Personal Finance from the Hill-Top

EPISODE SUMMARY: In this episode, Kyle and Michael cover Annual Benefits Enrollment. Topics covered include: 401k/Roth 401k Plans, Employer-Sponsored Health Insurance, Health Savings Accounts, Long Term Disability Insurance, Life Insurance, and much more. 

Skip the Fluff Time Marker: 54:33

Schedule a Call

RESOURCES:

LMFAO - “Sexy and I Know It”

Chris Stapleton - “White Horse”

Charlie Blackmon Walk up

401k Plan

Roth 401k Plan

Vesting Schedule

Preferred Provider Organization (PPO) Plan vs. High Deductible Health Plan (HDHP)

Health Savings Account (HSA) limits for 2023 and 2024

Lively HSA Provider

Long-Term Disability Insurance

Term Life Insurance

Episode #4 - Life Insurance w/ Andy Flattery

Michael Pyle - Challenge Everything Financial

Website,

LinkedIn,

Facebook,

X (Twitter)

Kyle Hill, CFP® - Hill-Top Financial Planning, LLC

Website,

LinkedIn,

Kansas City Financial Advisors Network (KCFAN)

XY Planning Network (XYPN),

NAPFA, 

FEE-ONLY Network, 

In Episode 21, we're discussing questions about bitcoin with Andy Flattery, CFP® from Simple Wealth Planning.

Andy is a Kansas City-based bitcoin enthusiast and local expert on the topic that is very involved in the bitcoin community.

The rise over the last decade of bitcoin has created a lot of interest, but even more questions.

• What is bitcoin?
• How does it work?
• Is it money or an investment?
• How do you value it?
• How do you secure it?
• What happens if you lose it?

These are all questions that have probably popped into your head at one time or another when thinking about bitcoin.

Being intrigued but still skeptical about bitcoin, Kyle sits down with Andy to ask his honest questions about bitcoin.

Before they dive into bitcoin, the Hill boys define money for you. Not bad for a 4 and 6-year-old!

To skip the fluff go to the 25:20 mark.

Bitcoin Resources:

Satoshi Nakamoto While Paper 

Who is Satoshi Nakamoto?

Nick Szabo

What is a Cypherpunk?

Merkle Tree

Blockchain

Satoshi Nakamoto = SAmsung, TOSHIba, NAKAmichi, and MOTOrola?

Halving Events

Block Reward

Bitcoin Mining 

Mt. Gox 

Brainwallet 

El Salvador goes to Bitcoin 

Value Investing 

Austrian School of Economics

The Bullish Case for Bitcoin by Vijay Boyapati 

Michael Saylor 

The Bitcoin Standard: A Decentralized Alternative to Central Banking by Saifedean...

In Episode 20, we're talking about where to stash some retirement cash with Don Martini, CFP®, CFA of Envision Financial Planning, a firm based in San Francisco, CA.

The Roth IRA is a great little investment vehicle for retirement savings because of the tax-free benefits. We dive into all the details of:

• Contribution limits for 2021 & 2022
• Income Contribution Limits & Phaseouts
• Required Minimum Distributions (RMDs) and the tax impacts
• Minimizing Fees
• Investment Options
• Backdoor Roth IRAs
• and where to open one

Per usual, before we dive in we enjoy some fluff with Don as he shares his world travel adventures, and what we wanted to be growing up.

To skip the fluff go to the 41:35 mark.

RESOURCES:

Full House house

The Rock (movie) 

Oracle Park

Cam Gallagher Catcher for the Kansas City Royals

RSUs (Restricted Stock Units)

Yellowstone (tv show)

Stranger Things (tv show)

Ozark (tv show)

Ted Lasso (tv show)

Yosemite National Park 

Mickey Mantle 

Machu Picchu

Don's Walk-up Song - “Song 2” by Blur  (confirmed after recording; great choice!)

Kyle Walk-up Song - “Forever Young” by Bob Dylan 

Episode # 17 “What Should you do with that old 401k?” w/ Ethan Hutcheson, AAMS®

What is a Roth IRA [Investopedia] 

Roth IRAs [IRS]

Individual Retirement Arrangements (IRAs) [IRS] 

On Episode #19 of Personal Finance from the Hill-Top, Kyle mentions a unique opportunity to be able to deduct up to $600 ($300 for Single) from your taxes in 2021, even if you're taking the Standard Deduction (Single $12,550/MFJ $25,100).

He is also joined by Stephanie Boyer, Chief Executive Officer of reStart, an organization that provides support to Kansas City's homeless population with a continuum of housing services. Stephanie discusses her background, homelessness in Kansas City, some of the major causes of homelessness, and how reStart is working to help end homelessness. As CEO of reStart, Stephanie shares their biggest challenge and identifies what she believes are three keys to ending homelessness.

If you would like to make a donation to reStart check out their website.

Resources:

$600 Tax Deduction for MFJ Standard Deduction,

Hillcrest Transitional Housing,

Kyle's Walk-up Song: Beers on Me by Dierks Bentley ft. Breland, and Hardy

reStart Inc.

Website,

Facebook,

Twitter,

LinkedIn,

Email,

YouTube

Podcast Guest:

Stephanie Boyer, CEO - reStart Inc.

Website,

LinkedIn,

Email

Podcast Host:

Kyle Hill, CFP® - Hill-Top Financial Planning, LLC

Website,

Email,

LinkedIn,

KCFAN (Kansas City Financial Advisors Network),

XY Planning Network (XYPN),

NAPFA,

FEE-ONLY Network, 

CFP Board

*This podcast uses sounds from freesound: Dry Transition by Electroviolence , Metal Door Slam Shut by

Ever wonder if you need a last will and testament (aka “a will”)? The answer is YES! 

A will is an integral part of a well-rounded estate plan that every adult needs, not just the rich and famous. 

"If you have kids under the age of 18, the guardianship in your will is 100% the most important part of your estate plan." - Jamie Weese of Weese Law Firm

In episode 18, we’re talking about the estate planning necessities for young adults. 

Kyle hops on the mic with estate planning attorneys, Jessica Kimbrell of Kimbrell Estate Planning and Jamie Weese of Weese Law Firm. They discuss what is: 

• a last will and testament
• a durable power of attorney 
• a healthcare power of attorney
• an advanced healthcare directive (or a living will) 
• trusts

and how all of these are a part of a well-rounded, and well-planned Estate Plan. Every young adult needs an estate plan, especially if you have minor children or special needs children (which we touch on in the podcast).

“Advance Healthcare Directive and Living Will mean the same thing. How I describe this document is the ’Pull the Plug’ document” - Jessica Kimbrell of Kimbrell Estate Planning

Before they dive into everything estate planning for young adults, they discuss their favorite movies surrounding estate planning, their favorite Halloween candy - which no surprise Kyle’s is money related - and their favorite estate planning cases… and Kyle doesn’t like where Jessica’s is going. 

Don’t wait, check it out now so you’re prepared for when life happens. As Forrest Gump’s momma says, “Life is like a box of chocolates, you never know what you’re gonna get.”

To skip the fluff, go to the 50:28 mark. However, it's not advised!

Resources:

Law Abiding Citizen (2009)

PFFTHT Episode # 17 - "What should you do with that old 401k"

Parks and Rec - Ron Swanson makes a Will

Knives Out (2019)

The Last Blockbuster

Little Big League (1994)

PFFTHT Episode # 12 - What the hell is a CERTIFIED FINANCIAL PLANNER™ (CFP®)?"

Howard Hughes Estate Planning Debacle,

The Complete Guide to Wills, Estates & Trusts (Book)

The Nobel Peace Prize started via a will 

Terri Schiavo case 

Have an old 401k from a previous employer? Wondering what to do with it?

In episode 17, we're discussing what your options are for your old 401k.

Kyle hops on the mic with Financial Advisor, Ethan Hutcheson, AAMS® of Metcalf Partners Wealth Management and they discuss:

1. What exactly is a 401k
2. What are your options when you change employers
3. The pros and cons of those options
4. Unique situations to consider
5. Their typical preferences for old 401k accounts

There are important things to consider like taxes and your income when deciding what to do with that old 401k (or 403b, or TSP).

Before they dive into the topic, they discuss their favorite memories from K-State (pretty epic), good books you should check out, sports they wish they would have tried (apparently there are only two places in the U.S. where Kyle can try it out), and.... poop. Yep, we said it, poop.

Don't flench because you don't want to miss this!

To skip the fluff, go to the 30:30 mark. However, it's not advised! 

Resources:

Backdoor Roth IRA and the Aggregation Rule,

IRA & Roth IRA Limits 2021,

WellnessForTheWin,

WellnessForTheWin Instagram,

The Bitcoin Standard (book),

Fortitude: American Resilience in the Era of Outrage by Dan Crenshaw (book),

Apocalypse Never: Why Environmental Alarmism Hurst Us All by Michael Shellenberger (book),

Josh Hutcherson,

The Reformed Financial Advisor Podcast - "How Should Patrick Mahomes Invest His $503 Million Contract?",

Glenn Gronkowski,

Where can you bobsled in the US?,

Episode #10 - "What the hell is a Financial Planner?",

Unemployment Rate & Statistics (Aug. 2021),

"Most people move because of two things: they need more square footage (more space), or they're at a new income level." - Tony Long of Long Real Estate Team

Have questions about selling a house like...

• How far out should you start preparing to sell your house?
• To stage or not to stage?
• When should we put it on the market?

In episode 16, we're discussing what you need to know about selling a house, with Rockstar Realtor, Tony Long of Long Real Estate Team.

Round 2 with Tony Long and Kyle to discuss what you need to know when you’re thinking about selling your house. Kyle lays it out into a 4 Part Process:

1. The Pre-Sale: What you need to do to your house to get it ready to sell
2. Deciding on Realtor or FSBO: Choosing wether you should get a realtor or try to sell it yourself (For Sale By Owner)
3. On the Market: What do we do while the house is on the market, and selecting an offer
4. Under Contract and Closing: Making sure the deal goes through

Tony shares the important things you need to do to get the house ready to go to market. He takes off his realtor hat and discusses the pros and cons of getting a realtor or trying to sell your house yourself. What about being a Sell-Buyer (Selling your house while trying to buy a house)? Tony talks about structuring the deal to eliminate the stress of having to quickly find a house to buy.

Before they got started, they were shooting the breeze about the glory days in Manhattan, KS (the Little Apple), cereal, and of course.... wrestling. Who would win the Manhattan High Wrestling dual between Team 1998 vs. Team 2002? Kyle gets the expert, the head coach of both teams, to weigh in!

You don't want to miss this!

To skip the fluff, go to the 47:53 mark. However, it's not advised! 

Resources:

Long for Realtor, 

Overland Park Crossfit, 

Coach Woodford, 

Coach Woodford Bio, 

Big Cedar Lodge,

Do you owe capital gains on the sale of your home? (NerdWallet),

Electric Boogie (The Electric Slide),

Yeah - Usher feat. Lil Jon, Ludacris,

Llama Llama Red Pajama - Ludacris

Earl Woods buried in Manhattan, KS,

Shawn Bammes Named MHS Wrestling Coach,

Nature Valley Baked Oat Bites Cereal

Tony Long, Principal Agent -  Long Real Estate Team

In episode 15, we're talking about the way most folks buy a house (at least Millennials)... with a Mortgage. I'm joined by Mortgage Bankers, Jen Gile and Taylor Nedrow.

Jen and Taylor sit down with Kyle to discuss what you need to know about getting a mortgage. As you'll discover, not all mortgages are the same, or created equal. How much do you need down? How do you avoid PMI... what is PMI for that matter?!? Conventional, FHA, VA... we discuss all things mortgage, and the process for getting a mortgage to buy a house.

Before they dive into mortgages, they talk volleyball and what makes for the perfect kill, more wrestling, and their shoes growing up. As always, they top things off with some Five-Teen Minutes of Fluff.

This one is for the record books, our first explicit episode because Kyle said, "shit," and we don't want to get banned. :)

Tune in!

To skip the fluff, go to the (31:13) mark. However, it's not advised! 

Resources:

Noah’s Bandage Project,

Jen Gile, the KC Dancing Star,

Vote for Jen!,

The BMA Foundation Annual Dine and Dance with the Stars,

Road Trip (the movie),  

Air Jordan 11,

Millennials made up the largest share of home buyers at 38% in 2019 (statistics),

Types of Mortgages,  

Debt to Income Ratio,

Mortgage Closing Costs,  

Spencer Lee is tougher than LeBron James,

Iowa Hawkeye Volleyball Record Books, and Kill Master Jen (Bell) Gile,

Iowa Hawkeye Volleyball #6 All-Time Kills Leader, Jen (Bell) Gile (Page 8),

Rep. Dan Crenshaw Eye Surgery, and **

“Never buy a house to just buy a house.” - Tony Long of Long Real Estate Team

In episode 14, we're talking about the American Dream… Buying a House, with Rockstar Realtor, Tony Long of Long Real Estate Team.

Tony Long sits down with Kyle to discuss what you need to know when you’re thinking about buying a house. He gives you a peek behind the curtain to share the things to look for and the questions to ask your perspective realtor. Tony also discusses the State of the Market, and how we got here. Before they got started, they had to do some catching up talking about babies, crossfit, and wrestling… and not that fake crap! Actually they did talk abou that too. Who were their favorite WWF wrestlers, and what are these guys walking out to? This is the longest show yet, but they’re hangin’ tough. 

Tune in!

“It is a very bad idea (to waive inspections).” Tony Long of Long Real Estate Team

To skip the fluff, go to the 51:25 mark. However, it's not advised! 

Benefits of owning a Home:

1. Build up Equity
2. Hedge against Inflation
3. Tax Free Gain

Recommendations prior to buying a home:

1. Have a fully funded emergency fund
2. Down payment of minimum 10% (don’t include emergency fund)
3. Consumer debt paid off

First Steps to buying a house (either order):

• Get preapproved for a mortgage
• Meet with a realtor to know the process

Contract on a House Contingent on:

1. Inspections
2. Appraisal
3. Financing

After the Inspection buyer can:

1. Accept as is
2. Renegotiate the contract
3. Cancel the Contract

 Top Costly Things to be Aware of When Looking at a House to Buy:

1. Taxes 
2. Insurance
3. Foundation
4. Drainage - Probably the number one thing that gets overlooked
5. Windows
6. Roof 
7. HVAC
8. Location

How to find a realtor:

• Interview multiple realtors - you’re going to be spending a lot of time with them
• Ask friends that have bought recently - who did they use and what questions should they have asked?
• Look at their website
• Look at their social media
• Ask Family and Friends

Resources:

Long for Realtor, 

Overland Park Crossfit, 

Coach Woodford, 

Coach Woodford Bio, 

Christina Aguilera,  

Britney Spears “...Baby One More Time” (Album), 

Taylor...

“Fee Only means I only get paid a fee from my clients. I don’t get paid fees from products, from brokerage firms, from banks, from insurance companies… I only get paid by the client and that is the person I’m responsible to.” - Brent Hoskins, CFP®, CKA® of Focal Point Financial Group 

“One of the questions you need to ask advisors you’re interviewing is, ‘how do you get paid?’” - Donovan Brooks, CFP®, CKA® of Storyline Financial

In episode 13, we're talking about what the hell is Fee Only?

Brent Hoskins, CFP®, CKA® of Focal Point Financial Group and Donovan Brooks, CFP®, CKA® of Storyline Financial, sit down with Kyle to discuss what it means when an advisor says they’re a “Fee Only advisor”. Do you know how your advisor gets paid? They break down the two basic ways advisors are compensated by their clients, which leads to the three different types of compensation structures (Commission, Fee Based, & Fee Only), which leads further into the various Fee Only models (AUM, Flat Fee, Hourly, and more). 

Tune in!

"Do you want to pay for products that you can get for free, or do you want to pay for the advice?" Kyle Hill, CFP®

Resources:

Man of the House (1995),

Rochester Brewing and Roasting Co.: Stone Fruit Pale Ale,

River Bluff Brewing,

Roasterie: Full Vengeance,

Drink your coffee,

Roasterie: Betty’s Recipe,

Parenthood - Forever Young,

What is Fee-Only Financial Planning by NAPFA,

XY Planning Network,

NAPFA,

Donovan Walk-up song: Lecrae - Over the Top /Andy Mineo,

Brent Walk-up song: Alphaville - Forever Young

Kyle Walk-up song: Jump Around by House of Pain

Brent Hoskins, CFP®, AWMA®, CRPS®, RICP®, CKA® - Focal Point Financial Group

Website,

Email,

LinkedIn,

XY Planning Network...