Understanding Behavioral Finance with Alice Heath (Ep. 18)

May 18, 2023Education, Finance, Financial Advisor, Financial Planning, Gen X, GenX, Investing, Retirement, UncategorizedBehavioral Finance, Behaviours, BFA, Decision Making, Finance, Financial Advisor, Gen X, Generation X, GenXers, Hoffman Wealth Management, Informed Decisions, Investing, Investment Behavior, Investor Psychology, Mindset, Monetary Mixtape, Money, Podcast, Psychology, SpendingMonetary-Mix-Tape

Let’s dive into the psychology of behavioral finance!

Join Will Hoffman as he speaks with Alice Heath, a national accounts manager at Horizon Investments and a BFA® (behavioral financial advisor), who shares her knowledge of how psychology and emotions impact financial decisions.

Alice explains how behavioral finance differs from classical finance, and why it’s become increasingly popular. She also talks about how bad investor behavior can negatively affect long-term performance and why taking a hands-off approach and trusting the process is important.

Listen and learn about:

The psychology behind investing and spending
How you can pass good financial behavior habits on to others
The importance of taking a hands-off approach and trusting the process
How Gen Xers can benefit from a self-reliant and results-oriented mindset
And more!

Resources:

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Connect with Alice Heath:

About Our Guest:

During her tenure in the financial services industry, Alice Heath has held several positions with varying responsibilities and titles, including associate, specialist, manager, and director. However, she takes the most pride in her unofficial titles as a friend, mentor, and leader. As a leader, Alice adopts a hands-on approach and believes that actions speak louder than words. Alice is passionate about helping and serving others, and this passion drives their performance. She finds fulfillment in meaningful relationships and achieving something greater than themselves. She enjoys working with teams and adapting their leadership style to the needs of the group to ensure overall success.

Alice Heath and Horizon Investments are not affiliated with or endorsed by LPL Financial or Hoffman Wealth Management.

About Our Host:

Will Hoffman is a financial advisor and the Founder of Hoffman Wealth Management, a firm dedicated to helping professionals create wealth plans that revolve around their financial goals. Will has 20 years of experience in the financial services industry and is passionate about becoming his client’s most trusted financial ally.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor. Private Advisor Group and Hoffman Wealth Management are separate entities from LPL Financial. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

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Raising Money-Smart Kids with Justin Chung (Ep. 17)

May 4, 2023Education, Finance, Financial Advisor, Financial Planning, Gen X, GenX, Investing, Retirement, UncategorizedFamily, Finances, Financial Advisor, Financial Education, Financial Literacy, Gen X, Generation X, Hoffman Wealth Management, Monetary Mixtape, Money Dad, Money Matters, Money Smart, MoneyDad, Podcast, WealthMonetary-Mix-Tape

Financially unaware children often become financially unaware adults.

To help you raise money-smart kids, our guest, Justin Chung, host of the MoneyDad podcast, emphasizes the importance of incorporating money into your everyday routines and conversations with your children.

As fathers, Will and Justin discuss:

The advantages of introducing financial education to children at a young age
Opportunities for money discussions in everyday activities
How they encourage their own children to tap into their entrepreneurial mindset
Examples of how parents and children can benefit from learning financial concepts
And more

Resources:

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Connect with Justin Chung:

About Our Guest:

Justin Chung is a successful real estate investor, podcast host, husband, and father of two boys. He became interested in real estate investing in 2007 after purchasing a student rental property in Waterloo, Ontario with his father’s help. He continued to acquire more properties and built a multi-million dollar real estate portfolio through joint ventures while working a full-time job. In 2012. His mother passed away, which served as a catalyst for him to pursue his real estate investing goals and help family and friends build long-term wealth. He has received awards from the Real Estate Investment Network and Canadian Real Estate Wealth Magazine for his success in real estate investing.

Becoming a father in 2014 further inspired him to teach his children about money and wealth building. He believes in the importance of raising money-smart kids and has made it his goal to inspire other parents to have meaningful conversations with their children about money. He curates actionable and practical knowledge on strategies, tactics, and mindset secrets to help parents teach their kids about money and build wealth.

Justin Chung and MoneyDad podcast are not affiliated with or endorsed by LPL Financial, Hoffman Wealth Management, or Private Advisor Group.

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Taking Charge of Your 401k (Ep. 16)

April 20, 2023Education, Finance, Financial Advisor, Financial Planning, Gen X, GenX, Investing, Retirement, Uncategorized401K, Education Saving, Finances, Financial Advice, Financial Advisor, Gen X, Generation X, Hoffman Wealth Management, Liability, Modern Retirement, Monetary Mixtape, Pension, Retirement, Retirement Planning, Roth 401k, Tax Deduction, Traditional 401kMonetary-Mix-Tape

Generation X was born between 1965 and 1980, which means the oldest of the bunch are approaching their “retirement years.”

In this episode, Will Hoffman breaks down the differences between traditional and Roth 401ks and helps you determine which plan fits your goals and financial needs. You’ll also learn about managing assets, matching contributions, and the impact of taxes on your retirement plan. Plus, get insights into the history and evolution of the 401k and the importance of planning ahead to master your financial future.

Gain insight into:

The history and evolution of the 401k retirement plan
Differences between traditional and Roth 401ks
How taxes can impact your retirement plan
The importance of planning ahead so you can become a master of your financial future
And more!

Resources:

Kay Kirkman, Your Gen X Dream Job Mentor (Ep. 15)
Empowering Investors with Riskalyze with Chris Quandt (Ep. 4)
Employee Retirement Income Security Act (ERISA)
Wall Street (1987 starring Charlie Sheen and Michael Douglas)
Take Charge of Your 401k (PDF)

Education Planning Series:

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About Our Host:

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Contributions to a traditional 401(k) may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.

A Roth 401(k) offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax.

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Kay Kirkman, Your Gen X Dream Job Mentor (Ep. 15)

April 6, 2023Education, Finance, Financial Advisor, Financial Planning, Gen X, GenX, Investing, Retirement, UncategorizedCareer Development, Career Fulfillment, Career Goals, Career Vision, Dream Job, Financial Advisor, Financial Planner, Gen X, Gen Xers, Generation X, GenX, Job Satisfaction, Monetary Mixtape, Personal Growth, Podcast, Professional Empowerment, Self-Discovery, Wealth ManagementMonetary-Mix-Tape

If you’re looking for guidance on how to turn your passion into a career, then this episode is for you! Get ready to be inspired by this week’s guest, Kay Kirkman, Career Clarity Coach and host of The GenX Career Show.

Listen in as Kay shares her four-step process for discovering your ideal career, and how you can break free from the mundane and explore new possibilities.

Join the conversation as Kay discusses:

Why you shouldn’t normalize discomfort and misery at work
Options that are available for you to find your passion
Her four-step process for discovering clarity and pursuing a dream job
And more!

Resources:

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Connect with Will Hoffman:

About Our Guest:

Meet Kay Kirkman, a career expert and motivational speaker dedicated to helping GenX professionals discover their career passion and achieve fulfillment in their work. As the host of The GenX Career Show, Kay brings valuable insights and inspiring stories to help her listeners create a vision of their ideal career, get out of their heads and into action, and gain clarity and inspiration from successful guests.

With a wealth of experience in facilitating training sessions for companies, speaking at conferences and associations, and coaching individuals in career transition, Kay is passionate about helping people thrive in the workplace. Her approach is focused on helping clients get crystal clear on their goals and aspirations, and creating a practical plan to achieve them. She achieves this through a range of methods including career coaching, speaking engagements, training sessions, online courses, and live workshops.

Kay firmly believes that everyone deserves to find joy and fulfillment in their work, and is dedicated to reawakening possibility, redefining work, and reigniting dreams. By helping individuals find work they love, she aims to boost employee productivity, retention, and overall job satisfaction, and to reduce stress levels and strengthen relationships.

As a specialist in career coaching, personal branding, emotional intelligence, leadership development, and management skills, Kay has the expertise and skills to help individuals and teams achieve their full potential. Join her in her mission to change the world’s staggering statistics of unfulfillment and frustration in the workplace, one job seeker at a time.

Kay Kirkman and The GenX Career Show are not affiliated with or endorsed by LPL Financial, Hoffman Wealth Management, or Private Advisor Group.

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Education Planning Series: How You Can Save for College (Ep. 14)

March 16, 2023Education, Finance, Financial Advisor, Financial Planning, Gen X, GenX, Investing, Retirement, Uncategorized401K, 529 Plan, College, College Admissions, Coverdell ESA, Education, Education Planning, FAFSA, Finance, Gen X, Hoffman Wealth Management, Investing, IRA, Monetary Mixtape, Savings, Tax-Free, Tuition, UGMA, UPMAMonetary-Mix-Tape

To complete our Education Planning Series, Will Hoffman discusses how you can ensure your child has access to quality education by explaining the various saving plans available.

In this episode, Will explores three popular options: the 529 plan, the Uniform Gift to Minors Act (UGMA), the Uniform Transfers to Minor Act (UPMA), and the Coverdell Education Savings Account (ESA).

Plus, he shares why it’s crucial to start saving early, and recaps key points from previous episodes in this series.

Take note as Will explains:

Why the 529 plan is an excellent tool for tax-free distributions for educational expenses
How the Coverdell ESA functions as a tax-free withdrawal option for qualified education
What a UGMA or UTMA is, and why it’s important to know your state’s law pertaining to gifts and transfers
And more

Prior to investing in a 529 Plan investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.

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Education Planning Series: Collegiate Funding Solutions with Roger Lorelle (Ep.13)

March 2, 2023Education, Finance, Financial Advisor, Financial Planning, Gen X, GenX, Investing, Retirement, Uncategorizedand Financial Success, College Planning, Collegiate Funding Solutions, Educational, Financial Aid, Financial Planning, Gen X, Higher Education, Hoffman Wealth Management, Monetary Mixtape, Retirement Planning, Strategic College Shopping, Student LoansMonetary-Mix-Tape

Are you concerned about the rising cost of college tuition, and how you will afford to send your child for post-secondary education?

Don’t panic just yet!

In this podcast episode, we chat with Roger Lorelle, President of Collegiate Funding Solutions, about how this state-of-the-art college-planning software combined with support from your financial advisor can help you pay for tuition and continue to save for your retirement.

Listen as Roger shares:

Expert insights and advice on how families can better plan and pay for college
How advisors can leverage the technology of Collegiate Funding Solutions to simplify college planning and maximize savings for their clients
Strategic ways to shop for colleges that offer good financial aid packages
And more

Resources:

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Connect with Will Hoffman:

About Our Guest:

Roger founded Collegiate Funding Solutions in 1998 with the mission of helping families save ON and not just for the cost of a college education. CFS launched the first web-based college planning software for financial advisors in 2005, so that advisors could deliver significantly more value to their clients with college-bound children,

helping them to send their children to college without wiping out their retirement savings or incurring suffocating student loan debt.

For over 20 years, CFS has partnered with financial advisors and organizations. CFS provides them with the capability, expertise, education and support necessary to help families save ON, not just for the cost of college and send their children to the right college, for the right reasons and at the right price.

In addition, Roger and his team of subject-matter experts at CFS deliver educational workshops to parents of college-bound children on a variety of college planning, admissions, financial aid and college funding topics.

Roger Lorelle and Collegiate Funding Solutions are not affiliated with or endorsed by LPL Financial, Hoffman Wealth Management, or Private Advisor Group.

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Education Planning Series: Applying to College with Jack Delehey (Ep. 12)

February 16, 2023Education, Finance, Financial Advisor, Financial Planning, Gen X, Investing, Retirement, UncategorizedCollege Admissions, College Admissions Expert, College Coaching, College Journey, College Planning, College Success, Education Series, Gen X, High School Planning, Hoffman Wealth Management, Jack Delehey, Monetary Mixtape, Stress-Free CollegeMonetary-Mix-Tape

With over 13 years of experience in college coaching, Jack Delehey has honed his methodology to ensure the best results for students, and their parents.

In this episode, Jack, a college admissions expert, discusses his passion for helping high schoolers and their parents plan a stress-free and successful college application process.

Join Will and Jack as they discuss:

How Jack built a curriculum with resources and tools that takes into account the universal aspects of college planning
The most common mistakes students and parents make when applying
How he credits his entrepreneurial drive for owning two businesses, and writing a book
And more

Resources:

Lessons For Our Younger Brothers by Jack Delehey and Joseph Grisko
PayPal honey (helps you find coupons)

Connect with Jack Delehey:

Connect with Will Hoffman:

About Our Guest:

Jack Delehey is a college admissions expert and author (Lessons for Our Younger Brothers, 2018) originally from Concord, MA. He has worked with high school students and parents throughout the United States for the last decade.

Jack’s students are some of the most hardworking and passionate students in the country. Combined with Jack’s structure & motivation, they have experienced tremendous college admission success over the years…and their parents have experienced peace of mind knowing their child is on a calculated, organized, successful path to college admissions success.

It is Jack’s goal to pass on his college admission knowledge, strategies, and unique perspective to high school students in a young, fun, relatable, older-brother type manner. In this way, he is able to get the best out of his students…and they seem to actually enjoy working with him!

Jack Delehey and College Consulting are not affiliated with or endorsed by LPL Financial, Hoffman Wealth Management, or Private Advisor Group.

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Education Planning Series: Your Guide to Navigating the FAFSA (Ep. 11)

February 2, 2023Education, Finance, Financial Advisor, Financial Planning, Gen X, GenX, Investing, Retirement, UncategorizedCollege, Education, FAFSA, Financial Aid, Financial Aid Package, Gen X, Gen Xer, Generation X, Graduate, Grants, Hoffman Wealth Management, Monetary Mixtape, Non-traditional Student Deadlines, Scholarships, Student, UniversityMonetary-Mix-Tape

Do you need clarification on what a FAFSA is, and how you can receive student aid to help pay for your child’s college education?

Welcome to the first in a series of episodes focusing on Education Planning!

In this episode, Tina Steele, founder of The FAFSA Guru, discusses navigating the process of submitting a FAFSA, and securing your child’s best financial assistance package. She also shares ways to avoid the common mistakes that could cost you thousands, and guides listeners on the ins and outs of the process to ensure you’re getting the most financial aid possible.

Join the conversation as Tina discusses:

The importance of filling out the FAFSA form every year
How to avoid common mistakes when filling out the application
What additional documents are required by some colleges for eligibility
Options surrounding scholarships and government grants
And more

Resources:

Connect with Tina Steele:

Connect with Will Hoffman:

About Our Guest:

Tina began her career in higher education just out of high school when she landed her first “real job” working in a financial aid office. She quickly realized that she loved helping students navigate the college planning and financial aid process and achieve their dreams. It also inspired her to get her own Bachelor’s and Master’s degrees.

Over the last thirty years she has worked directly in the financial aid office at several public and private colleges and she also spent 10 years facilitating college planning and financial aid workshops across the state of Maine for a federally funded grant program aimed at helping disadvantaged students aspire to and pursue college.

Now as the owner and Founder of The FAFSA Guru Tina guides families through the overwhelming financial aid process. She has a number of programs and services she offers in addition to zoom and phone consultations. She created this business to offer help to families at an affordable price as working with Educational Consultants can cost thousands of dollars. You can learn more by visiting her website at thefafsaguru.com.

Tina Steele and The FAFSA Guru are not affiliated with or endorsed by LPL Financial, Hoffman Wealth Management, or Private Advisor Group.

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Tips on Planning Your Taxes with Josh Jones (Ep. 10)

January 19, 2023Education, Finance, Financial Advisor, Financial Planning, Gen X, GenX, Investing, Retirement, Uncategorized401K, Finances, Financial Advice, Financial Advisor, Gen X, Generation X, Hoffman Wealth Management, IRA, Monetary Mixtape, Retirement, Risk, Roth, Side Hustle, Tax Bracket, Tax Season, TaxesMonetary-Mix-Tape

After a challenging year for the market, there are bound to be changes regarding tax season.

Even though you haven’t filed for 2022, now is a good time to know what’s in store for 2023 so you can make adjustments to your portfolio, or save side hustle expense receipts.

In this week’s edition of the Monetary Mixtape podcast, Josh Jones, President of CompFinO Tax & Accounting Services, joins Will Hoffman to discuss taxes, savings, and sports.

Listen as Josh discusses:

Tax changes Gen Xers should be aware of
What to claim if you have a side hustle
Why you should ask your employer to include a Roth in your 401K
And more!

Connect with Josh Jones:

Connect with Will Hoffman:

About Our Guest:

Joshua Jones, CPA is the owner of CompFinO (formally BeanCounters Tax and Accounting Services). CompFinO is a licensed CPA firm and a full-service payroll provider, specializing in tax preparation for small business and individuals. They provide customized solutions for all your accounting needs, such as tax preparation, bookkeeping, bill pay, tax planning, and payroll. Josh, together with his team, have served small businesses and individuals for the past 10 years, and their office is located in Southpointe. Josh received his undergraduate degree from Duquesne University, and has served on the board of the Washington County Habitat for Humanity for the last 6 years, three of those years as Treasurer.

Joshua Jones and CompFinO are not affiliated with or endorsed by LPL Financial, Hoffman Wealth Management, or Private Advisor Group.

About Our Host:

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

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Stepping into 2023 with Jeffery Roach from LPL Financial (Ep. 9)

January 5, 2023Education, Finance, Financial Advisor, Financial Planning, Gen X, GenX, Investing, Retirement2023, Economic Commentary Generation X, Finances, Financial Advice, Financial Advisers, Financial Planning, Financial Services, Gen X, Hoffman Wealth Management, LPL Outlook, Market Commentary, Monetary Mixtape, Podcast, Wealth AdvisersMonetary-Mix-Tape

Remember back in high school and how boring Economics class was? As teenagers we just didn’t care about the ups and downs, or twists and turns of the economy. But now, as a Gen Xer, we have more interest because we are more invested.

Join Will and his guest Jeffrey Roach, Ph.D. Chief Economist at LPL Financial to discuss the economic landscape in 2022, and what is on the horizon for 2023.

Listen as Jeff discusses:

What Gen Xers spend most of their annual total spending on
Highlights from the LPL Financial Outlook
How the Feds are preparing for the recession, and what you can do
And more

Resources:

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About Our Guest:

Jeffrey Roach is a financial economist with a background in capital markets, global macroeconomic research and portfolio management. Jeff started out in the Bank of America trading floor where he advised traders on what was happening in the markets and why, to an asset management firm where he helps shape investing decisions by evaluating and forecasting market trends, consumer behavior, and global risk. Jeff enjoys speaking about economics to a wide range of audiences. Jeffrey is currently the chief economist at LPL Financial.

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