Catholic Money Mastermind - Financial Planning conversations with Catholic CFP® Practitioners

Ben, along with advisors Bryan Smalley, Lance Peters, and Charlie Horonzy, provide valuable insights into the world of financial advising. The discussion covers the daily life of financial advisors, the industry’s various channels, client types, regulatory bodies, and the significant personal satisfaction derived from serving clients. They also explore the diverse paths to entering the financial services industry, including education, networking, and certifications. Inspirational pointers on thriving within the field, especially as a person of faith, are shared to guide aspiring financial advisors. If you’re considering a career change, or just want a little peek at the world of financial advising, this is the episode for you.

Key Takeaways:
• How are financial advisors regulated?
• What are the day to day activities of a financial advisor?
• What do Ben, Charlie, Bryan, and Lance enjoy most about this industry?
• What’s the difference between a financial advisor and a paraplanner?
• How does financial advising give an opportunity to make a difference in people’s lives?
• What certifications will you need to become a financial advisor?

Key Timestamps:
(00:00:00) - Introduction
(00:02:11) - Day-to-Day Life of a Financial Advisor
(00:09:21) - Different Roles and Specializations
(00:14:41) - Personal Connections and Client Relationships
(00:23:35) - Getting Started in Financial Planning
(00:28:30) - Specializations and Certifications
(00:34:30) - Finding Your Niche
(00:40:40) - Final Thoughts and Advice

Key Topics Discussed:
Catholic Money Mastermind, Catholic financial planning, Catholic financial planners, Catholic financial advisors, Ben Martinek, faith and finances, Bryan Smalley, Lance Peters, Charlie Horonzy, certified financial planner, regulations on planners

Mentions:
Website: https://catholicfinancialplanners.com/   
Mentions:
https://www.kitces.com/
https://retirementresearcher.com/

More of Catholic Money Mastermind:
Catholic Money Mastermind Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Are you looking to hire an advisor? Browse our members: https://www.catholicfinancialplanners.com/financial-planners/

Are you a Financial Advisor who is serious about the Catholic Faith? Join our network: [email protected]

Joe Petry, a fellow member of the Catholic Financial Planners Network and founder of Mayfair Financial, shares his journey from economist to financial planner, motivated by his firsthand experience with retirement and ministry. In this episode, Joe emphasizes the importance of empathy, trust, and integrating faith into his work. From working with a refugee support initiative and the Kairos prison ministry to his time teaching economics at the university level, Joe brings a wealth of empathy and knowledge to his work. His experiences have deepened his understanding of compassion and the significance of treating others with dignity, which he applies to his role as a financial advisor, particularly in helping clients navigate the psychological and financial challenges of retirement. If you’re looking to learn how ministering and financial planning go hand in hand, this is the episode for you.


Key Takeaways:

• How Joe went from economist to financial planner.

• How Joe’s experience ministering to Afghan refugees informs his work as a financial planner.

• What is an ACTS Retreat?

• What it’s like to minister in the prison system.

• How God’s love can help us become better financial planners.

• Joe’s mantra, “Listen, listen. Love, love.”


Key Timestamps:

(00:00) – Joe's Background and Career Shift

(05:33) – The Role of a Trusted Financial Advisor

(08:52) – Joe's Ministry Work with Refugees

(16:18) – Integrating Faith and Financial Planning

(23:09) – Ego and God's Work

(24:51) – Kairos Prison Ministry

(25:41) – ACTS Retreats: A Path to Vulnerability

(30:36) – Connecting Ministry to Financial Advising

(34:05) – Transformative Experiences in Prison Ministry

(42:55) – Listen, Listen, Love, Love


Key Topics Discussed:
Catholic Money Mastermind, Catholic financial planning, Catholic financial planners, Catholic financial advisors, Ben Martinek, faith and finances, Joe Petry, prison ministry, ACTS Retreat, refugees


Mentions:

Website: https://www.mayfair-financial.com/

Mentions: https://www.actsmissions.org/about/


More of Catholic Money Mastermind:

Catholic Money Mastermind Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Are you looking to hire an advisor? Browse our members.

https://catholicfinancialplanners.com/members/

In this episode of the podcast hosted by Ben Martinek from the Catholic Financial Planners Network, guest Nick Orenduff of Orenduff Associates shares his insights on various investment vehicles and the importance of diversification. They discuss the differences between stocks, mutual funds, ETFs, and bonds, highlighting the roles these instruments play in a diversified investment portfolio. The conversation also covers the distinctions between fixed income investments and stock ownership, explaining the purposes and benefits of each. Additionally, they emphasize the significance of long-term investing and prudent financial planning for achieving financial freedom, particularly as one approaches retirement. If you’re looking for a quick introduction to investing, this is the episode for you!

Key Takeaways:

• What’s the difference between stocks, mutual funds, ETFs, and bonds? And how do I know which investment vehicle is right for me?

• How diversification and long term thinking will lead to success.

• How Isaac Newton got swept up in the stock market.

• Why are bonds less popular than stocks? And what are their benefits?

Key Timestamps:

(00:00:00) - Introduction

(00:01:34) - Nick's Journey in Financial Planning

(00:02:42) - Understanding Investing

(00:07:16) - What is a Stock and Why Do Companies Sell It?

(00:16:59) - Mutual Funds and ETFs Explained

(00:24:19) - Exploring Fixed Income Investments

(00:29:00) - How Can Bonds Serve Investors?

(00:31:26) - The Importance of Diversification

(00:34:08) - Letting the Markets Work for You

Key Topics Discussed:

Catholic Money Mastermind, Catholic financial planning, Catholic financial planners, Catholic financial advisors, Ben Martinek, faith and finances, Nick Orenduff, Orenduff and Associates, stock market, ETFs, bonds, investments

Mentions:

Nick’s Website: https://www.planmember.com/orenduff/

More of Catholic Money Mastermind:

Catholic Money Mastermind Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Are you looking to hire an advisor? Browse our members.

https://www.catholicfinancialplanners.com/financial-planners/

Are you a Financial Advisor who is serious about the Catholic Faith? Join our network.

[email protected]

We’re all going to pay taxes, but knowing how the system works can prepare us for retirement with a little more money in our savings accounts. Today’s guest, Charlie Horonzy, returns to discuss the ways we can use the tax code to our advantage. We discuss how tax planning is one of the most critical aspects of financial planning, how much better retirement can be when well-planned for, and when you should be paying taxes now vs later. Charlie gives some great examples of how the Tax Cuts and Jobs Act can benefit different people depending on their tax bracket and why an emergency fund is an important part of tax planning. Near the end of the episode we discuss why your planner and your accountant must be communicating, in order for you to get the best deal on your taxes - without any surprises. This episode is a great listen for anyone ready to dig a little deeper into their tax plans.

Key Takeaways:
• How saving a few percentage points on taxes each year will pay off in the long run.

• Should you pay taxes now or later? And what savings plans are going to be right for your situation?

• How different accounts and careful reading of documents can save you a lot of pain.

• Why you should ensure your accountant and your financial planner are communicating.

Key Timestamps:
(00:00:00) - Introduction
(00:01:33) - Financial Planning is Tax Planning
(00:06:23) - Taxes Now or Taxes Later?
(00:10:17) - Tax Cuts and Jobs Act
(00:15:12) - Tax Planning for Retirement
(00:21:02) - How to Adapt Savings to Taxes
(00:23:40) - How to Plan for Changes of Plan
(00:28:22) - Emergency Funds for Tax Surprises 
(00:32:02) - The Backdoor Roth
(00:35:10) - Your Planner and Accountant Need to Collaborate
(00:37:49) - Charlie’s Closing Comments

Key Topics Discussed:
Catholic Financial Planning, Catholic Financial Advisors, Catholic Money Mastermind, Faith, Finance, Tax Cuts and Jobs Act, Roth IRA, 401k, tax deferred

Mentions:
Website: https://www.focusedupfinancial.com/ 
LinkedIn: https://www.linkedin.com/in/charles-horonzy-cfp%C2%AE-cpa-8802b910/ 

More of Catholic Money Mastermind:
Catholic Money Mastermind Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

The nature of the sin called usury has its proper place and origin in a mutuum contract. Jerod Frank, a financial advisor and recent Catholic convert, shares his personal journey of grappling with the concept of usury within the context of ethical and moral investing. We answer questions such as should there be limits to profits? Jerod delves into the distinction between mutuum and societas loans, emphasizing the potential for perpetual indebtedness as the defining factor of usury. He also raises concerns about exploitative lending practices and the ethical implications of perpetuating a culture of living beyond one's means. Throughout the conversation, Jerod's authentic insights as a recent convert and financial advisor add depth to the discussion, highlighting the importance of aligning faith with professional conduct. The episode provides valuable insights into the concept of usury from a Catholic perspective, offering thought-provoking considerations for investors and financial professionals regarding the moral implications of interest-bearing investments and the broader impact on individuals and society making it a valuable resource for individuals seeking to understand the intersection of finance and ethics within the context of Catholic teachings.

Key Takeaways:

• What is the concept of usury from a Catholic perspective and how does it impact modern financial practices?
• How can the teachings of the Catholic Church guide ethical lending and investing decisions?
• What are the potential ethical dilemmas associated with high-interest lending such as credit cards and payday loans?
• How can investors and financial advisors align their investment choices with principles of human dignity and the common good?
• What resources are available within the Catholic Church to deepen understanding of ethical financial practices?

Key Timestamps:

• (00:00:00) - Introduction
• (00:01:27) - Jared’s Conversion to Catholicism
• (00:04:34) - Understanding Usury
• (00:08:50) - Issues with Usurious Transactions
• (00:12:42) - Understanding the Distinction of Collateralized Loans
• (00:13:35) - Evaluating the Morality of Interest Rates
• (00:17:33) - Bankruptcy as a Safeguard Against Usury
• (00:19:47) - The Moral Implications of Credit Card Lending
• (00:22:26) - Practical Implications for Investors
• (00:25:26) - Understanding Usury and Corporate Bonds
• (00:26:11) - Old Testament Laws and Financial Ethics
• (00:27:04) - Ethics in Financial Transactions

Key Topics Discussed:

Catholic Financial Planning, Catholic Financial Advisors, Catholic Money Mastermind, Faith, Finance, Usury, Usurious, Ethical Investing, Credit Card Lending, Perpetual Loans, Mutuum Contracts

Catholic Money Mastermind Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Approval Code: 6653099RG_May26

Mentions:

Website: https://catholicfinancialplanners.com/members/jerodwealthcoordinationpartners-com/

LinkedIn: https://www.linkedin.com/in/jerod-frank/

Resources: https://www.newadvent.org/summa/3078.htm

https://www.papalencyclicals.net/ben14/b14vixpe.htm

https://zippycatholic.wordpress.com/2014/11/10/usury-faq-or-money-on-the-pill/#31

https://lendhopingnothing.wordpress.com/pius-v-cum

Sarah Kang is a Certified Financial Planner with UAK Diversified, a firm she runs with her husband. With a focus on the personal side of financial planning, Sarah brings her experience as a music teacher to planning in a way that allows her to break things down in a way that just makes sense. In this episode, Ben and Sarah discuss how helping people can be meaningful and how, even with uncertainty ahead, we can always create a plan, we just may need to pivot. If you’re looking for a light conversation about what it means to be a planner, this is the episode for you.

Key Takeaways:

• How a love for music led to a love for finances.
• Financial planning is about peace of mind.
• How Sarah finds meaning in helping people with financial planning.
• How to plan for uncertainty (and keep it updated).
• Why it’s important to work as a team.
• How to keep your financial goals realistic.

Mentions

🌐 Website: https://uakdiversified.com/ 

👉🏼 LinkedIn: https://www.linkedin.com/in/pianist2/ 

More of Catholic Money Mastermind:

https://www.catholicfinancialplanners.com/

Catholic Money Mastermind Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

With 9 years in the finance industry, Michael Acosta returns to the show with some insights on homeownership. Michael is driven to work for his clients with the guidance of his tag line “Prepare, Perform, Prosper”. Questions discussed in this episode include: Should you pursue homeownership? Is a home a good investment? And is renting bad? All that, and more on this episode of Catholic Money Mastermind.

Key Takeaways:

• What makes renting is a good decision.
• When it can be worth it to buy instead of rent.
• What makes your home an investment?
• Why you may not want to look at your home as an investment.
• What variables to consider when deciding whether to rent or buy.
• How much should you be spending on your home?

Mentions

👉🏼 Michael Acosta: https://wealthtender.com/financial-advisors/michael-acosta-cfp-chfc/ 

📚 Resource Name: https://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html 

More of Catholic Money Mastermind:

https://www.catholicfinancialplanners.com/

Catholic Money Mastermind Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Bryan Smalley is a Certified Financial Planner (CFP) with a BA from the University of Toledo and an MA from Bowling Green State University. With a focus on “taking the scary out of retirement planning”, Bryan helps his clients focus on all the joys of retirement. Living in New Jersey with his wife and their 4 children, Bryan brings to this episode his perspective on having a single income household, homeschooling, and how these decisions impact your financial life. Of course, there’s more to life than just money, which Ben and Bryan discuss in this episode.

Key Takeaways:

• Things to know before becoming a single income household.
• The benefits of one parent staying at home.
• Some surprising cost savings come with a reduction to a single income.
• How to test run a single income and prepare with a cushion.
• How private, public, or home schooling can factor into your decision.

Mentions

🌐 Website: https://corient.com/find-an-advisor?search=bryan&advisor=Bryan+Smalley 

👉🏼 LinkedIn: https://www.linkedin.com/in/bryandsmalley/ 

📚 Is It Better for Moms to Stay at Home? | Deb Meyer: https://www.catholicfinancialplanners.com/is-it-better-for-moms-to-stay-at-home-deb-meyer-podcast/ 

More of Catholic Money Mastermind:

https://www.catholicfinancialplanners.com/

Catholic Money Mastermind Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

With over 30 years of experience as a financial planner, Lance is one of the most experienced people in the Catholic Financial Planners Network. Lance is the Founder and CEO of Nautical Star Financial, whose name echoes Lance’s time in the Navy. In this episode, Lance tells Ben how he brings a Christian approach to financial planning - even praying with clients! If you’re looking for deeper insight on what it means to be a Catholic financial planner, this is the episode for you.

Key Takeaways:

• How your financial advisor’s perspective will affect your planning.
• What it means to be a steward of your resources.
• How to find an advisor with the Christian mentality you’re looking for.
• How Lance involves prayer in his financial practice.
• Why everyone should know the regulations followed by their advisor.

Mentions

🌐 Website: https://www.catholicfinancialplanners.com/members/tylerdrexeldayfinancial-com/

🌐 Website: https://www.nauticalstarfinancial.com/ 

👉🏼 LinkedIn: https://www.linkedin.com/in/lancepeters/ 

📚 The Mission of My Life by Saint John Henry Cardinal Newman: https://www.dioslc.org/documents/139.pdf?v=20210308133704

📚 The 4 Pillars of Catholic Social Teaching | Tyler Hackenberg: https://www.catholicfinancialplanners.com/the-4-pillars-of-catholic-social-teaching-tyler-hackenberg-podcast/ 

📚 A Mission of My Life PDF: https://drive.google.com/file/d/1NY7HdrAJuYqBtUYDwJpD_GvNMEpsEBR8/view

More of Catholic Money Mastermind:

https://www.catholicfinancialplanners.com/

Catholic Money Mastermind Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Anthony specializes in holistic family planning with focus on early career and family, retirement transition, tax preparation, and real estate investing. Having always wanted to help as many people as possible, Anthony became a Certified Financial Planner (CFP) helping his clients with financial literacy - regardless of their wealth. In this episode, Ben and Anthony discuss holistic life planning, expanding beyond finances to touch on mental, emotional, spiritual, and relational health. If you’re looking to live a more fulfilling life and develop the financial skills to do it, this is a great place to start!

Key Takeaways:

• Financial planning involves more than just money. 
• Good financial planning starts with holistic life planning.
• In what do you find meaning in life?
• Anthony’s “Examination of Conscience”.
• What types of people you want to surround yourself with, as a sort of board of directors, to give a balanced approach to life.
• How to adopt your own “rule of life”.

Mentions

🌐 Website: https://www.pioneerwealth.com/ 

👉🏼 Anthony: https://www.catholicfinancialplanners.com/members/anthonypioneerwealth-com/ 

📚 George Kinder: https://www.georgekinder.com/ 

More of Catholic Money Mastermind:

https://www.catholicfinancialplanners.com/

Catholic Money Mastermind Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.