Wright Wealth LLC

Mortgage lenders consider many personal factors when deciding whether you can afford a home. #MortgageCalculator

As Thanksgiving approaches, families gather to celebrate gratitude. But it's also an opportune moment for a crucial conversation: discussing finances with aging parents. As financial professionals, we've seen too many families postpone this "Money Talk." Sound familiar? Don't wait. Your parents will appreciate your concern, and addressing this now can benefit everyone in the long run. Here's our guidance to navigate this important discussion: 1?? Timing is Key: It's easier to discuss personal finances when there's no immediate pressure. 2?? Set the Right Tone: Frame the conversation around helping them maintain independence, not taking control. 3?? Come Prepared: Familiarize yourself with their potential concerns–healthcare costs and living arrangements. 4?? Use 'I' Statements: "I want to make sure I understand your wishes." To some, that sounds better than, "You need to tell me about your finances." 5?? Start Broad: Begin with general questions before diving into specifics. 6?? Be Patient: This may not be a one-and-done conversation. It may take several talks to build an understanding. 7?? Recognize Their Experience: Acknowledge the wisdom they've accumulated over the years. 8?? Suggest a Family Finance Day: Propose a day where the family openly discusses financial matters, making it a normal topic. Remember, the goal is to help your parents feel supported, not scrutinized. Every family's situation is unique, and there's no one-size-fits-all approach. For personalized strategies, our team can help guide these sensitive conversations. #FamilyFinances #RetirementTalk #ElderCare

Are your passwords easy to crack or difficult to decipher? Test your knowledge.

Next up in our Meet the Team series is Tim Benbow, Wealth Advisor and Partner at Wright Wealth, LLC. Stay tuned for more from our team in the coming weeks!

For a small business, the loss of a key person could cause financial hardship.

As financial professionals, we're used to crunching numbers. But what if I told you the most valuable review doesn't involve a single spreadsheet? ?? This year, I'm challenging myself (and you!) to conduct a personal year-end review that goes beyond finances. Here's a sneak peek at my top three reflection points: ?? Celebrating wins (big and small) ?? Skill evolution ?? Gratitude check Why? Because true financial well-being is intrinsically linked to overall life satisfaction and personal growth. Want to join me in giving yourself a year-end review? Reach out to our office! #YearEndReview #PersonalGrowth #FinancialWellbeing

Children with special needs may need ongoing help after their parents are gone.

The sooner you begin investing, the longer your money can work for you.

Social Security has been a fact of retirement since 1935; how much do you really know about it? #SocialSecurity

As December 31 approaches, don't forget to check your pre-tax health accounts: 1?? FSA (Flexible Spending Account): ? Review your balance ? Consider using the remaining funds for eligible expenses ? Remember: many FSAs have a "use it or lose it" policy 2?? HSA (Health Savings Account): ? Check your year-to-date contributions ? Consider adjusting your contribution amount in 2025 if appropriate ? Remember: 1) HSAs roll over, and 2) contribution limits reset annually Any money withdrawn from your HSA for a nonmedical reason is considered taxable income and faces an additional 20% penalty. This penalty is void after age 65; however, withdrawals would still become taxable income. Remember, once you start Medicare, you can no longer contribute pre-tax dollars to your health savings account (HSA). 3?? DCFSA (Dependent Care FSA): ? Verify your balance ? Don’t forget to submit receipts for eligible expenses (you have until April 30, 2025, but it's best to stay on top of these things) Take a few moments to check up on any FSA accounts and HSA before the year ends. #HealthSavings #TaxStrategy #FSA #HSA #YearEndStrategy