Goals, Goals, Goals – Part 1

The first step in reaching your goals is to DREAM. The dream is the essence of your GOAL FORMATION.

Podcast Details:

Podcast Title:  Goals, Goals, Goals – Part 1

Podcast Series: The Maven’s Keys to Financial Contentment

The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur.  Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.

(HEAD OVER TO YOUTUBE FOR THE VIDEO VERSION)

The first step in reaching your goals is to DREAM.  The dream is the essence of your GOAL FORMATION.

A common theme in our society is saving for retirement.  But where do you begin?  GOAL FORMATION.
Spending some time on GOAL FORMATION is the first step in how you would attack how much money needs to be saved, such as:
  • What do you want your lifestyle in retirement to be…
  • How much money would that take…
  • How long you need to work to fulfill that…
  • What do you want to do in retirement…
  • What do you want to achieve… 
As we’ve mentioned before in Financial YOU (listen to part 1, part 2, part 3 or part 4), the first step to attacking any problem would be to assess your current situation before you can address any issues that you notice, make the necessary adjustments and then achieve what you want.  So this is pretty common to goal setting and achievement.
#truefinancialcontentment
#financialadvice
#financialplanning
#behavioraleconomics
#behavioralfinance

About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

 

Sound bumps provided by www.bensound.com

The Low-Down on Financial Advisor Credentials

Which one should I work with? Which designation is “better”? What are the qualifications to become one? How are they regulated?

Podcast Details:

Podcast Title:  The Low-Down on Financial Advisor Credentials
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.

Powerpoint Slides

Questions/Issues We’ll Address on this Episode:

How many financial advisors are there?  (5:15)

Per the BLS there are 249,400 (in 2014) of “financial advisors”.

How many financial advisors are there?  (7:20)

Natural Questions….Which one should I work with? Which designation is “better”? What are the qualifications to become one? How are they regulated?

Top Down View on Advisors and their Specialty (8:15)
What is a CFP and what are the requirements? (9:35)
What is CFA and what are the requirements? (16:12)
What is CPA and what are the requirements? (20:35
Other designations (23:10)

Other Resources:

FINRA website for designation comparison
Episode 24 on Advisor Compensation
Episode 22 on What to Look for in an Advisor
5 Tips Before Hiring a Financial Advisor
10 Questions to Ask Your Financial Advisor

#financialliteracy #finlit #finance #financialplanning #financialeducation #advice #financialadvisor #financialliteracy #money #finances #financialplanner #cfp #cfa #cpa

Submit a “Boot Camp Listener” question

Sign up for more our free newsletter with financial updates like these!

Subscribe to the podcast!

About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

 

Sound bumps provided by www.bensound.com

How Well Do You Know Yourself

The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.

Podcast Details:

Podcast Title:  Using Money and Not Letting It Use You

Podcast Series: The Maven’s Keys to Financial Contentment

The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur.  Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.

(HEAD OVER TO YOUTUBE FOR THE VIDEO VERSION)

859565760057937920

  • What does the research really show? (3:20)
  • What is our problem?  (5:40)
#truefinancialcontentment
#financialadvice
#financialplanning
#behavioraleconomics
#behavioralfinance

About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

Sound bumps provided by www.bensound.com

The Infamous 401(k) Rollover…The Why and The How

You leave a job and you have money in a 401(k) what should you do with it?

Podcast Details:

Podcast Title:   The Infamous 401(k) Rollover:  The Why and The How
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.

Powerpoint Slides

Questions/Issues We’ll Address on this Episode:

  • There are two buckets of money…qualified or non-qualified (5:00)
  • What is a 401(k)? (6:00)
  • Is it mine?  (6:35)
  • Can I roll this into my new employer’s plan?  (10:35)
  • Can I still participate in my former employer’s plan?  (11:30)
  • How should I invest my  401(k)?  (12:33)
  • What is an IRA?  (15:35)
  • Why would I want to rollover my 401(k)? (17:00)
  • The steps to a 401(k) Rollover (19:00)

 

#financialliteracy #finlit #finance #financialplanning #financialeducation #advice #financialadvisor #money #finances #taxes #tips #retirement #investing #401k #401kplanning

Submit a “Boot Camp Listener” question

Sign up for more our free newsletter with financial updates like these!

Subscribe to the podcast!

About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

Where to Find Us:

Facebook-Icon78-3 twitter-icon youtube google
#FinancialLiteracyBootCamp

Sound bumps provided by www.bensound.com

Using Money and Not Letting It Use You

The 3 questions that probably shape the way you view financial success…

Podcast Details:

Podcast Title:  Using Money and Not Letting It Use You

Podcast Series: The Maven’s Keys to Financial Contentment

The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur.  Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.

(HEAD OVER TO YOUTUBE FOR THE VIDEO VERSION)

  • The 3 Questions…(1:55)
 -Why do I need financial success?
-What will I do once it is obtained?
-How will I pass on my financial success?

 

Answers to these questions by you reveal the lenses through which you view money and will reveal other things about yourself if you choose to explore them.
  • What “space” does money take up in your life? (2:50)
  • Why do I need financial success? To leave a legacy…To leave your imprint on the world… (4:14)

Live the eulogy you want to be read once you’re gone!

  • What will I do once it is obtained? Activities that coincide with your life’s mission…(6:25)
  • How will I pass on my financial success? To the worthy individual…(7:50)
  • Life’s formula (9:55)
#truefinancialcontentment
#financialadvice
#financialplanning
#behavioraleconomics
#behavioralfinance
#stewardship

About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

Where to Find Us:

Facebook-Icon78-3 twitter-icon youtube google
#FinancialLiteracyBootCamp

Sound bumps provided by www.bensound.com

What’s Your [Financial] Motivation?

You have to be careful that money occupies the appropriate place in your life. Otherwise, it can be your downfall because you can start to sacrifice some very important, sometimes irreplaceable things for it–like relationships and time.

Podcast Details:

Podcast Title:  What’s Your [Financial] Motivation?

Podcast Series: The Maven’s Keys to Financial Contentment

The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur.  Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.

(HEAD OVER TO YOUTUBE FOR THE VIDEO VERSION)

So we just completed a series on developing our “money mindset” to address our attitudes and behavior with money.  I’d argue it is impossible to use something for its intended purpose if you don’t know it’s purpose.   Which constantly gives me something to talk about….but it occurred to me that I gave you the purpose of money in the last 3 podcasts on this topic but we didn’t really address YOUR individual purpose.  For instance, why do you want to financial success or money or wealth?

 

What is your purpose in life? (4:55)
3 points or really questions today (7:24)
-Why do I need financial success?
-What will I do once it is obtained?
-How will I pass on my financial success?

 

Answers to these questions by you reveal the lenses through which you view money and will reveal other things about yourself if you choose to explore them.
The key to stewardship (8:50)
You have to be careful that money occupies the appropriate place in your life.  Otherwise, it can be your downfall because you can start to sacrifice some very important, sometimes irreplaceable things for it–like relationships and time.

 

#truefinancialcontentment
#financialadvice
#financialplanning
#behavioraleconomics
#behavioralfinance
#stewardship

About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

Where to Find Us:

Facebook-Icon78-3 twitter-icon youtube google
#FinancialLiteracyBootCamp

Sound bumps provided by www.bensound.com

Are We Winning the Fight for Financial Literacy?

Are we winning the fight for financial literacy–what do you think? What influences our purchasing decisions and is that “force” the loudest of all voices? I’ll tackle this important subject this week.

Podcast Details:

Podcast Title:  Are We Winning the Fight for Financial Literacy?
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.

Questions/Issues We’ll Address on this Episode:

The Question–“Are We Winning the Fight?” (2:25)

What drives or influences our spending decisions?  (5:30)

The influences that marketing has on us are undeniable.  We are constantly bombarded with the message of CONSUMPTION to, if not drive decision making, definitely influence our decision making.

What is US consumer spending?(8:00)
Domestic consumption of goods and services is near 70% (per the Bureau of Economic Analysis or the BEA).  This is measured by PCE or “personal consumption expenditures”. How much of that do you think is a result of the “Marketing Machine’s” influence?
What are the Facts? (9:40)
So how many people actually learn the basics around cash flow management, budgeting, saving or investing in high school?  or even college?  Here are some sobering statistics…
    • Per the WSJ, the US ranked 14th in a 2015 global study conducted with a grade of just 57%
    • As of May 2016, only 17 states require high school students to take a course in personal finance.
    • Another independent study that about 1/3 of students took a personal finance course in college
Two Articles from WSJ I reference:
Another Independent Study:
Past Problems (12:20)
 I think the most notable problem of the last decade was the US Housing crises where would-be homeowners were SOLD the idea through marketing that homeownership was good (which it is) regardless of your level of income and financial situation.  We needed more educated consumers back in the early 2000s (when was the bill passed?) that could have navigated the relaxed lending standards that allowed them to secure mortgages they couldn’t afford.  (What was the debt-to-equity ratio or the home ratio 1 or 2 back then compared to what it should be?)
Current/Future Problems (15:15)
Have we learned from our mistakes?  I don’t think we have or at least our children haven’t.  The next domino could indeed be something that is ironically enough, “in the name of education”–student loans.  Student loan debt is #2 on the list behind mortgages in the consumer credit market.  Per the St. Louis Fed, the number of student loans outstanding has increased 300% since 2006.
This all points to a problem of lack of education efforts towards financial literacy to keep consumers ignorant as to the consequences of their purchase decisions.
Solutions (19:30)
    • Start with earlier, more relevant education to younger students (my wife as a school teacher);
    • Financial services industry needs to take a more proactive to educate through pro-bono work;
    • Post-secondary lending standards need to be raised to stop the bleeding

#financialliteracy #finance #financialplanning #financialeducation #advice #financialadvisor #debt #studentloans #finlit #money

Submit a “Boot Camp Listener” question

Sign up for more our free newsletter with financial updates like these!

Subscribe to the podcast!

About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

Where to Find Us:

Facebook-Icon78-3 twitter-icon youtube google
#FinancialLiteracyBootCamp

Sound bumps provided by www.bensound.com

Developing Your Money Mindset: “You as Steward and Your Money as a Tool”

The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.

Podcast Details:

Podcast Title:  Developing Your Money Mindset:  “You as Steward and Your Money as a Tool”
Podcast Series: The Maven’s Keys to Financial Contentment

 

The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur.  Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.

 

(HEAD OVER TO YOUTUBE FOR THE VIDEO VERSION)

 

So we’ve been talking about developing your money mindset and we want to wrap things up today with how we should view money.

 

Last week I talked about Marvel Comics and this week I’ll stay with the entertainment theme and talk about The Count of Monte Cristo.  So the movie is obviously adapted from the book by Alexandre Dumas.  My generation is probably more familiar with the film with Jim Caviezel and Guy Pearce.  And to me this is the classic example of stewardship gone awry at least at first.  But there are some lessons that I think are appropriate for our discussion in developing your money mindset.

 

So the first lesson is:

 

  1. Finding out that [the money] is not yours – Developing your money mindset involves realizing that money comes and it goes.  You should master its use as tool, not let it master you.
  2. Finding a higher purpose for it is more enjoyable  – In the movie, “The Count of Monte Cristo”, the main character realizes his plot of revenge isn’t as satisfying as using the money for a higher purpose.
  3. Finding its proper use brings more of it  – Those in our society that adopted a “stewardship” mentality have found out that they actually attain more money.
#truefinancialcontentment
#financialadvice
#financialplanning
#behavioraleconomics
#behavioralfinance
#countofmontecristo

About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

Where to Find Us:

Facebook-Icon78-3 twitter-icon youtube google
#FinancialLiteracyBootCamp

Sound bumps provided by www.bensound.com

The Evolution of the Retirement Landscape

So I recently penned an article entitled: “Executive Compensation: A Guide to Building Wealth” (send me an email to get the article) and I wanted to use a podcast segment to take a high-level view at the purpose behind that article, and talk about the evolving retirement landscape that I’ve witnessed in my years of practice.

Podcast Details:

Podcast Title:  The Evolution of the Retirement Landscape
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.
(HEAD OVER TO YOUTUBE FOR THE VIDEO VERSION)

 

Questions/Issues We’ll Address on this Episode:

So I recently penned an article entitled:  “Executive Compensation:  A Guide to Building Wealth” (send me an email to get the article) and I wanted to use a podcast segment to take a high-level view at the purpose behind that article, and talk about the evolving retirement landscape that I’ve witnessed in my years of practice.  Per the Survey of Consumer Finances conducted by the Federal Reserve Board, the number one reason for individuals to save and invest is to fund their retirement.  With the evolution of the retirement landscape over the past three decades, the creation of defined contribution plans like the 401(k) has shifted the responsibility to individual investors to provide income for their retirement years.  Prior to that, defined benefit pension plans put the responsibility on corporations to provide retirement benefits. This was a fairly sophisticated process involving actuaries and large investment firms which had the responsibility to provide investment returns that provided benefits to thousands of workers.  Due to a multitude of factors including reduced corporate profit margins, increased fixed costs from globalization and subpar returns from lower interest rates, this giant responsibility has been handed off to individual investors living busy and complex lives. The logical question is: “How equipped is today’s business executive to deal with this new responsibility”? And further, “Can a successful retirement be achieved without proper financial advice?”

  • What are the IRS limits on contributions to qualified plans? (3:10)
  • The Human Capital Exchange “80,000 hours” defined (8:30)
  • The Evolution of the Retirement Landscape (9:35)
  • Can you have a successful retirement without the proper advice (15:00)
  • The “Unfunded pension crisis” and whether to take the lump-sum distribution (19:20)
  • Company Stock options (21:40)

#financialliteracy #financialplanning #financialeducation #financialadvice #financialadvisor #retirement #qualifiedplans #nonqualifiedplans #executive compensation

Submit a “Boot Camp Listener” question

Sign up for more our free newsletter with financial updates like these!

Subscribe to the podcast!

About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

Where to Find Us:

Facebook-Icon78-3 twitter-icon youtube google
#FinancialLiteracyBootCamp

Sound bumps provided by www.bensound.com

Developing Your Money Mindset: “Money as an Amplifier”

Podcast Details:

Podcast Title:   Developing Your Money Mindset:  Money as an Amplifier
Podcast Series: The Maven’s Keys to Financial Contentment

 

The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur.  Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.

 

(HEAD OVER TO YOUTUBE FOR THE VIDEO VERSION)

 

In talking about  “Developing Your Money Mindset”, I want to begin this episode with an analogy to help unpack today’s discussion.  I watch the Marvel movies and Netflix series because I do enjoy the entertainment value of the movies and Netflix series.  And it occurs to me (and probably you also) that all the superheroes have this internal struggle that they go through in spite of their superpowers.  You notice that?  All of these characters all have an internal battle and as they are working towards resolving those internal struggles, they come across these villains or circumstances that engage their superpowers.  But it is striking to me how the powers just work as amplifiers to what is already in them.  So today I want to unpack our previous discussion on “developing your money mindset” and talk about “money as an amplifier.  In the Netflix series, Daredevil, he is struggling with abandonment.  And despite of his great powers and skills, the good aspects of his character won’t allow him to kill anyone while he’s using his power.

So in last’s week discussion, I challenged you to view money as just a proxy for a value transaction.  It isn’t emotional we are emotional.  It isn’t good/bad, we’re good or bad.  So then it follows that money and/or resource acts as an amplifier of what is in us.

 

#truefinancialcontentment
#financialadvice
#financialplanning
#behavioraleconomics
#behavioralfinance
#marvelcomics
#daredevil

About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

Where to Find Us:

Facebook-Icon78-3 twitter-icon youtube google
#FinancialLiteracyBootCamp

Sound bumps provided by www.bensound.com