The Weekly Wealth Podcast

1.Diversification - We all know that it is important to spread our risk among many holdings, asset classes, income sources, etc.

2.Use a disciplined process to “buy low/sell high”.

3.Understand that not all of your holdings will be winners.

4.Take distributions from a “BUFFER ASSET” when markets are down.  This will give time for your account to fully or partially recover losses.

5.Hedging Strategies - (DIY for these is not recommended).  Options, futures, etc.

6.Avoid Panic Selling - there are times when panic selling can “lock” in a loss.

7.Avoid “performance chasing” - a stock that has been increasing might not continue to increase.

8.Dollar Cost Averaging can help to reduce average share price over the long term.  This is applicable during the growth phase of an account.

9.Private market investments often do not have returns that are correlated to the general stock markets.  There are net worth/income requirements.

10.Periodically rebalance your portfolio(s) to ensure that your allocation percentages are still appropriate.

11. Dividend paying stocks - if a company pays a dividend, potential portfolio losses can be offset by the dividends.

12.Use a “rules based” philosophy - know what you own and why you own it.

13. Electing for guaranteed streams of income (with regards to pensions and annuities) can allow you to take more risk with other investments.

14.Some Annuities are designed to have a floor of ZERO, even when the markets are negative.  These get complicated but COULD be a fit for part of your portfolio.

15.In many cases, we hire experts in our lives.  Consider working with a financial professional, especially when you get into the distribution phase of your financial life.

Email [email protected]

Get your copy of the book ENDGAME www.weeklywealthpodcast.com/endgame

Schedule your time to speak with david www.weeklywealthpodcast.com/davidpf

How Can High Income Individuals Optimize Their Taxes?

In this episode of The Weekly World podcast, host David welcomes Ralph Estep, a financial professional and fellow podcaster, to discuss strategies for optimizing taxes, particularly for high-income individuals. Ralph shares twelve insightful tax tips, ranging from maximizing retirement account contributions to employing children in your business.

Ralph emphasizes the importance of being intentional with financial decisions, stressing the need to surround oneself with a "dream team" of professionals including attorneys, accountants, and financial advisors. He highlights the value of tax planning throughout the year, rather than just focusing on tax preparation during tax season.

Host David underscores the significance of purposeful action in various aspects of life, drawing parallels between intentional decision-making in health, relationships, and finances. Together, they explore how implementing these tax strategies can lead to noticeable savings and better financial outcomes.

Questions to Ponder:

1. How intentional are you with your financial decisions?
2. Have you considered employing tax-efficient investment strategies?
3. Do you have a "dream team" of financial professionals to guide you?
4. What steps can you take to optimize your taxes and financial well-being?

TO CONNECT WITH RALPH ESTEP, visit https://www.askralphpodcast.com

David Chudyk is always available for questions via [email protected]

Download your free copy of the E-BOOK Endgame https://www.weeklywealthpodcast.com/endgame

Strongly Held Opinion #1: You Must Decide

• Duration: 00:00:22 - 00:02:52
• David Chudyk emphasizes the importance of making the choice to be financially successful.
• Key point: "Income minus expenses must be greater than zero."
• He stresses the necessity of consistently spending less than what is earned.
• Examples are given to illustrate how increased income and reduced expenses contribute to financial success.

Opinion # 2: You Must Know

• David Chudyk discusses the significance of being aware of one's financial situation.
• Questions are posed to prompt reflection on financial knowledge and preparedness.
• Topics include tracking expenses, understanding interest rates, and planning for major life events.

Opinion # 3: If you can't afford the loss, you might want to insure the risk.

• Duration: 00:04:38 - 00:05:48
• David Chudyk advocates for insurance as a means to mitigate financial risks.
• Various scenarios, such as loss of income or property damage, are highlighted.
• Recommendations are made regarding life insurance, home insurance, disability insurance, and liability coverage.

Opinion # 4: Needs vs. Wants

• Duration: 00:06:38 - 00:07:52
• David Chudyk discusses the importance of distinguishing between needs and wants based on individual financial realities.
• Essential needs like housing and education are contrasted with discretionary wants.
• The audience is encouraged to align spending decisions with their current financial situations.

Opinion # 5: Small mistakes/decisions compound over time

• Duration: 00:08:23 - 00:09:39
• David Chudyk emphasizes how small, repetitive financial mistakes can accumulate over time.
• The concept of opportunity cost is introduced to illustrate the potential long-term effects of spending habits.
• Examples are provided to demonstrate the value of prudent financial decisions and investments.

Opinion # 6: We all need accountability

• Duration: 00:10:04 - 00:11:42
• David Chudyk highlights the importance of accountability in achieving financial goals.
• He encourages listeners to seek support from friends, family, or professionals to stay on track.
• The role of accountability in personal development and financial success is emphasized.

Opinion # 7: Money as a Tool for Positive Impact

• Duration: 00:12:03 - 00:13:39
• Chudyk discusses the neutral nature of money and the importance of responsible money management.
• He encourages listeners to use their financial resources in ways that align with their values and contribute to personal fulfillment.
• Examples of positive financial decisions are provided, emphasizing the potential for beneficial outcomes beyond individual wealth accumulation.

Opinion # 8: Don't do what poor people do.

• Duration: 00:13:58 - 00:15:14
• Chudyk advises against emulating the financial habits of those facing financial struggles.
• Key traits of financially successful individuals are highlighted, including living within means, continuous self-improvement, and responsible debt management.
• Listeners are encouraged to assess their own financial behaviors and consider steps towards greater financial stability.

Don't forget to email [email protected] with any questions

Visit https://www.weeklywealthpodcast.com/endgame to download your free copy of the book.. ENDGAME

Amber Reynolds of Five Pineapples Consulting (www.fivepineapplesconsulting.com) discusses how business owners can increase their wealth by:

1. Providing a world class customer service experience and discussed the difference between customer service and customer experience.
2. Scaling their businesses.
3. Identifying their super powers.

Reach out to Amber at Facebook or on instagram @amberreynolds.me

Email David Chudyk at [email protected]

Download the book ENDGAME by visiting www.weeklywealthpodcast.com/endgame

Can money buy happiness?

Can you name a problem, where money doesn't make the problem a bit smaller or less severe?

In this episode, we discuss some areas where money can make a problem... a bit less of a problem.

What do you think? Are these accurate? email [email protected] with your thoughts.

Schedule your call with David Chudyk by clicking www.calendly.com/davidpf

Most people think that financial advisors simply help their clients to invest money. While that is a big part of the financial planning process, good financial advisors do much more.

Some of the secret roles of your financial advisors are:

1. Asking the right questions.
2. Helping YOU to achieve your goals.
3. Nudging your behaviors, if they are not aligning with your goals.

Don't forget to email [email protected] with any questions.

In this episode, financial advisors, David Chudyk and Peyton Hoppes talk about financial planning issues and considerations that are important to:

1. W2 (employee) medical professionals. These include any medical professionals that are employed by an organization and do not have ownership in the entity.
2. Medical professionals who have full or partial ownership in a practice. This includes physicians, chiropractors, physical therapists, etc.

Please visit www.promedwealth.com and CLICK HERE to subscribe to the PRO MED WEALTH youtube channel. Peyton Hoppes can also be reached via email [email protected]

If you have ever thought about selling your business and want to begin the planning process, visit www.weeklywealthpodcast.com/endgame

Make sure to set your time to speak with David Chudyk by visiting www.calendly.com/davidpf

Insurance is not the sexiest area but it is one of the most overlooked and important areas.

In this episode we discuss:

1. Life insurance mistakes that are VERY PREVENTABLE but can have a high cost.
2. Car insurance mistakes to avoid.
3. Some common errors that business owners make with their risk management.

You can reach David Chudyk via email [email protected]

To book a time to speak with David, visit www.weeklywealthpodcast.com/schedule-a-chat

As a business owner, you're familiar with the challenges and complexities that come with steering your company day-to-day. But have you considered the transformative power of picturing your endgame?  Download the book, ENDGAME by clicking on www.weeklywealthpodcast.com/endgame

In this episode, let's talk about money considerations in second marriages. Some topics to discuss are:

1. How will expenses be divided?
2. How will debt be divided?
3. The importance of financial transparency.
4. Estate planning issues that arise with second marriages.
5. Will (or to what extent) will finances be combined?

As always, email [email protected] with any questions or click www.calendly.com/davidpf to set at time to speak with David Chudyk.

A common misconception is that a Financial Advisor's job is only to invest his/her clients' money in a way that will get them the highest return possible. While investment management is important, it is only a part of the financial planning process.

Another important job of a financial advisor is to help clients to identify risks and to take steps to mitigate the effects of the risks.

In this episode, we talk about the CRUCIAL question that you should be asking yourself:

"What are two are three things that if they happed (or maybe didn't happen) would cripple you financially?"

Email [email protected] with your thoughts and questions.

CLICK HERE to schedule your time with David Chudyk

DOWNLOAD your COPY of ENDGAME by CLICKING HERE.