Financial Spring Cleaning - Episode 158 (Classic Episode)

In this classic episode, I’m walking you through a simple “just in case” money checklist that most of us avoid until it’s too late—and it’s perfect for a little financial spring cleaning right after the New Year. We talk about wills and trusts, updating your beneficiaries on things like life insurance and retirement accounts, and why you should keep a clear list of your bills, bank accounts, and key documents so your family isn’t stuck guessing. We also touch on planning for kids and college savings, plus a few real-life lessons that can save you stress and money

Updates and clarifications:

• The 529 must generally be open at least 15 years. 
• Lifetime cap is $35,000, but it’s not necessarily “one time”—it’s limited by the annual Roth IRA contribution limit. 
• The rollover goes to the beneficiary’s Roth IRA
• 529 distributions for student loan repayment are limited to $10,000 lifetime per individual
• Feedback on "not the best time to sell right now" was made in 2023. Avoid making sell decisions based on short-term headlines and stick to your long-term plan.

About our expert:
Acquania is a financial coach, freelance writer, and independent life insurance producer with LifeTyme Financial Group, LLC. She is committed to helping people find financial freedom and build wealth. As a financial coach, she equips her clients with "outside the box" finance tips, debt payment plans, retirement planning, and more. With her advice clients are able to meet and exceed their financial and personal goals.

Through her finance blog and podcast, The Purpose of Money, she shows women how to invest and save more so they can live a more fulfilling and prosperous life.

Acquania's passion for personal finance and investing began when she was in high school and her father gave her a copy of Rich Dad, Poor Dad by Robert Kiyosaki. At 16 years old, Acquania opened a Roth Individual Retirement Account and has been seeking financial independence and early retirement (FIRE) ever since.

The Purpose of Money
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