True Riches Financial Planning

Liquidity may be the most underrated aspect of wealth-building.

Without it, your options and flexibility are so limited.

I recently met with a household who has 7-figure retirement accounts, but also has credit card debt at 25% interest. And while a 401k loan would be a strategic debt-restructuring move, you still have the have the cash flow to repay the 401k loan [which this household did not have].

Liquidity was what gave me the ability to step out and start my Christian financial planning practice.

Liquidity enables the family that is burnt out to take a sabbatical without it breaking their long term retirement plan.

Liquidity allows a growing family to go from dual-income to single-income, even if for a short few year period, their total outflows exceed what comes in.

Liquidity enables continual generosity even when you're cash-flow neutral [because you have assets to give from].

Liquidity enables the ability to do more efficient, strategic Roth conversions during market downturns or low-income tax years.

And the list goes on and on.

One of my clients calls their brokerage account their "SuperHero" account, and I'm coming to like that definition more and more as the years go on.

6 basic digital security measures every American adult should have in place 👇

A VPN, a credit freeze at all three bureaus, a password manager, authenticator-app 2FA, real-time card alerts, and how to spot phishing. Read more on each at my latest blog post:

https://vist.ly/5gv7n

"Simple, boring finances support a rich, exciting life"

🎤👇

More information probably won't improve your financial health.

For MOST people, they know the basics of what they should do - spend less than they earn, don't take on bad debt, and invest for the future.

It's just like most people KNOW they should eat healthier, drink less caffeine/alcohol, sleep more, and exercise more. But if you look at the stats, PEOPLE AREN'T DOING IT.

More information is a good starting point, but it won't get you to where you want to be. You need a REAL PLAN with REAL VISION of what you want for your life - without it, behavior change is going to be really difficult, and you'll find yourself stuck in the same patterns year over year.

Jesus rarely prescribed what we 𝐒𝐇𝐎𝐔𝐋𝐃 do with money. But Matthew 6:19-21 is one of the few places He gives us an 𝐀𝐂𝐓𝐔𝐀𝐋 𝐏𝐑𝐄𝐒𝐂𝐑𝐈𝐏𝐓𝐈𝐎𝐍 for what we should do [also see Luke 16:9].

In Matthew 6, He tells us to actually 𝐒𝐓𝐎𝐑𝐄 𝐔𝐏 𝐓𝐑𝐄𝐀𝐒𝐔𝐑𝐄𝐒. But where should we store them up? Check out my latest blog for more insight:

https://vist.ly/5f99b

I recently met with a prospect who had been making traditional IRA contributions for years, thinking they were deductible when really they weren't.

A traditional IRA can be a great way to save for retirement with tax-deferred growth, but determining whether your contributions are deductible isn’t always straightforward. Several factors, including income limits and employer plan coverage, come into play.

For those wanting to better understand the rules, here's a downloadable flowchart covering some of the key considerations, such as:

○ Earned income requirements
○ Coverage under an employer plan
○ Impact of other (Roth) IRA contributions
○ MAGI thresholds based on filing status

trueriches-my.sharepoint.com

How to Open a Trump Account: Step-by-Step Guide

I've noticed some subtle nuances with opening Trump Accounts within the Advisor community-forums, so I thought I'd take the liberty of putting together a visually-friendly, step-by-step guide to opening a Trump Account if you have a minor child of which you are the parent or legal guardian for.

You can view the Step-by-Step Guide to Opening a Trump Account here: https://trueriches-my.sharepoint.com/:b:/g/personal/zack_truerichesfp_com/IQCfliOilE-mTqnlO2MqsmdCAdeK0cVQQiqJcH6UiOh91kw

DISCLAIMER: These posts are intended to serve solely as general financial education and not personalized advice. Before considering acting on anything you see in these posts, first consult with your tax, legal or investment advisor.

If you’ve been thinking about using the equity in your home for a renovation, large purchase, or to help with debt, you’re not alone.

Your home can be a valuable tool to support your broader financial goals, but it’s important to understand the options available. To help, here's a summary guide that walks through three common ways to access home equity:

👉A Home Equity Line of Credit (HELOC)
👉A Home Equity Loan
👉A Cash-Out Refinance

It also highlights how they differ in terms of repayment structure, interest rates, loan terms, closing costs, and borrowing limits.

trueriches-my.sharepoint.com

Families with more money than they'll ever realistically need to support their core lifestyle expenses have a challenging truth to face 👇

𝙄𝙛 𝙮𝙤𝙪 𝙙𝙤𝙣'𝙩 𝙨𝙩𝙖𝙧𝙩 𝙥𝙪𝙨𝙝𝙞𝙣𝙜 𝙩𝙝𝙚 𝙜𝙖𝙨 𝙥𝙚𝙙𝙖𝙡 𝙤𝙣 𝙧𝙚𝙡𝙚𝙖𝙨𝙞𝙣𝙜 𝙩𝙝𝙚 𝙢𝙤𝙣𝙚𝙮 𝙛𝙧𝙤𝙢 𝙮𝙤𝙪𝙧 𝙖𝙘𝙘𝙤𝙪𝙣𝙩𝙨, 𝙨𝙤𝙢𝙚𝙗𝙤𝙙𝙮 𝙚𝙡𝙨𝙚 𝙬𝙞𝙡𝙡.

And you might not be glad with where the money goes after you're gone.

It might be the government taking it in the form of estate taxes, your kids inheriting way too much money for their own good, planting a large tax bill on your heirs, and the list goes on.

While most people spend their whole life trying to simply build 'enough' wealth to provide for their own needs, some folks, through luck, skill, or everything in between, face a different form of "challenge" with their wealth.

If you haven't answered the question: "What is this all for anyways?" then surrounded that WHY with purpose, systems, strategies, and kind accountability, the pursuit of wealth is effectively a chasing after the wind.

Many parents want to start setting money aside for their children, but they’re often unsure about where they should actually save the money.

There are several options available. Some accounts remain in the parents’ names and can be gifted later, offering flexibility. Others involve irrevocable gifts that permanently belong to the child. Some strategies provide tax advantages, while others prioritize control or simplicity.

To help support these conversations, I’ve put together 𝐭̲𝐡̲𝐢̲𝐬̲ ̲𝐝̲𝐨̲𝐰̲𝐧̲𝐥̲𝐨̲𝐚̲𝐝̲𝐚̲𝐛̲𝐥̲𝐞̲ ̲𝐠̲𝐮̲𝐢̲𝐝̲𝐞̲ that walks through several common ways parents save for children, highlighting the pros and cons of each option and why someone might consider one strategy over another. ENJOY!

Common-Savings-Accounts-For-Children.pdf