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Podcasts

In Episode 44 of the Financial Purpose Podcast, host Dale Shafer II, CFP, sits down with John Chionchio from Wealthpoint Advisors to delve into the intricacies of guiding business owners through their entrepreneurial journeys. John shares his expertise on creating robust business strategies, managing growth, and planning successful exits. Tune in to gain valuable insights on how to steer your business towards a prosperous future and make informed decisions for a smooth transition when it's time to move on.
In Episode 43 of the Financial Purpose Podcast, host Dale Shafer II, CFP, is joined by Paloma Goggins from Nocturnal Legal to discuss the recent FTC rule banning non-compete agreements. Tune in to hear an in-depth conversation about what this new regulation means for businesses and employees, how it impacts contractual agreements, and what steps you should take to ensure compliance. Whether you're a business owner, legal professional, or employee, this episode provides essential insights into navigating the shifting landscape... continue
In Episode 42 of the Financial Purpose Podcast, host Dale L Shafer II, CFP, dives into a detailed analysis of the financial performance during the Trump and Biden presidencies. Dale compares key economic indicators, including GDP growth, employment rates, stock market performance, and federal debt. Tune in to gain a deeper understanding of how each administration's policies have impacted the economy and your personal finances. Click here to see all the charts discussed in this episode.
In this episode of the Financial Purpose Podcast, host Dale L. Shafer II, CFP, sits down with three seasoned entrepreneurs: Jake Brown, Jake Morrow, and Josh Herbison. Join us as we explore the journey from being a dissatisfied employee to a thriving entrepreneur. Is entrepreneurship the right path for you? Discover valuable tips and strategies on starting and growing your business the right way. Tune in for an engaging discussion that will inspire and guide you on your entrepreneurial journey.
Learn more about Karen Moon - https://themoneyorganizer.com/ Welcome to Episode 40 of the Financial Purpose Podcast, hosted by Dale L Shafer II, CFP. In this insightful episode titled "Women and Wealth: Why Money Mentorship Matters," we are joined by the esteemed Karen Moon, a renowned expert in financial education and empowerment for women. Karen Moon brings her wealth of knowledge and experience to discuss the unique financial challenges and opportunities faced by women today. She shares practical advice on how... continue
Clients always want to know what I think politically and where I stand. In this episode, I share some data on the economy and even my opinion of the two presidential candidates and how their campaigns will likely spin narratives around economic data to their favor. As observers and participants in this democratic process, it’s essential to navigate these narratives wisely, armed with a comprehensive understanding of objective economic truths and their broader implications. Reference sources: GDP data: https://www.bea.gov/news/2024/gross-domestic-product-fourth-quarter-and-year-2023-third-estimate-gdp-industry-and Trade... continue
This topic has been heavy on my heart for a few weeks. March was an interesting month for our family, a mix of deep loss and also life stage celebration. In reflection, it’s been a stark reminder of my need - and your need - to place a better and more meaningful focus on a subject none of us like to think about but absolutely need to prepare for: the end of life. Listen to this episode as I bust... continue
If you’re running a business, you’ve probably come across the term EBITDA. Understanding this metric can be incredibly useful, providing insights into your company’s operating performance and helping to shape your strategic decisions.EBITDA is an acronym that stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It zeros in on the earnings from your business's core operations by leaving out expenses that can vary widely between different companies, such as tax rates and interest expenses. This gives you a cleaner... continue
Bitcoin ETFs are officially available on US listed exchanges. This is a significant development in crypto trading. These ETFs providing greater access to the volatile yet potentially rewarding world of cryptocurrencies, particularly Bitcoin.As with any investment, careful consideration is crucial. Cryptocurrency is still is a tricky asset class for many investors when it comes to deciding if, when, and how much to invest.In this episode, I’ll break down some key factors to keep in mind when deciding how much crypto... continue
Originally passed in 2021, the Corporate Transparency Act is now in effect. If you own a corporation or LLC created in the U.S. and registered with your respective state, there’s a good chance you will need to take action to comply with the law. This episode features special guest Wendy Anderson, Esq., Business Attorney. Wendy has been following this law since enacted, and she joins us on the Financial Purpose Podcast to help us get prepared to meet the requirements.... continue
2023 might be one of the most unexpected years of all time, certainly as the markets and economy are concerned. It seemed like everyone was calling for a recession. It never came. Most unexpected might be the magnitude of the stock market rally, which looks to be ending the year with a punctuation mark!As we head into 2024, the major themes I’m watching include:* Potential for Fed rate cuts* Is the economy truly slowing based on persistently high borrowing costs... continue
Are you financially ready for year end? In this episode I share a few factors to consider between now and December 31st, including retirement planning, tax planning, 529 planning, and estate planning. Buckle up and take notes! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com
Signs of economic uncertainty are showing up in more places throughout the BIG economy, which impacts the LOCAL economy that you and I intersect every day. From home prices to mortgage rates, car prices to auto loan rates, inflation to wages, there’s evidence the economy is slowing down a little… or, at least taking a breather. As the federal government continues deficit spending without much caution for later consequence, inflation continues to be a primary factor in consumer costs and... continue
Many business owners start their businesses because they see a need they can solve, they’re tired of being paid less than their true value, and they want to work for themselves rather than someone else. One day you wake up and your business is running. Revenue is coming in, costs are going out, and you’re busier than ever. Ask yourself: is your operations engine running as efficiently as it could? Are you willing to shed the number of hats you’re... continue
In this episode of The Financial Purpose Podcast, I talk with Paloma Goggins, Corporate and M&A Attorney and founder of Nocturnal Legal. Listen for our discussion what business owners need to know about forming business entities, creating and maintaining good operating agreements, and most importantly - how to prepare for an eventual smooth exit by beginning with the end in mind. Learn more about Paloma and Nocturnal Legal.
Have you ever wondered how to choose the right financial advisor?Whether you’re looking to work with a financial advisor for the first time, or you are looking to change advisors, the looming question in your mind might be:HOW DO I CHOOSE THE RIGHT FINANCIAL ADVISOR… FOR ME?One thing I will admit is there’s no shortage of financial advisors in the world –In fact, when it was suggested to me by a friend of mine that I should consider being a... continue
Today I want to talk about becoming a 1%er.I’m not talking about those that fall in the higher earning bracket…. Although that may be a goal for some…And, I’m not talking about that particular motorcycle club either….But what I am talking about is Kaizen.Kaizen, in practice, usually delivers small improvements that yields big results over time. It starts by simply improving by 1% at a time. I have found this to be an effective way to get to where you... continue
“This isn’t going to be my story anymore…”In this episode of the Financial Purpose Podcast, I'm joined by special guest Sarah VanHoose for a conversation around how to change your money story. Listen to hear how she and her husband got serious about their money values, paying off more than $500,000 of debt in three years!And, hear how she decided to leave her corporate health care career to fully launch her financial and corporate coaching business, Journey to Influence. Money... continue
Heard all the bad stories about reverse mortgages? Have you heard about the many ways a reverse mortgage can actually unlock financial freedom in retirement? In this episode of the Financial Purpose Podcast I'm joined by Reverse Mortgage Specialist Andrew Kish for a conversation on the power of reverse mortgages. Learn more about Andrew here. Learn more about sound financial planning and defining your financial purpose at lifemoveswealth.com Andrew Kish NMLS #2115541 Luminate Home Loans NMLS #150953 This is a... continue
The term “how to stay broke” returns more than 694 MILLION Google search results! Apparently a lot of people are talking about and are concerned about this topic. A recent CNBC financial literacy survey found that 56% of respondents cited living paycheck-to-paycheck; also, 57% of people earning +$100,000 per year are concerned about the health of their personal finances. In this episode of the Financial Purpose Podcast, I identify six specific actions - or inactions - you can take to... continue
Learn more about Claudine here: * Website: https://virtualingenuityllc.com/ * Facebook: https://www.facebook.com/Virtuallyexe* Instagram: https://www.instagram.com/virtualingenuityllc/* LinkedIn: https://www.linkedin.com/in/claudineland/* The Virtual Ingenuity Business Podcast on Apple Podcast: * The Virtual Ingenuity Business Podcast on Spotify: This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com
Honest investors can attest that stock picking is hard. A strong conviction pick can lead to out-performance one year and under-performance the next. Or, vice-versa.I recently saw a discussion on Twitter among financial professionals based on the following question:Without Googling the answer, what is the best performing US stock over the last 20 years?Some of the responses included companies like:* Microsoft (MSFT)* UnitedHealth Group (UNH)* Apple (AAPL)* Amazon (AMZN)* Nvidia (NVDA)* Berkshire Hathaway (BRK'A / BRK'B)* Walmart (WMT)* Johnson &... continue
The U.S. debt ceiling is all over the news today, so let’s talk about it.Before 1917, Congress had the ability to use the Power of the Purse at their own discretion. In effort to make the federal government fiscally responsible, the debt ceiling was created.The debt ceiling cap currently stands at roughly $31.4tn. That limit was breached back in January.Is a U.S. default likely?Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition... continue
The Fed raised rates again today - the 10th hike in this current cycle. Just 13 months ago the Fed funds range was 0.00%-0.25%; with today’s hike, it is now 5.00%-5.25%.The Fed funds rate is one of the primary monetary policy tools. By raising this rate, the Fed is slowing a heated economy by indirectly influencing consumer and business borrowing rates. In this episode of the Financial Purpose Podcast, I’ll explain at a high level what the Fed funds rate... continue
What services do you expect from your financial advisor? What are you actually getting?Think about it. Is there a gap between your advisory expectations and the reality?Research from SpectremGroup among wealthy investors shows there’s a massive gap in many crucial wealth management services.There are many reasons why such gaps may exist, including: * Speciality held by the advisor* Expectations of communication and services provided not clearly established* Client may view “comprehensive” planning as an add-on or “upsell” service, not fully... continue
You have four options available for your 401(k) plan when changing jobs... yet almost half of job changers cash out. A Harvard Business Review study found that approx. 41% of employees took a cash distribution when changing jobs... and 85% of those people cashed out the entire balance! This is called retirement leakage, and cashing out can be detrimental to your long-term financial and retirement health. In this episode I discuss the four options available, why people cash out their... continue
Making better decisions requires an effective and structured process.Consistently following such a process can be challenging, especially when emotions come into play. Emotions can cloud our judgment and steer us away from the logical path. This generally leads to suboptimal outcomes.The natural goal is to consistently achieve good results by following a reliable decision-making process. However, in high-pressure situations, our emotions can derail our efforts to do so. This episode of the Financial Purpose podcast offers an insightful visual aid... continue
Since the pandemic, I have observed a drift in how people approach financial matters. People are slow to make important financial decisions, but faster to seek safety in times of volatility. In this episode of the Financial Purpose Podcast, I’m joined by Jamie L. Born, LCSW, CCTP to discuss how the continuum of mental health plays a role in money decisions. We discuss "Big T" and "little t" trauma, when you might be reacting from heart vs business (emotion vs... continue
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com
Watch this episode here: https://youtu.be/HynJE7IH_l8 This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com
Have you ever been on a boat in rough waters? Or on a super fast-spinning ride? How about the back seat of a car on a mountain road. These are some of the times when you might feel motion sickness.The same is true when going through a major change in your life or when processing grief. These times can cause financial motion sickness.In this episode of the Financial Purpose Podcast, I discuss 5 tips for avoiding financial motion sickness, including:1)... continue
It's not just what we say or how we say it... it's also the words we use when doing the saying.In this episode I discuss the importance of having the same understanding of the words we use, specifically around money and in the advisory relationship. I also ask the listener the same question I ask in my first meeting a prospective client: if you could describe how you feel about money - today - using only one word, what's the... continue
Starting and running a business can be scary. Many fail. To increase your chances of success, you might have to burn the boats.In 1519, Hernán Cortés led a large expedition consisting of 600 Spaniards, 16 or so horses, and 11 boats to Mexico on a do-or-die treasure hunt. Upon arrival, Cortés made history by destroying his ships, leaving his crew no other alternative but success in their mission.Listen to Episode 12 Burn the Boats - The Financial Purpose PodcastThis episode... continue
When you hear the word RECESSION, what goes through your mind? How does it make you feel? Is it a scary word? Or, is it an opportunity word?With words like RECESSION, we have three factors to consider:1) The things we can control (government, the Fed, the market, etc.), which influences...2) Changes in your financial results (the numbers), which influences...3) Your emotions around the first two factorsIn this episode, we'll cover all three factors and give a couple tips on how... continue
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com
Where is the market headed in 2023?The real question is where is the Fed going in 2023?One year ago, the Fed was suggesting that the inflation we were seeing was transitory. I was suggesting my clients that possibly it was not, and as it turns out inflation stayed around for all of 2022 and persists.This time last year, the federal funds rate was essentially 0.08%; it’s now sitting at about 3.78%. The last time we saw fed funds rate that... continue
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com
The holiday season can be a time of joy and making new memories, or it can be a time of expectations that create stress and pressure around giving. This time of year can distort the heart vs wallet dynamic, which can lead to financial securities being expressed in a lot of different ways. In this episode we reflect on how the holidays have a unique way of exposing financial insecurities all over the wealth spectrum. Listen as I share my... continue
Articles cited: https://www.cnbc.com/2022/11/15/household-debt-soars-at-fastest-pace-in-15-years-as-credit-card-use-surges-fed-report-says.htmlhttps://libertystreeteconomics.newyorkfed.org/2022/11/balances-are-on-the-rise-so-who-is-taking-on-more-credit-card-debt/https://fred.stlouisfed.org/series/PSAVERT This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com
In this episode I discuss the promises made and broken by crypto, as exemplified by the recent blow up of SBF and FTX. Also, how decentralization in crypto is a pipe dream thanks to the efforts of the NY Fed and large banks in creating a digital dollar pilot. Crypto is not living up to billing - and I won't say I told you, but it's pretty darn close. This is a public episode. If you would like to discuss... continue
One of the most common questions advisors ask prospective clients is: “what are your financial goals?” I happen to think it's a bad question.Financial services firms market a goal-centric approach to the general public. With this question, advisors are communicating that you need to have specific and well-defined financial goals in order to get somewhere.Let’s explore this concept and decide if it’s better to have a financial goal or a financial direction. This is a public episode. If you would... continue
What exactly is financial purpose?It’s the underlying reason behind your financial decisions, rooted in your values and priorities. This goes beyond just dollars and cents, helping you make decisions that align with what matters most to you.By focusing on your financial purpose, we shift the conversation from affordability to achieving what’s truly important.Listen to discover how the core element of our approach to financial advice centers around your financial purpose. This is a public episode. If you would like to... continue
In this episode I go back to November 2017 to establish a trend line from that time to November 2022. Given all the volatility since then, is the market actually right on track?One important note about trend lines: depending on where you draw them, you can communicate a variety of messages.This post gathers inspiration from this tweet: https://twitter.com/SouthernAdvicer/status/1587514476391469057Be sure to check out the blog post for this podcast to see the charts and figures referenced: https://thefinancialpurpose.substack.com/p/right-on-track This is a public... continue
Have you ever heard of set point theory? At it relates to health, set point theory essentially states that your body has a normal set range for weight. Ever go on a cycle of diet and exercise, lose weight, only to see it return?Financial considerations are like bodies - everyone is different, and what works for some may not work the same for others. This is part of the work of financial planning - understanding how changes in your financial... continue
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