Podcast
Episodes
Episode 6 - Do You Think You're Ready For Retirement? ...Are You Sure?!
In this episode of The Wealthy Wallet, Monika Hengesbach tackles financial planning intricacies with Steve Jenkins, a Certified Financial Planner. Steve shares his journey from medical equipment sales to financial services in 2001, his insurance-based experience, and the founding of his firm in 2019.
We explore detailed client discussions, early planning benefits, and the effects of the Tax Cuts and Jobs Act. Topics include Roth conversions, hidden taxes, charitable giving strategies, and the impact of inflation on financial planning, highlighting annuities and life insurance as vital tools.
Episode 7 - How Strength Training Can Transform the Lives of Women Over 50
Today on Episode 7 of The Wealthy Wallet, Podcast Host Monika Hengesbach explores the link between fitness and finance with Kumbi Moretta, Founder of Leap Fitness.
The episode concludes with financial tips on writing off personal training expenses as medical deductions and incorporating fitness benefits into employee plans.
Episode 8 - Taxes in the News
Today on Episode 8 of The Wealthy Wallet, Podcast Host Monika Hengesbach discusses the upcoming expiration of key tax provisions set to sunset in 2026, including the highest tax rate returning to 39.6%, reduced standard deductions, the lifting of the SALT cap, and changes to mortgage interest and unreimbursed business expenses deductions.
She also covers the potential expiration of the Qualified Business Income (QBI) deduction, phased reduction of bonus depreciation, and the drop in the estate tax exemption, emphasizing the need for estate planning. Monika discusses strategies for managing estate taxes, such as using irrevocable life insurance trusts (ILITs), charitable donations, and family limited partnerships (FLPs), while clarifying that tips remain taxable income. They address tax code loopholes like Partnership Basis Shifting and cost segregation rules, and explore psychological factors in financial decision-making, discussing cognitive biases and offering practical tips for improvement.
Episode 9- Navigating Divorce: The A-Z Guide to the Unexpected
Monika and Leslie offer an A-Z guide to navigating the unexpected challenges of divorce, covering everything from legal proceedings to emotional support. Whether you’re considering a divorce or currently going through one, tune in to hear valuable insights and advice to help you through this difficult time.
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Episode 10- Financial Challenges in Retirement: Expert Advice From a Seasoned Bookkeeper
Today on Episode 10, Monika Hengesbach discusses meticulous bookkeeping and retirement challenges with Yvonne Hambright, our seasoned bookkeeper and close friend.
Yvonne, nearing retirement, shares insights from her 30-year career, emphasizing accurate financial records for business success and compliance. She highlights common pitfalls like double-booking sales and mixing personal and business expenses, and the importance of reconciling bank statements and reviewing financial reports
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Episode 11- Savings Low? Don't Feel Blue- Monika's Tips Will Guide You Through
On today’s episode of The Wealthy Wallet, Monika Hengesbach continues the discussion on retirement planning, addressing concerns among seniors about their readiness.
She cites statistics showing widespread worry, with 79% believing there’s a retirement crisis and 55% fearing they won’t have enough savings. Monika explains Social Security benefits, including eligibility, benefit calculations, and gender disparities. She also covers early and delayed retirement impacts, recent legislative changes like the Secure 2.0 Act, and the challenges young adults face in achieving financial independence. Monika concludes with her personal retirement planning insights and a preview of the next episode on business exit strategies.
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Episode 12- Essential Exit Strategies for Business Owners
Today on episode 12 of The Wealthy Wallet, podcast host Monika Hengesbach has Russ Ray, a financial planner from Ameriprise, in studio.
Russ emphasizes the need for early and comprehensive exit planning for business owners, noting that 50% of business exits are unplanned due to unforeseen circumstances. He covers key exit strategy components, common mistakes like delaying planning, and strategies for managing taxes, including using C corporations and donor-advised funds for tax relief.
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