Cultivate Financial Satisfaction with Money Roots' New Year Episode
About the Guest(s):
Amy Irvine
Amy Irvine is the CEO and founder of Rooted Planning Group, a leading firm dedicated to providing excellent financial planning services. With over two decades of experience in the financial sector, Amy is renowned for her ability to make the complex world of finance accessible to everyone. Her mission is to empower individuals and families to achieve financial satisfaction and well-being. Amy’s innovative approach focuses on growing financial knowledge alongside personal satisfaction, and she is a frequent speaker at finance conferences and workshops.
Episode Summary:
Happy New Year! In this inaugural 2025 episode of Money Roots, Amy Irvine, founder of the Rooted Planning Group, introduces listeners to the concept of financial satisfaction rather than typical resolution-setting. Aimed at improving financial well-being, this show encourages reflecting on financial contentment and areas for growth. With Amy’s expert insights, listeners of every financial background will find practical strategies to elevate their financial knowledge and satisfaction.
In this episode, Amy dives deep into the importance of identifying areas of financial satisfaction and dissatisfaction. By leveraging a financial satisfaction survey, listeners can pinpoint where they stand in their financial journey and implement actionable steps for improvement. Emphasizing incremental progress, Amy proposes a reflection-focused approach for managing finances, encouraging listeners to engage in purposeful discussions about financial priorities with loved ones or partners. Discover the tools to plant seeds of financial knowledge and nurture a thriving financial future in the new year.
Key Takeaways:
Begin the new year by assessing your financial satisfaction to guide future financial decisions.
Utilize the financial satisfaction survey tool to identify strengths and areas for improvement in your financial life.
Engage in meaningful financial conversations with partners to align satisfaction levels and priorities.
Prioritize reflection on your financial journey at regular intervals to track growth and satisfaction.
Embrace small, incremental steps to improve financial satisfaction rather than drastic changes.
Notable Quotes:
"Let me start with moving the level of satisfaction just a little bit, not trying to completely reset my satisfaction with my finances." – Amy Irvine
"Experiences you have throughout the year can bring about new thoughts, ideas, concerns, and perspectives on your financial lives." – Amy Irvine
"Is there anything that could get it from that 4 to a 5? And maybe a 4 is great and you're one of those people that never achieves fives on things? Perfectly fine." – Amy Irvine
"Do you have any ideas what would have helped increase those levels of satisfaction in those areas?" – Amy Irvine
"We hope that you found this tool and many more to come as the year goes on to be very helpful." – Amy Irvine
Resources:
Rooted Planning Group – Learn more about Amy Irvine's company and the financial satisfaction survey tool mentioned in the episode.
Take the Survey: https://members.moneyquotient.com/s/PwgOG5bL160r6qo2/aExX4k5B9YDpq2oy
Join us in this enlightening episode to kickstart your financial journey towards satisfaction this year. Equip yourself with insight and actionable strategies that will empower you to grow your Money Roots. Stay tuned for more future episodes packed with personal finance advice and inspiring stories.
Understanding Tariffs: Impact on Personal and Global Economies
About the Guest(s):
Kerrie Beene is a knowledgeable financial advisor with a focus on assisting clients in understanding complex economic matters and their real-world effects. With a strong background in finance and investment management, Kerrie has established herself as an invaluable resource for individuals seeking to make informed decisions regarding their personal and familial financial strategies. She emphasizes the importance of balancing long-term financial goals with short-term economic considerations.
Episode Summary:
In this insightful episode of Money Roots, hosts Amy Irvine and her guest Kerrie Beene delve deep into the pressing topic of tariffs and their potential impact on both personal finance and the global economy. This discussion is timely, as the new administration under President-elect Trump considers increasing tariffs on goods from Canada, Mexico, and China. The conversation aims to provide listeners with clarity on how these proposed changes could influence household expenses and investment portfolios.
As Kerrie Beene helps unpack the implications of potential tariffs, she explains how these policies could affect core goods and the broader market landscape. The conversation touches on key issues like increased consumer costs, political strategies behind tariffs, and how past tariff implementations provide valuable lessons. Kerrie highlights the delicate balance required in managing both personal finances and investments in light of shifting economic policies. The episode offers valuable insights into understanding risk tolerance, diversifying investments, and keeping a long-term perspective amidst political change.
Key Takeaways:
Tariffs on goods from countries like Canada, Mexico, and China can significantly influence consumer costs for core goods and have varying impacts on personal finances.
Understanding the political motivations and negotiating tactics behind tariffs is crucial for assessing their potential economic impact.
Diversification in investments, including a mix of domestic and international stocks, is essential for mitigating risks associated with trade policy changes.
Risk tolerance should be reassessed in light of changing economic policies, maintaining a focus on long-term goals amidst short-term market fluctuations.
Decision-makers must navigate a complex landscape that involves managing interest rates and balancing economic growth with trade negotiations.
Notable Quotes:
"One thing that I do think it's interesting is how some of the very specific tariffs that have came up in the recent years... you get to the other side of them and then, okay, well, this is on negotiation, washing machines and solar panels." – Kerrie Beene
"I think moving forward, again, back on my balance word, I think really understanding how you're invested and is it in alignment with your long-term goals." – Kerrie Beene
"It's not one thing ever that does anything to the economy. Right. It's all these moving parts that does something." – B
"As far as like when people ask me what do you think this will go do to the economy, it's not one thing ever that does anything to the economy." – B
"But I would say keeping a long-term perspective with maybe some short-term thoughts and education around how you're going into 2025." – Kerrie Beene
Resources:
Learn more about Rooted Planning Group by visiting their website.
For a deeper understanding and additional insights into managing your personal finances in light of current and future economic policies, be sure to listen to the full episode. Stay tuned for more engaging discussions on Money Roots to continue growing your financial acumen.
Career Shift: Exploring Opportunities in Addiction Counseling
About the Guest(s):
Heather Meehan is an experienced Resource Coordinator with the New York Unified Court System, working primarily in Steuben County. Heather's professional journey in the substance use disorder field began in 2006, shortly after obtaining her bachelor's degree in psychology from Alfred University. She is a licensed CASAC with years of experience stemming from working as a counselor in different levels of treatment settings, and most recently, has taken that experience to work in the court setting.
Episode Summary:
In this engaging episode of Money Roots, host Amy Irvine welcomes Heather Meehan, her sister-in-law and a dedicated Resource Coordinator, to explore career paths within the realm of substance use disorder. This episode delves into the rewarding yet challenging aspects of working in addiction therapy, while offering listeners an insightful look into what it means to be a Resource Coordinator in the court setting. Heather shares her career trajectory, personal motivations, and the impact that her work has had on individuals and society.
As the conversation unfolds, Heather discusses the steps involved in becoming a credentialed alcohol and substance abuse counselor (CASAC) and the continuous learning required to maintain this credential. The dialogue further explores the transformative power of addiction therapy not only on the individuals who receive treatment but also on their families and communities. Throughout the episode, the financial implications of addiction and recovery are highlighted, along with the significant advantages that recovery brings in terms of personal and societal health. Heather's experiences make a compelling case for those interested in pursuing a career in this vital field.
Key Takeaways:
Addiction therapy is a challenging yet rewarding profession that requires empathy, dedication, and continuous education.
Heather emphasizes the importance of a non-judgmental approach to counseling, focusing on helping clients recognize their positive qualities and potential for change.
Becoming a credentialed substance abuse counselor (CASAC) involves rigorous training hours, supervision, and testing.
The financial implications of addiction are significant, and successful recovery can lead to improved personal and societal productivity.
The episode encourages those interested in career transitions to explore addiction therapy and provides resources for getting started in the SUD (substance use disorder) field.
Notable Quotes:
"Just because they have an addiction or a substance use problem, it doesn't mean they're not good people and they're not worth a better life." – Heather Meehan
"Nobody would ever want to choose to be an addict or an alcoholic or a person with a substance use disorder." – Heather Meehan
"Anytime you're working with people that are considered a vulnerable population, you need to be on your best game." – Heather Meehan
Resources:
OASAS.NY.gov – New York State Office of Addiction Services and Supports website for accessing addiction treatment resources and credentialing information.
Samhsa.gov - Informational website for SUD and mental health treatment.
Listeners are encouraged to delve into this enlightening episode to gain a deeper understanding of the field of addiction therapy and the transformative impact it can have. Be sure to subscribe to Money Roots for more insightful discussions and resources aimed at helping you thrive financially and personally.
Inflation, Interest Rates, and Market Performance: What You Need to Know for 2025
About the Guest(s):
Kerrie Beene is the Chief Investment Officer and a CERTIFIED FINANCIAL PLANNER® at Rooted Planning Group. With an extensive background in finance and investment strategies, Kerrie brings valuable insights into market trends and personal finance management. She is dedicated to simplifying complex financial concepts for individuals, guiding them toward achieving their financial goals.
Episode Summary:
Welcome to this insightful episode of Money Roots, where your host Kerrie Beene delves into the dynamics of today's financial market as we inch closer to 2025. This episode is pivotal for anyone interested in understanding inflation trends, interest rate movements, market performance, and the consequences of economic volatility on personal finance. With her extensive expertise, Kerrie provides actionable steps for listeners to adapt and thrive in ever-changing financial conditions.
In this episode, we explore current market scenarios with a deep dive into the upcoming Consumer Price Index (CPI) report, due December 11th, critical for gauging inflation. Kerrie unravels the complexities of core CPI and its implications on everyday expenses like groceries and rent. Additionally, the episode anticipates the Federal Reserve's meeting on December 17th-18th, discussing potential interest rate adjustments that could steer financial strategies. The dialogue enriches your understanding of stock valuations, recent market rallies, and the prospect of market valuation staying above average, offering a long-term investment perspective in the face of market fluctuations.
Key Takeaways:
Inflation Concerns: Understand the current trends in inflation and how they may affect personal spending and planning.
Interest Rate Insights: Explore the potential impacts of continued Federal Reserve actions on borrowing costs and investment opportunities.
Market Performance: Learn about the recent gains in stock indexes and the effects of tech stocks leading rallies.
Investment Strategy: Insightful advice on maintaining balanced portfolios by knowing risk tolerance and setting long-term goals.
Risk Management: The importance of a robust emergency fund to navigate through economic volatility.
Notable Quotes:
"Economists talk about core CPI because it can give us a more stable view of the underlying trends." — Kerrie Beene
"Market dynamics are such that the market may stay overvalued until earnings catch up to valuations." — Kerrie Beene
"Volatility, while unsettling, is a chance for disciplined investors to stay focused and avoid emotional reactions." — Kerrie Beene
"Having three to six months of living expenses in an easily accessible account can prevent you from selling investments during volatile times." — Kerrie Beene
Resources:
Follow Kerrie Beene on her professional journey at Rooted Planning Group Website.
Embark on the complete journey of financial enlightenment by listening to the full episode. Subscribe to Money Roots and stay tuned for more valuable insights that cultivate your financial knowledge and growth.
Exploring Post-Election Market Trends
About the Guest(s):
Kerrie Beene: Kerrie Beene is the Chief Investment Officer (CIO) at Rooted Planning Group. With a keen interest and expertise in economic policies and market dynamics, Kerrie guides investment strategies and discussions around market outlooks. Her focus often lies in distilling complex financial concepts and making them accessible for clients and audiences alike.
Episode Summary:
In this engaging episode of Money Roots, host Amy Irvine, CEO of Rooted Planning Group, sits down with Kerrie Beene, the Chief Investment Officer, for an enlightening discussion on the post-election market outlook. The duo unpacks the impacts of political landscapes on stock market returns and investor sentiment, weaving through historical data dating back to 1933 to uncover patterns and trends. As global markets react to yet another election cycle, Amy and Kerrie reflect on what the future might hold for investors in a climate overshadowed by policy changes and economic uncertainty.
Throughout the episode, listeners are taken on a deep dive into how different political party leaderships have traditionally impacted market performance. Using data from past presidencies, Amy and Kerrie dissect and analyze the historical returns of the S&P 500, exploring the dynamic between Democratic and Republican parties in the White House and Congress, and its implications on market stability. They provide listeners with insights into bond markets, potential inflation concerns, and the general volatility that follows such political shifts, aiming to educate and prepare investors for what lies ahead.
Key Takeaways:
Historical data shows that stock markets have generally performed well under Democratic leadership when the Congress is controlled by Republicans, with average returns of 18.2%.
Markets tend to prefer balance in government control, which historically has resulted in more stable investment returns.
The bond market has experienced unusual volatility due to fears of inflation and potential interest rate changes.
It's important for investors to have a long-term view and not make decisions driven by short-term political changes or noise.
Understanding market fundamentals and educating oneself on financial policies is crucial for making informed investment decisions.
Notable Quotes:
"The market does what it does regardless of the political party in office." – Kerrie Beene
"Markets move on a daily basis based on fear and volatility, but over a long term basis they move on growth and economic news." – Amy Irvine
"The biggest thing that stands out is that what tends to do the best is when there's a balance of power." – Kerrie Beene
"In reality, if the Fed is going to continue to lower interest rates, they must think that the economy is slowing down." – Amy Irvine
"Having a plan and a strategy that makes sense and reviewing your portfolio is crucial." – Kerrie Beene
Resources:
Rooted Planning Group: Find out more about their financial planning services and insights. Connect through their official website.
Join Amy and Kerrie in this insightful episode as they peel back the layers of financial intricacies and political effects on the market outlook. Dive into the full conversation on Money Roots for more expert analysis and stay tuned for future episodes that promise to enrich your financial literacy journey.
The Ultimate Medicare Breakdown: Choosing the Best Plan for Your Needs
About the Guest(s):
Kerrie Beene
Kerrie Beene is a financial planner with expertise in navigating complex personal finance topics. She works alongside Amy Irvine, providing clients with informed guidance and actionable advice to help them achieve their financial goals. With a focus on comprehensive financial planning, Kerrie brings experience and dedication to ensuring financial clarity for clients at the Rooted Planning Group.
Episode Summary:
In this insightful episode of Money Roots, your hosts Amy Irvine and Kerrie Beene tackle the intricacies of Medicare, focusing on the open enrollment period and the parts that constitute Medicare, including Parts A, B, C, and D. They offer clarity in an area often seen as daunting due to its complexity and abundance of choices. With personal stories and expert guidance, Amy and Kerrie break down each component of Medicare, empowering listeners to make informed decisions about healthcare coverage as they approach or assist loved ones approaching retirement age.
Throughout the podcast, leveraging SEO-friendly terms like "Medicare Advantage," "Medigap plans," and "open enrollment," Amy and Kerrie explore the differences between original Medicare (Parts A and B) and Medicare Advantage plans (Part C), emphasizing the importance of understanding your healthcare needs and financial situation to choose the best coverage. They stress that careful preparation—by assessing doctor visits, prescription medications, and potential upcoming surgeries—is essential when selecting a plan. Additionally, they caution that while Medicare Advantage plans might present no additional premium, associated copays and coinsurances can vary widely.
Key Takeaways:
Understanding Medicare Parts: Traditional Medicare consists of Part A (hospital insurance) and Part B (medical insurance), with Part D offering prescription drug coverage, and Part C being Medicare Advantage plans provided by private insurers.
Open Enrollment is Crucial: Seniors should prepare thoroughly before open enrollment by reviewing their health needs, including doctor visits and prescriptions.
Pros and Cons of Medicare Advantage: Medicare Advantage Plans can appear more affordable due to lower premiums, but may result in higher out-of-pocket expenses.
Yearly Review is Essential: Healthcare needs and insurance benefits can change annually; reviewing your Medicare plan each year can help maintain suitable coverage.
Seek Professional Help: Utilize resources like local Offices for the Aging or insurance specialists to help navigate the vast array of Medicare options.
Notable Quotes:
"We thought it would be great if we could do a little podcast on...the open enrollment period around Medicare and all of the confusion that goes around it." – Amy Irvine
"When you think about traditional insurance in general, it's just you hand an insurance card in... It's not the same as having a part A, a part B, a part C, a part D." – Amy Irvine
"Just remember, when you go to a part C plan, you are going on to an insurance plan... that's why a lot of people say don't switch." – Amy Irvine
"Never set it and forget it... every year review that" – Amy Irvine
"Utilize your resources and do find those people, but make sure it's the right people... Make sure it's the people who have your best interest at heart." – Kerrie Beene
Resources:
Rooted Planning Group Website: Rooted Planning Group
Medicare Official Website: Medicare.gov
Continuing the conversation about Medicare and personal finance, Amy and Kerrie’s expertise empowers listeners to confidently navigate Medicare choices. To gain deeper insights and learn more about managing your financial journey, listen to the full episode and stay tuned for more from Money Roots.
Navigating Health Insurance: Your Guide to Open Enrollment
Join host Kate Welker on Money Roots as she demystifies the complexities of health insurance during the crucial open enrollment period. This episode focuses on understanding employer-sponsored plans, including HMOs, PPOs, and HDHPs with HSAs, providing listeners with essential insights to make informed decisions. Kate offers practical advice on comparing deductibles, co-pays, and network options, ensuring you find the coverage that best meets your needs. Additionally, she explores the healthcare exchange for those without employer coverage, guiding you through the process of selecting the right plan. Tune in to maximize your plan's potential and ensure a thriving financial future with your health insurance choices.
Takeaways:
Understanding the different types of health insurance plans is crucial during open enrollment.
When comparing health plans, analyze deductibles, co-pays, and network coverage options thoroughly.
Utilizing Health Savings Accounts (HSAs) can provide significant tax benefits and savings opportunities.
It's important to evaluate your healthcare usage to choose the best plan for your needs.
Always check if your preferred providers are in-network to avoid unexpected costs.
Estimating your income accurately on the healthcare exchange is vital to avoid penalties later.
Health insurance can be a complex landscape, particularly during open enrollment. Kate Welker offers an essential guide to navigating this process effectively. She starts by dissecting employer-sponsored plans, including HMOs, PPOs, and HDHPs that can be paired with HSAs. With a clear explanation of each plan type, Kate articulates the importance of comparing deductibles, co-pays, and provider networks, encouraging listeners to create a side-by-side comparison to understand their options better.
Moreover, Kate delves into the advantages of HSAs and FSAs, explaining how these accounts can serve as valuable tools for managing healthcare expenses. She highlights how employers may contribute to these accounts, which can significantly enhance savings. By illustrating how to evaluate prescription drug coverage and the necessity of confirming network status with healthcare providers, Kate equips her audience with the knowledge needed to make informed decisions about their health insurance.
For those not enrolled in employer-sponsored plans, the episode transitions into an exploration of the healthcare exchange. Kate emphasizes the importance of accurately estimating income as it relates to premium tax credits, providing guidance on how to avoid common pitfalls that can lead to back charges or overpayment. By analyzing the various metal tier plans available on the exchange, she helps listeners understand the balance between premium costs and coverage quality. Throughout the episode, Kate urges her listeners to utilize available resources, ensuring they feel supported in their quest for effective health insurance solutions.
Resources:
Kate Welker’s episodes and blog articles at Rooted Planning Group: Rooted Planning Group
Through this episode, listeners are encouraged to grasp the intricacies of health insurance thoughtfully. Be sure to tune in to the full episode of Money Roots for a comprehensive understanding and more expert advice from Kate Welker. Stay informed and continue to sow the seeds of financial knowledge for a robust financial future
Buy Back Your Time: Smart Strategies for Busy Women
About the Guest(s):
Kate Welker is a CERTIFIED FINANCIAL PLANNER™ and a recurring host on Money Roots, bringing a wealth of expertise in personal finance to the podcast. Her insights into financial planning and time management make her a valuable resource for individuals aiming to enhance their financial literacy and time efficiency.
Kerrie Beene is a CERTIFIED FINANCIAL PLANNER™ at Rooted Planning Group known for her practical approaches to simplifying personal finance. Her experience in helping clients streamline their financial lives provides listeners with actionable strategies to enhance their financial well-being.
Becky Eason is a CERTIFIED FINANCIAL PLANNER™ at Rooted Planning Group with a focus on integrating financial planning into everyday life. Her holistic approach to finance emphasizes finding balance, allowing individuals to manage their resources effectively without sacrificing personal time.
Episode Summary:
In this insightful episode of Money Roots, hosts Kate Welker, Kerrie Beene, and Becky Eason come together to discuss the innovative ways professional women are reclaiming their time through strategic outsourcing and effective financial planning. As busy professionals juggling family life and careers, they explore why time is an invaluable resource and sharing real-world examples from their personal and professional lives. This episode offers a practical guide to simplifying life with time-saving tips that cater to both financial management and everyday living.
The podcast delves into several effective strategies that women can adopt to manage their time better. Kate, Kerrie, and Becky focus on outsourcing tasks like grocery shopping via delivery services, hiring cleaning services, and even employing travel agents to handle detailed holiday planning. They discuss the mental health benefits of such strategies, allowing listeners to gain insight into how outsourcing not only buys time but reduces mental strain. The hosts share their own experiences and those of clients, providing an authentic look at the challenges and solutions busy women face today. Listeners are encouraged to consider these methods as investments in their well-being and productivity, highlighting the importance of a balanced lifestyle in personal finance.
Key Takeaways:
Outsourcing tasks like grocery shopping, house cleaning, and travel planning can reclaim valuable time and reduce mental load.
Services like curbside pickup and delivery, as mentioned by Becky Eason, help avoid impulse purchases while saving time.
Hiring deep cleaning services, as detailed by Kerrie Beene, is a non-negotiable investment that brings peace of mind and a tidy home environment.
Using a meal planning service can streamline the cooking process, offering both convenience and healthy eating options.
Considering higher tier solutions, such as hiring a personal assistant, can be incredibly beneficial for those with the means to do so.
Notable Quotes:
"When I'm watching TV in the evening, I just get on my phone, fill my cart and select a delivery time." - Becky Eason
"If my space is cluttered or not clean, it makes my mind feel chaotic." - Kerrie Beene
"Travel agents are actually having a very big resurgence because people want to travel and don't want to worry about the details." - Kate Welker
"I think part of buying time is you get time, but you also get some mental health." - Kate Welker
"Sometimes we talk about non-negotiables when discussing budgets with clients. Having cleaning services is a non-negotiable for me." - Kerrie Beene
Resources:
Rooted Planning Group: Connect with Rooted Planning Group for comprehensive financial planning services.
For anyone seeking to simplify their life while nurturing their financial knowledge, this episode of Money Roots is an essential listen. Tune in to gain impactful insights and subscribe for more enriching episodes.
Financial Follies
About the Guest(s):
Kate Welker: Kate is a seasoned financial planner known for her comprehensive approach to personal finance. She specializes in empowering individuals and families to make informed financial decisions, providing practical advice tailored to unique situations.
Kerrie Beene: Kerrie is a financial expert with a wealth of experience in investment strategies and financial planning. Her keen insights and expertise help clients navigate complex financial landscapes, ensuring they understand the intricate details of their investment choices.
Episode Summary:
In this illuminating episode of Money Roots, hosts Kate Welker and Kerrie Beene dive into common financial mistakes, particularly those that women often make. This episode sheds light on the patterns and pitfalls in financial decision-making, offering practical strategies to avoid them. From the importance of not listening to others blindly, to the dangers of overextending oneself both in time and money, this conversation is packed with valuable tips.
The hosts emphasize the significance of creating a personalized financial system that works for you. They discuss how ignoring finances can lead to unwanted stress and financial penalties, and how setting up automatic payments and regular check-ins can help maintain control. Additionally, this episode touches on the importance of investing wisely. Kerrie and Kate share insights on overcoming the fear of investing, highlighting that women often excel as investors once they get started.
Key Takeaways:
Tailor Financial Advice: Be cautious about taking financial advice from others as their situations might not match yours.
Avoid Ignoring Finances: Ignoring financial matters can lead to bigger issues. Set up systems like automatic payments and regular check-ins to stay on track.
Don’t Overextend Yourself: Overextending your time or money can lead to stress and poor financial decisions. Prioritize your well-being to avoid burnout.
Invest Wisely: Educate yourself about investing. Women, in particular, can be excellent investors when they understand their investments and let them grow.
Create a Personalized System: Find a financial management system that works for your lifestyle and sticking to it can help you stay organized and reduce anxiety.
Notable Quotes:
“Just because someone says something doesn’t necessarily mean that they’re an expert on the subject or an expert in your life.” - Kerrie Beene
“Don’t should on yourself. It’s in the past; maybe there are different ways you could have approached it, but everyone has their own path.” - Kate Welker
“It’s your money, so at the end of the day, you can make a decision later before you invest in something that you don’t fully understand.” - Kerrie Beene
“If someone is making you feel like you are dumb or unintelligent because you’re not doing something, do your own research first.” - Kate Welker
“We talk about conflicting goals a lot in meetings, too, so it’s really important not to ignore them and making sure your resources are put to the goals that are most important to you.” - Kerrie Beene
Don't miss this episode filled with actionable advice and insights that can help you avoid common financial pitfalls and build a more secure financial future. Tune in to Money Roots and continue nurturing your financial health!
Understanding and Managing Estimated Tax Payments for 2024
About the Guest(s):
Kerrie Beene: Kerrie Beene is a CERTIFIED FINANCIAL PLANNER™ at the Root Planning Group. With extensive experience in personal finance, Kerrie is dedicated to helping clients navigate their financial journeys. She specializes in providing practical advice on budgeting, investing, tax planning, and more. Her approach is centered around making complex financial topics understandable and actionable for everyone.
Episode Summary:
In this insightful episode of the Money Roots podcast, Certified Financial Planner Kerrie Beene takes the spotlight to delve into the essential topic of estimated tax payments. With her wealth of knowledge, Kerrie provides a thorough breakdown of what estimated tax payments are, who needs to make them, and the crucial timelines involved. Whether you're self-employed, an investor, or earning rental income, this episode is packed with valuable insights to help you stay ahead of your tax obligations.
Kerrie begins by explaining the concept of estimated tax payments, highlighting their importance for individuals who have income not subject to withholding, such as freelancers, landlords, retirees, and those with side gigs. She discusses the general rule of thumb for those who need to make these payments, emphasizing the significance of being proactive to avoid any surprises during tax season. Kerrie also outlines the quarterly deadlines for estimated payments and the potential penalties for underpayment, stressing the benefits of staying on top of your tax game.
Moving forward, Kerrie provides actionable steps on how to determine the amount you need to pay and offers multiple methods for making these payments. Whether you're paying online, by mail, or through automatic withdrawals, she ensures you have the knowledge to choose the most convenient option for you. Throughout the episode, Kerrie emphasizes the importance of consulting with a tax professional to ensure accuracy and avoid penalties. This episode is a must-listen for anyone looking to manage their estimated tax payments effectively and reduce the stress of tax season.
Key Takeaways:
Importance of Estimated Tax Payments: Understand why estimated tax payments are crucial for those with income not subject to withholding.
Who Should Make Payments: Learn about the different types of individuals who need to consider making estimated tax payments, from freelancers to retirees.
Due Dates and Penalties: Get to know the quarterly deadlines and the consequences of missing these payments, including potential penalties.
Calculation Methods: Discover how to calculate the amount you need to pay based on last year's tax liability or this year's estimated income.
Payment Options: Explore the various methods available for making estimated tax payments, including online payments, mail, and automatic withdrawals.
Notable Quotes:
"Estimated tax payments are simply just prepayments of your income that the IRS expects you to make throughout the year."
"If you expect to owe at least $1,000 in taxes when you file your return and you haven't paid enough through your withholdings, you'll probably need to make estimated tax payments."
"The IRS wants its cut as you earn that income, not just at the end of the year when you file your tax return."
"Being proactive and taking care of your estimated tax payments ahead of time can help you avoid penalties and make tax season less stressful."
"Always reach out to a tax professional if you're unsure about your tax obligations to ensure you're doing everything correctly."
Resources:
Stay tuned to the Money Roots podcast for more episodes packed with practical financial advice and insights that can help you cultivate a thriving financial future. Don't forget to subscribe to never miss an episode!
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