Wealth Strategy Advisors

How much do you know about estate planning?

Estate planning can feel like one of those topics people know they should understand, but may not talk about often enough.

So let’s make it simple.

Swipe through this quick quiz and see how many you get right.

Read more in our latest newsletter:
https://www.wealthstrategyadvisors.net/Test-Your-Knowledge-of-Estate-Planning.c10560.htm

Thank you to everyone who joined us for our Economic Update Dinner yesterday at Joe T.’s!

We hit a record number of attendees, and we are so grateful for the opportunity to gather, connect, and share the evening with you.

Can you guess how many people attended?

P.S. Our photographer has plenty of photos to go through, and we will be sharing those with you soon!

Event Space: The Chapel at Joe T. Garcia's

Sometimes clarity starts with a simple list.

What makes you happy?
What do you actually do every day?

When those two lists do not have much in common, it may be time to pause and make a few adjustments.

That idea applies to more than your calendar. It can apply to your goals, your priorities, your spending, and the way you plan for the future.

A thoughtful financial plan should support the life you are trying to build, not just the numbers on paper.

What is one thing you would like to make more room for in your everyday life?

Back-to-school season has a way of reminding families how quickly “little” expenses can add up.

Supplies. Clothes. Sports. Activities. Lunches. Technology. Fees you forgot were coming.

It is not always the big expenses that throw off a budget. Sometimes it is the steady stream of smaller ones.

This is a great time of year to pause and ask: Are we planning for the expenses we know are coming, or reacting to them as they show up?

A thoughtful financial plan should make room for real life, including the busy seasons.

Retirement does not always begin in a perfect market.

That is why having cash reserves can be an important part of a retirement income plan.

In PSYCH: The Psychology of Money, Rebecca D. Turner shares the idea of preparing for retirement with 24 months of income needs in cash. For those who want to be more conservative, that number may be closer to 36 months.

Why does this matter?

Because if you retire during a difficult economic season, having cash available may give you more flexibility and help reduce the pressure to withdraw from invested assets at the wrong time.

Every retirement income strategy should be personal, but the principle is worth considering:
A plan for your income can help you feel more prepared for the market seasons you cannot control.

College savings does not have to mean ONLY a traditional four-year college.

A 529 plan may be used for many qualified education expenses, including tuition, fees, books, supplies, certain room and board costs, and more when used at an eligible educational institution.

And yes, that may include some trade schools and vocational programs.

As students think about what comes next, it is worth remembering that the “right path” can look different for every family. College, trade school, technical training, and other qualified education options may all be part of the conversation.

The important part is having a plan that gives your student more options when the time comes.

Have you talked with your student about what path they might want to take after high school?

A good first step is checking whether the school is considered an eligible educational institution.

The IRS has a helpful overview here: https://www.irs.gov/credits-deductions/individuals/eligible-educational-institution

A plan does not have to predict every detail of the future to be valuable.

It simply gives you a clearer place to start.

That is why one of our Core Agreements is:
Having a plan for your future, your portfolio allocation, and your desired income is better than not having one.

Your goals may change.
Markets may shift.
Life may look different than expected.

But having a plan can help guide the decisions you make along the way, from how your portfolio is positioned to how you think about income in the years ahead.

Because moving forward with intention is better than HOPING everything works itself out.

With social media scams continuing to rise, it is worth taking a closer look at what accounts, apps, and payment methods are connected to the phones we use every day.

The article focuses on teens and social media, but the reminder applies to all of us: digital safety and financial safety often go hand in hand.

Parents, grandparents, and elderly friends or family members may also need help reviewing privacy settings, payment apps, saved cards, and connected accounts.

A few simple questions can be a good place to start:
- Is a debit card connected to this app?
- Can money be sent without approval?
- Are privacy settings turned on?
- Does this person know what to do if someone asks for money, personal information, or photos?

Digital independence is helpful, but it should come with awareness and guidance at EVERY age.