In times of political change, the key to financial resilience is not panic, but preparation.

In this edition of the Market Chatter series, our host Joey Loss, along with fellow CFP® Adam Van Wie unpack the financial implications of the recent U.S. election, where Donald Trump has returned as the 47th president, bringing with him potential shifts in economic policy. They discuss the immediate market reactions and what the Republican majority in the Senate (and possible sweep) might mean for the economy. They explore possible changes in tax policy, including implications for income and estate taxes, and consider how these developments could affect your financial planning and investments.

Joey and Adam also examine the impact of tax policies on the markets, highlighting the benefits of a long-term investment strategy amidst political changes. With a focus on Trump's pro-business stance, they consider how maintaining the corporate tax rate at 21% and the Qualified Business Income deduction might influence small business owners. Additionally, they tackle the complexities of estate tax planning, particularly for high-net-worth individuals, and the potential for policy changes after 2025. Listen in as they analyze the Federal Reserve's anticipated rate cut and its effect on the market, while also shedding light on the yield curve's implications for fixed-income investments. All this and more in this edition of Market Chatter - a series of Wealth Unplugged.

Key Topics:

• Election Results and Initial Market Reactions (00:00)
• Market and Economic Impact Post-Election (03:12)
• Fixed Income Market and Economic Uncertainty (06:03)
• Tax Implications of the New Administration (11:31)
• Estate Tax Considerations (18:35)
• Final Thoughts and Future Outlook (25:34)

This podcast is brought to you by Joey Loss, CFP®, and Flow Financial, his financial planning firm for families and business owners, with specialties in business planning and equity compensation planning.

You can find show notes and transcripts of the conversations here: Flow Financial - Wealth Unplugged

Follow Joey & Flow on Social Media:

• Newsletter (Receive the Monthly Money Roadmap Each Month, written by Joey)
• Linkedin
• Instagram
• Twitter (X)

Please review the podcast disclaimer here

“[Not having adequate insurance] takes away your ability to continue building wealth as you had. It's important to make sure you have that floor, to make sure when you take a step forward, there's no step back."

Our host Joey Loss explores the critical role of insurance in protecting your financial assets with personal injury attorney Rakin Hamad of Curcio Law. Rakin walks us through the fundamentals of personal injury cases, including liability, damages, and insurance coverage. He highlights the importance of adequate insurance and explains how negligence determines liability, using real-life examples to underscore the financial repercussions of insufficient coverage.

Joey and Rakin then shift focus to maximizing your insurance coverage for asset protection, particularly auto insurance. Learn about the necessity of bodily injury and uninsured/underinsured motorist coverage. Discover how matching your uninsured motorist coverage with your bodily injury coverage can shield you from significant financial loss. They also touch on the benefits of umbrella coverage for those with substantial assets, offering broader liability protection.

Joey and Rakin emphasize the importance of liability insurance coverage for both businesses and individuals. Through compelling case studies, they illustrate how the presence or absence of insurance can drastically impact financial outcomes. Understand the essentials of personal liability coverage within homeowner's and renter's insurance, and learn how to navigate rising premiums and ensure adequate protection. With insights into medical benefits coverage and bodily injury limits, they provide practical advice on safeguarding your financial future against unexpected liabilities. Listen in for a comprehensive guide to protecting your wealth through strategic insurance planning.

Key Topics:

• Understanding Personal Liability and Insurance Coverage (00:00)
• The Importance of Insurance Coverage (03:54)
• Vicarious Liability and Business Owners (05:07)
• The Role of Uninsured Motorist Coverage (08:27)
• The Benefits of Umbrella Coverage (18:07)
• Stories Illustrating the Importance of Insurance (35:58)
• The Role of Financial Planners in Insurance Planning (36:16)
• The Impact of Insurance on Financial Planning (36:32)
• Additional Insurance Coverages and Their Benefits (36:44)
• Wrap-Up and Final Thoughts (40:04)

Resources:

• Curcio Law

This podcast is brought to you by Joey Loss, CFP®, and Flow Financial, his financial planning firm for families and business owners, with specialties in business planning and equity compensation planning.

You can find show notes and transcripts of the conversations here: Flow Financial - Wealth Unplugged

Follow Joey & Flow on Social Media:

• Newsletter (Receive the Monthly Money Roadmap Each Month, written by Joey)
• Linkedin
• Instagram
• Twitter (X)

Please review the podcast disclaimer here

"It’s almost like you lock in the emotion that you felt at the bottom of the market when you sell at that moment, like you just can’t get past it."

Can the Federal Reserve's rate cuts reshape the real estate market and your investments? Join our host Joey Loss for another exciting episode with Adam Van Wie, who returns, this time, for a brand-new monthly segment called Market Chatter. They’re dissecting the Federal Reserve's impending decision on rate cuts and their profound implications on the economy, inflation, and especially the real estate sector.

Joey and Adam take a closer look at the current market landscape, which is in a state of neutrality with a balanced breadth. Hear how previously underperforming sectors are starting to gain traction, a positive sign for diversified portfolios. They also break down the importance of understanding systematic and unsystematic risks and how a wider market breadth can mitigate these risks. Comparing this year's performance to last year's, they uncover trends that could provide guidance for your investment strategies in the months ahead.

Finally, Joey and Adam tackle the emotional rollercoaster of market timing and the influence of media hype on market reactions. Through personal stories and historical insights, they shed light on the pitfalls of trying to predict market movements and the value of a disciplined, long-term strategy. They analyze a recent overblown market reaction dubbed "Black Monday 2.0" and discuss how to stay grounded amidst sensational headlines. Wrapping up, they emphasize the resilience of markets over the past five years and the importance of a buy-and-hold strategy and diversification in navigating market volatility. Tune in to gain valuable insights and equip yourself to confidently navigate the ever-changing financial landscape.

Key Topics:

• Fed Rate Cut and Economic Data (00:00)
• Loose Money Policy vs Tight Money Policy (03:07)
• Impact of Rate Cuts on Investments (07:49)
• Market Performance and Broadening Breadth (11:02)
• Systematic vs. Unsystematic Risk (14:10)
• Market Timing and Long-Term Investing (16:51)
• Recent Market Volatility and Media Sensationalism (23:35)
• Historical Market Performance and Future Outlook (26:40)
• Wrap-up (35:23)

This podcast is brought to you by Joey Loss, CFP®, and Flow Financial, his financial planning firm for families and business owners, with specialties in business planning and equity compensation planning.

You can find show notes and transcripts of the conversations here: Flow Financial - Wealth Unplugged

Follow Joey & Flow on Social Media:

• Newsletter (Receive the Monthly Money Roadmap Each Month, written by Joey)
• Linkedin
• Instagram
• Twitter (X)

Please review the podcast disclaimer here

“Whenever you talk about finance, it bleeds into life. And whenever you talk about life, it bleeds into finance. So there’s really no clear-cut way to differentiate life from finance and vice versa. I’m trying to tie the neuroscience behind [financial] decisions into it.”

How do hidden biases shape your financial decisions? Our host Joey Loss sits down with Dr. Oliver Schnusenberg, a finance professor at the University of North Florida, who took on the ambitious task of creating the first behavioral finance course in the Florida State University System. Dr. Schnusenberg opens up about his journey, from academic hallways to the intricate world of behavioral finance, and shares insights into the psychological forces behind our financial choices, such as confirmation bias and loss aversion.

Dr. Schnusenberg explores the pivotal role of neuroplasticity and the continuous evolution of our brains. Joey and Dr. Schnusenberg delve into the deeper layers of epigenetics and intergenerational trauma, highlighting the need to address entrenched behavioral patterns for meaningful change, and champion techniques like active listening and goal alignment.

Joey and Dr. Schnusenberg discuss the unspoken financial assumptions couples often wrestle with and introduce methods like money scripts and customized communication strategies to facilitate better conversations. Whether in personal or business relationships, the principles of balancing money and emotions are universal. Tune in for an insightful episode that journeys into finance, neuroscience, and much more!

Key Topics

• Welcome, Dr. Oliver Schnusenberg! (00:42)
• Behavioral Finance, Neuroscience, and Financial Therapy (02:25)
• Financial Life Coaching and its Impact on Personal Growth (08:50)
• Intergenerational Trauma and its Impact on Personal Growth (15:03)
• Financial Planning, Communication, and Emotions in Relationships (20:32)
• Money Values and Conflicts in Relationships (29:08)
• Strengthening Financial Relationships and Goals with a Financial Therapist (32:38)

Resources:

• EquilibriaEvolution.com

This podcast is brought to you by Joey Loss, CFP®, and Flow Financial, his financial planning firm for families and business owners, with specialties in business planning and equity compensation planning.

You can find show notes and transcripts of the conversations here: Flow Financial - Wealth Unplugged

Follow Joey & Flow on Social Media:

• Newsletter (Receive the Monthly Money Roadmap Each Month, written by Joey)
• Linkedin
• Instagram
• Twitter (X)

Please review the podcast disclaimer here

“Mindset is so critical. You've got to have not just the unwavering belief, but that resilience.”

Unlock the secrets to entrepreneurial success as our host Joey Loss sits down with Jay Dotson, partner and fractional CFO at Prosper CFO. This episode is packed with actionable insights, from the essential mindset required for early-stage business success to the critical role of networking and resourcefulness. Learn how unwavering belief, resilience, and grit can guide you through the initial challenges, while effective asset inventory management and understanding available resources can drive your business growth.

Transitioning from startup to scale-up requires a shift in focus, and Joey and Jay cover that in depth. Jay emphasizes prioritizing cash flow over profit and the importance of refining operational processes. Discover how taking exceptional care of early clients can help iron out operational kinks, and why forming strategic partnerships is key to scaling.

Balancing entrepreneurship with personal life is no easy feat, and Jay offers invaluable advice on aligning business strategies with family goals. Joey and Jay explore the concept of "money scripts" and their impact on financial decisions, as well as the importance of proactive communication within the family. This episode provides a holistic approach to managing both professional aspirations and personal commitments, ensuring that your entrepreneurial journey is both successful and fulfilling.

Key Topics:

• Welcome, Jay Dotson! (00:39)
• Resilience as a Key to Growth in Entrepreneurship (06:19)
• Scaling Businesses, CEO Mindset, and Financial Decisions (12:10)
• Outsourcing for Business Growth (16:21)
• Money Scripts and Emotional Baggage in Business (21:11)
• Business Growth and Goal Alignment for Long-term Success (24:13)
• Focusing on Goals but Also Enjoying the Ride (27:42)
• Exit Planning and Time Margin in Business (31:54)
• Navigating Entrepreneurship with Family Responsibilities (36:51)
• Managing Time and Prioritizing Commitments (41:43)

Resources:

• Prosper CFO
• 7SourcesOfCash.com
• Jay Dotson on LinkedIn

This podcast is brought to you by Joey Loss, CFP®, and Flow Financial, his financial planning firm for families and business owners, with specialties in business planning and equity compensation planning.

You can find show notes and transcripts of the conversations here: Flow Financial - Wealth Unplugged

Follow Joey & Flow on Social Media:

• Newsletter (Receive the Monthly Money Roadmap Each Month, written by Joey)
• Linkedin
• Instagram
• Twitter (X)

Please review the podcast disclaimer here

"I can't tell you how many people have said, 'I want to retire early.' And I said, 'Great, what are you going to retire to?' And they just pause, some of them chuckle. And I brought this up to many people and I said 'Retirement is not a wedding, it's a marriage. It's not a one-day event.'"

Our host Joey Loss sits down with Maggie Klokkenga, a seasoned financial planner, who shares her riveting journey from founding her firm to joining Abundo Wealth. Maggie reveals the hurdles of solo entrepreneurship and why she ultimately thrived in a team setting. She offers priceless advice on the necessity of understanding current cash flow for effective retirement planning and the complexities of business growth, shedding light on the realities of stepping into a CEO role.

Ever wondered how childhood experiences shape your financial behaviors? Maggie delves into the world of money scripts and attachment styles, utilizing the Klontz Money Script Inventory (KMSI) to reveal hidden financial habits. Through compelling client stories, she illustrates how early financial insecurities manifest in adult spending patterns. These narratives open doors to intentional change, demonstrating the need for patience and faith in the financial planning process.

Balancing financial planning with personal well-being can be daunting, but Maggie offers practical tips to make the journey smoother. Learn how to track expenses effectively, manage subscriptions, and avoid being overwhelmed by financial decisions. Through personal anecdotes, including her own quarterly spending reviews with her spouse, Maggie underscores how unnoticed expenses can derail financial goals. This episode is a treasure trove of strategies to enhance your financial planning journey while maintaining a balanced, fulfilling life.

Key Topics:

• Welcome, Maggie Klokkenga! (01:05)
• Financial Planning, Entrepreneurship, and the Challenges of Running a Solo RIA (04:52)
• Money Scripts and Their Impact on Financial Planning and Relationships (12:12)
• Financial Planning, Coaching, and Retirement Goals (21:28)
• Finding Balance Between Work, Health, and Retirement Goals (27:03)
• Tracking Expenses and Reducing Unnecessary Spending (33:03)
• Budgeting, Spending, and Financial Planning (38:51)

Resources:

• AbundoWealth.com
• Maggie on LinkedIn
• KMSI-R – Money Scripts Tool
• Future Self Tool – Geared Towards Students

This podcast is brought to you by Joey Loss, CFP®, and Flow Financial, his financial planning firm for families and business owners, with specialties in business planning and equity compensation planning.

You can find show notes and transcripts of the conversations here: Flow Financial - Wealth Unplugged

Follow Joey & Flow on Social Media:

• Newsletter (Receive the Monthly Money Roadmap Each Month, written by Joey)
• Linkedin
• Instagram
• Twitter (X)

Please review the podcast disclaimer here

“One of the classic examples is ‘if you want to be wealthy, you have to cut out your Starbucks habit.’ It's just an oversimplification of a much larger problem and the reality is, no one ever got rich by quitting Starbucks.”

Fellow Financial Planner Adam Van Wie sits down with our host Joey Loss to debunk the ‘Starbucks myth’ (and so many more) and shares a treasure trove of wisdom for those looking to future-proof their finances! Together, Adam and Joey peel back the layers of financial planning, discussing how it’s not about mere cost-cutting, but aligning your spending with deeply held values for a truly fulfilling life.

The recent global upheaval has us all reexamining our spending habits, often forcing us to make choices that veer off course from the future we’ve planned for ourselves. Adam underscores the importance of financial advisors as navigators, helping to steer through the choppy waters of impulsive, often meaningless spending and align financial decisions with life goals. Joey and Adam carve through the noise of social media's financial "hacks" and highlight why a proactive approach to cash flow and tax strategy is more than just smart—it's essential.

Adam and Joey speak to the newer investors making their first bold strides in the investment world. They explore why a dash of conservatism in investment choices can be a golden move for short-term objectives and why life insurance is a keystone in the architecture of a sound financial plan!

Key Topics:

• How Adam got into Financial Planning (01:45)
• “Money is Just a Tool, Not the Object of Wealth Planning.” (5:22)
• Avoiding Buyer’s Remorse (14:20)
• “Most Financial Arguments, Especially on Twitter, Are Just People with Different Time Horizons Talking Over One Another.” (16:32)
• “You Can’t Consistently Outspend Your Income And Build Wealth At The Same Time.” (18:50)
• Why Time Horizons are so Important in Financial Planning (22:23)
• Pre-Tax Versus Roth IRA (29:13)
• How Young People Can Better Prioritize Their Finances (32:41)
• Investing When You Have Little Money (37:04)
• The Importance of Life Insurance (39:02)
• Why Young People Should Consider Speaking With a Financial Planner Early On (42:19)

Resources:

• Van Wie Financial

This podcast is brought to you by Joey Loss, CFP®, and Flow Financial, his financial planning firm for families and business owners, with specialties in business planning and equity compensation planning.

You can find show notes and transcripts of the conversations here: Flow Financial - Wealth Unplugged

Follow Joey & Flow on Social Media:

• Newsletter (Receive the Monthly Money Roadmap Each Month, written by Joey)
• Linkedin
• Instagram
• Twitter (X)

Please review the podcast disclaimer here

“I also know that you're working really hard because you want to take care of your family and you're building this business that you love. So those things all make it fine. But it's just an adjustment. And, communication between you and I, throughout the whole thing has been key.”

My wife, Elizabeth, and I open up about the rollercoaster of emotions and challenges we've faced over the past two years—from meeting through a dating app, to the leap of faith in starting my business, Flow Financial, to the arrival of our daughter, Ellis.

Listen in as we look into the complexities of juggling a new business with a growing family. We talk about how downsizing our income and lifestyle not only tested but ultimately strengthened our bond and found that dialing back on excess, like our second car, bought us more time to do what we believed mattered most.

Wrapping up, we look back at the challenges I faced in marketing Flow Financial and how Elizabeth bridged that huge gap in my skill set and took the company to heights I never expected it to reach in such a short time!

Key Topics:

• Elizabeth’s Take on the Journey of Flow Financial (04:15)
• Compromises in the Day-To-Day and Scaling Lifestyle (9:12)
• Combining Incomes (15:16)
• Toughest Challenges so Far (20:21)
• Deciding How Much to Outsource (24:00)
• Why Making Decisions as a Team is so Important (27:12)
• Our Closing Thoughts (30:18)

This podcast is brought to you by Joey Loss, CFP®, and Flow Financial, his financial planning firm for families and business owners, with specialties in business planning and equity compensation planning.

You can find show notes and transcripts of the conversations here: Flow Financial - Wealth Unplugged

Follow Joey & Flow on Social Media:

• Newsletter (Receive the Monthly Money Roadmap Each Month, written by Joey)
• Linkedin
• Instagram
• Twitter (X)

Please review the podcast disclaimer here