Category: Financial Plan

High Net Worth Financial Planning – What You Need to Know

Posted on by Brian Colvert

High net worth financial planning is essential for preserving, growing, and strategically managing wealth. While having substantial assets may provide financial security, a well-structured financial plan ensures that your wealth aligns with your long-term goals, minimizes tax liabilities, and provides a clear roadmap for investments, estate planning, and risk management.

Many individuals with a high net worth question the need for financial planning because they aren’t worried about running out of money. However, as Brian discusses in The Field Guide podcast, a financial plan is more than just a tool —it is a blueprint for decision-making. It helps ensure that every financial move aligns with broader goals, whether it’s investments, taxes, estate planning, or philanthropy.

Even the wealthiest individuals benefit from a structured approach to their finances. In this guide, we break down why financial planning is essential for high net worth individuals and families, the key components of a strong financial plan, and how working with a fiduciary financial advisor can provide a roadmap to financial security and success.

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Why Financial Planning Still Matters for Wealthy Individuals

Many assume that because they have substantial assets, they don’t need a financial plan. However, financial planning isn’t just for those worried about running out of money—it’s about making informed decisions, optimizing opportunities, and helping to ensure financial stability across generations.

Here’s why having a customized financial plan is crucial:

1. Ensuring Your Investments Align with Your Goals

A financial plan acts as a roadmap, helping you align your investments with your lifestyle, retirement, and legacy goals. Without a clear plan, it’s easy to make impulsive investment decisions that may not serve your long-term interests.

As Brian mentions, many clients approach him with specific investment ideas—such as buying Bitcoin or allocating more funds into tech stocks like Apple and NVIDIA, or other AI investments. However, without a plan, it’s impossible to determine whether these investments align with personal financial goals. Are you looking to grow wealth aggressively, or are you risk-averse and more focused on wealth preservation? These questions must be addressed before making investment decisions.

2. Managing Risk and Market Volatility

Even wealthy investors need to consider risk management. Market downturns, economic shifts, and unforeseen expenses can impact anyone. A solid financial plan ensures that you have diversified investments and strategies to mitigate risks.

In the podcast, Brian highlights how some investors chase trends without considering whether they can stomach the volatility. For example, Bitcoin may be a great long-term investment, but if a client is highly risk-averse and uncomfortable with large fluctuations in value, it may not be the right fit. A financial plan helps align investment choices with an individual’s risk tolerance and financial objectives.

3. Optimizing Tax Strategies

Those with substantial assets are often in higher tax brackets, making tax-efficient investing and estate planning essential. Without strategic tax planning, you could end up paying significantly more in taxes than necessary.

A good financial plan considers:

  • Which accounts to invest in for tax efficiency
  • When and how to withdraw funds to minimize tax liability.
  • Strategies for charitable giving to optimize deductions.

4. Legacy and Estate Planning 

Wealth preservation isn’t just about making money—it’s about ensuring your assets are passed down effectively. A well-structured estate plan as part of your larger financial plan ensures that your wealth is protected and allocated according to your wishes.

Many individuals fail to update their estate plans, leaving their heirs with unnecessary tax burdens or legal complications.

1,000 adults with over $3 million in investable assets were surveyed and found that only 48% of them had the three most basic planning documents in place: a will, a healthcare proxy and power of attorney. That is a shocking statistic. A financial plan helps you keep estate strategies up to date and aligned with your long-term vision.

5. Philanthropy and Charitable Giving

Many successful individuals want to leave a lasting impact through philanthropy. A financial plan helps structure tax-efficient charitable giving, maximizing the benefits for both you and your chosen causes.

Key Components of a Strong Financial Plan

To maximize and protect your wealth, your financial plan should include the following core components:

1. Investment Strategy & Asset Allocation

Investment planning goes beyond buying stocks and bonds—it’s about building a balanced portfolio tailored to your risk tolerance and financial objectives. Key strategies include:

  • Diversification: Spreading investments across various asset classes to minimize risk.
  • Alternative Investments: Private equity, hedge funds, and real estate can offer unique opportunities for wealth preservation and growth.
  • Tax-Efficient Investing: Using tax-advantaged accounts and strategies to reduce capital gains and income tax burdens.

2. Tax Optimization Strategies

Minimizing tax liabilities is one of the most valuable aspects of financial planning. Strategies include:

  • Tax-Loss Harvesting: Offsetting gains with losses to reduce taxable income.
  • Roth IRA Conversions: Managing income tax liabilities through strategic conversions.
  • Trusts & Charitable Giving: Using donor-advised funds or charitable remainder trusts to reduce tax exposure while fulfilling philanthropic goals.

3. Estate Planning & Wealth Transfer

Estate planning ensures that your assets are passed down efficiently. Key tools include:

  • Revocable & Irrevocable Trusts: Protecting assets from estate taxes and ensuring privacy.
  • Gifting Strategies: Annual gift tax exclusions and family limited partnerships to pass wealth tax-efficiently.
  • Business Succession Planning: If you own a business, structuring a succession plan is critical for maintaining generational wealth.

4. Risk Management & Insurance Planning

Risk management is a crucial component of high net worth financial planning. It ensures that your assets, income, and estate are protected against unforeseen circumstances such as market volatility, lawsuits, health crises, and other financial risks. A well-structured risk management strategy should include the following elements:

  • Asset Protection Strategies: Legal structures such as LLCs and asset protection trusts.
  • Life Insurance Planning: Using permanent life insurance as a tool for estate liquidity and wealth transfer.
  • Long-Term Care & Disability Planning: Ensuring you have adequate coverage in case of unforeseen health issues.

Common Mistakes High Net Worth Individuals Make Without a Financial Plan

Even those with substantial wealth can face financial pitfalls without a well-structured financial plan. Some of the most common mistakes high-net-worth individuals make include:

  • Lack of Investment Strategy: Without a clear investment strategy, individuals may take on excessive risk or miss out on key diversification opportunities. Over-concentration in certain stocks, industries, or asset classes can lead to significant financial losses.
  • Overlooking Tax Efficiency: Many wealthy individuals fail to take advantage of tax-efficient strategies, resulting in unnecessary tax burdens. Without proper planning, they may miss out on deductions, tax-deferred growth opportunities, and estate tax reduction strategies.
  • Neglecting Estate Planning: Failing to have a well-structured estate plan can lead to disputes, excessive estate taxes, and assets not being distributed as intended. A lack of trusts or beneficiary designations can create unintended complications for heirs.
  • Ignoring Risk Management: Wealthy individuals often underestimate risks such as lawsuits, asset protection, and long-term care expenses. Without proper insurance coverage or legal structures, their wealth could be vulnerable to unexpected claims or liabilities.
  • Spending Without a Long-Term Plan: A high income or large net worth does not guarantee financial security if spending habits are unchecked. Without a financial plan, individuals may deplete their wealth faster than expected, jeopardizing long-term goals like legacy planning or philanthropy.
  • Failing to Adapt to Market Changes: Financial markets fluctuate, and tax laws evolve. Without an ongoing financial strategy, individuals may miss opportunities to adjust their portfolios, capitalize on new tax incentives, or navigate economic downturns effectively.
  • Not Working with a Fiduciary Advisor: Many high net worth individuals rely on financial advice from brokers or advisors who may have conflicts of interest. Without a fiduciary advisor, they may receive guidance that prioritizes commissions over their best interests.
    A comprehensive financial plan helps mitigate these risks and ensures that high-net-worth individuals make informed strategic financial decisions. Working with an experienced financial planning team can help preserve wealth, reduce liabilities, and provide peace of mind for the future.

Final Thoughts

Financial planning is essential regardless of wealth level. A structured approach to investment strategy, risk management, tax optimization, and estate planning provides clarity, direction, and the ability to make informed financial decisions that align with long-term goals. Having a financial plan in place not only protects your assets but also allows you to take advantage of opportunities that align with your lifestyle and values.

By regularly reviewing and adjusting your financial plan, you can ensure that it remains relevant as your goals evolve and as financial markets shift. The right high net worth financial planning strategy allows you to build a legacy, protect your family’s future, and make confident financial decisions without unnecessary stress.

Next Steps- Get a Plan

If you’re looking for expert guidance tailored to your financial needs, our team at Bonfire Financial specializes in fiduciary, planning-based strategies designed to optimize your wealth. Contact us today to start building a financial plan that works for you.

Turning High Income into Lasting Wealth: Proven Strategies for High Earners

Posted on by Brian Colvert

Making a High Income Is Just the Beginning

Earning a high income is an incredible advantage, but it doesn’t automatically mean you’re building real wealth. Many high earners—whether doctors, business owners, executives, or professionals—find themselves living an expensive lifestyle without accumulating enough assets to sustain it long-term. Without a strategy, even a seven-figure salary can disappear quickly.

If you’re making $400K, $600K, or even more annually, the key question isn’t how much you make, but what you do with it. This article explores strategies for high earners to maximize their income, build long-term wealth, and avoid financial pitfalls.

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1. Automate Your Savings and Investments

One of the most effective strategies for high earners is automating savings. When money flows into your bank account, it’s easy to spend more than you intend. Automating your savings ensures you consistently put money aside before you even have the chance to spend it.

  • Max Out Your Retirement Accounts: Contribute the maximum allowable amount to your 401(k), IRA, or Roth IRA (if applicable). If you own a business, consider a SEP-IRA or Solo 401(k).
  • Set Up Automatic Transfers to Brokerage Accounts: High earners often hit retirement contribution limits quickly. A taxable brokerage account allows you to invest beyond those limits.
  • Leverage High-Yield Savings for Short-Term Goals: Automate transfers into high-yield savings accounts for planned expenses like vacations, home renovations, or large purchases.

By setting up these transfers to occur automatically, you remove the temptation to spend your entire paycheck and ensure consistent wealth accumulation.

2. Avoid Lifestyle Creep

A common trap for high earners is lifestyle inflation—the tendency to spend more as income increases. It’s easy to justify upgrading homes, cars, and vacations when your paycheck allows for it, but this can leave you with little to show for years of high earnings.

To combat lifestyle creep:

  • Define Your Wealth Goals: What does long-term financial success look like for you? Owning investment properties? Retiring early? Creating a passive income stream?
  • Keep Fixed Expenses in Check: Just because you can afford a bigger mortgage doesn’t mean you should take one. Be mindful of recurring costs like luxury car leases, club memberships, and high-end subscriptions.
  • Invest in Assets, Not Just Status Symbols: A $100,000 car loses value over time. A well-chosen $100,000 investment property generates income and appreciates in value.
    Maintaining a balanced approach to spending allows you to enjoy your wealth while securing your future.

3. Build Multiple Income Streams

Even high earners benefit from diversifying their income sources. Relying solely on a paycheck—even a large one—can leave you financially exposed if your industry changes or your role is impacted.

Consider these income streams:

  • Real Estate Investments: Rental properties provide consistent cash flow and potential appreciation.
  • Private Investments: Opportunities like private equity, venture capital, and angel investing can offer high returns, though they come with risk.
  • Side Businesses: Many professionals create consulting businesses, online courses, or digital products to diversify income.
  • Dividend Stocks and Bonds: A well-structured investment portfolio, specifically with dividend stocks,  generates passive income over time.

Building multiple income streams ensures financial stability and accelerates wealth accumulation.

4. Minimize Taxes Strategically

Taxes can significantly impact your ability to grow wealth. High earners must be proactive about tax planning to retain more of their income.

Key tax strategies for high earners:

  • Maximize Tax-Advantaged Accounts: Contribute to 401(k)s, HSAs, and Roth Conversions where possible.
  • Utilize Tax-Efficient Investments: Invest in municipal bonds, tax-efficient index funds, and real estate with depreciation benefits.
  • Take Advantage of Business Deductions: If you own a business, structure it to maximize deductions and reduce taxable income.
  • Work with a Tax Professional: A tax strategist can help identify deductions, credits, and investment structures that minimize your liability.

By implementing tax-efficient strategies, you can keep more of your earnings working for you.

5. Invest with a Long-Term Mindset

High earners sometimes fall into the trap of chasing quick returns or risky investments. A disciplined, long-term approach to investing is far more effective.

  • Diversify Your Portfolio: Don’t put all your wealth into a single stock, business, or asset class.
  • Rebalance Regularly: Adjust your portfolio as market conditions change and your goals evolve.
  • Stay the Course: Market volatility is inevitable, but a long-term strategy yields strong results over time.
  • Invest in What You Understand: Avoid speculative investments unless you have deep knowledge of the space.

A well-structured investment strategy ensures your wealth grows steadily and sustainably.

6. Protect Your Assets and Plan for the Future

Earning and investing wisely is just part of the equation—protecting your wealth is equally important. Many high earners overlook estate planning, asset protection, and risk management.

  • Have Proper Insurance: Ensure you have adequate life, disability, and umbrella liability insurance.
  • Create an Estate Plan: Establishing a will, trusts, and power of attorney documents is crucial for protecting your assets and ensuring your wishes are carried out. Proper estate planning helps safeguard your wealth for future generations and provides clarity in managing your financial affairs.
  • Consider Asset Protection Strategies: High earners can be targets for lawsuits—proper legal structures (LLCs, trusts) can shield assets from unnecessary risk.

Planning for the future ensures that your wealth is preserved and passed on according to your wishes.

The Bottom Line:

Earning a high income is an incredible opportunity—but without a plan, it’s easy to end up with little to show for it. By automating savings, avoiding lifestyle creep, diversifying income, minimizing taxes, and investing wisely, you can turn your earnings into lasting wealth.

The key is consistency and discipline. Small, intentional decisions over time lead to big financial outcomes.

If you’re ready to take control of your finances and build real wealth, start implementing these strategies today. And if you’d like expert guidance in setting up a wealth plan tailored to your income and goals, reach out to us today and get the conversation started.

Roses Are Red, Violets Are Blue… Are Your Beneficiaries Still Right for You?

Posted on by Brian Colvert

Nothing says “I love you” like chocolates, flowers, and… updating your beneficiaries? That’s right! While it may not sound as romantic as a candlelit dinner, making sure your assets go to the right people is one of the most thoughtful things you can do for your loved ones.

Life happens—marriages, divorces, new babies, and unexpected events can change everything. Yet, many people forget to review and update their beneficiary designations, potentially leaving their hard-earned money to an ex-spouse, estranged relative, or even the government (yikes!).

Today we’ll break down why updating your beneficiaries is crucial, common mistakes to avoid, and how to make sure your financial love story has the perfect ending.

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What Is a Beneficiary? And Why Does It Matter?

A beneficiary is the person (or people) who will receive your assets—such as life insurance, retirement accounts, or investment accounts—when you pass away. Naming a beneficiary ensures your money goes exactly where you want it, without going through probate, the long and costly legal process of settling your estate.

Many financial accounts allow you to name both:

  • Primary beneficiaries – The first person(s) in line to receive the assets
  • Contingent beneficiaries – The backup(s), in case the primary beneficiary is no longer living

Where Do You Need to Name Beneficiaries?

You can and should assign beneficiaries to:

  • 401(k) and IRA accounts
  • Life insurance policies
  • Annuities and pensions
  • Brokerage and investment accounts (via a Transfer on Death designation)
  • Bank accounts (via Payable on Death designation)
  • Trusts and estate plans

If you don’t name a beneficiary—or if your beneficiary is outdated—your assets may default to your estate and be subject to probate, causing delays, unnecessary taxes, and legal battles.

Common Beneficiary Mistakes to Avoid

1. Forgetting to Update After Life Changes

Major life events often impact financial plans. You might:

  • Get married but forget to update your 401(k), still listing your parents as beneficiaries.
  • Have kids but never add them as contingent beneficiaries.
  • Get divorced but still have your ex-spouse listed as your life insurance beneficiary.

If you don’t update your beneficiary designations, your assets may end up in the wrong hands.

2. Leaving It Blank

If you never designate a beneficiary, your assets will go to your estate by default. This means probate court decides who gets what, which can lead to delays, legal fees, and unintended consequences.

3. Not Naming Contingent Beneficiaries

A primary beneficiary is important, but what if they pass away before you do? Without a contingent beneficiary, your assets could be tied up in probate.

4. Unequal Distribution

If you have multiple beneficiaries, double-check the percentages assigned. Mistakenly leaving one person out or assigning uneven percentages could cause family tension.

5. Naming Minor Children Directly

Children under 18 cannot legally inherit assets directly. If you name them as beneficiaries, the court will appoint a guardian to manage the funds. Set up a trust to make sure everything is how you want it.

6. Assuming a Will Covers It

Even if your will states who should inherit your assets, beneficiary designations on financial accounts override a will. If your will and your beneficiary list don’t match, the beneficiary designation takes precedence.

7. Naming a Trust Incorrectly

Trusts can be a powerful estate planning tool, but they must be properly structured and funded. If your accounts are not titled correctly or beneficiaries aren’t aligned with the trust, the trust won’t control those assets as intended.

8. Forgetting to Update Employer Retirement Accounts

Your old 401(k) from a previous employer might still list your parents, an ex, or someone else you no longer intend to inherit your funds. Make sure to update all employer-sponsored accounts whenever you switch jobs.

How to Review and Update Your Beneficiaries

Updating beneficiaries is easier than you think. Here’s how to do it:

Step 1: Make a List of Your Accounts

Look at all your financial accounts that have beneficiaries, including:

  • Retirement accounts (401k, IRA, Roth IRA, pension plans)
  • Life insurance policies
  • Bank and brokerage accounts
  • Annuities and investment accounts
  • Trusts and estate documents

Step 2: Verify Your Current Beneficiaries

Log into your accounts or call your financial institution to check:

  • Who is currently listed as your primary and contingent beneficiaries?
  • Are the names, relationships, and percentages correct?

Step 3: Make Necessary Updates

To update your beneficiaries, you’ll typically:

  1. Log into your financial institution’s website or request a beneficiary form.
  2. Choose your primary and contingent beneficiaries.
  3. Assign percentages to each beneficiary.
  4. Review the changes and submit the form.

It’s a good practice to update beneficiaries once a year or after major life changes, such as marriage, divorce, or the birth of a child.

Special Situations: Who Should You Name as a Beneficiary?

1. If You are Married:

  • Your spouse is typically the default primary beneficiary.
  • Name a contingent beneficiary (children, trust, or charity) in case your spouse predeceases you.

2. If You Have Kids:

  • Avoid naming minor children directly. Instead, use a trust or custodial account to manage the funds.

3. If You’re Divorced:

  • Remove your ex from your beneficiary list if they’re still listed.
  • Consider naming children, a new spouse, or a trust instead.

4. If You’re Single With No Kids:

  • Consider naming siblings, parents, nieces, nephews, or a charity.

5. If You Have a Trust:

  • Make sure your trust is properly funded and your beneficiaries align with it.

Final Thoughts: The Greatest Love Letter You’ll Ever Write

Estate planning and beneficiary updates might not be the most romantic topic, but they are one of the greatest gifts you can give to your loved ones. By keeping your designations up to date, you ensure that your hard-earned money goes exactly where you want it—without confusion, legal headaches, or financial heartbreak.

This year, take a few minutes to review your beneficiaries. It’s a small step that can make a huge difference for those you love.

If you need help reviewing your overall plan? We’d love to help. Schedule a call with us today!

Prosper, Protect and Pass it on– Estate Planning Tips

Posted on by Brian Colvert

Want your wealth to stand the test of time? Looking for Estate Planning Tips?  Estate planning is one of the most important steps you can take to secure your legacy and protect your loved ones. While estate planning might not top your list of fun dinner topics, but let’s face it—neither does “who’s going to water the plants when I’m gone?” The truth is, getting your ducks in a row now means less chaos for your loved ones later. Think of it as future-you doing future-them a solid.

Without a plan, Uncle Sam (or worse, Cousin Eddie) might end up with more of your hard-earned wealth than you’d like. And trust us, Cousin Eddie does not need a new jet ski.

Estate planning doesn’t have to be overwhelming. Today we are diving into the basics of estate planning, common mistakes to avoid, and practical steps to secure your legacy for generations to come.

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The Foundation of Estate Planning

At its core, estate planning is about making decisions for the future. This includes determining how your assets will be distributed, who will handle your finances and medical decisions if you’re unable to, and ensuring your wishes are carried out effectively. While estate planning is highly customizable, certain foundational elements apply to everyone.

1. Power of Attorney (POA)

A Power of Attorney is one of the most critical components of any estate plan. This document allows you to designate someone to manage your financial and medical decisions if you’re unable to do so.

Financial POA: This ensures that someone you trust can pay bills, manage investments, and handle other financial responsibilities if you’re incapacitated.

Medical POA: This allows a trusted individual to make healthcare decisions on your behalf if you cannot.

Without these documents, your family may face significant legal hurdles to take care of essential matters.

2. Beneficiary Designations

Your estate plan isn’t just about wills and trusts. Many financial accounts—such as retirement accounts, life insurance policies, and annuities—pass directly to beneficiaries you name on the account. Keeping these designations up to date is vital, especially after major life events like marriage, divorce, or the birth of a child.

3. Titling of Assets

Properly titling your assets is another critical step. Whether it’s an individual account, a joint account, or a trust, the title determines how the asset will be distributed. Improper titling can lead to confusion, legal battles, and assets being subjected to probate—a lengthy and expensive process. IF you only take away one estate planning tip from today, let it be this.

Common Estate Planning Mistakes

Estate planning is about more than just creating a will or trust. There are several common mistakes that can undermine even the most well-intentioned plans.

1. Failing to Notify Key People

Creating an estate plan is only half the battle. Many people forget to inform their financial advisors, attorneys, or executors about the plan’s details. This oversight can lead to assets being excluded from the plan or distributed incorrectly.

2. Neglecting Updates

Life changes, and so should your estate plan. Events like marriage, divorce, the birth of children, or the death of a loved one can all impact your wishes. Regularly reviewing and updating your plan ensures it aligns with your current circumstances.

3. Ignoring Beneficiary Designations

Even with a robust estate plan, failing to update beneficiary designations can create major issues. For instance, if an ex-spouse remains listed as a beneficiary on a retirement account, they will inherit those funds regardless of your intentions.

4. Overlooking Tax Implications

Estate planning isn’t just about who gets what; it’s also about minimizing taxes. Strategic planning can help reduce estate taxes, capital gains taxes, and other financial burdens on your heirs.

Tools to Simplify Estate Planning

Thankfully, estate planning doesn’t have to be overwhelming. With the right tools, tips and professional guidance, you can simplify the process and ensure your wishes are carried out effectively.

1. Trusts

Trusts are a powerful tool for managing and distributing assets. They can help avoid probate, provide for minor children, and ensure your assets are used according to your wishes. Some common types include:

Revocable Living Trusts: These allow you to maintain control over your assets during your lifetime while ensuring a smooth transition after your death.

Irrevocable Trusts: Often used for tax planning, these trusts remove assets from your estate, potentially reducing estate taxes.

2. Transfer on Death (TOD) Designations

For taxable accounts like brokerage accounts, you can add a TOD designation. This works like a beneficiary designation, allowing assets to transfer directly to the named individual without going through probate.

3. Professional Guidance

Estate planning involves legal, financial, and personal considerations. Consulting with an experienced attorney and financial advisor (like us) ensures that your plan is comprehensive and aligns with your goals.

Steps to Get Started

If you’re ready to tackle your estate planning, here’s how to get started:

1. Assess Your Assets

Take inventory of your financial accounts, real estate, personal belongings, and other assets. Understanding what you have is the first step in determining how you want it distributed.

2. Identify Key People

Decide who will serve as your executor, trustee, and agents for financial and medical powers of attorney. Choose individuals who are trustworthy, organized, and willing to take on these responsibilities.

3. Draft the Necessary Documents

Work with an attorney to draft essential documents like your will, trust, and POAs. Be sure to include instructions for the distribution of assets, care of minor children, and other specific wishes.

4. Communicate Your Plan

Inform your financial advisor, attorney, and key family members about your estate plan. Provide them with copies of relevant documents and ensure they understand their roles.

5. Review and Update Regularly

Set a reminder to review your estate plan every few years or after major life events. Keeping your plan up to date ensures it remains effective and aligned with your goals.

Why Estate Planning Matters

Estate planning is more than just a financial task; it’s a way to care for your loved ones, protect your legacy, and provide peace of mind. By taking the time to create a comprehensive plan, you can:

  • Reduce stress for your heirs
  • Minimize taxes and legal fees
  • Ensure your wishes are honored
  • Protect your assets for future generations

Final Thoughts

Estate planning may not be the most exciting topic, but it’s one of the most important. By using these tips and avoiding common mistakes, you can create a plan that prospers, protects, and passes on your wealth for generations. Whether you’re just starting or need to update an existing plan, now is the perfect time to take action.

If you’d like personalized guidance, we’re here to help. From leveraging estate planning software to connecting you with trusted attorneys, we can walk you through every step. Don’t leave your future to chance—start planning today, yes, really… take the first step and schedule a call,  and help ensure your legacy lasts for years to come.

401k Do’s and Don’ts: Smart Strategies as You Near Retirement

Posted on by Brian Colvert

As retirement approaches, the way you manage your 401k becomes more critical than ever. With the right strategies, you can protect your hard-earned savings, minimize risks, and set yourself up for a comfortable retirement. In this Podcast, we’ll explore essential do’s and don’ts for managing your 401k as you near retirement, helping you make informed decisions about your financial future.

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1. Understand How Your Risk Tolerance Changes Near Retirement

Don’t assume your risk tolerance remains the same as you age. When you’re younger, it’s easier to take on higher risk for the potential of higher returns, as you have more time to recover from any downturns. However, as you approach retirement, you should reevaluate your tolerance for risk.

Do consider shifting towards a more conservative investment strategy. This could involve reallocating your assets to include more bonds or other fixed-income securities, which tend to be less volatile than stocks. Target-date funds, which automatically adjust your investment mix as you age, can be a convenient way to ensure your portfolio becomes more conservative over time.

2. Avoid Overly Aggressive Investments

It can be tempting to chase high returns, especially if you’re trying to catch up on retirement savings. However, overly aggressive investments can expose you to significant losses, especially if there’s an economic downturn close to your retirement date.

Don’t let short-term market trends drive your decisions. Avoid investing heavily in high-risk stocks based on recent performance. The market’s past performance doesn’t guarantee future results, and downturns can occur suddenly.

Do seek a balanced portfolio that aligns with your updated risk tolerance. Consider consulting a CERTIFIED FINANCIAL PLANNER™ to review your portfolio and ensure it aligns with your long-term goals and timeline. This can help protect you from the emotional impulse to sell during market dips or take unnecessary risks.

3. Keep Contributing to Your 401k

Many people assume they should stop contributing to their 401k once they hit a certain age, but there are often advantages to continuing to save. The closer you get to retirement, the more crucial these contributions become.

Do take advantage of catch-up contributions if you’re over 50. These allow you to contribute additional funds beyond the standard annual limit, giving you a boost in retirement savings. Make the most of your employer’s match as well, as this is essentially free money going into your retirement fund.

Don’t assume that just because retirement is near, saving becomes less important. Every contribution counts, as it not only grows through investment returns but also helps keep you on track with your financial goals.

4. Regularly Rebalance Your Portfolio

Over time, certain investments in your portfolio may grow faster than others, leading to an unintended imbalance in your asset allocation. This can increase your risk exposure if, for instance, stocks outperform bonds, making equities a larger portion of your portfolio than originally intended.

Do rebalance your portfolio at least once a year to ensure it aligns with your target asset allocation. As you approach retirement, your target asset allocation will likely lean more toward stability and income generation rather than growth. By rebalancing, you can reduce your risk and bring your portfolio back in line with your retirement goals.

Don’t ignore market fluctuations. By rebalancing, you’re essentially selling high and buying low, which can be a disciplined approach to investing. If you’re unsure how to rebalance your portfolio, a financial advisor can help you assess and adjust your asset allocation as needed.

5. Be Cautious with Annuities

Annuities can be an attractive option because they offer guaranteed income. However, they are not a one-size-fits-all solution and can come with high fees and complex terms.

Don’t buy an annuity without fully understanding how it works and whether it’s appropriate for your situation. Some advisors may push annuities due to the commissions they receive, but that doesn’t mean it’s the right choice for everyone. Annuities can limit your liquidity and may have penalties for early withdrawal.

Do consider an annuity if it aligns with your overall retirement plan and you’re looking for a stable income source. Work with an advisor who will explain the pros and cons without a bias toward selling you a specific product. Annuities might be suitable in situations where you need a guaranteed income stream, but it’s essential to weigh the costs and benefits carefully.

6. Make Tax-Efficient Withdrawals

When you start withdrawing from your 401k in retirement, you’ll need to pay income taxes on the distributions. Depending on your total retirement income, these withdrawals could push you into a higher tax bracket. See what tax bracket you are in here. 

Do plan your withdrawals strategically to minimize your tax burden. If you have other retirement accounts, such as a Roth IRA, consider taking distributions from them in a way that helps you manage your tax liability. For example, withdrawing from a traditional 401k and a Roth IRA in the same year can help you stay within a lower tax bracket.

Don’t withdraw large sums from your 401k in a single year unless necessary. Large withdrawals can trigger higher taxes and potentially Medicare surcharges. By managing your withdrawals thoughtfully, you can stretch your savings further and avoid paying more tax than necessary.

7. Consider the Role of Social Security

For many retirees, Social Security forms a crucial part of their retirement income. However, when and how you claim these benefits can significantly impact the amount you receive over your lifetime.

Do research the optimal age to start claiming Social Security based on your situation. While you can start as early as age 62, waiting until full retirement age (or even age 70) increases your monthly benefit. If you’re married, coordinating benefits with your spouse can also maximize your household income.

Don’t overlook Social Security as a part of your retirement plan. It’s essential to understand how your 401k distributions and Social Security benefits work together. A well-planned approach to claiming Social Security can help ensure you get the most out of your retirement income sources.

8. Review Beneficiary Designations

Life changes, such as marriage, divorce, or the birth of a child, may impact whom you want to inherit your 401k savings. Your retirement accounts don’t pass through your will but are instead directed by the beneficiary designations on the account.

Do periodically review and update your beneficiary designations to ensure they reflect your current wishes. This is a simple task but can prevent potential disputes or complications for your heirs. Make sure your beneficiaries are aware of their status, so they know what to expect.

Don’t assume that your will covers your 401k. Many people make this mistake and inadvertently leave their retirement savings to the wrong person. By keeping your beneficiary designations up to date, you can avoid this oversight.

9. Work with CERTIFIED FINANCIAL PLANNER™ (CFP)

As you get closer to retirement, your financial decisions become more complex. It can be challenging to navigate investment choices, tax implications, and withdrawal strategies without professional guidance.

Do consider consulting a CERTIFIED FINANCIAL PLANNER™ (CFP) who specializes in retirement planning. A CFP can provide personalized advice that considers your entire financial picture and helps you create a tailored strategy for your 401k and other retirement assets.

Don’t go it alone, especially if you feel uncertain about any aspect of your retirement planning. The insights and guidance of a professional can be invaluable, particularly as you make significant decisions that will impact your future financial security.

10. Stay Informed and Flexible

The financial landscape is always changing, with new laws, products, and strategies emerging regularly. As a retiree or soon-to-be retiree, staying informed can help you make better decisions and adapt to changing circumstances.

Do continue educating yourself on retirement topics, whether through podcasts, articles, or books. Financial literacy can help you feel more in control and make informed choices.

Don’t assume that your plan is set in stone. Flexibility is essential as you move through different stages of retirement. Regularly reviewing your plan and making adjustments as needed can help you stay on track.

In Conclusion

Planning for retirement involves more than simply building a nest egg. By paying attention to these 401k do’s and don’ts in retirement, you can make smarter choices about your savings, protect your assets, and set yourself up for a more secure retirement. Remember, retirement planning is an ongoing process, and the strategies that work for you today may need adjustment in the future. By staying proactive and seeking guidance when necessary, you’ll be well-equipped to make the most of your retirement years.

Next Steps:

Ready to take control of your retirement planning? Schedule a call with us today to discuss your 401k strategy and make sure you’re on the right path for a secure and comfortable retirement. Contact us at today.

Financial Planning for Pilots with Nick Coleman, CFP®

Posted on by Brian Colvert

In the most recent episode of The Field Guide Podcast host Brian Colvert is joined by Nick Coleman, a CERTIFIED FINANCIAL PLANNER™ with Bonfire Financial. Nick has developed a unique specialty in helping pilots navigate their financial planning journey. Below is a summary of the insights shared during the interview, highlighting the distinct financial challenges pilots face and the tailored strategies Nick employs to guide them from the runway to retirement.

Listen Now:

iTunes |  Spotify | iHeartRadio | Amazon Music | Castbox 

The Journey to Specialization

Nick’s journey into specializing in financial planning for pilots began with a personal connection. His father, Jerry Coleman, has been a pilot with United for over 30 years, with a prior career as a Navy pilot. This background gave Nick an intimate understanding of the unique benefits and challenges pilots encounter. Starting with his parents as his first clients, Nick quickly expanded his network, working with many pilots across various airlines, including United, Spirit, Southwest, and many others.

Unique Challenges Pilots Face

Pilots have a distinct set of financial planning challenges compared to other professionals. The path to becoming a pilot involves significant time and financial investment. It often takes around ten years, whether through the military or commercial route, to reach a major airline. Once there, pilots face industry volatility, with crises emerging approximately every ten years. Events like the COVID-19 pandemic have led to hiring freezes, early retirements, and reduced hours, posing substantial financial risks.

One of the major issues is the cyclical nature of the airline industry. Pilots must prepare for potential furloughs, layoffs, or reductions in hours. For instance, Spirit Airlines faced challenges with their Pratt & Whitney engines, affecting many pilots’ job security and financial stability. Thus, having a solid financial plan that accounts for these fluctuations is crucial.

Strategic Financial Planning for Pilots

Nick emphasizes the importance of a comprehensive financial plan tailored to each pilot’s specific needs and goals. The plan starts with maximizing retirement accounts, particularly the 401(k). Bonfire Financial partners with Charles Schwab, allowing access to the PCRA (Personal Choice Retirement Account). This partnership enables Nick to build custom strategies within pilots’ 401(k) plans, significantly impacting their retirement savings.

Additionally, Nick sets up tax-free Roth accounts for pilots and their spouses using the Backdoor Roth IRA strategy. Over time, these contributions grow significantly, providing a substantial tax-free retirement fund.

Medical and Long-Term Care Planning

Medical expenses are a significant concern for pilots, especially as they approach retirement. Many pilots come from military backgrounds and may have TRICARE benefits. However, each airline offers different medical benefits, which Nick meticulously reviews to maximize their potential.

Health Savings Accounts (HSAs) are another critical component. These accounts provide a tax-free way to pay for medical expenses both now and in retirement. United Airlines, for example, offers HRA (Health Reimbursement Arrangement) and RHA (Retiree Health Access) accounts, which pilots can use to cover medical bills tax-free, reducing the need to tap into their 401(k).

Long-term care insurance is another essential aspect of financial planning for pilots. While disability insurance provided by airlines is generally comprehensive, it doesn’t cover long-term care. Nick advises pilots to consider long-term care insurance between the ages of 50 and 65 to cover potential future expenses not included in their standard benefits.

Estate Planning

Estate planning is crucial for everyone, not just pilots. Ensuring that assets are distributed according to one’s wishes is vital. Nick collaborates with estate planners and offers software solutions to help pilots create wills, estates, and trusts affordably. This planning is especially important for those with complex family situations, ensuring their financial legacy is secure.

Managing Risk and Alternative Investments

Pilots often have high salaries and generous benefits, leading to the issue of maximizing their retirement accounts too quickly. Nick addresses this by exploring alternative investments such as private real estate, private equity, and private credit. These options provide higher returns than traditional investments and help pilots build additional wealth once their foundational retirement accounts are maxed out.

Risk management is another critical area. Pilots typically want the best available investment strategies, which sometimes involves higher risks. Nick ensures that the baseline is secure, focusing on maximizing 401(k) returns and other retirement accounts. Once this foundation is established, he explores riskier investments to potentially yield higher returns.

Tax Planning and Roth Conversions

Tax planning is an integral part of Nick’s strategy. He emphasizes the importance of minimizing tax liabilities both now and in the future. One effective method is the Backdoor Roth IRA, which allows pilots to save tax-free. Another strategy is converting part of their 401(k) to a Roth IRA after retirement when their income is lower. This conversion leverages lower tax brackets, ensuring that future withdrawals are tax-free.

The timing of these conversions is crucial. Pilots often retire at 65 but aren’t required to take minimum distributions until 73. This gap provides an opportunity to convert portions of their 401(k) to Roth IRAs at a lower tax rate, significantly reducing their tax burden in retirement.

Personalized and Custom Approach

Nick’s approach to financial planning for pilots is highly personalized. He understands that each pilot’s situation is unique, requiring tailored strategies. Whether it’s setting up emergency funds, exploring alternative investments, or managing retirement accounts, Nick ensures that his clients are well-prepared for any financial eventuality.

He also emphasizes the importance of regular reviews. Meeting with clients every quarter allows Nick to adjust strategies as needed, ensuring that pilots stay on track to meet their financial goals. This proactive approach provides peace of mind, allowing pilots to focus on their careers and families while knowing their financial future is secure.

Conclusion

In conclusion, Nick Coleman’s expertise in financial planning for pilots offers invaluable guidance for navigating the unique challenges they face. His tailored approach, leveraging strategies like the PCRA, Backdoor Roth IRA, and comprehensive tax planning, ensures that pilots are well-prepared for a secure retirement. By focusing on personalized plans and regular reviews, Nick helps pilots achieve their financial dreams, from takeoff to touchdown in retirement.

Next Steps

For pilots seeking specialized financial advice, connect with Nick Coleman by setting up a call today! 

Retirement Checklist for Pilots Download

When can I retire? Navigating Retirement

Posted on by Brian Colvert

Are you contemplating retirement? Are you wondering when you can retire?

In the most recent episode of The Field Guide Podcast, Brian Colvert, CFP® of Bonfire Financial, dives into the complexities of retirement planning and addresses the question we often get asked… When can I retire? From financial considerations to psychological readiness, Brian offers insights to help you navigate this significant life transition.

Listen Now On:

iTunes |  Spotify | iHeartRadio | Amazon Music | Castbox 

Psychological Preparedness:

One of the key factors in determining when to retire is psychological readiness. Many individuals tie their identity to their careers, making the prospect of retirement daunting. Brian emphasizes the importance of having a plan in place to alleviate anxiety and uncertainty. Whether it’s traveling, pursuing hobbies, or spending time with loved ones, having a structured schedule can enhance the retirement experience.

Financial Considerations:

While psychological preparedness is crucial, financial planning is equally important. Brian acknowledges the variability in retirement lifestyles, from extravagant globetrotting to simpler pleasures like hiking and local gatherings. Understanding your current expenses provides a baseline for retirement preparedness. Contrary to the popular notion that retirees spend significantly less, Brian suggests that initial retirement years may involve increased spending due to travel and leisure activities.

The 4 Percent Rule:

To estimate retirement income needs, Brian touches on the 4 percent rule—a widely used guideline in financial planning. By dividing the desired income by 4 percent, one can determine the required investment portfolio. While this rule provides a starting point, Brian emphasizes the need for flexibility and ongoing financial planning.

Beyond the Basics:

Retirement planning extends beyond simple calculations. Brian highlights the importance of accounting for factors like healthcare costs, inflation, and unexpected expenses. Collaborating with a financial advisor ensures a comprehensive strategy tailored to individual needs and goals.

Final Thoughts:

Answering the question of “When can I retire?” requires a blend of financial prudence and lifestyle considerations. While the prospect may seem daunting, proactive planning can pave the way for a fulfilling retirement experience.
If you’re seeking personalized guidance or additional resources, don’t hesitate to reach out to us. Our team is dedicated to helping individuals like you achieve their retirement aspirations.

Remember, retirement is not just about reaching a financial milestone—it’s about crafting a life that reflects your values and passions. Start planning today to embark on a retirement journey that’s as rewarding as it is fulfilling.

Get started with your Financial Plan today!

Financial Plan Bonfire Financial

The What, Why and How of a Financial Plan

Posted on by Brian Colvert

THE ULTIMATE LIFE HACK:  THE WHAT, WHY AND HOW OF A FINANCIAL PLAN

There seems to be a life hack for everything out there these days. Aluminum foil in the dishwasher for extra shiny spoons, avoiding TSA lines with strollers for faster times, and toothpaste to clear foggy headlights… but what about your finances? 

Well, we have the ultimate hack for that …. A financial plan! 

The What: Basics of a Financial Plan

Think of a financial plan as your roadmap to financial success. It’s your strategic guide, outlining how to reach your financial goals. Just like a GPS, it helps you navigate through life’s twists and turns, ensuring every dollar is well-spent. It involves setting goals, creating a budget, making smart investments, and managing debt and taxes effectively. In essence, a financial plan is your key to turning aspirations into achievable milestones. It provides clarity and confidence on your financial journey.

No financial plan is the same

Every financial plan is inherently unique. It should be tailored to individual circumstances, goals, and preferences. Factors such as income, expenses, risk tolerance, and life stages contribute to the unique and personalized nature of every financial plan. It will also adapt and evolve with the individual’s journey, guaranteeing adaptability and ongoing relevance as circumstances change. It really is a living document.  However, each plan typically has similar components.

Components of a Financial Plan

A comprehensive financial plan typically includes the following key components, again varying based on the individual’s circumstances:

Financial Goals:

Incorporating financial goals into a financial plan provides a clear roadmap, giving purpose and direction to your financial decisions. These goals serve as motivating milestones, guiding your financial choices and fostering a sense of accomplishment as you work towards tangible objectives. It is important to identify short-term and long-term financial objectives.

Emergency Fund:

An emergency fund acts as a financial safety net, providing a buffer against unexpected expenses or sudden income disruptions. Including it in your financial plan ensures you’re equipped to handle unforeseen challenges without derailing your overall stability or long-term goals. Generally, we recommend at least three to six months’ worth of expenses in an emergency fund. 

Budgeting:

A budget is the compass of your financial plan, offering a comprehensive overview of both income and expenses. Beyond instilling disciplined spending habits, it establishes a structured framework for strategic allocation. It allows you to prioritize savings, investments, and goals, ultimately contributing to enhanced financial stability and control.

Debt Management:

Incorporating Debt Management into your financial plan is paramount for achieving and sustaining financial well-being. By strategically managing and reducing debt, you not only free up resources for other financial goals but also cultivate a healthier financial profile, fostering long-term stability and reducing unnecessary financial stress.

Savings Plan:

Integrating a savings plan into your financial strategy is crucial for building resilience. It allows you to allocate funds for both future goals and unexpected challenges. This disciplined approach fosters financial security and positions you to achieve long-term objectives with confidence.

Investment Strategy:

An investment strategy in your financial plan acts as a catalyst for wealth growth, leveraging your resources to generate potential returns over time. By carefully selecting investment vehicles aligned with your goals and risk tolerance, you optimize your financial portfolio, working towards long-term prosperity and financial success.

Insurance Coverage:

Are you covered? Including insurance coverage serves as a safeguard, shielding you from unforeseen risks and potential financial setbacks. Whether it’s protecting your health, property, or income, insurance provides a crucial layer of security, ensuring that unexpected events don’t jeopardize your financial stability and long-term goals.

Retirement Planning:

Retirement planning is a cornerstone of a financial plan, ensuring that you can enjoy your golden years with financial confidence and independence. It’s like giving your future self a high-five from the beach of financial freedom. By systematically preparing for retirement in your financial plan, you build a nest egg that aligns with your lifestyle goals, providing peace of mind and the freedom to savor your post-working years.

Social Security Strategy:

A Social Security strategy is essential in retirement planning due to the impact it can have on your financial well-being. Social Security benefits provide a significant source of income for many retirees. However, the timing and manner in which you claim these benefits can significantly affect the overall amount you receive.

Tax Planning:

By strategically navigating the tax landscape within your financial plan, you optimize your financial picture, dodge unnecessary tax potholes, and help to ensure that your money is working for you in the most efficient way possible.

Estate Planning:

Estate planning is the meticulous crafting of your financial legacy. It ensures that your assets are distributed according to your wishes and minimizes the burden on your loved ones. By incorporating estate planning into your financial strategy, you secure a comprehensive roadmap for the future, fostering peace of mind and preserving your financial legacy for generations to come.

Regular Review and Adjustments:

Regular reviews and adjustments are the steering wheel of your financial plan, ensuring it stays aligned with your evolving life circumstances and goals. It should be a flexible guide. By consistently revisiting and adapting, you optimize its effectiveness, making strategic changes as needed to navigate the ever-changing terrain of your financial journey.

The Why: Benefits of Having a Financial Plan

Embarking on a journey without a map can be a daunting prospect, and the same holds true for managing your finances. The benefits of having a well-structured financial plan are akin to having a reliable guide on a mountain expedition. From providing clarity and direction to ensuring efficient resource allocation, a financial plan serves as a powerful tool that empowers you to navigate the complexities of your finances.

Here are our top 5 benefits to having a financial plan.:

Goal Achievement: A financial plan helps you define and prioritize your goals, providing a roadmap for turning aspirations into actionable steps. 

Emergency Preparedness: A financial plan includes building an emergency fund, and offering a financial safety net for unexpected expenses or income disruptions.

Wealth Accumulation: A well-crafted financial plan incorporates strategies for savings and investments, allowing you to build wealth over time and work towards financial independence.

Risk Mitigation through Insurance: Integrating insurance into your financial plan safeguards against unexpected events, protecting your health, property, and income.

Retirement Readiness: Planning for retirement is a key aspect, ensuring that you have the necessary funds to enjoy a comfortable and secure post-working life.

Be part of the 35%

According to Schwab’s 2023 Modern Wealth Survey only 35% of Americans have a documented financial plan, and those who have one feel more in control of their finances. Surprisingly, this means that 65% of Americans have no plan. 

One of the biggest reasons why most said they don’t have one is that it seems too complicated to create a plan. 

Well… we disagree and that is where our life hack comes in. 

The How: Getting Started: Tips for Creating Your Financial Plan

A life hack is all about making your life easier, not more difficult. Hence, that is why we have a motto of “Do it for yourself, not by yourself.”

Don’t Complicate it- Get a professional

It can be a complicated process, but with the right people in your corner, it doesn’t have to be.  While some people may create their own financial plans, there are several reasons why you might want to seek professional assistance (Like from us… wink, wink) rather than attempting a DIY (Do-It-Yourself) approach:

Expertise: Financial planners and advisors have specialized knowledge and expertise in various aspects of personal finance.  Areas of expertise range from  investments, tax planning, insurance, and retirement planning. Their experience allows them to provide valuable insights and guidance tailored to your specific situation.

The complexity of the Financial Landscape: The financial landscape is complex, with laws, regulations, and market conditions constantly changing. A professional can help navigate these complexities, ensuring your financial plan remains relevant and effective over time.

Objectivity: An external financial planner provides an objective perspective on your financial situation. Furthermore, this objectivity can be crucial in making unbiased decisions, especially when emotions might cloud judgment in financial matters.

Comprehensive Approach: Furthermore, Financial planners take a holistic approach to your financial well-being. They consider all aspects of your financial life. They help you create an integrated plan that addresses short-term and long-term goals, risk management, and more.

Time and Effort: Ain’t nobody got time for that! Crafting a thorough financial plan requires time and effort. Professionals can efficiently guide you through the process, saving you time and ensuring that no critical aspects are overlooked.

Risk Mitigation: Professionals can help identify and manage potential risks in your plan. Whether it’s investment risk, tax risk, or other uncertainties, their expertise aids in creating strategies to mitigate these risks.

Adaptability: Financial planners are equipped to adapt your plan as your life circumstances change. Whether it’s a career change, marriage, birth of a child, or other life events, professionals can adjust your plan to align with your evolving goals.

Access to Resources: Financial professionals often have access to a broader range of financial tools, resources, and market insights that may not be readily available to individuals.

Accountability: A financial planner can also serve as an accountability coach and financial mentor. As such, they’ll help you stay disciplined and focused on your financial goals, especially during periods of market volatility or economic uncertainty.

Legal and Regulatory Compliance: Professionals are well-versed in legal and regulatory requirements. They can ensure that your financial plan adheres to applicable laws and regulations, preventing unintended legal consequences.

While DIY financial planning is possible, it’s important to recognize your limitations and the potential benefits of seeking professional guidance. A CERTIFIED FINANCIAL PLANNER™ or advisor can bring a level of expertise, objectivity, and comprehensive understanding that may enhance the effectiveness and success of your financial plan.

In Short

Having a well-structured financial plan is not just a strategy; it’s a necessity for securing your financial future. Above all, it’s the roadmap that guides you through life’s uncertainties, ensuring you’re prepared for both the expected and the unexpected. From managing debt to saving for retirement, a sound financial plan touches every aspect of your monetary life, providing peace of mind and a clear path forward.

Next Steps:

Understanding the intricacies of financial planning can be daunting. That’s why we’ve created the Financial Field Guide – a step-by-step guide to help you simplify, navigate, and elevate your financial life. This isn’t just any financial plan; it’s your financial life, broken down into simple, actionable steps. It is a path to a future where you’re in control of your finances, not the other way around.

Don’t leave your financial future to chance. The power to change your financial story is just a click away. Are you ready to unlock it?  Get your Financial Field Guide today!

Financial Plan Bonfire Financial

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