Du Charme Wealth Management Podcast

Igor shares his expertise on financial planning tailored specifically for creative professionals and freelancers, addressing the unique challenges they face without traditional employment structures. He breaks down four critical areas where self-employed individuals need focused attention: managing irregular income, choosing appropriate business entities, navigating health insurance options, and implementing effective retirement planning strategies.• Using the Profit First method to manage irregular income by separating business and personal finances• Building an adequate emergency fund of 3-6 months of expenses or more• Considering the true costs and benefits of different business entities like LLCs and S-Corps• Exploring health insurance options beyond ACA marketplace plans• Understanding association plans, union plans, and COBRA continuation coverage• Setting up retirement accounts specifically designed for self-employed individuals• Utilizing SEP IRAs for simplicity or Solo 401(k)s for potentially higher contribution limits• Avoiding the common trap of over-deducting business expenses at the expense of retirement savings• Remembering that Social Security alone will not provide a comfortable retirement• Finding a good tax preparer who understands self-employment complexitiesFind Du Charme Wealth Management here:https://ducharmewealth.com/[00:00:00] Intro to Financial Planning for Creatives[00:06:40] Managing Irregular Income Effectively[00:12:52] Business Entity Structure Decisions[00:19:54] Health Insurance Options for Freelancers[00:26:30] Retirement Planning for Self-Employed[00:38:53] Final Tips and Concluding ThoughtsDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.

Investment decisions should always be contextual, reflecting individual circumstances, goals, and values rather than following generic advice from social media. One person's ideal investment could be completely inappropriate for another depending on their financial situation, risk tolerance, tax position, and time horizon.• Investing isn't one-size-fits-all—a $50k investment means something different to everyone• Generic investment advice fails to consider personal circumstances and values• The "trinity" of investments (risk, return, liquidity) can't all be maximized simultaneously• Buying a business often means buying yourself a job, not passive income• Real estate isn't inherently safe or consistently profitable without careful consideration• Self-directed IRAs are different from self-managed accounts and carry additional complexities• Tax planning should inform investment decisions, especially regarding Roth vs Traditional accounts• Investing in yourself often provides the best return on capital• Time is perhaps the most valuable investment of all—consider how you want to spend itIf you need help understanding how investments fit into your personal financial situation, schedule a consultation at ducharmewealth.com. We work with clients across all 50 states and are always happy to provide a second opinion on your financial plan. [00:00:00] Why Investment Context Matters[00:06:10] The Problem With Simple Investment Answers [00:11:03] Analyzing Social Media Investment Advice [00:17:55] Business Ownership vs. Investment Reality [00:25:01] The Trinity: Risk, Return and Liquidity [00:32:30] Real Estate and Cryptocurrency Considerations [00:38:40] Retirement Accounts and Tax Planning [00:43:12] Closing Thoughts on Personalized Investing DISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.

Risk functions like energy—it cannot be created or destroyed, only converted from one form to another, which means you're always choosing which risks to take rather than eliminating risk entirely.• Risk does not equal return—it equals the possibility of more return• Standard deviation and volatility metrics capture only one dimension of risk• "Safe" investments like bonds or savings accounts still carry significant inflation and currency risks• The 2022 market demonstrated how bonds and stocks can fall simultaneously when traditional risk relationships break down• Warren Buffett manages risk through valuation and cash flow focus, not by avoiding risk altogether• Financial planning is the most effective way to identify and manage different types of risk• The worst kind of risk is the risk you don't know you have• Wealth management requires ongoing monitoring since life circumstances and market conditions constantly changeHave questions about risk in your portfolio or want us to review your financial plan? Contact us at ducharmwealth.com for a consultation—we're always happy to help our listeners.[00:00:00] Risk Is Like Energy: Can't Be Destroyed[00:05:07] Quantifying the Unquantifiable: Risk Metrics[00:10:14] Converting Risk: The Annuity Example[00:15:36] Case Studies: Bitcoin, Bonds, and Stocks[00:21:54] Risk Does Not Equal Return[00:32:15] Managing Risk Through Financial Planning[00:36:59] Wealth Management: Beyond the Initial PlanDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.

Investment decisions should always be contextual, reflecting individual circumstances, goals, and values rather than following generic advice from social media. One person's ideal investment could be completely inappropriate for another depending on their financial situation, risk tolerance, tax position, and time horizon.• Investing isn't one-size-fits-all—a $50k investment means something different to everyone• Generic investment advice fails to consider personal circumstances and values• The "trinity" of investments (risk, return, liquidity) can't all be maximized simultaneously• Buying a business often means buying yourself a job, not passive income• Real estate isn't inherently safe or consistently profitable without careful consideration• Self-directed IRAs are different from self-managed accounts and carry additional complexities• Tax planning should inform investment decisions, especially regarding Roth vs Traditional accounts• Investing in yourself often provides the best return on capital• Time is perhaps the most valuable investment of all—consider how you want to spend itIf you need help understanding how investments fit into your personal financial situation, schedule a consultation at ducharmewealth.com. We work with clients across all 50 states and are always happy to provide a second opinion on your financial plan. [00:00:00] Why Investment Context Matters[00:06:10] The Problem With Simple Investment Answers [00:11:03] Analyzing Social Media Investment Advice [00:17:55] Business Ownership vs. Investment Reality [00:25:01] The Trinity: Risk, Return and Liquidity [00:32:30] Real Estate and Cryptocurrency Considerations [00:38:40] Retirement Accounts and Tax Planning [00:43:12] Closing Thoughts on Personalized Investing 

Success in business depends on investing in people emotionally, personally, and financially—they don't appear out of thin air and aren't free. Measuring performance is the key to accelerating improvement and business growth.• Mark's journey from McDonald's crew member at age 14 to owning 18 franchise locations• McDonald's financial requirements: 25% equity stake, $45,000 franchise fee, and strong cash flow coverage• Franchisees face surprising risks—Mark had his highest revenue year and biggest loss simultaneously during inflation• Working inside a franchise for 18 months before buying provides invaluable operational knowledge at no cost• Choosing established franchises that have weathered economic cycles rather than trendy new concepts• Understanding elasticity and consumer behavior helps navigate price increases and economic changes• Setting clear value-based goals and measuring progress regularly leads to financial success• Creating personal financial statements twice yearly helps track wealth-building progressFind Du Charme Wealth Management here:https://ducharmewealth.com/[00:00:00] The Greatest Asset in Business[00:08:41] From McDonald's Crew to Franchise Owner[00:27:46] Financial Requirements for Franchising[00:37:32] The Hidden Risks of Business Ownership[00:47:12] Economic Challenges and Consumer Behavior[00:57:01] Measuring Success and Setting GoalsDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.

Mike Green, CFA, known for his insights on market structure, critiques Bitcoin's inherent flaws. He discusses how Bitcoin's fixed supply creates economic barriers, concentrating wealth while hampering mobility for younger generations. Unlike gold, Bitcoin's scarcity leads to systemic deflation and wealth inequality. The correlation between Bitcoin ETFs and its price raises concerns about intrinsic value. Green highlights the risks of financial engineering by companies like MicroStrategy, questioning Bitcoin's viability as a sustainable investment.

We explore the fundamental aspects of Bitcoin and why it represents a technological advancement in the concept of money. Our discussion ranges from the history of currency to the mechanics of Bitcoin mining, highlighting how Bitcoin's fixed supply addresses the inflationary problems of fiat currencies.• Bitcoin's primary appeal lies in its fixed supply of 21 million coins, creating predictable scarcity unlike fiat currencies• The US dollar and other fiat currencies lose purchasing power over time, making long-term financial planning difficult• Money evolved from direct exchanges to precious metals to paper representations and now to digital currencies• Bitcoin mining involves computers competing to process transactions, receiving rewards that halve approximately every four years• Transaction fees on the Bitcoin network are determined by market forces, with higher fees prioritizing faster processing• By 2148, all Bitcoin will be mined, creating a system that will run entirely on transaction fees rather than block subsidiesFind Du Charme Wealth Management here:https://ducharmewealth.com/[00:00:00] Understanding Bitcoin's Appeal[00:06:07] What Makes Money Valuable?[00:16:10] The Problem with Fiat Currency[00:32:16] Monetary History Evolution[00:42:18] How Bitcoin Mining Works[00:57:38] Bitcoin's Future and Scarcity Model[01:06:19] Final Thoughts and ResourcesDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.

Ever wonder why insurance feels like such a drain on your finances? In this eye-opening episode, we break down the "insurance review season" and reveal how properly structured coverage isn't just a necessary evil—it's a strategic wealth-building tool.Most people overlook critical gaps in their coverage while simultaneously overpaying for protection they don't need. We examine how understanding the true purpose of insurance—preventing catastrophic financial setbacks—can transform your approach to wealth building. From life insurance that needs updating as your family changes to homeowners policies that haven't been shopped in decades, we identify the common pitfalls that leave families financially vulnerable.Did you know standard homeowner policies exclude flood and earthquake damage? Or that having a trampoline, swimming pool, dog, or dirt bike dramatically increases your liability exposure? We explore these "financial kill shots" that can devastate even careful savers, and explain why surprisingly affordable supplemental policies like umbrella insurance deserve serious consideration.The most powerful insight comes from understanding our "barbell approach" to financial protection: be ultra-conservative with insurance coverage for true risks while aggressively investing your remaining resources for long-term growth. This balanced strategy prevents the common cycle where middle-class families spend so much on premiums and warranties they can't build meaningful wealth.Whether you're preparing for open enrollment season or simply want to optimize your current coverage, this episode provides a comprehensive framework for making insurance work for your financial future rather than against it. Send us a message for our insurance review checklist, and discover how the right protection strategy can accelerate your path to financial independence.Find Du Charme Wealth Management here:https://ducharmewealth.com/contact-us/Timestamps:[00:00:00] Intro[00:02:55] Life and Long-Term Care Insurance[00:08:12] Home and Auto Insurance Pitfalls[00:15:16] Umbrella Policies and Liability Protection[00:21:40] Health Insurance and Employee Benefits[00:24:55] Optimizing Insurance for Wealth BuildingDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.

Life insurance seems straightforward until you encounter the barrage of influencers promising it's your ticket to financial freedom and market-beating returns. These misrepresentations have led many into financial disasters we've witnessed firsthand at our firm.The truth is much simpler: life insurance creates financial protection when you're no longer around to fulfill your obligations. Like car insurance covers your vehicle, life insurance provides your beneficiaries with funds to continue life without your economic contribution. But determining the right amount and type requires thoughtful analysis of your unique situation.We walk through a practical framework for calculating your needs – starting with outstanding debts (mortgage, student loans, auto loans), future expenses (education, childcare), and ongoing income replacement. Don't overlook the substantial economic value of stay-at-home parents, whose contributions often require significant funds to replace. And remember that inflation will erode your death benefit's purchasing power over time, making it crucial to account for real returns (investment returns minus inflation) in your planning.For most people, term insurance provides the perfect solution – affordable coverage for when you need it most, allowing you to invest the difference elsewhere. Permanent insurance (whole life, universal life, indexed universal life) serves legitimate purposes in specific scenarios like estate planning for high-net-worth individuals, but despite aggressive marketing claims, these expensive products rarely make sense for average families.Before purchasing any life insurance, particularly permanent policies, consider reaching out for a second opinion. The right coverage protects those you love without unnecessarily draining your current finances. Your financial plan should determine your insurance needs, not the other way around.Timestamps:[00:00:00] Intro[00:03:20] Understanding Life Insurance Fundamentals[00:06:40] Calculating Your Insurance Needs[00:18:00] Real Returns vs. Inflation Impact[00:27:15] Term vs. Permanent Life Insurance[00:38:20] Legitimate Uses for Permanent Insurance[00:49:10] Term Length ConsiderationsDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.

What lies beyond the Hollywood portrayal of hedge funds? Discover the surprising truth about these sophisticated investment strategies that have traditionally been reserved for the world's largest institutional investors.Bob Elliott, former Bridgewater Associates executive who helped manage the world's largest foreign exchange book, pulls back the curtain on how hedge funds actually work. Rather than wild, risky bets, these strategies focus intensely on risk management and creating consistent returns through market conditions that might devastate traditional portfolios.You'll learn why major university endowments and sovereign wealth funds allocate billions to hedge fund strategies despite seemingly modest returns. The answer lies in return consistency and diversification benefits that become apparent precisely when they're needed most - during market downturns and economic uncertainty.We explore the concept of "edge" - the specialized knowledge or systematic approach that allows hedge funds to generate differentiated returns - and the various strategies from global macro to equity long-short that populate the alternative investment landscape. Bob explains how these approaches seek to isolate skill and minimize noise, allowing managers to focus solely on their areas of expertise.Perhaps most exciting for everyday investors, we discuss how the traditional barriers to hedge fund strategies - high fees, tax inefficiency, and high minimums - are being dismantled through new investment vehicles like ETFs. These innovations finally make sophisticated alternative strategies accessible without the drawbacks that have historically eroded returns for investors.Whether you're looking to understand institutional investment approaches or considering how alternatives might fit in your own portfolio, this conversation provides clarity on one of investing's most misunderstood corners. Ready to rethink what diversification really means in today's interconnected markets?Timestamps:[00:00:00] Intro[00:04:01] Breaking Down the "2 and 20" Structure[00:08:48] Who Invests in Hedge Funds and Why[00:15:31] Misconceptions vs. Reality in Performance[00:21:00] Understanding Different Hedge Fund Strategies[00:30:13] Risk Management and Return Consistency[00:37:08] Accessibility and Tax Efficiency ConsiderationsDISCLAIMER:Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.