Risk Tolerance – Page 2 – Wealth on the Move

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

By Wealth on the Move | January 30, 2025

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)

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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Connect with Ashley Sharek:

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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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Connect with The Financial Dad:

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
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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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Empowering Investors with Riskalyze with Chris Quandt (Ep. 4)

By Monetary-Mix-Tape | October 20, 2022

Halloween is right around the corner and it’s the time of year where everything gets a little spookier, including the markets.

One way of ensuring clients feel confident about their investments and less eerie of the markets is by providing a tool like Riskalyze.

This week we have our very first guest, a fellow Gen Xer, Chris Quandt. He is the Success Enablement Manager at Riskalyze, and he joins Will to talk about the risk alignment platform, and why advisors and clients should be using it to invest more efficiently.

Chris discusses:

What Riskalyze is and how it helps measure risk tolerance
How taking risks with your finances can be scarier than any 80’s horror film
Why every Gen Xer should know their risk number
His favorite childhood Halloween memories
And more

Resources:

Connect with Chris Quandt:

Connect with Will Hoffman:

About Our Guest:

Chris Quandt is the Success Enablement Manager at Riskalyze. He has served on both the Marketing and Advisor Success team. As a success coach, Chris delights in helping advisors understand how Riskalyze can help them grow their business, retain clients, and show best interest.

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.

Chris Quandt and Riskalyze are not affiliated with or endorsed by LPL Financial, Private Advisor Group, or Hoffman Wealth Management.

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