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.
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.
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.
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.
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.
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.
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
With constant changes and external pressures, finding our true purpose in life, establishing inner peace, and maintaining financial alignment can seem like an overwhelming task.
What changes can Gen X’ers make to find true balance?
In this episode of the Monetary Mixtape podcast, Will Hoffman chats with Michele L. Walter, certified professional coach, mindfulness meditation teacher, and owner of Life From the Summit.
Michele shares her personal journey from being a lawyer to a mindfulness coach and how mindfulness meditation transformed her life. Michele explores the power of mindfulness meditation, finding gratitude in challenging situations, and how to align financial decisions with personal values.
Michele discusses:
Her journey to mindfulness and coaching
The concept of mindfulness and the importance of awareness and compassion
Her personal experience as a Gen X’er and how reaching the age of 40s and 50s often leads to existential questions about our purpose in life
Where expectations come from and the difference between personal desires and societal pressures
The importance of core values and purpose
The value of making small steps in various aspects of life
Michele L. Walter is the founder of Life From the Summit. She is an Associate Certified Coach (ICF), Certified Professional Coach (iPEC), Certified Mindful Meditation Teacher (SoundsTrue), Certified NUSHU Facilitator, seasoned litigator, 3-time Ironman, runner, mountaineer, and dog mom living in the beautiful Colorado mountains.
About Our Host:
Will Hoffman is a financial advisor and the Founder of Hoffman Wealth Management, a firm dedicated to helping professionals create wealth plans that revolve around their financial goals. Will has 20 years of experience in the financial services industry and is passionate about becoming his client’s most trusted financial ally.
Michele Walter and Life From the Summit are not affiliated with or endorsed by LPL Financial and Hoffman Wealth Management.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor. Private Advisor Group and Hoffman Wealth Management are separate entities from LPL Financial. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.
Wondering what role Roth IRAs and Roth Conversations play in your retirement plan?
In this episode of the Monetary Mixtape podcast, Will Hoffman discusses the importance of understanding Roth IRAs and Roth IRA conversions for retirement planning. He explains the benefits of Roth IRAs, contribution limits, and the five-year waiting period as it pertains to those approaching retirement (Gen X) and those currently enjoying their golden years.
He also touches on the possibility of increasing taxes and the advantages of having a tax-free bucket of money!
Gain insightful knowledge about:
The role Roth IRAs and Roth conversions play in your retirement plan
How Gen Xers can effectively diversify their investment portfolio to mitigate risk within retirement savings
The difference between tax planning and tax filing – where to obtain effective, strategic advice about tax planning during your career and retirement
Will Hoffman is a financial advisor and the Founder of Hoffman Wealth Management, a firm dedicated to helping professionals create wealth plans that revolve around their financial goals. Will has 20 years of experience in the financial services industry and is passionate about becoming his client’s most trusted financial ally.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor. Private Advisor Group and Hoffman Wealth Management are separate entities from LPL Financial. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply.
Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.
Join Will Hoffman, AIF as he details eight financial blunders that many Gen Xers encounter and provides valuable guidance on how to steer clear of them.
Listen as Will touches on:
The importance of setting clear goals and aligning them with your financial plan
How to make investment decisions based on long-term goals rather than short-term market fluctuations
The significance of implementing a tax planning strategy beyond the current year to minimize future tax burdens
Insights into the importance of saving and investing outside of retirement accounts to pursue financial independence
Will Hoffman is a financial advisor and the Founder of Hoffman Wealth Management, a firm dedicated to helping professionals create wealth plans that revolve around their financial goals. Will has 20 years of experience in the financial services industry and is passionate about becoming his client’s most trusted financial ally.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor. Private Advisor Group and Hoffman Wealth Management are separate entities from LPL Financial. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.
In this episode, Jerome Myers, PE, MBA, PMP, and business exit coach shares his journey from corporate America to specializing in helping business owners face the challenges associated with exiting their business.
Jerome discusses:
The “Six Centers of Doubt” that business owners experience
How his framework helps individuals successfully transition away from corporate America
The importance of focusing on the human element of a profession rather than the financial benefits
Jerome Myers is an award-winning engineer, investor, mentor, and business strategist who helps founders navigate their Exit Paradox through his masterminds and coaching programs.
Prior to leaving his corporate leadership position, Jerome built a $20 million, 175-person division of a Fortune 550 company from scratch. He now uses his project management, engineering and business expertise to advise business leaders on key areas such as: leadership strategy, process improvement, sales and data analytics in real estate, financial services, business services, and health care to help his clients double their revenue, time off and charitable giving.
Jerome is also a general partner in a multifamily real estate portfolio and serves on the North Carolina Agricultural and Technical State University Entrepreneurship Advisory Board. In 2022, Jerome won the prestigious alumni achievement award for the North Carolina A and T State University College of Engineering where a fully endowed scholarship has been created in his family’s name. A noted media expert, Jerome has been featured in Business Insider, Black Enterprise, Entrepreneur, Biznow, CBS, ABC and Fox.
Jerome has interviewed numerous newly exited operators (NEOs) on his top-ranked Dreamcatchers podcast which provides inspiration, education and direction to his audience of founders who are building companies to sell after they exit the “Matrix”.
Jerome Myers is not affiliated with or endorsed by LPL Financial and Hoffman Wealth Management.
About Our Host:
Will Hoffman is a financial advisor and the Founder of Hoffman Wealth Management, a firm dedicated to helping professionals create wealth plans that revolve around their financial goals. Will has 20 years of experience in the financial services industry and is passionate about becoming his client’s most trusted financial ally.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor. Private Advisor Group and Hoffman Wealth Management are separate entities from LPL Financial. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.
