Young Investing – Page 4 – Wealth on the Move

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
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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

Connect with Will Hoffman:

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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