Tag: Retirement Plan

The Soul of Wealth with Author Dr. Daniel Crosby, Ph.D. (Episode 12)

The Soul of Wealth with Author Dr. Daniel Crosby, Ph.D. (Episode 12)

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Summary: In this episode of Wealth on the Move, host Will Hoffman engages with Dr. Daniel Crosby, a behavioral finance expert, to discuss the deeper meanings of wealth beyond mere numbers. They explore the importance of understanding personal values, the impact of behavior on financial decisions, and the connection between health and wealth. Dr. Crosby emphasizes the need for individuals to take control of their financial futures by focusing on what they can control, such as their earning potential and budgeting practices. The conversation highlights the significance of aligning financial goals with personal values and the psychological aspects of wealth management. In this conversation, Will Hoffman and Daniel explore the intricate relationship between wealth, behavioral biases, and personal relationships. They discuss how parenting influences financial perspectives, the impact of societal comparisons on individual wealth, and the importance of choosing the right partner in financial decision-making. Daniel emphasizes that true wealth encompasses more than just money, highlighting the significance of relationships, purpose, and personal fulfillment. The discussion also touches on the need for younger generations to embrace individuality and take risks in their financial journeys, while recognizing that money is a source of stress that requires thoughtful management.

Resources:

Takeaways:

  • Wealth is not just about numbers; it’s about understanding personal values.
  • Behavior plays a crucial role in building and maintaining wealth.
  • Identifying your values can be revealed through your budgeting practices.
  • Health is an integral part of wealth; one cannot exist without the other.
  • People often focus on external factors instead of what they can control in their financial lives.
  • The ‘why’ behind wealth is more important than the ‘how’ or ‘what’.
  • Comparison to others can lead to dissatisfaction and poor financial decisions.
  • Tracking spending and calories can reveal hidden truths about our habits.
  • Financial success is deeply tied to personal control and decision-making.
  • We should focus on our own goals rather than societal expectations. As a parent, guiding children to think differently about wealth is crucial.
  • Behavioral biases can lead to poor financial comparisons with others.
  • Empathy and collaboration are key to human success and wealth building.
  • Choosing the right partner is one of the most important financial decisions.
  • Financial compatibility is essential in relationships.
  • True wealth is about more than just accumulating money.
  • Satisfaction comes from optimizing for true wealth, not just dollars.
  • Retirement can lead to unhappiness if not planned for properly.
  • Younger generations should bet on themselves and embrace their uniqueness.
  • Money management is a lifelong pursuit that requires ongoing reflection.

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Navigating Financial Independence as a H.E.N.R.Y (Episode 11)

Navigating Financial Independence as a H.E.N.R.Y (Episode 11)

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Summary: In this episode of Wealth on the Move, hosts Will Hoffman and Brynn Tarbuck delve into wealth management strategies specifically tailored for high earners who are not yet financially independent, referred to as ‘Henrys’. They discuss the challenges these individuals face, such as student debt and lifestyle inflation, and provide actionable strategies for budgeting, investing, and diversifying income streams. The conversation also highlights the importance of personal development and offers real-life examples of successful individuals who have transcended their salaries to achieve financial success. The episode concludes with key takeaways and a call to action for listeners to start planning their financial futures now.

Resources:

Takeaways:

  • Understanding the term ‘Henry’ is crucial for financial planning.
  • High earners often face unique challenges that require tailored strategies.
  • Budgeting should be viewed as a proactive tool for financial success.
  • Investing early can significantly impact long-term wealth accumulation.
  • Diversifying income streams is essential for financial security.
  • Tax optimization is a critical aspect of wealth management.
  • Side hustles can provide additional income and opportunities for growth.
  • Personal development is key to advancing one’s career and financial status.
  • Real-life examples illustrate the potential for financial success beyond a salary.
  • Planning and discipline are vital for achieving financial independence.

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Navigating Estate Planning with Ashley Sharek (Episode 9)

Navigating Estate Planning with Ashley Sharek (Episode 9)

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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)

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

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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:

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

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

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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:

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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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How to Maximize Your Retirement Savings and Minimize Taxes Using Roth IRAs and Conversions (Ep.22)

How to Maximize Your Retirement Savings and Minimize Taxes Using Roth IRAs and Conversions (Ep.22)

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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
  • And more

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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.

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.

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