CayDen Wealth Management, Our Purpose & Mission

Welcome to CayDen Wealth Management, a Financial Planning, Tax, and Investment company that stands as your trusted partner in achieving financial success. We specialize in providing virtual, comprehensive wealth management services tailored for high-performing professionals and their families.

At CayDen, we understand that life is dynamic, and so should be your financial planning. Our mission is to help you and your family confidently plan, save, and invest to reach your financial goals, build wealth, and realize your own version of financial freedom."

Your financial journey is unique, and that's why at CayDen Wealth Management, we become your strategic partner. We act as the CFO to you being the CEO of your household. You provide the goals, and we provide you with the data, insights, and advice needed to make confident financial decisions.

Our passion for helping clients and their families succeed drives every decision we make. The CayDen team is dedicated to lifelong education and staying ahead of the curve, ensuring that your wealth is managed with precision and foresight.

Experience the difference with CayDen Wealth Management. Your journey to financial freedom begins here. Contact us today, and let's plan, save, and invest for financial success together. Schedule your zoom-video intro meeting and Free Financial Review by following this link: https://calendly.com/caydenwealthmanagement/introductory-call?month=2024-06 About the CayDen advisors:

Daniel Caycedo is the Investment & Tax Strategist, as well as a Wealth Management Advisor for CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Daniel works out of CayDen Wealth Management's Charlotte office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services. Shane Dennehy is a CERTIFIED FINANCIAL PLANNER™ professional, as well as the President and Sr. Wealth Management Advisor at CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Shane works out of CayDen Wealth Management's Broomfield office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services.

CayDen's 5 Point Guide To Creating A Realistic Budget

Here at CayDen Wealth Management, we emphasize the fact that creating a budget is one of the most crucial steps toward achieving financial stability and reaching your financial goals. Whether you're saving for a big purchase, trying to pay off debt, building long term wealth, or simply want to manage your money more effectively, a well-thought-out budget can be your roadmap to financial success. Here are five of CayDen's essential tips to help you create and maintain a realistic budget.

1. Be Realistic with Spending Behavior

One of the biggest mistakes we see people make when creating a budget is being overly optimistic about their spending habits. It's important to be honest with yourself about where your money goes each month. Start by tracking your expenses for a few months to get a clear picture of your spending patterns. This will help you understand your true financial behavior and identify areas where you might need to cut back. CayDen's Sr. Financial Planner, Shane Dennehy, CFP®, ChFC®, says, "Awareness is key for success. Tracking spending brings awareness to where your money is coming from, and more importantly, where it is going to. Once you have awareness of your cash flow you can determine if that money is being spent and saved the way you want."

For example, if you enjoy dining out, don't set an unrealistically low budget for meals and entertainment. Instead, allocate a reasonable amount that reflects your current lifestyle and look for gradual ways to reduce it if necessary. Being realistic about your spending will make your budget more sustainable and easier to stick to over the long run. Consistency is critical for long term success.

2. Budget for Miscellaneous and Unforeseen Expenses

Life is full of surprises, and not all of them are pleasant. That's why it's crucial to include a line item in your budget for miscellaneous and unforeseen expenses. This should be in addition to your emergency fund. And this can cover anything from a sudden car repair to an unexpected medical bill. A good rule of thumb is to set aside around 5-10% of your monthly income for these expenses.

By planning for the unexpected, you can avoid financial stress and prevent these surprises from derailing your budget. It’s also wise to build an emergency fund over time, if you don't already have one, which can serve as a more established buffer for larger unexpected expenses.

3. Being Successful with a Budget Takes Practice. Consistency is Key.

Creating a budget is just the first step; the real challenge is sticking to it. Like any new habit, budgeting takes practice and persistence. Don’t be discouraged if you slip up or overspend in certain categories. The key is to learn from these experiences and make adjustments as needed. Consistency over time creates long term results.

Consider using budgeting tools or apps that can help you stay on track. These tools can provide reminders, track your spending in real-time, and offer insights into your financial habits. Remember, becoming proficient at budgeting is a journey, not a destination. With time and practice, you’ll get better at managing your money.

4. Track Your Progress and Make Changes

Regularly tracking your progress is essential to ensure your budget is working for you. Set aside time each week or month to review your spending and compare it to your budget. This will help you see where you’re doing well and where you might need to make adjustments.

If you notice that you consistently overspend in certain categories, don’t be afraid to adjust your budget. Perhaps you need to allocate more funds to groceries or transportation. The goal is to create a flexible budget that adapts to your changing needs and circumstances.

Additionally, celebrate your successes, no matter how small. If you manage to save money or stick to your budget for a month, reward yourself in a way that doesn’t compromise your financial goals. Positive reinforcement can motivate you to continue your good habits.

Conclusion

Creating and maintaining a budget is a powerful tool for achieving financial well-being and your own version of financial freedom. By being realistic about your spending behavior, budgeting for miscellaneous and unforeseen expenses, practicing your budgeting skills, and regularly tracking your progress, you can take control of your finances and work toward your financial goals. Remember, a successful budget is one that you can stick to and adapt over time. With persistence and flexibility, you can master the art of budgeting and enjoy the peace of mind that comes with financial stability. Consistency creates lasting results.

About the author: Daniel Caycedo is the Investment & Tax Strategist, as well as a Wealth Management Advisor for CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Daniel works out of CayDen Wealth Management's Charlotte office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services.

3 Big Tax Minimization Strategies for 2024, with IRS Updated Figures

Happy New Year, Savers and Investors! With 2024 upon us, now is a great time to start your new year financial planning because the IRS has released their updated and inflation adjusted numbers for the new Tax Year. So let’s dive into the top 3 tax minimization planning opportunities for you in 2024, so you can pay less in taxes, save more of your income, and build your wealth!

Three Big Financial Planning Updates:

1. The IRS provided a $500 increase to the 401k maximum contribution limit! Now you can save up to $23,000 total, or a maximum of 25% of your income, for people under the age of 50.

2. The IRS also has provided A 7% increase to the HSA maximum contribution limit! Which is now $4,150 for individuals, and $8,300 for family coverage.

3. And lastly, the IRS has increased the Standard Deduction by $1,500. Now you will get a Standard Deduction of up to $14,600 for single filers and $29,200 for joint filers.

Bonus Tax Saving Tip: Combining the max HSA contribution, max 401k contribution, and full Standard Deduction means you could reduce your taxable income as an individual by $41,750, and a couple married filing jointly can reduce income by $83,500. That’s powerful tax savings that benefit you both presently and in the future.

So the ball is in your court! The IRS has made the updates and now it’s time for you to take action. Proactive planning can mean saving hundreds to thousands of dollars, every year, on your taxes. So plan proactively to pay the government less in taxes, keep more of your cash flow, and save and invest to build your wealth and reach your own version of financial freedom.

About the author: Daniel Caycedo is an Investment & Tax Strategist and Wealth Management Advisor for CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Daniel works out of CayDen Wealth Management's Charlotte office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services.