The Financial Purpose Podcast

You have four options available for your 401(k) plan when changing jobs... yet almost half of job changers cash out.

A Harvard Business Review study found that approx. 41% of employees took a cash distribution when changing jobs... and 85% of those people cashed out the entire balance!

This is called retirement leakage, and cashing out can be detrimental to your long-term financial and retirement health.

In this episode I discuss the four options available, why people cash out their 401(k)s when changing jobs, and what employers and financial advisors can do to help.

Resources cited in this episode:

Harvard Business Review: Too Many Employees Cash Out Their 401(k)s When Leaving a Job

Medium: Is Financial Stress Affecting Your Workplace?

Own a business and want to learn more about setting up a workplace financial literacy program? Send an email to [email protected].

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

Making better decisions requires an effective and structured process.

Consistently following such a process can be challenging, especially when emotions come into play. Emotions can cloud our judgment and steer us away from the logical path. This generally leads to suboptimal outcomes.

The natural goal is to consistently achieve good results by following a reliable decision-making process. However, in high-pressure situations, our emotions can derail our efforts to do so.

This episode of the Financial Purpose podcast offers an insightful visual aid to demonstrate how the quality of our decision-making process impacts our results.

Take a moment to reflect on the quadrants. Which have you have found yourself in during past decision-making scenarios?

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

Since the pandemic, I have observed a drift in how people approach financial matters. People are slow to make important financial decisions, but faster to seek safety in times of volatility.

In this episode of the Financial Purpose Podcast, I’m joined by Jamie L. Born, LCSW, CCTP to discuss how the continuum of mental health plays a role in money decisions. We discuss "Big T" and "little t" trauma, when you might be reacting from heart vs business (emotion vs logic), and when to seek help from a counselor.

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

Watch this episode here: https://youtu.be/HynJE7IH_l8

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

Have you ever been on a boat in rough waters? Or on a super fast-spinning ride? How about the back seat of a car on a mountain road. These are some of the times when you might feel motion sickness.

The same is true when going through a major change in your life or when processing grief. These times can cause financial motion sickness.

In this episode of the Financial Purpose Podcast, I discuss 5 tips for avoiding financial motion sickness, including:

1) Avoid feeling rushed into decisions

2) Revisit your financial purpose

3) Write down all the factors and expected outcomes

4) Set a specific timeline and write it down!

5) Discuss with a financial professional

Be sure to check out the video version of this episode at: https://youtu.be/DUQcKCUPLYM

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

It's not just what we say or how we say it... it's also the words we use when doing the saying.

In this episode I discuss the importance of having the same understanding of the words we use, specifically around money and in the advisory relationship.

I also ask the listener the same question I ask in my first meeting a prospective client: if you could describe how you feel about money - today - using only one word, what's the first word that comes to mind?"

Share you word in the comments!

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

Starting and running a business can be scary. Many fail. To increase your chances of success, you might have to burn the boats.

In 1519, Hernán Cortés led a large expedition consisting of 600 Spaniards, 16 or so horses, and 11 boats to Mexico on a do-or-die treasure hunt. Upon arrival, Cortés made history by destroying his ships, leaving his crew no other alternative but success in their mission.

Listen to Episode 12 Burn the Boats - The Financial Purpose Podcast

This episode features Jake Brown and Jake Morrow, owners of Freedom Brands.

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

When you hear the word RECESSION, what goes through your mind? How does it make you feel? Is it a scary word? Or, is it an opportunity word?

With words like RECESSION, we have three factors to consider:

1) The things we can control (government, the Fed, the market, etc.), which influences...

2) Changes in your financial results (the numbers), which influences...

3) Your emotions around the first two factors

In this episode, we'll cover all three factors and give a couple tips on how to approach times like these.

How do you feel about the word RECESSION? Leave a comment below!

Be sure to check out the video version of this episode: https://youtu.be/Or9FDJYLm_o

Want to get in touch with Dale? Click here: https://lifemoveswealth.com/contact/

Resources used for this episode:

https://www.ustreasuryyieldcurve.com/

https://thetranscript.substack.com/p/01-30-2023-resilient-resilience-free?utm_source=substack&utm_medium=email

https://www.tradingview.com/symbols/SPX/technicals/

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