The Key to Long-Term Financial Success with Matt Bell

Show Notes

That verse underscores the need for planning and execution, key elements for long-term financial success. Matt Bell joins us today to discuss how to put planning and execution to work for you.

The Importance of a Financial Plan

Life tends to happen to us while we’re making other plans. Unfortunately, for many people, life happens without any financial planning at all. Millions of individuals fail to establish a clear strategy for managing their money, and even those who attempt to plan often struggle to stay on track.

Without a plan, it's easy to drift financially, reacting to circumstances rather than proactively building a stable financial future. The impact of financial planning—and, more importantly, execution—can be profound.

1. Non-Planners: More than two-thirds of those studied had not done any financial planning despite being close to retirement. Many had not even researched what to expect from Social Security.
    
2. Simple Planners: This group at least considered their future financial needs and made basic calculations about saving for retirement. However, only about half of them created a tangible financial plan.
    
3. Serious Planners: These individuals sought financial information and even paid for professional planning advice. However, like the previous group, about half failed to implement their plans.
    
4. Successful Planners: The final group—only about 20% of those studied—both created and consistently followed a financial plan over many years.

Even Small Steps Can Make a Big Difference

One encouraging takeaway from this study is that every step toward better planning leads to improved financial outcomes. Even moving from the “non-planner” to the “simple planner” category doubled or tripled net worth at retirement. Advancing to the “serious planner” level added another 25% to 35% in wealth accumulation.

This demonstrates that financial planning isn’t an all-or-nothing proposition. Even taking small steps—like estimating future financial needs or using basic retirement calculators—can lead to significant benefits.

Long-term financial success doesn’t happen by accident—it requires both a solid plan and the discipline to follow through. Every step forward matters, whether you’re just beginning your financial journey or looking to refine your existing plan.

On Today’s Program, Rob Answers Listener Questions:

• I have a 401(k) contributing 8%, but my company stopped matching and moved to a pension system. Should I roll over my 401(k) to a Roth or annuity? The balance is around $32,000.
• I know we need to be generous with our money, and I want to do the same with God's money. So, I was looking into donating to St. Jude's Hospital and my local church. Is it possible to do both, or should I double down and donate all of it to my local church?
• I have an HSA and had to start Medicare 7.5 years ago. I read I can retroactively take out the Medicare Part B premiums I've paid from my HSA over those 7.5 years. Is that correct?
• My wife is 62, and we wanted to know if she should start taking Social Security now. We don't need the money for income; we would just invest 100% of it. We're not sure what the drawbacks would be.
• I'm 64 years old and have significant money in IRA CDs. I considered slowly withdrawing the money every year to increase my liquid assets. I understand that the money goes toward my annual income, but I wanted to know if there is another way to lessen the taxes I have to pay.

Resources Mentioned:

• Faithful Steward: FaithFi’s New Quarterly Publication
• Sound Mind Investing | MoneyGuide
• Planning and Execution: The Keys to Long-Term Financial Success (Article from Sound Mind Investing)
• Look At The Sparrows: A 21-Day Devotional on Financial Fear and Anxiety
• Rich Toward God: A Study on the Parable of the Rich Fool
• Find a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)
• FaithFi App