What is the five year look-back? Imagine working your entire life while accumulating some assets only to have it taken away at the end. Anyone who has experienced a loved one’s end of life care and the difficult decisions that come with may be able to relate. It doesn’t seem fair that a person can work so hard for so long yet end up spending a majority (or all) of their wealth in their final years on healthcare. Home health care, assisted living and long term care can get expensive in a hurry...
almost 3 years ago • 1 min read
Every KPERS employee nearing retirement should at least know about this strategy. It’s called pension maximization. What is it and how does it work? KPERS is what we call a defined benefit plan (or pension). Part of your choice at retirement is selecting which option you’d like to receive in your defined benefit plan for the remainder of your life in exchange for your service as an employee. There are a number of options and it will vary by individual. One of the biggest mistakes I see with...
almost 3 years ago • 2 min read
How many different types of investments are there? I remember when I first started in finance trying to figure out all of the ways to invest. It seems the possibilities are endless. Not only in the stock market, but in businesses, in real estate, in commodities, etc. People are very creative at coming up with ways to make money. To help simplify the way I thought about investing, it occurred to me that there are really only 6 different types of investments in the world: Tax free investments...
almost 3 years ago • 1 min read
Who is David Allen? And why does he have an incredible baseball field named after him in Enid, Oklahoma? I first visited that baseball field twenty something years ago. It was unbelievable (and still is). I wondered what was the story behind David Allen and where did the money come from to build this stadium? It turns out David was the son of Paul and Joan Allen. A family who started and owned a successful business in northern Oklahoma. Mr. and Mrs. Allen had a strong faith in God and a...
almost 3 years ago • 1 min read
What happens when all of your investments are in your 401k? You did everything right. You got the degree, you got a great job, you are very good with your finances, you got married and had a couple kids with a nice home and took vacations all over the world. You are living the American dream aren’t you? And let’s pretend you followed some sound financial advice and you started investing early on in your career into your company’s 401k. And each year you increased your savings until eventually...
almost 3 years ago • 1 min read
One of the challenges of reviewing estate plans as financial advisors is that we don’t get paid for it. So why should it be part of our process if it takes up time and there is no immediate benefit back to us? As I was contemplating changes to our service structure for current and future clients, I knew I wanted to implement a separate estate plan meeting. And I knew that this would involve a lot of time that would not pay the firm immediately in revenue. However, if we are to look after the...
almost 3 years ago • 1 min read
I wonder how many things in life I know I should do but don’t? The question was easier when I was young and single. The question changes when a person gets married. The question can penetrate and convict when children become involved. One of the reasons this question has come up lately has been the passing of some known men in my life that are around my age. Not close friends, just people who I have crossed paths with over the years. Men in their forties and fifties. All of them were married....
almost 3 years ago • 1 min read
What is one habit that would change your life over the next year? Maybe it is exercise. Maybe it is reading. Maybe it is a habit that you want to eliminate or maybe it is a habit that you want to start. As I was taking a walk over the memorial weekend down at the in-laws in Austin, I thought about a year from now. Memorial Day weekend 2024. If I were to take another walk in the same neighborhood over the same weekend in 2024, what changes would I want to make in my life? I think a lot of us...
almost 3 years ago • 1 min read
Have you ever been given something you didn’t deserve? Was it by a person or an organization? The primary reason 3rd Level Wealth exists is to help people build wealth and give back. Many people are interested in the former, but it takes a special heart and a level of maturity for the latter. Giving back in response to what has been given to us is a noble act. One of the organizations some clients of 3LW gives to is called Ripples from the Well. And “Ripples” has a very interesting story from...
almost 3 years ago • 1 min read