Michael and Brady discuss the concept of lifestyle inflation, where increased income leads to increased spending, often hindering long-term financial goals. They explore how lifestyle creep happens, how to recognize it, and strategies to spend with purpose. By focusing on aligning spending with what truly matters, they propose a shift towards automation and disciplined financial planning. They highlight real-life examples, emphasize the importance of financial literacy, and offer practical solutions for maintaining financial health while enjoying life. This episode is essential for high earners, families, and business owners looking to strengthen their financial fortitude.

Key Takeaways:

• How does lifestyle creep happen?

• What are the strategies for aligning purpose with spending?

• What are the impacts of lifestyle inflation?

• How can we automate savings?

Key Timestamps:

(00:00) - Lifestyle Inflation

(01:33) - Defining Lifestyle Creep

(02:35) - Real-Life Examples of Lifestyle Inflation

(08:54) - Behavioral Aspects of Lifestyle Inflation

(13:04) - Traditional Approaches to Curbing Lifestyle Creep

(16:48) - Reengineering Spending Pathways

(20:51) - Importance of Paying Yourself First

(21:45) - Setting Up a Wealth Building Account (WBA)

(22:51) - Automating Your Savings for Success

(26:40) - Case Study: The Impact of Lifestyle Creep

(29:38) - Purpose-Driven Financial Planning

(35:27) - Power of Accountability

Key Topics Discussed:

Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, Financial Wellness, Wealth Building, Financial Psychology, Financial Advisor, Finance Coach, Student Loan Debt, Finance Guidance for High Earners, Business Owner Finances, Hiring a Financial Advisor, Student Loan Forgiveness, Tax Strategies, Retirement Planning, Investing Strategies, Stock Market Crashes, Millennial Financial Planning, Gen Z Money Struggles, Overcoming Financial Stress, Building Financial Confidence, Modern Financial Goals Strategy, lifestyle inflation, lifestyle creep

Mentions:

Website: https://www.genesiswealthplanning.com/

Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/

Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/

Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.  Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own.  Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value. 

Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 7237198.1 Expiration 11/26.

Michael and Brady delve into the important topic of Roth conversions and their potential to revolutionize your retirement strategy. They provide a comprehensive breakdown of the differences between traditional IRAs and Roth IRAs, explain how Roth conversions work, and discuss the tax implications involved. The segment also covers when it makes sense to convert, the benefits and risks of this financial strategy, and offers practical scenarios to illustrate the impact. Listeners are guided through each step with real-life examples and tips on avoiding common pitfalls.

Key Takeaways:

• What are the key benefits of conducting Roth conversions as a part of long-term financial planning?

• How can different life stages and income levels impact your decision to perform a Roth conversion?

• What are some common mistakes to avoid when considering or executing a Roth conversion?

Key Timestamps:

(00:00) -Traditional vs. Roth IRAs

(04:19) - How Roth Conversions Work

(05:19) - The Evolution and Popularity of Roth IRAs

(07:14) - Tax Implications and Strategies

(16:56) - Key Considerations for Roth Conversions

(18:20) - Benefits of Roth Conversions

(23:25) - Strategies to Maximize Roth Conversions

(35:06) - Common Mistakes to Avoid

Key Topics Discussed:

Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, Financial Wellness, Wealth Building, Financial Psychology, Financial Advisor, Finance Coach, Student Loan Debt, Finance Guidance for High Earners, Business Owner Finances, Hiring a Financial Advisor, Student Loan Forgiveness, Tax Strategies, Retirement Planning, Investing Strategies, Stock Market Crashes, Millennial Financial Planning, Gen Z Money Struggles, Overcoming Financial Stress, Building Financial Confidence, Modern Financial Goals Strategy, Roth conversions, Traditional vs Roth IRA, Tax-Free Retirement, Tax-Free Growth

Mentions:

Website: https://www.genesiswealthplanning.com/

Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/

Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/

Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.  Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own.  Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value. 

Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 6991809.7. Expiration 12/26.

Brady and Michael talk with Shawn Garrett, an experienced business law attorney, about the crucial importance of buy-sell agreements in ensuring business continuity and protecting business interests. The discussion delves into scenarios such as death, divorce, disability, disagreement and default that necessitate such agreements, and the significance of proper business valuation and funding. Shawn explains different types of buy-sell agreements, including cross-purchase agreements, and stresses the role of professional planning and expert consultation. Real-life examples underscore the potential pitfalls of unfunded agreements and the benefits of integrating life and disability insurance into business strategies. This episode provides invaluable insights and advice for business owners on drafting, updating, and properly structuring buy-sell agreements to avoid operational and financial chaos.

Key Takeaways:

• Why is it crucial for business owners to have a buy-sell agreement, and what are its key components?

• What are the common pitfalls business owners face with buy-sell agreements and how can they be avoided?

• How do funding and valuation play a role in the effectiveness of a buy-sell agreement?

Key Timestamps:

(00:00) - Meet Shawn Garrett

(00:58) - Understanding Buy-Sell Agreements

(02:52) - The Five D's: Key Triggers for Buy-Sell Agreements

(04:09) - When to Draft a Buy-Sell Agreement

(12:23) - Types of Buy-Sell Agreements

(16:53) - Funding the Buy-Sell Agreements

(20:43) - Real-Life Scenarios: Divorce and Business Ownership

(23:45) - The Importance of Buy-Sell Agreements in Business Continuity

(33:44) - Modifying Agreements: When and Why

Key Topics Discussed:

Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, Financial Wellness, Wealth Building, Financial Psychology, Financial Advisor, Finance Coach, Student Loan Debt, Finance Guidance for High Earners, Business Owner Finances, Hiring a Financial Advisor, Student Loan Forgiveness, Tax Strategies, Retirement Planning, Investing Strategies, Stock Market Crashes, Millennial Financial Planning, Gen Z Money Struggles, Overcoming Financial Stress, Building Financial Confidence, Modern Financial Goals Strategy

Mentions:

Website: https://www.genesiswealthplanning.com/

Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/

Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/

Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.  Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own.  Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value. 

Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 6991809.4 Exp. 11/26.

Life throws us curveballs. From unexpected expenses to sudden health issues, Michael and Brady discuss how such events can disrupt financial plans. They emphasize the importance of making purpose-driven decisions rather than solely relying on math. The episode features a real-life case study of a 44-year-old single individual who faced a major health scare, forcing them to rethink their financial strategy. Michael and Brady advocate for a flexible, proactive approach to financial planning that aligns with personal goals and life circumstances, underscoring the significance of adapting plans to maintain quality of life.

Key Takeaways:

• What does financial success look like for you?

• How can you build flexibility into your financial plan?

• Are you prepared for unexpected life events?

Key Timestamps:

(00:00) - When the Math Doesn't Add Up

(02:23) - Rational vs. Reasonable

(05:56) - Case Study: Navigating a Health Scare

(11:57) - Flexible Financial Planning

(24:25) - Preparing for Life's Curveballs

(30:49) - Conclusion and Final Thoughts

Key Topics Discussed:

Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, Financial Wellness, Wealth Building, Financial Psychology, Financial Advisor, Finance Coach, Student Loan Debt, Finance Guidance for High Earners, Business Owner Finances, Hiring a Financial Advisor, Student Loan Forgiveness, Tax Strategies, Retirement Planning, Investing Strategies, Stock Market Crashes, Millennial Financial Planning, Gen Z Money Struggles, Overcoming Financial Stress, Building Financial Confidence, Modern Financial Goals Strategy

Mentions:

Website: https://www.genesiswealthplanning.com/

Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/

Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/

Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.  Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own.  Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value. 

Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 6991809.2 Exp. 10-26

Michael Acosta and Brady Hemmerle discuss the critical importance of long-term disability income protection insurance. They break down what it is, why you need it, and how it can safeguard your financial future when unexpected events occur. Emphasizing the importance of protecting your ability to earn a living, the episode explores various aspects of long-term disability insurance, including group coverage limitations, personal policies, and key features like partial disability benefits, cost of living adjustments, and future increase options. Michael and Brady also guide listeners on where to get personal policies and how to design them effectively to ensure optimal financial protection.

Key Takeaways:

• What’re some of the common misconceptions regarding long term disability?

• How will you know which long term disability policy fits your needs?

• An example of how long term disability can actually save you millions of dollars

Key Timestamps:

(00:00) - The Importance of Protecting Your Income

(01:14) - Understanding Long Term Disability Insurance

(03:44) - Common Misconceptions and Realities

(05:37) - Where to Get Coverage and How Much You Need

(09:32) - Designing Your Disability Insurance Policy

(24:47) - Additional Features and Customization

(29:06) - Case Study Example

Key Topics Discussed:

Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, Financial Wellness, Wealth Building, Financial Psychology, Financial Advisor, Finance Coach, Student Loan Debt, Finance Guidance for High Earners, Business Owner Finances, Hiring a Financial Advisor, Student Loan Forgiveness, Tax Strategies, Retirement Planning, Investing Strategies, Stock Market Crashes, Millennial Financial Planning, Gen Z Money Struggles, Overcoming Financial Stress, Building Financial Confidence, Modern Financial Goals Strategy

Mentions:

Website: https://www.genesiswealthplanning.com/

Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/

Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/

Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.  Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own.  Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value. 

Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 7012070.1 Exp. 10-26

Michael and Brady discuss how technology and industry changes have broadened access to financial advice, making it more accessible beyond just wealthy individuals. The episode delves into the challenges of selecting the right financial advisor, examining where Americans currently get their financial advice, and the implications of various advisory models (fee-only, fee-based, commission). Key topics include the importance of finding a suitable advisor, understanding compensation structures, and the roles played by different types of financial institutions. The episode concludes with actionable advice for individuals at different stages of their financial journey on finding the best professional guidance for their needs.

Key Takeaways:

• Who should seek financial advice?

• The surprising place most Americans get their financial advice

• Why a certain advisory model may or may not be suitable for you?

Key Timestamps:

(00:00) - The Evolution of Financial Advice

(01:17) - The Challenge of Choosing the Right Advisor

(04:50) - Survey Insights: Where Americans Get Financial Advice

(15:42) - Understanding Different Types of Financial Advisors

(24:44) - The Role of Technology and Robo-Advisors

(27:02) - Choosing the Right Financial Partners

Key Topics Discussed:

Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, Financial Wellness, Wealth Building, Financial Psychology, Financial Advisor, Finance Coach, Student Loan Debt, Finance Guidance for High Earners, Business Owner Finances, Hiring a Financial Advisor, Student Loan Forgiveness, Tax Strategies, Retirement Planning, Investing Strategies, Stock Market Crashes, Millennial Financial Planning, Gen Z Money Struggles, Overcoming Financial Stress, Building Financial Confidence, Modern Financial Goals Strategy

Mentions:

Website: https://www.genesiswealthplanning.com/

Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/

Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/

Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.  Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own.  Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value. 

Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 6992075.1 Exp. 10-26

Michael and Brady discuss the significant burden of student loans on Americans and delve into current strategies for managing this debt while still achieving personal and financial goals. They explore the misconceptions surrounding student loans, differences between federal and private loans, and the importance of utilizing loan forgiveness programs. The episode also provides a comprehensive understanding of recent legislative changes affecting the SAVE plan and its implications on borrowers. Listeners are encouraged to manage student loans strategically and consult with certified professionals to optimize their financial health.

Key Takeaways:

• Is reducing your monthly minimum required payment for your student loans possible?

• How is the student loan legislature going to change in the future?

• What advantages does working with an advisor offer in terms of minimizing your student loans?

Key Timestamps:

(00:00) - The Evolving Landscape of Student Loans

(05:54) - Federal vs. Private Student Loans

(10:01) - Student Loan Debt Across Professions

(21:51) - Borrower Considerations

(25:24) - Student Loan Forgiveness

(33:00) - Understanding Federal Student Loan Interest

(36:45) - Income-Driven Repayment Plans

(43:30) - Case Study: Optimal Repayment Strategies

(54:08) - Legislative Changes in the SAVE Plan

(1:01:00) - What Borrowers Should Be Doing

Key Topics Discussed:

Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, Financial Wellness, Wealth Building, Financial Psychology, Financial Advisor, Finance Coach, Student Loan Debt, Finance Guidance for High Earners, Business Owner Finances, Hiring a Financial Advisor, Student Loan Forgiveness, Tax Strategies, Retirement Planning, Investing Strategies, Stock Market Crashes, Millennial Financial Planning, Gen Z Money Struggles, Overcoming Financial Stress, Building Financial Confidence, Modern Financial Goals Strategy, SAVE plan

Mentions:

Website: https://www.genesiswealthplanning.com/

Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/

Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/

https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.  Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own.  Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value. 

Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 6991809.1 Exp. 10-26

Michael and Brady provide a comprehensive guide on navigating employee benefits and retirement planning during open enrollment. Key topics include the differentiation of healthcare plans like HMOs and PPOs and the strategic use of Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) to maximize tax advantages. The episode also covers the importance of short-term and long-term disability insurance, particularly for maternity leave, the benefits and limitations of group life insurance, and strategic retirement saving. Discussions extend to maximizing employer matches in retirement plans, the considerations between Roth and pre-tax IRAs based on tax brackets, and utilizing legal benefits through employer-provided plans.

Key Takeaways:

• What factors should you consider when choosing between different types of healthcare plans during open enrollment?

• How can enrolling in tax-advantaged accounts like FSAs and HSAs benefit you financially in the short and long term?

• What are the essential employee benefits to prioritize during open enrollment, and how can you maximize their advantages?

Key Timestamps:

(00:00) - Understanding Open Enrollment

(03:15) - Types of Benefits and Considerations

(05:12) - Triggering Life Events and Adjustments

(06:21) - Core vs. Ancillary Benefits

(07:29) - Medical Insurance Options

(15:52) - Flexible Spending Accounts (FSA) vs. Health Savings Accounts (HSA)

(18:44) - Understanding HSA Tax Benefits

(24:38) - The Importance of Disability Insurance

(26:51) - Group Life Insurance Considerations

(30:17) - Retirement Plan Options and Strategies

(35:31) - Leveraging Legal Benefits

Key Topics Discussed:

Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, Financial Wellness, Wealth Building, Financial Psychology, Financial Advisor, Finance Coach, Student Loan Debt, Finance Guidance for High Earners, Business Owner Finances, Hiring a Financial Advisor, Student Loan Forgiveness, Tax Strategies, Retirement Planning, Investing Strategies, Stock Market Crashes, Millennial Financial Planning, Gen Z Money Struggles, Overcoming Financial Stress, Building Financial Confidence, Modern Financial Goals Strategy, open enrollment, employee benefits

Mentions:

Website: https://www.genesiswealthplanning.com/

Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/

Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/

Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.  Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own.  Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value. 

Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 6991809.3 Exp. 11/26.

Michael and Brady dive into the crucial steps couples should take after getting married. They emphasize the importance of communication, setting joint goals, consolidating finances, checking one's financial immune system, and not being afraid to seek professional help. Drawing from personal and client experiences, they highlight practical strategies for merging finances, managing cash flow, and ensuring financial stability in marriage. The discussion also touches on topics like estate planning, prenuptial agreements, financial discipline, and teaching children about delayed gratification. This episode is a comprehensive guide for couples looking to strengthen their financial bond and fortitude after tying the knot.

Key Takeaways:

• 45% of divorces occur because of money problems, but is it avoidable?

• Overcoming scarcity vs abundance mindset differences between partners

• Understanding the cost of raising a money smart kid

• The top 5 financial to-dos before saying I do

Key Timestamps:

(00:00) - Personal Financial Planning in Relationships

(07:49) - Challenges in Merging Finances

(10:44) - Balancing Individual and Joint Financial Goals

(12:44) - Financial Infidelity and Divorce

(17:46) - Managing Household Finances Together

(21:55) - Scarcity vs. Abundance Mindset

(27:33) - Spending Thresholds in Relationships

(30:42) - Teaching Kids Delayed Gratification

(36:25) - Top Five Financial To-Dos Before Marriage

(42:16) - Joint Accounts and Budgets

(45:54) - Financial Immune System Check-Up

(49:59) - Prenups and Estate Planning

Key Topics Discussed:

Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, Financial Wellness, Wealth Building, Financial Psychology, Financial Advisor, Finance Coach, Student Loan Debt, Finance Guidance for High Earners, Business Owner Finances, Hiring a Financial Advisor, Student Loan Forgiveness, Tax Strategies, Retirement Planning, Investing Strategies, Stock Market Crashes, Millennial Financial Planning, Gen Z Money Struggles, Overcoming Financial Stress, Building Financial Confidence, Modern Financial Goals Strategy

Mentions:

Website: https://www.genesiswealthplanning.com/

Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/

Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/

Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.  Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own.  Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value. 

Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 7095145.1 Exp. 10-26

Brady and Michael introduce themselves and share the vision for their new show, Financial Fortitude. They discuss their personal journeys into the financial industry, the importance of understanding personal motivations ('whys'), and how these elements drive their work with clients. The episode also explores the value of financial advisors, how to select the right one, key factors to consider, and the impact of life changes on financial planning. Key takeaways include the significance of disciplined financial habits, the role of behavioral finance, and the importance of establishing strong advisor-client relationships.

Key Takeaways:

• What do your financial advisor and therapist have in common?

• How does financial advice go beyond the spreadsheet?

• What does financial accountability look like? It’s not what you think

• What’re some life events that warrant reaching out to a financial advisor?

• Brady thinks you can grow a six pack and he’s probably right

Key Timestamps:

(00:00) - New Podcast, Who This?

(01:42) - Michael’s Why

(05:12) - Brady’s Why

(07:52) - Money Can Be Stressful, Here’s What to Do About It

(10:37) - What Does a Financial Advisor Do?

(12:57) - What is Financial Fortitude?

(14:47) - Define Your Financial Why with One Question

(16:37) - Your First Date with Your Financial Advisor

(19:23) - What Does Financial Accountability Look Like?

(23:20) - Understanding the Psychology Behind Financial Decisions

(25:00) - Why Hire a Financial Advisor?

(26:37) - Life Events that Warrant Working with an Advisor

(29:13) - Key Questions to Ask Your Financial Advisor

(32:55) - The Importance of Communication and Expectations

(39:39) - Why We Do What We Do

Key Topics Discussed:

Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, Financial Wellness, Wealth Building, Financial Psychology, Financial Advisor, Finance Coach, Student Loan Debt, Finance Guidance for High Earners, Business Owner Finances, Hiring a Financial Advisor, Student Loan Forgiveness, Tax Strategies, Retirement Planning, Investing Strategies, Stock Market Crashes, Millennial Financial Planning, Gen Z Money Struggles, Overcoming Financial Stress, Building Financial Confidence, Modern Financial Goals Strategy, Dave Ramsey

Mentions:

Website: https://www.genesiswealthplanning.com/

Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/

Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/

This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.  Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own.  Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value. 

Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 7095145.2 Exp. 10-26