By Randa Hoffman, MBA, EA
Are you ready to dive deep into the world of finances and taxes, unlocking hidden gems of knowledge? At 'Your RADIANT Money Show,' with Randa Hoffman, MBA, EA, our goal is to elevate your financial
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The podcast currently has 30 episodes available.
Investment management is one of my favorite topics! The second is taxes.
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There are 2 big myths about how financial advisors manage a client's investment that are good practices for you to follow when building your own portfolio:
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1. Think like an investor (hold investments for the long term) and not like a trader (hold investments for the short term)
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2. Do not create a portfolio of random stocks. Use Exchange Traded Funds (ETFs), or Mutual Funds instead to diversify the investments between equity and fixed income.
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How to build your investment portfolio?
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The easiest way is to get a target date fund. Everything that needs to happen occurs behind the scenes just by owning the fund. It's a great way to go!
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But if you do want to take it up a notch and create a diversified portfolio with equity and fixed income then the first thing you'll need to know is your risk tolerance to investing
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That's done by getting a Risk Tolerance Questionnaire. The outcome will be your risk tolerance (High, Medium-High, Medium, etc) and that will correlate to the type of split your portfolio should be at (80% equity/ 20% fixed income, 70/30, 60/40, etc)
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If you can't find a questionnaire, send me an email and I'll send over what I use with my clients. We'll go over your results and what type of portfolio it correlates to.
[email protected]
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Want more information about RADIANT Wealth Planning? Schedule an introductory meeting with Randa @ https://go.oncehub.com/MeetGreet
https://www.RADIANTWealthPlanning.com
[email protected]
Instagram @radiantranda
Facebook @ /RadiantWealthPlanning
LinkedIn @ randa-hoffman-ca
YouTube @ RADIANT Wealth Planning, LLC
Retirement planning is one of the most common things a financial advisor helps with.
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What would your answer be to "At what age do you want to retire?" The typical answer would be when a person can take their social security at the Full Retirement Age.
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Now, what would your answer be to "When do you want to make work optional?" This answer could be totally different, and if it is, I want you to use the younger age for planning.
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Now that you have a target age to retire, the next thing you need to know is how much will you need in income every month. The easiest way to start is based on how much you're getting every month gross.
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This doesn't mean that this is the full amount coming out of your investments, because social security, pension, rental income, or any other sources of income will help. The difference between what you want and what is not covered from these sources of income is what will be coming out of your investment account every month.
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Two calculations you'll need to do:
1. How much you'll have when you retire
2. Take that amount and see if that will be enough
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If what you're doing will accomplish your retirement goal, then that's amazing. If it doesn't then there are 3 variables you can modify:
1. Retire later
2. Spend less in retirement
3. Save more
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Want more information about RADIANT Wealth Planning? Schedule an introductory meeting with Randa @ https://go.oncehub.com/MeetGreet
https://www.RADIANTWealthPlanning.com
[email protected]
Instagram @radiantranda
Facebook @ /RadiantWealthPlanning
LinkedIn @ randa-hoffman-ca
YouTube @ RADIANT Wealth Planning, LLC
Now that you know what you want to accomplish, what do you do with them?
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I want you to put your goals in priority order and number them. The reason you want to do this is to help you prioritize where your dollars go.
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Also if something out of the blue comes up, that wasn't planned for, you'll be able to ask yourself if spending money for this unplanned call is worth not you achieving the top three goals that are so important to you.
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Now that you know how much cash you have at the end of the month you can allocate dollars starting with your most important goal.
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Next, I want you to go to a retirement and savings calculator to see if you're on track to meet your goals. Are you saving too or not enough money?
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Want more information about RADIANT Wealth Planning? Schedule an introductory meeting with Randa @ https://go.oncehub.com/MeetGreet
https://www.RADIANTWealthPlanning.com
[email protected]
Instagram @radiantranda
Facebook @ /RadiantWealthPlanning
LinkedIn @ randa-hoffman-ca
YouTube @ RADIANT Wealth Planning, LLC
When I got divorced in 2016 I remember telling my therapist/energy healer that I didn't know what gratitude felt like. That was a massive epiphany!
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So how did I go from not feeling gratitude to feeling it?
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I started by putting my hand on my heart and feeling the pressure on my heart space. I started small like feeling grateful for things that didn't depend on a person or money, or anything that would throw me off (energetically). I was grateful for my arms to be able to do things. I was grateful for my sight to navigate my surroundings.
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The feeling of gratitude is powerful! The feeling creates energy that shifts life around you in your favor, even parts of your life that aren't going as well will also start shifting.
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I feel gratitude as energy flowing through my body to my heart chakra, and then that deep calm grounded feeling of love for whatever it is I'm thinking about, it could be a person, situation/ event/ experience, or thing.
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How would you describe the feeling of gratitude?
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Want more information about RADIANT Wealth Planning? Schedule an introductory meeting with Randa @ https://go.oncehub.com/MeetGreet
https://www.RADIANTWealthPlanning.com
[email protected]
Instagram @radiantranda
Facebook @ /RadiantWealthPlanning
LinkedIn @ randa-hoffman-ca
YouTube @ RADIANT Wealth Planning, LLC
Today's show is the 3rd episode of the DIY Financial Planning series, and it's about writing down what a fulfilled life looks and feels like for you
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If you're not really clear about your goals, or if you want to get a deeper answer look at episode 3 for the guided visualization
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Once you have an idea of your goals WRITE THEM DOWN! If there is one thing you take away from this show is that. Why is writing down your goals (on paper or electronically) so important? Because we have free will and Infinite Intelligence (God, Higher Self, Angels, Divine, the Universe) whatever it is you connect with, cannot interfere with our free will until we ask for it, and writing it down is a way of asking
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Writing it down is a form of manifestation; first is the thought
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Here's a simple layout:
-- Career
-- Experiences (ex: travel, learn to play golf)
-- Material (ex: buy a home, buy a car)
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The only constant thing is change, so give yourself permission to change your goals as life ebbs and flows
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Finally, if you have a strategy please run it by a financial planner that charges hourly (like RADIANT Wealth Planning) to make sure that you have all the tips, tricks, and tweaks to make sure you're set up for success. Don't assume you're all-knowing!
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Want more information about RADIANT Wealth Planning? Schedule an introductory meeting with Randa @ https://go.oncehub.com/MeetGreet
https://www.RADIANTWealthPlanning.com
[email protected]
Instagram @radiantranda
Facebook @ /RadiantWealthPlanning
LinkedIn @ randa-hoffman-ca
YouTube @ RADIANT Wealth Planning, LLC
Here's a question to ponder . . .
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If you knew that when you died there will be a review of your life, not of what you've accomplished, but of how you've made people feel. How would that change your interactions?
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I'm not talking about how you open doors for little old ladies, or the compliments you give, of course, that's part of it, but there is something deeper. That something is your energy and how it makes others feel
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Do you uplift people when you directly interact with them by bringing your bright loving light to the interaction? Did you make them feel amazingly whole when you were together?
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Do you walk into a room and people's spirits get lighter and more joyous?
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You have no control over how other people feel, show up, behave, or anything else, but you do have control over how bright and beautiful you want to shine your loving, compassionate, and kind light.
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Shine your warm loving heart light so others can remember that they have that same light within them.
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Want more information about RADIANT Wealth Planning? Schedule an introductory meeting with Randa @ https://go.oncehub.com/MeetGreet
https://www.RADIANTWealthPlanning.com
[email protected]
Instagram @radiantranda
Facebook @ /RadiantWealthPlanning
LinkedIn @ randa-hoffman-ca
YouTube @ RADIANT Wealth Planning, LLC
Part 2 of the DIY Financial Planning series is related to budgeting, but this is not the type of budgeting where I tell you to stop drinking your daily late
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Now that you know where you're money is flowing to I want you to look into each of those categories to see if there are dollars being spent that aren't a value add. For example, noticing that you buy more groceries than you use and toss a lot of them away. Or keeping a cable subscription but you rarely watch the channels.
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None of these are a value add to you, they don't add value to your life so do something different.
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The goal is to be able to reduce your monthly expense by $100 and put it towards a LONG-TERM goal. This is the most important part! It has to be long-term because we have plenty of instant gratifications that we forgot to learn how to build up a tolerance to saving for a goal that you won't experience for years in the future.
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For example, take the $100 and put it in a Roth IRA (if you're eligible), or save it for a vacation in 5 years.
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Want more information about RADIANT Wealth Planning? Schedule an introductory meeting with Randa @ https://go.oncehub.com/MeetGreet
https://www.RADIANTWealthPlanning.com
[email protected]
Instagram @radiantranda
Facebook @ /RadiantWealthPlanning
LinkedIn @ randa-hoffman-ca
YouTube @ RADIANT Wealth Planning, LLC
We kick off the DIY Financial Planning series with Cash Flow; where is your cash flowing to once it comes into your account?
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I know, this is not very exciting and maybe daunting to do, but it's so necessary! Not to make you feel bad about how you spend your money, but to manage the money that comes to you.
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Money is hard-earned and it likes to be managed, that is a sign of appreciation for it and gratitude, which means you'll get more of it.
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There are several benefits starting with Cash Flow:
1. You'll see subscriptions you no longer use but have forgotten to cancel
2. You'll see categories of spending and their amounts
3. You'll change what's not important to you
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Micro-Actions --> Week 1
1. Download activities from all accounts for 1-4 months in CSV (Excel) format
2. Put all activities into one spreadsheet
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Micro-Actions --> Week 2
1. Download the Cash Flow Analysis Template
2. In the spreadsheet put the category name. For example, Groceries, Dining Out, or Shopping
3. Sort the spreadsheet by the category column and sum up the dollars related to each category and put it in the template
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Did you see any patterns? Any spending that doesn't resonate with who you are today?
Cash Flow Analysis Template
https://mailchi.mp/radiantwealthplanning/cashflow
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Want more information about RADIANT Wealth Planning? Schedule an introductory meeting with Randa @ https://go.oncehub.com/MeetGreet
https://www.RADIANTWealthPlanning.com
[email protected]
Instagram @radiantranda
Facebook @ /RadiantWealthPlanning
LinkedIn @ randa-hoffman-ca
YouTube @ RADIANT Wealth Planning, LLC
I've done a lot of shows on having a radiant life, I want to now balance it out with having radiant money.
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When you work with a financial planner they'll typically do the investments but they also do planning so you can get those financial goals, or better said, goals that need finances accomplished. You can do your own financial planning but it does take a commitment and knowledge on your end.
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Financial planning is continuous work because there's so much that can be done, it's not something you could do over a weekend. Give it a year and even then life will change things on you. That's why it's financial planning, not a financial plan!
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Don't let that be daunting, because I'm creating a series for you to follow along with and to take micro actionable steps.
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And here's the icing on the cake, once a month there will be a live Instagram session to answer questions on topics that were covered in the month. So email your questions or put them in the post, and of course, attend the live session ask your questions then.
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The financial planning topics we're going to talk about in this series are - investment management - cash flow - debt management - tax planning - goal planning - risk management - retirement planning - educational planning - legacy planning.
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Get ready because I'm going to make this fun!
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Want more information about RADIANT Wealth Planning? Schedule an introductory meeting with Randa @ https://go.oncehub.com/MeetGreet
https://www.RADIANTWealthPlanning.com
[email protected]
Instagram @radiantranda
Facebook @ /RadiantWealthPlanning
LinkedIn @ randa-hoffman-ca
YouTube @ RADIANT Wealth Planning, LLC
I've heard a lot of people say that they've recently gone through, or are going through, a spiritual awakening and that makes me so happy!
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What does that mean? It means that we tapped into ourselves, our spirit, the source part of ourselves, and if you're lucky, it will shine a light on your ego, insecurities, and beliefs that are limiting your ability to show up and be the person you intended to be when you came to earth.
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These limiting beliefs keep you small. It might have been something you've seen a parent do, or it might have been something you've developed to protect yourself.
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But now is the time to shed that layer!
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Do you have a limiting belief about money that sounds like this?
"Money is evil", "loving money makes you greedy", or "money doesn't grow on trees"?
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Take a step back and ask yourself what do you believe when you read that. Ask as if you're asking your friend and you're truly curious what they have to say. You're not judging the answer, you're just observing what comes up.
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Money likes to be appreciated, so when you have a belief that money is evil then you're limiting your opportunities, not just to be rich, but opportunities that require an exchange of energy (your work in exchange for money, which is also energy).
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For some of you, going through a spiritual awakening is like going through a thunderstorm, and how exciting is that! What an opportunity to see how you've been operating and a chance to upgrade.
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If you're interested in seeing what patterns you have, and how to work past that, then check out the 6-Month Journey.
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Want more information about RADIANT Wealth Planning? Schedule an introductory meeting with Randa @ https://go.oncehub.com/MeetGreet
https://www.RADIANTWealthPlanning.com
[email protected]
Instagram @radiantranda
Facebook @ /RadiantWealthPlanning
LinkedIn @ randa-hoffman-ca
YouTube @ RADIANT Wealth Planning, LLC
The podcast currently has 30 episodes available.