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

Do you have student loans? This topic is a painful area to talk about, but one that is common for so many people. My guest today has great advice and nuggets of wisdom for you! He is passionate about helping to fix the problem of student loan debt for others. Don’t miss my conversation with Travis!   Travis Hornsby founded Student Loan Planner after helping his surgeon wife figure out how to manage her six-figure medical school debt. He quickly realized there was a huge need in this area and that he could provide valuable help for others. He was formerly a bond trader and is a chartered financial analyst, so he is a rock-solid and smart finance guy. He loves saving professionals money through creating customized student loan strategies for the top 2% of the most indebted Americans. Check out the resources below to see how to contact Travis and how he may be able to help you with your student loan debt.   What you’ll learn in this episode:   The huge problem of student loans, especially for professional women, who carry a major portion of the debt Travis’ message to high school and college students pursuing higher degrees: “Go to the cheapest place you can.” The “real carnage” of student debt is in grad school because of debt caps for undergraduate education How he sees dental school and law school grads who owe $300-600K (the highest he has seen is $1.1 million in debt!) The hidden opportunity costs of student loans The story of Travis’ wife: she started medical school at age 18 and then did a four-year Ob-gyn residency in NYC, where she was a free-spender. They met at church in Philly when she was there for a fellowship training and he was a bond trader. How Travis had the “money conversation” with his wife while they were dating Mistakes that his wife made that cost her about $70K The idea for Travis’ Student Loan Planner business and how he had dozens and dozens of clients right away (He has now had over 1000 clients!) Advice from Travis: “Think about the future and take out federal loans that can be eligible for debt forgiveness.” Why if you owe more than two times your income, then you need a good plan and loan forgiveness The two paths to loan forgiveness After college, the loan players become private lenders who want in on the investment How student debt is unique and unlike any other kind of debt On Travis’ website, find his Refi Quiz and other free educational content to help you find the tricks and loopholes Travis’ consultation will include different strategies and paths, depending on your career and family goals “If you’re unhappy and feel financially insecure, look at your mortgage and car payment. Try to reduce one or both of these.” How “yesterday’s promises” reduce today’s flexibility and freedom How consolidation can help to speed up the payment and get old loans qualifying for loan forgiveness programs and help you have only one loan payment (watch our for scams!) Refinancing is to take loans out of the government system or from a private lender and create a new loan with a private lender at a lower interest rate How people in the same profession might have different needs as far as refinancing or consolidation, based on their income and needs The average mistake costs $60K--”There’s a lot that you don’t know that you don’t know.” How lHendershott 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.

We all want our kids to be smart about money decisions, right, but how do we do this? Making decisions around money is much more than learning how to spend, but how do we teach our children in ways that they will understand, before they make those disastrous money mistakes? It’s a a topic that many parents have questions about and today’s show is full of answers and smart money advice for parents.   John Lanza is Chief Mammal of The Money Mammals and the author of The Art of Allowance, three children’s picture books, and the creator of an award-winning DVD, The Money Mammals. He’s the father of two daughters and a youth financial literacy expert and he’s here to help us learn the basics of raising financially empowered kids.   What you’ll learn from the episode:   How John was influenced by his wife to become a Money Mammal, because they wanted their kids to be money smart Applying the concept of “emergent financial literacy” to spending, sharing, and saving The basic allowance rule: $1 per week, per year of age (Kids must have money to practice with!) Finding the balance between advising kids on purchases and giving them autonomy The BIG question: Should allowance be tied to chores? (Find out why John says NO!) The key in teaching kids about money is what lesson you want to teach them The concept of “breakthrough allowance,” when your child is older and becomes responsible for certain financial expenses The goal for kids is money empowerment, where kids control their money and money doesn’t control them! How to know WHEN to teach WHAT in progression Saving goals should be specific, measurable, attainable, relevant, and time-based How to teach awareness of investing and saving for college How to make adjustments to NOT pass on our money ignorance and money difficulties to our kids How a family of significant means can guard against raising spoiled kids How to teach visualization for kids to reach their financial goals The key to it all: Have an open dialogue with kids about money   Resources:   www.themoneymammals.com   www.theartofallowance.com--Find out how to win one of three signed copies of John’s book!   The Opposite of Spoiled by Ron LieberHendershott 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.

Is there really some secret to obtaining wealth? Everyone wants to be a millionaire, but today's guest, Steve Siebold, actually spoke with over 1,200 self-made millionaires to find out what their secrets to success are. He wrote a book about his findings, Secrets Self-Made Millionaires Teach Their Kids. You may be surprised to learn that many of the secrets are actually counterintuitive. Once you know the "rules" of being a millionaire, you can begin taking steps to join their ranks! Join Hilary for her insightful discussion with Steve and learn what you need to know to teach your kids to be millionaires too! Show Highlights: The rich rule the world The universe wants you to be rich Most self-made millionaires are not any smarter than you The government is not your friend - you must understand taxation Pay attention to Wall Street and the financial markets Understand results are gradual, not instantaneous Play sports of the rich - golf and tennis Use a vision board to map your money dreams Resources: www.stevesiebold.net  Secrets Self-Made Millionaires Teach Their Kids.    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.

This week I'm speaking with Kelly, whose lax money habits from her early 20s landed her in a stressful 25-year cycle of debt and uncertainty. Now, having sought help to finally improve her understanding of money and establish healthy spending and saving, she's debt-free.  This episode is a great one for anybody wrestling with feelings of failure or inadequacy around money, but it's also educational for you parents out there who are wondering how to ensure that your children don't grow up with a sense of entitlement around finances.  In the interview, Kelly takes us through her early money memories and the reasons she hated focusing on money. She talks about what those 25 years of constant debt were like, and how she finally reached out to a financial coach who helped her reform her treatment of money.   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.

Denise Duffield-Thomas is a money mindset mentor for the new generation of female entrepreneurs. Denise is committed to changing the way women think about wealth and money. Instead of losing belief or being intimidated, she inspires women to build their own definition of wealth. One thing you’ll have to come to grips with is that everyone has money blocks. We tell ourselves stories about why we shouldn’t worry about money or pass the responsibility off to someone else. Maybe subpar math skills or preconceived ideas about gender roles are holding you back. Regardless, the time to break through your personal blocks is RIGHT NOW! Denise obliterates money blocks, such as, “I can’t have love AND money,” or “I can’t have a baby AND money.” Often, stories and memories from our past serve as anchors and are the root of most problems. She is well-equipped to help others with this because she has built a valuable business and overcome these blocks herself. Listen and learn!   You can listen to the full episode at hilaryhendershott.com/111Hendershott 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.

At some point in your career, you are going to hear the word, “No.” Rejection is unpleasant at best and can be crushing at its worst. What can we do to build up resilience to rejection, and allow ourselves to continue putting ourselves out there for the sake of our business? My guest today, Alex Grodnik, is going to share how he’s been doing it for the past year as an entrepreneur. Alex is a credible, smart, and academically successful guy. I am excited to share his story with you.    Alex didn’t start out wanting to start and grow his own business. From a very young age, Alex aspired to be an Investment Banker. He started out his career as an Analyst at JP Morgan but quickly found that the big Investment Banking job he always wanted was not for him. Alex then made the brave decision to pivot and look into developing his own business, even though the thought of failure nearly stopped him. Alex’ story will teach us about choosing a different path, and many of Alex’s life choices fall in line with what I want for us and our financial lives.    If anyone is scared to leave the comfortable job to venture out and create something new, you need to hear this interview. Alex has wisdom that will empower and encourage you to make that choice and change your life.    What You Will Learn in This Episode:  •    Alex tells us the story of why he started out in investment banking, and what it was like to work as an analyst.  •    What investment bankers actually do.  •    How Alex made the shift into entrepreneurship through a podcast business.  •    Alex shares what it is like to have a startup company.  •    What the startup community is all about.  •    How to take advantage of “Rejection Therapy” and hearing “No” each day. •    You need to not be afraid to ask for what you want.  •    Be creative in order to turn a “No” into a “Yes.”  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.

You can live like a millionaire…even if you are short on cash! When I first saw the title of Marilyn Anderson’s book, How to Live Like A Millionaire When You’re a Million Short, I just knew I had to have her on the show. Her advice could quite possibly save you thousands of dollars.    Marilyn Anderson is an award-winning television and film writer, author and playwright. She wrote for numerous television shows including Murphy Brown, FAME, Sherman Oaks, and Facts of Life. She won a LUMINAS Award for the Positive Depiction of Women in Film and Television, and was honored by the Writers Guild of America as a writer of one of the 101 Best TV Shows of the past seven decades.    As a writer in LA, Marilyn experienced long stretches of time with little to no income. Despite that, Marilyn was still able to experience live theater, travel the globe, and wear designer labels. Her friends always asked, “How does Marilyn live?” Today, you are going to find out all her top tricks and tools! With a little research and creativity, Marilyn has managed to come up with methods that work. It’s time to take some notes. You’ll want to try out these suggestions as soon as possible!    What You Will Learn In This Episode Marilyn decided to divulge her secrets of how to live, even with long stretches of making no money.  How Marilyn sees so many live theater shows.  Learn some of Marilyn’s best travel tips.  Volunteer your time and talents, and see the world.  Women spend so much money on clothing and beauty, so how can we save on those?  Work the consignment websites.  Marilyn’s funniest “Ask.”  Try out a silent auction, and it’s often a great networking opportunity.  Get prescription drugs for less.  Do your research and shop around for procedures and services.  Fun, inexpensive, dating advice!      Resources How to Live Like A Millionaire When You’re a Million Short https://www.amazon.com/Live-MILLIONAIRE-Youre-Million-Short-ebook/dp/B06XWZFNRY   https://www.renttherunway.com/   https://www.therealreal.com/   http://threadup.com/   https://www.goodrx.com/   http://missingmoney.com/   https://www.unclaimed.org/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.

Welcome to a special Mother’s Day Episode of ProfitBoss Radio! I reached out to some friends who happen to be women, who happen to be business owners, who happen also to be mothers to ask them a few questions about motherhood. I admire each of these ladies more than words can express, and I felt very honored to have the chance to talk about motherhood and money matters. I was absolutely blown away by their responses, and I’ll admit I was a bit choked up throughout these interviews.    Today’s contributors are Emylee Williams, Courtney Townley, Amber Vilhauer, Jessica Rhodes, and Amber De La Garza. In this episode, you can expect honest answers and amazing advice from working moms who care about their families’ futures. All of these women are alike in that they prioritize time with their kids, and want to include them in experiences that will build a healthy money mindset.    Here’s to all the Mothers out there who love selflessly and teach fearlessly!    What You Will Learn In This Episode What motherhood means to me, my business, and my worldview.  How we as mothers have the ability to shape our children’s lives and empower them to take ownership of their actions.  Schedule time with your kids!  I haven’t quite figured out how to teach my daughter about money!  Emylee shares how being a small business owner and entrepreneur impacts the legacy she wants to leave for her daughter.  Why Emylee didn’t fit inside the typical Working Mom box.  Strong women create strong women.  Courtney shares how taking care of women through her business and taking care of her son go hand in hand.  Why Courtney dances with her son every day.  Amber is learning so much about the world and about her business because of the sacrifices she made for her son.  Amber wants her son to know she is present.  Jessica attributes work-life balance to being more present with her children.  All the moms agree that keeping their children in the loop with finances is extra important!  Amber invited her son to answer my questions too!  Involve your kids in your business.    Resources from the Show    Think Creative Collective http://thinkcreativecollective.com/     Grace and Grit Podcast  http://graceandgrit.com/podcast-2/   NGNG Enterprises https://ngngenterprises.com/   Interview ConneHendershott 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.

We’ve had plenty of questions rolling in from the ProfitBoss community, so now is a perfect opportunity to host another installment of #AskHillary! I’ll give my best thoughts on handling our parents’ money mindset, understanding the DOW Jones index, and several specific tax and retirement savings options. I will also tackle how to make the most of student loans, and how to save for life’s big adventures.     Since we have adventure on our minds, I think now is a perfect opportunity to talk about Travel Rewards. With U.S. airlines expected to carry more than 600 million passengers on domestic flights this year and credit card debt levels exploding, we can expect airfare savings to be increasingly important in the months ahead.   Jill Gonzales is going to fill us in on how to make smart decisions about choosing a frequent flyer program. You will learn the difference between a frequent flyer program and a rewards credit card, and then understand just how the WalletHub study was done. There is a lot of useful information in this episode, so be prepared to take notes!   What You Will Learn in This Episode: To help travelers make the best decisions for their wallets, the personal-finance website WalletHub today released its report on 2018’s Best Frequent Flyer Programs, which ranks the 10 largest domestic airlines based on 23 key metrics, ranging from the value of a point/mile to blackout dates for rewards flights. WalletHub’s report also features a custom calculator that allows users to personalize the results based on their own budgets. You can find a few highlights from those results below.   Delta SkyMiles is the best frequent flyer program for the third straight year.    The average airline rewards program gives frequent flyers 12% off their airline spending. And they’re all free to join.     Hawaiian Airlines offers the most rewards value to frequent flyers ($19.95 per $100 spent), with Alaska Airlines coming in a close second ($19.87 per $100 spent).    Four of the 10 largest airlines are offering more rewards in 2018 than in 2017, sweetening the pot by an average of 20%.    Delta Air Lines and JetBlue Airways are the only two major airlines whose miles do not expire because of inactivity.    The Frontier Airlines Credit Card and the Lufthansa Credit Card are 2018’s best airline credit cards, according to WalletHub’s editors.    For the full report, including the custom calculator, please visit:  https://wallethub.com/edu/best-frequent-flyer-program/25943/   Resources The Seven Stages of Money Maturity   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.

Whatever your stance on Bitcoin might be, it is difficult to deny that it is changing the way we think about finances. Bitcoin is opening up a new standard of value for currency: protection. Today, I have my guest, Trace Mayer, on the show to give us some more detailed information about Bitcoin and why it is so important to have a working knowledge of cryptocurrency.    Trace isn’t on a mission to sell you something; he is on a mission to inform the world about the exciting new frontier that is digital currency. His podcast, Bitcoin Knowledge is all about how digital currencies can bring you monetary sovereignty and security. I was surprised to find in this interview that we weren’t actually talking about Bitcoin the whole time. Instead, we had a conversation about property rights, autonomy, and activism.    Trace is equipping ordinary people to take even more control over their finances by investing in something protected and supported. Generally, people have gaps in their knowledge around Bitcoin, and that can make investing a bit risky. Trace is going to spell out the risks and benefits of Bitcoin in a way that is easy enough for even a novice to understand. We certainly have much to learn from Trace, and I am excited to continue the Bitcoin conversation in the future!     What You Will Learn in This Episode •    Understand what it means to be a “digital native.”  •    Let’s focus on the technical aspects of Bitcoin.  •    The value of monetary sovereignty.  •    We can understand Bitcoin better when we understand strong property rights.  •    Why the inflation of currency is such an important topic.  •    Trace shares some of the biggest moments in financial activism.  •    We are building layers to the internet to support Bitcoin.  •    Trace believes Bitcoin is here to stay.  •    What you need to know about other cryptocurrencies.   Resources https://www.tracemayer.net/   Bitcoin Knowledge http://www.bitcoin.kn/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.