MoneyGeek Feature: Average Cost of a Wedding
Leanne Rahn had the privilege to be featured in MoneyGeek to talk to readers about the “Average Cost of a Wedding”.
Ever wonder why wedding prices seem to skyrocket? From personalized touches to seasonal trends and logistics, there are several factors that can inflate the cost of your big day. Leanne dives into the reasons behind these wedding markups and offers practical tips on how couples can manage their wedding budget without compromising on what matters most.
Discover how to prioritize key elements of your special day while keeping costs under control!
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
MoneyGeek Feature: Financing Your Wedding
Leanne Rahn had the privilege to be featured in MoneyGeek to talk to readers about “Financing Your Wedding”.
Are you considering a wedding loan but unsure if it's the right choice? Leanne will guide you through key factors to help you decide, from cash flow to debt-to-income ratio, and how it might affect your future plans like buying a home. Learn about smart ways to maximize a wedding loan if you get one and explore alternative financing options that might surprise you.
Start your marriage on the right financial foot with this comprehensive guide!"
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
Should You Hire a Bookkeeper for Your Business?
Today’s blog goes to my hustlin’ entrepreneurs out there who are ready to get their books organized, have a better grip on their business cash flow, and make tax time a loooooot smoother for themselves.
I get questions all the time from women and mama entrepreneurs about how they can clean up their books and systems, leaving them with confidence and structure. My answer? A bookkeeper. My role as a financial advisor differs from what a bookkeeper does and the services we provide tackle different obstacles.
As a financial advisor, I assist with investing, tax minimization, saving for retirement, insurance planning, and financial planning for your life - think inheritance, divorce, dream vacay, kids’ education, and the list goes on. Intentionally understanding how you (and your spouse!) think and feel when it comes to making financial decisions, allows me to tailor my advice to you. In addition to the specific services I provide, I bring tangible steps and direction to the table to accomplish your goals.
A bookkeeper is to keep your books in order so that you can focus on stewarding your business well. That includes the recording, organizing, and summarizing of all financial transactions within your business – money in, money out, and where it goes! From recording sales, purchases, and expenses to tracking invoices and receipts, maximizing deductions, and confirming business compliance, bookkeeping helps to ensure that your finances are detailed, accurate, and ready for analysis. Both myself as a financial advisor, specializing in women entrepreneurs, and a bookkeeper help you feel confident and at peace with your finances.
Now that you have a better understanding of the difference between my role and a bookkeeper, let’s see if hiring a bookkeeper makes sense for you. I had the privilege to sit down with Brittany DeMoss from Good Steward Bookkeeping to get the inside scoop on bookkeeping. Let’s dive into the conversation!
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L: Brittany, SO good to connect. Can you share a little bit more about who would benefit from hiring a bookkeeper and when it would be beneficial?
B: Anyone who owns a business and doesn’t want to do their own bookkeeping! Bookkeeping has to be done, but it doesn’t have to be done by you. What might take up around 20 overwhelming hours of your valuable time each month could become an additional 20 hours taking on more clients, building your website, sourcing your materials, or spending time with friends and family. What might cost you $2,000 a month of your time could cost just $300 a month of a bookkeeper’s time. Hire it out!
In regards to when, outsourcing a bookkeeper isn’t necessarily dependent on how much income your business is bringing in. Instead of hiring a bookkeeper once you “finally reach $100k,” consider hiring a bookkeeper when you haven’t touched your books in a while. Or if you don’t know where to start, or you panic during tax season, or you don’t know if you’re compliant, or you aren’t paying yourself a dime. The best time to hire a bookkeeper is when you’re ready to be confident, at peace, and make informed business decisions that will increase your profit. Outsourcing this task will help you focus on stewarding your business as a CEO!
L: This is great. It seems like bookkeeping can be beneficial for any stage of business. One question I get often is what’s the difference between a bookkeeper and an accountant? Can you shed some light on that?
B: Absolutely! Accountants and bookkeepers perform different roles, so having both is best! Bookkeepers dive into the nitty gritty details of your books to give you a clear view of your finances, catch error and fraud, help you save and generate more money, and let you focus on stewarding the growth of your business. Once your books are ready, the bookkeeper hands them off to your accountant for tax returns and tax planning.
L: Super helpful. What about the DIYers of the audience? Software like Quickbooks is very common and many of my clients utilize this. Would there be a benefit for an existing Quickbooks/software user to outsource their bookkeeping?
B: My recommendation is yes, there would be a benefit! My favorite software to use for bookkeeping is QuickBooks Online (but Xero is a close second). Even if you use QuickBooks, you might not want to actually use QuickBooks. Let me manage your QuickBooks account for you with my monthly bookkeeping package!
L: You mentioned your monthly bookkeeping package. Tell me more! What levels of service do you offer clients?
B: My most popular (and my personal favorite) service offering is my monthly bookkeeping package. This package is intended for small and growing businesses who are seeking peace and confidence in their numbers! Monthly bookkeeping includes income and expense categorization, bank reconciliations, financial statements, and unlimited support. This package starts at $300/month.
I also offer clean-up and catch-up services for those of you who haven’t touched your books in a while, or maybe ever. It’s overwhelming! This service is a one-time fee to provide categorization and reconciliations for each missed month.
My DIY Bookkeeping Tracker is a bookkeeping tool for all of you DIY-ers! This spreadsheet is for entrepreneurs & side-gig CEOs who aren’t quite ready to hand over their books to a bookkeeper. With this tracker you’ll have: monthly income and expense tracking, a Profit & Loss Statement, goal setting, tax tracking, and pretty visual reporting! For a one-time cost of $89.00 and a few hours of your time each month, this is an economical way to do your own bookkeeping accurately and efficiently. Make sure to use Leanne’s code LEANNE15 for 15% off!
You can also find some free tidbits of bookkeeping tips and tricks on my blog!
L: I love the different scopes of engagement. Something for everyone! Can you share a little more about what communication looks like when an entrepreneur reaches out and you sign on a new client?
B: Full bookkeeping services require minimal monthly virtual communication (although we’re always open for 1:1 support!). We start with a discovery call to get to know each other and, once we commit to a contract, we will set up a meeting to officially transition your bookkeeping off of your plate.
After that, not much is needed from you! Once we work our bookkeeping magic, you will receive an email with any questions (usually just a few) we may have for you regarding your banking transactions for that month. Once answered, you can expect your simple and detailed (and dare I say FUN?!) financial reports in your inbox by the 15th of each month. If you have any questions regarding your monthly bookkeeping reports, we’re happy to hop on a call or explain via email!
L: You have me sold on your “bookkeeping magic”! Any other magical words to share with our readers today?
B: Accurate bookkeeping paints a picture of your financial health and is the foundation for success. It empowers you to make informed decisions about your business - knowing where to invest, how much to charge clients, understanding profits, and being tax-ready without the stress.
You’re making money, but you’re not sure where it’s all going? Bookkeeping. You need to purchase a new camera but you aren’t sure if you have enough in your account to do so? Bookkeeping. Are you unsure if you’re able to pay yourself during a slow month? Bookkeeping. Is your client demand high and you’re wondering if it’s time to raise your prices? Bookkeeping.
Bookkeepers are dedicated to making sense of your business finances for you! Whether it’s setting up systems, offering guidance, or handling the monthly bookkeeping process, my goal is to provide the support and organization you need to help you grow your business successfully and strategically.
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AMAZING feedback from Brittany. Are you ready for your book’s spring cleaning or what? I know I am. You already know I’m going to share all the deets on how you can reach out to Good Steward Bookkeeping. Check out Brittany’s contact information below and here’s to organized books, paying yourself confidently, and clear cash flow!
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
About Brittany…
Brittany DeMoss is a bookkeeper, money-stewarder, owner of Good Steward Bookkeeping Co., and Kingdom builder. Photographers, web designers, wellness coaches, copy and grant writers, and coffee shops all over the country are Brittany’s specialties.
She loves serving small businesses, hosting book club (most recent read: Sense & Sensibility), making pottery at a local studio, and dreaming up ideas with her film & photography teacher husband.
W: https://www.goodstewardbookkeepingco.com/
E: brittany@goodstewardbookkeepingco.com
IG: @goodstewardbookkeepingco
About Leanne…
Leanne Rahn is a Fiduciary Financial Advisor working with clients all over the US. If you don’t know what a Fiduciary is, Leanne encourages you to look it up (or even better - check out her website!). She swears you won’t regret it. Women entrepreneurs, newlyweds & engaged couples, and families who have special needs children are Leanne's specialties.
She loves trying new recipes, spending time with her hubs and two littles, and all things Lake Michigan. She could listen to the band Elevation Worship all day long and is a sucker for live music.
Here, at Fiduciary Financial Advisors, we take our fiduciary oath seriously. We hold these five principles:
I will always put your best interests first
I will avoid conflicts of interest
I will act with prudence; that is, with the skill, care, diligence, and good judgment of a professional
I will not mislead you, and I will provide conspicuous, full, and fair disclosure of all important facts.
I will fully disclose, and fairly manage, in your favor, any unavoidable conflicts
MoneyGeek Feature: Women’s Guide to Financial Independence
Leanne Rahn had the privilege to be featured in MoneyGeek to talk to readers about “Women’s Guide to Financial Independence”.
Leanne discusses challenges women face when it comes to their finances and how they can maximize their cash flow to support their financial independence.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
Ask an Advisor: I'm Having a Baby. How Should I Financially Prepare?
Leanne Rahn had the privilege to be featured in Financial Planning.com’s “Ask an Advisor” column to talk to readers about how parents can financially prepare for a baby.
As a mama of two herself, Leanne shares her tips and tricks on how to save money, minimize taxes along the way, her favorite child savings vehicles, and more. Check out the post below!
West MI Woman Feature: Saving for Your Child’s Future
Leanne Rahn had the privilege to be featured in West Michigan Woman’s Magazine to talk to readers about “Saving for Your Child’s Future”.
Leanne dives into some of her favorite savings vehicles and the details parents need to know. Want to know how you can create a solid financial foundation for your children? You won’t want to miss this piece.
Home for the Holidays Magazine - Seeking Peace with Leanne Rahn
Leanne Rahn had the privilege to be featured in Real Estate By Aubree’s Home for the Holidays Magazine to talk to readers about “Seeking Peace”.
With a Christmas twist, Leanne emphasizes the importance of initiating peace within your financial life and the costly price that can result without it. Leave feeling encouraged, motivated, and driven to seek peace and to stop procrastinating. Turn the corner into 2024 with peace at the top of your mind.
Leanne, Aubree, along with many other West Michigan businesses are wishing you a very Merry Christmas!
SavvyMoney Feature: 6 Tips For Teaching Your Kids to Save
Leanne Rahn had the privilege to be featured in SavvyMoney to talk to readers about “6 Tips For Teaching Your Kids to Save”.
Leanne shares tangible tips and steps parents can implement to create a positive environment around money for their littles.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
MoneyGeek Feature: Women’s Guide to Making Financial Moves After College
Leanne Rahn had the privilege to be featured in MoneyGeek to talk to readers about “Women’s Guide to Making Financial Moves After College”.
Leanne discusses challenges women face as they begin their financial journey after college and what they can do to set themselves up for a fruitful financial life.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
MoneyGeek Feature: How to Find the Best Car Insurance for Women
Leanne Rahn had the privilege to be featured in MoneyGeek to talk to readers about “How to Find the Best Car Insurance for Women”.
Leanne discusses her recommended insurance professionals and why gender is used for calculating premiums.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
The Power of the Roth IRA
5 benefits the Roth IRA provides that you won’t want to miss out on.
Ah, the Roth IRA. A wonderful, magical, beautiful savings vehicle. Ok, maybe not really magical but pretty darn close. I’m going to share with you, undoubtfully, some powerful benefits the Roth IRA has to offer and why you might consider contributing to one. Everyone’s situation is different and it may not be the best vehicle for all - but that’s why I’m here (wink-wink). My contact info is down at the bottom so you know where to find me. Alright, let’s jump into the world of Roth.
Let’s start with what is a Roth IRA anyway.
A Roth IRA is a savings vehicle designed for retirement. The main difference between a Roth and your traditional retirement account is that this vehicle is funded with after-tax dollars. You’ve already paid taxes on the dollars you contribute to the Roth account. In return, when you go to pull the money out in retirement (more on that to come), you won’t pay taxes because you already have. Your traditional retirement account works the exact opposite: you contribute with pre-tax dollars and pay taxes when you withdraw in retirement.
There are some things to note about who can contribute to a Roth IRA. First, not everyone is eligible to contribute to a Roth IRA. The IRS has certain income limits you must take into consideration before you can start dumping money into your account. Secondly, the max you can contribute for 2023 is $6,500. This amount does change based on where you fall within the IRS income limits. If you are 50 years or older, the IRS so generously allows you to make an additional $1,000 contribution for 2023. You can find the IRS’s income limits and respective contribution amounts here.
You will benefit from tax-free growth (yes, you read that correctly).
Remember how I said you put dollars in that have already been taxed? Well, those same dollars will be sowed into the market and grow into a luscious, fruitful nest egg free of tax on your earnings. This is what I was talking about when I said Roth IRAs are pretty close to magical. Don’t skim over that sentence lightly. Think about this for a second. If you start investing and watch your savings grow over the next twenty, thirty, forty years, can you begin to see how much growth is in the picture? If not, I’ll fill you in - it’s a lot (assuming you are in a growth-oriented portfolio, keeping investment fees low, maintaining a long-term mindset, and so on). All that growth is tax-free. Yours to keep - not the government’s. As I said, it’s beautiful.
You will benefit from tax-free withdrawals.
As I mentioned, when you withdraw funds from your Roth IRA, you will not be paying taxes on them. Now, there are some rules that go along with that. You must be 59 ½ years old when you withdraw your earnings and the account must be opened for at least 5 years to avoid any penalties and taxes. If those two boxes are checked, then you are in the clear.
What if you are younger than 59 ½? What if your account hasn’t been opened for at least 5 years? You can do more of a deep dive into all the specific withdrawal rules here.
Now let’s talk about this thing called RMDs.
RMD stands for Required Minimum Distribution. This is an amount that the IRS requires you to withdraw each year from your qualified retirement accounts. So what does this have to do with a Roth IRA? You are not required to take an RMD from a Roth IRA. In other words, you get to decide if, when, and how much you want to withdraw from your Roth. More power to you.
Speaking of more power to you, you have withdrawal power over your contributions - at any time.
Yep, any contributions you make to your Roth IRA are 100% available to you to withdraw, free of tax and penalties, at any time. Notice, I said contributions - not contributions and earnings. Any earnings within your account will follow the rules we talked about earlier. However, your contributions are fair game. (This doesn’t mean it’s always wise to treat this as available cash at all times. However, it does allow more flexibility, freedom, and control over the money you set aside).
There are benefits for your kiddos too.
Did you know that there is no age limit to who can open a Roth IRA as long as they have earned income? Earned income includes both formal employment income and self-employment income. So yes, that means those babysitting dollars can be put to work. Just note that contribution amounts can’t be more than the annual IRS contribution amount or the amount of the child’s earned income (whichever is less).
Thanks to the new Secure 2.0 Act, unused 529 Plan funds can be rolled over into a Roth IRA for your child. As you’d expect, there are rules that apply to this new offering, but this could be a great way to not let those unused education savings go to waste by redirecting them to a Roth IRA. If you’re curious about the rules, let’s connect.
Do you believe me now that the Roth IRA can be a very powerful tool in your financial life? With benefits ranging from taxes, more control, all the way down to your kids, I sure hope you believe me. Let’s chat to determine if this vehicle can play a role in your growth journey. And just because you are over the income limits doesn’t mean there isn’t opportunity for you (hint: backdoor Roths, Roth 401ks, Roth self-employed plans). If you aren’t excited about a Roth IRA, go back and read this again (you’re welcome).
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. The information contained herein has been obtained from a third party source which is believed to be reliable but is subject to correction for error. Fiduciary Financial Advisors LLC does not give legal or tax advice. The information contained does not constitute a solicitation or offer to buy or sell any security and does not purport to be a complete statement of all material facts relating to the strategies and services mentioned. Past performance is not a guarantee or representation of future results.
About Leanne…
Leanne Rahn is a Fiduciary Financial Advisor working with clients all over the US. If you don’t know what a Fiduciary is, Leanne encourages you to look it up (or even better - check out her website!). She swears you won’t regret it. Women entrepreneurs, newlyweds & engaged couples, and families who have special needs children are Leanne's specialties.
She loves a good glass of merlot, spending time with her hubs and baby boy, and all things Lake Michigan. She could listen to the band Elevation Worship all day long and is a sucker for live music.
Here, at Fiduciary Financial Advisors, we take our fiduciary oath seriously. We hold these five principles:
I will always put your best interests first
I will avoid conflicts of interest
I will act with prudence; that is, with the skill, care, diligence, and good judgment of a professional
I will not mislead you, and I will provide conspicuous, full, and fair disclosure of all important facts.
I will fully disclose, and fairly manage, in your favor, any unavoidable conflicts
MoneyGeek Feature: How to Start Saving and Investing
Leanne Rahn had the privilege to be featured in MoneyGeek to talk to readers about “How to Start Saving and Investing”.
Leanne answers the questions of how much should you invest, how you choose the best stocks and bonds, how to start investing while living paycheck to paycheck, and her take on investment apps.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
MoneyGeek Feature: Finding the Right No Annual Fee Card
Leanne Rahn had the privilege to be featured in MoneyGeek to talk to readers about “Finding the Right No Annual Fee Card”.
Leanne discusses the pros & cons of no annual fee credit cards and what consumers should consider when paying for an annual fee credit card.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
How Saving for Your Retirement Has Changed
Leanne Rahn had the privilege to be featured in West Michigan Woman’s Magazine to talk to readers about “How Saving for Your Retirement Has Changed”.
Retirement isn't what it used to be, which means we need a new way to plan for it. Not sure of the best way to do so? You're not alone.
Home Renovations & How to Get the Biggest Return on Your Investment
How to decide what to renovate, how much renovations cost, cash versus home equity loans, your realistic investment return, and so. much. more.
Shauna Speet, owner of Shauna Speet Interiors, and Leanne Rahn, Financial Advisor with Fiduciary Financial, have teamed up to tackle some of the most burning questions when it comes to your house renos and their corresponding investment returns.
Shauna and Leanne fill you in on all the things like how to decide what to renovate, how much renovations cost, cash versus home equity loans, your realistic investment return, and so. much. more.
Jump into the conversation with them and leave feeling informed, educated, and motivated (with just maybe, a demo hammer in hand).
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How do I decide what to renovate in my home?
Shauna recommends making a master list - every house project that will require either time or money goes on the list. Then prioritize that list based on need vs. want, and the space that is functioning the poorest/or with the most worn-out materials gets the very top priority.
Other factors to consider when deciding what you want to renovate are:
How long do you plan to stay in the house?
What is the top value your house could be worth? You don’t want to out-renovate your neighborhood.
What are some tell-tale signs that I should renovate my space?
First, is it a want or a need? Does the space need to be renovated due to worn-out materials or poor function? If so, it would get top priority on Shauna’s list.
If the space functions well and the materials are in good shape overall, Shauna would recommend a purely cosmetic update and save the renovation budget for a more pressing area.
What if I don’t know if I’m going to stay in my house long-term? Does it still make sense to renovate?
If you aren’t planning on staying in your home for the long term, Shauna’s opinion is this: she does not think it’s worth the cost/life disruption to renovate if you plan to move in 5 years or less.
UNLESS - you can do a lot of the work yourself. If you need to hire out 90% of the labor, there goes your profit margin along with it! Sweat equity is what you can count on getting back.
Realistically, what is the return I can actually receive from renovating?
In Shauna’s experience, less than in the past. Things are more expensive now, and homes are selling for record highs even without the updates. So talk to your realtor before renovating the kitchen just to sell the home, it is probably not worth it. (BUT - if you are thinking of removing a wall to open up the kitchen, or ADDING a bathroom, those improvements yield a significant return.)
Is putting money into my home considered a good investment?
Leanne challenges you to ask yourself this: what are you after? Is it renovating to stay in the home longer? If yes, what is your current mortgage interest rate? It might make sense to renovate and stay in the home longer than to sell and buy a home with a higher interest rate.
Maybe is it renovating to add more value to your home to be able to sell it? If that is the case, how much will it add to the selling price? What is the market like?
These are just a couple of scenarios. This answer is definitely very situational. Investing in your home can be a very good investment! It really depends on what your goal is.
How can I estimate how much the renovation will cost?
Google! Google the average square footage of everything you can. Things like the Flooring/tile/counters/backsplash you want and then multiply that by the surface area of each material. That will get you a ballpark for materials.
Once you have that number, add 75% - 100% of the cost of materials for the labor to install all those items (if you plan to have a builder manage the project for you).
Lastly, add in the cost of the appliances/bathroom fixtures you want, as well as an approximate cost for cabinetry (also by googling!), and that gives you a rough preliminary budget.
Should I save up the full amount prior to starting a renovation or should I take out a home equity loan/HELOC?
This is a very situational answer and depends on what the alternative is. Maybe you have been in the home a few years and built up some equity, your mortgage rate is good, and renovating by utilizing a home equity loan/HELOC would allow you to stay in the home for a few years. Looking at today’s rates, Leanne might say it may make more sense to take out a home equity loan/HELOC and keep your current mortgage rate rather than go out and buy a home (which has a good chance of being priced higher) at a higher interest rate.
Maybe you are debt adverse and you have the extra cashflow plus your renovating timeline isn’t a rush. Then it may make sense to just aggressively save up for your renovations.
Overall, the main variables Leanne thinks affect this answer would be your timeline, your mortgage rate, the current housing market, the home equity loan/HELOC rates, your cashflow, your feelings toward debt, how much equity you have in your home, and your renovation estimated costs.
What are the steps to start saving for a renovation?
Know a rough estimate of costs (like Shauna mentioned, Google!).
Get on the same page as your spouse and be transparent about the all-in costs and your realistic savings timeline. Take a look at your budget and cashflow - are there ways to cut expenses to reach your goal sooner? If there aren’t ways, take that into consideration when determining your realistic timeline or be creative on how you can earn extra income to throw at your savings goal.
If you have a timeline longer than 3 months, consider chatting with Leanne about ways you can give your savings a chance to grow. If you have a more immediate timeline, look to utilize high-interest-earning checking accounts (think LMCU and Consumers Credit Union to name a few).
Stay motivated! A big savings amount can feel daunting and you may feel impatient with the thought of saving. Write out your goals and hang them on your fridge, create a mood board and hang it up in your office, schedule “money dates” with your spouse to go over your budget and get an update on your savings. Being intentional about this is key!
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Maybe your demo hammer is staying in the garage a little bit longer or maybe it’s in hand right now. Either way, Shauna and Leanne are here to support you and give you guidance.
Be sure to check out shaunaspeet.com for renovation guides that walk you through the whole planning and hiring process of a renovation as well as a Custom Home Analysis. Shauna personally analyzes your answers you provide to a questionnaire she sends, as well as images of your home and your Pinterest boards. She then provides you with a custom report on your personal design style and the architectural style of your home.
Leanne is ready to build new relationships by giving you personal, tailored guidance on cash savings, home equity loans/HELOC, helping you grow your savings, and preparing for the short AND long term.
What are you waiting for? Dream like Joanna. Demo like Chip.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
About Shauna…
Shauna Speet, owner of Shauna SpeetInteriors, is an interior designer focused on studying and educating homeowners on the function of a home. She has devoted her focus to identifying functional pain points and creating solutions to solve them.
Shauna lives in the lakeside town of Holland Michigan with her husband, two children, and their energetic golden retriever Coby. They all enjoy being on the sandy shores of Lake Michigan in any season - especially Coby! 🐶
About Leanne…
Leanne Rahn is a Fiduciary Financial Advisor working with clients all over the US. If you don’t know what a Fiduciary is, Leanne encourages you to look it up (or even better - check out her website!). She swears you won’t regret it. Women entrepreneurs, newlyweds & engaged couples, and families who have special needs children are Leanne's specialties.
She loves a good glass of merlot, spending time with her hubs and baby boy, and all things Lake Michigan. She could listen to the band Elevation Worship all day long and is a sucker for live music.
Here, at Fiduciary Financial Advisors, we take our fiduciary oath seriously. We hold these five principles:
I will always put your best interests first
I will avoid conflicts of interest
I will act with prudence; that is, with the skill, care, diligence, and good judgment of a professional
I will not mislead you, and I will provide conspicuous, full, and fair disclosure of all important facts.
I will fully disclose, and fairly manage, in your favor, any unavoidable conflicts
Home for the Holidays Magazine - Seeking Peace with Leanne Rahn
Leanne Rahn had the privilege to be featured in Real Estate By Aubree’s Home for the Holidays Magazine to talk to readers about “Staying the Course”.
With a Christmas twist, Leanne emphasizes the importance of not just your destination but your journey and the steps you take along the way. Leave feeling encouraged, confident, and motivated while understanding the value of remaining steadfast on your current course.
Leanne, Aubree, along with many other West Michigan businesses are wishing you a very Merry Christmas!
How to Save Money on Your Next Family Vacation
Tips to maximize your vacation savings, destination advice, flight deals, and more!
This month, I had the opportunity to sit down, interview-style, with Travel Advisor, Sarah Allen, and get all the secrets on how to save money on your next family vacation. She shares some amaaazzing tips that will help you decide how to choose your destination, the best way to book flights, how timing can play an impact, and more. Keep reading and by the end of this, you’ll be packing your bags!
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L: Sarah - how in the world does a travel addict decide on their destination? Give us all the tips!
S: There are a few things to consider when choosing a travel destination. Time of year and weather may help guide your decision. Would it be too hot to enjoy hiking in Sedona in July? Christmas at Disney is beautiful but it will be very busy so if you don’t like crowds you should go during an off-season time.
You should also consider the age of your children. Are they too young for long hikes? Would they enjoy the museums in a large city? I suggest making a bucket list of all the trips you’d like to take. Then decide how much money you have to put towards travel each year.
Next, plot these ideas in a calendar based upon your budget and life stage.
L: Okay, so once a destination is decided, how far in advance should someone start planning?
S: It really depends on where you are going, how flexible your dates are, and if you need time to save up for your trip. Cruise lines and major theme parks release dates over a year ahead of time and if you book when those dates are released you will have the best chance of booking the resort and room category you are looking for. Prices will likely be the lowest when dates are released and a good Travel Agent will watch for promotions that can be applied to your stay if money can be saved.
If you are traveling at a busy time of year like Christmas or Spring break or even summer break I would suggest booking at least 6 months ahead of time. Trips can be booked last minute but there may not be as many choices if you wait too long.
I have always enjoyed the anticipation of the trip almost as much as the trip itself so we tend to book early. This gives us plenty of time to save up the money we need and plan all of the details!
L: Let’s talk about the specifics: what are the benefits of booking your trip early? Would there ever be a benefit to booking late?
S: There are benefits to booking your trips early. You will have the most choices for accommodations and room categories if you book when dates are released. It is also a great way to save money on trips to places like Disney, Universal, and for cruises. If you book when dates are released you will likely get the best price available. If you use a Travel Agent they will watch for promotions that might save you money and can call in and modify your reservation for you at any time. Booking early also gives you time to save up for your trip, do your research, and anticipate all the fun you will have.
Conversely, you can sometimes find an amazing deal last minute. These don’t leave a lot of time for planning or saving money but if your life situation allows you to pick up and go at any moment it is definitely a budget-friendly way to travel.
L: Speaking of timing, are there certain times of the week or year to avoid OR take advantage of when it comes to airfare? Other secrets on how someone can save dollars on flights?
S: There are a couple of ways to save money on flights. Airlines generally release their flights about 6 months before your trip. I start off looking at sites like Kayak and Google flights to get an idea of what is available and then to the Hopper app to see the best time to book. Setting an alert on these services will let you know when prices drop.
If your dates are flexible you could also use a flexible date search tool and easily find the cheapest days to fly out.
My last tip is to look at all of the area airports. You might be able to fly out of a smaller airport nearby for less money or on a more convenient day. When it comes to booking the flight I suggest to do so directly with the airline.
L: Are there pros and/or cons to using booking sites like Kayak, Expedia, etc.?
S: I love using sites like Expedia and Kayak for research and sometimes they can save you money. It’s a great tool to get an idea of what hotels are available and I love the map feature! With a quick glance, you can discern the hotels with the locations you desire.
There are a few downsides. Often the rates on their hotel rooms are non-refundable. If I learned anything in the last 2 years it's that things don’t always go as planned and lately I am much more comfortable booking a room that I can cancel. Weigh your options and definitely check the cost of booking directly with hotels for the most flexibility.
If you book a flight with any of these third-party sites it is much more complicated to reschedule a canceled or delayed flight. When there is bad weather or staffing issues and 1000’s of people need to rebook, the airlines will rebook the customers who booked directly with them first. This could leave you stuck at an airport longer.
In this current climate, I suggest booking directly with the vendor.
L: What about travel insurance? Do you typically recommend this to your clients?
S: This is a timely question. Pre-covid, my family rarely thought about purchasing travel insurance. Life was fairly predictable and canceling a trip just wasn’t something you heard about very often. Since covid, my family has had to cancel or reschedule a number of trips. Some we had travel insurance for and some we did not.
I am not an insurance agent so my advice before buying a policy would be to read through the details closely. What does it cover? Consider the cancellation policy where you are going before purchasing additional insurance. If they will let you reschedule for another time, maybe you don’t need travel insurance.
Another thing to think about when buying travel insurance is your health and healthcare coverage. Are you older and traveling abroad? Maybe it would be a good idea to get a plan that would cover an unforeseen medical emergency.
L: Cruise vacations are all the hype. Is there value in them? Why would someone choose a cruise for their next vacay?
S: Cruising is a great option for families, couples, or singles to see and experience different cultures from the comfort and elegance of a massive ship. These boats are floating cities with luxurious amenities. The best thing about a cruise is that food and entertainment are included in the price of the cruise and both will be top-notch.
We went on our first cruise after renting a beach house for spring break. Shopping for and cooking 3 meals a day for my family wasn’t quite the vacation I had in mind. Sitting on the beach and watching ship after ship left got us thinking about other ways to vacation. We were surprised at how affordable a cruise was and no cooking!
Drink packages and excursion options will be an additional cost but you could stick to free beverages or you can stay on the ship and enjoy a quiet day to save money. Many ships also offer kids’ clubs and fun activities which will give parents some time to relax kid-free.
L: Okay, SUCH good info on cruises. What about another popular vacation destination - Orlando theme parks? Share with us your top budget-friendly tips!
S: 1. I had a friend help me plan our family’s very first trip to Disney World. I had been many times as a child but my family always stayed nearby with my grandparents and we only did one park per trip. I really didn’t think we could afford to stay on the property for a week. Then she told me about Disney’s value resorts! I had no idea we could stay at a Disney World property for those prices. The value resorts at Disney are not fancy but they are clean and have very fun theming.
2. When we travel to Disney or Universal we always bring simple breakfast foods with us or order groceries to be delivered to our resort. Having a quick, simple breakfast in our rooms saves us money and time. The resorts do have breakfast options available but it is often crowded and the cost of that for a family definitely adds up.
3. Brunch for lunch is a great way to save money on a more expensive meal like character dining. Sometimes we will book a reservation for a late breakfast and consider that our lunch and sit-down meal for the day, choosing a less expensive option for dinner.
4. It’s important to stay hydrated in the Florida sun but buying bottled water in the parks is expensive. Bringing in your own water bottles can save you money. I love the stainless steel Brita filter water bottle because you can fill it with ice and then water from any sink. You can also ask for free water at any quick service or snack location.
5. Souvenirs - set a budget ahead of time and communicate that plan to your kids or let them pick one thing in the parks. Have them save their money ahead of time for other things they may want while you are away. It’s good for your kids to learn the value of money and planning at a young age.
6. Purchase things ahead of time - PLAN AHEAD! Things like ponchos and sunscreen are expensive in the parks. We also buy themed shirts at Target, Kohls, or Amazon for our trip versus in the park.
7. Chase Disney Visa - we have had this card for years and earned 1000’s of Disney dollars to spend in the park. You can also use points toward flights. We have all of our recurring bills on this card and charge all of our purchases throughout the month. Please only consider this option if you plan on paying your full balance each month.
8. Disney gift cards - You can purchase packs of Disney gift cards at warehouse clubs like Sam’s and Costco. This is a great way to save up for your trip as you can use them to pay your balance or in the parks for food and souvenirs. Buying a pack or two a month will ensure you don’t spend that cash on other items. They will usually go on sale around Black Friday and you will be able to purchase them for less than their face value.
L: I’m taking notes! So good. Alright, Sarah, if you had to leave the readers with your TOP 3 tips on how to save money on their next family vacation, what would they be?
S: Number one: Book early with a Travel Agent - not only will you likely get the best price your agent will watch to see if there are any sales and can apply the sale price to your trip. This also gives you lots of time to save and anticipate!
Number two: Travel in the off-season - if you choose to go to Florida in September right after school starts or January when it may be cooler you will find the off-season rates apply. It will also be less busy.
Number three: Drive to your destination if it’s close enough and time allows. Buying airfare for our family of 5 adds up quickly. We look forward to our drive each spring break and even with gas, food, and a hotel stop we still end up saving about $1000 plus then we don’t need a rental car when we get there. A bonus is your kids get to see a lot of places while you are on the road.
L: Last but not least, Sarah: If someone wants to work with you, what does that look like? How can you help them plan their dream vacation?
S: I specialize in Disney trips, Universal trips, cruises, and all-inclusive resorts and have completed certification in each of these areas of expertise. When you book a trip with Fairytale Journeys by Sarah Allen you get my years of experience, planning, services, and support for free. Travel agents are compensated through commissions that hospitality companies include in their packages whether you use a travel agent or not.
We will start the process by talking about what you want your vacation to be like and then I will curate a trip just for you based upon your family's unique budget, wants, and needs. My job is to wade through all of the options, availability, dates, and insider knowledge and present you with choices that work best for you and your family.
Once the trip is booked I help families with the details of the trip, such as transportation, dining plans, theme park information, things to bring, etc. I’ve spent years acquiring this information through travel and research so you don’t have to! Things don’t always go as planned and when you need help on a trip it’s nice to know you have a friend and expert available to help!
Time is money and using a travel agent will not only save you time it will save you from being overwhelmed and frustrated.
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Tips from Leanne:
Check out the latest travel credit cards. Many companies offer incentives for opening a new credit card that could earn you free flights, money off your travels, cashback on gas, and more! Utilize credit wisely by not spending what you don’t have. Bonuses and freebies are great but what’s even better is not getting crushed by the weight of credit card debt.
Another great way to have your money work for you is by utilizing high-interest-earning checking accounts. Think Lake Michigan Credit Union, Consumers Credit Union, and others. Right now, you can find some credit unions and banks with checking accounts earning 3-4%. Use those earnings to bump up your vacation savings fund.
Speaking of your vacation savings fund, be intentional about it. Know you want to spend $5,000 on travel each year? Calculate what that equates to on a monthly basis and set it aside each month. This will encourage intentionality and lower the temptation to just “put it on the credit card” without actually having the cash to pay for it.
Have the cash but don’t know where you want to go yet or have longer than a 3-month timespan before you voyage off? Investing in a low-risk fixed-income vehicle might be an option for you. With the potential for rates being greater than your high-interest-earning checking account, this might be the perfect route to make your future vacation dollars work for you in your sleep (literally). Spark your interest? Leanne can chat with you to decide if this is a good move for you.
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Do you have your suitcase out yet? I tried to warn you your travel fever will be ignited by the end of this. Sarah Allen is your new go-to for all things travel. Keep these tips in your back pocket, right next to your passport.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
About Sarah…
Sarah Allen is a Travel Advisor with Fairytale Journeys specializing in Disney vacations, Universal Studios, cruises, and some all-inclusive resorts. Helping families plan a trip that fits their needs and budget is her passion. She loves helping others make lifelong memories with their families. She, of course, loves to travel herself, and sometimes planning trips is as much fun as going on the trip itself.
Married for 22 years, Sarah and her husband have 3 teenagers and 2 Goldendoodles. Her family has been traveling since her kids were very young and she has passed on the love of exploration to them all.
W: https://www.facebook.com/ftjbysarahallen
P: 269-929-0055
About Leanne…
Leanne Rahn is a Fiduciary Financial Advisor working with clients all over the US. If you don’t know what a Fiduciary is, Leanne encourages you to look it up (or even better - check out her website!). She swears you won’t regret it. Women entrepreneurs, newlyweds & engaged couples, and families who have special needs children are Leanne's specialties.
She loves a good glass of merlot, spending time with her hubs and baby boy, and all things Lake Michigan. She could listen to the band Elevation Worship all day long and is a sucker for live music.
Here, at Fiduciary Financial Advisors, we take our fiduciary oath seriously. We hold these five principles:
I will always put your best interests first
I will avoid conflicts of interest
I will act with prudence; that is, with the skill, care, diligence, and good judgment of a professional
I will not mislead you, and I will provide conspicuous, full, and fair disclosure of all important facts.
I will fully disclose, and fairly manage, in your favor, any unavoidable conflicts
5 Ways to Fight Inflation as a Business Owner
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
Surviving Your First Market Crash
Picture this: you’re young, living life, killing it at your first “adulting” job, putting those dollars away for retirement, finally making some good money, and then boom - the market crashes. Social media blows up, politics get even more heated, your invested savings drop lower and lower, and you can’t seem to escape the dark shadow of worry. Sound familiar? Well, hang in there, because you're about to get all the deets on how to survive your first market crash.
First, let’s start with the technical definition of a market crash. A market crash is when the market falls 20% or more from the very top. Crashes can take longer to recover from and may last years. They also are often accompanied by a recession and usually are a result of some systematic failure or other reasoning. Okay, so now you know how to identify a market crash. Now, let’s talk about how you can gear up and weather a storm when it comes.
Don’t Stop Investing
Wait, you’re telling me to continue putting my money into the thing that feels like it’s going to collapse at any second? Yep. If you’re a client of mine, you know we are all about the long-term mindset. Markets go up and down throughout your lifetime and you are feeling the pain of your first major market downturn. Pain isn’t easy. It stings. It can be lingering. But the amazing thing is pain can be healed and can go away with time. And guess what! You have the time. Retirement is more than likely 3 to 4 decades away for you. Market downturns are a part of investing and will happen again in your lifetime. Author, Carl Richards, puts it best in his sketch below. Days can feel painful, all over the place, and scary. But zoom out and take a look at the big picture.
By continuing to invest, you can take advantage of the market downturns and investments being less expensive. Not only that but get in on the downside and you are fully prepared to ride the wave back up when the time comes (aka you are making money). If you wait until the market is “looking good” again, you might miss the opportunity for growth. Now, I’m not saying to time the market. But what I am saying is investing at regular intervals regardless of the market performance is a healthy habit to have (dollar cost averaging, my friends).
Tune Out the Noise
Remember that pain I was talking about? You’re not the only one feeling it. So is your boss, your parents, your neighbor down the road, and your local grocery store. It’s everywhere when there is a market crash. So naturally, that is what’s going to be flooding your social media timelines. I’m here to tell you to shut it off. Tune out the noise of your Twitter’s worry and your Facebook’s advice. If you find yourself constantly logging into your IRA and 401k accounts to check the balance - don’t. Trust me, it will help you feel less of that temporary pain. From our previous conversation above, you know you have time. Focus on the decades, not the days. Temporarily unfollowing some select individuals and deleting your investment apps might just help you forget the pain is there.
Make Sure Your Financial Advisor is Doing Their Job
When you go through your first market crash, I want you to pay close attention to your advisor. I’m not talking about performance (because let’s be real, if the market crashed, more than likely your accounts will have dropped no matter who your advisor is). I want you to pay close attention to their communication and education. Are you hearing from them? Are they checking in and educating during a market crash? A good advisor communicates with their clients especially when the market is a little wobbly. If you are a client of mine, you know I send quarterly newsletters to educate you with what’s going on in the market. Not only that, but you can expect communication from me when turmoil in the market comes. How does your financial advisor communicate with you? Will they listen to your concerns? Will they educate and help set your focus on what matters? Remember - you hired them.
Crashes will be inevitable in your lifetime. Knowing what to do when they come will play a huge role in your long-term financial success. So keep making strides in your career and keep building up those savings. Pain is temporary and if you focus on the right things, the pain might just start to feel like opportunity. Gear up and don’t just survive in a market crash - thrive in it.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
Here, at Fiduciary Financial Advisors, we take our fiduciary oath seriously. We hold these five principles:
I will always put your best interests first
I will avoid conflicts of interest
I will act with prudence; that is, with the skill, care, diligence, and good judgment of a professional
I will not mislead you, and I will provide conspicuous, full, and fair disclosure of all important facts.
I will fully disclose, and fairly manage, in your favor, any unavoidable conflicts
5 Ways to Prepare Your Business For a Recession
Recessions, hard times, and slow growth are all things no small business owner wants to hear. But the reality is you will have times like these in your business. How do you prepare as a business owner? What can you do right now to go confidently through a natural phase of your business life? Let’s jump into five ways you can prepare your business for a recession:
1. Build That Emergency Fund
We often talk about emergency funds on the personal side but we can’t forget about the business side. Set a goal to build a business emergency fund that would cover 3-6 months’ worth of business expenses (things like office supplies, payroll, rent, software subscriptions, etc.). There is always going to be something else you’d rather spend your business dollars on, but trust me when a recession hits you will feel so much better knowing your business essentials are taken care of.
2. Pay Down Debt
Do you have a business credit card or a business loan that has reoccurring balances? Now’s the time to try and minimize that debt - especially debts with a high-interest rate. Being tied to a lender is never a good feeling and it’s even more challenging when business is hurting due to the economic surroundings. Once you have an established business emergency fund, chip away at that debt. Your future self will thank you.
3. Look Ahead
All businesses have some seasons that are slower than others. Look ahead at your expected business activity in the months to come. Are they usually slower or perhaps you're coming up on your busiest time of the year? Taking a glance forward will help you know what to prepare in the now. If you know the slow months are quickly approaching, it might be time to build that extra cash reserve (maybe even slightly larger than normal) to tackle the slow months and weather a recession.
4. Revisit Your Marketing Plan
It’s always a good idea to review your current marketing plan every so often to know what’s working and what’s not. Both your time and your potential leads are valuable - we want those two things to complement each other. Carve out an hour or two out of your time to do a deep dive into your marketing streams. Where are you getting most of your business? How much are you spending and are the dollars coming back to you in the form of new business? What type of marketing takes the most of your time and is it worth it? Are there new streams you could be taking advantage of? If and when a recession comes, you can confidently know your marketing strategy is at its best.
5. Review Your Current Expenses
With subscriptions being at the click of a button nowadays, it can be easy to forget what services you are paying for and how much you are actually paying. There are some expenses that definitely are worth paying for and help your business tremendously but it’s a good habit to often review your current expenses to decipher that. Clean up your business budget and make the most of your business dollars by staying on top of your monthly costs. On the other hand, is there a service or product that, if purchased, will increase your productivity/your time/your leads/your quality/etc.? Then click that “checkout” button! This tip isn’t just to cut back on all your expenses but to help your business and your revenue be the most efficient possible.
As I mentioned at the beginning of this conversation, talk of recession is never something a small business owner wants to hear. But coming to terms with this natural economic wave and knowing how you can prepare will allow you to ride the wave with ease. So get to work on building your emergency fund, minimizing business debt, looking ahead at your business activity, revisiting your marketing plan, and reviewing your current expenses. The storm is a lot less fearful when you have shelter and an umbrella in hand.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
