@dfeutz

CFP® | Founder & Financial Planner @MigrationWealth Fee-only financial planning & investment management focused on people in their 30s and 40s.

 Indianapolis, IN
migrationwealthmanagement.com/
Joined March 2009
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928Media
🚨2026 Retirement Contribution Limits Just Released🚨 Key changes include: 🔸IRA contribution: $7,500 (⬆️$500) 🔸IRA catch-up contribution: $1,100 (⬆️$100 - and the first increase in this amount in roughly 2 decades!) 🔸401k deferral: $24,500 (⬆️$1,000) 🔸401k “regular” catch-up: $8,000 (⬆️$500) 🔸 401(k) “extra-mega-special-bonus catch-up” for 60-63 only: $11,250 (no change) To see the full list of retirement account inflation-adjusted figures: irs.gov/pub/irs-drop/n-25-67…
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You should think of your retirement savings rate as a percentage of your income, rather than as a dollar amount. And it’s important to continue to increase your retirement savings rate % as your income increases.
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it can make a big difference over time if you continue on the path of not saving more as your income increases. You get used to spending more and more while also saving less and less. That means you will need more in retirement funds to replace your income.
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When you receive a raise or bonus, consider increasing your retirement savings rate to be sure that the percentage that you are saving aligns with your Financial Plan.
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It should be more normal to test big financial decisions. Too many people rush into buying a vacation home or an expensive new car without testing first. These could be huge decisions that could significantly impact your future.
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Before buying a $500k vacation home, rent a house in the area you think you want to buy for a month for $5,000 to see if it's really a good fit. It seems like the 'smart' thing to do is to own the home.
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But it comes with so much more expense in terms of time, effort, and money than just making a monthly mortgage payment. And if you own a vacation home somewhere, you'll feel obligated to travel there rather than explore.
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What does money mean to you? This is a question that I ask every prospective client. A lot of times the surface answer will be something like security, stability, freedom, optionality, etc.
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But where I really learn about the person is when we go a layer deeper to understand what that initial word that they said means. There's always something under the initial thought that provides unique insight into someone's money scripts and goals. What does money mean to you?
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Consider the incentives. News sources are incentivized to keep your attention. Influencers are incentivized to entertain you and keep your attention to sell you products, services, and/or ads.
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People you interact with have many different incentives depending on who they are, what they do, and the type of relationship you have with them. When considering working with a financial professional be sure to learn how they're compensated.
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Does the way that they're compensated align with your best interests and incentivize them to do what's best for you? Or are they compensated in a manner that incentivizes them to sell a certain product, no matter whether it's what's best for your situation or not?
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Financial planning should be more proactive than reactive. If you work with an advisor, they should be reaching out to you to schedule meetings at least annually, rather than only meeting with you when you ask to.
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And that meeting should be more than asking you if you have more money you'd like to invest. Financial planning includes all areas of your financial life, not just your investments.
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Too many people don't have appropriate liability insurance. One of the biggest risks I commonly see with new clients is low levels of auto insurance bodily injury liability coverage and uninsured/underinsured coverage.
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Emergency room visits, medical bills, and loss of wages are expensive. If you cause an accident and there are medical bills that exceed your liability coverage limit, you could even be subject to wage garnishment or having a lien placed on your property.
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Not to mention that you could also be sued for pain and suffering and loss of income on top of medical bills. Rather than looking for the cheapest insurance premiums, ensure you have the appropriate coverage.
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