On this episode of CFO at Home, Vince’s discussion is with Jude Wilson, Chief Financial Strategist at Centrus Financial Strategies, about financial planning, specifically for underrepresented communities and the first-generation affluent. They discuss the importance of understanding cash flow versus net worth and the challenges of changing financial mindsets. Jude also shares his personal money journey as the son of Haitian immigrants as well as stories of individuals who have transformed their financial futures through strategic planning. You can learn more about Jude and his work by visiting Centrusfs.com and by listening to The Roth Guy podcast.

With more options available to us than ever, navigating the world of investments can be challenging, whether you’re a new investor just starting out, or a more seasoned investor looking to strike a balance between growth and income. On this episode of CFO at Home, Vince talks with Steven Wagner, from Integrity Wealth Advisors, about the importance of your investment strategy evolving in different stages of life, the psychology of money, the concept behind Lifestyle or Target Date funds, and more. You can learn more about Stephen and Integrity Wealth Advisors by visiting iwaplan.com

Key Takeaways:

• Investment Evolution: Investing strategies should evolve as individuals progress from young entrepreneurs to retirees, with a focus on more aggressive investments in the early stages and a gradual shift to conservative options as retirement approaches.

• 100-Age Rule: The 100-age rule is a guideline for determining the percentage of assets to invest in stocks, but younger investors may benefit from even more aggressive strategies.

• Psychology of Money: Understanding the psychological aspects of investing, such as fear and greed, is crucial for making sound financial decisions and maintaining a long-term perspective.

• Financial Planning: A comprehensive financial plan is essential for identifying short-term and long-term goals, which in turn dictates the appropriate investment strategy.

• Lifestyle Funds: These funds automatically adjust the asset allocation based on the investor’s age and retirement timeline, providing a hands-off approach to managing investments.

• Retirement Planning: As individuals approach retirement, the focus shifts from growth to income and risk management, making professional advice invaluable.

Key Links:

Integrity Wealth Advisors

Integrity Wealth Advisors, Inc. | Facebook

Steven H. Wagner | LinkedIn

Integrity Wealth Advisors | Twitter

steve@iwaplan.com

Contact the Host - vince@thecfoathome.com

Our thoughts, feelings, and emotions about money are key factors in determining our financial success. On this episode of CFO at Home, Vince talks with Pericles Rellas, a money mindset expert who has worked with tens of thousands of people for more than two decades to help them live lives of power, purpose and prosperity, using his concept of the "financial thermostat". They explore how our financial thermostats can dictate our earning and saving behaviors, the four keys to resetting your financial thermostat, and more. You can learn more about Pericles and the Financial Thermostat by visiting PericlesRellas.com

Key Takeaways:

• Financial Thermostat: Our financial thermostat is an internal setting that influences how much money we can earn and keep. It regulates our thoughts, feelings, and emotions about money.

• Understanding Money: Recognizing money as a currency that flows in a circle is crucial. Blocks in the flow of money, whether incoming or outgoing, can impede financial growth.

• Flow Focus: Identifying where your money is going and redirecting it towards intentional goals can empower financial decisions and create a sense of control.

• Prosperity Structure: Instead of a traditional budget, create a prosperity structure that includes all expenses and savings, fostering a mindset of growth rather than limitation.

• Mentoring: Finding a mentor or coach who resonates with you can provide guidance and accountability, helping to shift paradigms and reach financial goals.

Key Links:

• Pericles Rellas

• Pericles Rellas | YouTube

• Pericles Rellas | Facebook

• Contact the Host - vince@thecfoathome.com

On this episode of CFO at Home, the discussion is Side Hustles with Joan Posivy, host of the Side Hustle Hero podcast. Joan and Vince talk about the evolving landscape of side hustles, and she shares her insights on choosing the right side hustle, the importance of matching your side hustle to your personal preferences, the balance between a full-time job and a side hustle, and more. You can learn more about Joan and her work by visiting SideHustleHero.com

Key Takeaways:

• Choosing a Side Hustle: Select a side hustle that matches your personal preferences and work style, whether you prefer working with people or behind a desk.

• Goal Setting: Set clear, realistic goals and give yourself a specific timeframe to evaluate the success of your side hustle.

• Persistence: Many side hustles fail because people give up too soon. Commit to your side hustle for a set period before reevaluating its viability.

• Time Management: Efficiently manage your time by scheduling dedicated hours for your side hustle and minimizing distractions during those periods.

• Financial Planning: Before transitioning your side hustle to a full-time job, ensure you have sufficient savings to support yourself during the initial growth phase.

• Testing and Feedback: Use low-cost methods like farmers markets to test your product and gather feedback before making significant investments.

Key Links:

• Side Hustle Hero

• Side Hustle Hero | Instagram

• Joan Posivy | Facebook

On this episode of CFO at Home, Vince talks with JD Itri, founder of Olympus Money and author of "The Olympus Money Method: How to Gain Financial Freedom in a World Designed to Make You Poor." JD shares his journey from working at Intuit on products like TurboTax and Mint, to developing his own personal finance software, Olympus Money. They discuss the advantages of integrating tax preparation with management of your personal finances, psychological barriers to saving, and ways to streamline your financial management. You can learn more about JD and Olympus Money by visiting OlympusMoney.com

Key Takeaways:

• Integrated Finance: Combining tax preparation with personal finance can provide a more comprehensive view of one's financial health and streamline the tax preparation process.

• Elevated Balance: Instead of granular budgeting, focus on broad categories like savings, investments, and discretionary spending to simplify financial planning.

• Future Self Visualization: Viewing an aged version of yourself can increase savings by making the future feel more personal and immediate.

• Rich Habits: Investing in experiences and relationships can provide more long-term satisfaction than material possessions.

• Target Audience: The book and app are particularly useful for individuals aged 25-45 with household incomes between $75,000 and $250,000 who are looking to take control of their finances without dedicating excessive time.

Key Links:

• Olympus Money

• Olympus Money Method | Instagram

• Contact JD - jd@olympusmoney.com

• Contact the Host - vince@thecfoathome.com

On this episode of CFO at Home, Vince talks with Tim Clifford, author of "Plan Assist: Make Better Financial Decisions," about the importance of having a financial plan, the difference between earning money and accumulating wealth, and the retirement crisis facing many Americans today. They explore the concept of diversification, the role of financial advisors, the significance of both formal and informal financial counsel, and more. You can learn more about Tim and PlanAssist, by going to PlanAssist.com.

Key Takeaways:

• Financial Planning: A simple, clear plan is essential for financial success. It doesn't need to be elaborate; even a one-page plan can make a significant difference.

• Diversification: Diversifying your investments is crucial. This includes a mix of stocks, bonds, and other assets, with a core portfolio and satellite investments for potential growth.

• Seeking Counsel: Both formal and informal advice are important. Understand the biases in informal advice and ensure formal advice is unbiased and in your best interest.

• Retirement Crisis: Many Americans are unprepared for retirement. It's crucial to start planning early and make informed financial decisions to avoid financial stress in later years.

• Education: Financial literacy is key. Seek out resources and educate yourself on financial planning and investment strategies to make better decisions.

Key Links

• Website - PlanAssist

• Email - Info@PlanAssist.comContact the Host - vince@thecfoathome.com

Wills, Trusts, Powers of Attorney. Nearly all of us have some concept of what these are, but how many of us are really confident that we understand these fundamental estate planning tools and how they work? On this episode of CFO at Home, Vince talks with Adam Zuckerman, founder of Buried in Work, a comprehensive resource for estate planning and end- of-life tasks. Adam shares the origin story of Buried in Work, the importance of estate planning, common misconceptions, essential documents, and more. You can learn more about Adam and Buried in Work by going to BuriedInWork.com

Key Takeaways:

• Estate Planning: It's not just for the wealthy. Everyone has an estate, and planning is crucial for the transition of assets and end-of-life wishes.

• Essential Documents: Key documents include wills, durable powers of attorney, healthcare proxies, and various types of trusts.

• Trusts: Trusts provide privacy and can help avoid probate. They are not solely for tax avoidance and should be set up with professional guidance.

• Digital Legacy: Modern estate planning should include digital assets like social media accounts and online passwords.

• Communication: It's vital to inform family members about the location and contents of estate planning documents to avoid confusion and stress.

Key Links:

• Buried in Work

• Adam Zuckerman - Buried In Work | LinkedIn

• adam@buriedinwork.com

• Buried in Work |(@buriedinwork) • Instagram profile

• Buried In Work | Facebook

• Contact the Host - vince@thecfoathome.com

A quick word of caution; this episode contains discussion of domestic abuse and suicide.

On this episode of CFO at Home, Vince talks with Sarah Doucette, author of "Stronger Than That: A Domestic Violence Survivor Uncovers the Truth About Her Abuser." Sarah shares her story of enduring financial abuse while surviving domestic violence, and the lessons she learned along the way. We discuss Coercive Debt, the importance of each partner in a relationship being knowledgeable about their finances , and how Sarah rebuilt her life post-divorce. You can pick up a copy of Stronger Than That at Amazon.com or wherever books are sold. Also, check out Sarah’s podcast What’s My Age Again at Whatsmyageagainpod.com, or on your favorite podcast app.

Key Takeaways:

• Coercive Debt: Financial abuse can take many forms, including coercive debt, where abusers open credit accounts in their partner’s name without their knowledge.

• Financial Literacy: Understanding and being involved in household finances is crucial for everyone, regardless of their role in the relationship.

• Communication: Open and honest communication about finances between partners can prevent misunderstandings and potential financial abuse.

• Support Systems: Reaching out for help and utilizing financial advisors can be instrumental in recovering from financial abuse and rebuilding one’s financial health.

• Strength in Vulnerability: True strength lies in being vulnerable and seeking help, rather than suffering in silence.

Key Links:

• Stronger Than That: A Domestic Violence Survivor Uncovers the Truth About Her Abuser

• What’s My Age Again?

• Sarah Lynn Doucette | Instagram

• Sarah Doucette, MBA | LinkedIn

• Contact the Host - vince@thecfoathome.com