Category: Financial Planning
You Inherit an IRA, Now What? (Ep. 12)

You Inherit an IRA, Now What? (Ep. 12)

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Could your financial future hinge on choosing the right path after inheriting a retirement account?

In this episode, Jim Sumpter provides insights and guidance on the nuanced rules and changes surrounding the inheritance of retirement accounts such as IRAs and 401(k)s. If you’ve recently found yourself as a beneficiary, understanding your options with inherited retirement accounts is crucial. Navigating the complex rules surrounding IRA inheritances can be daunting, with changes galore post-2020. Jim breaks it all down with real-world scenarios, helping you make informed financial decisions and avoid unnecessary pitfalls.

Jim Sumpter, CFP®, discusses: 

  • (01:10) Introduction to IRAs and inheritance rules
  • (02:47) Differences between spousal and non-spousal beneficiary rules
  • (03:11) Important strategies for handling required minimum distributions (RMDs)
  • (16:52) Clarifications on the post-2020 ’10-year rule’ for non-spousal IRA inheritance
  • (24:53) The significance of state taxes in IRA inheritance
  • (27:57) Unique challenges when inheriting an IRA as a minor
  • And more

Join us for this enlightening conversation to uncover how to strategically approach inheritance distributions while considering tax implications, ensuring you’re not left piecing your financial future together in the dark!

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Maximize Your Retirement Savings: Tips on 401(k) and Roth 401(k) (Ep. 11)

Maximize Your Retirement Savings: Tips on 401(k) and Roth 401(k) (Ep. 11)

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Are you making the most of your company’s benefits? Dive in to uncover how to maximize your 401(k), 403(b), and other investment options within your employee benefits package.

In this episode of The Financial Puzzle Playbook, Jim Sumpter dives into the intricacies of 401(k) and 403(b) plans, comparing Roth and traditional options. He discusses the importance of employer matching and shares tips on navigating investment choices, ensuring you get the most out of your benefits. Discover the intricacies of traditional and Roth 401(k) plans, learn the impact of employer matches, and gain insight into how vesting schedules work. Jim also explores vesting, the importance of matching contributions, and tips for choosing investment options that align with your retirement goals.

Jim Sumpter, CFP®, discusses: 

  • A breakdown of the difference between traditional vs. Roth 401(k) options and their tax implications
  • Why you should always contribute at least enough to get the full employer match
  • Tips on selecting investment choices within 401(k) plans, including target date funds
  • Rebalancing your investment portfolio to align with your financial goals
  • And more

Connect with Jim Sumpter: 

Resources:

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Family, Faith, and Financial Resilience With Cassidy Sumpter (Ep.9)

Family, Faith, and Financial Resilience With Cassidy Sumpter (Ep.9)

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Uncover the heartfelt legacy of resilience and love as we dive deep into a family’s journey through cancer and discover the life lessons that emerged.

This special episode features Jim Sumpter and his daughter, Cassidy, as they share poignant stories about Carson, who battled cancer with courage and joy. Learn how these experiences have profoundly influenced Jim’s approach to financial planning, infusing it with empathy and resilience. 

Key episode discussions include:

  • The Strength of Family Bonds & how Carson’s battle with cancer united and strengthened his family.
  • Jim’s personal experiences have made him a more understanding and supportive financial advisor
  • How facing life’s toughest challenges can inspire personal growth and resilience.
  • The value of experiences over material possessions, and how these moments shape our lives

Connect with Jim Sumpter: 

 

About our Guest: 

Cassidy is Jim’s youngest daughter.  At 20 years old, she is a Junior at the University of Alabama majoring in Elementary Education and a member of Alpha Delta Pi (ADPi) sorority.  Cassidy is also a member of Tau Sigma National Honor Society. She lives in Tuscaloosa, Alabama with her dog, Buttercup.

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Boosting Your Home’s Market Appeal Using These Staging Tricks With Keith Weaver (Ep.8)

Boosting Your Home’s Market Appeal Using These Staging Tricks With Keith Weaver (Ep.8)

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Ever wondered which home renovations bring the highest return on investment? 

Whether you plan to sell your home soon or in the future, understanding the best investments can significantly impact your resale value, making the entire process smoother and more profitable.

Join us real estate professional, Keith Weaver, covers essential tips on home improvements that can significantly boost your home’s resale value. From updating your kitchen and bathrooms to smart staging techniques, Keith Weaver shares invaluable insights. 

Key episode discussion points include:

  • Learn the importance of decluttering, neutralizing personal decor, and how to make a home inviting to potential buyers.
  • Strategic advice for estates, including when to stage and how to handle inherited properties
  • The best areas of your home to remodel to help maximize the highest return on investment
  • Why a swimming pool might not be the best addition if you’re planning to sell

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Connect with Keith Weaver:

About our Guest: 

Keith Weaver has lived in Birmingham for 32 years and has had two major career paths. Prior to a career in Real Estate, Keith had a successful management career in retail with Parisian and Saks Fifth Avenue. He decided to take a leap of faith 15 years ago, get a Real Estate License, go to work for a new home builder and then eventually join ARC Realty. 

At an early age in life, Keith knew he loved houses and all of the things that go into making a home. He loves helping and educating Sellers and Buyers with their Real Estate needs, building long term relationships with his clients and long term friendships. In his spare time he loves design work, staging homes, travel, and occasionally baking.

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Top Mistakes to Avoid in Real Estate Transactions With Todd Tucker (Ep.7)

Top Mistakes to Avoid in Real Estate Transactions With Todd Tucker (Ep.7)

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Let’s unlock the intricacies of real estate contracts and make your next home purchase or sale a breeze.

Join us as Jim Sumpter and Todd Tucker tackle the intricacies of real estate contracts, from finding the right realtor to understanding pricing strategies, and the importance of home inspections and appraisals. 

They share actionable insights that both buyers and sellers can use to make informed decisions. Whether you’re a seasoned homeowner or a first-time buyer, this episode is packed with valuable advice to guide you through every step of your real estate journey.

Episode discussion points include:

  • Finding a Realtor: Learn why referrals are often the best way to connect with a reputable realtor
  • The value of determining your budget and selecting the right location for your needs
  • Pricing Strategy & discovering how proper pricing can attract the right buyers and ensure a smooth selling process
  • Inspections and Appraisals: Getting clear on the roles and differences between home inspections and appraisals, and how they impact your transaction

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Connect with Todd Tucker:

About our Guest: 

Todd Tucker is an industry leading top producing realtor in the Greater Birmingham, Alabama area since 2005. Todd brings a unique approach that is a passion to the Real Estate world which translates great attention to his clients, both buyers looking for homes and sellers looking for top dollar. With sellers, he has been able to help them achieve exactly what every seller wants…top dollar with minimum days on the market. Todd not only uses the best statistical research to help price the home, but understands what buyers are looking for and what the competition offers. 

Owning his own Staging business Todd guides his clients through the process of explaining exactly how they will achieve top dollar. Todd puts his clients at the top of his priorities, with some calling him the “Realtor Physician” everyone deserves. He gained this title for always being “on call” and seems to have the right prescription for any issue people face in the ever changing home market. 

Todd is married to his partner of 30 years and they both work together, with the old saying as their motto “enjoy what you do and you will never work a day in your life”! Outside of work, traveling is a passion along with expressing his artistic side too. He enjoys painting and has even started building furniture.

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Estate Planning for Young Families + The Must-Have Documents (Ep.6)

Estate Planning for Young Families + The Must-Have Documents (Ep.6)

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Are you prepared for life’s ultimate certainties? Join us as we demystify estate planning with attorney Alex Priester, helping ensure you and your loved ones are protected.

We’re discussing some of the critical components of estate planning—wills, powers of attorney, and medical directives. Alex Priester, a seasoned estate planning attorney, walks us through the essentials, explaining why these documents are vital at every stage of life. 

From young families to retirees, we cover practical advice and real-life examples, helping you navigate the complexities of estate planning.

Episode discussion points include:

  • Learning the who, what, and why of wills, and why they’re crucial for protecting your assets and loved ones
  • Discovering the importance of having a power of attorney for both financial and healthcare decisions
  • Understanding how medical directives go beyond a simple DNR, ensuring your healthcare wishes are respected
  • Why estate planning isn’t just for retirees & why young adults, parents, and mid-life professionals also need comprehensive estate plans too

Resources:

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Connect with Alex Priester:

About our Guest: 

Alex, a native of Huntsville, Alabama, graduated from The University of Alabama School of Law in 2020 with her J.D. and LL.M. in Taxation. 

During her time in law school, Alex was awarded The University of Alabama Federal Tax Clinic Scholarship and the Justice Janie L. Shores Scholarship.  Alex received awards for best paper in each of her tax courses including Personal Income Taxation, Capital Gains Transactions, Corporate Transactions, Civil Tax Procedure, and Business and Accounting Ethics.  Alex was inducted into the Bench and Bar Legal Honor Society and served as an ambassador for future and incoming students of The University of Alabama School of Law.

In addition to her academic studies, Alex served as a member of the Public Interest Student Board and was awarded the Dean’s Community Service Award, the Student Pro Bono Award, and the Order of the Samaritan for her pro bono and law-related volunteer work. 

Alex lives in Leeds with her husband, Jake Hoogstra, and their 4 “furkids.”  Her hobbies include reading, baking, traveling, and golfing with her dad.

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How to Navigate Home Buying Like a Pro With Steve Knox (Ep.5)

How to Navigate Home Buying Like a Pro With Steve Knox (Ep.5)

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Discover the essential steps to successfully securing a mortgage, from pre-approval to closing costs, and how to avoid common pitfalls.

Jim Sumpter dives into the world of mortgages with guest Steve Knox, uncovering critical insights about the mortgage process, including the importance of pre-approval, the impact of credit scores on mortgage rates, and the often-overlooked closing costs. Understanding these elements is crucial for smart financial planning and making informed home-buying decisions.

By listening, you will explore:

  • Why getting pre-approved before house hunting can save you time and stress
  • The different loan programs and which might be best for you
  • The hidden costs involved in closing a mortgage
  • How your credit score impacts your mortgage rate and approval chances
  • And more

Connect with Jim Sumpter: 

Connect with Steve Knox (NMLS number 107021):

About our Guest: 

Steve Knox is a mortgage loan originator and branch manager. Recently Steve and his team joined Premier Mortgage Services under the branch name of “Knox Mortgage Team”. Our offices are located in Mill Creek, WA and Hoover, Alabama.

Prior to his mortgage career Steve owned Knox Management Strategies, a business consulting firm focused on process and sales improvement for retail, business and nonprofit organizations. Prior to that, Steve’s first career was in retail where he started as a sales person, ending his retail career as the Director of Management and Retail Education for Eddie Bauer Stores. During his career Steve supervised stores operations in over 40 states.

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Jim’s Five Rules of Investing & Understanding the Basics of Financial Planning (Ep.4)

Jim’s Five Rules of Investing & Understanding the Basics of Financial Planning (Ep.4)

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Have you ever wondered how to get started with your investments or how to make your money work harder for you? 

Your host Jim Sumpter breaks down his tried-and-true rules for investing, making complex concepts easily digestible for everyone. 

Whether you’re a novice or an experienced investor, Jim’s insights on setting investment goals, understanding risk tolerance, and leveraging the power of compounding and diversification will guide you on your financial journey. 

Jim Sumpter, CFP®, discusses: 

  • Investing basics you need to know to get started
  • Jim’s Rules for Investing & setting investment goals, assessing risk tolerance, diversifying your portfolio, and more
  • Learn how compounding your money over time can significantly impact your financial health
  • Start Early, Invest Consistently & why these two principles are critical to long-term financial success.
  • And more

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Cash Flow: The First Piece of Your Financial Puzzle (Ep. 3)

Cash Flow: The First Piece of Your Financial Puzzle (Ep. 3)

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You want to take control of your finances but don’t know where to start. Sound relatable?

It’s time to unpack the first piece of your financial puzzle — cash flow.

Tune in as Jim Sumpter, CFP®, explains the role of cash flow in financial planning. Whether you’re just starting your career, gearing up for retirement, or navigating the middle, this episode is a must-listen for anyone looking to make smarter financial decisions.

Jim discusses: 

  • Why cash flow planning should be considered in every stage: wealth accumulation, preservation, and distribution
  • The need to understand gross vs. net income
  • The 50-30-20 rule to allocate your income effectively
  • How to optimize your emergency fund by dividing it into three tiers of cash reserves
  • Avoiding the costly endeavor of budget creeps
  • And more

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