“The most important thing about investing is staying invested.”
— Philip Verley

If you’ve left a job in the last 5, 10, or even 15 years, there’s a chance you have a retirement account sitting somewhere… untouched.

And untouched money doesn’t grow.

Let’s fix that.

Your 3-Step Rollover IRA Action Plan

1️⃣ Locate and Identify Your Accounts

You can’t manage what you can’t see.

Start by identifying:

• Old 401(k)s from previous employers

• Existing rollover IRAs

• Whether funds are invested or sitting in cash

• Whether the account is Traditional or Roth

Many people are shocked to discover their money is sitting in a money market fund earning very little.

Why this matters:
Inflation quietly erodes idle cash. Over time, that’s thousands of dollars in lost growth.

💰How to implement:

• Call former HR departments

• Check old statements

• Search the federal 401(k) lost-and-found database

• Log into current custodians and review allocations

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2️⃣ Decide - Roll Over, Consolidate, or Reallocate

You typically have four options when leaving a job:

• Leave the money where it is

• Cash it out (usually not recommended due to taxes and penalties)

• Roll it into your new employer’s 401(k)

• Roll it into your own IRA

But the key decision isn’t just where it sits.

It’s how it’s invested.

📊 Real Example

Let’s say you had $75,000 sitting in cash for 10 years earning 1%.

At 1% annual growth → it becomes about $82,800.
At 8% average annual growth → it becomes about $161,900.

That’s a difference of nearly $80,000.

Same money. Different decision.

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3️⃣ Invest According to Risk and Time Horizon

Now that your money is positioned correctly, you need a strategy.

Consider:

• Your age

• Your retirement timeline

• Your risk tolerance

• Your tax strategy

You’ll also need to understand the difference between:

Traditional Accounts

• Tax-deferred today

• Taxed upon withdrawal

• Required minimum distributions later

Roth Accounts

• Taxes paid upfront

• Tax-free withdrawals in retirement

• No future tax surprises

There is no universal “best” option. There is only what aligns with your long-term plan.

If you’re unsure? Consult a qualified advisor for guidance.

🎯 Your Action Steps This Week

• Locate every retirement account you’ve ever opened

• Confirm whether funds are invested or sitting in cash

• Determine if each account is Traditional or Roth

• Visit the IRS website to confirm current contribution limits

• Schedule a 30-minute financial review (DIY or professional)

This Month

• Consolidate old accounts where appropriate

• Review your asset allocation

• Increase contributions if possible (especially to employer match level)

• Set up automatic monthly investments

• Track your net worth and retirement projections

Momentum builds confidence.

Questions for Reflection

Ask Yourself

• How long has my rollover IRA been untouched?

• Am I avoiding a decision out of fear or lack of knowledge?

• What would 10 more years of inactivity cost me?

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On this episode, financial well-being coach Reginald Clark shares what he calls the Five AGENTS of Change Framework — a step-by-step system designed to create real financial transformation.

And if you’re feeling stuck in debt like I’ve felt before… this framework hits home.

The Five AGENTS of Change

(Yes, the “A” is capitalized — because every step begins with A.)

Let’s walk through them.

1️⃣ Acknowledgement

Admit where you are. Without drama. Without excuses.

This isn’t about writing down numbers yet.

It’s simply saying:

• “I’m in more debt than I can manage.”

• “Living paycheck to paycheck isn’t working.”

• “Something has to change.”

That’s it.

Acknowledgement is awareness — not analysis.

You don’t fix what you refuse to face.

2️⃣ Accountability

Look in the mirror. No blame. No victims.

This is where most people stop.

Accountability means:

• I am responsible for where I am.

• Even if circumstances were unfair.

• Even if COVID happened.

• Even if life hit hard.

It doesn’t mean shame. It means ownership. And ownership is power.

As Reginald said,

“Your greatest power lies inside of you.”

You can’t build wealth from a victim mindset.

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3️⃣ Analysis

Now we look at the numbers. This is where it gets real.

Reginald recommends:

• List every debt

• Include balance

• Include interest rate

• Include minimum payment

• Track income vs. expenses

• Review spending patterns

Use tools if needed

• Origin

• Copilot

• Monarch

• Rocket Money

Or keep it simple with Google Sheets.

He also uses the classic 50/30/20 rule:

• 50% needs

• 30% wants

• 20% savings & investing

Then comes the hard question:

What quality of life do you want?
And what quality of life can you afford?

That’s the “aha” moment.

4️⃣ Adjustments

Now we change behavior. This is where most people quit. Reginald recommends the snowball method:

1. Pay minimums on all debts

2. Attack the smallest balance first

3. Once paid off, roll that payment into the next debt

4. Repeat

Momentum builds confidence. But adjustments also mean:

• Cutting expenses

• Addressing adult children living at home without contributing

• Raising income if necessary

• Improving credit intentionally

Hard conversations may be required. Growth usually is.

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5️⃣ Action

Consistency over intensity. This isn’t a one-week reset.

It’s

• Monthly reviews

• Intentional spending

• Strategic debt payoff

• Ongoing accountability

Reginald shared something powerful:

If 100 people start this process, fewer than 10 finish.

Not because it doesn’t work. Because it requires discipline.

Your Action Steps This Week

✔️ Admit your current financial reality
✔️ Create a debt spreadsheet
✔️ List balances, rates, and minimums
✔️ Choose one debt to attack
✔️ Schedule a monthly money review

No overwhelm. Just forward movement.

Questions for Reflection

Ask Yourself

• Where have I been avoiding accountability?

• What debt can I eliminate in the next 60 days?

Discuss With Family

• Are we living beyond what we can afford?

• Who contributes — and who doesn’t?

For the Future

• What would being debt-free feel like at 50? 60?

• What changes if I start now?

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Check out the full episode on YouTube.

💡 Did You Know?
Tax rates are based on how much you earn—not how you earn it. The real difference in what you owe comes down to planning, tracking, and preparation.

“A refund is not a gift—it’s your money coming back.”
— Kenneth Presley, Owner, Presley Tax Services

From Tough Love to Tax Mastery

Kenneth Presley didn’t plan to become a tax professional.

At 16 years old, his father handed him a W-2 and told him to figure it out himself—no shortcuts, no help. That moment sparked a lifelong skill that followed Ken into college, corporate work, and eventually entrepreneurship.

After years of helping coworkers and friends with taxes—and seeing the newspaper industry change—Ken made a pivotal decision:
turn a side skill into a full-time business.

Today, he’s been serving clients for 25+ years, helping everyday people keep more of what they earn.

The Real Difference Between W-2, 1099, and Side Income

Here’s what most people misunderstand:

• W-2 employees have taxes withheld automatically

• 1099 and side-gig earners are responsible for their own taxes

• Investment income is taxed the same way—based on income level

What does change?
👉 Who manages the money throughout the year

If no one is withholding taxes for you, your bookkeeping matters more than ever.

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Why Expenses Matter More Than Income

Ken shared a simple example:

• You earn $100,000 from a business or side gig

• You track $60,000 in legitimate expenses

• You’re taxed on $40,000—not $100,000

Miss those expenses?
You pay taxes you didn’t need to pay.

“The net is what you’re taxed on—but only if you keep records.”

Mileage, supplies, home office, software, travel, even small purchases add up when tracked consistently.

The Monthly Habit That Saves Thousands

Ken’s advice is simple—and powerful:

🗓 Once a month. 15 minutes. No excuses.

• Update income and expenses

• Log mileage

• Upload receipts

• Review your tax allowance

Do it monthly and you’ll avoid:

• Forgotten deductions

• Frustrated tax seasons

• Surprise tax bills

Waiting until January? That’s where money gets lost.

Tools That Make This Easier

You don’t need anything fancy—just consistency.

✔ QuickBooks or basic accounting software
✔ Spreadsheet tracking
✔ Photo storage for receipts
✔ A dedicated “Tax” email folder

The goal: no piles, no scrambling, no stress

Smart Strategies to Lower Taxes—Legally

Ken shared several powerful (and often overlooked) strategies:

• 401(k) participation for W-2 employees

• SEP IRAs for self-employed workers

• Charitable giving tracking (including tithes)

• Section 179 vehicle deductions (with long-term planning in mind)

But here’s the key insight:

“Your tax strategy can’t just be for this year—it has to support your future goals.”

Writing everything off today could hurt your ability to qualify for a home tomorrow.

One IRS Tool Everyone Should Use

📌 IRS Withholding Calculator (IRS.gov)

Ken recommends using it mid-year to check:

• Have you paid enough taxes so far?

• Do you need to adjust withholdings?

• Should you start saving now?

This gives you time to correct—not panic.

🎯 Your Action Steps This Week

• Create one place for all tax documents

• Track income and expenses monthly

• Take photos of receipts immediately

• Use bookkeeping software consistently

• Check your tax withholdings mid-year

Preparation beats refunds every time.

📚 Resources & What’s Next

Connect with Kenneth Presley

• 🌐 Website: PresleyTaxServices.com

• 📧 Email: KBPresley@yahoo.com

🎙 Coming Up Next:

More practical strategies to help you protect income, build wealth, and move smarter—together.

Why Saving Alone Isn’t Enough

On this episode, Marcus was clear:
Saving is essential—but it’s not the end goal.

• Saving builds discipline

• Saving creates options

• Saving prepares you for investing

But wealth is built when saved money is eventually compounded through smart strategies and time.

The key is learning to think in two timelines:

• Short term: How much can I save today?

• Long term: How can I invest tomorrow?

The First Reset: Change How You Think About Money

Marcus says the first step in any financial reset—especially in a new year—is mindset.

Many people live in survival mode, focused only on getting through the month.
Wealth-building requires shifting toward an abundance mindset—believing progress is possible, even in small steps.

The Power of Starting Small (Yes, Really)

Saving 20% of your income may sound impossible—and for most people, it is at first.

That’s why Marcus emphasizes progressive growth:

• Start with $5 or $10 a week

• Build consistency

• Increase gradually as habits strengthen

Saving is like building muscle. You don’t lift heavy weights on day one—you train up.

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The Wise Framework: Four Disciplines for Financial Control

1. Automate Your Savings

Treat savings like a bill that must be paid—automatically. If you don’t see the money, you won’t miss it.

2. Give Every Dollar a Job

Money without purpose gets spent. Emergency fund. Fun fund. Future fund.
Clarity creates discipline.

3. Review and Adjust Regularly

Check progress every 3–4 months.

• Celebrate wins

• Spot challenges

• Make adjustments without quitting

4. Keep Moving—Even When Life Happens

Setbacks don’t mean failure. They mean recalibration, not retreat.

🎯 Your Wise Reset Challenge

This week, take one small action:

• Save $10 per pay period

• Increase your 401(k) by 1%

• Track every expense for 7 days

• Open a separate savings account

Small steps compound—just like money does.

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Questions for Reflection

Ask Yourself

• What has stopped me from saving consistently?

• Where can I redirect money instead of finding “more”?

Discuss With Family

• What money habits do we want to model?

• How can we support each other’s goals?

For the Future

• What would financial control feel like?

• What could consistency unlock for me?

📚 Resources & What’s Next

Connect with Marcus Faison

• 📧 Email: marcus@fpneducator.com

• 📺 YouTube: Fase Your Finances

• 🧭 Complimentary financial reviews available

🎙 Coming Next on The Wise Retirement Podcast:
A tax strategy conversation to help you keep more of what you earn.

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One decision can impact your income for decades — yet many people claim Social Security without fully understanding their options.

On The WISE Retirement Podcast, we spoke with Jammie Lyell, Program Manager at AARP about one of the biggest retirement questions: Should you claim early or wait?

“Social Security is not a one-size-fits-all decision. Your health, your family, and how you want to live in retirement all matter.”
— Jammie Lyell

🧠Claiming at 62 vs. Waiting Until 70: What’s Really at Stake?

Let’s look at a simplified example Jammie shared.

Person A: Claims at 62

• Receives income right away

• Can travel or pursue hobbies sooner

• Locks in permanently reduced benefits

Person B: Waits Until 70

• Uses savings in the interim

• Receives larger monthly checks

• Earns delayed retirement credits

By age 78, the person who waited has:

• Collected more total lifetime benefits

• A higher guaranteed income for the rest of their life

• Better protection for a spouse or survivor

The surprising part?
Many people never run these comparisons before claiming.

🎯A Key Insight Many People Miss

Social Security benefits are based on your highest 35 earning years.

That means:

• Continuing to work can increase your benefit

• Incorrect earnings records can reduce your check

• Reviewing your history matters more than timing alone

📚 Action Steps You Can Take This Week

If you do nothing else, do this:

• Create or log into your MySSA account

• Review your earnings history for accuracy

• Run benefit estimates for ages 62, full retirement age, and 70

• Use the AARP Social Security Calculator

Knowledge is leverage—and clarity reduces anxiety.

When Credit Confusion Feels Personal—But Isn’t

During our conversation with LaQuita Carrington, one truth came through clearly:
many people carry shame around credit that doesn’t belong to them.

Before becoming a financial coach, LaQuita built a career in sales, marketing, leadership, and entrepreneurship. During COVID, she leaned into wellness coaching—and when she discovered Operation HOPE’s mission to close the financial well-being gap, everything clicked.

Her work centers on helping people understand that credit struggles are not a failure—they’re the result of missing education.

Why Credit Feels So Confusing

According to LaQuita, most of us were taught a simple formula:
Go to school → get a job → pay bills → repeat.

What was missing?

• How credit scores are calculated

• How to read a credit report

• How to use credit strategically instead of fearfully

Without this knowledge, people guess, avoid, or rely on myths—and that keeps them stuck.

Common Credit Myths That Keep People Stuck

LaQuita sees the same myths show up again and again:

Myth #1: Checking your credit hurts your score
It doesn’t. Only hard inquiries affect your credit—not you reviewing your own report.

Myth #2: Paying the minimum helps your credit
Minimum payments keep interest piling up. It feels responsible, but it often keeps people stuck.

Myth #3: Closing credit cards is always good
Closing accounts can lower your score by reducing your credit history and available credit—even if the card is paid off.

“The system doesn’t need to control you. You can control the system.”

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The Habit That Changes Everything: Monthly Credit Review

LaQuita recommends checking your credit once a month—not obsessively, but intentionally.

When you do:

• Errors are caught early

• Identity issues don’t spiral

• You apply for credit with confidence

• Financial decisions become strategic, not emotional

Knowledge replaces fear.

The Bigger Lesson

Credit improvement isn’t about perfection. It’s about participation.

The moment you decide to engage—to look, learn, and ask questions—you begin to take your power back.

“Any day you choose to engage, you can improve your situation.”

🎯 Your Action Steps This Week

• Pull your credit report at AnnualCreditReport.com

• Review each account line by line

• Highlight anything you don’t recognize

• Write down one question you want answered

• Commit to checking your credit monthly

Questions for Reflection

Ask Yourself

• What fear has kept me from looking at my credit?

• What belief about money do I need to release?

Discuss With Family

• What money lessons were we never taught?

• How can we approach finances with less shame?

Consider for Your Future

• How would understanding credit change my options?

• What does financial control look like for me now?

📚 Free Resources & What’s Next

Free Financial Coaching
Operation HOPE offers no-cost financial coaching nationwide—education, support, and resources.

👉 Visit OperationHOPE.org and click “Get Started”

📺 Coming On The Next Episode (Part Two):
Money Management in Midlife: Budgeting, Purpose Spending, and Building Financial Peace.

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💡 Did you know?

Payment history and credit utilization make up 65% of your credit score, yet many people were never taught how either one works.

“As my credit score grew, my confidence grew right along with it.”
— Harriott Myers

The Turning Point

After stepping away from her career to homeschool her children, Harriott Myers faced a familiar question many adults over 40 ask:
How do I rebuild financially—and confidently?

Her answer started with education, patience, and free financial coaching through Operation HOPE.

5 Simple Credit Habits That Made the Difference

1. She reviewed her credit report line by line
Understanding removed fear—and revealed errors.

2. She disputed what didn’t belong to her
Two corrections led to an immediate score increase.

3. She paid on time—even if it was just the minimum
Consistency mattered more than perfection.

4. She kept balances under 30%
Lower utilization signaled lower risk to lenders.

5. She paid bills twice a month
Small mid-cycle payments helped her score jump faster.

📈 Result: Over time, Harriott raised her score from the low 600s to 830.

The Bigger Lesson

Credit growth isn’t about income—it’s about habits, patience, and support.
Confidence follows clarity.

📚 Free Resources & What’s Next

• Pull your credit report this week

• Set up twice-monthly payments

• Keep balances below 30%

• Explore free financial coaching through Operation HOPE

📺 Coming Next: Part 2

Exact steps to improve your credit —with an Operation HOPE financial coach.

👉 Subscribe to The WI$E Retirement Podcast on Substack for practical money guidance for adults 40+.

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“Any career that I’ve had, I’ve always had a second, third, fourth, or fifth stream of income. Some streams were just to give me seed money to invest in another business opportunity.”
— Ken Pressley, Tax Professional & Multi-Stream Income Builder

Watch the full episode on YouTube

How to Start Your First Extra Stream of Income

1. Start With What You Already Know & Enjoy

Before choosing a business or side income, identify the work you actually enjoy. If you don’t like it, you won’t stick with it—no matter how profitable it seems.

• Ask yourself: What skills do I already use at work? What hobbies do I naturally gravitate toward?

• Think about what’s accessible. You might love baking, but do you have the time? You might be great at organizing—could that turn into managing listings or assisting professionals?

The intersection of interest + accessibility is where your best opportunities live.

2. Research the Business Before You Jump In

Research isn’t optional—it’s the foundation of every successful income stream.
Look at:

• The startup costs

• Required skills or certifications

• Time vs. payout

• Profit margins

• Competition

• Your day-to-day responsibilities

Example: Ken’s clients researched the medical courier business and discovered it was perfect for them—they were already doing delivery work, but wanted more control over their income. Within months, they were earning more while keeping a bigger percentage of each earning.

3. Build Your Support System—Your “Income Team”

No stream of income scales without people. Consider:

• Someone who has done it before (mentor)

• People who can reduce your workload

• A small circle of accountability

Ken shared that he could only handle 3 research assignments a week in college—until he added teammates. He grew his new business 4x simply by building a team.

4. Take Small, Immediate Action Steps

Once you know what you want to do and why, start small.

• Send the first email

• Research one platform

• Watch one tutorial

• Price your first offer

Momentum beats perfection every time.

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🎯 Your Action Steps This Week

This Week

1. Identify 2 skills or interests you could monetize

2. Spend 30 minutes researching one related business model

3. Reach out to one mentor or peer already doing this work

4. Resource: Search “medical courier startup requirements [your state]”

5. Join The WISE Retirement Podcast Newsletter for more ideas

This Month

1. Test one micro-offer (e.g., service, product, gig)

2. Join a Facebook group or community in that industry

3. Set up a simple system: spreadsheet, business email, or booking page

4. Build a weekly habit of 2–3 hours dedicated to your new income stream

5. Track your: time spent, money earned, and lessons learned

✨ Questions for Reflection

Ask Yourself

• What skills have people praised me for that I’m not monetizing yet?

• What industry or income idea excites me—not just pays me?

• What income stream could I build that still works even when I’m not working?

Discuss With Your Family/Partner

• What time each week can I realistically commit to this?

• What small financial investments are safe and reasonable for us right now?

• Who can help hold me accountable?

Consider With Your Team/Community

• What gaps exist in my network that I need to fill?

• What industries are growing that match my skill set?

• What do I need to prepare now for a long-term income plan?

📺 Upcoming Episode

Business Owner ups and downs, with a 800 credit score.

Don’t miss it!

Even when life throws you a curveball like job loss, the right strategy can transform your financial future faster than you think.

Did You Know? Most people don’t realize how much debt they actually have until they face a financial crisis—just like Steve Shumpert, who discovered he was $75,000 in debt only after getting laid off from his IT job.

“You have to learn how to give every dollar some kind of assignment. You have to prioritize your spending and you’ll be surprised how much extra money you have when it’s just not going out the window on the unaccounted for.” — Steve Shumpert, Financial Advisor with Edward Jones

Your 3-Step Debt Elimination Plan

1. Face Your Financial Reality

Before you can fix your debt problem, you need to know exactly what you’re dealing with. Steve’s wake-up call came when he got laid off and finally added up all his debts—six credit cards, car loans, student loans, a personal line of credit, and a small personal loan. Create a complete spreadsheet listing every debt, interest rate, and balance. Order them from smallest to largest amount.

2. Attack Debts

Using the Snowball Method Focus all extra money on the smallest debt while paying minimums on everything else. Steve chose this approach over the avalanche method because “you gotta believe that you can get it done. You gotta experience some small wins in order to keep going.” Each paid-off debt builds momentum and confidence for tackling the next one.

💰 Real Example: Steve’s first coaching client used this exact method to pay off close to $50,000 in just 11 months, proving the strategy works for others too!

3. Create a Cash Flow Spending Plan

Stop wondering where your money goes by giving every dollar an assignment before you spend it. As Steve puts it, “when you don’t give a dollar a name, meaning an assignment, it’ll give itself one, called spent.” This isn’t about restriction—it’s about intentional priorities that align with your debt elimination goals.

Key Principles: Budget is like GPS for your money—without it, you won’t reach your destination efficiently. Track your spending patterns first, then assign purposes to every dollar. Small consistent changes create massive results over time.

Thanks for reading The WI$E Retirement ! Subscribe for free to receive new posts and support my work.

Top of Form

Bottom of Form

🎯 Your Action Steps

This Week

• Add up every single debt you have (including amounts and interest rates)

• List debts from smallest to largest balance

• Look at your last three months of bank statements

• Track every expense by category (eating out, groceries, entertainment, bills)

This Month

• Create your complete debt elimination spreadsheet

• Choose your smallest debt to attack first

• Develop your cash flow spending plan

• Put extra money only toward your smallest debt

• Track your progress and celebrate your first debt payoff

Questions for Reflection

Ask Yourself

• What financial wake-up call am I avoiding right now?

• How much debt do I actually have when I add it all up?

• What would financial freedom mean for my life choices?

• What legacy do I want to leave regarding money management?

Discuss with Family

• How can we work together to eliminate debt faster?

• What spending habits are we doing out of routine rather than intention?

• How can we celebrate small wins while staying focused on the bigger goal?

📺 Coming Next - Learn proven strategies to increase your income and accelerate your debt payoff timeline. Don’t miss it!

Check out the full conversation on YouTube.

Join hosts Angela and Reg as they chat with Jack Howard, Head of Money Wellness at Ally, about building a healthy money mindset and relationship with money — not just in numbers, but in beliefs, behavior, and self-worth.

“I’ve never thought of money that way. I just thought I was bad at money. I just had shame about money or this anxiety and I thought it was normal.” — Common response from participants in Ally Bank’s Money Roots program

Your 4-Step Financial Wellness Transformation Plan

1. Discover Your Money Story

Understanding your relationship with money starts with one powerful question: “What is your first memory of money?” This isn’t about budgeting spreadsheets or investment portfolios. It’s about uncovering the deep-seated beliefs and emotions that drive every financial decision you make. Your early experiences with money created patterns that still influence you today, often without you realizing it.

Why this matters: Even people with extensive financial knowledge often struggle to follow through on what they know they should do. The missing piece isn’t more information—it’s understanding the emotional drivers behind your money behaviors.

2. Align Your Values with Your Spending

Take an honest look at your core values and examine whether your spending reflects what truly matters to you. Are you investing your money in ways that support your deepest priorities, or are you unconsciously working against your own values?

💫 Real Example: Jack Howard realized she was buying multiple pairs of black pants not because she needed them, but because of emotional patterns. Once she understood her “why,” she could make conscious choices that aligned with her true values instead of reactive purchases.

3. Reframe Money as a Tool for Joy

Shift from viewing money as a source of stress to seeing it as a vehicle for creating the life you want. This concept, called “return on joy,” transforms how you think about saving, spending, and investing. Instead of accumulating money for its own sake, you’re building resources to create meaningful impact in your life and community.

Key Principles: Financial wellness isn’t about the numbers in your account, it’s about having a healthy relationship with money, understanding that money is a tool for creating the life you value, recognizing that financial behaviors are deeply connected to emotions and past experiences, accepting that building financial wellness is a lifelong journey with ups and downs

Action Steps Section

🎯 Your Action Steps This Week

• Reflect on your first money memory and write down how it might influence your current financial behaviors

• Complete a values assessment to identify what truly matters most to you

• Track your spending for 3 days without judgment—just awareness

• Sign up for Ally’s free Money Roots workshops at ally.com/moneyroots

• Start one financial conversation with your partner or family member about values, not just numbers

This Month

• Attend all four Money Roots workshops (Money and You, Money Story, Money and Values, Money and Love)

• Create a “return on joy” goal that connects your financial plans to your values

• Establish a weekly money check-in with yourself to maintain awareness

• Practice the “pause and reflect” habit before making purchases over $50

• Set up one automatic transfer to align your saving with a joy-based goal

Reflection Questions Section

Ask Yourself

• What emotions come up when I think about money, and where might those feelings have originated?

• If money were simply a tool to create the life I want, how would I use it differently?

• What would “return on joy” look like in my specific situation and life stage?

Discuss with Family/Partner

• What were our family’s earliest messages about money, and how do they still influence us?

• How can we support each other in building a healthier relationship with money?

• What shared values should guide our financial decisions moving forward?

Consider with Your Financial Support Network

• Who in my life can I talk openly with about money challenges and goals?

• What kind of accountability system would help me maintain financial wellness practices?

• How can I contribute to changing the conversation about money in my community?

Resources & Next Steps

📚 Free Resources Available

Ally Bank’s Money Roots program offers four free, one-hour workshops delivered live via Zoom with small groups (25 people maximum) to create a safe, supportive environment. These interactive sessions help you dive deep into your emotions, values, and goals around money. Visit ally.com/moneyroots to register.

Connect with Jacqueline Howard directly on Instagram @jackhoward_gems for ongoing financial wellness insights and community.

📺 Coming Next

How to Get Out of $75,000 in Debt in 15 Months - Real strategies and mindset shifts from someone who actually did it. Don’t miss this practical follow-up to your financial wellness foundation!

💡 Did You Know? Of the 22 million millionaires in the United States, 1.79 million are African-American, and the average Black millionaire reads 20 books per year on self-help, business, and history.

“Prosperity begins in the mind and ends in the purse. You don’t make money your goal. You make the wise, productive use of your money your goal.” — Dr. Dennis Kimbro, Business Professor & Author who studied 1,000+ self-made millionaires

Your 3-Step Wealth-Building Transformation Plan

1. Master the “B Word” - Budget Like Your Life Depends on It

Fall in love with budgeting by treating every dollar as your employee. You need to know exactly how much money is coming in and how much is going out. This isn’t just tracking expenses—it’s about putting every dollar to work for your future.

Why it matters: Without a budget, you’re driving blindfolded toward your financial destination. Millionaires understand that wealth isn’t about how much you make, but how much you keep and grow.

How to implement: Track every penny for 30 days, categorize your spending, and identify where your money employees are slacking off. Then redirect those lazy dollars toward wealth-building activities.

2. Harness the “C Word” - Compound Interest

Take advantage of compound interest by starting a habitual savings plan immediately. This becomes an automatic stream of income that works for you 24/7.

The age-based savings strategy:

• 40s: Save 15% of income (up from 10% in your 30s)

• 50s: Maintain 15% savings rate

• 60+: If you can’t save more than 15%, retire all debt completely

💼 Real Example: Dr. Kimbro drives a 2006 Lexus SUV with 287,000 miles. Instead of car payments, those dollars go toward wealth building. That’s the difference between looking rich and being rich.

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3. Develop “Soul Intelligence” and Multiple Income Streams

Soul intelligence is feeling-based wisdom that makes wealth building feel completely doable. Once you grasp this feeling, you’ll naturally seek multiple streams of income.

Implementation: Ask yourself daily, “Who’s paying me?” From the moment you wake up, everyone is making money off you (toothpaste, utilities, food, gas). Flip the script and find ways for money to flow TO you through various channels.

Key Principles: Avoid debt like the plague, read 20+ books annually, write down specific financial goals, believe in yourself when no one else will

🎯 Your Action Steps

This Week

• Calculate your exact monthly income and expenses

• Open a dedicated savings account for wealth building

• Buy or borrow one financial education book

• Write down your specific wealth goal with a target date

• Start reading your goal every morning and evening

This Month

• Implement the age-appropriate savings percentage

• Identify one potential additional income stream

• Reduce one major expense (downsize car, eliminate subscription, etc.)

• Create a debt elimination plan if you have any

• Join a financial literacy group or find an accountability partner

Questions for Reflection

Ask Yourself

• What limiting beliefs about money have I inherited that no longer serve me?

• If I treated every dollar as an employee, how would I restructure my spending?

• What would my life look like if I truly believed wealth building was “completely doable”?

Discuss with Family/Partner

• How can we align our financial goals and habits?

• What sacrifices are we willing to make now for future freedom?

• How do we want to model financial responsibility for our children?

Consider with Your Community

• Who in my network has achieved financial success that I could learn from?

• How can we support each other’s wealth-building journeys?

• What resources or knowledge can we share to accelerate everyone’s progress?

📚 Resources & Next Steps

Free Resources Available: Based on Dr. Kimbro’s research, start with these foundational reads: “Think and Grow Rich: A Black Choice,” “The Wealth Choice,” and “The Master Key to Riches.” These books contain the distilled wisdom of thousands of self-made millionaires.

Remember: The greatest investment you’ll ever make is believing in yourself. True wealth includes peace of mind, health and energy, and loving relationships—not just money.

📺 Coming Next: Money Mindset Habits from Senior Director of Financial Wealth and Wellness, Ally Bank. Don’t miss it!

Treat Your Finances Like a Business

You’re among 78% of Americans over 50 struggling with debt while retirement approaches. Time to get strategic!

🎯 Game-Changer: Treat your finances like a business by mapping out all expenses and debt using spreadsheets to see the complete financial picture.

“When those numbers are staring back at you, that’s when you’ll finally answer the question we all have: where does all my money go?” — Melissa Caro, Certified Financial Planner

Step 4. Assess and Eliminate Debt Strategically

💡 Mindset Shift: Treat your life like a business. Businesses track every dollar and plan strategically.

Create a comprehensive expense spreadsheet mapping out every dollar—from fixed costs like rent and utilities to variable expenses like groceries and entertainment. Don’t forget annual charges like subscription renewals or credit card fees that can blindside you.

Step 5. Maximize Retirement Account Contributions

🚨 Crucial Priority Order

Build your emergency fund BEFORE maximizing retirement contributions. Without emergency savings, unexpected expenses force you into debt, creating a vicious cycle.

For workplace retirement plans: Start with just a 1% contribution increase—it’s small enough not to shock your budget but significant enough to build momentum. Always capture your company match first—it’s free money.

No workplace plan? You still have options:

• Traditional IRA: Up to $8,000 annually if you’re over 50 (includes $1,000 catch-up contribution)

• Roth IRA: Pay taxes now, withdraw tax-free later

• Self-directed brokerage accounts: Many offer “target date” funds that automatically adjust based on your retirement timeline

Remember: You’re either paying taxes now or later—there’s no escaping them entirely.

Step 6. Build Your Emergency Fund with Baby Steps

📈 Progressive Goals

Start with $500 → Build to $1,000 → Aim for 3-6 months of expenses (Melissa recommends 9 months if possible for extra protection)

💰 Real “Bill Creep” Real Life Examples

1. Client Discovery - $500 monthly at a makeup store in small $25-50 purchases

2. Melissa’s Savings - $50/month by calling phone company + $50/month by discovering she was paying for two landlines plus unnecessary services

3. Where to keep emergency funds - High-yield savings accounts offer better returns than regular savings, but read the fine print about withdrawal limits and minimum balances.

🎯 Your Action Steps

This Week

• Download free expense spreadsheet from myretirementnetwork.com

• Review credit card statement line by line

• Call a service provider to negotiate your bill

• If you have a workplace plan, increase contributions by 1%

This Month

• Complete full expense analysis using the spreadsheet

• Set up automatic $50 monthly transfer to emergency fund

• Research IRA options if no workplace retirement plan

• Subscribe to My Retirement Network newsletter

Ongoing

• Check credit card statements multiple times monthly

• Apply any bill savings directly to emergency fund or retirement

• Increase emergency fund goal from $500 to $1,000 once achieved

Questions for Reflection and Family Discussion

Ask Yourself

• What recurring expenses surprised me when I listed them all out?
• Am I treating my finances with the same attention I’d give a business?
• What’s my biggest financial fear—running out of money or restricting myself now?

Discuss with Your Partner/Family

• How can we work together to find our “bill creep” expenses?
• Should we tackle debt payoff or retirement savings first?
• What’s our family emergency fund target, and how will we reach it?

📚 Free Tools & Resources

Visit myretirementnetwork.com for free tools and resources and stay tuned for next week’s episode on developing a success money mindset.

🎧 Coming Next Episode

Next Episode: Hear from Dr. Dennis Kimbro on Developing a Success Money Mindset - Transform your relationship with money for lasting change!

Join us every other week — this is the place for people in their 40s, 50s, and beyond who want to catch up on retirement savings and create a secure financial future.

Angela Walker and Reginald Thornton are your guides on this journey. Here’s the truth: we’re both behind on our retirement savings too. Like many of you, we’ve had life, family, and career twists and turns that put our financial goals on a roller coaster ride.

That’s why The WI$E Retirement podcast isn’t about pretending to have it all figured out. It’s about learning and growing together. Every episode, we’ll bring in experts, share real-life stories, and highlight practical strategies — and we’ll be using that same information to get ourselves caught up right alongside you.

WI$E stands for

💚 Well-being – your health and mindset are part of your wealth
💰 Investing – simple, clear guidance to grow your money with confidence
💵 Saving – strategies that fit your real life, not someone else’s spreadsheet
💼 Earning – smart ways to increase your income after 40

✨ When you subscribe, you’ll get:

• New podcast episodes delivered straight to your inbox

• Exclusive retirement tips and resources

• Updates on classes, tools, and community events

If you’ve ever felt like you’re behind or that it’s too late, know this — you’re not alone, and you’re not too late. We’re proof of that, and together we can build the wealth, security, and freedom we all deserve.

👉 Subscribe today and let’s catch up — together.

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✅ CATCH THE FULL EPISODE ON YOUTUBE

💡 Transform Your Financial Future in 12-18 Months

Even if you're starting late, proven strategies can create momentum and build the retirement you deserve.

Did You Know? 64% of Americans over 50 aren't prepared for retirement, but starting with just $25/month can spark better financial habits and create lasting change.

Your 3-Step Catch-Up Plan

1. Do a Complete Financial Assessment

Before worrying about investment strategies, you need to know where your money currently goes. Map out every expense—housing, transportation, food, utilities, subscriptions, and entertainment. Most people have a nagging feeling of "where does all my money go?" This exercise provides the answer and reveals opportunities for savings.

2. Eliminate the "Bill Creep"

Those gradual increases in monthly expenses that we barely notice but add up significantly. Common sources include streaming services you barely use, cell phone plans that can be negotiated, utility bills that increase annually, and subscription services on auto-renewal.

3. Create a "Purpose Spending Plan"

Forget the word "budget"—it makes people feel restricted. Instead, create a purpose spending plan that directs money toward what matters most. This isn't about eliminating all fun; it's about being intentional with spending while finding balance.

Key Principles: Pay yourself first (even $25/month initially), keep some money for enjoyment, focus on eliminating waste rather than all pleasure, and adjust based on your financial situation.

🎯 Your Action Steps

This Week

• Track every expense for 7 days

• List all monthly subscriptions and recurring bills

• Call one service provider to negotiate a lower rate

• Visit myretirementnetwork.com for free financial tools

• Subscribe to the My Retirement Network newsletter

This Month

• Complete your full financial assessment

• Use the free debt calculator at myretirementnetwork.com

• Cancel or reduce at least one unnecessary subscription

• Set up automatic savings of $25-50 monthly

• Pay more than minimums on high-interest debt

Questions for Reflection

Ask Yourself

• What expenses am I paying out of habit?
• Where does my money "disappear" each month?
• What would my 70-year-old self want me to start today?

Discuss with Family

• What are our retirement goals?
• Where can we reduce household expenses together?
• How can we support each other in building better money habits?

Consider with Adult Children

• What financial lessons do we want to share with our kids?
• How can we model good financial behavior while catching up on our own savings?
• Should we discuss our retirement plans so they can prepare to help or understand our limitations?

📚 Free Resources Available

Access debt calculators, educational newsletters, and expert guidance myretirementnetwork.com.

📺 Coming Next

Part 2: Melissa Caro returns with the next 3 steps to accelerate your retirement catch-up plan. Subscribe now so you don't miss it! Catch up on Part 1 if you haven't watched yet.