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Profit Boss® Radio

Tune in to hear your host Hilary Hendershott, CFP®, MBA, a fiduciary financial advisor, inspire and empower women on their financial and professional journeys. Profit Boss® Radio features both real-life listener stories and expert guest series on how to overcome financial obstacles and attain financial success. Get comfortable thinking and talking about money, and join a powerful tribe of women who are casting off self-limiting beliefs, deciding to be rich, and learning how to reach their financial potential. Hilary’s pragmatic approach to money, no-nonsense attitude, and sophisticated topics combine to create a podcast worthy of its 5-star rating. To learn more about Hilary, read, listen, or watch the show, follow the blog, or to connect directly visit www.hilaryhendershott.com. By Hilary Hendershott, CFP®, MBA, Fiduciary Financial Advisor
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Mar 21, 2019

EP 137 | Profit Boss® Radio

Welcome to episode 137 of Profit Boss® Radio! In this episode, we are discussing the FIRE movement with Tanja Hester. The word FIRE is an acronym for Financial Independence, Retire Early. There are plenty of reasons why people want to leave the workforce and retire early, but how much do you need to have saved up in your nest egg to make that a reality? That is just one of the important questions Tanja and I cover in today’s show.

You won’t want to miss this week’s show where Tanja talks about how she and her husband were able to retire at the age of 38 and what steps they took to make that possible. Take a deep dive into Tanja’s journey toward financial independence and early retirement. If you have been wanting to understand and learn more about the FIRE movement, and how you can accomplish this for your life this episode is for you. Thank you to Tanja Hester for joining me today to help shed light on how anyone can make this possible in their own life.

For more details, please visit the show notes on our website here: https://www.hilaryhendershott.com/financial-independence-retire-early/

Feb 28, 2019

EP 136 | Profit Boss® Radio

Welcome to episode 136 of Profit Boss® Radio! Today’s episode features your questions. Thank you for sharing your personal finance questions with me so I can answer them offline with you or through the show. Please keep them coming.

 

This week’s show includes questions about what should you do first when paying off student loan debt, creating an emergency account or curveball account, and how to help your financial partner pay off his or her student loans before accomplishing other financial goals. Also, I share the cities that actually pay you to move.

 

If you have been wondering about how to best prioritize your finances, this episode covers the gamut of financial priorities. Thank you to Jenni, Katie, Marisa, Nellie, Nikki, and Meghan and everyone else that sends me questions.

 

Here’s what you’ll find out in this week’s episode of Profit Boss® Radio.

What You’ll Find Out in this Episode:

  • Common pitfalls of buying real estate with your significant other before marriage
  • How to handle student loan debt
  • What the Robinhood app is and why you should tread carefully
  • How to know if you should start a high-yield savings account or pay off student loan debt first
  • What the magic number is when planning a wedding and how to not overspend
  • How to prioritize your finances after starting a new career or securing a new job

For more details, please visit the show notes on our website here: https://www.hilaryhendershott.com/prioritize-finances-ask-hilary/

Feb 16, 2019

EP 135 | Profit Boss® Radio

Welcome to Profit Boss® Radio. Today, we are having a very valuable conversation with Dr. Brad Klontz, CFP® warning us about three very costly financial disorders.

All of us hold certain beliefs and biases about money that impact how we behave with our money. Sometimes our money beliefs are obvious to us but in many instances, these money beliefs can be a subconscious force driving our financial decisions without us even realizing it.

This episode is a full statement on the psychology of money and how the way our brains think about money can, and does, manifest our financial reality.

Where does our thinking go wrong that can get us in trouble financially? If you have ever wondered why you think and feel a certain way about your finances, or want to better understand how your personal beliefs may be holding you back from reaching your financial potential, be sure to tune in to this week’s episode!

What You’ll Find Out in this Episode:

  • How your subconscious beliefs can sabotage your relationship and reality with money
  • The difference between money and wealth
  • Which money beliefs lead to a devastating impact on your financial life
  • Why it’s so easy to get stuck in self-defeating money beliefs
  • How poorly the human mind makes financial decisions and why
  • Ways you can override the emotional pull to do finances wrong in order to do it right

For more details, please visit the show notes on our website here: https://www.hilaryhendershott.com/financial-disorders-brad-klontz/

Feb 7, 2019

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
  • Financial planning steps you can take now to set yourself up for success no matter what the future holds
  • 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

For more details, please visit the show notes on our website here: https://www.hilaryhendershott.com/widows-wealth-recover-financially/

Jan 31, 2019

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.

For more details, please visit the show notes on our website here: https://www.hilaryhendershott.com/get-more-money/

Jan 24, 2019

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

For more details, please visit the show notes on our website here: https://www.hilaryhendershott.com/negotiating-for-more-1/

Jan 17, 2019

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
  • 4 categories to evaluate before you hire a financial advisor
  • Questions and conversations you should have with a potential financial advisor before hiring one

For more details, please visit the show notes on our website here: https://www.hilaryhendershott.com/hire-financial-advisor/

Jan 10, 2019

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 You’ll Learn from 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.

For more details, please visit the show notes on our website here: https://www.hilaryhendershott.com/success-finance-listener-stories/

Dec 20, 2018

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.

For more details, please visit the show notes on our website: https://www.hilaryhendershott.com/women-superior-leadership-skills/ 

Dec 15, 2018

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.

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

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

For more details, please visit the show notes on our website: https://www.hilaryhendershott.com/understanding-investment-risk/

Dec 6, 2018

EP 127 | Profit Boss® Radio

Today’s episode features your questions. Thank you for sharing your personal finance questions with me so I can answer them offline with you or through the show. Please keep them coming!

What You’ll Learn from This Episode

  • How to deal with massive debt and the money mindset that likely got you in financial trouble in the first place.
  • How to assess the true ROI of education and how much student debt is acceptable
  • A few ways you can pay for college

For more details, please visit the show notes on our website here: https://www.hilaryhendershott.com/buy-vs-rent/

Nov 29, 2018
EP 126 | Profit Boss® Radio 
 

2018 is almost over and it’s the first year of the new Tax Cuts and Jobs Act that dramatically overhauled our tax code as we know it. So, what do you need to know? And what things should you make sure you address before year-end? I’m going to cover all of it in today’s show.

In today’s episode, I discuss how the largest and most anticipated tax reform act passed by Congress since 1986 will affect you. There
lots packed into the Tax Cuts and Jobs Act, so I try to give a high-level overview of the details that matter most to you.

Today’s conversation should help you prepare for a successful 2019 and beyond. With the new Tax Cuts and Jobs Act taking effect this year, most of you are probably wondering how these new rules are going to impact you personally. Fortunately, you’re already getting ahead of the changes by listening to today’s episode!

Now is a perfect time to find out how the new laws will impact your tax situation so that you can take steps before the end of the year to lawfully minimize your taxes and maximize your nest egg. I also prepared a few resources for you relating to this episode. I provide access an expanded transcript of today’s episode so you can reference anything I talked about in more detail and a quick reference guide for the new tax changes if you just need a fast summary of the major changes.

 

For more details, please visit the show notes on our website: https://www.hilaryhendershott.com/tax-changes-2018 

Nov 22, 2018

EP 125 | Profit Boss® Radio

What if I told you that it IS possible to get your child a college degree without draining your own financial resources? What if I told you that your future college student doesn’t have to graduate without tremendous amounts of student loan debt?  

Tune in to today’s show to find out how to effectively save for future college costs without compromising your financial future or your child’s.

What You’ll Learn from This Episode

  • How to calculate how much student loan debt is appropriate
  • What a 529 Plan is and why it is the best tool for saving money for future education costs
  • How to research 529 Plans
  • Which 529 Plan I opened for my daughter and recommend for many of my clients

For more details, please visit the show notes on our website: https://www.hilaryhendershott.com/pay-for-college/

Nov 15, 2018

EP 124 | Profit Boss® Radio

Welcome to the first Ask Hilary episode of Season 3 of Profit Boss® Radio! All season long, I encourage you to send me your financial questions so that I can answer them on the show, and I’m happy to share that my listeners have great questions that I know all of you will learn from and be able to apply to your own lives.

Today’s episode includes questions about business taxes, the stock market, prioritizing your money to save for retirement, and investments. I’m thrilled to answer all these listener questions in today’s episode. Thank you to Nikki, Carrie, Malaika, Ina, and everyone else that sends me questions.

Here’s what you’ll find out in this week’s episode of Profit Boss® Radio.

What You’ll Learn from This Episode

  • What the tax benefits are when you run your own business
  • What you can write off as a business expense and what you can’t
  • Why it’s great to be a business owner: Perspective on the upside of being your own boss
  • How you can reach ALL your financial goals and needs
  • Why you can prioritize your retirement savings in light of your everyday expenses...and should!
  • Whether or not you should ever buy individual stocks
  • Why it’s so difficult to profit from individual stock picking, but how you can benefit from company growth by investing a different way
  • The benefit of investing in mutual funds vs. individual stocks
  • How to approach investing like Warren Buffett
  • What a balanced fund (fund of funds) is and why it’s used with some of our Ignite clients
  • How we evaluate investment funds and what the ratings mean from Morningstar, Lipper, Zacks, TheStreet.com, and CFRA
  • Insider Insights: What goes into investment recommendations, meaning how we select certain investment funds over others for our clients
  • What you should know about expense ratios and the impact they have on investment performance
  • Why stock returns are unpredictable and why it’s so difficult to profit from stock news you hear in the media
  • Where you can get financial advice

For more details, please visit our show notes on our website: https://www.hilaryhendershott.com/ask-hilary-financial-advisor 

Nov 8, 2018

EP 123 | Profit Boss® Radio

This episode originally aired on So Money by Farnoosh Torabi, 8/31/16

Today on Profit Boss® Radio, we are replaying an episode that originally aired on Farnoosh Torabi’s popular podcast So Money. Farnoosh had me on as her guest to talk to her audience about what it takes for women to be successful with money and what some of the most common financial obstacles women, specifically, have to overcome.

What You’ll Learn from This Episode

  • Why women tend to perform better in the stock market than men
  • The most important criteria for women to succeed with money
  • The role your money mindset plays in  your financial success
  • Hilary’s personal financial philosophy

For more details, please visit the show notes on our website here: https://www.hilaryhendershott.com/so-money-farnoosh-torabi/ 

Oct 30, 2018

EP 122 | Profit Boss® Radio

Profit Boss® Radio listener stories are some of the most inspiring and, yet, pragmatic financial experiences I am privileged to cover on the show.

Today’s Listener Series episode features Leslie Woods. Her story demonstrates the incredible power anyone can wield if you're ready and willing to roll up your sleeves and say, "YES!" to prosperity. Leslie is a graduate from our $50K Wealth Multiplier Mastermind Program and details her incredible transformation from surviving in a vicious cycle of financial crisis to living in a state of financial abundance. 

Tune in to this week’s episode of Profit Boss® Radio to hear Leslie's inspiring story, and learn about the financial behaviors and money mindset that can lead to financial success.

For more details, please visit the show notes on our website: https://www.hilaryhendershott.com/overcoming-financial-crisis 

Oct 23, 2018

EP 121 | Profit Boss® Radio

This episode originally aired on Don’t Keep Your Day Job Podcast by Cathy Heller, 2/19/18

Today on Profit Boss® Radio, we are replaying an episode that originally aired on Cathy Heller’s wildly successful podcast Don’t Keep Your Day Job. Cathy had me on as her guest this year to talk to her audience about removing blocks around money and is graciously allowing me to re-air the episode to my audience.


Tune in to this show and find out how you can change your relationship and habits with money. I share ways to build wealth and also how to overcome limiting beliefs that can get in the way of you reaching your full financial potential.

For more details, please visit the show notes on our website: https://www.hilaryhendershott.com/empower-money-mindset/

Oct 18, 2018

Thank you for being a loyal Profit Boss® Radio listener and for tuning in to this important update.  While this isn't a regular episode about finance or how to manage your money, many of you understand the direct impact medical issues can have on personal finances.  

As I'm sure you noticed, I was off the air for a couple of weeks this month. In our last episode (EP 120 | How to NOT Outlive Your Money), I mentioned that I would provide an update. So I want to take just a little bit of time now to share with you what has been going on in my personal life that has had such a profound impact on my family and me.

Please tune in for 10-minutes as I share the unexpected journey we've been on managing an unthinkable medical diagnosis of my two-year-old daughter Harlyn.

Oct 16, 2018

EP 120 | Profit Boss® Radio

Today on Profit Boss® Radio, we talk about managing the costs of healthcare.

Specifically, we talk about making sure that paying for your own healthcare, or long-term care or assisted living doesn’t cause you to run out of money.

What You’ll Learn from This Episode

  • Why women need to be thinking about the long-term cost of healthcare
  • What long-term care insurance is and how to determine whether or not you should buy it
  • What an Elder Law Attorney does and how to find one

For more details, please visit the show notes on our website here: https://www.hilaryhendershott.com/not-outlive-money 

Sep 25, 2018

Profit Boss® Radio listener stories are some of the most inspiring and, yet, pragmatic financial experiences I am privileged to cover on the show.

Today’s Listener Series episode features Jenna Missanelli. She bravely shares her story about how financial infidelity in her marriage contributed to her eventual divorce and how her financial recovery has completely transformed the second half of her life.

Her story is not dissimilar to others who face financial strife in their own relationships. No matter what you have been through or are going through, Jenna’s story is a reminder to us all that there is always hope to turn our circumstances around and reach financial success

Tune in to this week’s installment of Profit Boss® Radio to hear her powerful story and the biggest financial lessons she learned from her journey.

For more details, please visit the show notes on our website: https://www.hilaryhendershott.com/recovering-from-financial-infidelity/ 

Sep 18, 2018

EP 118 | Profit Boss® Radio

Most of our conversations on Profit Boss® Radio are about how to keep wealth for yourself. How to earn it, save it and how to grow it. In this episode, we’re going to talk about giving it away and how to get started with charitable giving.

What You’ll Learn from This Episode

  • How to get started with giving
  • How to design a life that aligns with your principles and values
  • The impact the new tax rules have on charitable giving
  • How to find more joy and satisfaction in all your hard work with special guest CJ McClanahan
  • Hear Naomi Morshead’s powerful story about how she overcame a congenital heart defect and climbed 61 mountains in three years. She shares a powerful message that everyone can reach their dreams and also pay it forward to help others.
  • Invitation to upcoming Tax Webinar taking place on September 19th @ 11 am (you can learn more and sign up here: https://www.hilaryhendershott.com/taxwebinar)

For more details, please visit the show notes on our website: https://www.hilaryhendershott.com/get-started-giving-to-charities/ 

Sep 11, 2018

EP 117 | Profit Boss®Radio 

Welcome to a brand new season of Profit Boss® Radio! I have missed you and look forward to a rejoining your podcast player with new episodes every Tuesday.

What You'll Learn from This Episode

  • Welcome to Season 3 of Profit Boss® and sneak preview of future show topics
  • Review of Ignite Investing, the special program I offer women who are trying to grow their wealth and have between $25k and $499k to invest
  • A brief stock market update
  • Invitation to upcoming Tax Webinar taking place on September 19th @ 11 am (you can learn more and sign up here: https://www.hilaryhendershott.com/taxwebinar)
  • Announcement about 7 STEPS TO WEALTH: a FREE audio guide to help you build wealth – Get Your Copy Today!

Season 3 of Profit Boss® Radio is sure to be an exciting one. We’re leveling-up this season, which means my guests and I will be covering more sophisticated financial topics that you need to know about to navigate your financial world.

For more details, please visit the complete show notes on our website: https://www.hilaryhendershott.com/what-to-look-forward-to-in-this-season-of-profit-boss/ 

Jul 3, 2018

Today’s show is all about a topic that is important to everyone: EARNING. If you are familiar with Episode 77, then you know Earning is one of the 7 Steps to Wealth covered there. We start off by discussing the wage gap for women and then get into a great conversation about finding success in the world of online business.

Mariko Briley grew up living in the great outdoors of Alaska and became a pilot who flew tourists around Mt. McKinley. She and her husband now run a multi-million dollar business teaching entrepreneurs how to find success. Mariko and Dustin are passionate about inspiring emerging entrepreneurs to reach their goals. After making expensive mistakes in the birth and growth of their own business, Mariko is now choosing to control her quality of life and helping others do the same. She is currently working on a book with her husband about how to attract the right clients. 

 

What you’ll learn in this episode:

 

  • From a recent Rice University study: 5 Myths about the Wage Gap:
    • Women are not doing equal work
    • Women leave the workplace to have and raise children
    • Women choose less lucrative professions
    • Women don’t ask for what they want
    • Women don’t have as much education or experience as men

 

  • From my conversation with Mariko:
    • How she started out flying planes in Alaska
    • How marriage and a new baby prompted an end to her flying career
    • How their company teaches online marketing through Facebook
    • The benefits of working remotely (NOT strapped to a physical location) vs. a traditional brick-and-mortar business
    • How they began by buying a business on online lead generation
    • Why the business made a great living for them but left them unfulfilled
    • Back to the drawing board: What else can we do with these skills we’ve acquired?
    • The lightbulb moment: the idea to merge their skills with teaching others how to generate online leads, grow, and see success
    • Starting out with a team of 20 employees
    • The big mistake: making big money, but not seeing profit because of the huge overhead
    • Making the changes needed to reduce the team and make their business highly profitable
    • Using automation and software to do as much as possible
    • The lessons learned from the mistake in generating a lot of money but not focusing on the profit side
    • The business debt they incurred and how their focus has changed into a “lean and mean” philosophy
    • The freeing knowledge that they have the resources to get where they want in business and live the life they want for their family
    • How they bought their dream house this year and are merging the business there with a separate building on the property
    • Converging money operating systems and “meeting in the middle:” How she grew up in a frugal household with no credit purchases and how her husband grew up in an entrepreneurial family, where debt was incurred to risk a higher payout later

Resources:

www.yoobly.com

Jun 26, 2018

Do you have student loans? This topic is a painful area to talk about, but one that is common for so many people. My guest today has great advice and nuggets of wisdom for you! He is passionate about helping to fix the problem of student loan debt for others. Don’t miss my conversation with Travis!

 

Travis Hornsby founded Student Loan Planner after helping his surgeon wife figure out how to manage her six-figure medical school debt. He quickly realized there was a huge need in this area and that he could provide valuable help for others. He was formerly a bond trader and is a chartered financial analyst, so he is a rock-solid and smart finance guy. He loves saving professionals money through creating customized student loan strategies for the top 2% of the most indebted Americans. Check out the resources below to see how to contact Travis and how he may be able to help you with your student loan debt.

 

What you’ll learn in this episode:

 

  • The huge problem of student loans, especially for professional women, who carry a major portion of the debt
  • Travis’ message to high school and college students pursuing higher degrees: “Go to the cheapest place you can.”
  • The “real carnage” of student debt is in grad school because of debt caps for undergraduate education
  • How he sees dental school and law school grads who owe $300-600K (the highest he has seen is $1.1 million in debt!)
  • The hidden opportunity costs of student loans
  • The story of Travis’ wife: she started medical school at age 18 and then did a four-year Ob-gyn residency in NYC, where she was a free-spender. They met at church in Philly when she was there for a fellowship training and he was a bond trader.
  • How Travis had the “money conversation” with his wife while they were dating
  • Mistakes that his wife made that cost her about $70K
  • The idea for Travis’ Student Loan Planner business and how he had dozens and dozens of clients right away (He has now had over 1000 clients!)
  • Advice from Travis: “Think about the future and take out federal loans that can be eligible for debt forgiveness.”
  • Why if you owe more than two times your income, then you need a good plan and loan forgiveness
  • The two paths to loan forgiveness
  • After college, the loan players become private lenders who want in on the investment
  • How student debt is unique and unlike any other kind of debt
  • On Travis’ website, find his Refi Quiz and other free educational content to help you find the tricks and loopholes
  • Travis’ consultation will include different strategies and paths, depending on your career and family goals
  • “If you’re unhappy and feel financially insecure, look at your mortgage and car payment. Try to reduce one or both of these.”
  • How “yesterday’s promises” reduce today’s flexibility and freedom
  • How consolidation can help to speed up the payment and get old loans qualifying for loan forgiveness programs and help you have only one loan payment (watch our for scams!)
  • Refinancing is to take loans out of the government system or from a private lender and create a new loan with a private lender at a lower interest rate
  • How people in the same profession might have different needs as far as refinancing or consolidation, based on their income and needs
  • The average mistake costs $60K--”There’s a lot that you don’t know that you don’t know.”
  • How late student loan payments CAN affect your credit score

 

Resources:

 

www.studentloanplanner.com/refi-quiz  Check out Travis’ website for lots of helpful information!

 

Email Travis: travis@studentloanplanner.com

Jun 20, 2018

We all want our kids to be smart about money decisions, right, but how do we do this? Making decisions around money is much more than learning how to spend, but how do we teach our children in ways that they will understand, before they make those disastrous money mistakes? It’s a a topic that many parents have questions about and today’s show is full of answers and smart money advice for parents.

 

John Lanza is Chief Mammal of The Money Mammals and the author of The Art of Allowance, three children’s picture books, and the creator of an award-winning DVD, The Money Mammals. He’s the father of two daughters and a youth financial literacy expert and he’s here to help us learn the basics of raising financially empowered kids.

 

What you’ll learn from the episode:

 

  • How John was influenced by his wife to become a Money Mammal, because they wanted their kids to be money smart
  • Applying the concept of “emergent financial literacy” to spending, sharing, and saving
  • The basic allowance rule: $1 per week, per year of age (Kids must have money to practice with!)
  • Finding the balance between advising kids on purchases and giving them autonomy
  • The BIG question: Should allowance be tied to chores? (Find out why John says NO!)
  • The key in teaching kids about money is what lesson you want to teach them
  • The concept of “breakthrough allowance,” when your child is older and becomes responsible for certain financial expenses
  • The goal for kids is money empowerment, where kids control their money and money doesn’t control them!
  • How to know WHEN to teach WHAT in progression
  • Saving goals should be specific, measurable, attainable, relevant, and time-based
  • How to teach awareness of investing and saving for college
  • How to make adjustments to NOT pass on our money ignorance and money difficulties to our kids
  • How a family of significant means can guard against raising spoiled kids
  • How to teach visualization for kids to reach their financial goals
  • The key to it all: Have an open dialogue with kids about money

 

Resources:

 

www.themoneymammals.com

 

www.theartofallowance.com--Find out how to win one of three signed copies of John’s book!

 

The Opposite of Spoiled by Ron Lieber

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