Kelli Green: 0:00

So, welcome back to the Live Better Podcast. I’m your host, Kelli Green, and as we head into the final stretch of the year, a lot of money decisions come with deadlines and a few smart moves now that can really set you up to start the new year feeling confident instead of stressed. Today I am joined by Billy Joiner, my friend and CFO at Centric. He’s going to walk us through the key things to remember before the year is over. We’re talking from workplace benefits and retirement accounts to giving, saving, and simple cleanup steps that can make a huge difference. All right, well, welcome this morning, Billy. We’re glad to have you. Yes. So I’ve worked with you for a long time. Um, I know you, I know your family, but our listeners don’t necessarily have that relationship. And I’d love for you just to kind of tell our listeners a little bit about who you’re all who you are from a personal standpoint, professional, and why really sharing end-of-the-year tips is meaningful to you.

Billy Joiner: 0:57

Oh, yeah. Well, well, thanks for having me. First of all, um, yeah, uh I’ve been with the credit union for uh 13 years. Uh started um uh right out of uh my my first job. I got I got hired. Um then Citric blessed me with another opportunity. And so uh I’ve got uh four kids, one on the way. Uh so it’s uh two uh two boys and uh two girls currently. Um but excited for the new one joining us. Um joint joint new one joining us soon. So um well, I like to do a lot of things with my family. Uh we have to travel a lot. I’m always at the ballparks, dance recitals, um, and just enjoying each other.

Kelli Green: 1:33

So I love it. So you’re a big music fan?

Billy Joiner: 1:36

I love I love all types of music. Um depending on that my my attitude today determines the music I listen to on the way to work. So yeah, I love music.

Kelli Green: 1:44

I love that. Well, I am so glad to have you here. Um you share a lot of wisdom with our team, just really giving us overall insight. And you also kind of you know crack down on us a little bit when we’re spending too much of the credit union because it’s really important that we manage our finances well for our members.

Billy Joiner: 2:03

Yeah, everybody should manage, everybody should be looking at the money they’re spending, whether it’s at home, whether it’s at work, uh you know, so just be cognizant of what’s going on in your money.

Kelli Green: 2:11

And what’s so wild is people don’t necessarily realize that there’s some significant things you can do towards the end of the year to kind of set yourself up for a hopeful and positive, you know, financial future for you. Well, so we’re gonna dive into a few things. So if someone only had 30 minutes to do year-in money prep, what are the top three actions that you would prioritize?

Billy Joiner: 2:32

I I would just say, first of all, I think you need to be you need to understand where where your tax contributions are at and making sure you’re getting a full match on all of your retirement contributions would be the first thing that I’d I’d definitely look at. Um that’s free money that you’re giving away if you’re if you’re not utilizing those. Uh so if you have your your employer has a 401k, make sure you’re matching out all that. And if you haven’t maxed it out yet, um just adjust some of your contributions at the end of the year. Um the next one would probably be um updating your beneficiaries on all of your accounts. Um a lot of things happen in your life throughout the year. Uh you may not may not think about it, but make sure making sure all your beneficiaries are up to date and making sure, like if you have an HSA or an FSA, making sure that you’re you’re fully contributing to uh contributing to those uh to make sure you’re getting the the tax benefit for those.

Kelli Green: 3:24

It’s interesting that you say um updating your beneficiaries because I hate to say this, you know, you think about for life is a wonderful thing, you know, if you have a new child that comes into this world, you know, you certainly want to make sure that you’re including them as a beneficiary. But, you know, unfortunately, if you know, marriages you know come apart and there’s a divorce or what have you, you know, it’s really something to take into consideration. Or if there’s a death, even, you know, those are things to really consider and talk through. So it’s very interesting. There’s so many times that we’ve talked to folks and they’ve had their 401k, they worked with their employer, maybe it’s the same employer, you know, for so long and they’ve had a divorce, but they never changed their beneficiaries, and so there’s no changing it once you’re out of here, you know what I mean.

Billy Joiner: 4:07

It can get a little hairy there at the end if you if you don’t make an adjustment.

Kelli Green: 4:10

That’s exactly right. So definitely think about those three things. So I love that you shared that. So I really want to kind of talk about, you know, helping us understand. Um, you know, you talked about the 408 and 401k contributions, but how do you know, give us some insight for people when they’re really thinking about, okay, I really want to set up my, you know, I want to match exactly what my employer’s doing, or maybe should I consider giving one percent more? Kind of share with us how what do you what’s your best advice for someone that’s maybe just getting started with this?

Billy Joiner: 4:44

Uh I would say always you gotta start somewhere. Yeah. Uh even if it’s just a little bit. Um you’ll you’ll never you’ll never miss it if you if you if you never see it. So I would say you you would start somewhere whether it’s ten dollars, whether it’s a hundred dollars a paycheck, but um that’s where that’s where I would start. Um early on, you know, you think you’re just starting a job and you you don’t have the extra money to to to to invest, but uh I encourage everyone to to invest a little bit at least to get some of the match.

Kelli Green: 5:17

Um so well I love that you said that because if there’s anybody that I know who can maximize a dollar, Billy, I think it’s you um because you can save money. I think once you told me that you went a whole year without having lunch, you were like, I brought my lunch for a whole year because you were proving to yourself that you’re like that’s just an extra expense.

Billy Joiner: 5:34

Yeah, that’s um that’s you save a lot of money by bringing your lunch to work every day.

Kelli Green: 5:37

Right. Some of the things that’s interesting just to, you know, in thinking of daily things that you can do, not necessarily year-end checklists, but one of the things is bringing your lunch. But also if you ever, if you just have to get out, like don’t buy a drink. Drinks on average are two two fifty to three dollars a drink, you know.

Billy Joiner: 5:55

So one of the things that, you know, when my me and my large family goes out to to dinner, um, you know, we we usually hit the we usually hit the uh the the coolest Mexican restaurant around, and if they want to get if they want to get queso, they’re gonna get water. Uh so they get the option of queso or water.

Kelli Green: 6:10

So you think about it. I mean, I’m sure a bowl of queso nails, like what, 10 bucks? Yeah. So I like that. You get queso, you that’s your options. You want a soda or a queso? You gotta make your choice. I love it. Um, so a couple things. You mentioned HSA and FSA. So talk with us a little bit about that. You know, so how is an HSA different from an FSA? And what’s the smartest year-end move for people who have or want to start an HSA?

Billy Joiner: 6:38

Oh, I would say HSA, um, you can contribute to those um throughout the year, and there’s no necessary you use it or lose it. They kind of roll over every year. Um, and so those are those are one of the most tax uh tax uh advantages uh investments that you can you can have because you can use it now or you can use it use it in the future. Um but an FSA is one where um you you deposit you you fund it and you have to use it that year. So um that’s the main difference of those two.

Kelli Green: 7:09

Sure, love it. So definitely consider you know, look and see what you have from an FSA. If there is something there, you know, as far as you know, you think about your deadlines for it, you know, getting those taken care of, using those funds so they don’t just go away, and then or you lose those, and making sure that you have the receipts.

Billy Joiner: 7:26

That’s super critical. Yeah, turning all your receipts. Um well and I would say that most most um most um individuals they don’t really um know what the FSA covers. It covers a really it covers a lot of stuff.

Kelli Green: 7:40

Yes.

Billy Joiner: 7:41

Um I had one at one time, I don’t necessarily have one now, but uh actually I was able to pay my daycare through an FSA. And then so that you you so just make sure you understand what the FSA pays and what it’s what’s what eligible expenses go through it. So um really helpful.

Kelli Green: 7:56

It is, it’s great. Definitely check into your employer a lot of times, you know, we’ll have that information for you. So certainly if you’ve got questions about that and you think you have some extra money hanging around, you know, what you might be able to use that for, certainly check in with them. So I was actually doing my um my um Bible reading this morning was talking about um giving and why that’s so critical and important. So I want to share with you just kind of get your take on this from charitable giving. You know, so what are the key kind of do this by December 31st reminders and when does donating appreciated, you know, stock make sense?

Billy Joiner: 8:31

Um I would say like if if you’ve got some donations that you need to make um and you want the tax advantage of them for this year, you need to make sure that you do it by the end of the year. Um and that’s very, very key if you want to be able to claim that on your on your on your taxes. But also if you’re a high uh high giver, uh a large giver to to uh don’t to uh charitable um charitable uh companies or whatever, but uh there’s this thing called a um donor uh donor fund, donor donor um donor fund. And you can you can lump all of your contributions uh into to one amount, put these put those contributions into that fund and you get the full tax benefit of that contribution that that year, but by putting them in that fund allows you to um split them out throughout the years in the in the future years. So it’s it’s that that’s really if you’re a high giver, that’s something that you may want to look at to do. Um but just making sure that you you make that contribution, um, make that contribution um this year and and making sure you get uh receipts for it.

Kelli Green: 9:45

Yeah, timeliness is key on all of these things because you certainly don’t want to fall into a situation where you think, oh gosh, yes, these were my intentions, but intentions don’t really count, you know. It’s just almost only counts in horseshoes and hand grenades, you know. So so a couple of things for us to think through too with open enrollment. So what are two or three key benefits that uh really choices you wish everyone would review closely before their deadline approaches?

Billy Joiner: 10:11

Well, I just think right now um insurance, insurance plans are just s changing so fast. Uh costs of all those premiums are are going up. So you need to make sure that you’re looking at your at your policies every year when the enrollment comes up, don’t necessarily stick with the one you had last year. Um making sure you understand what’s in network, what’s out of network, um, and and the costs related to those. Um and if it’s if it makes sense for you for you and your family to to go to an HSA or something, a high deductible plan, like uh take that into account. But I would say making sure you’re you’re you’re you’re reviewing those plans um would be one thing that I would do. And then um making sure that that you’re looking at uh additional uh insurance um uh plans that your your employer offers, uh disability insurance for one, you never know what’s around the corner. That’s exactly right. And so, you know, m usually it’s just a small amount that you could um you can pay for those premiums and those disability insurance will take care of you uh if something does happen to you or your one of your family members. Um and then also um making sure you’re reviewing your um uh your uh health savings uh contribution limits uh just to make sure you’re you’re maximizing those uh to get full of tax benefit for those.

Kelli Green: 11:30

So an open enrollment is not necessarily the end of end of the year for everyone, it happens throughout the year. Um and so those are just things to certainly think about. The something I want to just remind folks of, you know, if you have a spouse and there’s an open enrollment period that don’t align, they’re at different times of the year, you have that ability to kind of evaluate your you know your overall health insurances and so forth just to see, you know, so my husband’s is in the middle of the year. Yeah and so we have an opportunity to say, hey, let’s take a look at that, you know, even though ours is, you know, was in October kind of situation. Um but you definitely want to make sure that you’re you’re hearing that out and and seeing really what’s best because everything’s gone up. I think we say that in every field and every industry, the cost of all the things has increased, but it’s definitely something to pay attention to. I love that you said to evaluate, see where you are, you know, with your individuals or even with a family, ask the questions, understand what’s best for you because the choices you made last year may not necessarily be the best financially for you in the coming years. So I love that. So uh for retirees who who may be listening or families that are really helping out retirees, we see that a lot just in serving our members, you know, what should people know about required minimum distributions?

Billy Joiner: 12:44

Well, I would say that um you need to know when the deadline for those are. Every year, except for the first year that you um you take it out, it’s due by the end of the year, the 31st of the year. So the first year they give you a little break, but making sure that you take that qualified um the required distribution um timely, because if you don’t, uh there’s there’s tax consequences for that, penalties. Uh so making sure you you understand the the deadlines on those.

Kelli Green: 13:12

Sure. Definitely think about that. And do you have a reference point for anyone, Billy? Like if they’ve got questions about this, who can they maybe seek information from or a website they might be able to visit?

Billy Joiner: 13:23

Um I I’d say you you need to reach out to some of your tax advisors or maybe your financial advisors that you you’re you’re visiting with. Uh we’ve got some great folks here at the credit union that can help as well uh for for some questions if you have it. But um, yeah, and just find find somebody you trust and and they’ll they’ll visit with you.

Kelli Green: 13:39

Absolutely. So good. And it doesn’t cost anything to ask a lot of times, you know, especially if you already have a relationship with them. It’s so important just to find out, you know, if you’ve got plans of, you know, what’s the next step for me? You know, find out. Ask someone about it. It doesn’t, you know, it doesn’t cost a thing. So final question here for the day, okay? So what’s one cleanup move like consolidating old 401ks or updating beneficiary content and contact information that can prevent major headaches next year, maybe beyond those two. Do you have any any other recommendations?

Billy Joiner: 14:13

Oh, I would just say you you need to have your budget in place. You need to have your butt your family budget, uh maybe spread it around the dinner table, uh, and making sure everybody’s aware of what your budget, family budget is. Um those conversations, you know, or family loves those conversations at the dinner table. But uh, but no, I would say making sure you have a have a budget in place uh that you’re you’re willing to stick to, uh uh and making sure it’s um it’s uh it’s accomplished, you can accomplish that budget as well. So um have a budget, a big beneficiaries is is key very key, and making sure you’re maximizing your your dis your contributions to your 401 cash.

Kelli Green: 14:53

I love it. I think it’s so good. So how how often do you have your family budgeting meetings? I’m curious.

Billy Joiner: 14:58

Early on it was uh was a lot more than it is now. Yeah. Um usually now it’s just an update. Uh-huh. Um, but uh we just get too many people going here and there and not and here and there, but um uh not so much now, but early on it was it was pretty regular.

Kelli Green: 15:12

Yeah, I love it. I think that is so important because we did talk about that when I was growing up. You know, I didn’t know one way or the other what was really shaken down, and I think that is so important for your kids to understand the cost of things, understanding the income that’s coming in and how we are all contributing either positively or negatively to the budget and get a plan going, you know, and so we can all really evaluate. But it teaches, I think, our kids to understand the value really in money and how to manage that. Um, maybe not to be so materialistic, but also to think about hey, you know, you teach them about investment, you teach them about giving and how to really serve as a in a holistic way, not just what can we do for our family, but with those of us that you know may have been you know fortunate this month or have a little bit extra, what can we do, you know, to share that with others who might be in need. And so I think that’s a wonderful conversation.

Billy Joiner: 16:04

Yeah, I I would just say kids, they pick up so much, um, and they learn so much, and just by having conversations about money and and understanding where uh how much this costs or how much that costs, or you know, they’ll learn, they’ll pick it up just as they pick up their their math, math homework or their you know, their reading, or they’ll pick up the money and you know they’ll they’ll become literate with finances and and that’s what we’re here for. We’re trying to help help our members live better and and starts with starts with our own families.

Kelli Green: 16:33

That’s exactly right. We have to live it out, you know, walk the walk and talk the talk, and it’s important that you know, I know you and I have been long-term members here at the credit union, and it’s been important to us that we maximize the savings opportunities that we have here. Um, there’s multiple products and services that are free for us to use, um, just as simple as our mobile app, even linking all of our accounts to help us to see, you know, our investment accounts, our savings. Where are we with that? You know, are we keeping on track? Um, there’s some really neat opportunities for you as an individual here, the credit union, to jumpstart your savings, create a plan for you and your family, um, and you’ll have a financial future that you’ll be proud of. Yeah. Well, Billy, thanks so much for joining us today. We are so glad that you’re here to share this wisdom with us.

Billy Joiner: 17:16

Thanks for having me.

Kelli Green: 17:18

So, Billy, thank you for joining us in helping make year-end money moves feel a lot more doable. And to our listeners, pick one or two items from today’s conversation and knock them out this week. You’ll thank yourself in January. For a list of items discussed today. See the link in our show notes for the end of the year checklist. If you enjoyed this episode of the Live Better Podcast, please follow and share it with someone who could use a simple year-in checklist. I’m Kelly and we’ll see you next time. Until then, live better. This episode is for general information purposes only. The views and opinions expressed by our guests are their own and do not necessarily represent the views of centric credit union. This content is not financial tax or legal advice. Please consult a qualified professional regarding your specific situation.