Jim’s entire career has been devoted to finance. Jim received his bachelor’s degree in accounting from Northern Illinois in 1994. He became a CPA, and then worked for a privately held firm in various financial capacities and as a controller for a division of a large company. However, even while he was in school for accounting, Jim knew he didn’t want to spend my career as an accountant.

Jim decided my calling was to play 1st base for the Cubs. That didn’t work out so well, but decided his 2nd calling was to become a financial advisor. Jim joined the industry in 2002 working for a big “Wall Street” firm where there was pressure to generate commissions and a requirement to wear a suit to work every day. Jim didn’t much care for that stuffy atmosphere, so he decided to start my own firm in 2004, which turned out to be the best career move he ever made. That firm still exists today as Hendricks Wealth and Estate Management, and the plan is to keep this company in existence for decades to come.

Listen to this informative Legacy Leaders episode with Jim Hendricks about financial planning for future success.

Here is what to expect on this week’s show:

● Jim explains the financial planning process involves creating a written plan that takes into account factors such as age, life expectancy, inflation, Social Security and pension income, expenses, investment balances, and tax implications to ensure clients can maintain their current standard of living throughout retirement. Financial planners consider these components and factors to determine if clients are on track to meet their retirement goals and make recommendations for adjustments if necessary.

● Understanding each client's unique situation and creating a personalized plan is crucial for Hendricks Wealth and Estate Management. They believe that every dollar should have a purpose and that managing investments without knowing the client's plan is like a doctor writing a prescription without making a diagnosis. They take the time to get to know their clients and their specific needs, helping them achieve their financial goals and providing them with a sense of direction. By tailoring their services to each individual, they aim to give people the opportunity to have a better lifestyle and make subtle changes that can have a profound effect on their long-term wealth prospects.

● Jim emphasizes the importance of estate planning, specifically having named beneficiaries, trusts, and wills. They highlight the significance of named beneficiaries on accounts and the importance of trusts in estate planning. They believe that trusts are more important than wills when done correctly and stress the need to make beneficiaries more tax efficient. Overall, estate planning is crucial for protecting assets and ensuring a smooth transition for loved ones.

● Transitioning from relying on a company paycheck to personal savings as an income source is a common challenge faced by individuals when becoming self-employed. Many people struggle with the leap of faith required to use their own savings instead of relying on an employer.

Connect with Jim:

Website: www.jghfs.com

LinkedIn: https://www.linkedin.com/in/jghendricks/

With your Guest Host Adam Diamond:

As the owner of Diamond Legal, P.C. in McHenry, IL, Adam Diamond is passionate about helping his clients find the best legal help possible. He considers it a true privilege to serve his clients and leads his team to view their jobs the same way.

The team at Diamond Legal focuses on serving clients in the areas of family law, estate planning, and real estate law. Adam finds purpose in helping clients protect their families and their assets - and, where possible, helping people reclaim their lives. You can connect with Adam on LinkedIn, and you can learn more about Diamond Legal at dlfirm.comand on Facebook, LinkedIn, Instagram, and YouTube.

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