunch and usually will serve with diced avocado, and a side of fresh fruit. 

2. Mac & Cheese 3 Ways

What kid (us big kids too) doesn't love cheesy mac? This easy staple can be improved upon with several quick and easy add-ons. 

-Tuna & peas (canned tuna in water and frozen peas work great here!) I usually steam the peas separately. You can also boil them with the noodles to save time. Stir in the tuna after the mac is made. 

-Add in a steamable bag of broccoli or California blend.

-Switch it up with a box of white cheddar mac and add in pre-shelled frozen edamame. You can throw the edamame in about halfway through boiling the noodles as they only need about 4 min to cook from frozen. Edamame is a great way to amp up your fiber and protein intake! 

3. Red Beans & Rice

This is a meal that makes great leftovers and there is always plenty to share! This is my own version below. 

Directions

1. Start by steaming brown rice on stove top or rice cooker according to directions on packaging. 

2. In a large skillet, start by heating oil over medium heat. 

3. Add in onion and cook until translucent, then add garlic and cook for another 1 minute. 

4. Add in bell peppers and saute until peppers start to soften. 

5. Add in the kidney beans and stir together, cook for about 5 minutes. 

5. add in the seasonings (chili powder, smoked paprika, and cumin) and mix to incorporate. 

6. Add in the brown rice once cooked and stir in the salsa and lime juice. 

7. Turn off the heat and mix in the cheese. 

8. Serve with diced avocado and/or sour cream if desired.

Ingredients

1 cup brown rice

1 can red kidney beans (rinsed and drained) 

1 Tbsp avocado oil 

1/2 large onion, diced

1/2 cup yellow bell pepper, diced

1/2 cup green bell pepper diced

2 Tbsp minced garlic 

1/2 cup jarred salsa 

1 cup cheddar or monterey jack cheese

1 tsp chili powder

1 tsp smoked paprika

1/2 tsp cumin 

2 Tbsp lime juice

1 avocado, diced

4. Salmon Patties with Sweet Potato and Cauliflower Rice

This is a great option if you're short on time and are willing to use your microwave. You can use a frozen steam bag of cauliflower rice which cooks in about 4.5 minutes. You can also cook a sweet potato/regular potato (or multiple) in the microwave in a bowl for about 8 minutes with a few inches of water, just pierce the potato with a fork a few times. The salmon patties go in the skillet cooking for about 10-12 minutes while the potato and cauliflower cook in the microwave - so you've got the whole meal done in about 15 minutes.

If you want to make your salmon patties from scratch vs picking up frozen ones, that does take a bit longer, but if you're OK with using a frozen option (the ones from Aldi (Fremont Wild Caught Salmon Burgers) are $1.32 a patty - which feels pretty reasonable to me).

5. Protein Pancakes

The Kodiak pancake mix is a great choice as it's whole grain (high fiber) and high protein. You can increase the protein count by adding an egg and/or swapping milk for water. I like to add in a little cinnamon and applesauce to increase the nutrient factor. Adding in blueberries or peaches are also favorites, for a fruity pancake. Serve with turkey or chicken breakfast sausage. 

6. Egg Bites with Veggies

This is an easy recipe to bulk prep. It also allows you to make several varieties at a time. The basics are 6 eggs, a little black pepper, and 3/4 cup of cottage cheese - put it in a blender and blend until smooth.

To boost nutrient value, add whatever vegetables (spinach, peppers, onion, mushroom, etc) you'd like. Saute the veggies and add a little on the bottom of 12 muffin cups, pour your egg evenly over the cups. Finish by adding a little more of the veggies on top. Feel free to sprinkle with a little cheese as well! Bake for 18-22 minutes.

7. One-Pan Zucchini Skillet

This is an oldie but a goodie (a childhood favorite!) Very easy and quick! :)

Directions

1. Place avocado oil in a skillet and heat over medium. 

2. Add onion and cook for 1-2 minutes. 

3. Add ground turkey. 

4. Add steak seasoning and cook meat until brown. 

4. Drain any excess fat if needed. 

5. Add zucchini and cook until softened. 

6. Mix in cheese and serve with whole grain bread or over brown rice/quinoa (bonus points if you’ve cooked extra rice or quinoa from another meal!)

Ingredients

1 Tbsp avocado oil

1/2 onion, diced 

1 lb ground turkey

1 Tbsp Steak Seasoning (low sodium steak seasoning) 

1 large zucchini, sliced into 1" pieces 

1 cup part-skim mozzarella cheese


8. Warm Salad Kits

This next one may sound weird, but hear me out! Take a salad kit, perhaps a Thai or Asian-inspired option, saute with a little olive oil, and add some diced chicken breast/ground turkey/or shrimp. You can use the salad dressing as a sauce. Consider adding extras like cashews, slivered almonds, or canned (in their own juice) mandarin oranges. Serve it over a carb like brown rice, quinoa, or a brown rice noodle.

9. Sausage and Veggie One-Pan Meal

This is a great way to clean out your fridge, no one likes to waste money throwing produce away! Whatever leftover vegetables you may have lurking around (onion, sweet potato, broccoli, cherry tomatoes, carrots), toss with 1-2 Tbsp avocado oil. Slice and add a package of chicken sausage (I love the apple chicken sausage from Aldi or Costco).

Roast at 400 for 20-30 minutes depending on what vegetables you end up using - you'll need more time for things like carrots/potatoes and less time for things like onions, cherry tomatoes, and broccoli. 

10. Marinara Chicken Bake

Take a few fresh chicken breasts and spread some marinara or pesto sauce over top, add a slice of mozzarella cheese and sliced tomato on top, and bake at 350 for 20-30 minutes or until internal temp reaches 165 degrees. Broil for 2 minutes so the cheese is nice and bubbly/golden. If you’re short on time, serve with a steamable bag of green beans/red potatoes (Birds Eye has a good option).



Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.

Avoid These Common Financial Pitfalls: A Guide for Doctors, APPs, and Nurses

Navigating the financial landscape can be challenging, especially for medical professionals who have spent years focused on their education and training. Whether you're a doctor, advanced practice provider (APP), or nurse, understanding common money mistakes and how to avoid them is crucial for building a secure financial future. In this blog post, we'll explore some of the most frequent financial pitfalls encountered by healthcare professionals and offer practical tips to help you steer clear of them.

Common Financial Mistakes

  • Overlooking Student Loan Management

Student loans can be a significant burden for medical professionals. Review all your loans to understand which are public vs. private, the interest rates, and the repayment terms. This knowledge could save you tens of thousands of dollars in the future.

If your loans are public, evaluate which loan repayment option is best for you. Many healthcare employees work for non-profit hospitals. If you plan to work for a qualified non-profit for ten years, Public Service Loan Forgiveness (PSLF) will likely be the best option. You will want to make sure your student loans are direct federal student loans and not Federal Family Education Loans if you plan to pursue PSLF.

If you do not work for a qualified non-profit or have private student loans, evaluate which repayment option suits you best and determine how quickly you want to pay off the loans. I have had good experience with GradFin which offers free initial consults to help review your loan repayment options.

  • Increasing Lifestyle Expenses Too Quickly

Transitioning from a student budget to a professional income can be tricky. Many healthcare professionals fall into the trap of increasing their living expenses too quickly once they start earning a full-time salary.

The White Coat Investor encourages doctors to “continue to live like a resident” for a few more years before increasing their lifestyle. This advice applies to APPs and nurses as well. Doing so can free up money to pay down debt, jump-start retirement savings, and allow more thoughtful financial decisions about your lifestyle.

  • Delaying Retirement Savings

It might be tempting to delay retirement savings, especially if you're still paying off student loans or adjusting to a new salary. However, the benefits of early and consistent retirement contributions are tremendous.

Take advantage of employer 403(b) or 401(k) matches, HSA contributions, and backdoor Roth IRA contributions if possible. Starting now can be a significant step toward financial independence. Most people do not regret saving sooner for retirement, but many regret waiting too long.

  • Ignoring Insurance Needs

Insurance is a critical component of financial planning that often gets overlooked. Disability insurance, life insurance, and malpractice insurance are essential for protecting yourself and your family against unforeseen events. Understand the types of coverage available and choose policies that fit your specific needs and circumstances. Proper insurance coverage provides peace of mind and financial security.

I recommend avoiding whole life/permanent life insurance for most healthcare providers due to high expenses and fees limiting potential upside. If someone tries to sell you permanent life insurance, fully understand how it would be beneficial to you and what the costs will be. Consider getting a second opinion and exploring term life insurance instead, investing the difference.

Actionable Financial Tips

  • Building an Emergency Fund

One of the most important steps in financial planning is establishing an emergency fund. Aim to set aside 3-6 months of living expenses in a high-interest savings account or money market fund. This fund acts as a safety net in case of unexpected expenses or income loss.

Start small if needed, and gradually build up your fund over time. The peace of mind an emergency fund provides is invaluable. If you are single with no kids, 3 months may be enough. If you have kids and/or are married, consider aiming closer to the 6-month mark.

  • Investing Wisely

Investing is a powerful tool for growing your wealth, but it's essential to approach it wisely. Educate yourself on the basics of investing in the stock market and consider low-cost mutual funds and index funds. Diversifying your investment portfolio can help manage risk and improve your chances of long-term success. Learning about expense ratios and the fees associated with investing is also critical.

Evaluate your risk tolerance and risk capacity when investing. Everyone is happy during the years when the market goes up, but some people let their anxiety get the best of them during the years when the market drops. Having your investments set up based on your individual risk level is crucial to avoid making emotional decisions during periods of market volatility.

  • Seeking Professional Financial Advice

Working with a financial advisor can provide significant benefits, especially if you're navigating complex financial decisions. A good financial advisor can help you create a comprehensive financial plan tailored to your goals, manage your investments, and provide guidance on tax strategies and retirement planning.

If you decide to work with a financial advisor, I recommend:

  • Looking for one who is a fiduciary, meaning they must look out for your best interest.

  • Finding one that is fee-only, which means they do not get commissions.

  • Clearly understanding what fees they are charging and what services they provide.

Don’t Wait, Start Today

Avoiding common financial mistakes and implementing smart money strategies is crucial for medical professionals aiming for long-term financial health. By managing your student loans, budgeting wisely, prioritizing retirement savings, securing appropriate insurance, building an emergency fund, investing prudently, and seeking professional advice, you can set yourself up for a secure and prosperous future. Remember, taking proactive steps today can make a significant difference in your financial well-being tomorrow.

If you need more personalized advice or have specific financial questions, don't hesitate to reach out. Your financial health is just as important as your physical health, and taking care of it now will pay off in the years to come.



Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.