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11 Super-Simple Ways to Build Wealth in 2022

A wealthy couple
Jacob Lund / Shutterstock.com

To paraphrase William Shakespeare, some people are born wealthy and others achieve wealth. If you weren’t lucky enough to be in the first group, then it’s time to get going on your self-made fortune.

Think that can’t happen? You’re wrong. Pathways to wealth are everywhere. Why shouldn’t you take them?

Some of these smart choices will save you money upfront. Next, use that money to make more money through strategies like fractional investing and online wealth management.

Want to put yourself on the road to riches? These tactics can help.

1. Used Chevy or new Mercedes?

Save $100 a month, earn 1% on it and after 20 years you’ll have $26,545. Enough for a used Chevy.

Boost that percentage to 15%, and you’ll end up with $124,569 after 20 years. That’s nearly $100,000 more: enough for a new Mercedes.

Of course, earning 15% isn’t easy (the stock market’s average return is about 10%) and never guaranteed, but here’s something that is guaranteed: You won’t be earning big returns at the bank.

If you want to super-charge your savings, you’ve got to invest.

Plenty of people grow up thinking that “investing” is something only rich people do. Not so! You can start your investing journey with as little as $1, without paying a dime in fees, thanks to an investing app called Public.

With the Public app, you take part in “fractional investing,” which means buying little slivers of companies, funds or crypto assets. Take your choice from among thousands of exchange-traded funds (ETFs) and stocks.

Start by signing up and telling the app what investing experience (if any) you have and what your investing goals are. According to Public, 90% of users are in it for the long haul.

There’s no charge to join, although you’re allowed to leave tips on transactions. And again: You can start with as little as $1. What else can you get for a buck these days? Even dollar stores are raising their prices!

Download the app now, and take the first step toward getting rich instead of just getting by.

2. Chop your car insurance bill by $700 a year

Auto insurance is a must. You know what isn’t a must? Paying too much for coverage.

People who switch to Progressive for their auto insurance can save up to $700 – not just initially, but every year. Imagine what you could do with an extra $700 in your budget.

Emergency fund? Extra payment against your mortgage? Retirement planning? It’s your call. Point is, those are dollars that are now working for you instead of for someone else.

Incidentally, a cheaper premium doesn’t mean you’re cheaping out on protection. Progressive is known for its strong coverage. Request your free quote now and see how much you can save this year, and every year.

3. Let mortgage savings put your kids through college

If you’re currently paying about 4% on your mortgage, refinancing could lower your rate to as low as 2.376%.

Not much of a difference, right?

Well, if your mortgage is $300,000, that lower rate would mean paying about $94,000 less in interest over the life of the loan. That’s enough to put your kids through college, start your own business or retire earlier.

Maybe you know the savings would be significant, but haven’t refinanced yet because it seems so complicated. It isn’t. A direct lender called Better will make it child’s play.

The simplifying starts with a near-instant rate quote, and continues through the refinancing process. Better doesn’t charge origination fees or lender fees, and you can get a mortgage interest rate lock if you like.

Millions of homeowners around the country are saving every month because they refinanced. But the experts are saying these low rates won’t last. It’s do-it-or-lose-it time.

Get your new, personalized rate today, and make strides toward a better tomorrow.

4. Stop worrying about expensive household breakdowns

For most of us, our home is our most valuable asset. We put a lot of money down to buy it and pay a lot of money each month to keep it. Sometimes we’re stretched pretty thin financially, so when things break down it can be tough to cover the fixes.

The heating/cooling system grinds to a halt. A major appliance gives up the ghost. And why are the lights flickering — could it be the electrical panel?

What you need is a full-time maintenance person.

The next best thing? A home warranty from America’s 1st Choice Home Club. You can choose from among several coverage plans that cover issues with appliances, plumbing, heating, electrical systems and more. You can use your own technician or let America’s 1st Choice send someone over.

A breakdown happens in the middle of the night? Doesn’t matter. The in-house service team is available 24/7.

All this starting for as little as $390 a year.

Homeownership is great. But when things go wrong — and they will! — we can no longer call the landlord. We are the landlord, and we might go into debt just to keep things running smoothly.

Stop worrying about household breakdowns, and the high costs that come with them. Get a free quote in 30 seconds.

5. Get paid to watch videos and take surveys

Think of all the time you spend waiting somewhere. Waiting for the spin cycle in the laundromat. Waiting at the auto shop until the mechanic can give you an estimate. Waiting for your kid’s sports practice to be over. Waiting in an exam room for the doctor, who’s running 20 minutes late.

You could spend that time watching funny cat videos — or you could use that time to make some money. Our friends at InboxDollars can help you with the latter.

InboxDollars is a rewards site that pays you actual cash to watch videos and take surveys. Seriously: Why not use your downtime to make money?

Those aren’t the only ways to earn money with InboxDollars, however. You can also do some online shopping, click on daily emails, scan your grocery receipts into the “Magic Receipts” function, complete special offers (especially those for things you’d planned to buy anyway), play games and even help others by making donations to various causes.

From now on, get paid for waiting. It takes seconds to sign up, and you’ll get a $5 welcome bonus just for joining.

6. Find cheaper homeowners insurance in 60 seconds

Again, our homes are usually our most valuable asset. It’s essential to make sure they’re protected in the event of an emergency. But how do you know whether you’re overpaying for homeowners insurance?

Simple: You ask Lemonade for an estimate. It takes only a few seconds to find out whether you could be keeping more of your hard-earned money each month. Lemonade’s coverage starts from just $25 a month.

Homeowners insurance isn’t just about fixing things up after a fire, though. The dog bit the mailman? Lemonade can help with legal and medical payments.

A thief steals your stuff? Lemonade has your back, even if the theft happened away from home.

Your home rendered unlivable due to that fire? A homeowners insurance policy through Lemonade will cover expenses until you can get back into your home sweet home.

Why overpay with your current carrier? Find cheaper home insurance in seconds.

7. Add $1.7 million extra to your retirement

A recent Vanguard study indicated that a self-managed $500,000 investment would grow into $1.69 million in 25 years, on average. Sounds pretty good, huh?

However, with professional help, that same $500,000 would have turned into $3.4 million. In other words, a quality financial adviser could double your retirement nest egg!

At least talk to a pro, especially when finding one is free and easy. SmartAsset is a free service that will match you with a qualified money manager who can help you put your money where it will do you the most good.

Bank interest rates don’t beat inflation, so the value of your savings erodes over time. Stocks and other investments have historically beaten inflation, but a lack of knowledge and experience leaves you vulnerable to dodgy advice or financial scams.

SmartAsset will put you in touch with up to three local, experienced professionals, all of whom are fiduciaries, meaning they’re required to put your best interests over their own. They can give you a clear picture of where you are now, and help you develop the right plan for the long term.

Since the first appointment is often free, what have you got to lose? If you’re ready to at least consider a local adviser, check it out.

8. Protect your wealth with a gold IRA

Not everyone is comfortable with traditional retirement investments. Some people are opting for a “gold IRA,” which is just what it sounds like: gold, gold and more gold. This can be bullion (coins or bars) only, or also include gold stocks, ETFs and mutual funds. Gold is one of the few commodities that the Internal Revenue Service approves as an IRA investment. It’s a finite resource, rather than one that can be controlled by governments or banks.

Sound intriguing? Time to educate yourself, with help from American Hartford Gold.

This family-owned company can help you set up a gold IRA that meets all IRS standards. Chief among them: The gold must be kept at an approved depository. (No, you can’t bury it in your backyard.)

There may be less than 20 years’ worth of mineable gold remaining in the ground. As the saying goes about real estate, they ain’t making any more of it. Demand for gold is rising all over the world, especially in the electronics industry, so your IRA has a great chance to increase its value until you’re ready to retire.

American Hartford Gold has an A+ rating with the Better Business Bureau, and a 5-star rating with TrustPilot. Get your free investors kit now.

9. Diversify your portfolio with art collected by billionaires

Billionaires didn’t become billionaires by making bad investment choices. And billionaires have been collecting art for generations; for example, the Rockefellers amassed a collection that sold for an eye-popping $835 million in 2017.

But it isn’t just the ultra-rich who can invest in art by Banksy, Warhol and Picasso. With a new investing app called Masterworks, you can invest in iconic artworks as well – right alongside deep-pocketed folks like Bill Gates, Oprah Winfrey and Jeff Bezos.

Blue-chip art outpaced the S&P 500 from 1995-2021, which is impressive considering that historic bull run we’re now witnessing. The Wall Street Journal recently reported that art is “among the hottest markets on Earth.”

Art also has one of the lowest correlations to stocks that you can find. In other words, art’s value doesn’t have anything to do with the stock market’s wild swings, which makes it a good hedge.

Masterworks is an invitation-only art investment platform. So if you want to invest like a billionaire, request your invitation to join here.

10. Borrow $50,000 to erase your debt

Ever feel like you’ll never get out from under your credit card debt? Consumer debt is way too easy to get into, yet sometimes feels impossible to escape. You pay as much as you can each month, but the high interest rate just keeps piling on the dollars.

AmOne is a free service that matches people like you with loan providers. When you fill out one simple form online, AmOne finds lenders who want to fund your loan of up to $50,000.

Once you’ve been approved and agree on the terms, it can take as little as 24 hours to get the cash. Use the money to erase all your debt at once, then pay back the personal loan at a lower interest rate than those credit cards were charging you.

The service does only a “soft” credit pull, rather than have you going directly to lenders and getting “hard” credit pulls that affect your credit score. And speaking of your credit score: You don’t need an “excellent” rating to be considered, since AmOne’s lending partners are willing to work with people of varying credit ratings.

AmOne has a 4.7-star rating (out of 5) on TrustPilot. It’s free to check your rate online, and it literally takes just one minute.

11. Pay no interest until 2023 with a better card

Another way to deal with high credit card balances? Get another credit card. Specifically, get a 0% APR card, transfer those balances and get charged no interest while you’re paying down the debt.

There’s another good reason to get a 0% APR card: to get free financing on a big-ticket item.

Suppose your HVAC system goes out or your car needs a few thousand bucks’ worth of repairs. Rather than deplete your emergency fund, pay with that new 0% APR card to give yourself some breathing room while you pay it off.

How much breathing room? Anywhere from 15 to 21 months, depending on the card you choose.

You’ll need a plan to go along with that new card: no more using the other cards with unnecessary splurges while you pay off the 0% APR card. It doesn’t make sense to run up more debt while you’re paying off old debt.

But with a 0% card, you’ll pay no interest. Think of all the interest you’d been paying, and what those dollars could have done for your long-term financial security. With a 0% APR card, you won’t have to waste any more of your hard-earned dollars on interest.

Compare these top cards and discover the best one for you.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

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Source: moneytalksnews.com

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How the Latest Biden/House Tax Proposal Affects Millionaire Retirees

Back in November 2017, I did a deep dive into the House version of the Tax Cuts and Jobs Act (TCJA). It’s hard to identify anything I’ve done that was a bigger waste of time. The final version of the bill signed into law by former President Trump had almost no resemblance to its initial form. Today the Build Back Better proposal has also gone through multiple twists and turns — and probably will continue to do so. This time, however, the House version is more likely to be close to its final form. As I write, it is also possible that this will play out in the Senate in January. Happy New Year!

Here’s the good news for the wealthy: If you have $1 million to $5 million, this bill is not going to have a significant impact on your finances unless you are about to sell a business or hit the lottery. But here are three items still in the bill that you should be aware of: 

1. Increase of the SALT deduction

Unlike the many tax hikes in the bill for the wealthy, this provision is likely to reduce your taxes. The TCJA put a cap of $10K on the amount of state income taxes and personal property taxes you can deduct. In high-tax, high-property-value areas, this cap significantly reduced the amount of itemized deductions you could claim. This bill raises that cap to $80K. That’s great news for retirees who live in valuable homes or have significant retirement income subject to state income taxes.

Example: If your itemized deductions increase by $10K due to the SALT cap expansion, your taxable income will drop by the same amount. Your tax bill will decrease by your [marginal rate * $10K]. So if you were in the 32% marginal tax bracket, you would owe $3,200 less in taxes.

2. Wash sale rules would apply to cryptocurrencies

My mom, who is in her 70s and largely hands-off with her investments, inquired about Bitcoin earlier in the year. That was my sign that cryptocurrencies are here to stay, and we know that many of our clients are investing in them. What I think many retirees don’t realize is that there is a way to take advantage of a current loophole until (if) this bill is passed.

Cryptos are extremely volatile. If you have a bad Bitcoin day, you can sell your position, claim the loss on your tax return, and reinvest the same or next day. With stocks, bonds, mutual funds, etc., you must be out of that position for more than 30 days to be able to claim that loss.

Many experts think that this contributes to the volatility of the asset class as there is actually a tax advantage to selling when everyone else does, leading to self-perpetuating volatility. Should the Build Back Better plan as currently written pass, cryptos will follow the same wash sale rules as other publicly traded securities.

3. Reduced estate exemption (but not until 2026)

Full disclosure: This reduction actually stems from the expiration of the TCJA, not as part of the Build Back Better act. I imagine this all seems like Greek, but, as a refresher, the exemption is the amount you can pass to beneficiaries without owing federal estate tax. The TCJA doubled this amount from roughly $5.5 million to $11 million per person, meaning that very few people have to worry about it. Many of the earlier versions of Build Back Better accelerated the reduction. However, the latest version does not.

Assuming that the estate tax exemption in the final bill is exactly what the House passed, the reduction of the exemption amount would come in 2026. While the vast majority of Americans would still be just fine, many of you may not be. When you add your home, your investments, etc., that number can climb quickly. Add compounding interest for the next 20 years and you may need a different level of estate planning.

Bottom line: This bill has been defanged for almost all but the uberwealthy. If you’re wondering why Elon Musk is selling Tesla stock, it’s not because of a Twitter war with Bernie Sanders; it’s because he’s betting his tax bill will be lower today than in the future. For those like Elon, it’s a safe bet. The rest of us need to wait and see.

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Wealth Manager, Campbell Wealth Management

Evan Beach is a Certified Financial Planner™ professional and an Accredited Wealth Management Adviser. His knowledge is concentrated on the issues that arise in retirement and how to plan for them. Beach teaches retirement planning courses at several local universities and continuing education courses to CPAs. He has been quoted in and published by Yahoo Finance, CNBC, Credit.com, Fox Business, Bloomberg, and U.S. News and World Report, among others.

Source: kiplinger.com

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How to Know When You Can Retire

See if you can relate to this … You have contributed to a 401(k) or other employer-sponsored account at work, maybe you’re paying extra on the mortgage or have already paid it off, you keep cash on hand for those unexpected expenses or upcoming big-ticket purchases and you often wish there was a way to pay less in taxes.

You have worked for 30 or 40 years and are at or approaching Social Security eligibility and are now looking at when to take Social Security to maximize your benefits.

Sound familiar?  Now, here’s what often comes next … You look at the account statements and begin to wonder whether the investments you have are the right ones to own for where you are in life. You begin weighing your options for making withdrawals from your retirement accounts. You aren’t sure exactly how this is done, and you’re nervous about the risk of a stock market pullback and the possibility of running out of money. 
And then it happens, you begin searching the internet for answers.  (That may even be how you ended up here!)  After a lot of searching and reading you realize that there are just too many opinions to choose from, and you resort to simply eliminating options that you’re not as familiar with or have heard negative things about.  Then you take what’s left and try to put together a coherent strategy while continuing a search to find information that supports what you have contrived.

This is an all-too-common situation.  Maybe this is exactly where you are or perhaps it describes something similar, but either way, you wouldn’t be reading this far into the article without some truth to what I am describing.

Regardless of the details, what you do next is critical to your long-term success. The decisions you make will determine the trajectory of your financial future, and it’s imperative to have a good plan to follow.

What to Do and How to Know When You Can Retire

There is a lot to this if done correctly, and at some point you’re probably going to want some professional help, but there are a few things you can do to get moving in the right direction.

Calculate Your Income Need

Before you jump in and begin picking from the assorted list of investments that you found on the internet or that a broker recommended, you should understand that this is the very last step in the process.  You would be well advised to set all of that aside for now and begin with your income needs. You cannot sidestep this, because you have to know this figure before you can do anything else.

To do this right, sort through and total up all your bank payments, then your insurance payments, then your tax payments, then your monthly living expenses, and don’t forget the irregular expenses throughout the year, like gifts and travel.  You want to know how much money you spend over the course of a year. 

Another point to make here, realize that this spending amount will be for when you are retired – not while you’re working.  Things are going to look different for you in retirement, so be sure to think about how you will be spending your time in retirement.  You’ll have a lot of time to fill!

Calculate Your Income Gap

Once you have this figure, subtract from it your Social Security or pension benefits. Any fixed income you have coming is already solved for, so we have to figure out what your “income gap” is between what you need and what income you already have coming in.

Identify the Return You Will Need from Your Investments

So, the amount you have determined as your income gap needs to be annualized and divided by the amount of retirement assets you have designated for retirement. This calculation will tell you what yield you need from your investments. This figure shouldn’t be more than between 4%-5% at the most. If it is higher, then you may not be ready for retirement just yet.

For example, say you have an income gap of $70,000 per year and retirement savings of $2 million. Divide $70,000 by $2 million, and you find that you will need an investment return of 3.5% to support your living expenses. That’s well within an acceptable range.

Remember that you stretch your resources too far right out of the gate, you’re just setting yourself up for failure. This is no time to be overly optimistic with your calculations and will want to lean on the side of caution.

Hedge For Inflation

Unfortunately, there is inflation in your future that you will need to account for on top of market volatility. The income gap amount you came up with a moment ago will need to be hedged due to the future effects of inflation.  The amount of money you need today will be greater in the future simply due to the price of goods and services increasing over time. 

By using a historical figure for inflation of 3.5%, we can estimate that in 15 years your income need will increase by 68%!  So, you have to consider this headwind in your calculations and realize that you need two pools of retirement assets, one to generate the income you need now and another designated for income in the future.  One portfolio would be allocated using income producing assets while the other allocated for long term growth.

Find Income-Producing Assets

When you’re looking to fill your income gap, the obvious solution is to generate more income to fill it. How this is done can vary from person to person, but the primary outcome you’re looking for is income regardless of how you go about it.

If you’re wanting to remain active, you can consider taking on a part-time job, start or buy a business, acquire some rental properties or work another full-time job that you enjoy.

If you prefer not to work and want passive income, then you’re going to have to rely on income-oriented investments.  This would be through specific types of income annuities or select alternative investments that are designed specifically for income.

When doing this, be sure you are working with a qualified professional who is properly licensed and who can education you on your options. You can read this article and learn what to look for before working with an adviser. 

Get A Checklist

It is always a good idea to work off of a checklist, and regardless of where you are in this process, there are likely a few tweaks that can help increase your probability for a successful retirement. I encourage you to formulate a plan that articulates where you are, where you’re going and what needs to be done to start receiving the income you need. 

You can download the Successful Retirement Checklist™ for free here and use it as a guide as you prepare for your retirement.  In addition, taking a retirement readiness quiz can be a good idea, too. A quiz is a useful tool to measure your level of understanding about a topic or your readiness for progressing toward something. Here is a retirement readiness quiz you can take for free that can help you figure out how ready you are for retirement.

Securities offered through Kalos Capital, Inc., Member FINRA/SIPC/MSRB and investment advisory services offered through Kalos Management, Inc., an SEC registered Investment Advisor, both located at11525 Park Wood Circle, Alpharetta, GA 30005. Kalos Capital, Inc. and Kalos Management, Inc. do not provide tax or legal advice. Skrobonja Financial Group, LLC and Skrobonja Insurance Services, LLC are not an affiliate or subsidiary of Kalos Capital, Inc. or Kalos Management, Inc.
This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Founder & President, Skrobonja Financial Group LLC

Brian Skrobonja is an author, blogger, podcaster and speaker. He is the founder of St. Louis Mo.-based wealth management firm Skrobonja Financial Group LLC. His goal is to help his audience discover the root of their beliefs about money and challenge them to think differently. Brian is the author of three books, and his Common Sense podcast was named one of the Top 10 by Forbes. In 2017, 2019 and 2020 Brian was awarded Best Wealth Manager and the Future 50 in 2018 from St. Louis Small Business.

Source: kiplinger.com

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My 5-Minute Retirement Plan

The most common mistake people make when planning their retirement is assuming that the way wealth was created is the same way they should hold wealth in retirement, with the added twist of being more conservative.

Popular belief suggests that as you age, the level of risk an investor takes should decline in an effort to preserve their assets and protect them from market loss.  The general idea here is the younger you are, the more aggressive you should be. The older you are, the more conservative you should be.

The theory is that too much risk can lead to losses if markets fall with less time to recover, and by dialing down the risk it can help minimize losses.

But here is the problem – when you dial down risk, you may solve for volatility and overall exposure to market losses, but at the same time you are reducing your earnings potential — which of course is the oxygen of a retirement plan.

It is a double-edged sword: If you take on too much risk, you run the risk of losing money.  If you don’t take on enough risk, then you run the risk of running out of money. Most people struggle to find a balance, especially in a low interest rate environment like we are in now.

The Problems with Investing for Income

One approach often used is to simply keep the risk moderately high with the belief that profits can be skimmed from the portfolio in a way that aims to protect the principal while allowing the portfolio to grow over the long term. A variation of this would be to use a dividend portfolio, where you can receive dividends for income.

With either strategy you face uncertainty about how much income you will receive one quarter to the next and are forced to accept the possibility of having no earnings in a given year due to market volatility or poor company earnings.

How this plays out in real-life is income must be taken regardless of market performance because there is a need for income in retirement.  The result of this is the problem being exacerbated, because in the absence of earnings you are depleting principal, which only compounds the problem.

And if you think bonds are the answer, think again.  With interest rates on the rise, there is a high probability of losing principal or having bond yields running below inflation rates. Finding a fixed income alternative is a serious challenge.

What about the 4% Rule?

Another popular idea is what is known as the “4% Rule” for taking distributions.  The theory is that based on past performance, if you withdraw 4% from your accounts then you “should” statistically carry those assets for 30 years. 

This brings up another issue beyond just the potential for market losses and that is the effects of inflation.  Inflation is the silent killer of all retirement plans by gradually reducing the purchasing power of your assets over time. 

To shed some light on this problem, consider the annualized return your portfolio must have to fulfill the need of a 4% distribution, a 3% inflation rate, and fees around 1%. The math concludes that the break-even is 8% year over year without consideration for down years or volatility. 

The risk here is the longevity, which is why the 4% Rule suggests a 30-year period.  It is assumed that you will eventually run out of money.  Couple this with a few bad years in the market and you have a recipe for principal depletion acceleration.

In order for a growth portfolio to flourish, the account needs time to do what its name suggests –grow.  And when you are taking income from a portfolio designed for growth, you are sabotaging the progress.

Here is what is happening with all of these scenarios.  There is an assumption that the way wealth was created – typically using a portfolio of growth stocks and ETFs – is the same way wealth should be held in retirement, but leaning more conservative.

All of the confusion and challenges with generating income … they all originate from this misconception.  The mindset that rate of return and growth is the means for distributing income is the problem and cannot be achieved without a lot of luck on your side, and that is not a retirement plan.

The 5-Minute Retirement Plan Explained

Most clients come to me for help when they get stuck and find themselves transitioning from having to work for a living to worrying about their money for a living, and neither is a picture of freedom. The solution for this is really quite simple when you resolve to the fact that, growing money is done one way and distributing income is done another way. 

The caveat is this, financial freedom is only achieved if the income is sustainable and you’re not waking up every day wondering if that freedom is going to be washed away with the next pandemic, political decision, leadership decisions, and a slew of other things outside of your control

So, once you have your thinking centered around income, to execute the Five-Minute Retirement Plan, you begin by figuring out how much income you need to supplement your Social Security and pension income to live the life you want.  You must know this, otherwise you’re just making numbers up, and that just compounds the problem.

Once you have that figured out, you take that annual income total and divide it by 6%.  (Why 6%? This is the average using my Assets2Income™ method.  And if you would like to learn more about this, click here.) 

The result of this calculation provides you with the approximate amount to be set aside and dedicated for generating the income you need right now to retire while the remaining assets are separated and invested long term as an inflation hedge.

The advantage to this method is the ability to concentrate on the purpose of each pool of money.  Here is an example of how this works:

Under the 4% Rule using a typical “conservative” allocation, a $1 million retirement account would generate $40,000 of income without consideration for inflation as described before.

Using the Assets2Income™ Method, the same $40,000 of income could be generated from using $667,000 of the $1 million, leaving  the remaining $333,000 available to invest long term as an inflation hedge.

The key takeaway here is that assets must be separated and allocated based on the purpose you have for the money. That is the Five-Minute Retirement Plan framework, and coupled with The Assets2Income™ Method, retirees are able to strategically separate their assets and solve for the two biggest variables within their retirement:  Income now and income later.  You can learn more about Assets2Income here: https://brianskrobonja.com/training-video

Securities offered through Kalos Capital, Inc., Member FINRA/SIPC/MSRB and investment advisory services offered through Kalos Management, Inc., an SEC registered Investment Advisor, both located at11525 Park Wood Circle, Alpharetta, GA 30005. Kalos Capital, Inc. and Kalos Management, Inc. do not provide tax or legal advice. Skrobonja Financial Group, LLC and Skrobonja Insurance Services, LLC are not an affiliate or subsidiary of Kalos Capital, Inc. or Kalos Management, Inc. 
This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Founder & President, Skrobonja Financial Group LLC

Brian Skrobonja is an author, blogger, podcaster and speaker. He is the founder of St. Louis Mo.-based wealth management firm Skrobonja Financial Group LLC. His goal is to help his audience discover the root of their beliefs about money and challenge them to think differently. Brian is the author of three books, and his Common Sense podcast was named one of the Top 10 by Forbes. In 2017, 2019 and 2020 Brian was awarded Best Wealth Manager and the Future 50 in 2018 from St. Louis Small Business.

Source: kiplinger.com