EP 117 | Profit Boss® Radio
Welcome to a brand new season of Profit Boss® Radio! I have missed you and look forward to a rejoining your podcast player with new episodes every Tuesday.
What You’ll Learn from This Episode
- Welcome to Season 3 of Profit Boss® and sneak preview of future show topics
- Review of Ignite Investing, the special program I offer women who are trying to grow their wealth and have between $25k and $499k to invest
- A brief stock market update
- Invitation to upcoming Tax Webinar taking place on September 19th @ 11 am (you can learn more and sign up here:)
- Announcement about 7 STEPS TO WEALTH: a FREE audio guide to help you build wealth – Get Your Copy Today!
Season 3 of Profit Boss® Radio is sure to be an exciting one. We’re leveling-up this season, which means my guests and I will be covering more sophisticated financial topics that you need to know about to navigate your financial world. Here’s just a sneak preview of some of the topics you can look forward to this season.
- A Guide to Getting Started with Charitable Giving
You might find yourself wanting to do more GOOD in this world, and maybe some of that good you’d like to do is in the form of giving to charities. But you don’t just want to press GIVE on every friend’s $500 birthday campaign to raise money for this or that charity on Facebook. That doesn’t give you the sense of fulfillment you’re looking for, because you don’t have an emotional attachment to that charity and the size of the gift is too small for you to really even follow up to see what the organization does with the money. So, we’ll cover how to evaluate charities and share one woman’s story of really getting involved with a particular charity and why she chose it.
- How Parents Can Be Preparing Their Kids for College
After all, many of you are parents and how you choose to fund and pay for your kids’ educational goals is absolutely critical to your wealth building plan. What if you spend so much your own retirement goals are decimated? We must avoid that. So, we’ll talk about how to prepare kids for their careers, the best ways to save for college, how to calculate how much to save, and more.
- The Cost of Healthcare and How to Make Sure it Doesn’t Break the Bank
Long-term care insurance policies are quickly becoming too expensive to afford, so most Americans are left in a place where they’re either going to self-fund or make really tough choices. I’m bringing on an elder care attorney to discuss the tools that can protect your hard-earned assets from being spent down until they’re gone. We’ll talk about ways to avoid running the risk of becoming either a financial burden to your children or, daresay, a ward of the state.
- Overcoming Relational Hardships (without ruining your finances)
We have plenty of listener stories that are going to surprise and delight you. You’ll get to hear firsthand how women like you navigated financially abusive marriages (and then of course divorces). As always, I get you the nitty-gritty details so that you might hear something for yourself that can truly help you if you happen to be in a tough place yourself. I’m heartened that Profit Boss® listeners have been consistently reaching out and offering to tell their own stories, so if you’ve got one, please let me know by sending your story to [email protected].
- Investing and the Many Ways it Can Help You Reach Financial Goals
Yes, we are going to talk about investing, but you know I’ll cover this complex topic without any Wall Street speak. Don’t worry, shows that cover investing topics will be just as personalized to you as any of the other topics we talk about and with the perspective of a financial advisor with almost 20 years of experience. If you want to know how I’ve navigated my entire career enabling investors like you to build and preserve wealth, I’ll be giving you all of my best practices and secrets here. The truth about wealth building and evidence-based investing is so much different than what you see in the financial news media.
- Retirement and How to Get There Successfully
I’ll talk about the state of retirement in this country and do my best to aggregate the most unique and up-to-date data about how people like you are navigating retirement, which is, of course, the most financially risky period of your life. On the show, we’ll cover things like what age people retire, how and why to maximize your Social Security benefits, what people actually do with their time in retirement, and common pitfalls and mistakes people make preparing and entering into retirement so you can avoid them.
- Financial Preparedness and How to Safeguard Your Life and Legacy
No financial education would be complete without equipping you with the knowledge of how to protect your assets and interests in the process. We’ll talk about wills and trusts and life insurance and annuities. We’ll talk about proven ways to increase your income, and what to do with it once you’ve got it. We’ll talk about a lot more than this and of course, we’ll make it all fun and engaging with your help.
And let’s not forget that this show is powered by you and your stories and questions. Every month I’ll be doing an #AskHilary episode where I answer listener financial questions.
- So, what’s that top of mind money question that’s been pinging around in your brain?
- Where have you been stopped?
- What have you been arguing with your spouse or significant other about?
- What tip or tool aren’t you sure about?
- Do you have questions about saving? Spending? Budgeting? Investing?
Pick up your mobile phone right now. Yes, right now. And open your voice recorder app. Yep, go ahead and open that app and record yourself asking me that question. Just say your name, first name only is okay, and then what city you’re from, and then ask away. Anything you want to ask. And once you’re done recording, export that beautiful little recording and email it to [email protected].
I can’t wait to hear your questions. The next #AskHilary episode will take place in Episode #121 on October 9.
Stock Market Update
Since I’ve been off the air for 9 weeks, let’s talk about what’s been happening in the economy and my take on what that means for your investments.
The Stock Market:
For 2019 so far, as of 9/5/18, US stocks are up, 8.34% YTD for the S&P 500 and 2.96% for the Dow, and International stocks, specifically the EAFE Index, are down (3.46% negative for Europe’s major market index and 10.21% down for the emerging markets countries).
One thing that investors have been most concerned about is predicting the end of the now 9 year, actually 114 month, bull market (remember that a “bull market” is when the major indices are headed up, and a “bear market” is when the major indices are headed down) in which most major indices have more than doubled in value. Most people are wondering when the good times are coming to an end!
Of course, nobody is bragging about their Facebook stock this month because FB lost 25% of its value last month! And that really does exemplify why the evidence that says to diversify so that you aren’t putting all of your eggs in one basket is the best option to minimize unjustified risk in your portfolio. But that wisdom can seem hard to act on when your stock or company just seems to keep going up!
The Cyclical Nature of the Stock Market:
Everyone is curious about what is going to happen. A lot of what’s happening lately reminds me of the months preceding the Dot Com Bomb. In the late 90’s, the Internet first became useful to consumers and all companies had to do to get millions of dollars of venture capital investment was put a “.com” after their name. Firms were spending massive amounts of money to stay relevant and their valuations were rising but their profits were not. The run-up to the crashing of the tech bubble saw the first IPOs that made major news–ordinary employees becoming multi-millionaires. It wasn’t uncommon for people to quit their jobs to become day traders because you basically couldn’t lose!
And then the bubble burst. And in the year 2000, the NASDAQ tech index lost 78% peak to trough. All of the investors who were over-allocated to tech stocks suffered huge financial losses. Some investors literally lost everything. I had a friend who was one of the first employees at Excite at Home and made millions in their IPO. He gave all of his money to some hot shot stock broker to invest, and of course, that guy kept it all in tech stocks because, again, you couldn’t lose. Well, he managed to accomplish the impossible because by the end of 2000, my friend was totally broke. He lost everything. He went back to work as a postal carrier and never worked in tech again.
The stock market is cyclical and yesterday’s statistics are relevant today because it IS what’s happening again. However, there’s nothing for you to DO about these details if you have the right portfolio in place.
If you’re concerned you don’t, check out Ignite Investing, and we can help you out.
Let’s Not Forget That Picture!
I mentioned in this episode that I would share a recent picture of my daughter Harlyn in today’s show notes… Here she is!
More to Know About Profit Boss® Radio
I’d love to hear from you if you have content suggestions, and if you’re new to Profit Boss® Radio and want to know what we’re all about, check out these anchor or keystone episodes.
- #8 is all about the Money Operating System®.
- #19 is how to get started financially–the most popular Q’s I get asked
- #84 is how to financially automate your life
- And episode #100 is all about Ignite Investing