Month: December 2024
Investment Basics: Is Your Investment Portfolio Ready for the New Year? (Ep. 16)

Investment Basics: Is Your Investment Portfolio Ready for the New Year? (Ep. 16)

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Are you unsure if your investment strategy aligns with your risk tolerance, especially as market conditions change?

In this episode, Jim Sumpter, CFP®, discusses investment strategies, focusing on understanding risk tolerance and rebalancing portfolios as we approach year-end. Jim digs into the nitty-gritty of asset allocation and why it’s crucial, especially after a booming year in the stock market. He also shares stories from his personal experiences, highlighting how different investment behaviors can impact family dynamics.

Jim Sumpter, CFP®, discusses: 

  • (01:57) Why rebalancing your portfolio is crucial after a strong market performance
  • (03:52) The concept of “mattress money” and its implication on investment growth
  • (08:37)  How different life stages affect your investment strategy: accumulation, preservation, and distribution
  • (16:21) Understanding what you own and if your investments align with your financial goals
  • (17:25) The importance of seeking professional advice for a well-rounded perspective
  • And more

Resources:

Connect with Jim Sumpter: 

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Understanding Tax Deductions for Charitable Contributions with Andy Graffeo (Ep. 15)

Understanding Tax Deductions for Charitable Contributions with Andy Graffeo (Ep. 15)

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Are you aware of how charitable contributions can impact your taxable income this year?

In this episode, Jim Sumpter, CFP®, brings Andy Graffeo, Financial Advisor at CMC Financial, on to piece together the tricky puzzle of end-of-year tax planning with a special focus on charitable contributions. Andy, a key partner at CMC Financial, lends his tax expertise to help listeners navigate this often confusing landscape. Together, they shed light on how to maximize tax deductions while doing good.

Jim and Andy discuss: 

  • (01:52) Understanding donations to reputable 501(c)(3) organizations and the documentation required for cash and non-cash contributions
  • (04:09) Best practices for assessing fair market value for non-cash items and the steps necessary for high-value donations, including vehicles
  • (13:20) The intricacies of charitable strategies involving appreciated assets, donor-advised funds, and charitable trusts
  • (17:52) Key insights into Qualified Charitable Distributions (QCDs) for those over 70½, highlighting the tax benefits of direct donations from IRAs
  • And more

This episode is packed with practical advice and insider knowledge to make your charitable giving both rewarding and tax-savvy.

Resources:

Connect with Jim Sumpter: 

Connect with Andy Graffeo: 

About our Guest: 

Andy Graffeo began his career with RFG in 2003. He has years of experience in tax and financial planning for families and small businesses. As a Birmingham native, he attended Ensley High and UAB. Andy is a board member of the Birmingham Girls Choir, Italian American Heritage Society, and serves as Treasurer of his HOA in Hoover.

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