Money Made Simple with Oakwood Wealth Partners

Some of the most important financial conversations are also the hardest ones to have.In this episode of Money Made Simple, Mike and Nick Lockwood step into a reality many families face but few feel prepared for. What happens when a spouse passes away or a marriage ends, and one person is suddenly left to navigate a financial life they were never fully involved in?Drawing from personal experience and years of working with widows, widowers, and individuals going through divorce, Mike and Nick walk through both the emotional and financial sides of becoming suddenly single. This is not just about accounts and documents. It is about grief, uncertainty, and the overwhelming question most people ask in that moment. What do I do now?The conversation focuses on helping listeners slow things down and take the next right step. From understanding what you have, to identifying what needs immediate attention, to thinking through income changes and long-term stability, the episode provides a framework for navigating an incredibly difficult transition. It also highlights the importance of preparation for those who are still married, encouraging couples to communicate, stay involved, and ensure both partners understand the full financial picture.At its core, this episode is about more than planning. It is about protecting the people you love, reducing confusion in moments of crisis, and making sure no one is left to figure everything out alone.Chapters:0:00 - Introduction3:10 - This is personal for us6:10 - What a financial leader is doing regularly15:15 - You've lost your spouse. Where to start? 18:40 - What do I even have? 21:10 - What do I need to do right now? 27:06 - What changes and what stays the same? 32:56 - Lean on the support of your wealth manager36:25 - Get your copy of Decision Decade37:50 - Closing remarks

The economic story right now can feel confusing. One month the headlines warn about a recession. The next month strong job numbers suggest the opposite. At the same time, interest rates remain elevated, the U.S. dollar has begun to weaken, and investors are trying to figure out how emerging technologies like artificial intelligence might shape the future.In this episode of Money Made Simple, Mike and Nick Lockwood sit down with Dominic Pappalardo, Chief Multi-Asset Strategist at Morningstar Wealth, to bring clarity to the conversation. Together they break down what the current economic environment actually looks like beneath the headlines and what investors should truly be paying attention to. The discussion explores how interest rates may evolve, why the dollar’s movement matters even for investors who never leave the United States, and whether international markets may finally be positioned for a stronger run.The conversation also takes a closer look at artificial intelligence and its impact on both markets and the workforce. Is the excitement around AI justified? Where might the real opportunities exist beyond the largest technology companies? And how should investors think about a future where technology could reshape entire industries?For investors who feel like the economy they see on television does not match the one they experience in their daily lives, this episode aims to provide perspective. Markets change, economic cycles evolve, and new technologies emerge, but understanding the bigger picture can help investors stay focused on what truly matters for their long term financial plans.Chapters:0:00 - Introduction2:14 - Dom's background in investment management7:50 - Does this really impact you?16:05 - Savers vs. spenders with interest rates23:11 - Building out investment portfolios31:39 - AI's impact on investment management36:01 - Focusing on the long-term vision38:45 - Closing remarks

Everyone has heard of a ROTH IRA. Most people have been told they should have one. Very few people truly understand how it fits into their financial life.In this episode of Money Made Simple, Nick and Mike unpack the bigger picture behind ROTH strategies and why they have become such a central part of retirement conversations. This is not just about checking a box or following generic advice. It is about understanding how taxes, timing, and long-term goals intersect. The conversation explores how different ROTH options can create flexibility, reduce future tax pressure, and potentially reshape the way wealth is transferred to the next generation.At its core, this episode challenges listeners to think beyond “Do I need a ROTH?” and instead ask better questions. What might my tax world look like later? How do today’s decisions affect my retirement income? How do I position my assets wisely for my family? As with most financial strategies, the answer is not automatic. It depends on your situation. But when used intentionally, a ROTH can be more than just a retirement account. It can be a powerful planning tool.Chapters:0:00 - Introduction1:43 - The history behind ROTH5:30 - Pre-tax vs. ROTH contributions10:15 - Breakdown on ROTH 401k and 403b plans16:18 - What is a ROTH Conversion?25:00 - Leveraging unused 529 money for ROTH IRA26:20 - Nick's strategic approach to pre-tax vs. ROTH29:40 - Mike's approach to pre-tax vs. ROTH36:15 - ROTH creates flexibility in planning49:45 - Your free copy of Decision Decade40:30 - Closing remarks

In this episode of Money Made Simple, Mike and Nick Lockwood explore a reality they see every day while working with employer groups. While retirement plans are often the starting point, the financial questions employees bring to the table go far beyond plan enrollment and contribution limits.From the employer perspective, Mike shares what consistently shows up in conversations with leadership teams. There is a growing lack of financial literacy, uncertainty around who employees should turn to for guidance, and a desire to support teams without always knowing how. Retirement plans are important, but they are only one part of a much bigger financial picture.From the employee side, the questions come fast and often feel overwhelming. How much should I contribute. Should I choose pre tax or Roth. How do I balance saving for retirement while trying to buy a home or support my family. Beyond the basics, deeper planning questions surface around trusts, Social Security timing, pension decisions, insurance needs, and ultimately the question everyone asks at some point. When can I retire.Throughout the conversation, Mike and Nick emphasize a core truth in financial planning. The answer to most of these questions is, it depends. Context matters. Education matters. And having a trusted team to help connect the dots makes all the difference.Chapters:0:00 - Introduction4:02 - What's creating stress among employees? 10:22 - Large employers struggle to properly educate14:34 - "Americans are confident in retirement, but scared of daily finance"19:35 - Goal-setting and aligning your financial plan24:53 - When can I retire? 31:01 - The opportunity that exists for employers35:22 - Sharing a client story37:12 - Closing remarks

In this episode of Money Made Simple, Mike and Nick Lockwood tackle one of the most common—and most damaging—challenges people face with their finances: confusion. When there’s no clear direction or understanding, progress stalls. Confusion leads to inaction, inaction leads to messy outcomes, and before long, people lose focus on what truly matters for their families and their future.The conversation explores why so many individuals feel overwhelmed by financial decisions and why having a coach or teacher is often the missing piece. Mike and Nick discuss how poor experiences—such as being sold products that weren’t fully explained or receiving advice that felt overly complex—can create frustration, distrust, and long-term paralysis. They also address a common refrain they hear from clients: “I don’t understand my advisor.” When conversations move too fast or focus only on investments instead of goals, clarity is lost.A central theme of the episode is the power of simplicity. While comprehensive financial plans are important, they’re only effective if people can follow through. Mike explains why Oakwood emphasizes breaking plans down into clear, digestible action steps—because a simple plan that gets executed is far more valuable than a complex one that sits on a shelf.Chapters:0:00 - Introduction1:06 - What keeps you up at night? 8:24 - Making sense of your data and developing a plan14:42 - Inaction typically stems from a lack of a coach19:35 - "I can't understand my financial advisor"25:58 - First steps you can take towards financial clarity29:27 - Have key financial discussions with your spouse33:00 - Closing remarks

In the premiere episode of Money Made Simple with Oakwood Wealth Partners, Mike Lockwood, CFP®, CRPC® takes listeners back to where it all began. Before Oakwood Wealth Partners became a trusted name in financial planning, it started with a personal journey shaped by early experiences, unexpected lessons, and a growing passion for helping people find clarity in their financial lives.Mike shares the defining moments that influenced his approach to client service, from his first exposure to the world of financial planning to the values that ultimately guided him toward launching the firm. Joined by his son and co-host, Nick Lockwood, CRPC®, the conversation offers an intimate look at the philosophy and purpose that still drive Oakwood today.This episode sets the foundation for the entire series—highlighting why education, organization, and real human connection play such central roles in the work Mike and Nick do every day. If you’ve ever wondered what shaped the firm behind the microphone, or why its advisors are so passionate about simplifying the complex, this origin story provides the perfect starting point.Start here, and get to know the heart behind Money Made Simple.Chapters:0:00 - Introduction1:34 - Mike Lockwood's humble beginnings8:08 - Pivotal family relationships 15:09 - The start of Mike's career in 198721:38 - Nick Lockwood joining Oakwood Wealth Partners27:06 - Mike's top priorities for his clients and the firm31:50 - The financial literacy challenge that exists today32:40 - Closing remarks