Category : Budgeting

3 Steps to Take to Determine if Your Retirement is On Track

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  • December 20, 2019

The idea of nearing retirement may leave you stressed – or fill you with excitement. Many times your stance depends on your financial situation.


As you get closer to retirement, it’s important to assess your financial situation and make sure you have an accurate snapshot of what your finances during retirement will look like. If you’re moving closer to retirement, here are 3 steps you need to take to determine if your retirement is on track:


Step 1: Take a Look at the Numbers

Pull all your account balances and begin looking at where you are at. Are you where you think you need to be? If not, you may want to look increasing retirement savings or adding catch-up contributions. Visit with a tax planning specialist to determine the best way to allocate funds to create a tax friendly financial situation both now – and in retirement.


Step 2: Evaluate Asset Allocation

Make sure that all of your assets are in the best place for the timeframe and retirement goals you have before you. Many people start their retirement savings with one date in mind, set their asset allocation accordingly, but forget to go back and reevaluate as circumstances change. You may want to allocate more aggressively – or more conservatively – based on lifestyle changes or a change in retirement date.


Step 3: Consider Social Security

While it should not be a focal point of your retirement plan, your social security income should be a consideration in the overall retirement strategy. Consider all of your investments and determine when will be the best time for you to begin taking your social security income.


If you are nearing retirement and unsure if your current retirement plan is where it needs to be, give us a call at Metroplex Wealth. Our Southlake wealth managers are specialists in retirement planning and can develop a strategy that fits your needs.

Budgeting Basics: How to Stay on Track

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  • September 11, 2019

Whether your income is big or small, a budget keeps you on track and allows you financial freedom to achieve goals in the long-term. One mistake we often see clients make as they build wealth, is to stop adhering to a budget, so here are 5 simple tips we recommend for helping you stay on track in managing a budget and building long-term wealth:


  1. Calculate your Income.

Budgeting all begins with knowing how much money you bring in from various revenue streams each month, so make sure to calculate your income to know how much money you are truly working with each month. If your income fluctuates, underestimate by a small percentage to give you a cushion.


  1. Review Receipts Regularly.

Make a habit of keeping your receipts and then taking time out of your month to review your spending habits. You might be surprised to know that you spend more on groceries or eating out than you expected! Being aware of your spending habits allows for adjustments to suit financial goals.


  1. Plan Ahead.

Are there larger expenses looming? Home maintenance, special occasions, and holiday spending are all areas we often see clients leave out of their budgets. Have a plan for these larger expenses so you aren’t caught off guard when they arrive.


  1. Loosen Up.

Don’t make your budget so rigid that you aren’t allowed to splurge here or there! Allow wiggle room for indulgences that allow you to enjoy the wealth you are building.


  1. Double-Check your Tax Withholdings.

When was the last time you evaluated your tax withholdings? It’s important to re-evaluate on a regular basis – especially as life changes occur – to make sure you are maximizing your monthly cash flow.


Need more wealth management advice? Our team at Metroplex Wealth in Southlake, Texas is here to help! We are a full range of financial services ready to assist you in achieving your financial goals.

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.

How Revolving Debt is Holding You Back from Building Wealth

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  • April 29, 2019

One of the most effective ways to reach your wealth management goals is to limit – better yet, eliminate – your revolving debt. Any money that you’re currently contributing to paying off mounting credit card bills could instead be leveraged to enhance your investing efforts! Just think about how much you’ll save on your interest rate alone, for just about everyone – that’s a guaranteed double-digit gain! If that’s not a good investment, what is? Let’s consider ways in which revolving debt is holding you back from building wealth.

Inflated Interest Rates

Revolving debt doesn’t just include the stack of credit cards in your wallet, it includes a range of debts that all carry inflated interest rates. Open-ended accounts like personal lines of credit and home equity lines of credit are also considered to be revolving debt.

It’s High Risk

When you have high levels of revolving debt, you’re opening yourself up to more risk than necessary. If you were to unexpectedly lose your job, would you be in a position to be able to pay your credit card bills, and your other bills? Have you considered this level of risk before and how it might be contributing to your stress levels?

It’s Stressful

Does your revolving debt keep you up at night? Think about the power of eliminating this stress entirely. You could focus your newfound energy on the things that are truly important to you, and redirect all of that money to travel, investing, or activities that you value!

Consider whether buckling down and paying off your revolving debt will help your wealth building strategy. What would you do with all of that cash flow once all of your debt is paid off?

Making Wealth Building a Reality

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  • March 15, 2019

There is no doubt that building wealth is a foundational goal of many of our clients. A key step to building long-term wealth is leveraging the power of your income and managing your finances with intention. By getting in the habit of spending less than you make early on, you allow yourself the opportunity to explore investment opportunities that can get you well on your way to building wealth.

Boost Your Income

It goes without saying that the path to building wealth can be paved more quickly by those that have a high-paying job. That being said, don’t let your current income dictate whether or not you’ll be able to build wealth. If you aren’t already in a high-paying career field, consider whether switching to a more lucrative career may be a viable move. Alternatively, consider whether you might be able to supplement your income with a side business or a second job. Any extra income you can generate is money that can either be invested or fed into retirement accounts, which can grow considerably over time through the magic that is compound interest.

Achieve Financial Independence

While it’s a long-term goal that may take some time to realize, spending less than you make is essential to building your wealth and ultimately, achieve financial independence. Achieving financial independence will allow you the freedom to live your dreams and work if you choose to, because you enjoy doing what you do, not because you need to to sustain yourself financially.

We truly believe that building wealth is in reach for everyone, regardless of their income level. If you’re ready to set some clear wealth goals but aren’t sure where to start, the experienced team here at Metroplex Wealth can help. Contact us at 817-601-5272 to start talking through your goals.

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.