Tripp Yates, CFP®, CPA/PFS Eaglestrong Financial

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About Tripp Yates, CFP®, CPA/PFS

Tripp has extensive experience in financial planning and investment management, and he diligently uses his credentials of CPA and CFP® to benefit his clients. Over the last ten years, he has managed over $100 million in assets for individuals and families.

Tripp’s interest in investments started when he was young and was intrigued by his grandfather’s savvy investment knowledge. When he realized staying in public accounting was not his ultimate goal, he was excited to take his career in this direction.

His passion for financial planning is evident to each and every client he meets with. His desire is to help his clients organize their finances, save taxes, and invest wisely. Tripp strives to work in a humble and transparent way.

When he is not managing his firm and his clients, Tripp enjoys spending time with his family, running, and cheering on the Rebels and the Cubs.

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Recently Published

Keys to Financial Independence from the Thriving Dentist Podcast Show

June 18, 2019

 

I often listen to podcasts related to dentistry and financial planning. Recently, I listened to The Thriving Dentist Show with Gary Takacs on The Keys to Financial Independence. He interviewed Art Wiederman CPA who co-founded the Academy of Dental CPAs. Art has years of experience working with dentists and shared a lot of wisdom. In fact, I thought the podcast was so good that I want to share it with you. I encourage you to listen to the entire podcast (around 1 hour) but I will give you the highlights. Whether you are a young or established dentist, I know you will enjoy hearing what Gary and Art have to say.

 

Gary begins the segment pointing out that only 3% of dentists in the US could retire at age 65 and not reduce their lifestyle. He and Art discuss ways throughout the podcast to change that statistic.

 

Podcast Highlights

 

2:40 mark

Bonus: Dr. David Hornbrook talks for around 8 minutes on how to improve the quality of photos for patient education.

 

19:40 mark

Art believes everything in life is a math problem. He has a rule called the 65/25/10 rule. That is, 65% of your income is to live on, 25% is to pay taxes and 10% is for savings. I agree this a great rule and would encourage an ultimate or eventual goal of 20% savings for a practice owner. However, Art points out the model or rule most commonly used is 90/25/-15 meaning live on 90% of income, pay 25% in taxes, and borrow 15%. 

 

25:25 mark

Art says that debt is the devil when it comes to credit card debt. The average person under age 40 has between $15,000 - $40,000 in credit card debt paying high interest rates such as 15-20%. It is important to avoid this and pay your credit cards off every month.

 

28:20 mark

Art and Gary address a common question for young dentists. Should you buy a house first or a practice? Art recommends buying the practice first because it is going to give you the financial ability to buy the house. Gary points out that while there are many great career paths in dentistry, there is nothing like owning your own practice and experiencing entrepreneurship. He has a great story about a rancher patient who told a dentist to make sure you build the barn before the house. I agree wholeheartedly with these guys.

 

38:50 mark

On the topic of retirement, Art points out that you must get in the habit of saving money. Compound interest and continual growth of your money is too great to ignore. The younger you can start even if it is a small amount, the better. A rule of thumb is that you can withdraw 4-5% of your investments annually in retirement. So, for someone with $3,000,000 in investments that would equate to $120,000 - $150,000 per year withdrawals. Also, you would have income from Social Security.

 

Both Art and Gary emphasize being prepared not only financially for retirement, but also mentally. You need to have something to retire to vs. retire away from. There are dental related sales or consultant jobs that dentists can transition into if they are looking to maintain significance and income in their career beyond retirement. Art recommends to look around and make connections at dental conventions if you have interest. Most importantly, what is it that you want to do. Figure that out and stay active in retirement.

 

51:50 mark

Art goes over the three retirement plans he recommends for dentists. If your annual savings is between $0 - 35,000 he recommends a Simple IRA plan for your practice. If you can save more in the range of $50,000 - $90,000, then he would encourage a 401k Profit Sharing Plan. Beyond that, if you have significant savings in addition to the 401k Profit Sharing Plan, a Pension Plan allows you to save much more. I’ve seen all of these plans work. They really are great ways for practice owners to save for retirement, save on current taxes, and benefit their employees.  

  

    

If you would like to discuss or learn more, schedule a call or meeting with me using the link below:  

Tripp Yates, CPA/PFS, CFP®

901.413.8659  tripp@eaglestrong.com

 

Tripp’s passion for financial planning is evident to each and every client he meets with. His desire is to help his clients organize their finances, reduce taxes, and invest wisely. As a fee-only fiduciary advisor, Tripp strives to work in a humble and transparent way.

 

With extensive experience in financial planning and investment management, Tripp diligently uses his credentials of CPA and CFP® to benefit his clients. Over the last ten years, he has managed over $100 million in assets for individuals and families. In 2017, he founded Eaglestrong Financial, specializing in helping dentists and business owners. Outside of work, Tripp enjoys running, spending time with his family, and cheering on his favorite sports teams. He is an active member of Harvest Church. 


 

References

http://www.takacslearningcenter.com/keys-to-financial-independence-with-art-wiederman-cpa/

 

https://podcasts.apple.com/us/podcast/thriving-dentist-show-with-gary-takacs/id488260412?i=1000433552595 

 

 

 

Disclaimer

Eaglestrong Financial, LLC is a Registered Investment Advisor offering advisory services in the states of TN and MS and in other jurisdictions where exempted. The information contained herein is not intended to be used as a guide to investing or tax advice. This material presented is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. Past performance is no guarantee of future results.

 

 

#eaglestrong #eaglestrongfinancial

 

 

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Your Loved Ones Will Thank You

May 21, 2019

 

We rarely think about what happens to all our “stuff” if we are suddenly no longer around. It is not pleasant to even consider the possibility. So we avoid putting plans in place and stay focused on the busyness of our lives.

 

We tell ourselves that there are more important things to get done right now. Two different situations come to mind that force us to make plans. Tragedy occurs with someone close to you. It makes you realize you need to make sure your loved ones are taken care of if something happens to you. Another common inspiration, especially if you have young children, comes right before you take a vacation with your spouse. Both of these situations somehow create a sense of urgency and perspective of the importance of having a proper estate plan.

 

What is Estate Planning?

 

Your estate is everything you own. Your house, car, bank accounts, investment accounts, life insurance, furniture, personal items, etc. All your “stuff” must pass on to someone at your death. Having a proper estate plan in place allows you to control who gets your assets. It also eases the burden on your family members because your desires are specified in your estate plan.

 

What documents do you need?

 

1.     Will (Last Will & Testament): Contains the details of what you want to happen to your estate when you die. It will designate someone to serve as executor of your estate. Their role is to collect and distribute assets to your listed heirs outlined in the will.

 

2.     Advance Healthcare Directive: Designates someone to make healthcare decisions if you are unable to make them for yourself.

 

3.     Living Will: States your wishes relating to life saving measures such as tube feeding or resuscitation.

 

4.     Power of Attorney (POA):  In the case of disability or incapacitation, a power of attorney document delegates the authority to manage, invest, and spend your assets. You will specify the person you authorize in the document. The POA will become invalid after your death.

 

Parents with Young Children

 

If you have minor children, it is very important for you to list a guardian in your will. Many times, a testamentary trust (written in the will) would also be created at your death to hold assets for your children until they reach adulthood. Therefore, a trustee of this trust would need to be named. This ensures that your assets would be protected and used for your children. They would not receive the assets outright until the age you specify which can be all at once or in increments such as age 25, 30, and 35.

 

Beneficiary Designations

 

Part of the estate planning process is making sure that your beneficiary designations on life insurance and retirement accounts are correct and up to date. These assets will pass directly to your heirs based on the designation you specify.

 

Blended Families

 

For those with blended families, you may have the desire to take care of your current spouse while also taking care of your children from a previous marriage. You may consider establishing a trust to ensure that your wishes are carried out and your assets are protected.

 

Avoiding Probate

 

While more expensive than a will, a revocable living trust allows an easier and more private transfer of assets to your heirs. After your death, a will must be probated by the court which means the court must validate your will and approve that the executor named is authorized to distribute your assets. Probate is a public process and can take months. If your residence is in one state and you own property in another state, your will would have to be probated in both states. The revocable living trust avoids probate. You can also make changes to it any time.

 

What does it cost?

 

Basic estate plans can cost in the range of $500 - $2,000. It depends on the complexity of your estate plan. Whether you are single or have a large family can also be a factor. Establishing a trust will be more expensive. We recommend engaging an estate attorney to provide advice and establish these documents. It is well worth the cost to work with a specialized attorney to give you confidence that everything will be taken care of according to your wishes.

 

Know What You Have in Place

 

If you have these documents in place, it’s important to know what you have and where you can locate them. We are glad to review them with you to gain a basic understanding of your situation. After getting a clear picture of what you have, then you can engage an attorney if you need to make changes.

 

If you don’t have these essential documents in place, we can help you get started. Having a solid estate plan will give you peace of mind but also make it easier on your heirs. 

  

    

 

Schedule a call or meeting with me using the link below if you would like to discuss or learn more:

Tripp Yates, CPA/PFS, CFP®

901.413.8659  tripp@eaglestrong.com

 

Tripp's passion for financial planning is evident to each and every client he meets with. His desire is to help his clients organize finances, reduce taxes, and invest wisely. Tripp strives to work in a humble and transparent way.

 

Tripp has extensive experience in financial planning and investment management, and he diligently uses his credentials of CPA and CFP® to benefit his clients. Over the last ten years, he has managed over $100 million in assets for individuals and families. When he is not managing his firm and his clients, Tripp enjoys spending time with his family, running, and cheering on the Rebels and the Cubs.


 

References

https://www.estateplanning.com/What-is-Estate-Planning/

https://www.thebalance.com/a-crash-course-in-estate-planning-3505447

 

 

 

Disclaimer

Eaglestrong Financial, LLC is a Registered Investment Advisor offering advisory services in the states of TN and MS and in other jurisdictions where exempted. The information contained herein is not intended to be used as a guide to investing or tax advice. This material presented is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. Past performance is no guarantee of future results.

 

 

#eaglestrong #eaglestrongfinancial

 

 

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Milestones and the Market

March 14, 2019

 

Realizing that stories are powerful to all of us, we thought we would take a look back at some milestones in my life intertwined with investing in the markets. We can talk about historical returns but for some reason if we relate them to our own milestones the information becomes more meaningful.

 

For purposes of “the stock market,” we used historical S&P 500 (500 largest US stocks) data from Yale professor Robert Schiller through February 15, 2019. We believe in global diversification, but for this exercise the Schiller S&P 500 historical data was the most readily available. We also assumed that all dividends were reinvested. Lastly, we used a start date for the closest month surrounding the milestones in my life.

 

I was born in 1981 and will turn 38 this year. $5,000 invested in the market when I was born would have turned into $272,782. $10,000 invested would now be $545,564. $100,000 invested would be a whopping $5,455,638. You get the picture. Even though I know the history of the market, these numbers are mind blowing. I realize 38 years is a long time, but it makes me think how inspiring this could be to parents/grandparents to invest a small amount of money when their children/grandchildren are born. In the same way, it encourages those just starting their careers to save early even if it is a small amount. Looking at these numbers reminds us that “time in the market” versus trying to “time the market” is what really pays off. It is also important to point out there were some tough years of losing money to get to today. 

On the flip side, the market has been positive 31 out of the 38 years that I have been alive. That is approximately 82% of the time. This is meaningful considering the daily volatility and constant negative headline news we encounter.

Looking at other milestones in my life such as graduating from high school and college, getting married, and having our first child all paint the same picture. The time period is shorter and returns vary, but they are all interesting because they are dates that are meaningful to my life. Ironically, the shortest time period of investing has the highest annualized rate of return of 14%. This is because my first child was born in 2009 right after the financial crisis.

 

Another view of these numbers shows us that if I had invested $5,000 at each of the five different milestones from my birth to my first child being born, the total investment out of my pocket would have been $25,000. It would now be worth $342,784.

 

So, what does all this mean? I believe it shows that it pays to be optimistic. History does not tell us what the future holds, but it can be instructional nonetheless. If story can inspire someone to save, invest, or stay invested then it is no doubt powerful.

 

    

If you would like to discuss or learn more, schedule a call or meeting with me using the link below:  

Tripp Yates, CPA/PFS, CFP®

901.413.8659  tripp@eaglestrong.com

 

Tripp's passion for financial planning is evident to each and every client he meets with. His desire is to help his clients organize finances, reduce taxes, and invest wisely. Tripp strives to work in a humble and transparent way.

 

Tripp has extensive experience in financial planning and investment management, and he diligently uses his credentials of CPA and CFP® to benefit his clients. Over the last ten years, he has managed over $100 million in assets for individuals and families. When he is not managing his firm and his clients, Tripp enjoys spending time with his family, running, and cheering on the Rebels and the Cubs.


 

References

https://us.dimensional.com/perspectives/why-should-you-diversify

https://dqydj.com/sp-500-return-calculator/

http://www.econ.yale.edu/~shiller/data.htm

http://people.stern.nyu.edu/adamodar/New_Home_Page/datafile/histretSP.html

 

 

 

Disclaimer

Eaglestrong Financial, LLC is a Registered Investment Advisor offering advisory services in the states of TN and MS and in other jurisdictions where exempted. The information contained herein is not intended to be used as a guide to investing or tax advice. This material presented is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. Past performance is no guarantee of future results.

 

 

#eaglestrong #eaglestrongfinancial

 

 

Share with others:

Read the full post →

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Ideal Clients

  • Business Owners
  • Gen X
  • Medical Professionals

Ways Advisor Charges

  • Monthly Fee
  • Flat Fee
  • Assets Under Management

Fee Options

  • Monthly Fee: $200+/month
  • Flat Fee: $500+ one-time packages
  • AUM: 1%

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