Articles

Posted April 02, 2022

If you are a fan of Dave Ramsey, you are likely aware with the concept of spreading out risk with long-term retirement investing by utilizing 4 categories of mutual funds and ETFs that include Growth, Growth & Income, Aggressive Growth, & International funds. One of our very own advisors...

Posted March 28, 2022

The year was 2005 and I was purchasing my first home. It was a small modest ranch with three bedrooms, 1 bathroom and an attached one car garage with a nice fenced in backyard. That fenced in backyard was key because my wife and I, as most newlyweds do, bought our first puppy together, a boxer...

Posted March 26, 2022

Before we answer this question, ponder to yourself what you think the number one indictor would be for building wealth and having a successful amount in your retirement account(s). There are many answers and logics behind each answer.

Is it the rate of return? 4% vs 12% performance. Paying...
Posted March 26, 2022

Do the current prices at the gas pump have you contemplating pulling out your old 10 speed bike buried deep in the back part of the garage?

If the thought has crossed your mind recently, I don’t think you would be alone as gas prices have increased drastically in the last few weeks,...

Posted March 20, 2022

I’m sure you have seen the rise in gas prices lately. They started out slowly, increasing gradually, but this past few weeks how can you miss the bright red lights showing a price increase as to almost $0.40 to the gallon! Oh, and then the $0.30 increase over night two weeks ago?!?! One...

Posted March 17, 2022

A Health Savings Account (HSA) is a tax advantage savings account that is created for people who have high-deductible health insurance plans.  High-deductible insurance plans are usually accompanied with lower premiums. Lower premiums mean the covered employee pays lower monthly fees, however...

Posted March 16, 2022

Acquiring life insurance is one of the most important considerations a person can do to protect their loved ones after death. Two of the most popular vehicles are term life insurance and whole life insurance. But which one is best for you? Below we will examine both insurance features and...

Posted March 09, 2022

I would like to start off with a basic introduction to retirement-based target date and lifecycle mutual funds: Larger mutual fund companies and similar entities create these particular funds and the composition of this type...

Posted March 09, 2022

This is a great question that I get quite often. Many married couples have one income earner in the family and in many circumstances, this can limit their ability to save in tax-advantaged retirement accounts. Let’s say a married couple in their early-40’s has one income earner making $190,000/...

Posted March 05, 2022

If you are currently holding cash that is above the comfort of your emergency fund, you may be stuck in what is called “analysis paralysis”. That is, with extra money to invest, you are holding back as an investor due to uncertainties in markets. A volatile equities market and a low yielding...

Posted March 01, 2022

A few years ago, I had a choice to make. Not a super important one, but even still it was going to affect our family’s monthly budget and was potentially going to make an important impact on our life. Should I hire a very reputable, entrepreneurial, young man and his business to mow my lawn or...

Posted March 01, 2022

Here at Whitaker-Myers Wealth Managers, we think it is really important for you to know what your Financial Advisor’s goals are. Knowing their mission, vision, and core values tells you a lot about what you can expect when you are a client of theirs.

As a team, we have developed our...

Posted February 27, 2022

Now that you have taken the first step and decided to start budgeting, let’s talk about creation of it. When trying to set up a budget, you need to think of how to organize it the easiest way for you to know...

Posted February 20, 2022

My wife is a high school basketball coach. There are so many times she’ll create a game plan, explain the game plan to the ladies on her team, however once the game is played, the game plan is not executed to its total perfection. Why? Because everything is easy in a simulated, non-real...

Posted February 20, 2022

This is a common question for many people new to the budgeting world who aren’t quite sure what’s the first thing they should do. Many like the idea of budgeting, but are afraid to take that first step in creating one, following through with it, or doing one consistently. Sometimes just getting...

Posted February 20, 2022

As parents it is important to be good role models for our children.  Dave Ramsey Personality Rachel Cruze states “More is caught than taught”.  This statement is especially true when it comes to how we, as adults, handle our finances. ...

Posted February 06, 2022

I’m not sure if there is an actual definition of success tax, however if I were to locate one, it might state that the Required Minimum Distribution is the definition of success tax. Imagine you have done the hard work of getting out of debt, you execute Baby Step 4 and as Dave Ramsey clearly...

Posted February 05, 2022

Before we start to segregate each of the four funds that Dave Ramsey recommends, we need to review a few important terms. 

Mutual Fund

 An investment where people collectively pool their money...

Posted February 04, 2022

The word “sinking” can be a little intimidating when you associate it with your money, but in reality, a sinking fund can be a way to help you better prepare and project how to spend your money.

So, what is a sinking a fund?

Simply put, a sinking fund is a way to allocate the...

Posted January 24, 2022

Do you ever go through something that you know is not going to be pleasant but ultimately is for your own good? I feel that way every time I visit the dentist. I hate going, yet I know the outcome is to my long-term benefit. For the first 14 trading days of 2022 we’ve finally seen the stock...

Posted January 23, 2022

During Dave Ramsey’s Livestream event, on 1/13/2022, he and fellow Ramsey personalities Rachel Cruze and George Kamel briefly discussed the current inflation situation.  Dave discussed his personal experience with inflation...

Posted January 23, 2022

Ideas include:

You must crawl before you can walk, and then build wealth One step at a time to saving for your future How the 7 baby steps can help you crawl out of debt and walk into financial peace

 

Have you ever heard of the old adage, “You have to crawl before you can walk...

Building Wealth in 2022 - Ramsey Solutions
Posted January 18, 2022

Proverbs 13:11 (NIV): “Dishonest money dwindles away, buy whoever gathers money little by little makes it grow.” 

Tonight’s talk started with an overview of human greed and eagerness to “Get rich quick” and Fear Of Missing Out (FOMO) starting with Dave’s personal story.

...
Posted January 01, 2021

Welcome to 2022! What a year 2021 was – coming out of 2020 and the COVID lockdowns we anticipated a strong market and that is certainly what we got. When it’s released in January, we will see that 2021 has provided the highest GDP growth since the 1980’s. However, it should be noted that we’ve...

2022 Retirement Plan Changes
Posted January 01, 2021

The IRS recently announced that next year taxpayers can put an extra $1,000 into their 401(k) plans, an extra $1,000 in SIMPLE IRA Plans and an extra $3,000 in SEP IRAs. Limits on contributions to traditional and Roth IRAs remain unchanged at $6,000 per year. The contribution limit for employees...