Email [email protected] [email protected]'t forget to visit www.weeklywealthpodcast.comCLICK HERE to download the FREE EBOOK, INSIDE THE MIND OF AN ACQUIRER: Understanding the Potential Buyers of your Business. An exploration of Net Unrealized Appreciation (NUA) takes center stage as David Chudyk engages in a dialogue with financial planner Justin Chastain. NUA represents the unrealized gains from employer stock within retirement accounts and can significantly affect the tax implications when an employee retires or changes jobs. Chastain explains how this concept can save clients substantial amounts in taxes if managed wisely, particularly by rolling over stock into a brokerage account rather than a traditional retirement account, thus allowing for more favorable capital gains tax treatment. What YOU need to know: Net Unrealized Appreciation (NUA) allows employees to manage stock appreciation differently for tax benefits. Understanding NUA can significantly lower tax obligations by utilizing capital gains rates instead of ordinary income tax. When rolling over employer stock, it’s crucial to separate shares into a brokerage account for tax advantages. Timing distributions from your retirement account can save substantial amounts in taxes over the long term. Being proactive with NUA planning involves knowing your tax situation before making major financial decisions. Seeking help from financial advisors can prevent costly mistakes regarding retirement stock plans and distributions. Mentioned in this episode:Weekly Wealth Website

Email [email protected] with any questionsFollow us on Instagram!Like us on Facebook!Schedule a time to meet!Money is often the number one stressor in relationships, and in this episode, David Chudyk and couples financial coach Adam Kol dive deep into how couples can navigate financial discussions to foster trust and safety. They discuss the importance of understanding each partner's relationship with money, shaped by their upbringing and past experiences. Adam emphasizes that financial harmony can lead to a stronger partnership, allowing couples to achieve their shared goals without the burden of financial anxiety. The conversation also explores the dynamics of spending and saving within relationships, highlighting that both roles have their merits and challenges. Ultimately, the episode encourages listeners to approach money conversations with openness and collaboration, paving the way for a fulfilling life together.The conversation tackles the complex dynamics of money management within relationships, underscoring the importance of trust and safety in financial discussions. Adam Kol stresses that many couples inadvertently allow their financial anxieties to dictate their interactions, creating a cycle of stress and misunderstanding. He advocates for open, reflective conversations about money, encouraging couples to examine their individual backgrounds and beliefs about finances before making joint decisions. The episode highlights the necessity of approaching financial discussions not as confrontations but as opportunities for connection. By sharing their financial histories and aspirations, partners can cultivate an environment of empathy and support that transforms money discussions into collaborative efforts rather than contentious debates. Chudyk and Kol advocate for a mindset shift where financial planning becomes a shared journey, allowing couples to align their goals and dreams while navigating financial challenges together. This episode serves as a valuable resource for listeners looking to enrich their relationships through improved financial communication and strategy.Takeaways: Building a healthy relationship requires addressing the intertwined aspects of financial and relational health. Reflecting on personal money histories can ease financial discussions between partners significantly. Money is often the leading stressor in relationships, not necessarily the root cause of divorce. Effective communication about finances involves understanding each other's perspectives and emotional triggers. Couples should aim to align their financial goals and create a plan that supports both partners' needs. Developing a financial strategy together can enhance teamwork and intimacy in a relationship. Links referenced in this episode:couplesfinancialcoach.comhttps://www.couplesfinancialcoach.com/[email protected]

Email [email protected] with any questionsFollow us on Instagram!Like us on Facebook!Schedule a time to meet!This week on the Weekly Wealth Podcast, we delve into the often-overlooked world of tax credits and how they can significantly reduce your state income tax liability. Host David Chudyk is joined by Harris Sinsley, a corporate tax attorney turned tax credit expert, who explains the legitimacy and benefits of these credits. Listeners will learn about various types of tax credits available, particularly in South Carolina, and how even individuals who aren't developers can take advantage of them to save money. Harris shares insights on how to navigate the complexities of tax credits and emphasizes the importance of year-round tax planning. Whether you're an accredited investor or simply looking to keep more of your hard-earned money, this conversation provides valuable information to enhance your financial strategy.Navigating the intricate world of taxes can often feel daunting, but this week’s discussion sheds light on a valuable tool available to individuals and developers alike: tax credits. David Chudyk, a certified financial planner, engages with tax expert Harris Sinsley to explore how tax credits can significantly reduce state income tax liabilities. Harris begins by demystifying tax credits, explaining them as a dollar-for-dollar reduction in tax owed, and highlighting their role as government incentives aimed at encouraging positive behaviors, such as investing in renewable energy or historic preservation. The conversation delves into specific types of credits available in South Carolina, including historic and low-income housing tax credits, and addresses common misconceptions surrounding their legitimacy. Listeners are encouraged to consider how they might leverage these credits to enhance their financial strategies, with insights into the requirements for becoming an accredited investor to participate in these opportunities.Takeaways: Tax credits are a dollar-for-dollar reduction of tax liability, incentivizing positive behavior by the government. Developers can use state-level tax credits to reduce their tax liabilities significantly. An accredited investor can save substantially on taxes through participation in tax credit funds. Investing in tax credits requires a capital contribution, typically at a discounted rate. Many CPAs may not be aware of tax credits, leading to underutilization by clients. Tax planning is a year-round strategy, not just something to address during tax season. Links referenced in this episode:[email protected]@monarchprivate.comhttps://www.monarchprivate.com/https://www.linkedin.com/in/harris-sinsley-a99347116/

Email [email protected] with any questionsFollow us on Instagram!Like us on Facebook!Schedule a time to meet!If you find yourself stuck in a dead-end job, feeling unfulfilled and yearning for change, this conversation is for you. Karin Freeland, a certified life coach and former corporate workaholic, shares her journey of transformation and offers valuable insights on how to break free from the golden handcuffs that keep many high-achieving women tethered to their unfulfilling careers. We explore the emotional struggles of making a career pivot and the importance of addressing fears related to finances, self-worth, and purpose. Karin emphasizes the need for a clear plan and the power of support from professionals and peers as you navigate this challenging transition. By turning inward and exploring what truly excites you, you can uncover your true calling and start living a life aligned with your values and passions.Takeaways: Transitioning from a corporate job to pursuing your passion requires a clear plan and support. Understanding your fears is crucial; write them down to overcome them effectively. Living a fulfilled life enhances your roles, making you a better partner and parent. Exploring new interests can lead to unexpected career opportunities and personal growth. Confidence is built through action; taking small steps can lead to significant change. Wealth encompasses time, freedom, health, and relationships beyond just financial stability. Links referenced in this episode:karinfreeland.comBuy Karin's book here https://x.com/KarinFreelandhttps://www.instagram.com/karinfreeland/https://www.facebook.com/KarinFreelandLifeCoachinghttps://www.youtube.com/@karinfreelandhttps://www.linkedin.com/in/karinfreelandaviles/karinfreeland.com/podcast 

As always, email [email protected] with any questions.Schedule a ChatHurricane Helene has caused significant destruction across several states, particularly in North Carolina, prompting Certified Financial Planner(tm) David Chudyk to share essential disaster preparedness tips. David talked about the importance of reviewing insurance coverage, including homeowners, renters, and auto policies, to ensure adequate protection against floods and other natural disasters. David also highlights the need for emergency cash on hand, as many areas may face power outages that disrupt access to ATMs and banks. Additionally, he stresses the importance of backing up critical documents and being aware of disaster relief programs while remaining vigilant against potential scams that often arise in the aftermath of such events. This emergency episode aims to equip listeners with practical strategies to safeguard their finances and assist their communities during challenging times. Takeaways: It's essential to review your insurance policies, especially for flood and wind coverage. Keep some cash on hand for emergencies when power outages disrupt electronic payments. Establish an emergency fund with three to six months' worth of accessible savings. Digitally back up important documents like insurance policies and estate planning papers. Be aware of post-disaster scams and verify the legitimacy of relief offers. HELO others in your community during disasters, as support is crucial. Links referenced in this episode:www.weeklywealthpodcast.com

Schedule a Chat (weeklywealthpodcast.com)Email your questions to [email protected] This week's episode talks about a neglected risk management tool... DISABILITY INSURANCE.It the core, disability insurance protects your paycheck and can allow you to be able to continue paying your bills when/if you are unable to work and get paid.

Email [email protected] with any questions.Download the e-book ENDGAME at www.weeklywealthpodcast.com/endgameCLICK HERE to set your time to speak with David If you are in SC, NC, or GA and have any property and casualty insurance questions, email [email protected] this episode of the Weekly Wealth Podcast, David Chudyk dives into the rising costs of home and auto insurance rates.Many people are shocked by the steep increases in their insurance bills and points out how important, yet often overlooked, financial planning tools like property and casualty insurance are. The episode aims to break down the complexities behind these rate hikes and offers insights into the factors driving up insurance costs.THE REAL NUMBERSDavid also shares his personal experience with rising insurance rates, noting that since 2021, his home insurance premiums have surged by over 40% without any claims, while his auto insurance has risen by 74.6%. THE INDUSTRYHe then provides a detailed explanation of how property and casualty insurance works, touching on the industry's financial losses, including a $14 billion underwriting loss by State Farm in 2023. ACTION ITEMSFor your auto insurance make sure to:Keep a clean driving record. Speeding tickets are almost 100% preventable.Do not EVER let your insurance lapse.If your company offers a usage-based rating system, consider using it.Work with a good local independent agency who can shop your policies, if needed.For your home insurance:Make sure that you are keeping your home in good repair.Avoid hazards (debris in front yard, unfenced pools, etc)Work with a good local independent agency who can shop your policies, if needed.

In this episode of the Weekly Wealth Podcast, host David explores the impact of financial habits, behaviors, and philosophies on our lives. He encourages listeners to reflect on key questions such as "What does money mean to you?" and "What financial lessons do you want to pass on to your children or grandchildren?" David discusses various perspectives on money, including its role in providing security, freedom, and power, as well as the importance of teaching positive financial habits like budgeting, saving, and financial literacy to the next generation. He also emphasizes the need to confront negative money behaviors, such as living beyond one's means and impulse spending, and their potential effects on family life.David dives into the significance of money in relationships, particularly marriage, highlighting how financial stability can reduce stress and strengthen teamwork through shared goals. He also touches on the business owner's perspective, encouraging entrepreneurs to view their businesses as tools for improving their lives and those of their loved ones. Finally, David addresses the sensitive topic of end-of-life planning, stressing the importance of having clear directives regarding financial distribution, advanced medical care, and funeral preferences to ease the burden on loved ones.Here are somethings to think about:How do your financial habits and behaviors impact your life and relationships?What does money mean to you personally—security, freedom, or something else?What financial lessons do you believe are important to pass on to future generations?How can parents teach children about budgeting and financial responsibility?How does financial stability contribute to a healthy marriage or relationship?What role should shared financial goals play in building teamwork between spouses or partners?Email questions do [email protected] your appointment at www.calendly.com/davidpfDownload ENDGAME www.weeklywealthpodcast.com/endgame

In this episode of the Weekly Wealth podcast, the focus is on understanding the Solo 401(k) plan, a valuable tool for entrepreneurs and business owners. Host David introduces a new monthly segment called "Ask the Professor," where he and his guest, Justin Chastain, will dive deeply into various financial products and concepts. Justin, who is also a financial advisor and educator, discusses the Solo 401(k) plan, highlighting its unique benefits for those who are self-employed or own a small business with no employees other than themselves. The Solo 401(k) allows for significant tax-deferred contributions and offers flexibility in investment choices, making it an attractive option for individuals with substantial cash flow.The conversation covers key aspects of the Solo 401(k), including contribution limits, which mirror those of traditional 401(k) plans but allow for higher maximum contributions, especially if you’re over 50. Justin explains that this plan is ideal for business owners who have higher income levels and seek to maximize their retirement savings. Additionally, the Solo 401(k) offers various investment options and potentially lower fees compared to traditional 401(k) plans, though it does require careful management to avoid complications, especially as the account grows. The episode wraps up with advice for business owners on how to evaluate whether a Solo 401(k) is the right choice for them and how they can get in touch with Justin for further guidance.Email [email protected] or [email protected] ENDGAME at www.weeklywealthpodcast.com/endgame

In this episode of the Weekly Wealth Podcast, Certified Financial Planner(tm) David Chudyk discusses the psychology behind financial decision-making, focusing on whether individuals are more motivated by the fear of losing or the desire to win. David explores how these motivations can impact financial behavior, while emphasizing the importance of understanding your own mindset when setting and achieving financial goals. He also highlights the role of positive reinforcement, like the dopamine release from winning, in encouraging good financial habits and building confidence. David encourages listeners to reflect on their own motivations and consider how they influence their financial decisions.David also delves into common financial goals for individuals and business owners, such as paying off debt, saving for major purchases, and planning for business exits. He emphasizes the importance of breaking goals into smaller steps, seeking accountability, and visualizing success to stay motivated. By understanding the psychological drivers behind financial decisions, listeners can better align their actions with their goals and ultimately achieve greater financial success.Here are some questions to consider:How does mindset influence financial decisions?What impact does dopamine from winning have on financial behavior?What strategies help maintain motivation for YOUR financial goals?Email [email protected] Visit www.weeklywealthpodcast.com for all previous episodes.CLICK HERE to download ENDGAME.

In this episode of the Weekly Wealth Podcast, David Chudyk delves into the psychology behind financial motivation. He begins by asking listeners whether they are more driven by the fear of losing or the desire to win, relating this to financial goals versus financial fears. Drawing parallels with sports legends like Michael Jordan and Serena Williams, David explores how different motivations can influence our financial decisions. He discusses the importance of recognizing these motivations in managing money and achieving financial success.David also provides practical advice for addressing common financial fears. He emphasizes the importance of having a solid spending plan, maintaining buffer assets like cash equivalents, and considering annuities for guaranteed income in retirement. Additionally, he covers the significance of life and disability insurance for young families, ensuring financial security in case of unexpected events. David wraps up by discussing investment fears, advocating for diversification, holding bonds, and exploring alternative asset classes to mitigate risks in the stock market.Here's something to think about:How does David suggest listeners can support the Weekly Wealth podcast?What does David believe is the impact of how we handle our money?What type of clients does David focus on in his wealth management practice?What common fear among retirees or pre-retirees does David discuss in the podcast?What are two strategies David mentions to prevent running out of money in retirement?Why does David think having a buffer asset is important?Email [email protected] www.weeklywealthpodcast.comDownload ENDGAME at www.weeklywealthpodast.com/endgame

In this episode of the Weekly Wealth podcast, certified financial planner David addresses the currentstock market volatility and its impact on investors. He discusses the recent significant downturns in majorindices, including the Dow Jones, Nasdaq, and S&P 500, emphasizing the importance of assessingpersonal risk tolerance and time horizons when managing investment portfolios. David highlights theconcept of a "buffer asset"—maintaining adequate cash reserves to weather market downturns andprovide peace of mind. He also explores the potential benefits of annuities for guaranteed income andnon-stock market investments like private equity, which can offer diversification away from traditionalmarket fluctuations.The episode delves into actionable strategies for navigating financial stress during turbulent times. Davidencourages listeners to focus on controllable aspects of their financial lives, such as reviewing insurancecoverage and managing budgets. He discusses tax loss harvesting and Roth conversions as ways tooptimize tax liabilities during market declines. Additionally, he advises being mindful of spending habits,particularly for those nearing or in retirement, to avoid locking in losses during downturns. For furtherguidance, David invites listeners to reach out via email or schedule a complimentary consultation toaddress their concerns and financial goals.Here's something to think about:How much risk am I comfortable taking with my investments?Do I have enough cash reserves to cover at least a year’s worth of living expenses?Have I considered tax loss harvesting to offset capital gains?Would a Roth conversion be beneficial given my current IRA balance?How often do I review and adjust my financial and investment strategies?CLICK HERE to view Parallel Financial 20 Minute Market Update videos.David Chudyk can always be reached via email [email protected] or you can schedule your meeting by visiting www.calendly.com/davidpf

Let's talk about what our children should be learning about MONEY and success in school and at home.Our decisions compound for us (or against us) every day. Small decisions and actions play a large role in determining our long term successes.Financial literacy.We are all paid based on how easy it is to replace us.We must consider earning potential when deciding on our career and education paths.Settling for mediocrity will result in mediocre results.Don't forget to contact David Chudyk with any of your questions by emailing [email protected] Download ENDGAME at www.weeklywealthpodcast.com/endgamewww.allofmyassets.comwww.calendly.com/davidpf

David, a seasoned certified financial planner at Parallel Financial, and Anna, an associate financial advisor, engage in a dynamic dialogue about their professional ethos and the pivotal role of client relationships in their practice. David eloquently articulates Parallel Financial's commitment to personalized financial strategies tailored to diverse client needs, ranging from business owners to retirees. He emphasizes the importance of listening attentively to clients' aspirations and concerns, steering away from one-size-fits-all approaches in favor of bespoke financial solutions that foster long-term financial security and peace of mind.Anna, drawing on her background in linguistic and cultural understanding, draws a compelling parallel between her proficiency in translating languages and her role in demystifying financial complexities for clients. She underscores the transformative impact of clear communication and empathy in building trust and facilitating informed financial decisions. Together, their insights underscore a holistic approach to financial advising that marries technical expertise with genuine client care, positioning Parallel Financial as a beacon of integrity and excellence in the realm of wealth management.Reach out to Anna Wolford by emailing [email protected] or call 864 385-7999David Chudyk can be reached via email [email protected] your appointment with David at www.calendly.com/davidpfDownload the free ebook, ENDGAME at www.weeklywealthpodcast.com/endgameAs always, thank you so much for your support and make sure to share this podcast with your friends.

In this episode of the Weekly Wealth podcast, host David Chudyk, a certified financial planner with Parallel Financial, engages in an insightful discussion with his colleague, Justin Chastain. They delve into the essence of comprehensive financial planning, emphasizing that it's more than just numbers and investments. Justin shares his journey of becoming a CFP, highlighting the importance of investing in self-worth to better serve clients. They also discuss the multifaceted nature of financial planning, which includes cash flow management, risk assessment, estate planning, and more. Justin illustrates the significance of understanding a client's unique financial situation and mindset, rather than offering one-size-fits-all advice.David and Justin also address common reasons why people avoid working with financial planners, such as guilt or anxiety about their financial past or future. They emphasize the importance of empathy and understanding in financial planning, aiming to align financial strategies with clients' values and life goals. Through personal anecdotes and professional insights, they illustrate how a well-structured financial plan can provide peace of mind and help individuals live better lives. David concludes by reiterating that true wealth is achieved when money positively impacts one's life and the lives of loved ones, urging listeners to see financial planning as a holistic approach rather than just a numbers game.Here's something to think about:What is comprehensive financial planning?Why is understanding your financial mindset important?Which financial planning areas are crucial for you?How does empathy from a financial planner help?How can a financial plan improve your peace of mind?Are your financial strategies aligned with your values?Make sure to Email [email protected] or you can reach him via telephone at 864 385-7999David Chudyk can be reached at [email protected] or you can schedule your time with him at www.calendly.com/davidpfDownload your copy of the free ebook "Inside the mind of an acquirer" by visitting www.weeklywealthpodcast.com/insidethemind

Take the VALUEBUILDER SCORE www.weeklywealthpodcast.com/valuebuilderscoreEmail [email protected] with your questions. Schedule your time to meet with David www.calendly.com/davidpf In this episode of the Weekly Wealth Podcast, host David, a certified financial planner, emphasizes the importance of business owners not neglecting their business as a major asset. He discusses how business owners often focus on increasing the value of their IRAs and brokerage accounts but overlook strategies to enhance the value of their business. David highlights three of the eight key drivers of company value: reducing the owner's direct involvement (hub and spoke), building recurring revenue, and maximizing growth potential. These strategies can help business owners sell their companies for higher multiples or make their business operations more profitable and less stressful.David introduces the Value Builder System, which he uses to help business owners assess and increase their company's value. He encourages listeners to take the Value Builder Score assessment, a tool that provides an evaluation of a business from a buyer's perspective, including scores on the eight key drivers of value. This episode provides practical advice for business owners looking to increase the profitability and sellability of their businesses, ultimately helping them achieve a better financial future.Here's something to think about:Why should business owners view their business as a significant asset?What is the 'hub and spoke' factor, and how can business owners avoid becoming too essential to their business?How does recurring revenue benefit a business compared to one-time sales?Why is growth potential important for a business's valuation?How can business owners assess and improve the value of their business?What is the Value Builder Score, and how can it help business owners?

Financial Independence – What It Means and How to Achieve It.In this episode of the Weekly Wealth Podcast, Certified Financial Planner David discusses financial independence, tying it to the spirit of Independence Day. Recorded during the week of July 4th, 2024, David explores strategies and common pitfalls that can either aid or hinder one's journey towards true financial freedom, especially for high net worth and mass affluent listeners. David begins by defining financial independence as the ability to live the life you want without being constrained by financial limitations. He emphasizes the importance of reducing stress and having control over your finances to enhance overall life quality.Financial stress can negatively impact mental and physical health. David discusses the benefits of financial freedom, such as more options, the ability to pursue passions, start a business, retire early, and better overall health. Practical steps to achieve financial freedom include ensuring your income exceeds your expenses, increasing income streams, managing expenses, and planning for the long-term by reducing debt and building an emergency fund.Here are points to consider:How would reducing financial stress improve your overall well-being?What additional income streams can you explore to boost your financial independence?How much should you have in an emergency fund to feel secure?How can better financial management help you pursue your passions and hobbies?What changes can you make today to improve your financial freedom and independence?For questions, email [email protected] Book at time to speak with David at www.calendly.com/davidpf

CHOOSE YOUR HARDWith regards to your money and other important areas in life, it is important to make the hard decisions now and do the hard things now. There is a good chance, that by doing the hard things now, your life will be better in the future. What are some of the HARD decisions that you need to make today? What are some of the HARD things that you need to do today? In what ways is your life HARD now, but you know it would have been easier if you had done some HARD things in the past.PARENTS, YOUR CEILING IS YOUR CHILDREN'S FLOORAs parents, our actions, our choices, and our lifestyles have generational effects on our children and our children's children. When our children see us succeeding, they will expect to succeed in their own lives. When they see us making sacrifices for the future, they will expect to do the same and reap the same rewards. As parents, we should be doing our best to prepare our children for prosperous and successful lives.WHAT YOU SHOULD DO ABOUT NVDAAs with the decision to buy or hold any stock, it is important to remove emotions from the equation. When deciding if you should hold NVDA, make sure to define your own objectives, determine if the stock is within your risk tolerance, ensure that your overall portfolio has adequate diversification, use proper analysis of the stock, AND consider hiring a professional to help with decisions like these.As always, email [email protected] with any questions and visit www.calendly.com/davidpf to schedule your appointment.

What key factors and resources are important for planning long-term elder care?In this episode, the discussion between David and Linda, an experienced elder care advisor specializing in helping families navigate the complexities of senior living. She offers personalized guidance in finding suitable independent, assisted, and memory care communities, ensuring the best fit based on clients' needs and budgets. Her services are typically free, as fees are covered by the communities, she focuses on the complexities of long-term elder care. Linda highlights the significant burden on caregivers, pointing out that those spending over 20 hours a week in caregiving often face mental, emotional, and physical exhaustion. Alarmingly, 70% of caregivers for those with cognitive decline pass away before the patient, emphasizing the need for proper planning and resources.David emphasizes the financial aspect, explaining that adequate planning provides options for quality care, whether staying at home or moving to an assisted living facility. Linda, an elder care advisor, compares her role to a realtor for senior communities, assisting clients in finding suitable living arrangements based on their needs and budget. Importantly, her services are usually free to clients, as communities cover her fees. Linda can also provide guidance and referrals nationwide, ensuring clients make informed decisions. The conversation underscores the importance of addressing long-term care proactively to ensure safety, health, and financial stability.Here are somethings to think about:How can caregivers manage their own well-being while caring for someone with cognitive decline?What financial strategies ensure long-term care needs are met without sacrificing other financial goals?How can families prepare emotionally and practically for transitioning to assisted living or memory care?What are essential criteria when choosing a senior living community?Where can caregivers find support and respite services to prevent burnout?LINDA CALE can be reached [email protected] or via her office phone at 864 673-8293.Make sure to visit Senior Care Greenville, SC | Senior Care AuthorityAs always, contact David Chudyk via email [email protected] your time to meet with David at www.calendly.com/davidpfDON'T FORGET TO SHARE THIS EPISODE WITH YOUR FRIENDS!

1.Diversification - We all know that it is important to spread our risk among many holdings, asset classes, income sources, etc.2.Use a disciplined process to “buy low/sell high”.3.Understand that not all of your holdings will be winners.4.Take distributions from a “BUFFER ASSET” when markets are down.  This will give time for your account to fully or partially recover losses.5.Hedging Strategies - (DIY for these is not recommended).  Options, futures, etc.6.Avoid Panic Selling - there are times when panic selling can “lock” in a loss.7.Avoid “performance chasing” - a stock that has been increasing might not continue to increase.8.Dollar Cost Averaging can help to reduce average share price over the long term.  This is applicable during the growth phase of an account.9.Private market investments often do not have returns that are correlated to the general stock markets.  There are net worth/income requirements.10.Periodically rebalance your portfolio(s) to ensure that your allocation percentages are still appropriate.11. Dividend paying stocks - if a company pays a dividend, potential portfolio losses can be offset by the dividends.12.Use a “rules based” philosophy - know what you own and why you own it.13. Electing for guaranteed streams of income (with regards to pensions and annuities) can allow you to take more risk with other investments.14.Some Annuities are designed to have a floor of ZERO, even when the markets are negative.  These get complicated but COULD be a fit for part of your portfolio.15.In many cases, we hire experts in our lives.  Consider working with a financial professional, especially when you get into the distribution phase of your financial life.Email [email protected] Get your copy of the book ENDGAME www.weeklywealthpodcast.com/endgameSchedule your time to speak with david www.weeklywealthpodcast.com/davidpf

How Can High Income Individuals Optimize Their Taxes?In this episode of The Weekly World podcast, host David welcomes Ralph Estep, a financial professional and fellow podcaster, to discuss strategies for optimizing taxes, particularly for high-income individuals. Ralph shares twelve insightful tax tips, ranging from maximizing retirement account contributions to employing children in your business.Ralph emphasizes the importance of being intentional with financial decisions, stressing the need to surround oneself with a "dream team" of professionals including attorneys, accountants, and financial advisors. He highlights the value of tax planning throughout the year, rather than just focusing on tax preparation during tax season.Host David underscores the significance of purposeful action in various aspects of life, drawing parallels between intentional decision-making in health, relationships, and finances. Together, they explore how implementing these tax strategies can lead to noticeable savings and better financial outcomes.Questions to Ponder:How intentional are you with your financial decisions?Have you considered employing tax-efficient investment strategies?Do you have a "dream team" of financial professionals to guide you?What steps can you take to optimize your taxes and financial well-being?TO CONNECT WITH RALPH ESTEP, visit https://www.askralphpodcast.com David Chudyk is always available for questions via [email protected] Download your free copy of the E-BOOK Endgame https://www.weeklywealthpodcast.com/endgame

Strongly Held Opinion #1: You Must DecideDuration: 00:00:22 - 00:02:52David Chudyk emphasizes the importance of making the choice to be financially successful.Key point: "Income minus expenses must be greater than zero."He stresses the necessity of consistently spending less than what is earned.Examples are given to illustrate how increased income and reduced expenses contribute to financial success.Opinion # 2: You Must KnowDavid Chudyk discusses the significance of being aware of one's financial situation.Questions are posed to prompt reflection on financial knowledge and preparedness.Topics include tracking expenses, understanding interest rates, and planning for major life events.Opinion # 3: If you can't afford the loss, you might want to insure the risk.Duration: 00:04:38 - 00:05:48David Chudyk advocates for insurance as a means to mitigate financial risks.Various scenarios, such as loss of income or property damage, are highlighted.Recommendations are made regarding life insurance, home insurance, disability insurance, and liability coverage.Opinion # 4: Needs vs. WantsDuration: 00:06:38 - 00:07:52David Chudyk discusses the importance of distinguishing between needs and wants based on individual financial realities.Essential needs like housing and education are contrasted with discretionary wants.The audience is encouraged to align spending decisions with their current financial situations.Opinion # 5: Small mistakes/decisions compound over time Duration: 00:08:23 - 00:09:39David Chudyk emphasizes how small, repetitive financial mistakes can accumulate over time.The concept of opportunity cost is introduced to illustrate the potential long-term effects of spending habits.Examples are provided to demonstrate the value of prudent financial decisions and investments.Opinion # 6: We all need accountabilityDuration: 00:10:04 - 00:11:42David Chudyk highlights the importance of accountability in achieving financial goals.He encourages listeners to seek support from friends, family, or professionals to stay on track.The role of accountability in personal development and financial success is emphasized.Opinion # 7: Money as a Tool for Positive ImpactDuration: 00:12:03 - 00:13:39Chudyk discusses the neutral nature of money and the importance of responsible money management.He encourages listeners to use their financial resources in ways that align with their values and contribute to personal fulfillment.Examples of positive financial decisions are provided, emphasizing the potential for beneficial outcomes beyond individual wealth accumulation.Opinion # 8: Don't do what poor people do.Duration: 00:13:58 - 00:15:14Chudyk advises against emulating the financial habits of those facing financial struggles.Key traits of financially successful individuals are highlighted, including living within means, continuous self-improvement, and responsible debt management.Listeners are encouraged to assess their own financial behaviors and consider steps towards greater financial stability.Don't forget to email [email protected] with any questions Visit <a...

Amber Reynolds of Five Pineapples Consulting (www.fivepineapplesconsulting.com) discusses how business owners can increase their wealth by:Providing a world class customer service experience and discussed the difference between customer service and customer experience.Scaling their businesses.Identifying their super powers.Reach out to Amber at Facebook or on instagram @amberreynolds.meEmail David Chudyk at [email protected] Download the book ENDGAME by visiting www.weeklywealthpodcast.com/endgame

Can money buy happiness?Can you name a problem, where money doesn't make the problem a bit smaller or less severe?In this episode, we discuss some areas where money can make a problem... a bit less of a problem. What do you think? Are these accurate? email [email protected] with your thoughts.Schedule your call with David Chudyk by clicking www.calendly.com/davidpf

Most people think that financial advisors simply help their clients to invest money. While that is a big part of the financial planning process, good financial advisors do much more. Some of the secret roles of your financial advisors are:Asking the right questions.Helping YOU to achieve your goals.Nudging your behaviors, if they are not aligning with your goals.Don't forget to email [email protected] with any questions.

In this episode, financial advisors, David Chudyk and Peyton Hoppes talk about financial planning issues and considerations that are important to:W2 (employee) medical professionals. These include any medical professionals that are employed by an organization and do not have ownership in the entity.Medical professionals who have full or partial ownership in a practice. This includes physicians, chiropractors, physical therapists, etc.Please visit www.promedwealth.com and CLICK HERE to subscribe to the PRO MED WEALTH youtube channel. Peyton Hoppes can also be reached via email [email protected] you have ever thought about selling your business and want to begin the planning process, visit www.weeklywealthpodcast.com/endgame Make sure to set your time to speak with David Chudyk by visiting www.calendly.com/davidpf

Insurance is not the sexiest area but it is one of the most overlooked and important areas.In this episode we discuss:Life insurance mistakes that are VERY PREVENTABLE but can have a high cost.Car insurance mistakes to avoid.Some common errors that business owners make with their risk management.You can reach David Chudyk via email [email protected] To book a time to speak with David, visit www.weeklywealthpodcast.com/schedule-a-chatAs a business owner, you're familiar with the challenges and complexities that come with steering your company day-to-day. But have you considered the transformative power of picturing your endgame?&nbsp;&nbsp;Download the book, ENDGAME by clicking on www.weeklywealthpodcast.com/endgame

In this episode, let's talk about money considerations in second marriages. Some topics to discuss are:How will expenses be divided?How will debt be divided?The importance of financial transparency.Estate planning issues that arise with second marriages.Will (or to what extent) will finances be combined?As always, email [email protected] with any questions or click www.calendly.com/davidpf to set at time to speak with David Chudyk.

A common misconception is that a Financial Advisor's job is only to invest his/her clients' money in a way that will get them the highest return possible. While investment management is important, it is only a part of the financial planning process.Another important job of a financial advisor is to help clients to identify risks and to take steps to mitigate the effects of the risks.In this episode, we talk about the CRUCIAL question that you should be asking yourself:"What are two are three things that if they happed (or maybe didn't happen) would cripple you financially?"Email [email protected] with your thoughts and questions.CLICK HERE to schedule your time with David ChudykDOWNLOAD your COPY of ENDGAME by CLICKING HERE.

Have you ever wondered why you have an abundance of resources, both financial and otherwise, yet there are so many others that are struggling? Have you ever wondered why you might have a nice car, yet others in your community are walking?&nbsp; Have you ever wondered why you are not lacking in any material things, yet there arethose in your community and in the world that are hungry everyday?When it comes to luxuries and giving, it's about finding joy in what we have and making choices that align with our values. Instead of a strict budget ratio, let's think about intentionality. Before indulging, ask yourself, "Will this truly add value to my life?" and "could the resources that I am spending on this luxury be a part of the greater good?”&nbsp; Also, a good rule of thumb to follow is to give first.&nbsp; If you give first, then use your money to plan and prepare for the future, most of us then feel much betterabout indulging in luxuries.&nbsp; Another valuable exercise is to practice purposeful thankfulness.&nbsp; When are acknowledge the blessings and gifts in our lives, it sometimes creates more generosity in our hearts, it sometimes reduces or eliminates a desire to indulge in luxuries, or it can even give us a the peace to know that it is ok in that point of our lives.If you have any financial questions, email [email protected] or simply visit www.weeklywealthpodcast.com/schedule-a-chat

David Chudyk and Justin Sykes discuss non-traditional uses of life insurance. The most common use for life insurance (and a very important use) is for DEATH benefit protection. This provides a cash death benefit to a beneficiary when an insured dies. The death benefit is then, typically, used to pay family expenses.Other uses for life insurance are:Cash Value accumulation.Long term care/critical illness protection.Funding of BUY/SELL agreements.Providing revenue to a company if a key person passes away.To discuss how any of these concepts might fit into your financial situation, email [email protected] OR go to Schedule a Chat (weeklywealthpodcast.com)To get your Value Builder Score, visit www.weeklywealthpodcast.com/valuebuilderscore

Author and long time Money Coach, Mikelann Valterra discussed:Money has the power in our lives to give us better lives.The Money FOG stems from our experiences as children.... our childhoods shaped our beliefs about money.Our money beliefs can create forms of financial self sabatoge.Money Guilt.To purchase Mikelann's book, visit Amazon.com: Rise Above the Money Fog: The Key to Confidence, Clarity, and Control Over Your Life: 9780979459795: Valterra, Mikelann: BooksTo learn more about Mikelann or to connect with her, visit her imformative website www.seatlemoneycoach.com To book your appointment with David Chudyk, CFP(r) visit www.weeklywealthpodcast.com/schedule-a-chatIf you are a business owner, get your VALUE BUILDER SCORE by visiting www.weeklywealthpodcast.com/value-builder-scoreEmail [email protected] with any questions.

In this episode we discuss the important topics of credit scores and debt.Firstly we explained:The basics of what a credit score is.The basics of how to improve your credit score.The basics of why your credit score has such a huge impact on many areas of your financial life.Then we jumped into:If you believe that "all debt is bad debt" and are striving to eliminate all of your debt, it might not make the most mathmatical sense, but it is much better than overleveraging.Do not borrow the most amount of money for your mortgage than a bank will lend to you.Do not borrow the most amount of money for your vehicle(s) that a bank will lend to you.Think long and hard before borrowing money to pay for a degree.Mindless debt accumulation can happen very easily. Guard against it.Email [email protected] with any questions. Visit www.weeklywealthpodcast.com/contact to schedule your time to meet with David Chudyk.if you are a business owner, get your VALUEBUILDER SCORE by visiting www.weeklywealthpodcast.com/valuebuilderscore

In this episode we discuss the origins and purposes of the show.Email [email protected] with any questions.Visit www.weeklywealthpodcast.com/contact to set your appointment timego to www.weeklywealthpodcast.com/valuebuilderscore to learn how to increase the value of your business.

Scott Royal Smith is an educator, investor, and attorney who helps business owners to protect their assets.We discuss:Ways to protect your company from lawsuits.Being the CEO of your own WEALTH company.Protecting yourself from creditors.Visit Royal Legal Solutions to learn more about Scott and his company.David Chudyk can always be reached for question via email [email protected] CLICK HERE to download The 8 Drivers of Business Value. CLICK HERE to take the VALUE BUILDER ASSESSMENT.Schedule time to speak with David by visiting www.calendly.com/davidpf

Licensed Family Therapist, Thomas Castro talks about:Eliminating the need for our partners to act differently in order for us to be happy.In order for us to HAVE different relationships we need to DO different things.How improve the influence in our relationships by framing things differently.increasing the touch factor.Learn more about Thomas Castro by visiting theshinecampus.comDavid Chudyk, Certified Financial Planner(tm) can be reached by emailing [email protected] For the business owners...Take the Valuebuilder assessment at www.weeklywealthpodcast.com/valuebuilderscoreDownload "The 8 Drivers of Business Value" EBOOKwww.weeklywealthpodcast.com/drivers

If you are at the point in your career where considering the exit of your business, these are some factors that should be considered:Ask yourself if you are ready to sell the business.Know what your business is worth.Prepare financial records and reports.Understand market conditions.Explore legal and tax implications.Consider what will happen to your team if you sell.Get your VALUEBUILDER SCORE:www.weeklywealthpodcast.com/valuebuilderscoreTake the PRE (personal readiness to exit) questionnaire:www.weeklywealthpodcast.com/prescoreemail [email protected] with any questionsTo learn more about COLLINS CHILDREN'S HOME, please visit www.collinschildrenshome.org and check out their AMAZON WISH LIST!

The Silent Generation (Born 1928-1945)Concerns and Challenges:Healthcare Costs: Rising medical expenses and long-term care costs.Income Security: Limited earning potential due to retirement.Inflation: Impact on fixed incomes, especially with pensions and savings.Estate Planning: Managing wills, trusts, and legacy concerns.Advantages:Homeownership: Many own their homes outright.Savings: Tend to have savings and investments from a lifetime of work.Social Security Benefits: More robust and reliable for this generation.Traditional Values: Strong saving habits and aversion to debt.Baby Boomers (Born 1946-1964)Concerns and Challenges:Retirement Readiness: Many are underprepared for retirement.Healthcare and Longevity: Managing healthcare costs with increased life expectancy.Supporting Adult Children: Financial strain from helping adult children.Market Volatility: Impact on retirement savings and investments.Advantages:Home Equity: Significant equity in real estate.Retirement Accounts: Benefited from employer-sponsored retirement plans.Wealth Accumulation: Generally, this generation has accumulated wealth.Work Experience: Valuable professional experience and networks.Generation X (Born 1965-1980)Concerns and Challenges:Sandwich Generation Stress: Balancing support for aging parents and own children.Retirement Savings Shortfall: Less time to save for retirement compared to Boomers.Job Market Instability: Affected by economic downturns and restructuring.Housing Market Fluctuations: Impacted by highs and lows in real estate.Advantages:Peak Earning Years: Generally in a high-earning phase of their careers.Technological Adaptability: Comfortable with digital and traditional platforms.Diverse Investment Opportunities: Access to a variety of investment tools.Homeownership: Majority are homeowners, building equity.Millennials (Born 1981-1996)Concerns and Challenges:Student Loan Debt: Burdened with high levels of educational debt.Housing Affordability: Challenges in affording and buying homes.Job Market and Career Growth: Navigating a changing job landscape.Retirement Planning Uncertainty: Concerns about the future of social security and pensions.Advantages:Tech-Savvy: Proficient with technology and digital finance tools.Higher Education: Tend to be the most educated generation.Adaptable: Flexible and adaptable to changing job markets.Social and Environmental Consciousness: Value-driven investing.Generation Z (Born 1997-2012)Concerns and Challenges:Economic Uncertainty: Entering workforce in a volatile economy.Education Costs: Concerns about affording higher education without accruing massive debt.Job Market Readiness: Preparing for jobs in a highly digital and competitive market.Global Issues: Concerned about how global challenges (like climate change) will impact their future.Advantages:Digital Natives: Extremely comfortable with digital and emerging technologies.Early Financial Awareness: More aware of financial planning and investing at a younger age.Entrepreneurial Spirit: More likely to start businesses or engage in side hustles.Socially Responsible Investing: Keen interest in sustainable and ethical investments.#millenial #genz #genx #boomerEmail [email protected] with any questions.Visit <a...

Former financial advisor, April Roberts talks about how FIXED mindsets can either help or hurt us in our journeys to success.Make sure to learn more about April via:www.vixengathering.com/link-tree Listen to THE VIXEN VOICE PODCAST www.vixengathering.com/podcast David Chudyk can be reached via email:[email protected] Don't forget to visit www.weeklywealthpodcast.com CLICK HERE to download your FREE copy of The EIGHT KEY DRIVERS OF COMPANY VALUE

Charitable consultant for The American Heart Association, John Cullum, CFP(r) discusses:Why some people are charitable and others are not.Why it feels good to give.Different giving styles for different generations.What are some tax efficient ways to give money.For all of your money questions, email [email protected] Don't forget to CLICK HERE TO WATCH THE YOUTUBE VERSION OF THIS WEBINAR

Welcome to the first Weekly Wealth Webinar, where we dive into the world of wellness with our Wednesday Wellness Webinar. In this unique session, host David Chudyk is joined by Steve Pumphrey, a certified personal trainer, to explore fitness and diet issues and provide helpful tips for post-holiday weight gain. Steve offers his expertise in personalized nutrition coaching and emphasizes the importance of a balanced approach to nutrition and physical activity for overall health and wellness. From understanding portion control to debunking weight loss myths, this episode offers invaluable insights into building a healthy lifestyle in tandem with building financial wealth. What does fitness have to do with finances? Click play to find out.Today We DiscussParallels Between Personal Finance and Personal WellnessSeeking professional guidance for both healthy financial habits and a balanced dietThe Confusion Around Diet Advice and the Importance of PersonalizationThe two exercises you can do anywhere any time and they always workChallenges related to portion control and the influence of childhood habitsMentioned In This Episodehttps://www.stevepumphrey.com/Weekly Wealth Website Work With DaveSchedule a Chat Follow the Show And Never Miss an EpisodeFollow the Show Mentioned in this episode:Finances Keeping You Awake?I can help you tackle those burning finance issues that keep you awake at night. Schedule a session today, and let's see what we can do together.Weekly Wealth Website

In this episode, we discuss some of the financial concerns that some of the people that I have worked with and spoken with this year. They include:Am I saving enough money?Am I saving too much money?What can I do about my tax situation?How do I offer the right employee benefits to my team?Are my real estate holdings generating the returns that they should be generating?What are some good charities that I can support and how can I support them in the most efficient manners?I just don't feel that I am financially savvy, what can I do about this?My spouse handled a lot of this, now he/she has passed away, how do I now handle my finances?What will happen if I die?Can I sell my business? What is my business worth? How can I make it worth more?Please go to www.weeklywealthpodcast.com and click on the microphone icon and leave a short voice message about what is stressing you with regards to YOUR finances.Email [email protected] Get your ValueBuilder Score www.allofmyassets.com/value-builder-score

These are the major lessons that I learned or confirmed in 2023. What about you? What did you learn?1.&nbsp;&nbsp;&nbsp;&nbsp;Life is not always hard. 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Today’s results are from the seeds that we planted yesterday, last week, or even years ago.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Choose your hard.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surround yourself with people who can lift you up.&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are an entrepreneur or employer, make sure to take care of your team.&nbsp; Withoutthe support of your team, almost nothing would ever happen. 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life is short.. make the best of it.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Journalling can be lifechanging.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An incredible amount of our successes (or failures for that matter) occur because of what we think and tell ourselves.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We all have the same amount of time.10.&nbsp;&nbsp;Spend time each day thinking about your future.self.&nbsp; Think about the person that you want to be and ask yourself what that person does (or doesn’t do).11.&nbsp;&nbsp;Being great has a financial cost (coaching, etc).12.&nbsp;You can never know everything, but you can surround yourself with people who know what you don’t know, who are good at what you are not good at, and enjoy doing the things that you hate.13.&nbsp;&nbsp;Complaining is the refusal to pay the success tax.&nbsp; 14.&nbsp;&nbsp;Never take health for granted.15.&nbsp;&nbsp;If you are a business owner, work constantly to be a better business owner.&nbsp; Being goodat your trade is NOT the same as being good at running your business.16.&nbsp;&nbsp;Financial margin is a great thing, work towards having it.17.&nbsp;&nbsp;Money doesn’t solve all problems, but most problems are a bit smaller, if there is additional money involved.18.&nbsp;&nbsp;Speaking of problems… if we think about all of the problems that we have ever had and are REALLY honest with ourselves, many of the problems existed because we either caused (or partially caused) or didn’t prevent them.19.&nbsp;&nbsp;You don’t die if you are just a little bit hungry.20.&nbsp;&nbsp;Making HUGE strides in life/business can be easier than smaller growth because you have to change everything that you are did to get to where you are.21.&nbsp;&nbsp;If you have kids, cherish every moment that you have with them because they grow up 22.&nbsp;&nbsp;If you are married, make sure to cherish your spouse23.&nbsp;&nbsp;God is great.Don't forget to email [email protected] with your questions.

Kellie Good of Blackstone Accounting explains:The S-Corp ElectionDetails of the home office deductionThe Augusta RuleSome benefits of hiring your childrenKellie also discusses:Some changes to IRS guidelines and rules for 2024.To reach Kellie Good, visit her website at www.blackstoneaccounting.com or email her at [email protected] To set a time to speak with David, visit Schedule a Chat (weeklywealthpodcast.com)Get your VALUE BUILDER SCORE:www.allofmyassets.com/value-builder-scoreGet your FREEDOM SCORE:www.allofmyassets.com/freedomscore

Rule # 1: NEVER LOSE MONEYRule # 2: NEVER FORGET RULE # 1We discuss how proper risk management in our lives can help us to reduce the chances of ever losing large amounts of our financial nest eggs due to losses that might have been covered by any number of types of insurance. Email [email protected] with any insurance/risk management questions. Be on the lookout for signup information for the upcoming WEDNESDAY WELLNESS WEBINARS that will be happening:Wednesday January 3rd.... Physical WellnessWednesday January 10th... Relational WellnessWednesday January 17th... PhilanthropyWednesday January 24th...Financial WellnessWe talk about it all of the time... TRUE wealth is not simply limited to accumulating money. It relates to all of the important areas of our lives.If you are a business owner, don't forget to get your Value Builder Score by going to www.allofmyassets.com/value-builder-score

With the end of the year quickly approaching, it is important to be purposeful with our finances. In this episode we discuss:tax loss harvestinghaving a Holiday spending planretirement plan contributionsreviewing tax withholdingsreviewing FSA planWe also discuss the importance of developing a personal development plan and budget. This can include books, courses, conferences, mastermind groups, etc.Finally, we unveil our exciting program for 2024... Wednesday Wellness Webinars. We will be hosting webinars that will teach the subjects of nutrition/exercise, relationships, charitable giving, and financial health.Make sure to click on the microphone icon and leave a short message with any of your financial WINS in 2023.Email [email protected] with any questions and make sure to go to Schedule a Chat (weeklywealthpodcast.com to set your appointment.

On this Thanksgiving 2023 episode of The Weekly Wealth Podcast, we talk about GRATITUDE and THANKFULNESS. Let's all commit to being Thankful all year, not just one Thursday in November.

In this episode, host David Chudyk welcomes Austin Erickson from John Hancock, Regional Vice President at John Hancock Retirement, to discuss the Secure Act 2.0. They aim to provide valuable information to help individuals and business owners make sound financial decisions.One of the main goals of the Secure Act 2.0 is to make retirement plans easier to access and set up. This applies to both business owners and their employees. The legislation aims to streamline the process of establishing retirement plans, reducing administrative burdens, and making it more convenient for individuals to participate in these plans.Full show notesSchedule a Chat with DavidSchedule a Chat Parallel FinancialParallel Financial Weekly Wealth WebsiteWeekly Wealth Website Ask Dave To SpeakAsk David To Speak Follow the ShowListen to The Weekly Wealth Podcast