The Weekly Wealth Podcast

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This week's episode talks about a neglected risk management tool... DISABILITY INSURANCE.

It the core, disability insurance protects your paycheck and can allow you to be able to continue paying your bills when/if you are unable to work and get paid.

Email [email protected] with any questions.

Download the e-book ENDGAME at www.weeklywealthpodcast.com/endgame

CLICK HERE to set your time to speak with David

If you are in SC, NC, or GA and have any property and casualty insurance questions, email [email protected]

In this episode of the Weekly Wealth Podcast, David Chudyk dives into the rising costs of home and auto insurance rates.

Many people are shocked by the steep increases in their insurance bills and points out how important, yet often overlooked, financial planning tools like property and casualty insurance are. The episode aims to break down the complexities behind these rate hikes and offers insights into the factors driving up insurance costs.

THE REAL NUMBERS

David also shares his personal experience with rising insurance rates, noting that since 2021, his home insurance premiums have surged by over 40% without any claims, while his auto insurance has risen by 74.6%.

THE INDUSTRY

He then provides a detailed explanation of how property and casualty insurance works, touching on the industry's financial losses, including a $14 billion underwriting loss by State Farm in 2023.

ACTION ITEMS

For your auto insurance make sure to:

1. Keep a clean driving record. Speeding tickets are almost 100% preventable.
2. Do not EVER let your insurance lapse.
3. If your company offers a usage-based rating system, consider using it.
4. Work with a good local independent agency who can shop your policies, if needed.

For your home insurance:

1. Make sure that you are keeping your home in good repair.
2. Avoid hazards (debris in front yard, unfenced pools, etc)
3. Work with a good local independent agency who can shop your policies, if needed.

In this episode of the Weekly Wealth Podcast, host David explores the impact of financial habits, behaviors, and philosophies on our lives. He encourages listeners to reflect on key questions such as "What does money mean to you?" and "What financial lessons do you want to pass on to your children or grandchildren?" David discusses various perspectives on money, including its role in providing security, freedom, and power, as well as the importance of teaching positive financial habits like budgeting, saving, and financial literacy to the next generation. He also emphasizes the need to confront negative money behaviors, such as living beyond one's means and impulse spending, and their potential effects on family life.

David dives into the significance of money in relationships, particularly marriage, highlighting how financial stability can reduce stress and strengthen teamwork through shared goals. He also touches on the business owner's perspective, encouraging entrepreneurs to view their businesses as tools for improving their lives and those of their loved ones.

Finally, David addresses the sensitive topic of end-of-life planning, stressing the importance of having clear directives regarding financial distribution, advanced medical care, and funeral preferences to ease the burden on loved ones.

Here are somethings to think about:

How do your financial habits and behaviors impact your life and relationships?

What does money mean to you personally—security, freedom, or something else?

What financial lessons do you believe are important to pass on to future generations?

How can parents teach children about budgeting and financial responsibility?

How does financial stability contribute to a healthy marriage or relationship?

What role should shared financial goals play in building teamwork between spouses or partners?

Email questions do [email protected]

Schedule your appointment at www.calendly.com/davidpf

Download ENDGAME www.weeklywealthpodcast.com/endgame

In this episode of the Weekly Wealth podcast, the focus is on understanding the Solo 401(k) plan, a valuable tool for entrepreneurs and business owners. Host David introduces a new monthly segment called "Ask the Professor," where he and his guest, Justin Chastain, will dive deeply into various financial products and concepts. Justin, who is also a financial advisor and educator, discusses the Solo 401(k) plan, highlighting its unique benefits for those who are self-employed or own a small business with no employees other than themselves. The Solo 401(k) allows for significant tax-deferred contributions and offers flexibility in investment choices, making it an attractive option for individuals with substantial cash flow.

The conversation covers key aspects of the Solo 401(k), including contribution limits, which mirror those of traditional 401(k) plans but allow for higher maximum contributions, especially if you’re over 50. Justin explains that this plan is ideal for business owners who have higher income levels and seek to maximize their retirement savings. Additionally, the Solo 401(k) offers various investment options and potentially lower fees compared to traditional 401(k) plans, though it does require careful management to avoid complications, especially as the account grows. The episode wraps up with advice for business owners on how to evaluate whether a Solo 401(k) is the right choice for them and how they can get in touch with Justin for further guidance.

Email [email protected] or [email protected]

Download ENDGAME at www.weeklywealthpodcast.com/endgame

In this episode of the Weekly Wealth Podcast, Certified Financial Planner(tm) David Chudyk discusses the psychology behind financial decision-making, focusing on whether individuals are more motivated by the fear of losing or the desire to win.

David explores how these motivations can impact financial behavior, while emphasizing the importance of understanding your own mindset when setting and achieving financial goals.

He also highlights the role of positive reinforcement, like the dopamine release from winning, in encouraging good financial habits and building confidence. David encourages listeners to reflect on their own motivations and consider how they influence their financial decisions.

David also delves into common financial goals for individuals and business owners, such as paying off debt, saving for major purchases, and planning for business exits.

He emphasizes the importance of breaking goals into smaller steps, seeking accountability, and visualizing success to stay motivated. By understanding the psychological drivers behind financial decisions, listeners can better align their actions with their goals and ultimately achieve greater financial success.

Here are some questions to consider:

How does mindset influence financial decisions?

What impact does dopamine from winning have on financial behavior?

What strategies help maintain motivation for YOUR financial goals?

Email [email protected]

Visit www.weeklywealthpodcast.com for all previous episodes.

CLICK HERE to download ENDGAME.

In this episode of the Weekly Wealth Podcast, David Chudyk delves into the psychology behind financial motivation.

He begins by asking listeners whether they are more driven by the fear of losing or the desire to win, relating this to financial goals versus financial fears. Drawing parallels with sports legends like Michael Jordan and Serena Williams, David explores how different motivations can influence our financial decisions. He discusses the importance of recognizing these motivations in managing money and achieving financial success.

David also provides practical advice for addressing common financial fears. He emphasizes the importance of having a solid spending plan, maintaining buffer assets like cash equivalents, and considering annuities for guaranteed income in retirement. Additionally, he covers the significance of life and disability insurance for young families, ensuring financial security in case of unexpected events. David wraps up by discussing investment fears, advocating for diversification, holding bonds, and exploring alternative asset classes to mitigate risks in the stock market.

Here's something to think about:

How does David suggest listeners can support the Weekly Wealth podcast?

What does David believe is the impact of how we handle our money?

What type of clients does David focus on in his wealth management practice?

What common fear among retirees or pre-retirees does David discuss in the podcast?

What are two strategies David mentions to prevent running out of money in retirement?

Why does David think having a buffer asset is important?

Email [email protected]

Visit www.weeklywealthpodcast.com

Download ENDGAME at www.weeklywealthpodast.com/endgame

In this episode of the Weekly Wealth podcast, certified financial planner David addresses the current

stock market volatility and its impact on investors. He discusses the recent significant downturns in major

indices, including the Dow Jones, Nasdaq, and S&P 500, emphasizing the importance of assessing

personal risk tolerance and time horizons when managing investment portfolios. David highlights the

concept of a "buffer asset"—maintaining adequate cash reserves to weather market downturns and

provide peace of mind. He also explores the potential benefits of annuities for guaranteed income and

non-stock market investments like private equity, which can offer diversification away from traditional

market fluctuations.

The episode delves into actionable strategies for navigating financial stress during turbulent times. David

encourages listeners to focus on controllable aspects of their financial lives, such as reviewing insurance

coverage and managing budgets. He discusses tax loss harvesting and Roth conversions as ways to

optimize tax liabilities during market declines. Additionally, he advises being mindful of spending habits,

particularly for those nearing or in retirement, to avoid locking in losses during downturns. For further

guidance, David invites listeners to reach out via email or schedule a complimentary consultation to

address their concerns and financial goals.

Here's something to think about:

How much risk am I comfortable taking with my investments?

Do I have enough cash reserves to cover at least a year’s worth of living expenses?

Have I considered tax loss harvesting to offset capital gains?

Would a Roth conversion be beneficial given my current IRA balance?

How often do I review and adjust my financial and investment strategies?

CLICK HERE to view Parallel Financial 20 Minute Market Update videos.

David Chudyk can always be reached via email [email protected] or you can schedule your meeting by visiting www.calendly.com/davidpf

Let's talk about what our children should be learning about MONEY and success in school and at home.

1. Our decisions compound for us (or against us) every day. Small decisions and actions play a large role in determining our long term successes.
2. Financial literacy.
3. We are all paid based on how easy it is to replace us.
4. We must consider earning potential when deciding on our career and education paths.
5. Settling for mediocrity will result in mediocre results.

Don't forget to contact David Chudyk with any of your questions by emailing [email protected]

Download ENDGAME at www.weeklywealthpodcast.com/endgame

www.allofmyassets.com

www.calendly.com/davidpf

David, a seasoned certified financial planner at Parallel Financial, and Anna, an associate financial advisor, engage in a dynamic dialogue about their professional ethos and the pivotal role of client relationships in their practice. David eloquently articulates Parallel Financial's commitment to personalized financial strategies tailored to diverse client needs, ranging from business owners to retirees. He emphasizes the importance of listening attentively to clients' aspirations and concerns, steering away from one-size-fits-all approaches in favor of bespoke financial solutions that foster long-term financial security and peace of mind.

Anna, drawing on her background in linguistic and cultural understanding, draws a compelling parallel between her proficiency in translating languages and her role in demystifying financial complexities for clients. She underscores the transformative impact of clear communication and empathy in building trust and facilitating informed financial decisions. Together, their insights underscore a holistic approach to financial advising that marries technical expertise with genuine client care, positioning Parallel Financial as a beacon of integrity and excellence in the realm of wealth management.

Reach out to Anna Wolford by emailing [email protected] or call 864 385-7999

David Chudyk can be reached via email [email protected]

Schedule your appointment with David at www.calendly.com/davidpf

Download the free ebook, ENDGAME at www.weeklywealthpodcast.com/endgame

As always, thank you so much for your support and make sure to share this podcast with your friends.

In this episode of the Weekly Wealth podcast, host David Chudyk, a certified financial planner with Parallel Financial, engages in an insightful discussion with his colleague, Justin Chastain. They delve into the essence of comprehensive financial planning, emphasizing that it's more than just numbers and investments. Justin shares his journey of becoming a CFP, highlighting the importance of investing in self-worth to better serve clients. They also discuss the multifaceted nature of financial planning, which includes cash flow management, risk assessment, estate planning, and more. Justin illustrates the significance of understanding a client's unique financial situation and mindset, rather than offering one-size-fits-all advice.

David and Justin also address common reasons why people avoid working with financial planners, such as guilt or anxiety about their financial past or future. They emphasize the importance of empathy and understanding in financial planning, aiming to align financial strategies with clients' values and life goals. Through personal anecdotes and professional insights, they illustrate how a well-structured financial plan can provide peace of mind and help individuals live better lives. David concludes by reiterating that true wealth is achieved when money positively impacts one's life and the lives of loved ones, urging listeners to see financial planning as a holistic approach rather than just a numbers game.

Here's something to think about:

What is comprehensive financial planning?

Why is understanding your financial mindset important?

Which financial planning areas are crucial for you?

How does empathy from a financial planner help?

How can a financial plan improve your peace of mind?

Are your financial strategies aligned with your values?

Make sure to Email [email protected] or you can reach him via telephone at 864 385-7999

David Chudyk can be reached at [email protected] or you can schedule your time with him at www.calendly.com/davidpf

Download your copy of the free ebook "Inside the mind of an acquirer" by visitting www.weeklywealthpodcast.com/insidethemind