Tag: Estate Planning

Why Don’t Schools Teach Personal Finance? w/ author Cary Siegel (Ep. 51)

Why Don’t Schools Teach Personal Finance? w/ author Cary Siegel (Ep. 51)

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Summary: In this episode of Wealth on the Move, host Will Hoffman engages with Cary Siegel, author of ‘Why Didn’t They Teach Me This in School?’ They discuss the critical need for financial literacy in education, the importance of teaching children about money management, and practical strategies for parents to fill the gaps in their own financial knowledge. Cary shares insights from his book, emphasizing the value of getting rich slowly, avoiding the pitfalls of comparison, and the necessity of negotiation in everyday life. The conversation highlights the shift from traditional pensions to personal financial responsibility, urging listeners to take charge of their financial futures. In this conversation, Cary Siegel shares invaluable financial wisdom, emphasizing the importance of budgeting, living below one’s means, and making informed financial decisions at various life stages. He discusses practical steps for new graduates, young families, and those approaching retirement, while reflecting on his own experiences during the financial crisis. Cary also debunks common money myths and encourages listeners to invest time in understanding personal finance.

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Takeaways:

  • Financial literacy is lacking in schools.
  • Carrie Siegel wrote the book for his children.
  • Money management is crucial for all ages.
  • Parents should start teaching financial basics early.
  • Investing in a 401(k) is essential for future security.
  • Getting rich slowly is a sustainable approach.
  • Avoid comparing yourself to others financially.
  • Negotiation can lead to significant savings.
  • Understanding needs versus wants is vital.
  • Financial education should be a lifelong pursuit. Always have a budget and follow it.
  • Living below your means is crucial for financial stability.
  • Pay off your mortgage as quickly as possible for security.
  • New graduates should prioritize their IRA and loan repayments.
  • Enjoy life while making financial trade-offs.
  • Consider your children’s education costs early on.
  • Invest in the stock market for better returns over time.
  • Passive income is often not as passive as it seems.
  • Work hard and smart in your career for better opportunities.
  • Take time each week to learn about money management.

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Disclosure: Cary Siegel and Why Didn’t They Teach Me This In School are not affiliated with Hoffman Wealth Management or Private Advisor Group

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Why the Rich Get Richer: Inside the Hilton Family Office with Mark Hilton (Episode 50)

Why the Rich Get Richer: Inside the Hilton Family Office with Mark Hilton (Episode 50)

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Summary: In this episode of Wealth on the Move, host Will Hoffman speaks with Mark Miller, managing director of the Hilton Family Office, about the strategies and mindsets that have allowed the Hilton family to build and preserve their wealth across generations. They discuss the differences between retail and smart money investing, the importance of a long-term mindset, and the shift from traditional pension plans to 401(k)s. Mark shares insights on legacy planning, the significance of education for future generations, and how to structure investments for safety and growth. The conversation emphasizes the need for individuals to take responsibility for their financial futures and the value of understanding wealth management principles.

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Takeaways:

  • The smart money operates with a long-term mindset.
  • Investors should focus on safety and security over chasing returns.
  • Education is crucial for passing wealth to future generations.
  • The average baby boomer is retiring with insufficient savings.
  • Wealth building is a personal responsibility.
  • The Hilton family prioritizes safety in their investment strategies.
  • Long-term thinking can lead to better investment outcomes.
  • Investments should be structured to minimize downside risk.
  • Family education on wealth management is essential.
  • Time is a key factor in building and preserving wealth.

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Mark Miller and Hilton Tax & Wealth Advisors are not affiliated with Hoffman Wealth Management and Private Advisor Group.

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5 Outdated Financial Practices to Leave Behind in 2026 (Episode 49)

5 Outdated Financial Practices to Leave Behind in 2026 (Episode 49)

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Summary: In this episode of Wealth on the Move, hosts Will Hoffman and Brynn Tarbuck discuss five outdated practices in the wealth management industry that need to be left behind. They explore the ineffectiveness of dinner seminars, the rise of financial influencers, the misconceptions surrounding life insurance as an investment, and the importance of integrated financial advice. The conversation emphasizes the need for a client-centered approach and the dangers of siloed advice in financial planning. In this conversation, Will and Brynn discuss the importance of collaboration among financial professionals, the challenges of founder limitations in firms, and the need for a client-centric approach in the financial profession. They emphasize the significance of integrating various professional insights to provide comprehensive financial advice and the necessity of building firms that can thrive beyond their founders.

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Takeaways:

  • The wealth management industry needs to evolve and leave behind outdated practices.
  • Dinner seminars often create a forced quid pro quo that doesn’t serve clients’ best interests.
  • Financial influencers can provide valuable content, but their advice should be vetted for credibility.
  • Life insurance is a tool for protection, not primarily an investment vehicle.
  • Siloed advice from different financial professionals can lead to misaligned strategies and poor outcomes.
  • Education-based seminars are preferable to high-pressure sales tactics.
  • Clients should seek validation from licensed professionals before acting on financial advice.
  • Integrated financial planning requires collaboration among advisors, accountants, and attorneys.
  • Relying on social media for financial decisions can be risky without proper validation.
  • A comprehensive financial plan should include multiple strategies and tools, not just one product. It’s important to move accountants into advisory roles.
  • Collaboration among professionals leads to better client outcomes.
  • Financial advisors need to consider lifetime tax implications.
  • Siloed advice can harm clients’ financial plans.
  • Building relationships with other professionals is crucial.
  • Firms should focus on values to ensure growth.
  • A founder’s limitations can bottleneck a firm’s potential.
  • Legacy building is essential for sustainable business.
  • Client-centric approaches improve overall service.
  • Professionals should strive to be agents of change.

Connect with Will Hoffman: 

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Ben Carlson: Why “Buy and Hold” Still Wins (Even After a 30-Year Market Crash) (Episode 48)

Ben Carlson: Why “Buy and Hold” Still Wins (Even After a 30-Year Market Crash) (Episode 48)

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Summary: In this episode, Ben Carlson discusses long-term investing, the importance of diversification, managing investor psychology, and insights from his new book ‘Risk and Reward’. He shares lessons from Japan’s stock market history, debunks common investing myths, and emphasizes the value of simplicity and discipline in wealth management.

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Key  topics:

  • Long-term investing and buy-and-hold strategy
  • Lessons from Japan’s stock market history
  • The importance of diversification and avoiding concentration risk
  • Managing investor psychology and behavioral biases
  • Insights from Ben Carlson’s new book ‘Risk and Reward’

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Disclosure: Ben Carlson and Ritholtz Wealth Management are not affiliated with Hoffman Wealth Management and Private Advisor Group.
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Why There Is No Such Thing as the “Perfect” Portfolio with Cullen Roche (Episode 42)

Why There Is No Such Thing as the “Perfect” Portfolio with Cullen Roche (Episode 42)

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Summary: In this episode of Wealth on the Move, host Will Hoffman speaks with Cullen Roche, author of ‘Your Perfect Portfolio.’ They discuss Cullen’s background in financial advisory, the challenges of portfolio management, and the importance of creating a personalized investment strategy. Cullen emphasizes the pitfalls of performance chasing, the significance of diversification, and the behavioral aspects of investing. The conversation also touches on the difference between saving and investing, the need for realistic expectations, and the difficulties of consistently beating the market. Ultimately, they advocate for a sound financial plan tailored to individual needs rather than a one-size-fits-all approach. In this conversation, Cullen Roche discusses the complexities of financial planning, emphasizing that there is no one-size-fits-all approach to creating a perfect portfolio. He highlights the importance of adapting investment strategies over time, particularly as personal circumstances change, such as having children. The discussion also delves into the psychological aspects of investing, particularly how market losses can trigger emotional responses and the role of financial media in shaping investor behavior. Roche introduces the concept of time horizons in financial planning, advocating for a structured approach to asset allocation that considers both short-term and long-term needs.

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Takeaways:

  • Cullen Roche emphasizes the importance of a personalized portfolio.
  • Performance chasing can lead to poor investment decisions.
  • Diversification is crucial for managing risk in portfolios.
  • Investing should be viewed as a methodical planning process.
  • Understanding the difference between saving and investing is key.
  • Setting realistic expectations is vital for investors.
  • The challenge of beating the market is significant.
  • Behavioral finance plays a critical role in investment success.
  • A sound financial plan should guide investment strategies.
  • Good diversification means not all parts of the portfolio perform well at the same time. Your perfect portfolio is about navigating towards your goals.
  • There is no single recipe for financial success.
  • Money changes over time, and so should your strategy.
  • Your financial needs will evolve as life circumstances change.
  • Children introduce new financial considerations and time horizons.
  • Long-term planning requires adaptability and foresight.
  • Understanding risk is crucial for effective financial planning.
  • Market losses trigger emotional responses tied to future consumption.
  • Financial media often amplifies fear and uncertainty.
  • A structured approach to asset allocation can provide peace of mind.

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How to Teach Kids About Money (Financial Literacy, Allowance & Investing for Children) with Maya Corbic, CPA (Episode 39)

How to Teach Kids About Money (Financial Literacy, Allowance & Investing for Children) with Maya Corbic, CPA (Episode 39)

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Summary: In this episode of Wealth on the Move, host Will Hoffman and guest Maya Corbic discuss the critical importance of teaching financial literacy to children. They explore Maya’s journey as a first-generation immigrant and CPA, her insights on how to engage kids in financial conversations, and practical tips for parents to instill money management skills in their children. The conversation also addresses common myths about kids and money, the role of technology in financial education, and the importance of creating financially confident adults for future generations.

Resources:

Takeaways:

  • Teaching kids about money is essential for their future.
  • Parents often know more than they think and can teach their kids.
  • Financial literacy should start as early as age four or five.
  • Kids can understand the difference between needs and wants.
  • Engaging kids with relatable examples makes learning fun.
  • Allowance should be viewed as a tool for teaching money management.
  • Mistakes made with money should happen when stakes are low.
  • Generational wealth can be changed through education.
  • Schools often lack the resources to teach financial literacy effectively.
  • Financial confidence comes from understanding and practice.

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Maya Corbic, CPA, CA and Teach Kids Money Club are not affiliated with Hoffman Wealth Management and Private Advisor Group.

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2026 Market Outlook: AI, Interest Rates, Layoffs & What Investors Should Do Now | Bill Mann from Motley Fool (Episode 38)

2026 Market Outlook: AI, Interest Rates, Layoffs & What Investors Should Do Now | Bill Mann from Motley Fool (Episode 38)

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Summary: In this episode of Wealth on the Move, host Will Hoffman and guest Bill Mann, Chief Investment Strategist at Motley Fool Asset Management, discuss the annual outlook for 2026. They reflect on the unpredictable nature of market predictions, the impact of political policies on the economy, and the importance of understanding market concentration, particularly in technology. The conversation also covers the Federal Reserve’s role in managing interest rates and employment, the challenges facing middle America, and strategies for investors to prepare their portfolios for economic changes. Additionally, they explore geopolitical considerations and the need for Europe to reset its economic policies. In this conversation, Bill Mann and Will Hoffman explore various economic themes, including surprising GDP statistics from unexpected states, the potential of emerging markets, and the ongoing revolution in AI. They discuss the implications of infrastructure challenges on market dynamics, identify promising sectors for investment, and anticipate potential black swan events that could impact the economy in 2026. The conversation concludes with strategic advice for investors and recommendations for influential voices in finance.

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Takeaways:

  • Every firm does an annual outlook, including Hoffman Wealth Management.
  • Bill Mann emphasizes the unpredictability of CEO predictions.
  • The market doesn’t recognize the calendar; financial planning is year-round.
  • Motley Fool Asset Management aims to support individual investors during market stress.
  • The name ‘Motley Fool’ reflects a tradition of truth-telling in finance.
  • 2025 was marked by significant economic shifts due to political policies.
  • Market concentration in technology raises concerns for future stability.
  • Interest rates and employment are key focuses for the Federal Reserve.
  • The economy is bifurcated, with disparities between financial markets and middle America.
  • Investors should consider value-driven and momentum strategies in their portfolios. Germany’s economic performance is surprising compared to smaller US states.
  • Emerging markets like Brazil and Korea present unique investment opportunities.
  • AI adoption is still in its early stages, akin to the internet boom.
  • AI is reshaping job markets, creating new roles while enhancing existing ones.
  • Infrastructure development in the US faces significant challenges and delays.
  • Investors should focus on high-quality companies with growth potential.
  • Japan’s market may outperform others in the coming year.
  • Black swan events, like geopolitical tensions, could disrupt markets.
  • Investors should reassess their portfolios for quality and alignment with beliefs.

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Bill Mann and Motley Fool Asset Management are not affiliated with Hoffman Wealth Management and Private Advisor Group.

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23 Lessons From 23 Years as a Financial Advisor | Wealth, Investing & Retirement Planning (Episode 37)

23 Lessons From 23 Years as a Financial Advisor | Wealth, Investing & Retirement Planning (Episode 37)

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Summary: In this episode of Wealth on the Move, host Will Hoffman reflects on his 23 years in the wealth management industry, sharing valuable lessons learned throughout his career. He emphasizes the importance of having a solid financial plan, understanding cash flow, and recognizing the emotional aspects of financial decision-making. Hoffman also discusses the significance of teamwork in financial planning and how money can be a tool for happiness when used intentionally.

Takeaways:

  • A plan matters more than any single investment.
  • Cashflow discipline will beat investment brilliance.
  • Time in the market is greater than timing the market.
  • Taxes will quietly erode your wealth more than you realize.
  • Diversification works even when it feels like it doesn’t.
  • Most of the risk in your financial lives is emotional.
  • The right portfolio for you is the one you can stick with.
  • Big financial mistakes usually happen during big life transitions.
  • You don’t need more financial products. You need more clarity.
  • Wealth is a team sport.

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Caregiving, Finances, and Family: ‘My Mother’s Money’ and the Hidden Costs of Care w/ Beth Pinsker (Episode 35)

Caregiving, Finances, and Family: ‘My Mother’s Money’ and the Hidden Costs of Care w/ Beth Pinsker (Episode 35)

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Summary: In this episode of Wealth on the Move, host Will Hoffman speaks with Beth Pinsker, a personal finance columnist and author of ‘My Mother’s Money.’ They discuss the challenges of caregiving, the complexities of financial responsibilities, and the importance of having essential documents in place. Beth shares her personal journey of navigating her mother’s illness and the financial decisions that arose, emphasizing the need for open conversations about money within families. The episode highlights the emotional and practical aspects of caregiving and offers valuable insights for listeners.

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Takeaways:

  • Caregiving often intertwines with financial responsibilities.
  • Bad financial decisions are common in caregiving situations.
  • Having essential documents like power of attorney is crucial.
  • Families need to communicate openly about finances.
  • Financial planning is not just about investments; it’s about life decisions.
  • The sandwich generation faces unique challenges in caregiving.
  • Understanding financial structures can prevent future issues.
  • Storytelling can facilitate important family discussions.
  • Navigating healthcare and financial systems is complex and often frustrating.
  • Preparation can alleviate stress during caregiving crises.

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All About the One Big Beautiful Bill Act with Tax Wizard Kelly Bender (Episode 26)

All About the One Big Beautiful Bill Act with Tax Wizard Kelly Bender (Episode 26)

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Summary: In this episode of Wealth on the Move, host Will Hoffman and tax expert Kelly Bender dive deep into the implications of the new OB3 tax law and what it means for both business owners and individual taxpayers. They explore the importance of understanding business entity structures, the impact of payroll tax updates, and the necessity of long-term tax strategies. Key topics include changes to income tax brackets, retirement account contributions, child tax credits, and state and local tax (SALT) deductions. They discuss the permanence of the Qualified Business Income (QBI) deduction, updates to depreciation rules, and investment incentives such as Qualified Opportunity Zones and qualified small business stock. Kelly shares insights from her upcoming book aimed at helping new entrepreneurs navigate the complexities of starting a business, while also addressing common tax myths and the importance of proactive planning for future generations. Throughout the conversation, they emphasize how OB3’s changes require individuals and businesses to adapt to an evolving tax landscape in order to maximize benefits and maintain compliance.

Resources:

Takeaways:

  • Many small business owners don’t fully understand their entity structure.
  • OB3 introduces significant tax code changes impacting individuals and businesses.
  • QBI deduction is now permanent for small business owners.
  • Income tax brackets have been adjusted, but many won’t feel the impact.
  • Retirement contributions are now tied to inflation.
  • Child tax credit will increase to $2,200 per child by 2025.
  • New senior deduction of $6,000 for those over 65.
  • SALT deduction cap increased to $40,000.
  • Qualified Opportunity Zones can defer or eliminate taxes on gains.
  • Qualified small business stock offers significant tax benefits.
  • Payroll tax compliance is essential under new rules.
  • Depreciation rules now allow faster write-offs for capital investments.
  • Proactive, long-term tax planning can save money in the long run.
  • Common tax myths can lead to poor financial decisions.
  • Asking questions is vital for entrepreneurs starting out.

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