Episode 94: Spring Clean Your Finances – The Checklist Every Household Needs

You’ve probably decluttered your closet. Maybe you’ve even deep-cleaned your garage. But when was the last time you did a full sweep of your finances?

In Episode 94 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton walk you through a step-by-step financial spring cleaning checklist—designed to help you get organized, protect your identity, and improve your long-term financial posture.

It’s easy to let financial tasks pile up. Forgotten subscriptions, old accounts, weak passwords, and scattered documents can create stress without you realizing it. This episode helps you tackle those issues head-on.

Why Now Is the Perfect Time to Clean House

Just like physical clutter creates mental clutter, financial disorganization can quietly weigh on your decisions. Missed payments. Overlapping services. Forgotten beneficiaries. These issues don’t seem urgent—until they are.

Spring offers a natural reset. Rob and Archie’s checklist is designed to help you reduce risk, catch oversights, and identify small wins that compound over time.

What This Episode Covers

Here’s a snapshot of the areas Rob and Archie suggest reviewing each spring:

  • Forgotten subscriptions: Review your credit card and app store statements for unused memberships.
  • Outdated passwords: Strengthen login security across financial platforms. Use a password manager if needed.
  • Dormant or duplicate accounts: Consider consolidating old checking, savings, or investment accounts.
  • Beneficiary designations: Check your retirement accounts, life insurance, and estate documents to ensure they reflect your current intentions.
  • Credit report: Pull your report from all three bureaus to monitor for fraud or reporting errors.
  • Portfolio allocation: Market shifts may have thrown your investment mix off balance. Rebalancing helps you manage risk appropriately.

Ask Yourself:

  • Do I have automatic payments for things I don’t actually use?
  • When did I last check my retirement account allocations?
  • If something happened to me tomorrow, would my spouse or partner know how to access everything?
  • Have I reviewed my estate plan since my last major life change?

Small Steps, Big Payoff

Financial maintenance doesn’t have to be overwhelming. A few focused hours each year can uncover savings, reduce risk, and bring you peace of mind.

Think of this as an annual financial “oil change.” You wouldn’t skip maintenance on your car—why skip it on your financial life?

Final Thought

Getting organized today means fewer surprises tomorrow. Whether you’re planning for retirement, managing a busy household, or just trying to be more intentional with your money, this checklist gives you a proven place to start.

Want a professional to walk through your financial spring cleaning checklist with you?

Schedule a no-pressure consultation with our team at www.hoxtonpm.com/schedule and let’s clean up your financial picture together.
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Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 93: The Real Risks of Early Retirement – What You Haven’t Considered

Thinking about retiring in your 50s—or even your 40s? You’re not alone. The appeal of early retirement is stronger than ever. But before you submit that resignation letter, there’s a lot more to consider than just having “enough” saved.

In Episode 93 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® Archie Hoxton and advisor Jimmy Sutch dive deep into the real risks of early retirement—and why it’s about more than just dollars and decades.

Early Retirement Is a Financial Shift—Not Just a Lifestyle Upgrade

Most early retirees envision freedom: time to travel, pursue hobbies, or simply escape the daily grind. But many are caught off guard by the structural, emotional, and economic complexities of retiring early.

You may no longer have a paycheck—but the expenses don’t stop:

  • Health insurance premiums
  • Unexpected home repairs
  • Market downturns in the first few years of retirement
  • Long-term inflation

These issues are especially problematic if you’re not eligible for Medicare yet or if most of your savings are tied up in accounts with early withdrawal penalties.

Ask Yourself:

  • Have I stress-tested my plan against a bear market in the first 5 years?
  • What if inflation is higher than projected for the next decade?
  • Can I bridge the gap between retirement and Medicare without draining my accounts?
  • Do I have a long-term income plan that adjusts with changing needs?

Many people rely on the 4% rule or online calculators that don’t factor in timing risk, tax sequencing, or variable spending. That might be fine for a theoretical plan—but not for a real-life retirement that could last 35 to 40 years.

It’s Not Just About Math—It’s About Meaning

Rob and Archie also explore the psychological impact of leaving the workforce earlier than your peers. The idea of “retiring to something” rather than “retiring from something” becomes vital.

Without a sense of purpose, structure, or community, early retirement can lead to boredom, regret, or even depression. That’s why retirees who plan not just financially—but emotionally—tend to report higher satisfaction over time.

What This Episode Emphasizes

  • Run a detailed plan that includes multiple scenarios—not just the average
  • Prepare for higher-than-expected spending in your first decade of retirement
  • Consider partial work or phased retirement as a buffer
  • Make sure your retirement isn’t just financially sustainable—but personally fulfilling

Final Thought

The dream of early retirement is possible. But only if you understand what it takes to turn that dream into a durable, purpose-filled reality. The earlier you want to retire, the more thoroughly you need to plan.

Curious whether your plan can support early retirement?

Our team at Hoxton Planning & Management can help you run the numbers, weigh your options, and make smart decisions for the long haul. Schedule a no-pressure consultation at www.hoxtonpm.com/schedule.
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Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 92: Don’t Blow It – Inheritance Mistakes to Avoid

Receiving an inheritance can be a blessing—but without a plan, it can quickly become a burden.

In Episode 92 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton share the most common mistakes people make after receiving a windfall—and how to avoid them. Whether you’re anticipating an inheritance or navigating one right now, this episode offers clear, actionable advice to help you protect your future.

Why Inheritance Planning Is More Than a Windfall

An inheritance may feel like a gift, but it comes with weight: emotional, financial, and often, legal. Without thoughtful planning, what starts as an opportunity can turn into a missed chance—or worse, a long-term liability.

Too many people treat inherited money as “found” money. But in doing so, they make emotionally driven decisions, ignore tax rules, or fail to integrate it into a bigger financial picture.

The Most Common Inheritance Mistakes

Rob and Archie outline the top pitfalls they see, including:

  • Treating it like bonus money: Inherited wealth is not a lottery win. It needs to be managed within the context of your overall plan.
  • Spending first, planning later: Emotions often override logic after a loved one passes. But reactionary decisions—big purchases, early retirement, excessive gifting—can be difficult to undo.
  • Ignoring tax implications: Different assets come with different tax treatments. For example, inherited IRAs have strict withdrawal rules, and selling appreciated assets too soon could trigger unnecessary capital gains.
  • Overlooking your own estate plan: Any major change in net worth should prompt a fresh look at your own will, trust, and beneficiary designations.
  • Letting your guard down: Inheritances often draw unwanted attention. Scams, pushy salespeople, and opportunistic acquaintances can make you vulnerable when you’re least prepared.

What to Do Instead

This episode emphasizes the power of patience and planning. Rob and Archie recommend:

  • Wait at least 6 to 12 months before making major decisions
  • Work with a financial advisor and tax professional to understand your options and obligations
  • Build a purpose-driven plan that aligns the inheritance with your long-term goals
  • Update your estate documents so your wishes are just as clear as those of the person who left you the gift

Ask Yourself

  • Do I know the tax treatment of each inherited asset?
  • Have I reviewed how this changes my retirement, insurance, or giving strategy?
  • Am I making decisions that reflect my values—or just my emotions?

Final Thought

The best way to honor a legacy is to use it wisely. With the right plan, an inheritance can support your life’s goals, create new opportunities, and even help you leave a legacy of your own.

Want to avoid common inheritance mistakes?

Download our free guide: Inheritance Mistakes to Avoid, or schedule a one-on-one consultation at www.hoxtonpm.com/schedule.
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Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 91: The 4% Rule – A Starting Point, Not a Solution

If you’ve done even a little research on retirement planning, you’ve probably come across the 4% Rule. It’s one of the most cited—and misunderstood—retirement strategies out there.

In Episode 91 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® Archie Hoxton and advisor Jimmy Sutch take a fresh look at this popular rule of thumb. They explore where it came from, how it works, and most importantly—why it’s a starting point, not a solution.

What Is the 4% Rule?

The 4% Rule suggests that if you withdraw 4% of your retirement portfolio each year, adjusted for inflation, your money should last 30 years. It’s based on historical data, assuming a balanced 50/50 stock and bond allocation.

For example, if you have $1 million saved, the rule says you could withdraw $40,000 in your first year of retirement, and increase that amount slightly each year to keep pace with inflation.

Why It’s Popular—and Where It Falls Short

The 4% Rule is simple. That’s part of its appeal. But real life rarely follows the neat assumptions built into the original model.

Here’s where the 4% Rule runs into trouble:

  • It assumes a fixed 30-year retirement. What if you retire early and live into your 90s?
  • It assumes steady market performance. What if you hit a bear market in the first few years?
  • It assumes predictable spending. What if you need to fund long-term care or help a family member unexpectedly?

Archie and Jimmy explain that while the rule is helpful for rough estimates, it ignores the fluid nature of real-life retirement planning. Retirees often need to spend more early in retirement before Social Security kicks in—or during high-spending years like early travel or home renovations.

Ask Yourself:

  • Is my retirement plan flexible enough to handle early market downturns?
  • Have I adjusted for taxes, healthcare, and changing income needs over time?
  • Am I prepared to draw more than 4% some years—and less in others?

A Better Approach: Dynamic Planning

Archie and Jimmy encourage listeners to treat the 4% Rule as a guideline, not gospel. Instead of a fixed rule, they recommend:

  • Creating spending guardrails that adjust for market performance
  • Using tax-efficient withdrawal sequencing based on account type and income
  • Coordinating Social Security timing with drawdown strategies
  • Re-evaluating the plan annually—not just once at retirement

Final Thought

The 4% Rule can be useful when you’re asking, “Do I have enough to retire?” But when you’re asking, “How do I make this money last through uncertainty?”—you need something more personal, more flexible, and more strategic.

Want a sustainable retirement income plan that evolves with your life?

Download the 4% Rule: A Starting Point, Not a Solution Worksheet and schedule a no-pressure consultation at www.hoxtonpm.com/schedule. Let’s build a plan that works in the real world.
Download the Worksheet
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 90: The 5 Retirement Risks You Can’t Afford to Ignore

When most people think about retirement planning, they focus on how much money to save, what to invest in, and when to claim Social Security. But in Episode 90 of Last Paycheck, Rob and Archie Hoxton remind us that what can go wrong is just as important as what can go right.

Even if you’ve saved diligently, retirement is full of risks that can derail your plan if left unchecked. In this episode, the Hoxtons break down five critical risks that retirees often underestimate—and offer practical steps to help you avoid common financial landmines.

1. Investment Risk: Playing It Too Safe Can Cost You

It’s tempting to go ultra-conservative with your investments once you stop working. After all, no one wants to see their nest egg drop 10% overnight. But as Archie and Rob explain, avoiding all market risk often means settling for returns that fail to keep up with inflation.

Over a 30-year retirement, that gap adds up. Staying in cash or low-yield CDs might feel safe now, but it can result in eroded purchasing power later. The key is to maintain a diversified portfolio that matches your time horizon and withdrawal needs, even in retirement.

“Very few people can afford the luxury of not taking investment risk,” says Rob. “Inflation wins in the long run if you’re not growing your money.”

2. Inflation: The Silent Wealth Killer

Even a modest 2–3% inflation rate can reduce your buying power by nearly half over a typical retirement span. And that’s before considering healthcare, which often rises at double the rate of general inflation.

Inflation isn’t just a number on a chart—it’s the real cost of your future lifestyle. The Hoxtons stress that your retirement plan needs to factor in rising prices for essentials like housing, food, and medical care.

3. Taxes and Medicare: The “Tax Torpedo” Surprise

If you think your tax burden will go down in retirement, think again. Depending on how your assets are structured, required minimum distributions (RMDs) from retirement accounts can suddenly push you into a higher tax bracket—triggering increased Medicare premiums and making Social Security benefits taxable.

Rob and Archie refer to this combination of unexpected costs as the “tax torpedo.” Without proper planning, your carefully saved money could disappear faster than you think. The good news? Thoughtful tax and withdrawal strategies can mitigate much of the damage.

“If you plan ahead, there’s a lot you can do to make that tax torpedo smaller,” Archie notes.

4. Longevity Risk: Will Your Money Last?

Planning to live until 85 might seem realistic, but what if you or your spouse lives into your 90s or even past 100? More people are reaching triple digits than ever before, and retirement could easily last 30 years or more.

“You don’t want to be the advisor calling someone on their 85th birthday to say, ‘This is the day you planned to run out of money,’” Rob jokes—but the risk is very real.

Rob and Archie recommend assuming a longer-than-expected life span in your financial projections. That means not just saving enough, but also managing your investments, spending, and tax exposure in a way that protects your long-term sustainability.

5. Lack of Planning: The Biggest Risk of All

Each of the previous four risks can be addressed with thoughtful planning—but too many retirees simply wing it. Whether it’s skipping a withdrawal strategy, failing to consolidate accounts, or never running the numbers with a professional, small mistakes can snowball into major problems.

A comprehensive financial plan doesn’t eliminate risk—but it gives you tools and strategies to stay one step ahead.

Final Takeaway

Retirement isn’t just about income—it’s about resilience. By recognizing these risks and proactively planning for them, you can make your money last and your retirement thrive.

Want a clear path forward?

Archie and Rob are offering a free Pre-Retirement Checklist to help you get ahead of these challenges.
Download the Checklist
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 89: How to Stay Smart and Steady During Market Volatility

Feeling anxious about the market? You’re not alone. When headlines flash red and portfolios dip, even seasoned investors can start to second-guess their strategy.

In Episode 89 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton offer perspective—and a plan—for staying confident and grounded during times of market uncertainty. Their message is clear: volatility is normal. Panic is optional.

Why Is the Market So Volatile Right Now?

Market swings are driven by both economics and emotion. Rob and Archie explain the current climate in terms of:

  • Inflation uncertainty: While inflation has cooled somewhat, it continues to influence interest rate expectations.
  • Employment and growth data: Mixed signals from the labor market can spook investors and fuel speculation.
  • Federal Reserve policies: Rate decisions ripple through the economy and directly impact portfolio performance.
  • Geopolitical instability: From global conflict to U.S. elections, political news adds another layer of unpredictability.

But beneath the surface, the real issue is often investor behavior. Fear, herd mentality, and media overload create pressure to “do something”—even when staying put is the better move.

What Should Smart Investors Do During Market Volatility?

Rob and Archie offer practical, tested advice for weathering market storms without overreacting:

  • Stay invested. History shows that long-term investors are rewarded. Trying to time the market often results in missing the best recovery days.
  • Rebalance regularly. Market movements can throw off your asset allocation. Rebalancing helps you manage risk and stay aligned with your goals.
  • Keep 12 to 18 months of cash available for short-term needs. That way, you won’t be forced to sell investments during a downturn.
  • Stick with your plan. Your strategy was built to handle good years and bad ones. Reacting emotionally mid-cycle can cause more harm than good. 

What Should You Avoid?

Emotional reactions can derail even the most carefully built portfolio. Here’s what to steer clear of:

  • Panic selling. Locking in losses by moving to cash guarantees you miss the recovery.
  • Chasing predictions. No one—no matter how confident—can consistently time the market.
  • Overcorrecting. Making dramatic shifts based on fear instead of data can throw off your long-term goals.

Ask Yourself:

  • Do I have enough liquidity to avoid selling in a downturn?
  • Is my current risk level still aligned with my retirement timeline?
  • Am I making decisions based on headlines—or on a solid, forward-looking plan?

Final Thought

Volatility is not new. It’s not rare. And it’s not something to fear. With the right structure, discipline, and support, you can keep moving forward—even when the market takes a few steps back.

Ready to build a portfolio that can weather market storms?

Download our Investor Readiness Worksheet or schedule a no-pressure consultation at www.hoxtonpm.com/schedule. Let’s help you move from worry to wisdom.
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Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 88: Are You Really Ready to Retire? Use This Checklist to Find Out

You’ve saved. You’ve planned. Maybe you’ve even circled your retirement date on the calendar. But before you walk away from your last paycheck, ask yourself: Are you really ready to retire?

In Episode 88 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton revisit their comprehensive pre-retirement checklist—helping you assess not just whether you can retire, but whether you’ll retire well.

Retirement isn’t just a date. It’s a full transition—financially, emotionally, and logistically. This episode breaks down the key actions to take in the final stretch to make sure you’re truly prepared.

Key Milestones to Watch

Certain birthdays trigger important financial rules, benefits, and penalties. Are these on your radar?

  • 59½: You can withdraw from retirement accounts without the 10% early withdrawal penalty.
  • 62: You’re eligible to begin Social Security—but your benefits will be permanently reduced.
  • 65: Time to enroll in Medicare. Miss it, and you may face lifetime penalties.
  • 73 to 75: Your Required Minimum Distributions (RMDs) begin, depending on your birth year.

Each of these age-based triggers carries planning implications for income, taxes, and healthcare. Ignore them, and you could leave money—or protection—on the table.

Test Drive Your Retirement Budget

One of the biggest risks in retirement? Spending more than you think.

Rob and Archie encourage listeners to do a “budget test drive” before their final paycheck. That means living off your projected retirement income for several months. Track every dollar. Account for:

  • Property taxes
  • Insurance premiums
  • Home maintenance
  • Travel, hobbies, and holiday spending

This exercise will show whether your retirement income is truly sustainable—or if adjustments are needed.

Reevaluate Your Investment Risk

Your portfolio doesn’t retire just because you do. But your risk tolerance might change. Too conservative, and you risk falling behind inflation. Too aggressive, and a market drop could derail your withdrawals.

Rob and Archie recommend reviewing:

  • Your current allocation
  • Time horizon for each pool of money
  • Whether you need to implement a retirement “glide path” that gradually reduces volatility

Final Tune-Ups Before You Retire

As you count down to your final paycheck, don’t overlook the details:

  • Cancel unused subscriptions and recurring charges
  • Evaluate long-term care insurance options
  • Pay off high-interest debt
  • Strategize your Social Security claiming plan for maximum lifetime benefit

Ask Yourself:

  • Have I accounted for healthcare costs and Medicare gaps?
  • What happens if my spouse outlives me by 10 to 15 years?
  • Do I have a strategy for drawing from different account types (IRA, Roth, brokerage)?
  • Is my plan stress-tested for inflation or market volatility?

Final Thought

Retirement is not just about having enough money. It’s about having the clarity, confidence, and control to enjoy your next chapter on your terms. With a thoughtful checklist and the right guide, you can retire not just comfortably—but powerfully.

Get the full Pre-Retirement Checklist—free.

Or schedule a conversation with our team at www.hoxtonpm.com/schedule to personalize your path forward.
Download the Checklist
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 87: 5 Years From Retirement? Here’s Your Must-Do Checklist

Are you five years out from retirement? If so, you’re in one of the most critical financial windows of your life. What you do—or don’t do—during this period can have a massive impact on your retirement lifestyle, income security, and peace of mind.

In Episode 87 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® professionals Rob and Archie Hoxton lay out a step-by-step checklist designed for people entering the final stretch of their working years. Whether you’re feeling confident or overwhelmed, this episode is packed with practical moves that make a difference.

Why Five Years Out Matters

It may seem like there’s still plenty of time—but five years is the perfect moment to tighten your plan, fix any gaps, and start rehearsing your future lifestyle. At this stage, you still have flexibility. But that flexibility will begin to close as you approach your last paycheck.

Here are the must-dos.

1. Understand Critical Ages

You’ll want to be ready for the following key milestones:

  • Age 50: Eligible for catch-up contributions to retirement accounts.
  • Age 59½: You can begin withdrawing from retirement accounts without penalty.
  • Age 62: Earliest possible age to claim Social Security (with reduced benefits).
  • Age 65: Medicare enrollment begins—miss it and you may pay lifelong penalties.
  • Age 73–75: Required Minimum Distributions (RMDs) begin depending on your birth year.

These dates matter for taxes, income, healthcare, and how long your money will last. Make sure your strategy reflects them.

2. Audit Your Spending

This is one of the most overlooked parts of retirement readiness. Most people underestimate their expenses, especially for discretionary items like travel, home improvements, gifts, or hobbies.

Rob and Archie recommend:

  • Reviewing 12 months of spending
  • Categorizing expenses into needs, wants, and obligations
  • Looking for subscription creep or lifestyle inflation
  • Building a realistic retirement budget based on actual behavior—not idealized versions of it

3. Visualize Retirement

Retirement isn’t just about leaving your job—it’s about what you’ll do next. Ask yourself:

  • What will your daily routine look like?
  • Will you travel, volunteer, start a business, or take care of family?
  • Where will you live—and will that change?

Defining these answers now helps you align your financial plan with your lifestyle plan.

4. Business Owners: Begin Succession Planning Now

If you own a business, Rob and Archie stress that exiting takes longer than you think. You’ll need time to:

  • Value your business
  • Groom a successor or explore buyers
  • Create a tax-efficient sale structure
  • Plan your income strategy post-exit

Starting this five years out gives you breathing room and negotiating power.

5. Prepare for the Unexpected

Life happens—even to the best-planned retirements. Rob and Archie urge listeners to prepare for:

  • Long-term care expenses
  • Market corrections just before or after retirement
  • Health challenges that affect timing
  • Family needs like helping aging parents or adult children

Having an emergency buffer and flexible spending strategy can help you adapt without panicking.

Final Thought

Five years may feel like the home stretch—but it’s also your best opportunity to fine-tune your plan and lock in confidence. Think of this checklist as your financial pre-flight routine. You want to know that everything’s working before you take off.

Want to go deeper?

Get the full Pre-Retirement Checklist—free. Or schedule a one-on-one planning session with our team at www.hoxtonpm.com/schedule to make sure you’re ready for what’s next.
Download the Checklist
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 86: Barriers to Wealth – 6 Common Mistakes That Undermine Your Financial Future

You’re working hard, saving consistently, and trying to make smart choices. But if building wealth still feels like an uphill battle, it’s worth asking: What’s getting in your way?

In Episode 86 of the Last Paycheck podcast, CERTIFIED FINANCIAL PLANNER® Archie Hoxton and advisor Jimmy Sutch explore the hidden habits and overlooked decisions that quietly erode financial progress. These barriers don’t always make headlines—but they can have a massive impact on your long-term financial security.

If you want to accelerate your wealth-building path, the first step is identifying what’s holding you back.

1. Bad Debt Decisions

Not all debt is created equal. A low-interest mortgage can be a smart tool. But high-interest consumer debt—especially car loans and credit cards—can drain your savings potential.

Jimmy shares the example of a $740 monthly car payment. Over 15 to 20 years, that expense could translate to hundreds of thousands in lost retirement savings if invested instead.

2. Lifestyle Inflation

Earning more shouldn’t automatically mean spending more. But for many families, income increases are quickly matched—or exceeded—by lifestyle upgrades: a bigger house, fancier cars, private schools, or luxury vacations.

The result? No matter how much you earn, you feel like you’re just getting by.

Archie and Jimmy recommend being intentional about upgrades. Are they supporting your long-term goals—or just feeding short-term gratification?

3. Divorce

Divorce is both emotionally and financially disruptive. It often cuts retirement savings in half, reduces long-term security, and triggers expensive legal fees.

While it’s not always avoidable, couples nearing or in retirement should prioritize proactive planning, open communication, and clear documentation—especially when dealing with blended families or separate assets.

4. Emotional Investing

Fear and greed are the two biggest threats to long-term investment success. Panic selling during downturns or chasing “hot” stocks rarely ends well.

Archie emphasizes that staying invested is often more important than picking the perfect investment. A disciplined strategy—aligned with your goals and risk tolerance—is your best defense against emotional decision-making.

5. Hoarding Cash

Holding too much money in low-interest accounts might feel safe—but it’s a hidden risk. Inflation erodes purchasing power over time, and uninvested cash often misses the compounding opportunity of long-term markets.

Keep enough for emergencies and short-term needs, but make sure your savings are working for you—not just sitting idle.

6. Poor Tax Strategy

Taxes are your single largest lifetime expense—and most people pay more than they need to.

Jimmy and Archie point out that strategic tax planning—from Roth conversions and account withdrawals to donation timing and Social Security strategies—can save six figures over the course of retirement. But you have to plan ahead.

Ask Yourself:

  • Do I know my biggest financial blind spot?
  • Am I tracking lifestyle changes or just letting them happen?
  • Is my investment plan driven by goals—or by headlines?
  • Have I optimized my tax strategy over the next 10 to 20 years?

Final Thought

Wealth isn’t just about what you earn. It’s about how you manage, protect, and grow what you already have. Eliminating these common barriers won’t just increase your net worth—it will boost your confidence in the process.

Which of these barriers are affecting you?

Download our free Barriers to Wealth Self-Audit and start making smarter decisions today. Or schedule a consultation at www.hoxtonpm.com/schedule to talk through your personalized roadmap.
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Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

Episode 85: Tired of Tax Season Chaos? Here’s How to Prepare Like a Pro

In Episode 85 of Last Paycheck, Rob and Archie Hoxton lay out a plan to make tax time easier and more strategic.

1. Decide Who’s Doing What

  • Book a CPA early
  • Block time for DIY filing
  • Gather your documents in advance

2. Get Organized

  • Account statements
  • Tax forms (1099s, W-2s)
  • Life event documentation

3. Don’t Skip the Review

You are legally responsible for what’s filed. Review every line.

4. Strategy > Scramble

Tax planning starts in November, not March. Make Roth contributions, harvest losses, and give charitably before year-end.

Make tax time smoother with our Tax Prep Organizer Kit.

Download the Kit
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.