Trust the Plan Podcast with Nick Hopwood, CFP® and Jim Pilat, CFP®

Nick Hopwood, CFP® and Jim Pilat, CFP®, hosts of the Trust the Plan Podcast,  discussed the intersection of Big Ten basketball, focusing on Michigan and Michigan State, while also diving into an important financial topic—1031 exchanges. Nick, with his extensive experience in real estate, shared firsthand insights into how clients often come to him seeking advice after selling property and wanting to avoid paying taxes on the gain.

They explored the possibilities within the 1031 exchange framework, explaining how this rule allows investors to defer taxes by reinvesting in similar property. Their conversation provided valuable guidance for those navigating the complexities of real estate investments. 

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Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing education and guidance, we inspire our clients to make great decisions so they can Retire With Peace of Mind.

Stay Connected With Us:

Podbean: findingtruewealth.podbean.com

YouTube: / @peakwealthmgmt

Apple: rb.gy/1jqp6 (Trust the Plan Podcast)

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Twitter: Twitter.com/nhopwood1

www.peakwm.com

On the Trust the Plan Podcast, Jim Pilat, CFP® and Preston Gee, CFP® discuss the concept of "money dysmorphia," a psychological phenomenon where people perceive themselves as having more financial stability or wealth than they actually do.

They explained how this distorted view can lead to poor decision-making and unhealthy financial habits, as people might feel financially secure when, in reality, they’re not. They emphasized that our feelings about money and finances often don’t reflect the true reality of our situation, pointing out that our perceptions can be misleading and cause unnecessary stress or overconfidence.

It’s a reminder to develop a clear, honest understanding of our finances rather than relying on a skewed sense of security.

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Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing education and guidance, we inspire our clients to make great decisions so they can Retire With Peace of Mind.

Stay Connected With Us:

Podbean: findingtruewealth.podbean.com

YouTube: / @peakwealthmgmt

Apple: rb.gy/1jqp6 (Trust the Plan Podcast)

Facebook: Facebook.com/PeakWealthManagement

Twitter: Twitter.com/nhopwood1

www.peakwm.com

On the latest episode of the Trust the Plan Podcast, Jim Pilat, CFP® and Preston Gee, CFP® discuss several hot-button topics, including their Super Bowl predictions (listen to see if they predicted correctly).

The duo goes on to examine the stock market's performance over time, exploring key events since the 1900s. By analyzing historical data and trends, they assess how the market responded to major events and how current shifts in the economy might influence future stock behavior.

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Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing education and guidance, we inspire our clients to make great decisions so they can Retire With Peace of Mind.

Stay Connected With Us:

Podbean: findingtruewealth.podbean.com

YouTube: / @peakwealthmgmt

Apple: rb.gy/1jqp6 (Trust the Plan Podcast)

Facebook: Facebook.com/PeakWealthManagement

Twitter: Twitter.com/nhopwood1

www.peakwm.com

In this episode of the Trust the Plan Podcast, Preston Gee, CFP® sits down with Nick Hopwood, CFP® to discuss his financial plan for 2025, reflecting on the lessons he's learned from the challenges and successes of 2024.

Preston opens up about how his approach to investing, budgeting, and wealth-building has evolved over the past year, highlighting key adjustments he's making to better navigate the shifting economic landscape.

With a focus on adapting to both market uncertainties and personal growth, Preston shares actionable insights on how he plans to stay ahead in 2025, while avoiding the pitfalls that held back some investors in 2024.

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Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing education and guidance, we inspire our clients to make great decisions so they can Retire With Peace of Mind.

Stay Connected With Us:

Podbean: findingtruewealth.podbean.com

YouTube: / @peakwealthmgmt

Apple: rb.gy/1jqp6 (Trust the Plan Podcast)

Facebook: Facebook.com/PeakWealthManagement

Twitter: Twitter.com/nhopwood1

www.peakwm.com

In this feel-good edition of the Trust the Plan Podcast, hosts Nick Hopwood, CFP® and Jim Pilat, CFP® come together for their highly anticipated annual episode, offering an in-depth look at their personal financial family plans for 2025.

Nick dives into the strategies and goals he’s crafted to secure his family’s financial future in the coming year, while Jim shares his own unique approach to financial planning, offering valuable insights for listeners.

With a focus on long-term stability, family values, and actionable steps, this joint episode serves as both inspiration and a roadmap for families looking to build a secure and prosperous 2025.

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Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing education and guidance, we inspire our clients to make great decisions so they can Retire With Peace of Mind.

Stay Connected With Us:

Podbean: findingtruewealth.podbean.com

YouTube: / @peakwealthmgmt

Apple: rb.gy/1jqp6 (Trust the Plan Podcast)

Facebook: Facebook.com/PeakWealthManagement

Twitter: Twitter.com/nhopwood1

www.peakwm.com

On this episode of the Trust the Plan Podcast, Nick Hopwood, CFP® and Jim Pilat, CFP® explore the intricacies of IRA beneficiary designations, with a special focus on the IRA Beneficiary Family Tree.

They discuss key scenarios, including how distributions work when leaving an IRA to an organization, your spouse, or your children. Nick and Jim explain the tax implications and strategic considerations for each option, such as how IRAs transfer to a surviving spouse with potential benefits, the options available to children and other heirs, and how charitable organizations are treated differently.

This episode provides listeners with practical insights on how to structure IRA beneficiaries to best fit their family’s financial goals and legacy.

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Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing education and guidance, we inspire our clients to make great decisions so they can Retire With Peace of Mind.

Stay Connected With Us:

Podbean: findingtruewealth.podbean.com

YouTube: / @peakwealthmgmt

Apple: rb.gy/1jqp6 (Trust the Plan Podcast)

Facebook: Facebook.com/PeakWealthManagement

Twitter: Twitter.com/nhopwood1

www.peakwm.com

In this episode of the Trust the Plan Podcast, Nick Hopwood, CFP® and Jim Pilat, CFP® dive into the remarkable market performance we've seen over the last two years, with the market up 20% in both 2023 and 2024.

This rare occurrence has only happened 8 times in history, sparking questions about what the future holds. Will the trend continue into 2025, or is the market due for a shift?

Tune in as Nick and Jim break down the potential scenarios and what investors should be thinking about as we approach year three of this unprecedented run.

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Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing education and guidance, we inspire our clients to make great decisions so they can Retire With Peace of Mind.

Stay Connected With Us:

Podbean: findingtruewealth.podbean.com

YouTube: / @peakwealthmgmt

Apple: rb.gy/1jqp6 (Trust the Plan Podcast)

Facebook: Facebook.com/PeakWealthManagement

Twitter: Twitter.com/nhopwood1

www.peakwm.com

On the latest episode of Trust the Plan Podcast, Nick Hopwood, CFP® and Jim Pilat, CFP® share some exciting news: Peak Wealth has been named the winner of the Canton People's Choice Awards for Favorite Financial Services in the Community. They thank their loyal clients for voting and supporting their mission.

The episode also dives into the newly announced 401(k) rules for 2025, offering valuable insights on the changes and what they mean for retirement planning.

It’s a blend of celebration and informative financial guidance, reflecting Peak Wealth’s commitment to its clients and the community.

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Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing education and guidance, we inspire our clients to make great decisions so they can Retire With Peace of Mind.

Stay Connected With Us:

Podbean: findingtruewealth.podbean.com

YouTube: / @peakwealthmgmt

Apple: rb.gy/1jqp6 (Trust the Plan Podcast)

Facebook: Facebook.com/PeakWealthManagement

Twitter: Twitter.com/nhopwood1

www.peakwm.com

In this feel-good edition of the Trust the Plan Podcast, Nick Hopwood, CFP®, and Jim Pilat, CFP® wrap up the 2024 Michigan football season with a thrilling victory over Ohio State, extending the Wolverines' winning streak to an impressive four years. As Michigan closes out the season, Nick and Jim celebrate the teamwork, strategy, and perseverance that have propelled the team to this remarkable achievement.

Join them as they reflect on the season’s highs and lows, the enduring rivalry with OSU, and the shared lessons in success—both on the field and in financial planning. Go Blue!

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Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing education and guidance, we inspire our clients to make great decisions so they can Retire With Peace of Mind.

Stay Connected With Us:

Podbean: findingtruewealth.podbean.com

YouTube: / @peakwealthmgmt

Apple: rb.gy/1jqp6 (Trust the Plan Podcast)

Facebook: Facebook.com/PeakWealthManagement

Twitter: Twitter.com/nhopwood1

www.peakwm.com

On this episode of the Trust the Plan Podcast, Nick Hopwood, CFP® and Jim Pilat, CFP® dive into the critical yet often overlooked aspects of personal finance: tracking expenses and calculating your net worth.

They discuss how regularly monitoring where your money goes can lead to smarter spending decisions, and why understanding your net worth is a powerful tool in building long-term wealth.

Whether you're just starting to get a handle on your finances or you're refining your approach, Nick and Jim offer practical tips and insights to help you stay on track, avoid common financial pitfalls, and ultimately trust the plan you've set for your financial future.

Tune in for actionable advice and real-world strategies to make your money work for you.

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Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing education and guidance, we inspire our clients to make great decisions so they can Retire With Peace of Mind.

Stay Connected With Us:

Podbean: findingtruewealth.podbean.com

YouTube: / @peakwealthmgmt

Apple: rb.gy/1jqp6 (Trust the Plan Podcast)

Facebook: Facebook.com/PeakWealthManagement

Twitter: Twitter.com/nhopwood1

www.peakwm.com