E49: What makes RIta Lakes with HJP Lakes Financial Solutions a good neighbor?
E49: What makes RIta Lakes with HJP Lakes Financial Solutions a good neighbor?
Financial literacy isn't just for the wealthy—it's a crucial skill for everyone. This was the powerful message conveyed by Rita Lakes, founder of HJP Lakes Financial Solutions, during her recent appearance on The Good Neighbor Podcast. With over two decades of experience in financial services, Rita has transformed her practice from basic accounting and tax preparation into a comprehensive financial planning powerhouse that helps clients protect their income, grow their wealth, and retire with confidence.
What makes Rita's approach unique is her personal journey through financial hardship. Despite working in finance for years, she found herself financially illiterate when it came to creating wealth for herself. "I was great at taxes, but I didn't understand how to create wealth, how to protect my income, and how to plan for retirement," she candidly shared. This painful realization became her turning point—she invested in her own financial education, studied income strategies, long-term care, tax-free retirement options, and wealth-building techniques. Today, that lived experience has become her greatest strength in helping clients who face similar challenges.
One of the most eye-opening segments of the conversation addressed common misconceptions about financial planning. Rita dispelled the myth that financial advisors are only necessary for the already wealthy. She compared this misconception to "calling a fitness trainer after you've already lost weight"—the guidance is most valuable during the journey of building wealth, not after you've accumulated it. Another dangerous misconception she highlighted is the separation between tax planning and retirement planning. Many people file taxes annually without considering how those taxes will affect their future retirement income. When retirees start taking required minimum distributions (RMDs) and collecting Social Security, unexpected tax burdens can significantly shrink their income if proper planning hasn't occurred.
The complexity of Social Security benefits was perhaps the most surprising revelation. According to Rita, there are over 2,700 rules governing Social Security benefits. Without personalized guidance, individuals might inadvertently leave tens or even hundreds of thousands of dollars unclaimed. This highlights the importance of working with a knowledgeable financial advisor who can navigate these complexities. Rita's expertise extends beyond just understanding these rules—she holds certifications in long-term care, is a registered Social Security analyst, and a certified financial educator, allowing her to provide comprehensive guidance across multiple aspects of financial planning.
HJP Lakes Financial Solutions serves clients across all life stages, from parents with newborns to 85-year-old retirees. The firm's holistic approach emphasizes education and empowerment, creating a safe environment where clients can ask questions, get answers, and take action with confidence. As Rita eloquently stated, "We don't just want to do your taxes—we help build your future." This philosophy underscores everything her firm does, from navigating Social Security questions to protecting assets from long-term care costs and building tax-efficient retirement income strategies.
To learn more about HJP Lakes Financial Solutions go to:
HJP Lakes Financial Solutions
(404) 667-6946
