5 Simple Ways to Increase Retirement Savings

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• July 13, 2019

Whether you have been saving for retirement for years – or just getting started – Metroplex Wealth can help you achieve your financial goals and get you moving in the right direction. Our team offers a well-rounded approach to retirement savings, and here are a few simple ways we recommend you increase your retirement savings today with very little effort:

Increase Saving Today

As most people know, retirement savings – and the amount you end up keeping at the end – comes down to the magic of compound interest. That’s why it’s best to start saving as soon as possible so that time is on your side. If you’re already saving, boosting that amount by even $50/month will pay off in the long run.

Take Advantage of Employer Matching

Don’t leave money on the table. If you have an employer that matches 401K contributions, make sure you are maxing out that match in order to maximize your return. After all, it’s free money. If you can’t do it today, then wait until your next raise, and instead of pocketing the increase, put it toward retirement savings and maxing out the employer contribution.

Take Advantage of Higher Contribution Limits for 50+

If you are over the age of 50, then you have the opportunity to catch up on your retirement savings with higher yearly contribution limits. Catch up contribution limits vary for IRAs, Roth IRAs, and 401K plans, so give us a call at Metroplex Wealth to discuss your options and what makes the most sense for maximizing your money.

Schedule Automatic Withdrawals

It may hurt a little at first, but scheduling automatic retirement savings withdrawals ensures you are paying yourself first and working toward your retirement goals – without even lifting a finger. Soon, you won’t even notice the difference and the money will be working for you.

Delay Social Security Payments

Did you know that once you reach retirement age, every year that you delay your Social Security payments – up to age 70 – it increases your Social Security benefit? Even just pushing it back a year can make a difference in the amount of money you receive.

Not sure if your retirement savings in on track? Talk with a DFW financial advisor at Metroplex Wealth about simple solutions to growing your retirement savings and keeping you on track to financial freedom in the retirement years.

Why Do I Need a Wealth Manager?

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• June 25, 2019

It’s a question we hear a lot, and frankly, it comes down to misconception. Wealth managers are highly trained individuals who know the ins and out of the financial industry – and how to make that work for you and your money. Here are 3 reasons that our team here at Metroplex Wealth recommends that you hire an experienced wealth manager to assist with your finances:

Future Financial Freedom

When you look into your future, what do you see? How does your financial situation look? The wealth managers at Metroplex Wealth can help you plan for your future financial goals and might even recommend products or strategies you had not previously considered based on our 20+ years of providing financial advice to our clients. Everything from retirement planning, estate planning, proactive tax planning, and even social security planning can be worked to your advantage and provide you with long-term financial freedom.

As Life Gets More Complicated – So Does your Money

As we age and acquire more wealth, the more complicated our finances become. Add a spouse and a family to the mix and the financial burden gets even more complicated. Metroplex Wealth offers another touchpoint for decision making; an outside perspective backed by 20+ years in the industry. And don’t forget that our proactive tax planning works those complicated tax assessments to your advantage.

Planning for the Unexpected

We can’t anticipate every curveball life gives us, but with the proper financial planning from a top wealth manager like Metroplex Wealth, we can ensure you have the financial stability to navigate that curveball with ease. Whether you need help with college planning, medical expenses, elderly care, and more – Metroplex Wealth’s team can help.

Ready to learn more about how our team of wealth managers can help you achieve your financial goals? Give us a call today to set up an introductory consultation.

3 Wealth Building Pitfalls – and How to Avoid Them

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• June 10, 2019

They call it building wealth for a reason.

It takes time to achieve your financial goals, and at Metroplex Wealth in Southlake, Texas, our goal is to come along side you and offer guidance throughout the process. As you set forth toward your financial goals, be sure to avoid these 3 common mistakes when building wealth:

Removing Yourself from the Budgeting Process

Whether you are a small business owner or just managing your own personal finances, budgeting remains an important piece of the puzzle. At the end of the day, all wealth building comes down to income vs. expenses, and if you lose sight of the big picture and the budget, you’ll be led astray. Many people believe that as their wealth and income grows, a budget no longer matters. At Metroplex Wealth, we can say that the closer you stay to understanding your budget on a monthly basis, the closer you’ll come to achieve your greater financial goals.

Not Understanding Your Investment Strategy

At Metroplex Wealth, our goal is to educate you on products and investment that will grow your portfolio. We want you involved in the process. (It is your money, after all.) One of the worst mistakes you can make when building wealth is to get lazy in the process. Relying on others. Throwing money at things in hopes that it works out without doing your research. These are important mistakes to avoid.

Forgetting Where You Came From

As you build wealth, it’s important that you stay humble and grounded in order to achieve long-term financial success. A great way to do this is to give back to others. Donate and give to causes you want to support. Use your time to volunteer at a shelter or other charity.

Metroplex Wealth – the best financial advisor in Southlake, Texas – would love to help you achieve your financial goals and help you avoid these mishaps! Give us a call today to schedule a consultation.

Leveraging the Tax Code to Limit Your Liability

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• May 31, 2019

Many of the clients we consult with are surprised to learn that their specific financial situation can lend to considerable tax savings. By effectively leveraging the IRS tax code and some of the lesser-known rules within it, our clients have had been enable to reap impactful tax benefits. Having an understanding of how to limit your tax liability has the potential to optimize your profits and create additional opportunities for wealth building.

Strategic Tax Planning

Whether you’re looking to lower your personal taxes or you own a business and are focused on limiting its tax liability, there are a wide range of nuanced rules within the IRS Tax Code that could be used to your advantage. Committing to strategic tax planning with intentionality also helps ensure you aren’t making costly mistakes or missing out on opportunities. Tax reduction strategies, especially when they’re stacked one on top of another, can result in savings of thousands upon thousands of dollars.

Tax Planning Expertise

We have a partnership with local company Financial Gravity to ensure that our clients have access to the expertise necessary to help our clients reduce their personal and business income taxes. While it might be tempting to wait for tax season to come around again, now is the time to initiate proactive planning for next year.

The most effective strategic tax planning will be customized to work with your specific circumstances. If you’re interested in learning more about how you can leverage the tax code to limit tax liability, reach out to the Metroplex Wealth team to determine what an appropriate next step would be. Our team can be reached via phone at 817-601-5272 or email at info@metroplexwealth.com.

Budget Items Most Clients Don’t Account For

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• August 22, 2018

Effectively building wealth isn’t simply about making wise investments, it also hinges on responsibly managing your income. While some of the smaller dollar amounts we’re talking about may seem trivial in the grand scheme of things, when compounded over years, they are considerable. When considering creating your budget, what are some items many of our clients don’t account for?

Maintenance Expenses

For many, their home and vehicles are their most valuable assets. Yet many people don’t account for inevitable maintenance expenses on either asset. The time to start saving for a new roof is not when you notice a portion of it is caving in, but long before. Vehicles maintenance costs should not be scoffed at either, as they can quickly tally in the thousands.

Special Occasions

While you may not have a wedding reception or a big birthday trip for your friend on the calendar right now, it can’t hurt to carve out some funds for special occasions. Nothing strips the joy from fully enjoying a wedding reception than considering how much debt you’ve accrued over the weekend.

Seasonal Expenses

When looking over your bank statements, there are likely some months in which you’ll notice spikes in your spending. If any of that can be attributed to seasonal expenses, like the kids going back to school or costly
landscaping each season, try to budget for it so that you’re not caught by surprise.

The examples we’ve shared shouldn’t be all of the items that make the cut on your budget, they are simply a few points we wanted to highlight. Having a realistic budget that accounts for the unexpected will keep you from panicking when the unexpected comes up while supporting your long-term wealth building goals.