Financial Advisor – Page 2 – Wealth on the Move

Money Matters: Before Marriage (Episode 10)

By Wealth on the Move | January 23, 2025

Summary: In this episode of Wealth on the Move, hosts Will Hoffman and Brynn Tarbuck discuss the critical financial conversations that couples should have before marriage. They explore the importance of transparency about money, the legal implications of marriage, and the necessity of protecting assets through prenuptial agreements and wills. The episode emphasizes the need for life insurance and regular updates to financial documents to ensure that couples are prepared for any eventuality, ultimately aiming to prevent financial issues from jeopardizing their marriage.

Resources:

Takeaways:

Having open conversations about money is essential before marriage.
Understanding financial backgrounds can prevent future conflicts.
A financial inventory should include assets, liabilities, and credit scores.
Setting joint financial goals is crucial for a successful marriage.
Merging some financial accounts can foster transparency and trust.
Prenuptial agreements can protect individual assets and generational wealth.
Legal advice is important for estate planning and asset protection.
Regularly updating wills and beneficiaries is vital after marriage.
Life insurance is a key component of financial planning for couples.
Financial planning should be a collaborative effort between partners.

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Navigating Estate Planning with Ashley Sharek (Episode 9)

By Wealth on the Move | January 16, 2025

Summary: In this episode of Wealth on the Move, host Will Hoffman interviews estate attorney Ashley Sharek, who discusses her innovative approach to estate planning. Ashley emphasizes the importance of follow-through in legal processes, the significance of comprehensive planning, and the unique challenges faced by families, especially those with minor children. The conversation also covers the complexities of domicile issues for snowbirds and the probate process, providing valuable insights for listeners seeking to navigate estate planning effectively. In this conversation, Ashley Sharek and Will Hoffman delve into the complexities of estate planning, focusing on the probate process and the advantages of utilizing trusts. They discuss the public nature of probate, the costs associated with it, and the importance of planning ahead to avoid potential pitfalls. The conversation also highlights the significance of community engagement through educational events that aim to demystify estate planning for the public.

Resources:

Takeaways:

Ashley Sharek emphasizes a heart-centered approach to estate planning.
Many law firms focus on transactional experiences rather than comprehensive planning.
Domicile determines where a person is considered a resident for legal purposes.
Probate can be avoided with proper planning, not just a will.
Flat fee structures can alleviate concerns about unexpected legal costs.
Follow-through is crucial for effective estate planning.
Families with minor children need a kids protection plan.
Medical directives and financial powers of attorney are essential documents.
Education is a key part of Ashley’s process with clients.
Regular reviews of estate plans are necessary to ensure they remain effective. A will only provides a roadmap for asset distribution through probate.
Probate can be a lengthy and costly process, often taking one to two years.
Many people have negative experiences with probate, leading them to seek alternatives.
Revocable trusts can help avoid probate and provide privacy for families.
Irrevocable trusts serve specific purposes, such as protecting assets from nursing home costs.
The costs of probate can range from 5% to 7% of the estate’s value.
Community events can provide valuable education on estate planning.
Planning for the future is essential, even if it seems unexciting.
Understanding the differences between revocable and irrevocable trusts is crucial.
It’s important to seek professional advice when considering estate planning options.

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The Critical Role of Tax Planning in Financial Success (Episode 8)

By Wealth on the Move | January 9, 2025

Summary: In this episode of Wealth on the Move, hosts Will Hoffman and Brynn Tarbuck delve into the critical topic of tax planning and its significant impact on wealth management. They discuss the difference between tax planning and tax preparation, emphasizing the importance of proactive strategies to optimize tax situations over time. The conversation highlights the necessity of starting tax planning early, the need for a shift in mindset regarding tax preparation, and the value of working with specialists in the field. The hosts provide insights on how to approach tax planning tactically and strategically, ensuring that listeners understand the long-term benefits of thoughtful financial decisions.

Resources:

12 Point Tax Review Check List

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Takeaways:

Tax planning is crucial for wealth management.
Proactive tax strategies can significantly impact financial outcomes.
Tax preparation is merely a historical record of past actions.
Understanding the difference between tax planning and preparation is essential.
Starting tax planning early can lead to better financial health.
Regular check-ins on tax situations are important for long-term success.
Shifting the narrative from compliance to strategy is key.
A tactical approach to tax planning can yield substantial savings.
Collaboration with specialists enhances tax planning effectiveness.
Long-term tax strategies can alleviate stress during retirement.

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Empowering the Next Generation with Financial Knowledge with Tim Smith from The Financial Dad (Episode 7)

By Wealth on the Move | January 2, 2025

Summary: In this episode of Wealth on the Move, host Will Hoffman interviews Tim Smith, the creator of The Financial Dad podcast. They discuss the importance of financial education for young adults, the gaps in current financial literacy, and the motivation behind creating a platform that simplifies complex financial concepts. Tim shares his experiences and insights on how to effectively communicate financial knowledge to those who may not have had exposure to it, particularly focusing on the needs of entrepreneurs and the younger generation. In this conversation, Tim and Will discuss the importance of financial education, particularly for young adults. They reflect on their own experiences with financial literacy, the role of family in learning about personal finance, and the challenges faced by new entrepreneurs. Tim shares insights on transitioning from a long career in financial services to new ventures, emphasizing gratitude and the pursuit of new challenges. The discussion also touches on the significance of honoring past experiences while looking forward to future opportunities.

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Takeaways:

Retirement is no longer defined by age but by personal choice.
Coaching helps individuals rediscover their purpose during transitions.
The Retirement Wheel assesses various life aspects beyond finance.
Legacy is about love and impact, not just financial wealth.
Many retirees experience a sense of loss and need support to find purpose.
Ageism affects perceptions of self-worth in retirement.
It’s essential to nurture relationships during retirement.
Fear of change can prevent individuals from pursuing their passions.
Self-reflection is crucial in understanding one’s journey.
Honoring endings can lead to new beginnings and growth.

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Redefining Retirement and Embracing Change with Suzanne Campi (Episode 6)

By Wealth on the Move | December 19, 2024

Summary: In this episode of Wealth On The Move, host Will Hoffman engages with retirement coach Suzanne Campi to explore the evolving concept of retirement. They discuss the importance of coaching through life transitions, the creation of the Retirement Wheel, and the significance of legacy and purpose beyond financial planning. Suzanne shares insights on navigating unexpected retirements, overcoming ageism, and the role of relationships in a fulfilling retirement. The conversation emphasizes the need for self-reflection and honoring endings as individuals transition into this new phase of life.

Resources:

Visit Suzanne’s website: Suzanne Campi Coaching
Wheel of Retirement by Suzanne Campi: Design your dream retirement – download the Wheel of Retirement worksheet and start mapping your new life balance!

Connect with Will Hoffman:

Connect with Suzanne Campi:

Takeaways:

Retirement is no longer defined by age but by personal choice.
Coaching helps individuals rediscover their purpose during transitions.
The Retirement Wheel assesses various life aspects beyond finance.
Legacy is about love and impact, not just financial wealth.
Many retirees experience a sense of loss and need support to find purpose.
Ageism affects perceptions of self-worth in retirement.
It’s essential to nurture relationships during retirement.
Fear of change can prevent individuals from pursuing their passions.
Self-reflection is crucial in understanding one’s journey.
Honoring endings can lead to new beginnings and growth.

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Your 2024 Last-Chance Financial Planning Checklist (Episode 5)

By Wealth on the Move | December 5, 2024

Summary: In this episode, hosts Will Hoffman and Brynn Tarbuck discuss essential year-end financial planning strategies. They emphasize the importance of consulting with a CPA, reviewing tax situations, and preparing for the upcoming year. The conversation also touches on investment strategies, insurance reviews, and considerations for young professionals entering the workforce. As the year comes to a close, they encourage listeners to reflect on their financial goals and make necessary adjustments to ensure a prosperous new year.

Takeaways:

Schedule a discussion with your CPA before year-end.
Review your income and tax situation as the year closes.
Max out retirement contributions if possible.
Consider Roth IRA conversions based on your income.
Revisit your investment goals and strategies regularly.
Ensure your insurance coverage is adequate and up-to-date.
Discuss any major life changes with your financial advisor.
Utilize year-end checklists to stay organized.
Engage in financial planning early in your career.
Reflect on your financial goals as the new year approaches.

Resources:

2024 Last-Chance Financial Planning Checklist
Contact Us Today!
Will’s Episode with Lizette Cloete, Caring for a loved one with dementia can be overwhelming, and financial planning often gets overlooked. Have you considered how to manage finances while providing care?Insights from Will Hoffman of https://www.hoffman-wealthmanagement.com/ emphasized the complexities involved in managing assets for loved ones and the transformative impact of estate planning, urging us to prioritize legal documentation such as powers of attorney to streamline decision-making processes.

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Navigating Money and Mindfulness with Michele Walter (Episode 4)

By Wealth on the Move | November 21, 2024

Summary: In this episode of Wealth on the Move, host Will Hoffman engages in a deep conversation with Michele Walter, certified professional coach, mindfulness meditation teacher, and owner of Life From the Summit. They explore the intersections of mindfulness, money management, and the unique challenges faced by Generation X. They discuss the importance of emotional awareness in financial decisions, the impact of societal pressures on spending habits, and the significance of navigating life transitions with consciousness. Michelle shares her personal journey from law to coaching, emphasizing the need for individuals to connect with their feelings and values to make wise financial choices. The conversation highlights the concept of ‘not enoughness’ and how it can drive both ambition and irrational spending, ultimately encouraging listeners to embrace their full human experience.

Resources:

How Gen X Can Find Confidence, Courage, and Clarity Through Life Transitions by Michele Walter

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Connect with Michele Walter:

Takeaways:

Mindfulness is crucial in understanding our relationship with money.
Emotions play a significant role in financial decision-making.
Not enoughness is a common human experience that can drive behavior.
It’s important to validate feelings of inadequacy instead of dismissing them.
Financial decisions should honor personal values, not societal expectations.
Toxic positivity can hinder genuine emotional processing.
Life transitions often require a reevaluation of financial goals.
Envy can serve as a teacher, revealing what we truly desire.
Wise responses to financial stress can lead to better outcomes.
Understanding the root of our spending habits can help us make more conscious choices.

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Money Dysmorphia: When Wealth Perception Doesn’t Match Reality (Episode 3)

By Wealth on the Move | November 7, 2024

Summary: In this episode, hosts Will Hoffman and Brynn Tarbuck delve into the concept of money dysphoria, exploring how feelings and perceptions about money can lead to a profound sense of dissatisfaction. They discuss the impact of generational experiences, the role of social media in shaping financial perceptions, and the importance of creating a balanced financial plan. The conversation emphasizes the need for honest discussions about financial goals and the significance of having a plan in place to navigate financial uncertainties. Resources for mental health and financial advice are also shared to help listeners manage their financial well-being.

Takeaways:

Money dysphoria refers to a profound sense of dissatisfaction with one’s financial situation.
Lifestyle creep can lead to overspending and financial stress.
Younger generations are more concerned about financial stability due to past economic crises.
Social media can distort perceptions of wealth and success.
Having a financial plan is essential for peace of mind and financial independence.
It’s important to differentiate between needs and wants in financial planning.
Creating a budget helps in understanding cash flow and spending habits.
Regularly revisiting financial plans can help alleviate irrational fears about money.
Resources are available to support mental health in relation to financial concerns.
Balance in spending and saving is key to enjoying life while being financially responsible.

Resources:

Cash Flow Calculator: https://www.hoffman-wealthmanagement.com/resource-center/money/what-is-my-current-cash-flow
Mental Health & Money Advice: https://www.mentalhealthandmoneyadvice.org/en/

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Understanding Lifestyle Creep: How to Keep Your Spending in Check and Build Wealth (Episode 2)

By Wealth on the Move | October 24, 2024

Summary In this episode of Wealth on the Move, hosts Will Hoffman and Brynn Tarbuck discuss the concept of lifestyle creep, particularly how increased income can lead to increased spending. They emphasize the importance of financial planning, aligning spending with personal values, and preparing for potential financial setbacks. The conversation also covers strategies to combat lifestyle creep, the significance of insurance, and the necessity of making informed financial decisions. The hosts encourage listeners to take action against overspending and to plan for a financially secure retirement.

Takeaways

Lifestyle creep occurs when income increases lead to increased spending.
It’s important to enjoy your money while also saving for the future.
Financial independence requires a balance between spending and saving.
Understanding your values is crucial in financial decision-making.
Debt can become a significant issue if lifestyle spending is not controlled.
Having a financial plan helps in managing cash flow effectively.
Insurance should be updated to match your financial situation.
Acknowledging overspending is the first step to addressing it.
Long-term planning is essential for a secure retirement.
It’s never too late to start a financial plan.

Get your copy of “The Great Spending Balance” by clicking the link here: https://www.fmgwebsites.com/af1def90-2c76-4c9d-a296-95eeb9c6b878/the-great-spending-balance-love-your-life-today-whilelove-your-life-today-while-saving-for-tomorrow

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Welcome to Wealth on the Move- A Podcast with Will Hoffman on Keeping Your Wealth In Motion: Meet the Hosts

By Wealth on the Move | October 10, 2024

In the first ever episode of Wealth on the Move, hosts Will Hoffman and Brynn Tarbuck discuss the transition from Will’s previous podcast format to a new focus on wealth management for busy families and active retirees. They emphasize the importance of client-centric financial advice, the evolution of the wealth management industry, and the role of technology in enhancing client interactions. The conversation also touches on personal insights, future aspirations, and a light-hearted rapid-fire question segment that reveals more about the hosts’ personalities.

Takeaways

Wealth on the Move focuses on busy families and active retirees.
Client-centric wealth management is crucial for success.
The evolution of the wealth management industry has improved client outcomes.
Technology allows for more flexible client interactions.
Personal experiences shape the approach to wealth management.
Building relationships with clients is key to effective financial advice.
The podcast aims to simplify financial concepts for listeners.
Understanding clients’ goals is essential for effective planning.
The hosts share personal anecdotes to connect with the audience.
Continuous learning and adaptation are vital in the financial industry.

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