Episode 24: Financial Decisions for Young High Earners with Asad Gorani

In this episode Melissa Joy, CFP® speaks with Asad Gorani, CFP®, founder and CEO of AG Wealth Management on the topic of HENRYS and what specific financial decisions they face. The term HENRY stands for High Earner Not Rich Yet and in this podcast we will look at some of the key opportunities as well as challenges this group faces while building wealth.

You will learn:

·       Who are HENRY’s?

·       What opportunities do they have?

·       What does the term back door Roth mean?

·       What is Financial Planning Alpha?

Resources:

Find out more about Asad Gorani and AG Wealth HERE. 

Read Asad’s blog on Roth conversions HERE.

Raymond James is not affiliated with and does not endorse the opinions or services of Asad Gorani or AG Wealth. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

The previous presentation by PEARL PLANNING was intended for general information purposes only.  No portion of the presentation serves as the receipt of, or as a substitute for, personalized investment advice from PEARL PLANNING or any other investment professional of your choosing. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy, or any non-investment related or planning services, discussion or content, will be profitable, be suitable for your portfolio or individual situation, or prove successful. Neither PEARL PLANNING’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. PEARL PLANNING is neither a law firm nor accounting firm, and no portion of its services should be construed as legal or accounting advice. No portion of the video content should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. A copy of PEARL PLANNING’s current written disclosure Brochure discussing our advisory services and fees is available upon request or at https...

In this episode Melissa Joy, CFP® speaks with Hamsa Daher on the topic of leaning into values and purpose in a crisis. Hamsa is the executive director of the Small Giants Community, a designated L3C organization, a hybrid between a for-profit and a nonprofit entity that prioritizes mission and social purpose. 

You will learn:

·       The idea that Small Giants prioritize people over profit. 

·       Some companies exist for a higher purpose 

·       Why vision and values become front and center in times of crisis

Resources:

Find out more about The Small Giants Community HERE.

Learn about Pearl Planning and our company values HERE. 

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

The previous presentation by PEARL PLANNING was intended for general information purposes only.  No portion of the presentation serves as the receipt of, or as a substitute for, personalized investment advice from PEARL PLANNING or any other investment professional of your choosing. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy, or any non-investment related or planning services, discussion or content, will be profitable, be suitable for your portfolio or individual situation, or prove successful. Neither PEARL PLANNING’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. PEARL PLANNING is neither a law firm nor accounting firm, and no portion of its services should be construed as legal or accounting advice. No portion of the video content should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. A copy of PEARL PLANNING’s current written disclosure Brochure discussing our advisory services and fees is available upon request or at https...

Melissa Fradenburg, Financial Advisor with Pearl Planning is joined by Heather Bendure, owner of Grosse Pointe Family Law Center. Heather is a divorce lawyer who thinks well-informed clients should decide what is best for them, their children and their families.  She offers compassionate guidance to help clients make good decisions. In this episode Melissa and Heather will discuss the common financial mistakes they see their female clients make when it comes to divorce and how to avoid them.

You will learn:

- How are assets generally divided in divorce?

- What can a none-income earning spouse expect?

-What is a QDRO?

Resources:

-       Connect with Heather HERE

-       Learn more about divorce financial planning HERE

Raymond James is not affiliated with and does not endorse the opinions or services of Heather Bendure or Grosse Pointe Law Center. Raymond James and its advisors do not provide legal advice. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

The previous presentation by PEARL PLANNING was intended for general information purposes only.  No portion of the presentation serves as the receipt of, or as a substitute for, personalized investment advice from PEARL PLANNING or any other investment professional of your choosing. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy, or any non-investment related or planning services, discussion or content, will be profitable, be suitable for your portfolio or individual situation, or prove successful. Neither PEARL PLANNING’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. PEARL PLANNING is neither a law firm nor accounting firm, and no portion of its services should be construed as legal or accounting advice. No portion of the video content should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. A copy of PEARL PLANNING’s current written disclosure Brochure discussing our advisory services and fees is available upon request or at https...

Melissa Joy CDFA® is joined by Alisa Peskin-Shepherd, an approved Michigan mediator with nearly 30 years of experience practicing law and specially trained as a family, divorce and custody mediator as well as a collaborative family law attorney. In this episode Melissa and Alisa will discuss the different options couples have when it comes to the divorce process with a special focus on how the collaborative divorce process works.

You will learn:

- Why Collaborative divorce is efficient

- Who makes up the team in a collaborative divorce

- The Step-by-step process of a collaborative divorce

Resources:

Find more information on  Alisa Peskin- Shepherd HERE

Read a Blog on collaborative divorce

Raymond James is not affiliated with and does not endorse the opinions or services of Alisa Peskin-Shepherd or Transitions Legal. Raymond James and its advisors do not provide legal advice. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

The previous presentation by PEARL PLANNING was intended for general information purposes only.  No portion of the presentation serves as the receipt of, or as a substitute for, personalized investment advice from PEARL PLANNING or any other investment professional of your choosing. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy, or any non-investment related or planning services, discussion or content, will be profitable, be suitable for your portfolio or individual situation, or prove successful. Neither PEARL PLANNING’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. PEARL PLANNING is neither a law firm nor accounting firm, and no portion of its services should be construed as legal or accounting advice. No portion of the video content should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. A copy of PEARL PLANNING’s current written disclosure Brochure discussing our advisory services and fees is available upon request or at https...

Melissa Joy, CFP® is joined by Elnian Gilbert, trainer and keynote speaker for Zing-train, shares Zingerman’s approach to business in visioning. Visioning is a tool that can help clarify what is most important. What success looks like at a particular point in time in the future.

Feeling off balance, knocked off course and disoriented? We certainly are!

In this episode learn how to:

-Better prioritize how to spend your time and other resources

-How to better navigate drastic shifts in how we live, work, and play.

- A way to define the destination

Raymond James is not affiliated with and does not endorse the opinions Elnian Gilbert or Zingerman’s.

The previous presentation by PEARL PLANNING was intended for general information purposes only.  No portion of the presentation serves as the receipt of, or as a substitute for, personalized investment advice from PEARL PLANNING or any other investment professional of your choosing. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy, or any non-investment related or planning services, discussion or content, will be profitable, be suitable for your portfolio or individual situation, or prove successful. Neither PEARL PLANNING’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. PEARL PLANNING is neither a law firm nor accounting firm, and no portion of its services should be construed as legal or accounting advice. No portion of the video content should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. A copy of PEARL PLANNING’s current written disclosure Brochure discussing our advisory services and fees is available upon request or at https...

In this episode Melissa Fradenburg, Financial Advisor with Pearl Planning, and Sam X Renick talk about ways to instill good financial habits in your children. Sam is an award-winning financial educator, children’s author, songwriter, and entrepreneur. He is one of the creators and driving forces behind Sammy Rabbit and the Dream Big Financial Education Initiatives.

We will learn:

- a financial literacy song for young children

-How saving money teaches delayed gratification

-How to correct bad money behavior at a young age

Resources:

-Find out about Sammy Rabbit HERE

-Order your copy of Sammy’s Big Dream

-Sponsor your child’s classroom with WORKBOOKS

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

Melissa Joy, CFP® is joined by Sharee Burkel, the owner of the QDRO Company, LLC, a CERTIFIED FINANCIAL PLANNER™ practitioner, Certified Divorce Financial Analyst (CDFA®), and Certified QDRO Specialist™. In this episode they discuss Qualified Domestic Relations Order (aka QDRO) in simple and easy to understand terms. If you need to divide retirement assets in divorce, you may need a QDRO. We explain the ins and outs.

Learn about

- What is a QDRO

- Why do I need one?

- When should I start the QDRO process?

Resources from this episode

-The QDRO Company LLC website HERE

-Additional divorce resources and blogs HERE

Raymond James is not affiliated with and does not endorse the opinions or services of Sharee Burkel or The QRDO Company.

Melissa Joy, CFP® sits down with Christine Luken a Certified Financial Counselor, The Financial Lifeguard and founder of The Financial Dignity Movement, to talk about the emotional side of money. In this conversation we discuss how to manage the emotional side of money and guide you to a place of certainty with your finances. We can’t take the emotions out of financial decision making but we can understand the process.

The conversation includes:

-The difference between guilt and shame when it comes to money behavior

-How to recover a positive and peaceful relationship with your money

- How to create a personalized prosperity plan to reduce your debt, increase your savings, and direct your spending to what is really important to YOU.

Additional resources:

-You can find Christine’s blog HERE

-Download the first 3 chapters of her book Money is Emotional.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

The previous presentation by PEARL PLANNING was intended for general information purposes only.  No portion of the presentation serves as the receipt of, or as a substitute for, personalized investment advice from PEARL PLANNING or any other investment professional of your choosing. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy, or any non-investment related or planning services, discussion or content, will be profitable, be suitable for your portfolio or individual situation, or prove successful. Neither PEARL PLANNING’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. PEARL PLANNING is neither a law firm nor accounting firm, and no portion of its services should be construed as legal or accounting advice. No portion of the video content should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. A copy of PEARL PLANNING’s current written disclosure Brochure discussing our advisory services and fees is available upon request or at https...

Melissa Joy, CFP® sits down with Renée Baker, DBA. Renee is Head of Private Client Group Advisor Inclusion Networks at Raymond James. In her work, Renee leads the Womens Financial Advisor Network, Black Financial Advisor Network, and the new Pride Network for LGBTQUI+ advisors.

In this conversation, we discuss the need for a more diverse financial profession and how that will help with access to financial advice for all people. The conversation includes:

· Statistics on underrepresented advisors including women, black advisors and advisors of color.

· What is the wealth gap and how can we close it?

· How to be an ally and sponsor and take action to change the status of wealth access in our country.

Here are some additional resources that can help you learn more about the wealth gap and how we can change our profession. Read on and learn more here:

· The Memo by Minda Harts: http://mindaharts.com/book/

· How Big is the Racial Wealth Gap by Nick Maggiulli, Of Dollars and Cents blog: https://ofdollarsanddata.com/racial-wealth-gap/

· Financial Services Has a Racism Problem by Sonya Driezler of Solutions by Sonya: https://www.solutionswithsonya.com/news/2020/5/27/financial-services-has-a-racism-problem

· 2050 Trailblazer Resource Guide by Rianka R. Dorsainvil, CFP®, sparking change in the financial planning profession: https://www.2050trailblazers.com/resources

· We need to talk…about racism, empathy, George Floyd, and being Black in America, Emlen Miles-Mattingly’s Minority Money podcast: https://t.co/KaKJVebjb7?amp=1

· “It’s past time to advance Black advisors” by Lazetta Rainey Braxton in Financial Planning magazine: https://www.financial-planning.com/opinion/lazetta-braxton-on-advancing-black-financial-advisors

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James

The previous presentation by PEARL PLANNING was intended for general information purposes only.  No portion of the presentation serves as the receipt of, or as a substitute for, personalized investment advice from PEARL PLANNING or any other investment professional of your choosing. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy, or any non-investment related or planning services, discussion or content, will be profitable, be suitable for your portfolio or individual situation, or prove successful. Neither PEARL PLANNING’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. PEARL PLANNING is neither a law firm nor accounting firm, and no portion of its services should be construed as legal or accounting advice. No portion of the video content should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. A copy of PEARL PLANNING’s current written disclosure Brochure discussing our advisory services and fees is available upon request or at https...

Welcome to the 52 Pearls Weekly Money Wisdom Podcast hosted by Melissa Joy, CFP and Melissa Fradenburg, financial planners at Pearl Planning. Pearl Planning is a wealth management practice located in Dexter and Grosse Pointe Farms, Michigan. Each week we post bite-size financial tips on social media and our website. We call that 52 Pearls.  In addition to the podcast, you can follow along on our company Facebook pages Dexter page and Grosse Pointe.

This week we're talking about financial planning.

- What is a financial plan?

- Who should have a financial plan?

- What documents do I need to get started?

Check out our financial planning illustration HERE. --- Send in a voice message: https://anchor.fm/52pearls/message

The previous presentation by PEARL PLANNING was intended for general information purposes only.  No portion of the presentation serves as the receipt of, or as a substitute for, personalized investment advice from PEARL PLANNING or any other investment professional of your choosing. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy, or any non-investment related or planning services, discussion or content, will be profitable, be suitable for your portfolio or individual situation, or prove successful. Neither PEARL PLANNING’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. PEARL PLANNING is neither a law firm nor accounting firm, and no portion of its services should be construed as legal or accounting advice. No portion of the video content should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. A copy of PEARL PLANNING’s current written disclosure Brochure discussing our advisory services and fees is available upon request or at https...