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EP 134 | Profit Boss® Radio

Welcome to Episode 134 of Profit Boss Radio. Today’s show covers a more serious and somber topic about financial recovery after the loss of a spouse. While none of us wants to imagine life without our partner, it is a possibility for all of at some point in our lives, especially as we age.

Therefore, please join me as I have this serious conversation with my guest Kathleen M. Rehl, Ph.D., CFP®, CeFT® , widow and author of the multi-award-winning book, Moving Forward on Your Own: A Financial Guidebook for Widows. Kathleen shares her personal journey after the loss of her husband and how she now lifts other women to navigate through the foggy and complex financial reality that often awaits widows and on the other side of loss.

Hear about ways you can prepare your finances preemptively in the event of loss and the most common financial missteps to avoid immediately following a spouses death.

What you’ll find out in this episode
  • Kathleen’s personal story about personal loss and tremendous grief
  • The average age of a wife who becomes a widow
  • The three stages of grief: grief, growth, grace
  • Statistics about
    • the number of women who become widows in the United States in their lifetime
    • How many women will be widowed at the time of their death vs men
    • How many widows vs widowers remarry at different generations
    • How secure widows feel financially after the death of a spouse
  • Financial planning steps you can take now to set yourself up for success no matter what the future holds
    • Update your wills & trusts
    • Update all beneficiaries and executors (very important!)
    • Know primary sources of income and amounts
    • Know passwords and PINs for various financial accounts
    • Know where your investments are held and why
    • Have adequate life insurance if appropriate
    • Know what is in the safe deposit box and how to access it
    • Have a household manual for how to fix/maintain the things your spouse took care of
    • Make sure to have a good relationship with your fee-0nly, fiduciary financial advisor
  • What widows can do when surviving family members try to come in and control finances after the loss of a spouse
  • What’s possible in the phase of “growth”and what financial matters are often addressed in this phase
  • Kathleen’s story of grace and how she entered a new life after her husband’s death

About Kathleen M. Rehl, Ph.D., CFP®, CeFT®

Kathleen M. Rehl, Ph.D., CFP®, CeFT® wrote the multi-award-winning book, Moving Forward on Your Own: A Financial Guidebook for Widows. Having experienced widowhood herself, Dr. Rehl now empowers widows financially and inspires their advisors. Her work has been featured in the New York Times, Wall Street Journal, AARP Bulletin, CNBC, USA Today, U.S. News & World Report, Journal of Financial Service Professionals, Journal of Financial Planning, and many other publications. Rehl owned an independent financial planning firm for 17 years before retiring to her “encore career”—speaking, writing, mentoring and researching widow’s financial issues.

Ways to Connect with Kathleen Resources and Related Profit Boss® Content Mentioned in this Episode Enjoy The Show?
  • Be sure to subscribe to Profit Boss® Weekly so that you get our latest announcements, offers, articles, and resources straight to your inbox!
  • Don't miss an episode, subscribe via iTunes, Stitcher or RSS.
  • Leave us a review in iTunes and share the show with your friends
  • Interested in taking your next right step? Join our Interest List for the $50k Wealth Multiplier Mastermind
  • Don’t miss out on the 7 Steps to Wealth Audio Guide! It’s free and comes with weekly emails that walk you through each step.
  • Join the conversation by leaving a comment below!
  • Initiate a conversation about your wealth planning and take the relationship to the next level
Call for Listener Stories

Hey Profit Boss® Radio listeners! If you reach a financial goal you’re proud of, tell me about it! I will continue to share listener win stories throughout 2019. Remember, the Profit Boss® community is here to support you and that includes celebrating with you when you accomplish something incredible.

  • If you crush a specific financial goal, I want to hear from you.
  • If you’re thankful for something that has happened in your financial life or career, I want to hear from you.
  • If you are making big financial or career plans, I want to hear from you!

Your financial success is possible and so many of you are already making that a reality! So, don’t keep your wins to yourself! Share them with me so that I can air them throughout the year on Profit Boss® Radio.

Email your audio clip to media@hilaryhendershott.com. And we’ll be in touch if we plan to air your story. Thanks, ladies!

#AskHilary

And let’s not forget that this show is powered by you and your stories and questions. Every month I’ll be doing an #AskHilary episode where I answer listener financial questions.

  • So, what’s that top of mind money question that’s been pinging around in your brain?
  • Where have you been stopped?
  • What have you been arguing with your spouse or significant other about?
  • What tip or tool aren’t you sure about?
  • Do you have questions about saving? Spending? Budgeting? Investing?

Pick up your mobile phone right now. Yes, right now. And open your voice recorder app. Yep, go ahead and open that app and record yourself asking me that question. Just say your name, first name only is okay, and then what city you’re from, and then ask away.

Anything you want to ask. And once you’re done recording, export that beautiful little recording and email it to media@hilaryhendershott.com.

I can’t wait to hear your questions!

Disclaimer

Hendershott Wealth Management, LLC and Profit Boss® Radio do not make specific investment recommendations on Profit Boss® Radio or in any public media. We also do not feature testimonials or endorsements about our services.

The post PBR 134 | Widows and Wealth: How to Recover Financially appeared first on Hendershott Wealth Management.

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In times of market volatility, investors can get gripped by fear and uncertainty. In recent weeks, the markets have been doling out a rocky ride, stoking investor fears that can lead to some pretty terrible financial decisions.

Listening to financial media pundits and Wall Street soothsayers can make just about anyone think the financial world is coming to an end on any given trading day. However, no one (and I mean no one) can see into the future, and what you hear on TV and read about in the news has to be taken with a grain of salt because media companies are trolling for views, clicks, and ratings, after all.

So, how should you resolve your own “flight” instincts when it comes to your investments? If you find yourself feeling nervous and anxious about your money, do you make a fear-based judgment call or do you resist and stay the course?

At the risk of sounding obnoxiously cliche, “knowledge is power.” The more you know, the better prepared you can be to stifle any fear-driven reactions to your investment performance. Therefore, read on for a refresher on how market cycles work, how fear can impact your long-term financial success, and what you can do to protect yourself from making emotionally-based financial decisions.

How Market Cycles Work

Here’s the thing. Markets fluctuate. They go up. They go down. However, properly diversified investment portfolios are built to withstand the ‘messy middle’ that characterizes the very real and very normal market correction we are in the midst of today.

In fact, Fidelity Investments found that over a 35-year period, the market has fluctuated greatly. Fidelity’s research also revealed that even in what seemed like some of the worst times to be an investor actually turned out to be some of the most rewarding times to stay invested or start:

During the past 35 years, the market has experienced an average drop of 14% from high to low during each calendar year but still had a positive annual return in more than 80% of the calendar years in this same period. The historical data also reveals that what seemed like some of the worst times to get into the market turned out to be the best times. The best 5-year return in the US stock market began in May 1932—in the midst of the Great Depression. The next best 5-year period began in July 1982, amid an economy in the midst of one of the worst recessions in the postwar period, featuring double-digit levels of unemployment and interest rates.

Moreover, the historical data shows that, without fail, markets that go down will go back up and vice versa. There is no such thing as an unending upward market trajectory. That is not normal and should not be the expectation of any investor.

How Fear Can Impact Your Long-Term Financial Success

When investment values lose money, it can cause legitimate fear. The Smithsonian explains how fear is a powerful emotion that causes defense or “flight” instincts to kick-in and results in a flee response out of protection. They also share how fear creates mental distractions as a defense mechanism so that the brain can process fear, but this means that the ability for sound reasoning is limited under this emotional situation.

As people, it’s not always easy to remain objective about money decisions when fear enters the room. Trusting “instincts” is often touted as a strength, which may be the case in certain situations, but when it comes it investing it is rarely accurate. When it comes to financial decisions, objectivity should be the prevailing influence over how you act versus how you feel. Why? Because as it turns out, the average American is really terrible at making investment decisions.

Even the most pragmatic of long-term investors can find him or herself weary and impatient. The Dalbar study found that psychological factors represented half (50%) of the reason for investment underperformance. The remaining causes for underperformance have to do with capital availability – either not having enough or needing it for other, non-investment purposes.

Over the 20-year study, the single largest contributor to underperformance over time has to do with behavioral biases. Dalbar defined nine of the irrational investment behavior biases as:

  1. Loss aversion: When your fear of loss leads you to sell out of the market at the worst possible time.
  2. Narrow framing: When you make a decision about one part of your portfolio without considering the effects on your entire financial well-being.
  3. Anchoring: When you become too preoccupied with past performance that you can’t or won’t adapt to a changing market. In other words, you won’t make changes when it is necessary.
  4. Mental accounting: When you separate performance of investments mentally to justify success and failure. This limits your view of how your investments are performing as a whole.
  5. Lack of diversification: When you believe your portfolio is diversified when it is actually highly correlated in a certain pool of assets.
  6. Herding: When you follow what everyone else is doing. This notoriously leads to “buy high/sell low.”
  7. Regret: When you become paralyzed to take action as a result of the regret you feel from a previous failure.
  8. Media response: When you buy what the media predicts is a good investment without any consideration for your personal situation or how and if it actually makes sense.
  9. Optimism: When you are overly optimistic about the assumptions you make about your investments, which can cause extreme disappointment if/when reality differs.

Of these nine investment behavior biases identified in the study, the biggest ones that lead to underperformance are loss aversion and herding, which tend to function together, compounding the damage of poor decision-making.

Furthermore, independent research conducted by Morningstar, Inc. reinforces that when investors try to time the market and pull out prematurely based on fear, they can wind up missing some of the biggest gain opportunities, which can have a substantial negative impact on one’s long-term financial trajectory. Their research concluded that missing the 5, 10, 30, and 50 biggest gain days would lower your total return by approximately 35%, 52%, 81%, and 91%, respectively.

What You Can Do to Protect Yourself From Making Emotionally-Based Financial Decisions

Fear-based financial decisions don’t lead to smart money moves. Instead, a snap reaction to market performance often creates far greater danger for your financial outlook than if you would have stayed invested in the first place.

To stop yourself from making short-sighted investment moves, here are a few things you can do to protect yourself:

  • Work with a fiduciary financial advisor. Having an objective professional who creates a customized investment savings plan for you and helps you stick to it is one highly effective way to save you from yourself. You have access to someone who can address your fears reasonably, put your mind at ease, and continue to educate you through the process.
  • Give yourself a “cooling off” period. If you’re not working with a fiduciary advisor, then you have to set boundaries for yourself. That means, committing not to make any drastic money moves based on a whim or rush of emotions. Sleep on it. Wait a week. Let yourself get through your emotions before you take any action.
  • Learn what you don’t know. Education and knowledge about finances and markets can quell a lot of the fear that falls over you like a wave when you read an alarming headline or see a drop in your portfolio value. You will have to become more of the expert on historical trends so that you can see the forest through the trees.

Let fear ignite a conversation or generate important questions you have about your financial preparedness, but don’t let fear make your financial decisions for you.

The post How Fear Can Impact Your Long-Term Financial Success appeared first on Hendershott Wealth Management.

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EP 133 | Profit Boss® Radio

Welcome to episode 133 of Profit Boss® Radio! In this week’s Part 2 episode of Negotiating for More, we are talking with Rhonda Moret about the subtle things you can do that can make the difference between getting what you want and possibly being shown the door.

Rhonda tells us how body language can help (or hurt) us from getting what we want, as well as the value of “matching and mirroring” and so much more! This is a can’t-miss episode that offers even more actionable communication tips and techniques that can help all of us successfully negotiate for more.

Are you negotiating from a place of power? If you haven’t been, then don’t miss this week’s show. After all, there are opportunities all around us to ask for more. So, let’s get it, ladies!

What You’ll Find Out in this Episode:
  • Ways to rethink about negotiating as part of your everyday life, not just during moments of monetary transactions.
  • Why body language is so critical for successful negotiating.
  • How a seemingly simple handshake can make or break a negotiation before it even starts.
  • What the strategy of “mirroring” is, how it works in business negotiations, and why it matters in most any situation.
  • What “micro-expressions” are and what you can deduce from the other person based on their facial cues.
  • How Hilary uses micro-expressions in her own client relationships and what she has come to learn over time with how best to use these perceptive insights.
  • What does it mean if someone doesn’t make to direct eye-contact with you, and what you should do if you encounter this in negotiations.
  • Why you should take up more physical space when you sit down for negotiations.
  • If you want people to take you seriously, you have to look the part. What you put on your body is absolutely part of your body language.
  • Where you should start if you have traditionally been more passive about asking for what you want.
  • How to become more assertive in business and in your personal life.
  • Ways to build confidence and empower yourself.
About Rhonda Moret, Executive Communications Coach

With over 20 years of experience working in a strategic marketing and business development capacity, Rhonda Moret is viewed as a true holistic marketing expert. With direct hands-on experience working in all areas of the marketing discipline — from branding, strategic marketing, and design, to digital marketing, special events, public relations, and as a result of her comprehensive knowledge base, Moret is frequently retained by organizations seeking short-term marketing initiatives which ensure long-term results. Her work has garnered her media attention and has been interviewed by The Washington Post, Adobe’s CMO.com, The Business Journal, USA Today, and several other publications.

Moret has worked with or for some of the world’s most recognized brands including Universal Studios, Subway Restaurants, Nike Golf, the PGA of America, and the PGA TOUR. Moret has also worked with several high-profile individuals including PGA great Tiger Woods, tennis legend Billie Jean King, NFL Hall of Famer Kurt Warner, MLB Hall of Famer Randy Johnson, New York Times bestselling author Robert Kiyosaki, and yes, even Donald Trump (President of the United States).

Moret' s most recent venture, Elevate for Her, has her focused on helping women elevate the critical business skills needed to reach the upper levels of leadership and management. With offerings including negotiations, leadership, personal branding and communications, Moret views this work as her passion project and an effort to ultimately create greater gender and pay parity in the workplace.

Ways to Connect with Rhonda

URL:

http://elevateforher.com

Resources and Related Profit Boss® Content Mentioned in this Episode Enjoy The Show?
  • Be sure to subscribe to Profit Boss® Weekly so that you get our latest announcements, offers, articles, and resources straight to your inbox!
  • Don't miss an episode, subscribe via iTunes, Stitcher or RSS.
  • Leave us a review in iTunes and share the show with your friends
  • Interested in taking your next right step? Join our Interest List for the $50k Wealth Multiplier Mastermind
  • Don’t miss out on the 7 Steps to Wealth Audio Guide! It’s free and comes with weekly emails that walk you through each step.
  • Join the conversation by leaving a comment below!
  • Initiate a conversation about your wealth planning and take the relationship to the next level
Call for Listener Stories

Hey Profit Boss® Radio listeners! If you reach a financial goal you’re proud of, tell me about it! I will continue to share listener win stories throughout 2019. Remember, the Profit Boss® community is here to support you and that includes celebrating with you when you accomplish something incredible.

  • If you crush a specific financial goal, I want to hear from you.
  • If you’re thankful for something that has happened in your financial life or career, I want to hear from you.
  • If you are making big financial or career plans, I want to hear from you!

Your financial success is possible and so many of you are already making that a reality! So, don’t keep your wins to yourself! Share them with me so that I can air them throughout the year on Profit Boss® Radio.

Email your audio clip to media@hilaryhendershott.com. And we’ll be in touch if we plan to air your story. Thanks, ladies!

#AskHilary

And let’s not forget that this show is powered by you and your stories and questions. Every month I’ll be doing an #AskHilary episode where I answer listener financial questions.

  • So, what’s that top of mind money question that’s been pinging around in your brain?
  • Where have you been stopped?
  • What have you been arguing with your spouse or significant other about?
  • What tip or tool aren’t you sure about?
  • Do you have questions about saving? Spending? Budgeting? Investing?

Pick up your mobile phone right now. Yes, right now. And open your voice recorder app. Yep, go ahead and open that app and record yourself asking me that question. Just say your name, first name only is okay, and then what city you’re from, and then ask away.

Anything you want to ask. And once you’re done recording, export that beautiful little recording and email it to media@hilaryhendersott.com.

I can’t wait to hear your questions!

Disclaimer

Hendershott Wealth Management, LLC and Profit Boss® Radio do not make specific investment recommendations on Profit Boss® Radio or in any public media. We also do not feature testimonials or endorsements about our services.

The post Negotiating for More, Part 2 appeared first on Hendershott Wealth Management.

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EP 132 | Profit Boss® Radio

Welcome to episode 132 of Profit Boss® Radio! In this week’s episode, I sit down with special guest Dia Bondi to talk about how women can identify what is they really want and then effectively communicate that in Part 1 of this two-part series on how women can ask for more.

Do you know what it is to really want? Whether you call it negotiations, making powerful requests, or just earning your worth, it’s a critical part of your financial life and a critical skill to master. In fact, it’s one of the 7 steps to wealth, which is the framework for this podcast and my $50K Wealth Multiplier coaching program is grounded in.

You’ve got to be able to ask for what you want and need to create a life you love and create the wealth that sustains it. Let’s have this important conversation with Dia Bondi.

What You’ll Find Out in this Episode:
  • What it means to ask like an auctioneer
  • Why you go for the “no” instead of “yes” and what that can mean for your financial reality
  • How to have the courage to step outside of your comfort zone to ask for one more dollar
  • How to know where to start your negotiations
  • The few things that women need to clarify before they begin negotiations
  • What the biggest stumbling blocks are that get in the way of women getting what they want
  • Why ‘asking for what your worth’ may not be the right way to think about your individual value
  • The power of seeing what is possible and asking with the potential in mind
  • What it means to ask big but stay safe
About Dia Bondi, Executive Communications Coach

Dia calls herself a Communications Catalyst. For the last 20 years, some of the most extraordinary world leaders, CEOs, philanthropists and innovators have considered Dia their secret weapon. Dia helped the city of Rio de Janeiro secure the 2016 Summer Olympics. Her clients include Intel, Mozilla, Dropbox and Progressive Insurance. She’s coached changemakers at the Clinton Global Initiative and the Commonwealth Games Federation.

In 2016, she took up the mic as an auctioneer to maximize fundraising for nonprofits that benefit women and girls. Dia is direct, magnetic, fierce and insatiably curious — and she’s passionate about helping women succeed. In 2019, Dia is launching a virtual learning program called Ask Like an Auctioneer. The sub-tag on that is, Ask for more. Get it.

Ways to Connect with Dia

URL:

https://www.asklikeanauctioneer.com/

https://www.diabondi.com/

Social media links:

https://www.linkedin.com/in/dia-bondi/

https://www.instagram.com/diabondia/

https://twitter.com/diabondia

Resources and Related Profit Boss® Content Mentioned in this Episode Enjoy The Show?
  • Be sure to subscribe to Profit Boss® Weekly so that you get our latest announcements, offers, articles, and resources straight to your inbox!
  • Don't miss an episode, subscribe via iTunes, Stitcher or RSS.
  • Leave us a review in iTunes and share the show with your friends
  • Interested in taking your next right step? Join our Interest List for the $50k Wealth Multiplier Mastermind
  • Don’t miss out on the 7 Steps to Wealth Audio Guide! It’s free and comes with weekly emails that walk you through each step.
  • Join the conversation by leaving a comment below!
  • Initiate a conversation about your wealth planning and take the relationship to the next level
Call for Listener Stories

Hey Profit Boss® Radio listeners! If you reach a financial goal you’re proud of, tell me about it! I will continue to share listener win stories throughout 2019. Remember, the Profit Boss® community is here to support you and that includes celebrating with you when you accomplish something incredible.

  • If you crush a specific financial goal, I want to hear from you.
  • If you’re thankful for something that has happened in your financial life or career, I want to hear from you.
  • If you are making big financial or career plans, I want to hear from you!

Your financial success is possible and so many of you are already making that a reality! So, don’t keep your wins to yourself! Share them with me so that I can air them throughout the year on Profit Boss® Radio.

Email your audio clip to media@hilaryhendershott.com. And we’ll be in touch if we plan to air your story. Thanks, ladies!

#AskHilary

And let’s not forget that this show is powered by you and your stories and questions. Every month I’ll be doing an #AskHilary episode where I answer listener financial questions.

  • So, what’s that top of mind money question that’s been pinging around in your brain?
  • Where have you been stopped?
  • What have you been arguing with your spouse or significant other about?
  • What tip or tool aren’t you sure about?
  • Do you have questions about saving? Spending? Budgeting? Investing?

Pick up your mobile phone right now. Yes, right now. And open your voice recorder app. Yep, go ahead and open that app and record yourself asking me that question. Just say your name, first name only is okay, and then what city you’re from, and then ask away.Anything you want to ask. And once you’re done recording, export that beautiful little recording and email it to media@hilaryhendershott.comI can’t wait to hear your questions!

Disclaimer

Hendershott Wealth Management, LLC and Profit Boss® Radio do not make specific investment recommendations on Profit Boss® Radio or in any public media. We also do not feature testimonials or endorsements about our services.

The post Negotiating for More, Part 1 appeared first on Hendershott Wealth Management.

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EP 131 | Profit Boss® Radio

Welcome to episode 131 of Profit Boss® Radio! In this week’s episode, I am providing you with tips on how to hire a financial advisor.

Why now? Well, because January and the first quarter of the year is a very popular time for people to get their financial house in order and when you are most likely to hire a financial advisor. Also, now is a great time to invest because you can essentially join the market while it’s on sale. Prices are low, making it a great time to start investing.

A question many of my listeners have, however, is where to actually start? Do you ask a friend, do a Google search? Attend an event? The answer is, yes! But with some parameters, of course.

A financial advisor can add tremendous value to your financial life, but it’s an important partnership that does take careful consideration.  Tune in to today’s episode as I have an honest conversation about what you should look for in a potential financial advisor. I also offer up some insider tips on ways to evaluate a financial advisor before hiring one.

What You’ll Find Out in this Episode:
  • Why now may be the right time to hire a financial advisor
  • What you need to know about the titles “financial advisor” and “wealth manager” and why can’t rely on titles alone to identify qualified financial advice
  • Where to start to hire a financial advisor
  • How you can make a savvy choice with whom you entrust your financial life
  • What you should be looking for in a financial advisor you hire
  • The shortlist of places you can start building your list of potential financial advisors
  • 4 categories to evaluate before you hire a financial advisor
  • What factors contribute to building trust and likability with a financial advisor
  • What makes a financial advisor qualified to handle your personal finances
  • Why their business practices and processes matter to your financial success
  • Why how a financial advisor gets paid says a lot about what kind of financial advisor they are
  • What you need to know about the Fiduciary Rule
  • The top professional designations some financial advisors hold that qualifies them to provide comprehensive financial services
  • Why you shouldn’t discredit the value of good rapport
  • Questions and conversations you should have with a potential financial advisor before hiring one
Resources and Related Profit Boss® Content Mentioned in this Episode Call for Listener Stories

Hey Profit Boss® Radio listeners! If you reach a financial goal you’re proud of, tell me about it! I will continue to share listener win stories throughout 2019. Remember, the Profit Boss® community is here to support you and that includes celebrating with you when you accomplish something incredible.

  • If you crush a specific financial goal, I want to hear from you.
  • If you’re thankful for something that has happened in your financial life or career, I want to hear from you.
  • If you are making big financial or career plans, I want to hear from you!

Your financial success is possible and so many of you are already making that a reality! So, don’t keep your wins to yourself! Share them with me so that I can air them throughout the year on Profit Boss® Radio.

Email your audio clip to media@hilaryhendershott.com. And we’ll be in touch if we plan to air your story. Thanks, ladies!

#AskHilary

And let’s not forget that this show is powered by you and your stories and questions. Every month I’ll be doing an #AskHilary episode where I answer listener financial questions.

  • So, what’s that top of mind money question that’s been pinging around in your brain?
  • Where have you been stopped?
  • What have you been arguing with your spouse or significant other about?
  • What tip or tool aren’t you sure about?
  • Do you have questions about saving? Spending? Budgeting? Investing?

Pick up your mobile phone right now. Yes, right now. And open your voice recorder app. Yep, go ahead and open that app and record yourself asking me that question. Just say your name, first name only is okay, and then what city you’re from, and then ask away.

Anything you want to ask. And once you’re done recording, export that beautiful little recording and email it to media@hilaryhendersott.com.

I can’t wait to hear your questions!

Enjoy The Show?
  • Be sure to subscribe to Profit Boss® Weekly so that you get our latest announcements, offers, articles, and resources straight to your inbox!
  • Don't miss an episode, subscribe via iTunes, Stitcher or RSS.
  • Leave us a review in iTunes and share the show with your friends
  • Interested in taking your next right step? Join our Interest List for the $50k Wealth Multiplier Mastermind
  • Don’t miss out on the 7 Steps to Wealth Audio Guide! It’s free and comes with weekly emails that walk you through each step.
  • Join the conversation by leaving a comment below!
  • Initiate a conversation about your wealth planning and take the relationship to the next level
Disclaimer

Hendershott Wealth Management, LLC and Profit Boss® Radio do not make specific investment recommendations on Profit Boss® Radio or in any public media. We also do not feature testimonials or endorsements about our services.

The post Considerations Before Hiring a Financial Advisor appeared first on Hendershott Wealth Management.

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Welcome 2019! It’s the start of a fresh New Year full of potential and prosperity. After all, most of us look at the month of January as a clean slate to start anew. I, for one, don’t buy into the traditional idea of “New Year Resolutions” per se. Research reveals that as many as 80% of people fail their New Year resolutions. They throw these resolutions aside within 14 days, no less!

Financial goals are different, though.

A financial goal isn’t just a resolution – a decision to take or stop action. It’s a specific and attainable result of your effort. A financial resolution may be, “I want to save more money,” but a financial goal is, “I will save 20% of my income this year toward retirement by setting up monthly auto deposits into my 401(k).”

So, for 2019, I invite you to set new financial goals or continue working toward established financial goals. Just make sure your financial goals reflect your values and what matters most to you. Here is a quick way to find out what your financial goals reveal about you.

Saving Money Goals → The Pragmatist

If you are someone who sets money saving goals, bravo! You understand that building wealth and securing your future takes a practical and methodical approach. You also likely subscribe to the belief that you can control your money rather than allowing it to control you by simply saving up enough of it to afford those short-term goals outright, like saving for a vacation or new car. You’re responsible with what you have and operate with the end in mind.

Income Growth Goals → The Confident Optimist

When you set goals to grow your money by increasing your income potential, you aren’t just confident, you’re also a self-assured optimist. You believe that you are capable and worthy of earning more, and you are willing to work hard to make it happen. Increasing your income is a worthwhile financial goal, as the more money you make, the faster you’ll be able to reach financial independence.

Generosity Goals → The Giver

When you get to the point where you have more than you need, a shift often happens to where you may focus on other areas your money can be used to do good things. Many of my clients have a desire to have enough wealth so that they can do something meaningful with it and give it away. Generosity goals are noble and powerful and reveal that you like to give back to others in meaningful ways. You know that you don’t have to be a Bill and Melinda Gates to allow your money to have a considerable impact on the lives of others.

Debt Deletion Goals → The Newly Empowered

You’ve been living beyond your means, but not anymore! Now, you’re tackling your debts head-on and you made a plan with a timeline of how you’re going to chip away or take a wrecking ball to your debt. If this is you, you may have had a wake-up call or a sudden realization that you don’t have to live in a continuous state of playing catch-up with your finances. No, no. You’re empowered to regain control of your financial life, starting with the elimination of debt that has been holding you back from achieving lasting financial success.

Above and Beyond Goals → The Financially Independent

For you, just checking off all the boxes of what you *should* be doing from a financial perspective isn’t quite good enough. You already have your emergency reserves built up, you’re on track to have your nest egg be large enough to replace your earned income when you want to retire, you aren’t carrying any debt except for your mortgage, you have 529 plans for your kids established, your estate planning needs are in order, and you have adequate insurance coverage. Oh, and you have your financial life automated to ensure you continue funding your primary financial priorities.

So now, you’re setting above and beyond money goals so that you can enjoy an abundance of financial success now and later. This means that you are looking for even more ways to maximize your dollar and use your money to enhance your life without compromising your future plans and needs.

Conclusion

You may find that your financial goals for 2019 fall into one or several of the categories I described above. It is an exciting time of year to get reinvigorated by your financial journey. Setting financial goals and putting a plan in place to reach them is an effective way to hold yourself accountable and get results from your efforts. French writer and poet Antoine de Saint-Exupéry once said, “A goal without a plan is just a wish.” Therefore, don’t just wish for your financial dreams to come true or set fleeting New Year resolutions. Take charge, take action, and take 2019 by storm, ladies! I have every confidence in you.

Interested in working with a fiduciary financial advisor to help you turn your financial goals into reality? Let’s start talking. I’d love nothing more than to join your financial journey and see to your success.

The post What Your Financial Goals Reveal About You appeared first on Hendershott Wealth Management.

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EP 130 | Profit Boss® Radio

Welcome to episode 130 of Profit Boss® Radio! Today is the very special episode I’ve been promising you where I share your listener win stories!

Before we get to the show, let me first just start off by saying how incredibly proud I am of all of you who have made strides in your financial journey. There is no accomplishment too small when it comes to your financial life, and any step in the right direction gets a well-deserved applause from me and your tribe of Proft Boss® listeners.

From saving more money and automating your finances to paying down debt and increasing your income, bravo ladies! From what I gather, 2018 was a breakout year for many of you with only more potential and opportunity in store for 2019.

Your stories, accomplishments, and plans for the New Year are truly inspiring. Congratulations to my guests in today’s episode: Joelle, Becky, Ylva, Dee, JC, Mary, and Lauren. And congratulations to all of you listening in with your own financial win stories. It is an honor to kick off 2019 celebrating you. Cheers!

What We’re Celebrating in this Episode:
  • Joelle making an empowered decision to get out of debt and then doing it!
  • And that’s not all! Joelle also amped up her financial game by saving 6 months of her income in an emergency fund, saved 20% of her income toward her future, grew her small business to the point she could spend three months in Portugal, and lives a life where her finances work for her instead of the other way around.
  • How Becky’s year was transformational. She purchased a car in cash, automated all her finances, was able to leave her part-time job, doubled her income, and is starting the year by opening her own practice.
  • Ylva taking the first step in investing!
  • Dee campaigning hard for her career advancement and increased income in 2018. She relentlessly pursued a promotion, which she eventually earned with some interesting twists.
  • How Dee has even bigger goals for 2019 on top of starting her own business this year.
  • JC and her husband both getting promoted at work in 2018 and how that catapulted a huge year for them financially. They automated all their finances, got married, paid off $25k in wedding debt in a few months, and bought a car in cash!
  • Mary bought a home in central Oregon, earned an $11,000 raise, and automated her financial life.
  • Lauren increased her income with a new role at work and got married in 2018 without taking on any wedding debt.
Related Profit Boss® Episodes and Blogs Last Call for Listener Stories

Hey Profit Boss® Radio listeners! 2018 may be over, but that doesn’t mean I want to stop hearing about your financial wins! If you reach a financial goal you’re proud of, tell me about it! I would love to continue sharing listener win stories throughout 2019. Remember, the Profit Boss® community is here to support you and that includes celebrating with you when you accomplish something incredible.

  • If you crush a specific financial goal, I want to hear from you.
  • If you’re thankful for something that has happened in your financial life or career, I want to hear from you.
  • If you are making big financial or career plans, I want to hear from you!

Your financial success is possible and so many of you are already making that a reality! So, don’t keep your wins to yourself! Share them with me so that I can air them throughout the year on Profit Boss® Radio.

Email your audio clip to media@hilaryhendershott.com. And we’ll be in touch if we plan to air your story. Thanks, ladies!

#AskHilary

And let’s not forget that this show is powered by you and your stories and questions. Every month I’ll be doing an #AskHilary episode where I answer listener financial questions.

  • So, what’s that top of mind money question that’s been pinging around in your brain?
  • Where have you been stopped?
  • What have you been arguing with your spouse or significant other about?
  • What tip or tool aren’t you sure about?
  • Do you have questions about saving? Spending? Budgeting? Investing?

Pick up your mobile phone right now. Yes, right now. And open your voice recorder app. Yep, go ahead and open that app and record yourself asking me that question. Just say your name, first name only is okay, and then what city you’re from, and then ask away.

Anything you want to ask. And once you’re done recording, export that beautiful little recording and email it to media@hilaryhendersott.com.

I can’t wait to hear your questions!

Enjoy The Show?
  • Be sure to subscribe to Profit Boss® Weekly so that you get our latest announcements, offers, articles, and resources straight to your inbox!
  • Don't miss an episode, subscribe via iTunes, Stitcher or RSS.
  • Leave us a review in iTunes and share the show with your friends
  • Interested in taking your next right step? Join our Interest List for the $50k Wealth Multiplier Mastermind
  • Don’t miss out on the 7 Steps to Wealth Audio Guide! It’s free and comes with weekly emails that walk you through each step.
  • Join the conversation by leaving a comment below!
  • Initiate a conversation about your wealth planning and take the relationship to the next level
Disclaimer

Hendershott Wealth Management, LLC and Profit Boss® Radio do not make specific investment recommendations on Profit Boss® Radio or in any public media. We also do not feature testimonials or endorsements about our services.

The post Ways to Succeed in Finance: True Listener Stories appeared first on Hendershott Wealth Management.

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There are plenty of ways to invest your money, and a Roth IRA is just one tool you as an investor can use to help you reach your financial goals.

Income limits and contribution limits don’t make Roth IRAs the place where you can park and grow all your money, but they do allow you to diversify the types of investment accounts you hold.

  • In 2019, income limits on Roth IRA contributions will go up by $2,000 for singles from $120,000 in 2018 to $122,000 in 2019. They will increase by $4,000 for married filing jointly from $189,000 in 2018 to $193,000 in 2019.
  • Contribution limits will rise to $6,000 annually ($500 more than $5,500 contribution limit in previous years).
  • And, while you are not allowed to contribute to a Traditional IRA once you reach the age of 70 ½, there are no age limits on Roth contributions.

There are many reasons to like Roth IRAs as a wealth building tool, but here are the top three reasons I recommend these types of accounts for my clients.

1. Tax Diversification

I am all about tax strategy. An investment strategy that lacks a tax strategy component is incomplete. Roth IRAs are tax-free investment accounts. They are funded with after-tax dollars, so you pay taxes on the principal amount you invest and that’s it. Your money then grows tax-free and your distributions in retirement are tax-free. You do not pay taxes on the growth of your money.

When you have a traditional IRA or 401(k) that is tax-deferred, meaning you will pay taxes once you start taking distributions in retirement, it’s a good idea to have some investments that aren’t taxed like a Roth IRA. Having different retirement accounts that are treated differently from a tax standpoint can help to reduce your overall tax liability later in life. It can also allow you to use different buckets of money for different purposes.

For example, we will all likely live through several future tax environments. Many don’t recall this, but the highest marginal tax brackets historically in the US have been over 90%! Should such an onerous tax be passed again in the future, you’d have the ability to draw tax-free income from your Roth IRA, thus avoiding losing all but 10% of your distributions.

2. No Required Minimum Distributions (RMDs)

Unlike your traditional IRA or 401(k), you aren’t required to take distributions. This means that if you don’t need the money in your Roth IRA, you can leave it alone to continue growing until you do. On a fixed income, it’s a nice option to have tax-free money set aside for when you actually do need it or want to spend it.

If you never wind up needing to use the money you save in your Roth IRA, you have the option of leaving tax-free money to your children or other beneficiaries. Unused Roth IRA assets can then fold into your overall estate and legacy plan.

3. Access to Your Contributions

A somewhat lesser known fact about Roth IRAs is that you can access your contributions at any time without penalty after you’ve had the account for five years. It’s only when you touch the growth of your portfolio that you would be hit with a 10% penalty, but otherwise, you still have access to the funds you contributed.

You don’t have to justify a reason for pulling out the original contribution amount you need. It is your money. And the growth remains in the account and continues to grow.

Conclusion

Most of the reasons to use a Roth IRA center around its tax flexibility and advantages. Having money grow tax-free is attractive and being able to leverage the tax-free option in retirement so that you can minimize your taxable income is also advantageous.

With any investment decision, it’s important to remember that no solution is a one-size fits all approach. Your personal situation and circumstances dictate how and if a Roth IRA is the best option for you. Therefore, be sure to consult with a fiduciary financial advisor if you have questions about your investments. If you are interested in working with me individually, let’s explore that possibility together. You can get started working with a fiduciary financial advisor right here.

The post The Top 3 Reasons You Should Open a Roth IRA appeared first on Hendershott Wealth Management.

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EP 129 | Profit Boss® Radio

Welcome to episode 129 of Profit Boss® Radio! In today’s episode, we are unpacking the complicated reasons that hold women back from advancing in their careers. From gender bias and sexism to fear and insecurity, we untangle all the messy roadblocks that stand in the way of women rising to success.

If you have ever felt held back in your career, faced limitations placed on you by others, or have felt you or your ideas have been dismissed because you’re a woman, be sure to tune into today’s episode. This is a can’t-miss show full of staggering statistics that point to the value women bring to companies and our natural abilities to assume and succeed in leadership positions.

Not only does my guest Linda Smith, Esq. reveal the ever prevalent gender stereotypes that still plague every industry, but she shares actionable and useful ways women can overcome these known barriers to advance their careers as far as they want. Linda believes that women should be able to choose how far they climb in their careers versus being limited by the corporate culture that persistently holds women back.

Get ready to feel empowered as we uncover how women can use their superior leadership skills to advance their careers and reach success.

What You’ll Learn from This Episode
  • Why Linda thinks women are going backward rather than forward in their pursuit of career advancement
  • That women are actually playing by the wrong playbook – that by women trying to outmen the men or become a “mini man” is wrong and will never work
  • The playbook women should use instead to advance their careers and why it works
  • The two tools that women have at their disposal that are far more potent than sexuality: emotional intelligence and superior leadership skills
  • What emotional intelligence is and why women are better at it than men
  • What makes women better, more effective leaders than men but why more women aren’t leaders in business
  • Statistics on the financial impact women have on companies when they hold C-suite and board positions
  • What Linda wants women to know about how their skills can help them earn more money
  • How women can fight for themselves so they can go as far as they want in their careers
  • The biggest challenges women face in the workforce
    • gender stereotyping
    • self-limiting beliefs
    • fear of failure
    • early conditioning to be “well-behaved” and “good”
  • Hear Linda’s personal experience where she was stereotyped by men, her takeaways, and how other women can apply these insights in their lives  
  • Why women don’t need to be a guy or an iron lady, but how they can be better and faster than men
  • Linda’s practical tips for how women can use their leadership skills to move forward:
    • Suit up using emotional intelligence
    • Why confidence trumps competence every time.
    • How to speak up with confidence, and what women should never say ever again
    • How to effectively use body language to portray confidence and earn respect
    • Ways to step up and seize opportunities
    • What it means to show up and display your true grit
    • Why the most likable person in the room is never the leader of the room
About Our Guest Linda Smith, Esq.

My guest today is Linda Smith, Esq. She is the author of Smashing Glass and Kicking Ass,  Linda is a strong woman who found a way to rise through gender stereotypes within the  male-dominated legal profession and offers tips and takeaways women can use so that they can effectively rise to whatever position they want, be heard, and respected by ALL of their peers.

Linda led a successful career for years at the law firm O'Melveny & Myers where she often tangled with outsized male egos, including Mick Jagger, without ever breaking stride. Her tenacity as a cross-examiner earned her the prodigious title of “The Meanest Woman Alive.” And while she's definitely the “meanest” to hostile witnesses or opposing lawyers who try to pull a fast one, outside the courtroom Smith is known for her sense of humor, fierce loyalty, and deep commitment to collaboration.

Now, Linda’s mission to empower ambitious women in all fields to use their talent, smarts, and femininity to reach their own pinnacles of success. Whether the challenge is defeating gender stereotypes, conquering self-sabotaging behaviors, handling difficult men, or attaining leadership positions, Linda draws on her own experiences and those of other highly successful women to show women how to come out on top by embodying the best, and most successful traits of women.

Related Resources Last Call for Listener Stories

Hey Profit Boss® Radio listeners! 2018 is rapidly winding down and I’m preparing a special episode that celebrates you! But, this special episode requires your help.

  • If you have crushed a specific financial goal, I want to hear from you.
  • If you’re thankful for something that has happened in your financial life or career, I want to hear from you.
  • If you are making big plans for 2019, I want to hear from you!

Your financial success is possible and so many of you are already making that a reality! So, don’t keep your wins to yourself! Share them with me so that I can air them in a special episode of Profit Boss® Radio.

Email your audio clip to media@hilaryhendershott.com. And we’ll be in touch if we plan to air your story in a few weeks! Thanks, ladies!

#AskHilary

And let’s not forget that this show is powered by you and your stories and questions. Every month I’ll be doing an #AskHilary episode where I answer listener financial questions.

  • So, what’s that top of mind money question that’s been pinging around in your brain?
  • Where have you been stopped?
  • What have you been arguing with your spouse or significant other about?
  • What tip or tool aren’t you sure about?
  • Do you have questions about saving? Spending? Budgeting? Investing?

Pick up your mobile phone right now. Yes, right now. And open your voice recorder app. Yep, go ahead and open that app and record yourself asking me that question. Just say your name, first name only is okay, and then what city you’re from, and then ask away.

Anything you want to ask. And once you’re done recording, export that beautiful little recording and email it to media@hilaryhendersott.com.

I can’t wait to hear your questions!

Enjoy The Show?
  • Be sure to subscribe to Profit Boss® Weekly so that you get our latest announcements, offers, articles, and resources straight to your inbox!
  • Don't miss an episode, subscribe via iTunes, Stitcher or RSS.
  • Leave us a review in iTunes and share the show with your friends
  • Interested in taking your next right step? Join our Interest List for the $50k Wealth Multiplier Mastermind
  • Don’t miss out on the 7 Steps to Wealth Audio Guide! It’s free and comes with weekly emails that walk you through each step.
  • Join the conversation by leaving a comment below!
  • Initiate a conversation about your wealth planning and take the relationship to the next level
Disclaimer

Hendershott Wealth Management, LLC and Profit Boss® Radio do not make specific investment recommendations on Profit Boss® Radio or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

The post How Women Can Use Their Superior Leadership Skills to Advance Their Careers with Linda Smith, Esq. appeared first on Hendershott Wealth Management.

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EP 128 | Profit Boss® Radio

Welcome to episode 128 of Profit Boss® Radio! Today’s episode is an important conversation we need to have about money, and more specifically about investing.

As a Profit Boss®, you recognize that building financial success takes a series of smart steps over the course of days, weeks, months, and years. It’s one thing to have a want to build wealth – to understand you need to invest your money to grow it. But, understanding, conceptually, how risk is a necessary tool to help you do that is another. That is why today’s episode is dedicated to helping you understand investment risk and how to get comfortable with it as a wealth-building tool.

Spoiler alert! Risk is not the big, bad, scary, dangerous thing you may think it is. There is a massive amount of miseducation about risk. So, that’s what we’re talking about today.

Tune in today’s episode as I briefly cover what’s happening in the investment markets that has people really thinking about the amount of risk they are exposed to, before switching gears to talk about the evergreen principles of risk. Even if you’re listening to this episode much later than December 2018, these facts about the markets hold true; but moreover, the lesson about risk is still 100% applicable to you and how you can use it to build wealth over the long-term.

Cheers to your financial aptitude ladies. Let’s jump in!

What You’ll Learn from This Episode
  • What the complete definition of “risk” is and why our commonly-held beliefs about it are wrong
  • Why now is such an appropriate time to discuss risk and understand it fully
  • A brief history lesson about the markets, past market performance, and how often we experience bull and bear markets, and market corrections
  • 3 facts about the markets that every investor should know about
  • The instances that do put you at too much risk for loss
  • What you can do to minimize risk and maximize potential reward
  • Why your investments should be diversified and appropriately allocated and how these investment choices work with risk to build wealth
  • A discussion about “risk tolerance” and why it is a completely useless measurement by certain investment managers
  • Why you need risk in your investment strategy to build wealth and reach your financial goals
  • Hear a couple of real-life cautionary tales about how two different investors misapplied risk to their investment decisions
  • 6 questions you need to ask yourself to find out if you should be doing something different with your investments

Related Episodes and Blogs Call for Listener Stories

Hey Profit Boss® Radio listeners! 2018 is rapidly winding down and I’m preparing a special episode that celebrates you! But, this special episode requires your help.

  • If you have crushed a specific financial goal, I want to hear from you.
  • If you’re thankful for something that has happened in your financial life or career, I want to hear from you.
  • If you are making big plans for 2019, I want to hear from you!

Your financial success is possible and so many of you are already making that a reality! So, don’t keep your wins to yourself! Share them with me so that I can air them in a special year-end episode of Profit Boss® Radio.

Email your audio clip to media@hilaryhendershott.com. And we’ll be in touch if we plan to air your story in a few weeks! Thanks, ladies!

#AskHilary

And let’s not forget that this show is powered by you and your stories and questions. Every month I’ll be doing an #AskHilary episode where I answer listener financial questions.

  • So, what’s that top of mind money question that’s been pinging around in your brain?
  • Where have you been stopped?
  • What have you been arguing with your spouse or significant other about?
  • What tip or tool aren’t you sure about?
  • Do you have questions about saving? Spending? Budgeting? Investing?

Pick up your mobile phone right now. Yes, right now. And open your voice recorder app. Yep, go ahead and open that app and record yourself asking me that question. Just say your name, first name only is okay, and then what city you’re from, and then ask away.

Anything you want to ask. And once you’re done recording, export that beautiful little recording and email it to media@hilaryhendersott.com.

I can’t wait to hear your questions!

Enjoy The Show?
  • Be sure to subscribe to Profit Boss® Weekly so that you get our latest announcements, offers, articles, and resources straight to your inbox!
  • Don't miss an episode, subscribe via iTunes, Stitcher or RSS.
  • Leave us a review in iTunes and share the show with your friends
  • Interested in taking your next right step? Join our Interest List for the $50k Wealth Multiplier Mastermind
  • Don’t miss out on the 7 Steps to Wealth Audio Guide! It’s free and comes with weekly emails that walk you through each step.
  • Join the conversation by leaving a comment below!
Disclaimer

Hendershott Wealth Management, LLC and Profit Boss® Radio do not make specific investment recommendations on Profit Boss® Radio or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

The post Understanding the Role Risk Plays in Your Investment Strategy appeared first on Hendershott Wealth Management.

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