Money Roots Amy Irvine

About the Guest(s):Kerrie Beene is a certified financial planner and the Chief Investment Officer at Rooted Planning Group. With years of experience in the financial industry, Kerrie has helped numerous clients navigate their financial journeys and make informed decisions about their investments. She specializes in retirement planning and is passionate about helping individuals achieve their long-term financial goals.
Episode Summary:In this episode of Money Roots, Kerrie Beene, a certified financial planner, explores the topic of 401K loans and the tax implications associated with them. She discusses how 401K loans work, the rules set by the Internal Revenue Service (IRS), and the importance of understanding your employer's specific rules. Kerrie highlights key considerations such as loan limits, repayment periods, interest rates, loan purposes, and employment status. She also emphasizes the tax implications of 401K loans, including potential income tax and withdrawal penalties. Kerrie advises listeners to explore alternative options before taking out a 401K loan and to consult with a financial advisor to ensure alignment with long-term financial goals.
Key Takeaways:401K loans are available to anyone with a 401K account and have a simpler and quicker application process compared to traditional loans.The IRS sets limits on how much you can borrow from your 401K, generally up to 50% of your vested account balance or $50,000, whichever is less.Repayment periods for 401K loans are typically within five years, although longer periods may be allowed for loans used to purchase a primary residence.The interest rate on a 401K loan is often based on the prime rate plus an additional percentage determined by your plan. However, the interest paid is not tax deductible.Some plans may have restrictions on the type of expenses for which you can borrow from a 401K loan, so it's important to check with your employer.If you leave your job, the outstanding balance of the loan may become due immediately, potentially subjecting it to taxes and penalties.Failure to repay the loan according to the terms outlined in your plan could be considered a distribution, resulting in income tax and a potential 10% withdrawal penalty.Administrative fees may be charged for processing and maintaining the loan, which are typically deducted from your account balance.Taking out a 401K loan means missing out on potential growth in your retirement savings, so it's crucial to consider the long-term impact on your financial plan.
Notable Quotes:"While you are repaying yourself, that money did become uninvested, and you will be investing it later, but you are missing out on that growth there." - Kerrie Beene"If you decide to take out a 401K loan, make sure you only borrow what you need and have a solid plan in place to repay it promptly." - Kerrie Beene
Resources:Rooted Planning Group
Listen to the full episode of Money Roots to gain a comprehensive understanding of 401K loans and their tax implications. Stay tuned for more insightful episodes from the podcast to enhance your financial knowledge and make informed decisions.

About the Guest(s):Kerrie Beene is a certified financial planner and the Chief Investment Officer at Rooted Planning Group. With years of experience in the financial industry, Kerrie is dedicated to helping individuals achieve their long-term financial goals through strategic planning and disciplined investing. She is known for her expertise in investment management and her ability to guide clients towards financial success. Kerrie's passion for educating others about personal finance has made her a sought-after speaker and advisor in the field.
Episode Summary:In this episode, Kerrie Beene, a certified financial planner and Chief Investment Officer at Rooted Planning Group, shares the timeless wisdom of the fable "The Tortoise and the Hare" and how it applies to our financial lives. She emphasizes the importance of consistency, avoiding impulsive behavior, the power of compounding, and the virtue of patience in achieving long-term financial success. Kerrie highlights the parallels between the fable and investing, encouraging listeners to adopt a slow and steady approach to their financial goals.
Key Takeaways:Consistency wins the race: Just as the tortoise consistently plods along the course, investors who consistently contribute to their portfolios or retirement accounts tend to achieve better long-term results than those who try to time the market or chase short-term gains.Avoiding impulsive behavior: The hare's impulsive decision to take a nap during the race serves as a cautionary tale against impulsive investment decisions driven by emotions such as fear and greed. Investors should avoid chasing hot stocks or market trends and instead focus on a long-term strategy.The power of compounding: Similar to the tortoise's slow but steady progress, compounded growth can have a significant impact on investment returns over time. Understanding and harnessing the power of compounding interest can lead to substantial financial gains.Patience pays off: The fable of the tortoise and hare emphasizes the virtues of patience and discipline. Successful financial planning requires individuals to exercise patience in pursuing their goals and adhere to saving and investing strategies. Historically, the stock market has delivered positive returns over the long term, and embracing a long-term perspective can help investors benefit from the power of compounding.
Notable Quotes:"Slow and steady wins the race." - Kerrie Beene"Consistency and discipline are key to achieving long-term financial success." - Kerrie Beene"Avoid impulsive investment decisions driven by fear or greed." - Kerrie Beene"Understanding the power of compounding interest is crucial for maximizing investment returns." - Kerrie Beene"Patience and perseverance are essential for successful financial planning." - Kerrie Beene
Resources:Rooted Planning Group: Website
Conclusion:In this insightful episode, Kerrie Beene reminds us of the timeless wisdom found in the fable of "The Tortoise and the Hare" and how it relates to our financial lives. By emphasizing the importance of consistency, avoiding impulsive behavior, harnessing the power of compounding, and practicing patience, Kerrie provides valuable guidance for achieving long-term financial success. Tune in to the full episode to gain a deeper understanding of these principles and learn how to apply them to your own financial journey.

About the Guest(s):Kerrie Beene: Certified Financial Planner at Rooted Planning Group.Kate Welker: Certified Financial Planner at Rooted Planning Group.
Episode Summary:In this episode, certified financial planners Kerrie Beene and Kate Welker from Rooted Planning Group dive into the details of the 1040 tax return form. They discuss each line item and explain what it means for taxpayers. From reporting income to deductions and credits, Kerrie and Kate provide valuable insights into how the tax return can tell a story about an individual's financial situation. They also touch on topics such as capital gains, itemized deductions, and the standard deduction. Whether you're a tax expert or just starting to understand your tax return, this episode offers helpful information and tips for optimizing your tax situation.
Key Takeaways:The total amount from Form W-2, Box 1 represents taxable wages and includes deductions such as retirement plan contributions and health insurance premiums.Interest and dividends are reported on lines 2 and 3 of the 1040 tax return and can come from various sources such as bank accounts, savings bonds, and investments.Lines 4, 5, and 6 cover retirement income, including distributions from IRAs, pensions, and annuities. It's important to understand the tax implications of these distributions and consider withholding taxes if necessary.Line 7 deals with capital gains and losses, which occur when selling assets such as stocks or mutual funds. Long-term capital gains are taxed at a lower rate than ordinary income.Line 8 includes other income from Schedule 1, which can encompass various sources such as business income, unemployment benefits, alimony, and gambling winnings.The decision to take the standard deduction or itemize deductions depends on individual circumstances. The standard deduction is often the more beneficial option for many taxpayers.The qualified business income deduction can provide tax benefits for business owners, allowing them to deduct a portion of their income.
Notable Quotes:"Your tax return tells a story. It can provide valuable insights into your financial situation and help you make informed decisions for the future." - Kerrie Beene"Understanding the different tax rates and how they apply to your income can help you optimize your tax situation and potentially save money." - Kate Welker
Resources:Rooted Planning Group: Website
Don't miss this informative episode where Kerrie Beene and Kate Welker break down the 1040 tax form and provide valuable insights into optimizing your tax situation. Listen now for expert advice and tips on understanding your tax return. Stay tuned for more enlightening content from Rooted Planning Group.

About the Guest(s):Kerrie Beene is a certified financial planner and the chief investment officer at Rooted Planning Group. With years of experience in the financial planning industry, Kerrie is well-versed in helping clients navigate the complexities of taxes, investments, and retirement planning. She is dedicated to educating individuals on the tax bucket strategy and providing them with the tools and knowledge to make informed financial decisions.
Episode Summary:In this episode, Kerrie Beene discusses the tax bucket strategy and its importance in retirement planning. She explains the concept of dividing money into three different tax buckets: tax deferred, tax free, and after tax. The tax deferred bucket includes accounts like 401(k)s and traditional IRAs, where contributions are made with pre-tax money and taxes are paid upon withdrawal. The tax free bucket includes Roth accounts and health savings accounts, where contributions are made with after-tax money and withdrawals are tax-free. The after tax bucket includes checking, savings, and investment accounts that are funded with after-tax money and may be subject to capital gains tax. Kerrie emphasizes the need for flexibility in retirement planning due to the uncertainty of future tax laws. By understanding and utilizing the tax bucket strategy, individuals can have more control over their tax situation in retirement.
Key Takeaways:The tax bucket strategy involves dividing money into three different tax buckets: tax deferred, tax free, and after tax.Tax deferred accounts, such as 401(k)s and traditional IRAs, allow contributions to be made with pre-tax money and taxes to be paid upon withdrawal.Tax free accounts, like Roth accounts and health savings accounts, require contributions to be made with after-tax money, but withdrawals are tax-free.After tax accounts include checking, savings, and investment accounts that are funded with after-tax money and may be subject to capital gains tax.Planning for retirement should involve a combination of these tax buckets to provide flexibility and control over future tax situations.
Notable Quotes:"The goal is to have some control over your tax situation in retirement.""While it could be better, it could also be worse. So we can plan for the unknown by thinking about different buckets of money that'll provide you with a little bit more flexibility.""The tax deferred bucket or the tax me later bucket... has your 401(k), your traditional IRA, 403(b)s.""The tax free bucket or the tax me never bucket... includes things such as Roth accounts and health savings accounts.""The taxable bucket or the tax me now bucket... includes things such as checking, savings, and investment accounts."
Resources:Rooted Planning Group: Website
To learn more about the tax bucket strategy and how it can impact your retirement planning, listen to the full episode. Stay tuned for more insightful discussions on taxes, investments, and financial planning from Rooted Planning Group.

About the Guest(s):Amy Irvine is the CEO and founder of Rooted Planning Group. With years of experience in the financial planning industry, Amy is dedicated to helping individuals and families achieve their financial goals. She is known for her expertise in tax planning, retirement planning, and estate planning. Amy is passionate about educating her clients and providing them with the tools and resources they need to make informed financial decisions.
Episode Summary:In this episode, Amy Irvine, CEO and founder of Rooted Planning Group, shares valuable insights on organizing and decluttering your finances. With tax season in full swing, Amy provides guidance on how long to keep tax returns and supporting documents. She also discusses the importance of maintaining healthcare documents, legal documents, and other essential paperwork. Amy emphasizes the significance of securely storing important documents and suggests creating a system to easily access them when needed. Whether you're a small business owner, a homeowner, or a student, Amy offers practical advice on managing and preserving important financial records.
Don't miss out on valuable insights and empowering financial advice! Subscribe to "Money Roots" today to embark on a journey of financial growth and empowerment. Join host Amy Irvine as she simplifies personal finance, making it accessible to everyone, from beginners to seasoned experts. By subscribing, you'll stay up-to-date with each episode, gaining access to practical tips, inspiring stories, and expert insights that will help you take control of your financial future. Whether you're looking to budget smarter, invest wisely, or secure your retirement, "Money Roots" has something for everyone. Subscribe now and start nurturing your financial well-being!
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Or visit us at www.rootedpg.com/podcasts for full show notes and links!
Key Takeaways:It is recommended to keep state and federal tax returns and supporting documents for about three years. However, if you forgot to report income or have certain deductions, you may need to keep them for a longer period.Healthcare documents, such as Medicare notices and records related to Medicaid applications, should be kept for specific durations to support your healthcare needs.Legal documents, including Social Security cards, birth certificates, passports, and estate planning documents, should be stored securely. Copies of important documents should be accessible to trusted individuals, especially healthcare proxies and power of attorney documents.Debt and asset-related documents, such as investment account statements and loan documents, should be retained for specific periods. Keeping track of cost basis for investments and maintaining records of home office expenses are crucial for tax purposes.Property-related documents, such as deeds, settlement statements, and insurance policies, should be kept permanently. Additionally, maintaining records of completed coursework and employment contracts is essential.
Notable Quotes:"If you think you forgot income to report, then if it's more than 25% of your gross income, you want to keep six years." - Amy Irvine"If you have estate planning documents, such as a will, a trust, a power of attorney, a healthcare proxy, a living will, any beneficiary designation, store those originals." - Amy Irvine"If you're a small business owner, you want to keep a copy of your federal Ein number. This is something you should keep permanently in a secure location." - Amy Irvine"If you have any home improvements, keep receipts or a ledger that documents those because you may be able to adjust up your cost basis of your...

As parents, we often find ourselves juggling multiple financial goals, from saving for our children's education to providing them with vehicles and ensuring our own long-term financial security. In this article, we will explore the insights and experiences of a parent who has successfully navigated these competing priorities.
In this episode, Becky Eason interviews Kerrie Beene, a parent who has successfully saved for her children's education while managing other financial priorities. Kerrie shares her experience of opening a 529 savings account for her children when they were young and consistently contributing to it over the years. She also discusses how she encouraged family members to contribute to the 529 as gifts for birthdays and holidays. Kerrie's daughter was able to graduate from college a year early, saving on tuition and room and board expenses. Kerrie also talks about how her children's different interests and circumstances have influenced their financial goals, such as saving for a vehicle. She emphasizes the importance of starting to save early and automating contributions to make it easier.
Key TakeawaysStarting early and automating savings can make a significant difference in achieving financial goals for your children.Encouraging family members to contribute to a 529 plan can provide a boost to college savings.Taking advantage of opportunities for dual enrollment and summer classes can help students graduate early and save on tuition.Balancing the financial support for different children can be challenging, but it's important to consider each child's unique needs and circumstances.
Notable Quotes:"If you can start saving money when they're young, just knowing who knows what your kid may like or what the future holds, you just never know." - Kerrie Beene"Teaching your kids, if they do work, to maybe save a little and then from the parent perspective, saving what you can and automating it so you don't have to be thinking about it all the time." - Kerrie Beene
About the Guest(s):Kerrie Beene is a parent of two children, one in college and one in high school. She has firsthand experience in saving for her children's education and managing competing financial priorities.Becky Eason is a financial planner at Rooted Planning Group. With a background in finance and a passion for helping clients navigate their financial goals, Becky brings a wealth of knowledge and expertise to her role. She has experience working with clients at various stages of life, from early career professionals to those in retirement. Becky understands the challenges of balancing competing goals and priorities and is dedicated to helping her clients create a financial plan that aligns with their unique circumstances and aspirations.
RESOURCES:Rooted Planning Group - WebsiteMoney Roots Podcast - Website
Listen to the full episode to gain valuable insights on how to navigate competing goals and priorities in your financial journey. Stay tuned for more episodes of the Money Roots podcast for expert advice and guidance on personal finance.