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Hilary Hendershott Wealth Management by Christy Haussler, Blog – Hilary Hen.. - 1M ago
Episode 85 | Profit Boss® Radio

Whatever your goals might be for taking control of your finances, you know that one of the biggest payoffs after prioritizing your finances is peace of mind. You know that you and your family can enjoy life to the fullest because you are more than prepared. Are you just as prepared for your present success as you are for the future? What would happen to your dependents after you pass away?

It’s time to talk about Life Insurance!

Insurance can be a headache for many. There are so many types of Life Insurance, and many people have no idea where to begin or how much insurance they really need. That is why I am excited to have Mark Maurer on the show today. Mark’s company, Low Load Life Insurance has been a partner of Profit Boss for a long time now. They are on a mission to ensure that individuals find the best coverage without all of the overhead. Mark’s knowledge of the insurance world is expansive, and I know he is going to bring to you practical steps you can be taking to get the coverage you want and need.

First up, my good friend Erin from The NewsWorthy brings you news bites from the financial realm. From the Bank of Amazon to Black Friday toy trends, she will bring you the same unbiased reporting she employs for her podcast.

After my illuminating interview with Mark, I’ll answer listener questions about Insurance. Together, we will tackle your most pressing questions about buying life insurance in your 20s and 30s, convertible policies, investment opportunities, and how to get the most of your insurance. Consider it my complete guide to Life Insurance!

Listen To The Full Interview:

What You'll Learn From This Episode:
  • How Low Load Life Insurance began with a mission to help customers without upselling.
  • Term Life Insurance v. Permanent Life Insurance.
  • The 3 Reasons to buy Term Life Insurance.
  • Permanent Life Insurance is a different game, but there are still people who would want it.
  • Paying premiums and the real rate of return with insurance.
  • Permanent Insurance is particularly useful for parents of Special Needs children.
  • Whole Life is a variation of Permanent Insurance.
  • How to know how much insurance to buy.
  • Thinking about non-earning spouses.
  • All about the application process and what to expect with medical checks.
  • How to assess your rate and your options once your application is processed.
  • Mark shares his own insurance purchases.
  • Comparing premium differences between Term and Permanent Insurance.
  • I cover all your nitty-gritty questions about maximizing a life insurance plan.

Featured On The Show:

*Please be aware the firm may not be set up to walk you through the myriad of options available to you. If you don’t already pretty much know what kind of policy you’d like to apply for, I recommend finding a broker.

Don't forget to join our free private Profit Boss® community on Facebook! Enjoy The Show?

 

The post A Complete Guide to Life Insurance appeared first on Hilary Hendershott Wealth Management.

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Episode 86 | Profit Boss® Radio

Healthcare and health insurance are getting more and more expensive. With changes coming with healthcare legislation, and with policy and coverage shifts imminent no matter where you live, you might be thinking about an alternative to traditional Health Insurance. Many people have turned to Medical Expense Sharing Programs to help offset the cost of medical care. If it sounds a little “out there” to you, hang with us. I am going to give you all the facts you need to know about Sharing Programs.

First, we have another installment of Profit Boss Radio’s special broadcast of The NewsWorthy Podcast by my friend, Erica Mandy. Hear all about the rise of Online sales, hackers and Bitcoin, and Worker Visa Legislation.

Helping me get to the bottom of Sharing Programs is Michael Gardner from Medi-Share. Medi-Share is a faith-based organization that helps alleviate the financial burden of certain medical expenses by spreading the cost to its members. If you are a part of Medi-Share, you have a monthly contribution that allows you to be a part of someone’s recovery. Programs like Medi-Share are all about this community mindset. It doesn’t just imagine a world where the community joins together to support one another, it makes that happen financially.

Sharing Programs are unconventional, and many of you in the Profit Boss community haven’t even heard of them before. I ask all the questions you are probably thinking to help get to know Medi-Share and programs like it. As healthcare prices rise, now is a good time to start thinking about your insurance needs. Perhaps Medi-Share is just the program you need to help you on your way to financial freedom.

Listen To The Full Interview:

What You'll Learn From This Episode:
  • What exactly is Medi-Share? Michael gives you all the details.
  • The two essential things you need to understand about Medi-Share.
  • What happens when Medi-Share gets a healthcare bill.
  • Ways Medi-Share is different from traditional Health Insurance.
  • What it means for Medi-Share to be a faith-based organization.
  • The financial side of alternatives to traditional healthcare insurance.
  • How the people at Medi-Share are keeping costs low with preventative healthcare programs.
  • The members are the governing powers at Medi-Share.
  • How children factor into the sharing program as well as Medicare A and B.
  • Privacy and protection that you can have from Medi-Share.
  • How Medi-Share is different than other Sharing Programs.
  • The difference in cost between the government healthcare plan and a Medi-Share plan.
  • Tele-Medicine Program allows members to get treated and diagnosed remotely.

Featured On The Show:

Don't forget to join our free private Profit Boss® community on Facebook! Enjoy The Show?

 

The post Health Insurance: How to Save Thousands with Medi-Share appeared first on Hilary Hendershott Wealth Management.

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Women tend to be the most vulnerable when it comes to taking bad financial advice.

Of course, behind every data point is a real story of a real woman who thought she was getting good advice, but it eventually led to less than great, or maybe even disastrous, long-term consequences.

I’m here to help you know the difference between the kind of advice you should take and the kind you should steer clear of.

First, the Good News
I recently interviewed Holly Fagan, a managing director at BlackRock investments, on my podcast, Profit Boss Radio.

In our interview, we talked about a BlackRock study that revealed 51 percent of women reported feeling “very positive” about their financial futures, a significant improvement over last year.

And 42 percent said they were confident about their savings and investment decisions, up from 34 percent the previous year. So far, so good!

But Now, the Surprisingly Bad News
Unfortunately, BlackRock’s survey results also revealed that even though women may be feeling confident, that confidence is likely unjustified.

The survey showed that 71 percent of female respondents said that their portfolios were in cash — they were sitting on the sidelines without an investment plan!

An all-cash portfolio, despite what your intuition or emotions might tell you, is extremely unlikely to get you to your goals.

When It Comes to Your Financial Future, Cash Is NOT King
When people invest their money without a plan, their emotions are often at the helm.

There is no bigger generator of fear than a volatile or sinking stock market. But in this case, following our emotions leads us to violate the No. 1 rule in investing: Buy low and sell high!

Decades of research on the behavior of actual investors has shown that the vast majority of people who sell as stocks fall will sit on the sidelines too long.

They’ll miss the market recovery and the tremendous gains that historically have followed 100 percent of market declines.

Plus, fear lingers and keeps people from moving back into their investments often until the costs are quite high.

Sitting on cash is a sign that your money has no plan, that you’re likely suffering big losses, and that your thinking is very short-term.

For years, men tended to handle both the household budget and investing decisions.

Some of those patterns have likely shifted over the last five to 10 years, but not all of them.

Research tells us that while women have increasingly asserted themselves over budgeting and household expense management, men are still largely the ones who handle long-term savings and investment.

What sometimes goes unnoticed is that budgeting and investing are two very different activities, requiring different skills and strategies. Budgeting is done with an eye toward cash flow. The more cash on hand, the better.

But focusing exclusively on day-to-day management and neglecting the long-term perspective can have serious long-term consequences.

Focusing on how much cash you have to work with each month means that you’re likely to be confident when, say, prices at the gas pump are low, and more fearful when they’re high.

But in terms of investing, higher oil prices often actually mean big gains in your portfolio! In that scenario, hoarding cash is exactly the wrong strategy.

So, Why the Misplaced Confidence?
Why are women feeling more confident when 71 percent of us are making big mistakes with our money?

For years, the financial media has been reporting that women are coming into their own when it comes to managing household budgets and personal purchasing decisions. There's no limit on what you can do.

Women control $14 trillion in personal wealth, about 51 percent of the wealth in the United States. And with that control comes a responsibility to be good investment managers.

More and more women are relying on advice they read on the Internet to make investment decisions. We feel educated, savvy, and confident, when in truth we’re taking bad advice and hamstringing our long-term plans.

Kind of a bummer, huh?

Remember, Technology and Modern Advances Don’t Always Serve Us
Fortunately or unfortunately, anyone, and I mean anyone, can publish on the Internet. No credentials, no formal education, no matter.

While most of the financial advice on the Internet comes from well-meaning people and sources, only some of it is actually good advice. Some of it is flat-out terrible advice, and much of it is written by sponsored sources that simply want to scare you into buying their product, annuity, or seminar.

While we have grown to love and trust the Internet for fast and convenient service delivery, there are some areas where it just doesn’t solve problems.

Here’s How to Learn Your Way

If you’d like to hear more about how to know what financial advice you can trust, and the tools that can really move investors forward toward their dreams, check out episode 11 of Profit Boss Radio today.

This article was originally published on Hilary’s DailyWorth Connect Platform for Experts. (April 14, 2016)

The post The Bad Financial Advice Women Should Stop Taking appeared first on Hilary Hendershott Wealth Management.

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Episode 90 | Profit Boss® Radio

2018 is nearly upon us, and I know you are already thinking about your finances. This is the perfect opportunity to think back at all of the money choices you made in 2017 and begin to set some goals for the year ahead. Are you in the same camp as 42% of Americans who think setting resolutions is a waste of time? Are you excited to grow even closer to your freedom number this year? Whether you are the former or the latter, this episode is going speak right to you.

To begin this special New Year’s episode of ProfitBoss Radio, I wanted to touch on a question that I hear many of you asking: What’s the deal with Bitcoin? Bitcoin is a type of cryptocurrency or a digital currency. Bitcoin is not just digital currency, it is also a social movement. A group of people wanted the government out of their business, so they decided to create their own currency. While Bitcoin seems to be having a moment in popular culture, as is this BlockChain Technology it is associated with, I would never advise my clients to invest or speculate with it. Listen to hear my full Bitcoin analysis.

Zooming back out, I wanted to take a moment to help you take stock of where women are financially. We’ve come so far, and we still have far to go. I’ll take a moment to show you how the numbers are stacking up for women and their finances in 2017. Armed with this knowledge, I want you to take stock of the choices you’ve made with your finances this year, and then let it all go. Now is the best opportunity you have to restart and refresh your goals and mindsets.

You might not be prepared to stick to a resolution on your own. Thankfully for you, there are many studies demonstrate that there are tactics you can employ to stick to your resolutions. Accountability is the key, so I want to invite you to join a mastermind with me in San Jose on January 19th. Listen to this episode to learn the secrets of better goal setting, and then go into 2018 prepared and ready to tackle anything.

Listen To The Full Interview:

What You'll Learn From This Episode:
  • Learn everything you need to know about Bitcoin.
  • Get all the stats on the State of the Union for women and money.
  • Many people do not believe in New Years Resolutions. Learn how to make them stick.
  • Maximize your tax savings and other financial goals you can take this year.
  • The tools you need to get you started.
  • Learn why financial resolutions always fail.
  • Hear all about Your Custom Wealth Plan and how to get involved with my Mastermind program.

Featured On The Show:

Don't forget to join our free private Profit Boss® community on Facebook!

Enjoy The Show?

 

The post The Secret to Keeping Financial New Year’s Resolutions appeared first on Hilary Hendershott Wealth Management.

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Episode 89 | Profit Boss® Radio

No one would ever dream that experiencing sexual harassment could have a negative impact on their career and their income. And yet, the general consensus is that yes, sexual harassment has a huge and lasting impact on women in the workplace. While the bigger conversations like #MeToo and the Harvey Weinstein allegations are a bit larger than the scope of this podcast, it is still worth devoting time and collecting the best experts on the topic. I’ll start with my own story of sexual harassment, and the vastly negative impact it made on me when I was still very young. Knowing what I know now, I feel armed and ready to navigate these muddy waters with you…without costing you a coin.

First up, I am thrilled to have Tucker Miller on the show for an interview. She is an expert through and through, and she is working with the organization, ELI, to stop workplace harassment and give voice to the voiceless. Tucker is going to share her experiences navigating sexual harassment in the workplace in order to show you exactly what you should do and say should this ever happen to you. My favorite bit of advice is what she recommends is her how-to when it comes to bringing a complaint to HR. You definitely do not want to miss out on her advice and perspective.

My second interview is with Daren Lipinsky. He’s the guy you would want to call if you were in need of representation for a sexual harassment lawsuit. No one would ever dream they might need Darren’s help, but it is always smart to know more than you need! Darren is going to give his unique perspective on sexual harassment and offer up his own words of wisdom for anyone experiencing it right now or in the future. His main point is that you need to come forward. There is strength in numbers, and there are people like Daren out there ready to help you.

Unfortunately, sexual harassment in the workplace is not going away anytime soon. The more conversations and stories I hear, the more firmly I believe that we as women in the workplace need to arm ourselves with knowledge and a little bit of legal savvy. Thank you so much to all of you in the Facebook group who have been sharing your stories. We can change the narrative together.

Listen To The Full Interview:

What You'll Learn From This Episode:
  • Tucker shares how someone might know if there are being harassed.
  • So you know you are being harassed, what next?
  • Quid Pro Quo v. Hostile Work Environment
  • Encouragement for those of us who are afraid we have accidentally created a hostile work environment.
  • Tucker’s experience from the fallout of egregious allegations.
  • Can a subordinate harass a manager?
  • What you need to know about consensual workplace relationships.
  • Reporting office relationships.
  • Does a woman need to worry about losing her job when she reports a problem?
  • Tucker’s real stories of sexual harassment.
  • How lawyers can be most effective for you in sexual harassment situations.
  • Daren shares his personal history with civil rights and his perspective on how our attitudes on sexual harassment has changed.
  • Know when you can make a legal claim and file a suit.
  • The vast majority of people who make a claim have legitimate complaints.
  • Advice for someone who is trying to avoid termination or changes in career.
  • Make sure your documentation is detailed and that it happens as quickly as possible.
  • Be aware that your Social Media can be used as evidence.
  • The types of settlements that one might be entitled to after a case.
  • Do your research about a company’s history with sexual harassment cases.

Featured On The Show:

Don't forget to join our free private Profit Boss® community on Facebook!

Enjoy The Show?

 

The post How to Keep Being Sexually Harassed from Costing You Your Career appeared first on Hilary Hendershott Wealth Management.

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Are you knowledgeable enough to manage your money so it lasts a lifetime?

If you didn’t answer with a resounding “YES,” it’s time to focus on your financial education.

This is especially important if you’re a woman. Too many women aren’t proactive about knowing the ins and outs of personal finance. We need to learn to act now, rather than just reacting to what happens.

Our families and households can benefit from our proactivity, too. Women are often better money managers than men, and that’s not just a statistic: I’ve seen it play out with my own clients time and time again.

Not to mention, as a woman, you deserve to know exactly what’s going on with the money you work hard to manage and use responsibly. That’s true whether you have a partner or you’re forging your own path.

The good news? You can do something about it if you feel you don’t know enough about money. Knowledge really is power, and understanding some important financial facts will give you both peace of mind and a deep understanding about how to make good financial decisions.

Let’s get started on the road to wealth — both in knowledge and in your bank account — right here, with these 5 financial facts to know if you want to feel confident, empowered, and in control of your money situation.

Financial Fact #1: You’re Not “Bad with Money” Because You’re Bad at Math

Let’s put both these myths to bed right now. First of all, women don’t have some sort of inherited, inevitable disadvantage when it comes to math.

Stanford researchers found reasons boys tend to perform better than girls on standardized math tests have little to do with actual ability and more with environmental factors. We believe and even say, “boys are better at math” and it becomes a self-fulfilling prophecy.

Some humans are good at math. Some humans, not so much. It has nothing to do with your gender.

Second, we know some people aren’t as good at math as others. If you identify with that for whatever reason, know that it has no bearing on your ability to earn a financial education and become really, really good with money.

Cognitive biases lead us to make bad money decisions, not a struggle with numbers and figures. If you feel like you’re bad at money, we need to focus on behavior change to make improvements. And that’s a good thing, because it’s something you can control.

Financial Fact #2: Investing Strategically Is Not the Same Thing as Gambling

The stock market can feel like a scary, unpredictable place — and it can be if you don’t know what you’re investing in, or if you fail to create a strategic investment plan that aligns with your needs, time horizon, goals, and ability to handle risk.

Here’s what you need to think about when it comes to the financial markets:

Market volatility just means change. It could mean a big drop, or it could just as easily talk about a swing in a positive direction. Either way, it’s part of how the market works. We can’t avoid it, but we can plan for it.

Planning for it means:

  • Diversifying appropriately.
  • Avoiding over-exposure in any one segment or industry.
  • Taking an educated, evidence-based approach to investments (and tuning out current events).
  • Creating the right mix of stocks and bonds in your portfolio.

Which brings us to the next point…

You need stocks in your portfolio. Unless you have more money than you could ever spend in the rest of your lifetime, wisely holding the right baskets of stocks and funds will help you grow your wealth responsibly. Holding all your assets in bonds won’t allow you to enjoy the growth you need to meet your goals.

You can’t time the market. Well, you could try. But it probably won’t end well. The fact is no one knows when the market is going to experience a downturn. And no one knows when it will recover.

What we do know is that these fluctuations happen, but over time the market has always provided a positive return. Timing the market tends to lead to buying high and selling low, the exact opposite of what smart investors want to do.

Take a long-term approach, rebalance your asset allocation as necessary, and know that the market does move up and down. But over decades, it always trends upward.

Financial Fact #3: Your Kids Can Borrow Money for College, But You Can’t Borrow Money for Retirement

You would do anything for your kids — including drain every last cent out of your bank accounts to give them what they needed to succeed in life, including an expensive college education.

If you’re toying with that idea, let’s take a moment to consider this from a different perspective.

What if your retirement and financial security came before paying for your kids’ college education? It might sound harsh, but ensuring your financial future is well-funded does not mean you don’t love your children or family.

It’s just a financial fact: You can’t borrow money to pay for your own retirement. Your kids, on the other hand, have plenty of options to pay for college.

They can earn athletic or academic scholarships. You can help them choose a reasonably-priced school based on a program they’re interested in (not based on national brand recognition).

Your kids can work part-time — or even full-time — while in school to pay for tuition and fees. They can take out student loans if they must.

You can help by providing a small amount each semester to help with other costs if you can reasonably afford it. With a little ingenuity and creativity and a specific goal to pay for a certain amount of your child’s college, you can make it happen without taking away from your retirement.

It doesn’t have to be an either/or situation. Consider funding your own retirement accounts first, and then helping pay for the cost of college.

Still not convinced? Think about it this way. If you give everything you have to put your kids through college, you put them at risk for being financially responsible for you in your old age. Don’t put that burden on your kids. You should probably fund your own retirement first.

Financial Fact #4: Everyone Needs an Estate Plan. Yes, That Includes You!

It doesn’t matter where you live, how old you are, or how much money you have (or don’t have) in the bank. You need an estate plan! If you have a partner, they need one, too.

Creating an estate plan today can give you so much more peace of mind now — and even greater financial security down the road.

The fact is, women have a good chance of outliving our spouses. It’s not fun to think about and undoubtedly you’d rather do other things with your time rather than plan for what happens if that becomes your reality.

But it’s the financially responsible thing to do, and it’s a critical step to take to ensure you’re protected and cared for as long as you’re here.

You contribute to the household, whether that’s by earning money that translates into savings and wealth or by managing that household and performing work your partner would have to hire someone else to do if you no longer did.

An estate plan is a way to make sure you play a highly active role in determining what the future of your household looks like, from best case to worse. Don’t skip this important part of your comprehensive financial planning process.

Financial Fact #5: You Don’t Have to Go It Alone

Ever wonder why professional athletes have coaches, even though they’re at the height of their game? Or why talented, smart people hire experts to help with their problems and challenges?

It’s because it’s tough to go it alone. Doing everything yourself makes it really hard to reach the pinnacle of success.

Will you be okay if you try and figure out and manage your personal finances all on your own? Probably. But you also leave yourself open to big mistakes and missed opportunities.

Even worse, you’re vulnerable to blind spots. It’s one thing to understand you don’t know certain things. But it’s hard to catch yourself when you don’t know you don’t know something.

Most financially successful people carry a lot of financial knowledge with them — but they’re also wise enough to understand they need more than just the facts. They need advice from objective third-party experts. They need guidance and accountability.

Build a team of trusted professionals who work in your best interest at all times. That includes a tax advisor to help you minimize your tax burden, a family attorney, and a fee-only, fiduciary financial advisor.

Want to talk about whether I might be the right financial advisor for you? Let's Chat!

If you’re not quite ready to talk yet, but want to stay connected, you’ll love the Profit Boss® Weekly newsletter! When you subscribe below, once a week or so, I’ll give you the straight truth on what you need to know in the world of personal finance.

The post 5 Financial Facts Women Should Know appeared first on Hilary Hendershott Wealth Management.

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Hilary Hendershott Wealth Management by Christy Haussler, Blog – Hilary Hen.. - 1M ago
Episode 88 | Profit Boss® Radio

It’s time to get your money mindset intent on investing! On ProfitBoss Radio, I try to tackle the personal and cultural forces that are both pushing women forward and holding us back. Buzzing about in the media is the continuing conversation about women and wage parity. Are women making strides to even the wage gap? Are women investing and earning with the same confidence as men? I could think of no one better to tackle those questions than Jean Chatzky!

You might know Jean as the Financial Editor from NBC’s “The Today Show.” She is also a respected finance journalist, host of the HerMoney podcast, and the author of nine books. Her most recent book, AgeProof, is just one point of conversation for us today. She has so much wisdom and expertise to share that would warrant several episodes of their own! I asked Jean how she does it all, from appearing on TV to writing countless articles and books, and she responded that it all comes down to mindset. Nothing fires Jean up like having conversations with people who feel empowered about their finances, and she has certainly brought her fire today!

Jean had a lot of surprising things to say about current cultural influences on finance. It turns out that Millennials are leading their elders financially through wage transparency and a willingness to invest. She also shared with me the common fears and misconceptions parents face when planning to pay for college debt-free. Jean managed it, and her honest perspective is refreshing and honest! We also talked all about the fears and misunderstandings that keep women from investing. If you might be in that camp today, I think you will gain a lot of wisdom from Jean’s perspective.

It is such a pleasure to have someone like Jean on the show. Her expertise is unmatched, and her compassion is beyond measure. The bottom line is that Jean genuinely loves to help others master their finances, free from fear. Whether you are looking to invest or to make the most of your savings, Jean has a little something for you today.

Listen To The Full Interview:

What You'll Learn From This Episode:
  • A day in the life of Jean Chatzky.
  • Jean’s perspective on the gender wage gap within the media and speaking industries.
  • Transparency with your earnings is key to women earning just as much as men.
  • The main blocks to women wanting to build wealth.
  • The younger generation is leading the way with transparency in earnings and participation in investment opportunities.
  • We can successfully navigate the fluctuations of the market by changing our long-term v. short-term view of the market.
  • Jean’s advice—put down the phone!
  • How to order your financial priorities at different stages of life.
  • Wrestling with saving for college v. saving for retirement.
  • Untapped financial resources for parents looking to fund college.
  • The story behind AgeProof.
  • Put some things on autopilot, prep ahead, and you’ll save so much time and money!
  • Jean’s mindset secrets for success.
  • How HerMoney can continue this episode’s conversation weekly.

Featured On The Show:

Don't forget to join our free private Profit Boss® community on Facebook!

Enjoy The Show?

 

The post Jean Chatzky on Earning and Investing More appeared first on Hilary Hendershott Wealth Management.

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Episode 87 | Profit Boss® Radio

Student debt, or debt of any kind, is a weight that impacts your entire life. The weight of debt carries a range of emotions from shame, anxiety, and depression to feelings of isolation and inadequacy. Many women struggle to find peace with that debt, let alone financial freedom. Typical debt solutions are often oversimplified—extreme budgeting, cutting back on lattes…there has to be more we can do. There has to be someone we can turn to! For a while, there wasn’t. That is exactly where my guest Melanie Lockert saw a need, and why she created a community as a response to that need

First, Erica Mandy brings us our special finance edition of The NewsWorthy. Find out how you can win a ticket to Profit Boss Live, just by subscribing. Spots are still open for my Live event. If you are an airplane ride of San Jose and you are ready to get serious about your financial freedom, you need to be here.

In my interview with Melanie Lockert, author of Dear Debt, you will hear all about how she accumulated and then “broke up with” over $80,000 of debt. Melanie candidly shares all of her frustrating setbacks and financial miracles that allowed her to run a successful freelancing gig and pay off her debt. She will talk all about her personal struggle with some of the emotional weight of student debt, and the power of the into her side hustle which allowed her to pay it off in less than 4 years. Melanie will discuss why you shouldn’t go on income repayment assistance programs, the power of building a tribe of women around you, and the miracles that happen when you start taking your goals seriously.

Melanie is full of hope, practical advice, and plenty of inspiring stories. She is proof that the hard work you put in really pays off. Don’t let the weight of debt keep you down. It is time to take your financial freedom seriously.

Listen To The Full Interview:

What You'll Learn From This Episode:
  • How Melanie decided to “break up” with debt in just four years.
  • How to make it work with low paying jobs and high debt anxiety.
  • How the Dear Debt blog came to be.
  • Why writing down your goals is so important for progress.
  • Working the side hustle that then built up into a business.
  • Training to see financial opportunities when you are looking for them.
  • The power of community and having people in your corner.
  • Accountability allows you to stay in check.
  • How the Lola Retreat got started.
  • Sharing stories from other women allowed Melanie to change her own story.

Featured On The Show:

Don't forget to join our free private Profit Boss® community on Facebook! Enjoy The Show?

 

The post Building a Financial Tribe to Kickstart Your Goals appeared first on Hilary Hendershott Wealth Management.

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You read that right. Talking with your honey about money can be fun, even if that’s not what most of us have been led to believe. We’ve all heard the statistics and seen the headlines, right? Things like:

“Money is the leading cause of stress in relationships” — CNBC.com

“Money matters cause tension for 88 percent of Millennial couples” — Journal of Accountancy

“Arguing about money is the top predictor of divorce.” — Huffington Post

And then there are the articles that tell you how to have “the talk”. Seriously, when was the last time you got excited when you heard (or had to say) the words, “We need to talk?”

Don’t get me wrong; money is important. The road to financial hardship is often paved with inattention. But that doesn’t mean it has to be all doom and gloom, either.

We’ve spent the last month on Profit Boss Radio exploring how various couples achieve financial harmony, and there are a lot of invaluable lessons here.

I’ve spoken to several fabulous female experts whose mission it is to teach couples how to share about what matters most with joy and intimacy. And yes, that includes money!

Here’s what I consider some of the biggest takeaways from this series on Profit Boss Radio.

  1. Empower Yourself
    Gone are the days when women didn’t need to take responsibility for their financial futures. Today, women control more spending money than ever before.

According to Forbes magazine, “Women drive 70 to 80 percent of all consumer purchasing, through a combination of their buying power and influence.”

However, the skills it takes to run a household budget aren’t the same as those necessary to build and maintain wealth.

Take the time to understand how your behaviors affect both your monthly spending and your long-term goals, and you’ll be in a much better place when it comes to talking about saving for the future.

  1. Be Willing & Creative
    Money is entwined with almost every aspect of our lives. And that holds true for free spirits as well as for hardheaded realists.

For instance, Arielle Ford is definitely someone I'd say is a “free spirit.” Arielle is the author of The Soulmate Secret: How to Manifest the Love of Your Life with the Law of Attraction.

As she says, the first blush of love is a “socially acceptable form of insanity.” But after 16 to 18 months, life sets in and you need to develop skills.

One of the big takeaways from my conversation with her centered on learning to creatively address differences in how you and your soulmate approach life, love, and money issues. Doing that proactively and as a team can make all the difference in how you approach your finances.

  1. Commit to Open and Honest Communication
    While it’s important to understand money basics, it’s also critical to remember you and your partner are both individuals, with different perspectives on what’s important.

As Elle Martinez, host of the Couple Money podcast, says, “You and your partner are both growing, but you're still an individual.”

So make it a point to ask, “How can we make this work with and for each other?” Focus on a couple of goals and then map out how you're going to get there together.

  1. Work Toward Goals Together
    In the final podcast episode, I offered listeners the most important lessons I’ve learned over the years advising high-net-worth couples at various stages along their journey together.

First, you both need to know and understand your individual Money Operating SystemsTM in order to begin to understand how they can work together.

After all, we all show up to our relationship with lots of pre-conceived notions about money. Rather than argue that your pre-conceived notions are right, how about you take a step back with your partner and evaluate whether you’d prefer to ditch some of the money assumptions that don’t work for either of you.

One of the biggest lessons of financial success is the importance of taking stock of where you are now, and having well considered and clearly defined goals for the future. You need a wealth plan.

Don’t be surprised if your current reality doesn’t line up with how you see your life a few decades down the road. It’s my experience that’s almost never the case — at least at first.

Something I try to drive home with all my clients is that money isn’t life, it’s just business.

That doesn’t mean you’ll never get emotional about money, but it does mean you can learn to separate your sense of self-worth from your finances.

Money, like business, is a game we all play. So why not learn to play it well?

Just remember, you’re not competing against anyone, least of all against your partner. Instead, think of it as something you’re improving at every day.

  1. Implement a Strategy to Reach Your Goals

If you really want to improve at anything, whether it’s becoming better at golfing or at planning your finances, you need a strategy to help you get there.

One of the most useful strategies I suggest to couples I advise is to have planned “money dates,” where you and your partner talk about budgeting, trade-offs, and plans for the future.

My husband and I have a money date every other Sunday, and they have become a real opportunity for us to better understand each other and grow as a couple.

While it can be a challenge, there’s no reason talking money and finances can’t be a source of closeness for you and your partner.

To tune in and hear this valuable series of interviews, check out episodes 13 through 17 on Profit Boss Radio today.

What tricks have you come up with to grow closer as a couple and work as a team when it comes to planning for your financial future? Post your tips in the comments below.

This article was originally published on Hilary’s DailyWorth Connect Platform for Experts. (June 9, 2016)

The post How to Talk Money with Your Honey: 5 Ways to Make Money Talks Fun appeared first on Hilary Hendershott Wealth Management.

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Hilary Hendershott Wealth Management by Hilary Hendershott, Blog – Hilary H.. - 1M ago
Episode 84 | Profit Boss® Radio

We kick off today’s episode of Profit Boss Radio with an exciting announcement. Listen to the episode to find out everything you need to know about Profit Boss LIVE!

I’m also so happy to have my friend Erica Mandy open up the show today. Her podcast, The NewsWorthy Podcast, is one of my new obsessions. I love this podcast because it brings you the news you want to hear without all the doom and gloom. Erica will start us off today with tidbits of financial news from startups to policy.  Don’t forget to subscribe to The NewsWorthy for your special offer!

Are you looking for solutions to your money woes? I have talked with so many individuals who are seeking financial security and freedom but don’t know the first thing about managing their finances. Are you one of the 50% of people who say they worry about money on a daily basis? Then I think you need to listen to today’s episode. We are digging into how to automate your savings and your finances.

Here is one thing I know to be true: automation works.

In this episode, I will teach you a part of what I teach my financial clients. You will be able to begin building the skills you need to take back control of your finances and shift your attitudes about money. I will share my own money history to inspire you to take the first step towards automating your money. I will also bring to you success stories from a few of my clients to illustrate the power of my system.

There is surprising power in our words, and words might just be the thing to make you rich. Let’s change how we talk about our money, how we think about our money, and how we use our money. Are you ready to take the first step? Let’s begin.

Listen To The Full Interview:

What You'll Learn From This Episode:
  • How automation can build wealth and get you out of debt.
  • I make distinctions about money to increase your financial fluency.
  • The three categories for your money to flow into and out of.
  • Places where you should be saving.
  • How you can grow your financial freedom with me. Coaching sessions are now available.

Featured On The Show:

Don't forget to join our free private Profit Boss® community on Facebook! Enjoy The Show?

 

The post Automate Your Financial Freedom appeared first on Hilary Hendershott Wealth Management.

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