Is it too late to start living like a Millionaire?

Do you want to become a millionaire? Do you want to live like a millionaire? It might not be what you envision. One author spent over a decade researching, investigating, and interviewing millionaires to explore how the average millionaire lives. Here are his insights from Thomas Stanley’s book, The Millionaire Next Door.

They live well below their means

The average millionaire doesn’t spend more than they earn. They don't buy fancy clothes; they shop for clothes at places like Target, Meijer, and Wal-Mart. They don't drive fancy car brands like Porsche, Ferrari, and Lamborghini. They drive cars made by Toyota, Honda, and General Motors. They don't live in mansions overlooking the ocean. They live in a well-taken-care-of home next door to you which explains the title of the book.

True millionaires allocate their time, energy, and money efficiently, in ways conducive to building wealth.

The average millionaire is productive with their time. They spend much more time reading and much less time watching TV than non-millionaires. They don’t waste their money on lottery tickets or get-rich-quick schemes hoping to become rich. They invest their time and money improving themselves, learning new skills, starting businesses, and networking with other successful people. They exercise more and eat healthier. They start investing in their tax advantage accounts early!

They believe that financial independence is more important than displaying high social status. 

The average millionaire understands that being wealthy isn’t about showing off or one-upping their neighbor. Instead of buying a bigger house or fancier car, they would rather build wealth. They understand that building wealth allows them to gain back control of their time. Being financially independent allows them to spend more time with their family, volunteer more, work at a job they enjoy, and participate in hobbies they love. They understand the difference between appearing rich and being wealthy.

Their parents did not provide economic outpatient care.

The average millionaire did not inherit their wealth as many people assume. While some families do pass down wealth from generation to generation, research shows that the vast majority of millionaires are self-made. They did not receive large inheritances but built their wealth slowly over time.

Their adult children are economically self-sufficient.

The average millionaire is not supporting their adult children. They taught their children the principles of finance, which include delayed gratification and the power of compounding interest. They discussed their family finances early and often. They provided for their children's needs but did not fulfill every want. They taught them to work hard and to work smart. They taught them how to make their money work for them instead of the other way around.

They are proficient in targeting market opportunities.

The average millionaire learns that money is a medium for transferring value. If they provide a product or service to somebody they receive money, which can then be spent to receive a product or service back. They use this information to stay on the lookout for opportunities where there is a lack of products or services. Then they use their knowledge and resources to provide that need which is in high demand. Improving efficiency is another value add opportunity the millionaires use to generate wealth. Money flows to wherever value is created.

They chose the right occupation.

The average millionaire has found an occupation that matches their skill set and personality well. They enjoy going to work most days and look forward to being productive. Enjoying their job allows them to excel, which leads to being compensated well.

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I encourage you to start implementing these insights in your life. If you enjoyed this overview, I would highly recommend reading the book!

“You will be the same person in five years as you are today except for the people you meet and the books you read”

— Charlie Tremendous Jones

Sources: The Millionaire Next Door: The Surprising Secrets of America’s Wealthy; Thomas J. Stanley and William D. Danko; 1996

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.

What is a SEP IRA?

A SEP IRA is a great long-term savings vehicle designed for any employer, including self-employed individuals. There are some important factors to know when it comes to deciding if a SEP IRA is right for you and your business.

Want to know more? Click below to be instantly educated on SEP IRAs.

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Michigan's NEW First Time Home Buyer Savings Account

Have you heard about Michigan's NEW First Time Home Buyer Savings Account???

 If you haven't, you'll for sure want to be in the know. In February of this year, Governor Whitmer signed a bill allowing first time home buyers to save and grow their savings TAX-FREE (if used for a qualifying expense)!

 You can learn all the deets below. This is an amazing opportunity if you and your spouse are saving for a home or will be in the upcoming years. 

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If the stock market is crashing! What should I do?

One of the most important rules when it comes to investing is to buy low and sell high. And yet, some people end up getting nervous when the stock market is “crashing” and end up selling low. Then, after the market recovers, they regain confidence and end up buying high. Letting one’s emotions control investing decisions is a recipe for poor returns.

You may see on the news or social media people claim that they know what the market is going to do in the future. Often people say these things to try and get more viewership and clicks instead of trying to give sound financial advice. But recall the adage that “even a broken clock is right twice a day”. Don’t be surprised when someone’s lucky guess happens to be accurate from time to time. Instead, focus on taking financial advice from a fiduciary, someone who is legally required to act in your best interest and not their own.

So what should you do during a volatile market? Without knowing the details of your financial situation, I can’t provide specific advice. However, I would like to review some data from the past to help you gain a better understanding of the markets and consider a “market crash” as a potential opportunity to buy. This is looking back at previous returns so make sure to note that past performance is no guarantee of future results.

In the world of finance, there are two different types of markets: a bull market and a bear market. A bull market is a time frame when the economy is expanding and stock prices are increasing, while a bear market is when the economy is experiencing a recession and stock prices are decreasing. As you can see from the chart below, bull markets typically last longer than bear markets and produce greater returns compared to the losses of a bear market. The U.S. has been in a bull market for a while so when it transitions to a bear market or recession that will not be out of the norm when looking back in history.

Since bull markets typically last longer than bear markets, the odds that someone makes money investing in the stock market could increase significantly the longer they leave their money invested. The chart below shows the probability of someone having positive returns investing in the S&P 500 index since 1937. If someone only invested for 1 day they had a 53.4% probability of having positive returns but if they stayed invested for 10 years they had a 97.3% probability of having positive returns! I prefer the much higher probability of higher returns by not trying to time the market.

The chart below shows the 15 largest single-day percentage losses for the S&P 500 since 1960. If you look at the right side you will see in the one year later column that only one time was the market negative one year post the corresponding single-day percentage loss. That was back in 2008 during the global financial crisis. Instead of becoming nervous about large single-day losses reassure yourself that more than likely the market will recover within one year.

Think about it this way, I LOVE Heath candy bars for obvious reasons. If I bought them as a snack and then Meijer sent me a coupon for 50% off, I wouldn’t get upset that I had just paid full price. I’d go and buy more. Selling stock when the market plummets would be a lot like me selling my Heath candy bars for 50% less than what I paid for them vs. buying more at such a great price!

Hopefully, this has helped you gain a better perspective on making investing decisions. I believe that having a longer-term outlook can help you keep emotions in check and not get as nervous/scared when you see people on the news and social media talking about a stock market crash.

Just like gym workouts are more productive with a trainer, folks often are better able to keep their emotions in check by having a talented financial advisor on their team. If you don’t have a financial plan established now might be as good of a time as any to get that put in place. I would be happy to meet with you to discuss your financial plan.

“We simply attempt to be fearful when others are greedy and to be greedy when others are fearful”

— Warren Buffett

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.

THE STEWARDSHIP PODCAST // Stewarding Your Money with Leanne Rahn and Connor McDowell

Stewarding Your Money with Leanne Rahn and Connor McDowell

Episode Description

On this episode I am joined by my friends, colleagues, and fellow financial advisors Leanne Rahn and Connor McDowell. We tackle all things stewarding your money. Don't forget to join the SP community on Facebook.

MONEY SESSIONS // The Power of Reinvesting in Your Business with Mista Caswell

The Power of Reinvesting in Your Business with Mista Caswell

Episode Description

In today's money session, we chat with Mista Caswell - a small business owner and West MI photographer specializing in weddings and engagements, lifestyle, and senior sessions. We chat all about the power of reinvesting in your business. Mista discusses her real-life examples of how prioritizing her business's growth has impacted the quality of work she can provide to her clients. If you are a business owner playing around with the idea of reinvesting into your business, this session is for you!

Traditional vs Roth Retirement Account, Which Is Better?

What is the difference between a traditional account and a Roth account? Which one is better for you? Which one should you invest in? Several factors can affect your decision. I will help you explore concepts to think about to assist when making that decision.

The main difference between a traditional account and a Roth account is the timing of when you pay taxes on the money. When you make a contribution to a traditional account you normally would be able to deduct that amount from your taxable income, which would reduce your taxable income the year you make the contribution. Then at retirement when you withdraw the money, you would pay taxes on the contributions and growth of the account. This is called tax-deferred money since you are deferring the taxes until later 

A Roth account works the opposite way. You do not reduce your taxable income the year you contribute the money, but then when you withdraw the money you do not have to pay taxes since you already paid them on the money contributed. This is called tax-free money since it is tax-free upon withdrawal.

Income Tax Brackets

One of the first things you will want to figure out is what federal income tax bracket you will be in for the current tax year. This is an important part of your decision when deciding if you should contribute to a traditional or a Roth account. Here are the federal income tax brackets for 2023. (Source: Voya 2023; link below)

If you are in one of the higher income tax brackets (32%, 35%, or 37%) it may make sense to contribute to a traditional instead of a Roth account since you would save more now on taxes than you would if you were in one of the lower income tax brackets (12%, 22%, 24%). If you think you are in a higher tax bracket now and will be in a lower tax bracket at retirement then it may make sense to contribute to a traditional instead of a Roth account. Keep in mind that politicians have adjusted the tax brackets many times in the past and will probably adjust them again before you reach retirement.

Time Horizon

Time until retirement is another factor to consider when making your decision. Generally, someone who is younger will have a lot more time for their money to earn compound interest and could be better off contributing to a Roth account. This way all of the principal & compound interest they withdraw at retirement would be tax-free, whereas if it was in a traditional account you would owe taxes on that money instead. My brother explains it as “would you rather pay taxes on the seeds or pay taxes on the entire tree once it is fully grown.” 

You might be someone who would rather lock in their tax rate now and not have to worry about if it will be higher or lower at retirement. If you are that type of person then you will want to consider contributing to a Roth account. If you are someone who believes your tax rate at retirement will be lower than what it is currently, then you will want to consider contributing to a traditional account.

Required Minimum Distributions

Required Minimum Distributions (RMDs) are another reason why you might decide to contribute to a Roth instead of a traditional account. After a certain age (as of 2022 it is 72) the government requires that you withdraw a specified amount of money every year from your accounts as they want to get their tax money back on that tax-deferred money. If you have that money in a Roth IRA then there are no RMDs, unless it is an inherited Roth IRA. (Source; Fidelity; link below)

Employer Plans

If you participate in a retirement plan at work, most companies offer some type of matching program. If you contribute a certain amount they will contribute a match. Dollar on the dollar or fifty cents on the dollar up to a certain amount appears to be the most common matching contributions. More employers are now offering a Roth option. If you elect to have your contributions go toward the Roth bucket be aware that your employer will more than likely contribute their match into the traditional bucket, so they are able to receive the tax deduction. This may be a good thing as it could help you diversify your risk by having some money tax-deferred and some money tax-free at retirement.

If you are a participant in an employer-sponsored retirement plan at work then there is a deductibility phase-out for IRA’s if your modified adjusted gross income (MAGI) is above a certain amount. In other words, you wouldn’t get the tax deduction by contributing to a traditional IRA plan if your income is over a certain amount and you have a retirement plan at work. For Roth IRA’s there is a phase-out limit. As your MAGI increases, the amount the IRS allows you to contribute decreases until you are no longer allowed to contribute. Refer to the Voya 2022 Quick Tax Reference Guide if you are curious as to the specific ranges. (Source: Voya 2023; link below)

If you have more questions about if you should contribute to a Roth or a traditional account feel free to set up a meeting with me as I am happy to discuss strategies personalized to your situation. If you are looking for the best of both traditional and Roth accounts then click here to learn more about how Health Savings Accounts can be used as a stealth retirement account.

Sources: https://www.kiplinger.com/retirement/retirement-plans/roth-iras

https://individuals.voya.com/document/tax-center/2023-quick-tax-reference.pdf

https://www.fidelity.com/building-savings/learn-about-iras/required-minimum-distributions/overview

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.

Ribbon Cutting Open House Celebration

YOU ARE INVITED!

Please join us as we celebrate the move into our new headquarters downtown Grand Rapids!

Thursday, May 12 from 3:30 - 6 pm

We will have a ribbon-cutting ceremony with the Grand Rapids Chamber of Commerce along with food and drinks. The purpose of this event is to host you as our guests and give our clients a chance to get familiar with our new location and mingle with community members. We’ll have food, drinks, and fun.

Location: The Lorraine Building - 124 Fulton St. EAST, Grand Rapids, MI 49503 (124 Fulton West is Van Andel Arena so be sure to include the East in your GPS)

Dress code: Come as you are

Format: Come and go as you please, ribbon cutting between 4 - 4:30 pm.

The rest: No RSVP required; but please mark your calendar or ‘Add to your Calendar’ via the button below.

Warm regards,

The Fiduciary Financial Advisors team:

Andrew, Archie, Ben, Connor, Drew H, Drew W, Doug, Ethan, Heath, Jacob, Jake, Kori, Jason, Leanne, Mary, Michael, Ryan, Stephanie, Tom, Travis, and Tyler

The building:

What Should I Do With A Large Lump Sum Of Money

Did you just win the lottery, receive a large inheritance, or win a lawsuit settlement? If you just won the lottery I would recommend being wise with that money since 70% of lotto winners lose or spend all their money in five years or less (Source: Reader’s Digest; link below). Being smart with an inheritance or lawsuit settlement is just as important. Here are some steps you may want to consider when deciding what to do with your newfound wealth.

1. Don’t Do Anything

   You might want to buy a fancy new car, go on an expensive vacation, or be generous by sharing the money with friends and family. There will be plenty of time for those things, but you should take a month to let everything settle first. Carefully consider who you are going to tell about the money. Don’t quit your job. Don’t go around bragging or posting about it on social media. Don’t put all of it into the hot stock of the month based on a Reddit forum. Continue living your life as if you never received the money. You will make better decisions once your endorphin levels have settled back to baseline.

2. Contact a Certified Public Accountant (CPA)

   The IRS loves when people receive large sums of money, and you can bet that they want a piece of the pie. Often, that piece ends up being much larger than you’d prefer, so finding a CPA that specializes in taxes should be a top priority. They could help you strategize a plan to reduce the tax burden and leave more money available for other things.

3. Contact an Attorney

   An attorney is able to explain the benefits of having a will, a trust, and a DPOA for finances & healthcare. They should be able to help you complete these if needed for your particular situation. If you already have these in place, this might be a great time to review and update any if needed. Having these in place will save your family many headaches when you eventually pass away.

4. Contact a Financial Advisor

   A financial advisor is able to help create a written plan for your money. This could include paying off high-interest debt, opening and/or maxing out retirement accounts, funding a brokerage account, evaluating the need for term life insurance, building out a net worth statement, starting a donor-advised fund, and determining your risk tolerance to create your ideal asset allocation. When searching for a financial advisor you want to make sure they:

   • Are a Fiduciary: Which means they have to put your best interests first!

   • Are a Fee-Only Advisor: This means they do not have a conflict of interest with potentially selling you certain investments to get a large commission.

   • Have a Clear Investment Strategy: Do they have an investment strategy that can be clearly explained to you and matches your investment philosophy?

     I am proud to say that I check all 3 of these boxes in my financial advising practice.

5. Implement Your Plan

   While creating your financial plan might sound like the hardest part, implementing your plan may be more difficult. A written financial plan of how you want to direct your money is great but if you don’t take steps to implement that plan then it was all for nothing. When implementing your plan keep in mind:

   • Not to let emotions control your financial decisions.

   • Don’t let the news media tempt you into making quick, spur-of-the-moment decisions during periods of market volatility (Remember the main goal of news media is to attract viewers, not to give solid financial advice).

   • Stay consistent and reach out for help if needed. Investing is a marathon, not a sprint.

   A patient going for physical therapy could perform all their therapy on their own if they knew the correct exercises. Having a physical therapist guide which exercises will be the most effective and support/encourage the patient in completing them, could help the outcome tremendously. Partnering with an excellent financial advisor is similar.

6. Finally, Treat Yo Self!

   If you have made it to this point and are implementing a well-thought-out financial plan, you should congratulate yourself. You did the hard work and made the tough decisions to set yourself up for success. Now might be the time for you to use a small portion of that money to Treat Yo Self as a reward!

Sources: https://www.rd.com/list/13-things-lottery-winners/ https://rochesterlawcenter.com/services/durable-power-of-attorney-michigan/ https://www.youtube.com/watch?v=gSjM5B3QNlw

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.

The Stealth Retirement Account That Most Americans Don't Use

Are you trying to find more ways to save for retirement so you will be able to retire early? Let me explain how you can use a Health Savings Account (HSA) as a stealth retirement account by investing inside of it. Currently only 4% of Americans that have HSAs unlock this powerful potential. (Source: Devenir 2019 study; link below)

First, you have to be covered under a High-Deductible Health Plan (HDHP) before you are allowed to contribute to an HSA. If you are covered under an HDHP, the maximum you are allowed to contribute in 2024 is $4,150/single or $8,300/family (an additional $1,000 if you are over 55 years old). You do not pay taxes on money contributed to your HSA, and if the money is withdrawn for eligible healthcare expenses the funds are not subject to any penalty or taxes. Most people use their HSAs this way. The money goes in…then it comes right back out to pay for medical expenses. This is a great way to save money on taxes for eligible health care expenses, but it is not utilizing the full potential of your HSA.

With a few simple adjustments, you could turn your HSA into a stealth retirement account.

Pay Out-of-pocket for Medical Expenses

This allows you to accumulate more money inside of your HSA every year instead of depleting the account every time you have an eligible medical expense. The longer you are able to keep the money in your HSA the more time you are able to let it grow.

Save your Eligible Healthcare Receipts

If you chose to use your HSA as a stealth retirement account, make sure you save your eligible healthcare receipts. This would then allow you to withdraw money from your HSA, to reimburse yourself for the past eligible medical expenses that you paid out-of-pocket earlier. Currently, the IRS doesn't have a time frame for when you are allowed to reimburse yourself. This means you could spend $500 out-of-pocket today and submit it for reimbursement years later. The medical expenses have to have occurred while you were covered under an HDHP though!

Invest the Money

Investing your HSA money could allow it to grow into a significant amount depending on what the time frame is and what return percentage you are able to achieve. Below are examples if someone invested their HSA money for 30 years with an annual return of 7%. Your numbers will be different depending on the length of investment and returns. (Source: Calculator.net; link below)

“Because of the effects of inflation, a 50-year-old couple in 2019 planning to retire at age 65 can expect to spend about $405,000 on health care in retirement. A 40-year-old couple faces $455,000 in expenses...” (Source: Annuity.org; link below)

These three things would allow someone to take full advantage of using their HSA as a stealth retirement account. HSAs allow investing in a triple tax advantage account. The money contributed reduces your taxable income while the qualified withdrawals and investment growth are tax-free (If the withdrawals are not qualified this becomes tax-deferred growth).

Other Things to Consider

If you withdraw money from your HSA for non-medical expenses you have to pay taxes and a 20% penalty, but after you turn 65 the 20% penalty goes away. This allows you to optimize your tax efficiency; by choosing which accounts to withdraw money from instead of having to fully depend on Social Security and Medicare. Additionally, most investors are in a lower tax bracket in retirement since they are no longer working, so there may even be another benefit to delaying the tax until later in life.

Not all HSAs are equal. Some charge high fees, some limit the amount of money you can invest, some limit your investment options, and others don’t allow investing at all! Your employer usually chooses which institution they use for HSA contributions but once the money is in the account you have full control of what happens with the money. Check to make sure it is a good one. If not you may be able to move your HSA money to a better institution. If you would like assistance in moving over your HSA, deciding what investment options to invest in inside your HSA, or any other HSA-related questions contact me and I would be happy to help. Our firm uses Fidelity, which charges no account fees and offers a wide range of investment options (Source: Fidelity.com; link below)

Sources:

https://www.devenir.com/research/2019-midyear-devenir-hsa-research-report/

https://www.calculator.net/future-value-calculator.html

https://www.annuity.org/retirement/health-care-costs/

https://www.fidelity.com/go/hsa/why-hsa

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.

Intro to Planning for Widows

Some of my most meaningful client relationships have been with widows.  There are many reasons behind this, but widows face a different set of circumstances than couples do.

Whether a recent widow or a soon-to-be widow, a partnership has or is in the process of ending.  You may have made financial decisions with your spouse or maybe these decisions were made separately, but now you are forced to make these decisions on your own.  In a best-case scenario, you already have a good relationship with a financial advisor.  But if not, you should look for someone who has been down this path before and understands what you are facing.  You have so many decisions to make with a new set of facts and having the right financial team in place could really reduce the stress of these decisions.

With so many financial decisions looming, the list of considerations can be daunting. Income taxes, estate planning, investment advice, cash flow planning, long term care planning, electing Social Security…Any of these on their own is difficult. But so many of these are interrelated and one decision in one area has impacts in others as well.

Many people don’t NEED someone else to help them make a decision, but they prefer to have someone to work with through tough decisions.  When the decisions are now all in your hands, this may seem off and you may want to bounce your thoughts and ideas off someone else before making the final choices.

When you are overwhelmed, it is more difficult to make tough decisions.  Having an experienced advisor on your side can make the mountain of choices seem much more manageable.  Not all decisions have to be made immediately and a professional can help you prioritize.  Often, we make a list of what needs to be addressed with a corresponding timeline for each item.

The fog will eventually lift, but the decisions you make in the meantime are incredibly important.  With so many different thoughts coming your way and a range of emotions, it pays to have a reliable partner to guide you through this period and beyond.

How to Save $$$ on Insurance as a Newlywed

This month, I had the opportunity to sit down, interview-style, with insurance agent, Emily Romeyn, and get all the secrets on how to save money on insurance as newlyweds. I mean, who wouldn’t want to pay less in insurance and use those savings to maybe buy a little more Qdoba? (Sorry, Chipotle). Keep reading to be in on the insurance-saving, Qdoba-funding, dare I say, magical ways to have some more jingle in your newlywed pocket.

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L: So, Emily, tell us - what kind of insurance do newlyweds have the opportunity to save money on?

E: Newlyweds can utilize their rental, home, and auto policies to take advantage of these savings. The best way they can do this is by combining their two individual policies into one. 

One thing to note is most companies I work with actually only run the credit score of the first applicant. That’s a huge benefit if one spouse doesn’t have the best credit. We simply put the spouse with the better credit as the first applicant. There is room for strategy in that specific scenario. 

I would tell newlyweds that if they keep their individual policies, still check in with their insurance agent because they could have the opportunity to be rated differently. Insurance companies often think of you as a lower risk if you are married versus not. 

L: What’s an estimated savings amount that they could expect to be available?

E: This really just depends on the individuals and the situation. A lot of factors go into this like what their credit scores are, what they are combining, their associated risk through the insurance company’s eyes, and so on. The best route to find out a realistic savings amount is to check in with me and we can dive into those specific factors a little more.

L: Is there an expiration date on these saving opportunities that they should be aware of?

E: Nope! Obviously, the sooner you take advantage of the savings the better for your wallet. But, in reality, the potential savings are always at their fingertips. 

L: Okay, this sounds like SUCH a good opportunity for newlyweds. What steps need to happen to take advantage of the potential savings?

E: I would say the first step is to combine your health insurance policies to be on one policy together. When we work together, we can actually coordinate your auto and health insurance policies to save you some dollars down the road. Part of auto insurance is medical coverage. Typically, I like to see this as unlimited coverage. Plus, it covers you lifelong. However, as you can probably guess, unlimited lifelong medical coverage can be expensive. When we coordinate your health insurance and auto insurance, we actually can get a letter from your health insurance stating if medical coverage were needed, the auto insurance company can bill the health insurance company first. This is a great benefit that allows you to have amazing coverage at a potentially lower cost. 

The second step would be to call your insurance agent to notify them of the changes. It’s really as simple as that.

The other thing I would add is if they are changing their last name, it is usually helpful to have this completed before changing and combining policies first. It really saves you the headache of having to notify us again later down the road. Of course, you can still do this at a later date but it’s often just easier to have it complete before.

L: How do you personally help your customers shop for the best insurance deals? What can they expect?

E: Great question! First step is getting to know them. This is important not only to build that foundational relationship but also we need to get a better understanding of what is important to them and what we need to insure. 

From there, I use a comparative rater which compares about a dozen of our top insurance companies. I evaluate not only the pricing each insurance company is offering but also what I know about the company in general. For example, one of our top companies offers a 24/7 call center. If I have a customer who works an odd shift and the 9-5 schedule just doesn’t work for them, this might be a good company for this specific customer. 

After I determine the best of both worlds between the pricing and any special circumstances, I present the quotes to my customers. I always send a video proposal going over the quote that walks them through everything they need to know. I find the video proposal to be super helpful for my customers. 

The last step is for the customers to decide on a company that will be best for them and we proceed with getting the new policy in good order. That’s it!

L: Emily, I understand you are an Independent Agent. What does that mean in the insurance world and why should newlyweds work with you? 

E: As an Independent Agent, I have access to - literally - hundreds of companies. We don’t have our own insurance products that we are trying to sell. Our goal is to get the best price possible for our customers. 

On the other hand, an insurance agent who is not an Independent Agent is tied to that company. They only have their company’s products that they are looking at. Often, in order to be competitive in terms of pricing, they will sometimes cut coverage in not the best ways mainly because they can’t just shop the next company. Where I, as an Independent Agent, just keep shopping with other companies if the price isn’t what the customer is looking for. 

The other thing is let’s say a customer renews their policy and comes to find out their price has increased. If you are working with me, we can continue working together but we simply find a new company with a different policy. Someone who is not an Independent Agent is tied to that company so more than likely, the customer is left trying to find a new agent. Not ideal.

Also, who else hates the 1-800 numbers? Plenty of us. When working with me, I act as your middle man in case of a crash or something happens. You don’t just have to call that annoying 1-800 number and wait on hold. I’m here to help. 

L: Wow. Seriously such good info, Emily! Is there anything else you would say to newlyweds that may be beneficial?

E: I would say getting married is a great time, in general, to review and make sure everything is covered properly as you are starting to build a life together. 

Something to note is that when you move in together, the belongings of the other person are not just automatically covered - even when you get married. Notifying me of your changes is going to be the best route to take so we can make sure all is in good order. 

I also recommend newlyweds do a simple video walkthrough of everything you own. In case of an emergency, you don’t need to try and remember everything you owned in an already stressful situation. I would encourage them to make this a priority to start their new life well prepared. 

L: Thank you, Emily, so much for your words of wisdom! How can newlyweds get in touch with you if they want to act on these insurance savings?

E: Absolutely! They can shoot me an email at emily@westmichgianins.com or call my office at 616-866-3180. Can’t wait to connect!

//

I wasn’t joking when I said Emily would fill you in on some amaaazing and simple ways to save some cha-ching. But really though - what are you waiting for? Emily is here to assist you and answer all your questions along the way. Insurance savings (and Qdoba) are right around the corner!

About Emily…

Emily Romeyn Is an Independent Insurance agent In Grand Rapids Michigan. Pairing families and individuals with insurance that fits their unique life and needs is her specialty. She is a certified personal insurance specialist. 

When she is not working you can find her spending time with her husband and two sons, taking photos, or attempting to re-create something she saw on Instagram. She is Michigan born and raised and loves this beautiful state (when it's not freezing). 

W: www.westmichiganins.com

E: emily@westmichgianins.com

P: 616-866-3180

About Leanne…

Leanne Rahn is a Fiduciary Financial Advisor working with clients all over the US. If you don’t know what a Fiduciary is, Leanne encourages you to look it up (or even better - check out her website!). She swears you won’t regret it. Women entrepreneurs, newlyweds & engaged couples, and families who have special needs children are Leanne's specialties. 

She loves a good glass of merlot, spending time with her hubs and mini Goldendoodle, and all things Lake Michigan. She could listen to the band Elevation Worship all day long and is a sucker for live music.

W: https://forfiduciary.com/meet-leanne

E: leanne@ffadvisor.com

Here, at Fiduciary Financial Advisors, we take our fiduciary oath seriously. We hold these five principles:

1. I will always put your best interests first

2. I will avoid conflicts of interest

3. I will act with prudence; that is, with the skill, care, diligence, and good judgment of a professional

4. I will not mislead you, and I will provide conspicuous, full, and fair disclosure of all important facts.

5. I will fully disclose, and fairly manage, in your favor, any unavoidable conflicts

The Current Housing Market & What To Know

Get a pulse on the market from local real estate agents, Aubree Boerman & Jim Lambert with the Heart in Home Group, and I'll share some financial tips to take with you as you start this process.

You can sign up for our First Time Home Buyer Workshop here!

We are teaming up with Madison B, Massage Therapist to give you a chance to win a $100 gift card toward her services!

FOYER CHATS PODCAST // Financial Planning for Your Business AND Your Life with Leanne Rahn

Financial Planning for Your Business AND Your Life with Leanne Rahn

Episode Description

Today's episode we chat with Leanne Rahn - a fiduciary financial advisor specializing in helping new business owners and newlyweds! What is a fiduciary you ask?! Well we will ask that question for you ;). Leanne shares all about financial planning for your business AND your life. Take away tactical tips and tools to create a killer financial plan JUST RIGHT FOR YOU! Leanne makes talking about organizing the back end of your business and setting those big financial goals SO much fun, we already know you'll love her!

New Kalamazoo office expansion!

We recently completed an acquisition of Chartwell Financial, a boutique RIA in Kalamazoo, Michigan. The move allowed us to expand our geographic footprint further throughout Michigan while providing a seamless succession plan to the retiring Chartwell team.

The transition went smoothly and as a result, we now serve as the financial advising team to over 500 families. Learn more about our Kalamazoo office by clicking Here

The Team Continues to Grow

Our team continues to grow! Heath Biller has joined Fiduciary Financial as an advisor. We are excited to see Heath take a fiduciary stance, making the commitment to put his client's interest first ahead of his own.

Welcome to the team Heath!

The Team Continues to Grow

Our team continues to grow! Jake Hansma recently joined Fiduciary Financial as an advisor. We look forward to watching Jake take his stance as a fiduciary making the commitment to put his client's interest first ahead of his own.

Welcome to the team Jake!

PODCAST // The One Thing with E.W.E. (Empowering Women Entrepreneurs)

The One Thing with E.W.E. (Empowering Women Entrepreneurs)

Episode Description

Have some goals in mind but not sure how to actually reach them? Leanne Rahn addresses the topic of “The One Thing” that you can do every single day to get to that someday goal that feels so far off! Each of us pitch in on this topic to see how we (and you!) can create simple but intentional steps to take daily, weekly, monthly and yearly to be the person you want to be! Ready to get that fire in your heart and to be motivated to become the best version of you for yourself, your business and others? Then you’re in the right place!

The ONE Thing Book by Gary Keller

5 Tips to Stop Fighting Over Money

1. Talk About Money When You’re Rested & Calm

Lack of sleep can really affect our attitudes. I think we can all agree to that. I don’t know about you, but I can think of a couple of times (or a few) when I thought it would be a good idea to discuss a sensitive topic while my husband and I are getting into bed for the night. Spoiler alert: it never goes well. This relates to money talks too. Make sure you are both rested and calm. Don’t go into the conversation already heated. We all know where that can lead. And hey, while you’re at it, might as well make sure you’re not hungry either (ever heard of hangry?).

2. Proactive Versus Reactive

Having money talks regularly helps get you on the same page as your spouse and helps keep you there. Expressing your concerns, fears, goals, and expectations before a problem arises makes for a lot fewer arguments. Picture this: a reactive situation would look like me using the credit card to pay for my latest Target run. Because my husband and I weren’t being proactive, I didn’t know he wanted us to pay off the credit card this month and not add more to the balance. The results? It ended with a fight after the damage was already done. A proactive situation would have looked like my husband and I clearly communicating our expectations. I would have paid cash for the Target run and the fight wouldn’t be there. Don’t wait for a problem to arise. Be proactive and clearly talk about your expectations. 

3. Stop Interrupting

Whether you agree with what your spouse is expressing or not, don’t interrupt. I cannot express this enough. Do you know how much appreciation is felt when you actively listen and acknowledge what your spouse is saying? Let me fill you in - it’s a lot. I know, it is easier said than done. Especially when you think your answer is the best. I’m not saying to throw your input out the window. But what I am saying is to simply acknowledge what the other is saying and do so without butting in. You’d be surprised by the amount of respect it resembles. 

4. Always Fall Back on Your Priorities 

Let your priorities ground you. If you can’t seem to agree on something, fall back on what you decided was important to you two in the first place. Think of your priorities/goals as your center. The action steps you two take should orbit around your priorities or around your “center”. Whatever you are arguing about, ask yourselves “does this relate to our priorities?”. If yes, then great, keep at it. If not, remove it from your “financial universe”. This way of thinking brings you back to what’s important and keeps you on track. 

5. Marriage Is All About Compromise

Sorry if you are sick of hearing this, but it’s true. Marriage really is all about compromise. Whether that is who gets to pick the movie tonight or compromising when it comes to a financial decision. If this is hard for you, keep practicing. Sacrificing is not always easy but I promise you, you will learn to appreciate the compromise in your marriage and see it as a beautiful thing.

Here, at Fiduciary Financial Advisors, we take our fiduciary oath seriously. We hold these five principles:

1. I will always put your best interests first

2. I will avoid conflicts of interest

3. I will act with prudence; that is, with the skill, care, diligence, and good judgment of a professional

4. I will not mislead you, and I will provide conspicuous, full, and fair disclosure of all important facts.

5. I will fully disclose, and fairly manage, in your favor, any unavoidable conflicts

Memorial Day

Happy after Memorial Day weekend. This one is always particularly important to us.

As a veteran owned company, we are thankful the nation takes time to honor those who made the ultimate sacrifice.

We are proud to be veteran owned and do our part to work with veterans and veteran owned businesses.

Recently the Exit Planning Institute, a national organization dedicated to helping business owners better prepare to exit their businesses optimally, sat down with our Founder, Ben VerWys to reflect on how his military service played a role in FFA’s growth over the years.

(estimated read time: 2 minutes)

https://exit-planning-institute.org/blog/memorial-day-celebrating-veteran-business-owners/