young professionals – Wealth on the Move

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

By Wealth on the Move | February 6, 2025

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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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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