Love, your Money - Wealth, Money, and Financial Advisor for Women

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/

Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

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.

Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

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.

• 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 

Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

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/ 

Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

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.

• 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/ 

Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

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.

• 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/ 

Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

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

Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

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@studentloanpl

Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

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

Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

Is there really some secret to obtaining wealth? Everyone wants to be a millionaire, but today's guest, Steve Siebold, actually spoke with over 1,200 self-made millionaires to find out what their secrets to success are. He wrote a book about his findings, Secrets Self-Made Millionaires Teach Their Kids.

You may be surprised to learn that many of the secrets are actually counterintuitive. Once you know the "rules" of being a millionaire, you can begin taking steps to join their ranks! Join Hilary for her insightful discussion with Steve and learn what you need to know to teach your kids to be millionaires too!

Show Highlights:

• The rich rule the world
• The universe wants you to be rich
• Most self-made millionaires are not any smarter than you
• The government is not your friend - you must understand taxation
• Pay attention to Wall Street and the financial markets
• Understand results are gradual, not instantaneous
• Play sports of the rich - golf and tennis
• Use a vision board to map your money dreams

Resources:

www.stevesiebold.net

 Secrets Self-Made Millionaires Teach Their Kids.

Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.