Love, your Money - Wealth, Money, and Financial Advisor for Women

In this episode, we’re talking about estate planning. As in wills, trusts and powers of attorney. I know, it’s not sexy, but it is important. Estate planning isn’t just something for people with a lot of money. It’s about making things as easy as possible for your loved ones when you’re gone, and whether you’ve got $10 or $10 million in assets, that matters. If you’re thinking that having a will takes care of this, you may be surprised to learn that a will doesn’t do that much - and can create serious legal and financial headaches for your beneficiaries. Furthermore, if you have children, I cannot stress this enough: please get an estate plan in place along with appropriate life insurance. If you get in trouble and really need life insurance or estate planning documents in place, it’s often (unfortunately) too late, and whether you’re new parents or retirees making plans for your golden years, it’s highly likely that you need more than just a will to protect your family and your assets. If you’re wondering what to do next, today’s episode of Profit Boss® Radio is for you. I’m joined by wills, trusts, and estates attorney Laura Cowan. Based in New York City, Laura was named a 2019 Rising Star by Super Lawyers, an award only given to the top 2.5% of attorneys in the Greater New York area, she’s spoken at the UN Headquarters about estate planning for non-citizens, and she has been featured in Forbes Magazine. Most importantly, Laura is an attorney who can actually speak to people about this complex topic without overwhelming them! So, are you ready to truly understand the difference between wills and trusts, learn how to best protect your life’s work and your loved ones, and find out how to build an estate plan to best suit your needs? Then you don’t want to miss this episode. Tune in to Profit Boss® Radio today! Here’s what you’ll find out in this week’s episode of Profit Boss® Radio: Why having a will and not a trust guarantees that your beneficiaries will end up in probate court - and why this process often costs up to 5% of your estate and takes years to complete. Which of your assets cannot be passed down in a will - and how naming minors as primary beneficiaries to assets like life insurance and 401(k)s can leave your money in a stranger’s hands until your children turn 18. Why most people choose to create a living trust instead of a will - and the components that go into an estate planning package. The dangers of letting minors collect their whole inheritance at 18 - and what happens if you don’t name a successor guardian for your minor children. How asset protection trusts differ from living trusts - and how to best protect your assets from creditors. How a trust can protect your assets in the event that your spouse dies and you remarry. Why you shouldn’t create your own estate plan online - and why you should choose to work with a flat-fee estate planning attorney over one who charges by the hour. MoneyWise Segment: Should You Refinance Your Mortgage? If you listened to last week’s episode, Coronavirus & Your Money, you heard all about what NOT to do during a crisis. And while your investments are likely down, so too are mortgage rates. I have heard from people who are getting quoted on refinances at remarkably low rates and a lot of people are wondering, “sHendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

In this short episode, we’re talking about what’s happening in the stock market in the aftermath of the coronavirus outbreak. Unfortunately, the coronavirus (COVID-19) is here. My heart goes out to all of the individuals, families, communities and countries that have been affected. Many of us remain on high alert, myself included, because we are the parents or children of immune-compromised individuals who are especially susceptible. The purpose of today’s episode is to help you make sense of what’s happening in the investment markets recently and in the near term future, so that instead of focusing on your money, you can keep your focus on remaining healthy. It’s definitely true that companies that depend on global travel and complex international supply chains could be in serious trouble. But how will this outbreak affect you and your money? If you’re invested in the stock market with a diversified basket of investments designed to serve your needs and meet your timelines, your accounts are probably down. As you watch values drop, it’s easy to get scared and think to yourself, “Wow, I need to sell before this gets worse.” That’s a normal feeling, and I experience it too! However, trying to time the market is what the best investors in history have called the loser’s game - and I explain why in today’s episode. It’s important to note that temporary declines are not rare. Since 1927, there have been 158 2-day periods where the market has declined 4% or more, 49 2-day periods with a decline of 6% or more, 15 2-day periods with a decline of 8% or more, and 5 2-day periods with a decline of 10% or more. Further, the S&P 500 is higher now than it was after downturns following past outbreaks like SARS, Avian Flu, and Zika. So, have no fear, this too shall pass! Beware media magnification! If you rely on the national financial news media for financial advice, they’ll have your emotions whipsawing. I design Profit Boss® Radio to be your voice of rationality and even-handed, evidence-based wisdom. If you want to better understand what’s going on in the markets and make better sense of the story the media is trying to spin right now, you don’t want to miss this episode. Tune in to Profit Boss® Radio today! Here’s what you’ll find out in this week’s episode of Profit Boss® Radio: What the coronavirus is, who is at risk, and why it is impacting the markets so significantly. Why watching the markets go down right now could be an unfamiliar feeling - and why pulling your investments out is a surefire way to lose money. How the media assigns causality to market events, and why no one really understands why the market moves when it moves this fast. Why predictions have so little bearing on the stock market - and why risk is already reflected in stock values. How to remain calm and confident that the markets will recover. Follow Hilary on: Twitter LinkedIn Instagram Facebook YouTube SubscriHendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

Perhaps you’re really starting to come into your own as an earner and thinking you could benefit from working with a financial advisor. Maybe you’ve met with several people who all call themselves financial advisors, but were surprised to discover that there was no consistency at all in what they did or the services they offered. You may also be wondering why so many advisors charge for their services in completely different ways. If your initial research into the world of financial advisors has left you with more confusion than clarity, today’s episode of Profit Boss® Radio is for you. A great financial advisor is someone who you can trust deeply - and who prioritizes your success above everything else. They should help you create a world-class investment experience uniquely suited for your needs, give you the tools to thrive in life, and help you create a legacy and estate that you’ll be able to pass on to the next generation. So, do you want to know the most important questions to ask, the red flags to look out for, and what a great relationship with a financial advisor can do for you? Then you don’t want to miss this episode. Tune in to Profit Boss® Radio today! Here’s what you’ll find out in this week’s episode of Profit Boss® Radio: Why there’s so little consistency between people who call themselves financial advisors. Why I don’t like annuities - and why I don’t consider financial advisors who predominantly sell life insurance to be real financial advisors. The qualities to look for in a potential financial advisor. Understanding the difference between a fee-only and fee-based financial advisor. How to work with a financial advisor to create a world class portfolio that’s low cost, high performance, diverse, evidence-based, and built to weather market cycles. Why tax minimization, lifestyle coaching, insurance recommendations, and mortgage analysis can all be provided by the right financial advisor. What an empowering, meaningful cash flow actually looks like. Why almost every prospective client I speak with has horror stories about past advisors - and how to find someone who you can actually trust. Show Notes To get access to the full show notes, including resources mentioned, transcript, and a complete breakdown of the End of Year Wealth Building Checklist, visit HilaryHendershott.com/157. Follow Hilary on: Twitter LinkedIn Instagram Facebook YouTube Subscribe to The Retirement Years on Profit Boss® Radio Apple Podcasts Overcast Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

In this episode, we’re talking about how to use scholarships to pay for college. We’ve all heard the horror stories of those who graduate with hundreds of thousands of dollars in student debt. Many of my clients are faced with the very real tradeoff between making sure their kids graduate with no (or minimal) debt and funding their own retirement. To make matters worse, there’s so much conflicting information around the topic of financial aid that it can be completely overwhelming. It takes practice to learn the difference between a marketing scam and a real opportunity, and few students discover how many incredible scholarships are out there for the taking. If you’re trying to make sense of it all and can’t figure out how you (or your kids) will pay for college or university, today’s episode of Profit Boss® Radio is for you. I’m joined by Jocelyn Paonita Pearson, founder of The Scholarship System. Over the course of her college career, Jocelyn secured over $126,000 in college scholarships, graduated with zero student loans, and even received overage checks to cover her expenses. And now, she’s teaching others how to do the same. Her 6-step system for finding scholarships has helped families secure over seven figures in scholarships! So, are you ready to learn how to avoid crushing student debt, find scholarships you never knew existed, and learn how to actually win them? Then you don’t want to miss this episode. Tune in to Profit Boss® Radio today! Show Notes To get access to the full show notes, including resources mentioned, transcript, and a complete breakdown of the End of Year Wealth Building Checklist, visit HilaryHendershott.com/156. Follow Hilary on: Twitter LinkedIn Instagram Facebook YouTube Subscribe to The Retirement Years on Profit Boss® Radio Apple Podcasts Overcast Spotify Stitcher Google PodcastsHendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

In this episode, we’re talking about writing and publishing books. Almost everyone has a book inside of them waiting to be written. You don’t have to be an entrepreneur who wants to spread your message and grow your empire to write a book, either. You could be a doctor looking to share nutritious recipes you’ve crafted for your patients. You could even have a full-time job and a great career, but want to write the Great American Novel to express your creative energy. No matter what you write about, you’ll ultimately have to choose how you’re going to share your book with the world. At that point, you’ll have to decide between self-publishing or working with an imprint of a publishing house. I’ve personally been thinking about writing a book for a very long time. I’ve attended a number of conferences, learned what it’s like to self-publish, and taken a $5,000 course on how to publish traditionally. After doing all of this research, I decided not to write a book at the time, but as my business has grown, I’m actually reconsidering. What I learned from my experience was this: there’s no 100% right way to go. There’s a lot to learn about both methods, and there’s no clear evidence that one is more profitable than the other. What you can clearly understand, however, is how to plan for what writing your book is going to cost you in terms of money and time. For today’s episode of Profit Boss® Radio, I’m speaking to two experts on this subject. First, I’m joined by Julie Broad. Julie is an Amazon Overall #1 bestselling author, an International Book Award Winner, and recipient of the Beverly Hills Book Award for Best Sales Book. Through her company, Book Launchers, she helps entrepreneurs and professionals write, publish, and sell business and brand boosting books without giving up their rights or royalties. After my conversation with Julie, I’m speaking with Joelle Hann. Joelle is the founder of Brooklyn Book Doctor. She’s ghostwritten, collaborated, edited and developed books with top CEOs and humanitarian activists, coaches and journalists, scholars and entrepreneurs, and many others. Joelle also actively writes and publishes her own work, so she knows what it means to be coached and edited. Her signature program, Book Proposal Academy, helps authors write winning book proposals that help them land agents and get attention from traditional publishing houses. Both Julie and Joelle are also currently available for consulting, and you’re going to hear an exclusive offer from each of them if you’re ready to bring your book into the world. So, are you ready to hear all about what it’s really like to publish a book, learn from the experts’ big wins, and find out about the mistakes you need to avoid? Then you don’t want to miss this episode. Tune in to Profit Boss® Radio today! Here’s what you’ll find out in this week’s episode of Profit Boss® Radio: How to approximate the costs of writing a book - and why not to assume it will ever pay for itself. Why authors need to be thinking like marketers regardless of whether or not they partner with a publisher. Why writers who have had success with traditional publishers are now choosing to self-publish. The difference between self-publishing and hybrid self-publishing - and why Julie isn’t a fan of hybrid. How much you can expect to pay for a highly experienced ghost writer. The difference between a developmental editor, a copy editor, andHendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

Today’s topic is one that is very close to my heart. I’ve worked with hundreds of business owners to increase their wealth. It’s something I’m very passionate about, and business financials are invariably intimidating. Honestly, I rarely meet a business owner who feels they have a good grasp on their costs, revenue sources, and profit, let alone what to do about any of that. The worst part is that I see so many business owners languish in “I’m still in ‘investing in my business’ mode” which is always code for “I’m not paying myself enough.” It’s a common, chronic condition that I’m out to cure!  Business can be the golden road to an amazing lifestyle, but you have to PAY YOURSELF in order to accomplish that. Otherwise, you’ve simply built yourself a job. So, let’s get to work decoding your business numbers.   In today’s episode, we’re digging into how to measure financial performance for three types of businesses: product businesses, brick-and-mortar businesses, and online businesses. You’ll learn what the most successful business owners I’ve worked with do (and look out for) to meaningfully measure performance, turn a profit, and consistently take home a paycheck.  If you’ve struggled to measure your success by key performance indicators, or worse, struggled to use key performance indicators that simply didn’t apply, this approach will feel like a breath of fresh air - and can help you figure out exactly what you need to do to achieve smart, sustainable growth.  Joining me for today’s conversation is Danielle Hayden. After 10 years in the boardroom as a CFO, she’s now the co-owner of Kickstart Accounting Inc, where she helps women get out of overwhelm, stop hiding in the dark, and take home the paychecks they deserve.  So, are you ready to stop hiding from your financials so you can finally get to know your business, inside and out? Then you don’t want to miss this episode. Tune in to Profit Boss® Radio today! Here’s what you’ll find out in this week’s episode of Profit Boss® Radio: Why women constantly struggle to pay themselves from their businesses. Why the metrics and KPIs so many business coaches focus on don’t apply. Why failing to understand financials makes it nearly impossible to achieve profitable growth. Examples of great product businesses - and what makes them so good. When owners of product businesses should think about shutting down or considering other avenues. How to evaluate financial underperformance and determine if it’s time to reevaluate a business model. Why being emotionally attached to an unsuccessful business can be financially devastating. The unique metrics that make measuring brick-and-mortar business performance different from that of online businesses. The KPIs I use to understand where to focus my energy and make sure my online service business is growing. How online service businesses can effectively track time - even when they don’t bill clients by the hour. What business owners should be paying themselves, and how payouts should work. How people in their 30s and 40s should save for the future. Why it’s so important to understand your numbers. Why almost every business owner needs custom tools to measure their finances. Show Notes To get access to the full show notes, including resources mentioned, transcript, and a complete breakdown of the End ofHendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

EP 153 | Profit Boss® Radio Welcome to episode 153 of The Retirement Years on Profit Boss® Radio! In this episode, you’re going to learn all about the unique, interesting, and inspiring ways that people are giving back and changing the world for the better. Believe it or not, you don’t have to wait to become a philanthropist in order to make a big difference. Doing Good While Doing Well is all about making a commitment today! If you want to learn how to give what you do have (whether it be time or money) in order to make the world a better place, today’s episode is for you. So, tune in to Profit Boss® Radio and get ready to discover the steps you can take right now to make things better for those around you - no matter what your budget is! Here’s what you’ll find out in this week’s episode of Profit Boss® Radio: Why it’s important to get involved in your community right now instead of waiting to give in the future. How to shift your mindset to make giving part of your monthly spending plan - no matter what your finances look like. How two New Yorkers used leveraged giving to raise $12,500 to forgive over $1.5 million medical debt for vulnerable Americans. How pooled giving can help you help others in your area. What one of my clients did to give a single mom in her community a huge financial boost. Why sponsoring a child is an easy way to change lives for the better. What my husband and I did to say “THANK YOU” to everyone who provided our daughter with extraordinary medical care - and how you can give back to people who make a difference in your life as well. Show Notes To get access to the full show notes, including resources mentioned, transcript, and a complete breakdown of the End of Year Wealth Building Checklist, visit HilaryHendershott.com/153. Follow Hilary on: Twitter LinkedIn Instagram Facebook YouTube Subscribe to The Retirement Years on Profit Boss® Radio Apple Podcasts Overcast Spotify Stitcher Google PodcastsHendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

EP 152 | Profit Boss® Radio Welcome to episode 152 of The Retirement Years on Profit Boss® Radio! In this episode, I’m going to walk you through everything you need to do between now and December 31st to save literally thousands of dollars on your next tax bill. Right now, there are tons of money saving opportunities available to you that you might not know about, but they all expire at the end of this year. Though it may seem a little overwhelming at first, by being diligent and following my checklist, you can bulletproof your tax and financial situation - and even save more than you did if you stayed up all night (or got up way too early) to get a great deal on Black Friday. So, tune in to this episode of Profit Boss® Radio, marshal your resources, and get this done before January 1st. Your future self will thank you! Here’s what you’ll find out in this week’s episode of Profit Boss® Radio: The five key areas of financial planning you need to handle. Why market corrections aren’t necessarily a bad thing and how they can actually lead to higher returns. Strategies you can use to invest successfully when markets are volatile. How tax gain harvesting can help you capture gains in a lower tax bracket if you see your income increasing soon and need to sell an investment. How tax loss harvesting can help you take advantage of a down market and offset losses on your investments. How much you stand to lose when you don’t max out your IRA contributions. The benefits of having balances in Roth IRAs as opposed to traditional IRAs. The best way to gift appreciated stocks or investments without paying a 45% gift tax. Show Notes To get access to the full show notes, including resources mentioned, transcript, and a complete breakdown of the End of Year Wealth Building Checklist, visit HilaryHendershott.com/152. Follow Hilary on: Twitter LinkedIn Instagram Facebook YouTube Subscribe to The Retirement Years on Profit Boss® Radio Apple Podcasts Overcast Spotify Stitcher Google Podcasts Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

EP 151 | Profit Boss® Radio Welcome to episode 151 of Profit Boss® Radio! In the last several episodes I have shared that my team and I have been doing some deep soul searching in a coached environment. We have been asking ourselves the following questions: What is our purpose? What fulfills us? What do we want people to have as a result of us being on the planet? As a direct result, we came to redefine our ultimate mission, which is “All people are thriving.” One of the many realizations that came from asking these critical questions is that I can speak to you about more than money. I can also cover topics that address ways to improve every aspect of your life. In this week’s episode, I am joined by Courtney Townley, host of Grace and Grit podcast. Tune in to hear ways you can focus on your health and learn the actionable steps you can take to achieve your healthiest life right now.  Find out what healthy living truly means and glean practical tips you can apply to your own life in this exciting episode of Profit Boss® Radio.  Here’s what you’ll find out in this week’s episode of Profit Boss® Radio Hilary’s top three health practices for her life What “healthy living” means today The definition of stress and how it influences our lives How acute inflammation can be positive or negative in our bodies What the different types of stress are and how it affects our bodies Why mental health is just as important as physical health For more details, please visit the show notes on our website here: https://www.hilaryhendershott.com/151-master-healthy-living/Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.

EP 150 | Profit Boss® Radio Welcome to episode 150 of Profit Boss® Radio! What a massive milestone! We appreciate all your loyalty and support of Profit Boss® Radio over the years. In this episode, we discuss the powerful transformation you can create in your life when you turn life goals into financial goals with George Kinder - the father of the Life Planning movement. If you have ever found yourself getting stressed or stuck on the logistics side of money then this episode is for you. The details of everyday money management can get heavy at times, and if you are like many of my clients you may get to the point where you want someone to help make sure your financial house is in order and maintained.  George Kinder joins us in this episode to offer his unmatched insights and experience with over 30 years of practice as a financial planner and tax advisor and over 50 years as a mindfulness practitioner. He is passionate about helping people achieve authenticity and freedom. He takes us through his journey of being an influential financial coach and best-selling author helping people understand the psychology of money. He is a global leader in the movement of helping people to visualize and create a better world better now.  Tune in to Profit Boss® Radio today and learn how you can create mindfulness in your life that can turn life goals into powerful financial goals and achievements. Here’s what you’ll find out in this week’s episode of Profit Boss® Radio What life planning is all about, and how it’s different from traditional financial planning What “freedom” is according to George The correlation between financial planning and heart transformation What trait the best financial planners have in common The infamous three questions George asks to help you identify your purpose on the planet How you can begin a path to authenticity and freedom For more details, please visit the show notes on our website here: https://www.hilaryhendershott.com/life-goals-financial-goals/Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.