The Financial Purpose Podcast

Have you ever wondered how to choose the right financial advisor?

Whether you’re looking to work with a financial advisor for the first time, or you are looking to change advisors, the looming question in your mind might be:

HOW DO I CHOOSE THE RIGHT FINANCIAL ADVISOR… FOR ME?

One thing I will admit is there’s no shortage of financial advisors in the world –

In fact, when it was suggested to me by a friend of mine that I should consider being a financial advisor, my response was “hey man, thanks – but, the last thing the world needs is another financial advisor!”

Whether someone calls themselves by that title, or they actually do the work of a REAL financial advisor… there’s plenty to choose from.

What should you be looking for in an advisor? What questions should you ask? What questions might they ask you?

If you are someone who is considering working with a financial advisor for the first time, or if you are feeling underserved and looking for a new advisor, this episode is for you. Use this as a “know before you go” resource.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com

Today I want to talk about becoming a 1%er.

I’m not talking about those that fall in the higher earning bracket…. Although that may be a goal for some…

And, I’m not talking about that particular motorcycle club either….

But what I am talking about is Kaizen.

Kaizen, in practice, usually delivers small improvements that yields big results over time.

It starts by simply improving by 1% at a time.

I have found this to be an effective way to get to where you want to be financially, physically, relationally, emotionally, professionally… literally anywhere you want to see improvement.

And by the way… all of those areas: financial, physical, relationships, emotional control, your profession… those are all directly correlated. The more financial stress you are under, the less effective you will be in the other areas.

On the flip side, the side-effects of financial success show up everywhere – and that’s the direction we need to be headed.  

And the key is this: you have to wake up every morning and re-commit to taking action towards improvement… just like in your marriage, your career, or your job as a parent. Every day you make a new commitment to stick with it.

1% at a time.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com

“This isn’t going to be my story anymore…”

In this episode of the Financial Purpose Podcast, I'm joined by special guest Sarah VanHoose for a conversation around how to change your money story.

Listen to hear how she and her husband got serious about their money values, paying off more than $500,000 of debt in three years!

And, hear how she decided to leave her corporate health care career to fully launch her financial and corporate coaching business, Journey to Influence.

Money shame exists all across the wealth spectrum and Sarah is on a mission to change that mindset and help people get control of their money.

Click here to learn more about Sarah and Journey to Influence.

Download Sarah’s 5-Step Plan to thrive with your personal finances.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com

Heard all the bad stories about reverse mortgages?

Have you heard about the many ways a reverse mortgage can actually unlock financial freedom in retirement?

In this episode of the Financial Purpose Podcast I'm joined by Reverse Mortgage Specialist Andrew Kish for a conversation on the power of reverse mortgages.

Learn more about Andrew here.

Learn more about sound financial planning and defining your financial purpose at lifemoveswealth.com

Andrew Kish NMLS #2115541

Luminate Home Loans NMLS #150953

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com

The term “how to stay broke” returns more than 694 MILLION Google search results! Apparently a lot of people are talking about and are concerned about this topic.

A recent CNBC financial literacy survey found that 56% of respondents cited living paycheck-to-paycheck; also, 57% of people earning +$100,000 per year are concerned about the health of their personal finances.

In this episode of the Financial Purpose Podcast, I identify six specific actions - or inactions - you can take to stay broke. I also offer tips along the way for breaking out of these bad financial habits.

How many of the six have you committed? Listen to this episode to learn more.

Resource cited:

https://www.momentive.ai/en/blog/cnbc-financial-literacy-2023/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com

Learn more about Claudine here:

* Website: https://virtualingenuityllc.com/

* Facebook: https://www.facebook.com/Virtuallyexe

* Instagram: https://www.instagram.com/virtualingenuityllc/

* LinkedIn: https://www.linkedin.com/in/claudineland/

* The Virtual Ingenuity Business Podcast on Apple Podcast: 

* The Virtual Ingenuity Business Podcast on Spotify: 

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com

Honest investors can attest that stock picking is hard. A strong conviction pick can lead to out-performance one year and under-performance the next. Or, vice-versa.

I recently saw a discussion on Twitter among financial professionals based on the following question:

Without Googling the answer, what is the best performing US stock over the last 20 years?

Some of the responses included companies like:

* Microsoft (MSFT)

* UnitedHealth Group (UNH)

* Apple (AAPL)

* Amazon (AMZN)

* Nvidia (NVDA)

* Berkshire Hathaway (BRK'A / BRK'B)

* Walmart (WMT)

* Johnson & Johnson (JNJ), and

* Netflix (NFLX)

I responded with Phillip Morris (PM).

The correct answer: Monster Beverage (MNST). By a lot!

Would you have guessed that one correctly?

Resources referenced in this episode:

https//:app.koyfin.com

https://www.investopedia.com/terms/t/technicalanalysis.asp

https://www.investopedia.com/terms/f/fundamentalanalysis.asp

https://pro.riskalyze.com/embed/85887b63ed1059a0b37e

https://lifemoveswealth.com/what-to-expect/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com

The U.S. debt ceiling is all over the news today, so let’s talk about it.

Before 1917, Congress had the ability to use the Power of the Purse at their own discretion. In effort to make the federal government fiscally responsible, the debt ceiling was created.

The debt ceiling cap currently stands at roughly $31.4tn. That limit was breached back in January.

Is a U.S. default likely?

Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit – 49 times under Republican presidents and 29 times under Democratic presidents.

House Speaker McCarthy is in a tight spot… Failing to raise the debt limit in the next three weeks could be catastrophic for the U.S. economy, but neglecting to secure the desired spending cuts could cost him the gavel.

Moody’s Analytics predicts that a default would shave around 4% from U.S. gross domestic product (GDP), see stock prices fall by a third, and result in companies slashing nearly six million jobs.

As Ulysses Everett McGill from the movie Oh Brother Where Art Thou? would say “we’re in a tight spot.”

Sources used for this episode:

https://www.investopedia.com/terms/d/debt-ceiling.asp

https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/debt-limit

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com

The Fed raised rates again today - the 10th hike in this current cycle.

Just 13 months ago the Fed funds range was 0.00%-0.25%; with today’s hike, it is now 5.00%-5.25%.

The Fed funds rate is one of the primary monetary policy tools. By raising this rate, the Fed is slowing a heated economy by indirectly influencing consumer and business borrowing rates.

In this episode of the Financial Purpose Podcast, I’ll explain at a high level what the Fed funds rate is, how it works, and what it could mean for the economy.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com

What services do you expect from your financial advisor? What are you actually getting?

Think about it. Is there a gap between your advisory expectations and the reality?

Research from SpectremGroup among wealthy investors shows there’s a massive gap in many crucial wealth management services.

There are many reasons why such gaps may exist, including:

* Speciality held by the advisor

* Expectations of communication and services provided not clearly established

* Client may view “comprehensive” planning as an add-on or “upsell” service, not fully understanding the link between planning fees and value added

* Advisor may not offer true financial planning services, preferring to manage investments only service

Note this survey was conducted among wealthy investors.

What about those not considered wealthy, which may include families with less than $1M investable assets? If these investors are surveyed, would the gaps be even wider?

In this episode, I'll talk about these gaps and how I'm working to close them with my clients.

Sources used for this episode:

https://spectrem.com/Content/expectations-not-always-expected.aspx

https://spectrem.com/Content_NewsLetter/10588.aspx

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com