Explorez tous les épisodes du podcast Love, your Money - Wealth, Money, and Financial Advisor for Women
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283: What If Your Money Bought You More Freedom? The Real Life Impact of Smart Tax Planning
24 Jun 2025
00:49:39
Over the past few episodes of Love, your Money®, we’ve taken you deep into the weeds of capital gains tax, alternative investments, and Ultra Tax Efficient Wealth Management℠ (UTEWM℠).
If you’ve been following along, you’ve heard terms like step-up in basis, long-short overlay, market-neutral strategy, and incremental returns. And if your eyes glazed over once or twice, you’re not alone.
But here’s the thing: these aren't just technical financial strategies. They’re tools. Tools that—when used correctly—give you more freedom, protect your peace of mind, and empower you to make the most of the wealth you’ve worked so hard to build.
Today’s episode zooms out from the technical to the transformational: we’re talking about what UTEWM℠ actually makes possible in your real life—not just on paper. You’ll learn why traditional financial planning around tax avoidance often falls short, and what makes this approach different.
Hilary explains how to reduce your tax bill without being forced to sell at the wrong time, how long-term tax planning intersects with both healthcare and self-care, and why concentrating your wealth in a single stock or sector can quietly erode your quality of life.
You’ll also hear how real people have the potential to turn multi-million dollar tax liabilities into powerful legacies, and get guidance on how to determine whether UTEWM℠ is the right fit for your financial future.
Because financial strategy isn't just about the numbers, it’s about how those numbers impact your future, your family, and your freedom.
Here’s what you’ll learn in this week’s episode of Love, your Money:
01:45 The missing piece: What Ultra Tax Efficient Wealth Management℠ really means for your money, and your life
05:12 Why choosing and holding onto investments just to avoid paying capital gains tax hasn’t worked, and the real impact of tax efficient solutions on your quality of life
08:02 Why the prospect of tax losses gave Hilary goosebumps at a financial conference, and the how the suite of tax efficient wealth management services HWM offers our clients has grown as a result
10:24 Why the fear of taxes (and refusal to sell) can quietly sabotage your financial success, and why long term tax planning is an important part of self care
13:54 How the Rule of 72 helps estimate how fast your money can grow—and the real cost of diversifying your stock positions without tax efficient planning
17:14 How our company Blueprint relates to Ultra Tax Efficient Wealth Management℠, and what we want to make possible for our clients
18:35 A tale of two investors–one with concentrated Apple stock and one with a robust real estate portfolio–and the (avoidable) mistakes made that can be unraveled with UTEWM℠
28:48 Case study: How UTEWM℠ could help a Silicon Valley Engineer diversify highly appreciated company stock and eliminate the potential $2.5 million capital gains tax hit
33:14 Leaving a powerful legacy: Building sustainable generational wealth, the magic of compound interest, and the power of giving
38:09 Case study: How UTEWM℠ can help a married couple who inherits $3 million in a taxable account and wants to retire early
41:53 Who UTEWM℠ is really for, how to know if it’s right for you, and what the client journey looks like if you decide to work with us
Show Notes To
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
282: Do You Really Need Alternative Investments As Your Net Worth Grows?
10 Jun 2025
00:32:05
Today we’re diving into the world of alternative investments (a.k.a. alts)–opportunities that are often marketed with the promise of high returns and diversification, but frequently come with hidden risks and complexities.
In this episode, Hilary shares the professional insights and experiences she’s gleaned about alts in her 25+ years as a fee-only fiduciary financial advisor with deep expertise in public markets. From high fees and lack of transparency to liquidity issues and potential for fraud, she breaks down why these investments may not be the golden ticket they're often marketed as–and explains how Hendershott Wealth Management® designs client portfolios instead.
Tune in to learn:
Why alts are so appealing to high net worth investors,
Some of the biggest risks and pitfalls of alternative investments,
How to make informed decisions about your investment strategy, and
Why we believe a well-diversified, low-cost portfolio is the best–and most evidence-based–path to financial security.
Bottom line: The actual experience of holding alternative investments is not conducive to the kind of elegance, simplicity, or peace of mind we pursue for our clients and want for you.
Here’s what you’ll learn in this week’s episode of Love, your Money®:
01:40 What alternative investments are, what contributed to the rise of them, and why they remain so alluring
05:20 The fee structure of alts compared to the fee of a low-cost, globally-diversified index portfolio–and an example of their impact on returns
06:00 Talking liquidity: How accessible is your wealth when invested in alts, and what are typical lock-up periods?
08:25 Strike three against alts: Lack of transparency and the difficulty of actually being able to value your holdings
10:07 Alternative investments + fraud = a few real-world stories you might recognize
11:33 Comparing returns from the Teacher Retirement System of Texas (TRS) with the Public Employees' Retirement System of Nevada (PERS) – and making it real for you
14:35 Stories about the failures of alts, including high end art, a managed futures fund, angel investments, and CEO theft
20:30 The Hendershott Wealth Management® investment philosophy, AKA why we will never accept default risk and what we do prioritize, instead
24:12 My final verdict on alternative investments, and how to evaluate investment opportunities
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
281: Don’t Risk Bad Investments for Good Tax Breaks: Introducing Ultra Tax Efficient Wealth Management℠, Part Two
27 May 2025
00:33:09
In this episode, we’re continuing our conversation about Ultra Tax Efficient Wealth Management℠—a new-to-market investment strategy designed to help high net worth investors defer capital gains taxes while keeping their portfolios liquid and growth-oriented.
If you haven’t listened to Episode 280 yet, go back and do that because it lays the foundation for everything we’re covering today, including how Robert and I discovered this strategy, vetted it thoroughly, and ultimately decided to offer it to our clients at Hendershott Wealth Management.
Today, we’re diving deeper into UTEWM℠ to talk about:
How this strategy compares to other common tax-deferral methods (and why others fall short)
What makes Ultra Tax Efficient Wealth Management℠ uniquely effective, flexible, and IRS-compliant
The technical underpinnings of the investment strategy, including the application of a long-short market-neutral overlay
How UTEWM℠ can be applied to retirement distribution planning to potentially save millions in taxes over a lifetime
Unlike most capital gains strategies that require sacrificing liquidity or chasing high-risk alternatives, UTEWM℠ relies on publicly traded stocks in efficient markets and uses a smart approach to defer gains while realizing strategic losses.
It’s a new way of thinking about wealth management, and it could significantly improve your long-term outcomes. It’s exciting, it's flexible, it's widely applicable, and it is better than most–if not all–of the current methods to minimize capital gains taxes.
The bottom line? You don’t have to settle for “bad investments with good tax benefits.” With UTEWM℠, you can aim for great investments with excellent tax benefits.
So if you have (or will have) substantial unrealized capital gains from assets such as employer/highly appreciated stock, business sale proceeds, or real estate, this episode is a must-listen.
Let’s get into it! ⬇️
Here’s what you’ll learn in this week’s episode of Love, your Money®:
01:26 A reminder of what UTEWMSM is: the strategic creation of taxable losses to offset gains, potentially saving you millions of dollars in capital gains taxes
03:28 Alternative ways to avoid capital gains that are “bad investments with good tax benefits”, like Qualified Opportunity Funds–and the opportunity costs they come with, especially if you’re saving for retirement
07:09 Solar Tax Equity Financing, and why it doesn’t meet Robert’s “big benefit, low risk” requirement for a good investment
08:13 What happens when you break IRS tax rules for the sake of a return–which is what we’d call “bad tax benefit, bad investment”
11:10 How UTEWM℠ differs from all other ways to defer paying capital gains taxes, including tax loss harvesting–where the opportunity to take losses tends to dry up over time
13:01 The difference between active management and UTEWM℠, why we’ve traditionally avoided it, and the mindset shift we had to make to embrace (and unlock) the potential of this strategy
15:05 The reliability and predictability of tax benefits, and why, in this case, “small return benefits” should be of interest to you as an investor
15:54 The breakdown of the costs of an Ultra Tax Efficient Wealth Management℠ strategy: trading, financing, and managing – and what can offset those costs
19:1
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
280: Maximize Gains and Minimize Taxes: Introducing Ultra Tax Efficient Wealth Management℠, Part One
13 May 2025
00:48:45
Tax deferral is one of the most powerful wealth-building tools available to investors. Why? Because it allows you to reinvest money that would have gone to the IRS, compounding returns on that money and significantly increasing your long-term wealth.
In this episode, I’m joined by Robert Hendershott (HWM’s Chief Investment Officer and my husband!) to talk about Ultra Tax Efficient Wealth Management℠—a suite of services that uses cutting-edge strategy designed to minimize taxes on your capital gains without sacrificing returns or adding unnecessary risk–and why he came out of retirement to help us implement this strategy with our high net worth clients.
Ultra Tax Efficient Wealth Management℠ creates its benefits through realizing investment losses while deferring gains using a long-short overlay composed of individual stocks, which allows tax savings that can continue to compound for as long as the gains are deferred. And over a lifetime, that can be huge.
We can’t overestimate how powerful this new-to-market wealth building strategy is, and in today’s conversation, we’ll start at the beginning, talking about:
✔ Why tax deferral benefits investors and follows the letter of the IRS law ✔ How Ultra Tax Efficient Wealth ManagementSM works, as well as the risks and rewards of this tax-aware investing approach ✔ Why personalized tax management is a must for sophisticated investors
The bottom line? Tax planning isn’t one-size-fits-all. But with the right strategy, you can legally and effectively minimize taxes while maximizing your wealth.
If you know someone who has capital gains in their life, listen to this episode and forward it to them–because this conversation could really alter your financial trajectory for the better by deferring millions in taxes–while keeping more of your money working for you. ⬇️
Here’s what you’ll learn in this week’s episode of Love, your Money®:
02:32 The genesis of Ultra Tax Efficient Wealth Management℠ at Hendershott Wealth, including my “it can’t really be this good” moment, and the decision to bring Robert out of retirement
06:18 The general benefits of tax deferral and why compounding returns are such an important piece of wealth building
09:20 How concentrated stock portfolios affect your ability to leverage tax deferral, plus how tax loss harvesting works – and where it falls short
12:03 Breaking down financial jargon to help you understand the high level functioning of Ultra Tax Efficient Wealth Management℠ and how it is designed to create reliable, predictable losses to offset gains
15:38 Playing by the rules of the IRS to generate market gains and create recognized losses–so you can have your cake and eat it, too
19:24 A simplified-but-illustrative example of a long-short strategy in action for an investor looking to diversify $1 mil of Amazon stock (don’t try this at home!)
28:14 How we know UTEWM℠ is legit with the IRS, and why it’s so effective at creating tax benefits
28:58 What makes someone a suitable candidate for this strategy, why it hasn’t been widely implemented by financial advisors or investment managers yet, and what’s changed to make it attractive–and approachable–now
33:46 The three main strategy risks and uncertainties of UTEWM℠ , and the silver lining it creates when the market goes down
38:50 The true pote
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
279: 5 Strategies to Minimize Capital Gains Tax (and Keep Your Portfolio Growing) in 2025
29 Apr 2025
00:31:34
In this episode of Love, Your Money®, we’re tackling a hot topic: capital gains tax. While many investors assume paying high taxes is inevitable, there are smart, legal strategies that can significantly reduce—or even eliminate—what you owe.
Some people avoid taxes by never selling their investments, but that means never enjoying the wealth they’ve built. Others chase tax-advantaged, underperforming assets that often do more harm than good.
In just under 30 minutes, we’re breaking down five effective strategies that help minimize capital gains taxes while keeping your portfolio growing—without sacrificing liquidity or returns. From foundational tools like tax loss harvesting to advanced strategies like tax-aware investing with Separately Managed Accounts, this episode offers practical, proven tactics for high-net-worth investors.
You’ll learn when and how to use each strategy, the pros and cons of each, and why some popular options (like Opportunity Zones and oil & gas investments) often fail to deliver lasting benefits.
If you’ve got appreciated assets—like real estate, employer stock, or a taxable brokerage account—and want to keep more of your gains instead of handing them to the IRS, this episode is a must-listen.
Here’s what you’ll learn in this week’s episode of Love, your Money®:
02:15 A common misconception about capital gains tax, and why simple tax deferral by never selling is NOT a viable long-term strategy
04:23 The benefits–and limitations–of tax loss harvesting and tax-conscious investment vehicles
06:31 What NOT to do with the proceeds once you’ve harvested your losses, or, the Wash Sale Rule
09:04 Specialized tax-managed mutual funds, ETFs, and other tax-conscious investment vehicles we use with our clients
10:26 Borrowing against appreciated stock (the poorly nicknamed "buy, borrow, die" strategy)—and when it becomes risky
13:27 Stock collars: An example of what they are and how they work, when to consider them, and when to avoid them
17:35 What made direct indexing a game-changer for high-net-worth investors, and how it impacts capital gains taxes
20:27 Separately Managed Accounts & Ultra Tax Efficient Wealth ManagementSM: the most advanced, effective way to minimize capital gains taxes without compromising returns or liquidity
25:35 Where you can go to learn more about Ultra Tax Efficient Wealth ManagementSM and optimize your portfolio for tax efficiency
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
278: 5 Reasons Hiring A Virtual Financial Advisor Might Be Your Smartest Money Move
15 Apr 2025
00:26:19
Once upon a time, managing your finances meant sitting across from an advisor in a big office, flipping through stacks of paper.
But times have changed and thanks to technology, you can work with an expert financial team from anywhere—without sacrificing trust, personalization, or expertise. In fact, you might prefer working with a virtual advisor, and we’re going to explain why!
In this episode, Hendershott Wealth Management advisors Jen Rupp and Alyssa Hause break down a few key advantages that come from working with a virtual financial planner, including:
✔ ️ Why location doesn’t have to limit your choice (or ours!) ✔ How technology helps us deliver better service and build more meaningful relationships ✔ The benefits of choosing a firm that aligns with your vision and values ✔ Why virtual advising makes financial planning easier, more efficient, and less stressful
If you’ve been debating whether a virtual financial advisor is right for you, this episode just might have your answer. 👀
Here’s what you’ll learn in this week’s episode of Love, your Money®:
02:18 What the old days of working with a financial advisor looked like
03:47 How working virtually keeps fees reasonable without compromising quality
06:37 What it really means to work with a fiduciary advisor who puts your best interests first
08:07 How a tech-forward, process-driven firm can save you time and sanity–and keep your finances more secure
11:30 Here, there, and everywhere: The value of continuity with a financial advisory team, no matter where your life takes you
12:56 How we build even more meaningful relationships when working virtually
17:32 What you’re investing in when you pay a virtual advisor–and exactly what you can expect when you make Hendershott Wealth Management your financial advisory team
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
277: Should You Diversify Your Employer Stock? Here’s the Data… And a Plan
01 Apr 2025
00:22:56
Welcome back, Money Lover! In today’s episode, we’re tackling a financial risk I see far too often: holding too much of your employer’s stock.
If you’ve built up a significant position in company shares through stock options, RSUs, or other equity compensation, this conversation is for you.
Many people assume that because they work for a successful company—especially one of the Magnificent 7 (Apple, Microsoft, Nvidia, Google, Amazon, Tesla, Meta)—their employer stock is a safe and smart investment. But when it comes to investing, diversification is key.
Today, we’re breaking down the risks of concentrated stock positions, and talk about why even the biggest companies rarely stay on top forever. Then we’ll get into how diversification helps protect and grow your wealth, and wrap up by sharing smart, strategic, and tax-efficient ways to sell your employer stock.
It’s easy to feel attached to your company’s stock—after all, you’ve invested your time and energy in its success. But holding too much employer stock exposes you to unnecessary financial risk, and today’s episode is all about how to minimize that risk while maximizing your long-term returns.
The key takeaway? You don’t need to time the market perfectly—you just need a plan. (We can help with that.)
Here’s what you’ll learn in this week’s episode of Love, your Money®:
01:16 An intro to the financial risk we see far too often, and who this episode is perfect for
02:42 The illusion of safety in holding onto concentrated employer stock
05:34 The past performance of top 10 stocks, risks associated with not diversifying–and, why most people still want to hold on to their company stock
07:31 How your own biases can sabotage your wealth building efforts, and a unique reframe to approach your decision with
08:59 Understanding your equity and the kind of stock you own
10:58 Developing a tax-smart strategy for diversifying your investment portfolio
14:05 The four-step process we use to structure client investment portfolios
16:02 The tax implications of selling your employer stock, and, more importantly, how to minimize those taxes and keep more of your hard-earned money
17:57 The new-to-market strategy we’re helping clients with large unrealized gains utilize: Ultra Tax Efficient Wealth Management℠
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
276: Why Tax Planning Beats Tax Prep: How to Take a Tax-Forward Approach to Your Money
18 Mar 2025
00:18:43
Many people wait until tax season to think about their taxes, only to feel overwhelmed and unprepared. But the truth is, tax season isn’t really a “season” at all!
Tax planning is an ongoing process that plays a crucial role in your financial success, and should be a consideration all year long. Because when approached strategically, proactive tax planning and preparation can help you keep more of your hard-earned money.
In this episode, Jen Rupp (our Director of Financial Planning/Senior Financial Advisor) and Alyssa Hause (one of our Lead Financial Advisors) take the mic to talk about the value of proactive tax planning–and how you can take some of the stress out of tax prep.
They break down the difference between tax planning and tax preparation, explain why looking ahead instead of reacting can make a huge impact on your financial future, and walk you through examples of how working with financial professionals who understand tax strategies can help you minimize what you owe–and maximize your long-term wealth.
Even though we’re still in the first quarter of the year, now is the perfect time to start thinking about your 2025 taxes–and how small changes in your income, investments, and overall financial decisions can lead to significant tax savings down the road.
So whether you’re preparing for this year’s tax deadline or looking to set yourself up for long-term success, we hope this conversation helps you take control of your tax strategy and ensure your money is working for you in the most tax-efficient way possible. 💪
Here’s what you’ll learn in this week’s episode of Love, your Money®:
02:54 Why taxes aren’t the once-per-year headache you might be treating them as
03:51 The key difference between tax planning and tax preparation, plus examples of what tax-forward planning looks like
06:31 How to reduce the stress of tax season by preparing early, and a checklist of documents you need to file
07:57 How Jen and Alyssa approach their own tax planning and preparation, and why they’re particular about accurately assessing withholdings
11:08 Working with a tax-savvy advisor, the best way to avoid filing amendments, and why we take a proactive approach to communication
13:51 Advanced tax strategies you should know–beyond tax loss harvesting and 401(k) contributions–to increase your savings and wealth accumulation
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
275: Protecting Women's Wealth
04 Mar 2025
00:19:46
Welcome back, Money Lover! In today’s episode, we’re diving into a topic that I’m incredibly passionate about: protecting women’s wealth. This is a conversation that applies to everyone—whether you’re a woman looking to safeguard your financial future or someone who wants to support the women in your life.
Protecting wealth isn’t a new topic around here. It’s the final step in our 7 Steps to Wealth framework, and we spent the last few episodes talking about different ways to protect your wealth in relationships–with yourself and others. This week we’re wrapping up that series with an episode focused on financial planning considerations for women.
Women have long been praised for their generosity, often being encouraged to give their resources away. However, true financial security begins with keeping and growing wealth, not sacrificing it.
This is especially important when you consider some of the life experiences women tend to go through, particularly as they relate to longevity and the evolution of our financial needs in different stages of life.
Financial empowerment starts with recognizing that no one cares more about your money than you do. Staying informed and actively engaged in financial decisions is essential to building lasting wealth–and that’s exactly what we’re going to talk about today. ⬇️
Here’s what you’ll learn in this week’s episode of Love, your Money®:
03:10 The societal belief that has held women back, why we need to stop celebrating self-sacrifice, and the mental reframe we need when it comes to women and wealth
05:07 The three best practices we recommend for building long-term wealth, and how longevity impacts financial planning
06:43 How work-life balance, traditional gender roles, and caregiving responsibilities impact women’s earning capacity and financial well-being
07:40 How to stake a claim in your household’s wealth management, and why trust isn’t a substitute for knowing
9:33 What you need to know if you want to be informed and empowered about your finances, retirement planning for surviving spouses, and benefit distribution
12:53 Reviewing beneficiary designations, estate plans, and insurance coverage as your financial needs fluctuate and change over time
14:27 What your mindset, emotional needs, and personal goals have to do with your financial planning
16:10 Signs it’s time to find a new financial advisor, and how our team works with high net worth women and couples with wealth to protect their best interests and their assets
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
274: Skipping "I Do": How to Safeguard Your Finances as an Unmarried Couple with Melanie Lockert
25 Feb 2025
00:28:58
A lot of people have purely romantic notions about marriage, but the truth is that marriage, in its simplest form, is a contract that provides legal protection.
That contract is meant to cover ownership of real estate, division of assets, determination of healthcare directives, and more.
Not everyone wants to enter into the terms of that contract, but their relationships still deserve respect and their wealth and assets still deserve protection. So if you’re interested in a long-term romantic partnership and want to build a life with someone–without the legal commitment–this is the episode for you. 👇
I’m joined by Melanie Lockert, an award-winning finance writer, public speaker, event planner, and founder of Lola Retreat for women. We talked about why many people are opting out of marriage, how unmarried partners can be legally vulnerable, and steps you can take to protect yourself–and your partner–financially, in case of separation or unexpected health events.
Today’s interview is a follow-up to last week’s conversation with estate attorney Kara Foster about prenups and postnups–head to hendershottwealth.com/273 if you missed that one!
Whether you’re on the fence or fully decided about your personal stance on marriage, both episodes are worth a listen… especially if you need a reminder to update the beneficiaries on your policies and accounts. 👀
Here’s what you’ll learn in this week’s episode of Love, your Money®:
02:44 Why Melanie became interested in writing about the financial implications of unmarried partnerships and how people can protect themselves
03:33 Making medical decisions for your partner, the importance of getting a healthcare power of attorney, and what happens without that paperwork
07:02 Melanie’s reasons for not getting married, how that decision aligns with her values, and why she considers it a money-saving move
11:15 Things people forget to consider about when they’re considering moving in together, especially when it comes to finances or real estate investments
16:49 What Melanie has learned about protecting her finances from her partnerships, and how her boundaries have changed over the years
18:33 What Melanie would say to an unmarried couple who is considering buying real estate together, and the potential risk of taking title as joint tenants
23:52 The reframe Melanie wants listeners to consider when they’re thinking about legal and financial protections in long term partnerships
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
273: Prenups, Postnups, and Talking About Finances in Marriage with Kara Foster
18 Feb 2025
00:32:15
It’s often said that money is one of the most common sources of conflict in a marriage, and a leading cause of divorce. Today’s episode has me rethinking that positioning: What if money isn’t the one to blame, and the actual culprit is a lack of communication?
You’ve likely heard me talk at length about the 7 Steps to Wealth, which is the framework I used to climb out of debt and build lasting wealth. The final step in that framework, Protect, is all about safeguarding your financial future. It’s one of the most important–and often neglected–steps.
I did a deep-dive into the seventh step in episode 264, but today we’re taking a closer look at one crucial part of Protect: how to protect your wealth when you’re in a relationship. Specifically, we’re going to talk about prenups, postnups, and how they can help you preserve your wealth *and* your relationship.
To help us unpack this topic, I’m joined by Kara Foster, an attorney from Foster Hsu, LLP. Kara and Lydia, her partner at the firm, are experienced in all aspects of California family law including divorce, legal separation, domestic violence, guardianship, stepparent adoption, and—what we’re focusing on today—prenuptial and postnuptial agreements.
In this episode, we discuss:
What a prenup covers and when to consider one
Why prenups can be good for a relationship
How to create a prenup and how much they cost
But my biggest takeaway was this: What’s more important than any piece of paper you sign (or don’t) is that you have open, honest, and consistent conversations with your spouse about your finances. You should be on the same page about what’s going on, and the only way to do that is to talk about it.
I learned so much from this conversation, and am grateful to Kara for lending her voice and expertise to the show. Now without further ado, let’s talk about what to do before you say “I do!”
Here’s what you’ll learn in this week’s episode of Love, your Money:
03:44 What a prenup is, what it covers, and what can not be included in it
05:44 When should couples consider a prenup, and why businesses and real estate make asset division more complicated
08:05 How a prenup allows couples to keep assets separate during the marriage–and the pivotal thing a prenup “forces” you to do before getting married that will change your relationship (for the better!) in the long term
12:49 How a postnup differs from a prenup, when it’s worth getting one, and the limits or enforceability of the agreement
14:43 The process of creating a pre- or postnup, what can make the cost go up, and the importance of financial disclosure
18:30 Sticky situations a prenup can help couples avoid, the stigma of prenups, and why Kara doesn’t agree with the bad rap–even though she hears it a lot
21:51 Why unmarried couples who purchase real estate should get a cohabitation agreement, what it means to be joint tenants, and the importance of taking title
25:22 Why Kara didn’t get a prenup, the importance of ongoing communication about finances in marriage, and red flags to look out for
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
272: Self-Sacrifice vs. Self-Honoring: Tools to Thrive in Mind, Body, and Finances with Beatriz Victoria Albina
11 Feb 2025
00:44:14
Today I’m joined by the brilliant Beatriz Victoria Albina (a.k.a. Béa) for a conversation about something I’m incredibly passionate about: empowering women to own their truth, author their lives, and thrive in mind, body, relationships, and finances.
Béa is a Master Certified Somatic Life Coach, breathwork meditation guide, and the host of the Feminist Wellness Podcast. Her work helps those socialized as women reconnect with their bodies and minds, break free from codependency, perfectionism, and people-pleasing, and reclaim their joy and power.
In this episode, we dive into why so many women self-sacrifice to make others happy, what it means to emotionally outsource your sense of belonging, and how to cultivate internal self-worth. We uncover the unspoken expectations that fuel self-sacrifice, explore the transformative role of somatic experiencing, and discuss how to realign emotional, physical, and financial choices with your values.
You’ll also learn about the “rescue trap,” the power of setting boundaries and saying “no,” and how to prioritize self-honoring behaviors. Béa shares practical exercises to help unravel people-pleasing tendencies, regulate your nervous system, and connect your beliefs and values with your actions.
This conversation is packed with valuable insights and actionable strategies to help you spend your time, energy, and money in alignment with what truly matters to you.
Let’s dive in!
Here’s what you’ll learn in this week’s episode of Love, your Money®:
04:00 Why so many women self-sacrifice in order to make others happy and emotionally outsource their sense of belonging–plus, how to generate an internal sense of belonging
07:33 The unspoken expectations that fuel self-sacrifice, why it’s important to have compassion for ourselves, and how to practice somatic experiencing
09:45 How people who are raised and socialized as women overspend emotionally, physically, and financially–and how Béa works with clients to realign their choices with their values
10:51 How we can start to unravel our people-pleasing tendencies and use somatic practices to regulate our nervous systems
12:57 The best way to develop somatic bodily awareness, why meditation might not be the answer for everyone, and lessons about regulation from a chihuahua
21:56 What the rescue trap is, why women are vulnerable to it, and the implications of this variety of self-abandonment–in big and little ways
26:01 Why ‘no’ is such a hard word for women to face, how we can reframe that experience, and the role of boundaries in preventing resentment
29:17 How Béa identifies the difference between self-abandoning and self-honoring choices, and why somatic processing is an integral part of it
31:24 How selfishness can help you prioritize your spending, how Béa thinks about financial regret, and lessons she’s learned from past spending choices
34:32 An exercise to help you connect with your internal compass and empower yourself to make a different choice when you sense self-abandonment
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
271: Fast, Fair, and Fun: On Reporting (and Consuming) News, with Erica Mandy
04 Feb 2025
00:31:28
Today on Love, your Money® , I’m thrilled to bring you a conversation with someone I personally listen to nearly six days a week: award-winning broadcast journalist Erica Mandy.
After a decade-long career in TV news, Erica left the traditional newsroom to create and host the popular daily news podcast, The NewsWorthy–a show that delivers the day’s news in a way that’s convenient, unbiased, and enjoyable.
Erica and I first crossed paths years ago at a podcasting industry event when both of our shows were just getting started. As I got to know her and became a loyal listener of The NewsWorthy, I was struck by how aligned our values are, especially when it comes to covering financial and economic events. Her “fast, fair, fun” approach to news reporting has guided my experience through major global moments, from the COVID-19 pandemic to presidential inaugurations, Olympic games, and more!
In this episode, Erica shares her journey from traditional news reporting to building her own media platform. We discuss how her approach to delivering news has changed, the behind-the-scenes challenges and rewards of running a successful daily news podcast, and her mission to help people stay informed without the overwhelm.
Erica is a woman whose work has inspired me, and whose voice has become a trusted part of my daily routine. I am delighted to introduce you to her, and I hope you enjoy this episode as much as I enjoyed recording it!
Here’s what you’ll learn in this week’s episode of Love, your Money®:
04:36 The types of media we consume, how the news influences how we feel, and why it’s leading Americans to feel news burnout
07:07 Why Erica left TV news, the impact that working in the newsroom had on her well-being, and the point of diminishing returns with media consumption
09:25 How Erica and her team decide which stories that make it onto her daily news podcast, The NewsWorthy
10:41 How the newsroom functioned when Erica worked there–from who chooses and writes the stories to doing interviews, picking lead headlines, and delivering the news on-air or in print
16:20 The benefits of independent news and the kind of impact Erica wants her show to have
22:58 The cost of giving up the dramatic lens in delivering the news–whether it’s current events or financial news–and why the sacrifice is worth it to Erica (and me!)
24:05 The time + team it takes to produce a 10-15 minute daily news show
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
270: ADHD and Money: How ADHD Impacts Your Finances with Dr. Stephanie Sarkis, PhD
28 Jan 2025
00:39:55
Today’s topic is a highly requested one: how ADHD impacts your finances.
I’ll be honest, normally when I have a guest on the podcast, I’m at least a little bit familiar with the topic we’re going to discuss–but today is different.
Until this conversation, I had next-to-no experience dealing with ADHD. But I do know it’s a common issue as more and more adults–especially women–receive ADHD diagnoses. And that’s why I’m so excited to welcome Dr. Stephanie Sarkis, PhD to the Love, your Money® Podcast to share her expertise!
Dr. Sarkis is a psychotherapist who specializes in ADHD, anxiety, and working with victims of narcissistic abuse. She is the author of eight books and three workbooks about ADHD and money, healing from toxic relationships, and the impact of emotional abuse on your finances.
Stephanie is a National Certified Counselor, Licensed Mental Health Counselor, American Mental Health Counselors Association Diplomate, and a Florida Supreme Court Certified Family and Circuit Mediator. She has been in private practice for over 20 years, is an online contributor to Psychology Today, and hosts the Talking Brains podcast.
In other words, if we want to talk about ADHD and money, we’re in good hands today. So buckle up, and let’s dive in!
Here’s what you’ll learn in this week’s episode of Love, your Money®:
04:10 How the three subtypes of ADHD present, and how symptoms (like executive dysfunction or impaired impulse control) affect financial decisions and outcomes
07:48 The difference between being disorganized and having ADHD, the symptom spectrum, and getting diagnosed in childhood versus as an adult
11:17 Understanding the brain chemistry that fuels ADHD, effective treatment options, and how neurotransmitter activity influences behavioral patterns
17:25 Investing and ADHD, finding the right resources to support your wealth building, and developing a healthy relationship with a financial professional
20:35 How people with ADHD can learn about finances, the power of gamification, and the cash flow management system Stephanie recommends
26:26 Couples and ADHD: Why people with ADHD tend to fight more about money, and why they’re more vulnerable to financial or narcissistic abuse
29:46 Tips for talking to your partner about money–without a fight, and the characteristics of a healthy financial partnership
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
269: The Power of a Beginner’s Mindset with Tonya Rapley
21 Jan 2025
00:34:14
Have you heard the phrase “be stubborn about your goals and flexible about your method”? It’s pretty good advice.
Attachment and unwillingness to release the plans we’ve made or the expectations we have can be very costly, which is something that today’s guest has learned a lot about in the last few years. But thanks to healing core wounds and reprogramming her subconscious, she’s been able to work through those ego blocks and accomplish some pretty incredible things.
Tonya Rapley is someone who really embodies the 7 Steps to Wealth in her life. Her story is a great example of what’s possible when you break through limiting beliefs and author your own life based on what you actually want–not what you’ve inherited.
Tonya is a speaker, financial educator, best-selling author, and investor. She is the CEO of Her Legacy Media, Inc., and founder of My Fab Finance–a media company that helps you do things with your money that you’re proud of.
I invited Tonya to join me on the podcast to talk about her money journey, including her transition from working at a non-profit to running a multi-million dollar business, getting paid well while doing good in the world, and why she’s choosing to return to employment after nearly a decade of entrepreneurship.
The way Tonya talks about embracing a beginner’s mindset and using new experiences to heal as you age is really inspiring, and I hope you enjoy this conversation as much as I did! 👇
Here’s what you’ll learn in this week’s episode of Love, your Money:
02:26 The story of Tonya’s transition from working at a non-profit earning $45k per year to being an entrepreneur with $45k months
04:55 How Tonya’s upbringing influenced the expectations she had for herself, and what she did to break free from those limiting beliefs
08:16 How Tonya defines a “beginner’s mindset”, and how you can use the beginner’s mindset to heal as you age
09:42 How Tonya found guidance as an adult, created her own board of directors, and how that mentorship led her to learning how to play (and love) golf
14:26 The courage of making asks–and the power of those asks to further your career and offer support in your personal life
16:04 Tonya’s recent transition to life as a single mother, why she had to right-size her life to fit her current situation, and how her ego flared up along the way
16:57 The financial lessons Tonya learned from her divorce, and the advice she has for other women who are dissolving a financial partnership
20:59 What it means when people try to buy transformation versus earning it, and the tools Tonya uses to reprogram her subconscious programming and heal
24:07 Tonya’s upcoming return to the workforce, and how she’s leveraging the skills she learned as an entrepreneur in her new job
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
268: How Highly Sensitive, High Achievers Can Advocate for More with Melody Wilding
14 Jan 2025
00:33:17
Listen up: There’s going to be dollar signs flying at you after this episode.
Okay, I might be exaggerating, but listening to today’s guest WILL change how you show up in crucial conversations in the workplace–and what opportunities those conversations open up for you.
Melody Wilding is an award-winning executive coach, human behavior professor, and the author of Trust Yourself: Stop Overthinking and Channel Your Emotions for Success at Work, and its follow up, Managing Up: How to Get What You Need From the People in Charge, coming out in March 2025.
As a therapist, coach, and emotions researcher, Melody weaves evidence-based neuroscience and psychology with professional development. She joined me on Love, your Money® to share her expertise as it relates to money conversations, negotiating with higher ups, and advocating for yourself financially in a professional setting.
If you’re what Melody calls a Sensitive Striver–a highly sensitive person who’s also high achieving–OR you’ve ever felt like your people-pleasing ways are holding you back in the workplace or your personal life, this is a conversation you don’t want to miss. 👇
Here’s what you’ll learn in this week’s episode of Love, your Money:
02:08 Melody’s term Sensitive Striver–what it is, how Melody started working with highly sensitive achievers, and how it relates to her latest book
03:38 The difference between sensitivity and empathy, how they show up in professional settings, and the role of sensitivity in an evolutionary setting
06:14 The struggles sensitive people may come up against when it comes to pursuing financial freedom and asking for what they need
08:25 When Imposter Syndrome shows up, and how it impacts sensitive people–especially when it comes to financial goals and accomplishments
13:53 Increasing your visibility, earning what you want, and the cost of flying under the radar
16:19 Problem, Action, Solution: Melody’s conversational framework to help you advocate for yourself, and share your accomplishments in effective and memorable ways
20:11 The quitting conversation: What to do when you feel stuck in your career, the value of building relationships instead of burning bridges, and navigating exit interviews with grace
24:55 How sensitive people can think about timing and self-advocacy when asking for raises or promotions, and getting teammates aligned with your desire for advancement
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
267: How to Find the Right Fit (and Most Funds) for College with Dr. Pamela Ellis, The Education Doctor
07 Jan 2025
00:27:27
Want to help your child get into their top choice college with $75,000 of scholarship money? Then pay attention Money Lover, because today we’re talking about what you need to know–and what you can do–to make that happen.
Choosing and paying for the right college is something that has frustrated many parents for many years. Dr. Pamela Ellis has made it her mission to help families navigate the admissions process and get the financial support they need, which is why I invited her to join me on the podcast!
Dr. Ellis is an award-winning author of the best-seller "What to Know Before They Go: College Edition," and the founder of Compass College Advisory. She and her team have helped over 30,000 families navigate college admissions, ensuring teens find the right fit without overspending.
Dr. Ellis has a 95% success rate in getting students into their top-choice colleges, and secures an average of $75,000 in scholarships per student. In this conversation we talked about what led her to this line of work, how she supports families in the college application process, and the five elements of “fit” to consider when selecting a school.
Buckle up for a conversation you will find educational and illuminating–because it covers more than just how to fund a 529.
Here’s what you’ll learn in this week’s episode of Love, your Money:
02:27 How being a first generation high school and college graduate influenced Pamela’s education experience and led her to become “The Education Doctor”
04:35 How Pamela’s work supports teens and parents–and why she visited 500+ colleges to help her connect students with the right school for their needs
06:50 When families should begin strategizing for college applications, and activities that are helpful in the application process
08:43 The struggle of letting go when you’re a parent, how Pamela helps parents trust their children in the process, and why that’s so important
12:05 The sticker price of college, the average amount American families actually pay, and where the biggest scholarship dollars come from
13:39 The five factors of “fit” that helps Pamela match students with the best college–and increase their chances of admission
15:05 How social dynamics, recreational activities, and personal factors like diet influence the best college/student fit
16:37 How finding the “right” college fit impacts the amount of scholarship support you can access, and the best place to focus your energy, including the FAFSA and CSS Profile
19:48 A story from Dr. Ellis that will make you never doubt the support your student can get
23:25 A gift from Pamela: The College Confidence Blueprint, a step-by-step guide to support your teen in their college journey
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
266: 2024 End-of-Year Routines to Make You Rich(er)
10 Dec 2024
00:49:08
I know many of you have wondered what sets financially successful individuals apart when it comes to their money routines, particularly at year end–because you ask me!
Every year, I get emails and DMs asking if I have any tips for ending the year knowing you’ve made the most of it financially, and setting yourself up for future success. So today, we’re talking about end-of-year routines that wealthy people embrace to grow their wealth and protect their financial legacy in the years to come.
I’m going to share some strategies you can adopt to make sure you finish 2024 on solid financial ground, and start 2025 with clarity, renewed energy, and the confidence that comes from knowing you’ve taken care of business.
Of course, doing a year-end wrap up for your finances isn’t just for businesses–it’s also a great habit to get into with your personal finances!
That’s why we'll be exploring a range of financial routines and end-of-year best practices, taking into account both the perspectives of individuals and business owners. From tax-efficient strategies to charitable giving, health insurance, Roth conversions, and more–we’re going to run the gamut, and in the end, it’s going to feel so good.
Whether you’re early on in your wealth-building journey or you’ve been at it for a while, this is your chance to do something that I know your future self will thank you for.
So get your favorite note taking tool ready, and let’s dive in!
Here’s what you’ll learn in this week’s episode of Love, your Money:
03:45 Why insurance is a must for protecting your wealth (and health!), important deadlines to watch for, and ensuring you have adequate coverage
08:15 Breaking down retirement savings accounts, the tax implications of each, and maximizing–and increasing–your contributions
15:10 Required Minimum Distributions, important deadlines, and what to do if you inherit an IRA
17:57 Charitable giving, annual gift exclusions, donations, tax deductions, and organizing the paperwork for your tax preparer
20:54 Harvesting capital gains, Roth conversions, and setting yourself up for tax-free withdrawals in retirement
26:07 How wealthy people relate to their net worth, how to determine yours, and why it’s the most important data to track for your financial freedom
29:00 For the business owners: Best practices for bookkeeping and year-end routines for your business
34:21 Payroll, inventory, and administrative details you don’t want to miss–like the Corporate Transparency Act and BOI reporting requirements
41:35 Looking forward to 2025: Creating meaningful goals, and laying the foundation for a successful + profitable new year!
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
265: Permission to Be Rich: A Conversation of Possibilities with Cathy Heller
03 Dec 2024
00:45:46
Are you good at accepting compliments or help from others? Because today’s guest really had me thinking about how often I see women deflect kind words or struggle to receive support–and how that could be negatively impacting their wealth.
I’m absolutely chuffed to welcome Cathy Heller back to the show. Cathy is a teacher, author, and host of one of the top spiritual podcasts, Abundant Ever After, which has been downloaded more than 45 million times!
I love having Cathy on the show because there’s so much overlap between her spiritual encouragement to lean into connection to higher power and my message of financial self-empowerment. We’re both in the arena sharing our own past mistakes with money–and now–our currently transformed and abundant state, because we want you to know that abundance and wealth are in reach for everyone.
Cathy is a practitioner of the law of reception, has a deep understanding of the universal principles of manifestation, and she guides individuals on a transformative journey towards unlocking their highest potential. She joined me on the podcast to talk about her latest book, Abundant Ever After: Tools for Creating a Life of Prosperity and Ease–which is officially available as of TODAY!
There’s a lot of alignment between the concepts Cathy discusses in her book and my 7 Steps to Wealth framework–especially speaking, asking, and earning–and I’m looking forward to sharing the power of these practices in her words because they truly can transform your life.
So, in the spirit of living abundantly ever after, let’s dive in!
Here’s what you’ll learn in this week’s episode of Love, your Money:
02:42 What abundance is, how it relates to our natural state of flow, and why that matters
08:18 Why women get trapped by the lie of scarcity, and what it takes to face–and move past–those limiting beliefs
11:17 Permission to let yourself be rich, the pressure for women to give their wealth away, and examining the impact of the patriarchy on our abundance
16:15 What most people get wrong about the law of attraction, and how the misinterpretation impacts manifestation
20:44 Examples of what can happen in your life when you’re tuned into the right vibration, and how the “ick” can point you in the right direction
25:16 The difference between living into probability versus possibility, and how the past can limit our experiences in the moment–and the future we create
28:08 Why your success will make other people uncomfortable and force them to confront their own limiting beliefs
30:15 The impact of cortisol addiction on our brain chemistry, how it creates emotional congestion, and recalibrating your system for well-being
35:44 Growing your capacity for more, and what decorating for the holidays taught Cathy about receiving abundance and love
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
264: The Least Fun (and Most Necessary) Part of Building Wealth (7 Steps to Wealth, Step 7: Protect)
26 Nov 2024
00:26:12
You have made it to the final step in the 7 Steps to Wealth framework, Protect!
This is the step that ensures everything you’ve worked so hard to build can’t be lost due to unforeseen–or even semi-predictable–circumstances.
This step might just be the easiest to ignore–because implementing it isn’t the most fun thing on your to do list. Believe me, I get it! It’s a lot more exciting to earn money and invest it than it is to buy insurance or meet with lawyers. But. It’s even LESS fun to lose all your hard-earned money to clerical errors or insufficient insurance.
Remember: As your wealth grows, the weight of potential mistakes grows alongside it–and that’s usually a sign it’s time to bring on a financial professional who can make sure you’re doing everything you should (and could!) to grow and protect your wealth.
I am fundamentally an evidence-based optimist, but let’s not sugar coat it: If you don’t protect your wealth, it doesn’t matter how much you earn–because it could all disappear in a blink. I’ve witnessed it happen more than once, and it is heartbreaking to witness every.single.time.
In this episode, I share five stories of people who have lost their money due to risky investment strategies, negligent estate planning, and unexpected changes in health.
These stories do not come from clients of mine, because events like this just don't happen on my watch, but I do hear about them–and I want you to learn what you can do differently so that you (hopefully!) don’t end up in the same situations.
Listen in, take notes, and take heart, knowing YOU are going to protect your wealth! 👇
Here’s what you’ll learn in this week’s episode of Love, your Money:
04:25 Introducing the final step in the 7 Steps to Wealth: Protect
05:10 Story one: My friend’s uncle, who committed a quintessential financial mistake when he watched his investment accounts drop 50%, panicked, and locked in his losses instead of waiting
07:01 What could have happened with his money if he had remained invested and followed an evidence-based investment strategy
10:02 Story two: My former coworker’s husband had an unexpected stroke, lost his functional abilities, and required around the clock care… but they didn’t have appropriate insurance, healthcare directives, estate planning, or financial safety nets in place
12:34 Protecting your assets with insurance, estate plans, wills, and revocable living trusts–plus the importance of a properly structured investment philosophy
15:27 Stories three and four: How Cliff and Pete lost millions of dollars due to risky investment strategies
17:51 Story five: Someone who inherited $5 million in his thirties, and ended up with nothing in his fifties (instead of collecting a passive six-figure income) because the funds were mismanaged
18:57 The official wrap of the 7 Steps audio series–plus, when it’s time to bring a professional on board to help manage your wealth and take the guesswork out of your financial planning
21:11 How our team of female fiduciaries can help you build wealth and achieve financial freedom, no matter where you are in your wealth building journey
Show Notes To get access to the full show notes, including all the resources mentioned, visit: https://hendershottwe
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
[BONUS] Pulse Check: The 2024 Election and Your Money
22 Nov 2024
00:25:13
I don’t record a bonus episode every time a major event takes place, but I do find cause for chiming in when I see something sparking questions, curiosity, and potential concerns amongst my clients and community.
In this case, that “something” is the 2024 presidential and congressional elections, which are officially in the books. As I’m sure you know, Donald Trump won the presidency and Republicans will now have a majority in the Senate and the House.
What you might not know is what those election results could mean for your money–so that’s what we’re going to talk about in this episode.
At this point, I’ve been running Hendershott Wealth through more than five presidential turnovers. I’ve had the opportunity to exercise a lot of mental acuity in evaluating implications of potential policies, and ensuring my clients’ assets are protected, regardless of the outcome.
Thanks to this experience (and the evidence that backs me up) I have a lot more peace about the potential impact of the election on both my and my clients’ wealth–and I want you to feel the same kind of calm.
So listen in as I share my approach and investment strategy when it comes to geopolitical events like an election, how I deal with all the feelings that are along for the ride, and what I advise you do–or, more accurately–don’t take action on. 👇
Here’s what you’ll learn in this week’s episode of Love, your Money:
00:35 Why I’m taking the mic today for a bonus episode… and my main piece of advice for this given moment, post-2024 presidential election
03:45 What I learned working in a political think tank in Washington D.C., and what’s impacted my perspective since
05:35 How policy changes impact your money and when you should take action
06:17 What your feelings about the election have to do with your money
07:48 What’s important to know about the distinction between political messaging and enacted policy
08:55 Geopolitical risks: What they are, and how they’re already priced into financial markets
10:34 Efficiently priced markets, and what they mean for your investing choices
12:32 The most important question to ask about your investment portfolio
14:42 What the evidence tells us about stock market performance and elections
16:36 The ways policy changes might actually impact your financial planning when they’re enacted into law
17:44 One of the biggest long-term economic challenges – and how a well-diversified investment portfolio helps protect your assets
21:10 What you can do if you feel unsure about your investment strategy
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
263: Let’s Talk About Prudent Investing (7 Steps to Wealth, Step 6: Invest)
19 Nov 2024
00:48:26
Not only is today’s episode centered on one of the juiciest of the 7 Steps to Wealth… it’s also one of my favorites because the topic is downright FUN.
Welcome to Step 6: Invest.
This is where the money game gets exciting, and it really starts to feel like the rules are working in your favor.
Each of the previous steps has been pretty responsibility heavy, requiring mental, emotional, and physical labor from you. Step 6 is really about–in an educated way–releasing the reins a little bit and letting your money do the work FOR you.
Fun fact: Investing is the only way to earn true passive income, but so many people don’t take advantage of the wealth building vehicle that is the stock market because they don’t understand the rules of the playground–and I want to see that change. 👇
In this episode, we’re going to demystify the world of investing and talk about:
The difference between linear and compound returns,
Why investing is the solution to the longevity problem,
How to determine your investing lifetime,
How to tap into the financial growth that’s available in the stock market.
What it means to be a prudent investor, and
The keys to building a secure portfolio that will help you achieve your financial goals.
Investing allows you to take advantage of the magic of compound returns so you can earn interest instead of paying it, which is the only way to outpace inflation and ensure your money outlives you.
And the simple truth is this: If you want to build meaningful wealth and achieve financial freedom, you must invest. There is no way around it!
So what are you waiting for, Money Lover? It’s time to turn your money into MORE: Let’s invest!
Here’s what you’ll learn in this week’s episode of Love, your Money:
3:51 A note on releasing the reins: How this step of the 7 Steps framework is different than the others
6:55 The difference between linear and compound returns, and investing in a way that helps you achieve financial freedom
10:28The longevity problem: Living longer is great… but it’s also a financial problem
13:30 The only true “passive income” – and determining your investing lifetime
14:56 Geopolitical events that the stock market has survived, and how much your money would have grown if you were invested through those times
18:30 How the gender wage gap and caregiving responsibilities influence retirement savings, and why it’s especially important for women to invest
19:50 What I mean when I talk about prudent investing, and why “beating the market” isn’t a strategy that I recommend–or the data supports
23:03 The three components of a prudent investing strategy
30:51 The types of financial advisors you can work with, how they’re paid, and why the distinctions matter for your wealth building
37:11 The real, data-based performance of mutual fund managers whose investment strategy is based on picking stocks and timing trades
42:10 Action steps you can take TODAY to start–or take the next step–on your investing journey
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
262: Creating Possibilities–and More Money–in Your Life (7 Steps to Wealth, Step 5: Earn)
12 Nov 2024
00:35:55
We’re officially at (almost) everyone’s favorite step: Earn! This is what most people think about when they imagine building wealth. After all, more money seems like the obvious solution to financial problems, right?
Increasing the dollars that come into (and stay in) your accounts is definitely an important piece of the wealth building puzzle, but it will only solve your financial problems IF the other Steps to Wealth are looked after.
And.
Earning money is exciting! It creates possibilities, and I promise you will find possibilities everywhere when you start looking for them.
In this episode, I talk about what gets in the way of people making more money, give ideas to help you earn more as an employee or a business owner, and share stories about people who have leaned into the Earn step to increase their wealth–and change their lives for the better. ✨
The purpose of this step is really to start thinking about earning as the intersection between your thoughts and your choices, so you can understand the changes you need to make if you want a different result.
My goal is to leave you inspired to think outside the current box you’re building wealth in–because I KNOW you can find new, creative ways to increase your earnings and achieve financial freedom… on your terms.
Here’s what you’ll learn in this week’s episode of Love, your Money:
04:39 Why many high earners don’t retain (or grow) their wealth, and why increasing your earnings requires intentional choices
08:15 How your Money Operating System® impacts your earning potential, and common misconceptions about becoming rich
11:11 How to build wealth as an employee even if getting a raise isn’t in the cards, and finding income outside of your paycheck
14:55 Ideas to increase your earnings as a business owner–beyond raising your prices
16:45 Stories of people successfully increasing their earnings while working in a non-profit organization, as a real estate agent with “lumpy” income, and a public works employee
23:40 The three principles our client Katie embodied to increase her earnings by 300% (yes, really!): intentionality, curiosity, and being okay with getting uncomfortable, especially in negotiations
30:25 How to overcome negative thoughts that limit your earning potential, and why the people you surround yourself with matter for your money
31:15 Where the rubber meets the road: Opening the door to your unique possibilities and stepping into your power
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
261: Your Invitation to Play the Game of Yes (7 Steps to Wealth, Step 4: Ask)
05 Nov 2024
00:30:25
Welcome to one of the most elusive steps of the 7 Steps to Wealth framework: Ask.
This step is life changing, because when you embody the Ask step, it means you embody the expectation that you will reach financial freedom.
That said, this step is also especially difficult for women. I’m going to explain why that is–and what you can do to overcome that obstacle–because mastering the practice of asking is essential if you want to build meaningful wealth.
In just 28 minutes, we’re going to explore the importance of identifying what you really want in your life, dig into what gets in the way of asking for what you want–and, you’ll be challenged to ask for more, with very specific examples and action steps to help you get started.
I’ll share stories about people who absolutely changed their lives by asking, like a client who doubled her salary, a friend who got a full ride to medical school, and some women who wanted to pay for Taylor Swift tickets and ended up landing completely new jobs. (They’re my co-VPs of marketing now! 👯)
But this isn’t just about getting what you want. The Ask step is really taking on the view of, the desire for, and the commitment to more. It’s adopting the mindset and behaviors that make asking for things come naturally to you–because the more you ask, the more you will receive… and that’s abundance, baby!
So, what can you ask for that would help you generate more wealth, more income, more investments, more free time, more happiness, more financial comfort, and help you build the life of your dreams?
Because, Money Lover, this is YOUR life. It's your money, your plan, and your future that's on the line–and I promise you no one else cares more about your money than you do.
The world is full of asks. Join the party! 🎉
Here’s what you’ll learn in this week’s episode of Love, your Money:
03:50 What it means to embody the Ask step of the framework
06:21 The type of asks you can make, plus the biggest asks I’ve made–and how they changed my life
09:56 How so many people limit their abundance, how we’re rewarded for self-sacrifice, and why asking is harder for women
12:11 The importance of giving from a place of having enough, plus, what happens when you’re under resourced–and give anyway
14:22 Getting comfortable with hearing “no”, playing The Game of Yes (or The Gift of 100 No’s), and how our feelings get in the way of asking for what we need
18:20 The shortcomings of a “charge what you’re worth” mentality, and the power of shifting to “ask for what you want”
20:16 Action steps you can take in support of embodying “Ask,” including examples of things you can ask for in your life–plus some real life wins
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
260: How You Talk About Money Matters (7 Steps to Wealth, Step 3: Speak)
29 Oct 2024
00:36:25
I often say there are two worlds of money: the one that lives in your bank account, and the one that lives in your head. And the only way to make that second world real is to talk about money, which many people are hesitant to do.
But I have been behind the scenes of so many peoples’ bank and investment accounts, and deep in conversation about their money stories. Over the years, I have witnessed firsthand the power of words when it comes to creating their reality–and financial future.
I’ve watched a client shift from saying “money is easy come, easy go” to “money is easy come, easy stay, easy grow,” and before long her account balances synced up with that mantra.
I’ve also had clients report that they stopped fighting with their spouse about money once they started talking openly about it–and they were able to accomplish so much more when they were on the same page.
Talking about money might seem like a tiny, negligible part of your wealth building experience–but it’s not! It’s transformative, and that’s why the third step of my 7 Steps to Wealth framework is Speak.
In this episode, you’re going to hear the nitty gritty of how my upbringing and money story influenced my financial outcomes, how I rewrote that story by changing the way I spoke about money, and you’ll walk away with new, empowered ways of thinking and speaking that you can use to replace old money stories that don’t serve you.
You really can lead your experience and results with money with your speaking, and changing the words you use will change your life. Listen to this episode and you’ll understand why!
Here’s what you’ll learn in this week’s episode of Love, your Money:
4:13 Where your money beliefs come from, how they show up in your financial life, and why it’s so important to talk about money
6:00 How my upbringing shaped my money beliefs and behaviors, and how I created a different financial reality by changing the way I speak
10:57 How my money conversations changed when I met my husband, and why talking about money is so important within romantic relationships if you want to be in full financial partnership
12:52 Stories of people who changed the way they spoke about money–and their financial outcomes–and how the way you speak can keep other people from sabotaging your wealth
15:38 How talking about money shows up in the way we raise our daughter–and how we hope that impacts her experiences in life
19:02 The most common ways I see people sabotage their wealth with their words, and why I don’t take private flights to Paris (even if I can afford it!)
21:35 The tension between virtue, wealth, and financial fulfillment
23:48 Empowered ways to think and speak about money that you can use to replace old money beliefs and outcomes
28:45 Actions you can take to support the Speak step–and prompts to start these conversations with the people in your life
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
259: The Linchpin of Your Financial Success (7 Steps to Wealth, Step 2: Plan)
22 Oct 2024
00:35:46
If you're going to be financially free, you need a plan for your wealth that doesn't require you to tick and tie and count and measure and categorize every single day.
You need a plan for savings. You need a plan for spending. You need a plan that will ride the ups and downs without tanking your goals. And you need that plan to be as elegant and easy to execute as possible.
Today we’re getting into step two of our series on The 7 Steps to Wealth: Plan. This episode is going to walk you through exactly what you need to do to create a financial plan that will help you accomplish your goals–without sacrificing your comfort, sanity, or enjoyment along the way.
I want you to live a life you like, and even a life you love, but we have to make the numbers work. So I’m going to share the exact system that helped me dig myself out of multiple six-figures of debt and achieve financial freedom for our family.
This cashflow management plan is so effective that I still use it to run a multi-seven figure business, and help my clients manage their wealth so they can accomplish their financial goals in a values-aligned way.
The best part? You can automate all of it. 🪄You just have to start. I’ll tell you how.
Here’s what you’ll learn in this week’s episode of Love, your Money:
04:09 Why budgets suck, and what I do instead of budgeting
09:33 The biggest struggle people have with the Plan step
11:26 The difference between what’s necessary spending, what’s not, and how that distinction can make or break your financial plans
13:40 The linchpin for successful financial planning (Spoiler: it’s automation)
16:00 Figuring out how much you need to live a life you love–a.k.a. Your financial independence number–and how to reverse engineer your net worth
19:34 My tried and true method for cashflow planning and automation, with a step-by-step guide to help you implement if in your life
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
258: The First Step to Building and Preserving Wealth (7 Steps to Wealth, Step 1: Decide)
15 Oct 2024
00:24:50
Have you decided to be rich?
That might seem like a very straightforward question, and most people would probably say, “Of course I’ve decided to be rich. I’m listening to this podcast, after all!”
But I think most people haven’t truly decided to be rich yet, and I want to dig into what I mean by deciding to be rich: Are you making decisions every day that help you build and preserve wealth?
Most people who have decided to be rich (in theory) are (in practice) actively deciding to spend money in the moment… at the cost of saving it for the future. They’re more caught up in maintaining the appearance of being wealthy than achieving financial freedom–an expensive endeavor in the short term, and an incredibly costly mistake in the long term.
Decide is the first of The 7 Steps to Wealth, a framework that I use with my clients and in my own life, because to be truly wealthy, you have to do what most people won't: You have to decide, every day, to be rich.
I’ve talked about The 7 Steps to Wealth many times before, but this episode is the first time I’m doing a focused deep dive into what it really means to decide to be rich–in theory AND in practice–so that you can put these steps into action in your life and achieve true financial freedom.
Are you ready for it?
Here’s what you’ll learn in this week’s episode of Love, your Money:
03:50 The biggest misconception about fancy cars, showy houses, and how wealthy people spend their money
08:58 Daily decisions wealthy people make (that you can make too!) that build wealth–and what it means to handle your money first
13:39 Why you can decide to be rich without knowing how you’ll get there (yet)
16:37 The biggest struggles people have when deciding to be rich
18:36 Action steps you can take to make Decide a part of your daily life
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
257: Experiencing True Freedom in Your Life–and in Civilization–with George Kinder
08 Oct 2024
00:37:26
It’s been about five years since I last spoke with today’s podcast guest, George Kinder, but it feels like just yesterday we talked about how good financial plans enable you to achieve life goals–and what freedom means.
Since then, he’s managed to write another incredible book called “The Three Domains of Freedom,” so I was incredibly excited to bring him back onto the podcast to talk about what it means to experience freedom, the power of mindfulness to change the world, and how to identify whether or not you’re living your purpose.
It’s hard to believe that George was once a math major at Harvard because his life’s work is rooted in emotional intelligence now, but as he points out, that's one of the beautiful things about life: we're constantly learning–hopefully to be better people–and that’s how civilization grows!
George’s energy is absolutely infectious, and this was such an expansive conversation about true freedom, mastery of the present moment, and unlocking the possibilities that are at your fingertips. I hope you walk away as inspired as I did!
Here’s what you’ll learn in this week’s episode of Love, your Money:
02:35 How George defines freedom, how it relates to money, and the three domains of freedom
05:05 The coupling of financial resources with experiencing freedom, and why life planning influences how you use those resources
07:56 The power of mindfulness and the freedom to live in the moment
11:20 The opportunity cost of time and prioritizing mindfulness when you’re busy
14:35 Mastering the present moment when it feels like the sky is falling
16:40 How to identify if your life isn’t aligning with your true experience of freedom
19:22 The hurdles George has witnessed people overcome as they learn to practice mindfulness and master the moment in pursuit of freedom
20:45 How George’s thinking–and the world– has evolved since our last conversation, and the importance of truth
24:04 How the Industrial Revolution, corporate structure, and the democratization of the stock markets influenced the development of civilization, and George’s proposed solution to bring wisdom and compassion back
31:06 The real message George is communicating, and how it can help us bridge the chasm between where we are and where we want to be–as individuals and as a civilization
34:16 If George’s money were writing him a love note, what would it be thanking him for?
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
256: Yes Girl, You Can Leave Him: A CFP® Professional Reacts to the Financial Problems of Strangers on the Internet
01 Oct 2024
00:30:56
Hey Money Lover, today we’re doing something a little bit different, inspired by a post I saw on Instagram. Someone had screenshotted a crowdsourced question from Reddit, then brought it over to Instagram to offer commentary on the situation.
I was reading this post and attempting to collect my jaw off the floor the whole time, because it was a series of those “Am I the A-hole” or “Should I leave him?” posts where someone is describing a financial issue they’re having with their partner–all husbands, in this case.
The only thing going through my head as I read horror after horror was, “Yes, girl, YOU CAN LEAVE HIM.” You don’t have to sacrifice your security or well-being for someone else’s financial mistakes!
I know it’s not that simple, but it pains me to see women held back in their lives because of unhealthy financial partnerships and limiting beliefs; that’s actually a big part of what fuels the work we do at Hendershott Wealth Management, where our mission is to see women and their partners healthy, wealthy, and thriving.
So, today, I wanted to read some of these posts, react to them, and break down what we can learn about the expectations, assumptions, and Money Operating System® issues baked into some of these financial woes. Then I’ll talk about where things went wrong, and whether or not I think these couples will be able to make it right. 👀
Full disclosure: You’re gonna hear my big sis/mama bear/money maven/CFP® professional-self come out, with a serious side order of sass for these bros and their dumb choices. And while my expertise is in financial matters, I couldn’t help but comment on what else they might be bringing to the table.
And hey, if you know someone who’s living these stories–or maybe see yourself in some of them–I hope it’ll give you a little bit of a loving kick in the butt to act in YOUR best interest, even if you’ve been conditioned not to. Because if you smell BS… take out the trash. 💩
Here’s what you’ll learn in this week’s episode of Love, your Money:
00:00 Introduction to this episode–and what you’re about to hear
04:05 1️⃣“My husband committed financial infidelity, and I’m not sure what to do.”
07:40 Calling out financial red flags in potential partners before you get married
08:45 How values influence relationship expectations and the cost of deception
13:32 2️⃣“My husband lost $60,000 behind my back”
14:12 The consequences of gambling with real estate as an investment strategy
16:27 How Money Operating System® issues can damage a financial partnership
17:47 Common fears that keep women stuck in toxic financial situations
19:50 3️⃣“AITA for wanting a divorce from my husband who lost $200k in bitcoin”
21:50 When “managing the family money” is actually theft
26:10 The most common–and expensive–mistake that costs women everything
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
255: Work With Your Feelings: EQ, Emotional Regulation, and Rewriting Your Money Story with Jess Robson
24 Sep 2024
00:46:22
Emotions and money are so intertwined because our feelings are a part of everything we think and do. But a lot of people ignore or avoid their emotions because they don’t know how to identify or regulate them–and that’s a costly mistake.
While that might feel easier in the moment, you end up missing out on a lot of important information–and those blind spots can cause you to make choices that aren’t aligned with your values or long-term goals.
According to today’s guest, Jess Robson, the only way to course correct is by learning how to connect with–and regulate–your feelings.
Jess is a copywriter turned EQ coach (more on what that means in the episode) who helps people grow their emotional awareness and intelligence so they can work with their feelings, instead of against them.
In this episode, we talk about how you can use the information your emotions contain to make better, values-aligned choices that keep you on track for your long-term goals–rather than derailing you.
Jess explains where our feelings come from, how our emotions influence the stories we tell ourselves, and how those stories impact the choices we make. We also dig into the relationship between our emotions and money stories–and how we can write a new story that creates a better outcome.
Listen to hear the way Jess describes the way our feelings keep us stuck, the power of leaning into tension and increasing your capacity for trying something new, and how you can use feelings like fear to help you accomplish big things… instead of keeping you small.
From creating the space for big feelings to the impact of the Cycle of Market Emotions on our financial decisions, we covered a lot of ground in a short amount of time. (We’re both swift talkers! 😆)
I hope you walk away from this conversation feeling empowered, inspired, and with even just a little more courage, so you can face your feelings instead of fighting them–and build a life that allows you to thrive.
Here’s what you’ll learn in this week’s episode of Love, your Money:
02:15 Where emotions come from, why Jess has a love/hate relationship with feelings, and how our emotions can derail us
07:47 How The Feelings Wheel helps us identify and connect with our emotions–and why talking about money is so charged for women
11:16 Money miswiring, how feelings impact our decision making, and our willingness to try new things without proof it will work
14:48 The power of “One Opposite Action,” how connecting with your feelings can help you make a different choice, and increasing our capacity for tension
18:23 Learning how to regulate our emotions with RAIN (Recognize, Allow, Investigate, and Nurture), plus emotional regulation skills you can practice in the moment
25:41 How the Cycle of Market Emotions influences our financial decisions, why we shouldn’t always trust our knee jerk reactions, and holding space for big feelings
34:09 Navigating the stress of talking about money with your romantic partner, how fear sabotages our efforts, and why financial conversations require courage
39:02 Why fear is so pervasive, how our brain’s protective mechanisms keep us safe–and small–and how we can rewire those patterns to step into our power
Show N
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
254: Easing the Burden for Family Caregivers with Max Mayblum and Givers
17 Sep 2024
00:31:03
“The sandwich generation” is used to describe people who find themselves taking care of their kids and aging parents… while trying to take care of themselves, too. (That part gets left out sometimes.)
Today’s guest, Max Mayblum, prefers to call this group the caregiving generation, because they care for people on all sides of the age spectrum–and that’s who his business is created to support.
Max has been in digital healthcare for most of his career. When his aunt was diagnosed with terminal cancer and his parents put their lives on hold to take care of her, Max wanted to help as much as possible, so he put his skills to work looking for resources online.
What he found was a very broken system. Max witnessed the emotional and financial toll that caregiving took on his parents, and he knew they wanted to spend every possible moment with his aunt–not navigating logistics and applications for funding.
The whole process was a nightmare, and Max found himself having conversations with his parents about other families who would be facing similar issues, without a digital health expert to help them figure it out.
His desire to scale his experience from his household to help caregivers throughout the rest of the country led him to found Givers.
Caring for a loved one can be an expensive and time consuming ordeal, and without the right support, covering those costs can derail the plan for a child to go to college, delay retirement for years, or keep people from getting the care they need.
Max created Givers to connect caregivers with existing funding and support in their state, without getting lost in the process. His company mapped the programs available in all fifty states, and built an algorithm that generates a step-by-step guide to help users access the programs they need so they can be paid for caregiving.
A major problem isn’t the availability of resources, it’s the awareness of and access to them. When it comes to funding, if you don’t use it, they lose it–and as Max pointed out, you won’t get what you don’t ask for. (I agree!)
Hit play to listen to the full conversation now or download the episode to save for later, and check out the show notes at hendershottwealth.com/254.
Here’s what you’ll learn in this week’s episode of Love, your Money®:
05:23 Max’s start in telehealth and how a family diagnosis launched him into wanting to fix a broken system around caregiving
07:28 Max’s firsthand experience with the Givers motto – that “the burden of caring isn’t the care itself; it’s everything else that surrounds it.”
09:11 How Max has been able to scale the support he provided his parents as they were caregiving for his aunt
10:31 The programs available to caregivers of all income levels across all 50 states–and the real barrier to accessing them
15:30 The specific diagnoses that Max finds are most likely to have access to public funds
19:05 The surprising or creative ways Max has seen people navigate the financial burdens of caregiving crises
20:48 How Givers is accessed: What you can do on the website versus the plethora of benefits from the app
22:45 Spending down as a financial planning strategy, when to contact an elder law attorney, and using a Medicaid plan to access caregiver benefits and resources as
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
253: Negotiating for More with Kelli Thompson
10 Sep 2024
00:36:32
Today’s guest is someone who wants you to make money as much as I do: Kelli Thompson, executive coach and author of the book “Closing the Confidence Gap: Increasing your Peace, Potential, and Paycheck.”
Kelli joined me on the podcast to talk about some of the biggest myths when it comes to salary negotiations, explain just how much your negative beliefs are costing you, and share scripts to help women confidently ask for more.
While working as an HR professional in the corporate environment, Kelli got to see firsthand how job negotiations played out–and how detrimental those conversations were to women who, for the most part, weren’t confident talking about money.
She made it her mission to see that change, and adopted this mantra: Nothing bad happens when women talk about money.
(I wholeheartedly agree.)
In this episode, we talk about tactical approaches to negotiation, using market data to support your position, and biases that impact your earning potential–so that you can recognize and overcome some of the obstacles that get in the way of making more money and building your wealth.
Listen to the full conversation, check out the show notes at hendershottwealth.com/253, or hit download and save this episode to listen to later!
Here’s what you’ll learn in this week’s episode of Love, your Money®:
1:51 How Kelli went from a wannabe-meteorologist to working in the financial industry, then an executive coach who helps women earn more
5:41 The biggest stumbling blocks Kelli sees with women negotiating compensation
7:44 How to start the salary conversation, understanding salary transparency laws, and a script for approaching negotiations when the offer is lower than expected,
10:02 When salary discussions come up during the job interview process, and how to overcome limiting beliefs that impact your earning potential
17:55 Actions people can take to break from low compensation, increase revenue streams, and leverage intellectual property to earn more money
20:53 What Kelli says to the person who says, “I don’t know if I should negotiate for more,” and compensation options that aren’t money
25:12 Quantifying the cost of your thoughts, how Kelli came to grips with doubt, and what happens when you replace “but first” with “while also”
30:02 What Kelli covers in her book, Closing the Confidence Gap, and what makes it different than other books on confidence
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
252: A Teammate from the (Literal) Beginning: Meet Alyssa Hause, Senior Advisor at HWM
03 Sep 2024
00:21:12
Get ready Money Lovers, because Alyssa is in the HAUSE!
Alyssa is my little sister, and she has been a part of Hendershott Wealth Management since its inception–and–we worked together before that at our father’s firm.
Don’t worry, I didn’t completely poach her from my dad’s business. In fact, she still works there! But when I started HWM, she came to work with me part-time because I was able to offer her a more flexible schedule and work environment as she grew her family.
Alyssa started out doing my bookkeeping and helping with paperwork (as an act of sisterly charity, apparently!) and these days she is a client-facing advisor and CERTIFIED FINANCIAL PLANNER® professional.
In this conversation we talk about why we work together so well, what can cause tension and rifts in family businesses, and what we’re working towards (and forward to!) in the future.
Love, your Money is a podcast about finances and relationships, and building a life that aligns with your vision and values. Alyssa and I couldn’t be more different, and even though we’ve taken very different paths in life, I am incredibly grateful to have her on my team–professionally and personally.
There are plenty of horror stories out there about drama when hiring a family member, but you’re honestly not going to find that here. There’s a ton of love, loyalty, and trust–and we know that’s the kind of thing money can’t buy.
Listen to the full episode–or hit download to tune in later–and join in our sisterly chat.
Here’s what you’ll learn in this week’s episode of Love, your Money®:
2:15 How Alyssa got started in finance, why we call our dad Craig, and the evolution of her skill set in the financial planning industry
5:24 What the transition looked like when I left my father’s firm, and how leadership played a big role in the emotional navigation of that
8:33 What’s surprised Alyssa most about financial planning as a career
11:28 What’s in the zeitgeist about families working together–especially when there’s money involved–and the practices we have in our business that make it work
14:15 What Alyssa is looking forward to in the next 10 years of work together at Hendershott Wealth Management
16:02 The difference between our Money Operating System®s, how Alyssa’s has impacted her financial journey, and what she’s struggled with along the way
18:27 Alyssa gets to answer my signature question–If your money were writing you a love note, what would it say?
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
251: It’s All About The People: Meet Jen Rupp, Director of Financial Planning at HWM
27 Aug 2024
00:30:05
This week’s guest on Love, your Money is no stranger to us at Hendershott Wealth Management… because she IS one of us!
If you listened to the last few episodes of the podcast, you know that it’s anniversary month at our firm: We are celebrating a decade of building wealth and helping our clients pursue (and achieve!) financial freedom.
We know you can accomplish so much more when you’re supported by the right people, which is why we’re big advocates for investing in your team. That’s why today’s conversation is with someone I (and my clients!) have come to rely on, a.k.a. my best hire ever, Jen Rupp.
Jen is the Director of Financial Planning here at Hendershott Wealth Management, and my right hand woman. Our firm truly wouldn’t be in the place it is today without her help. After all, having two big brains is better than just one, right?
When Jen raised her hand to join us at HWM, it was a one-woman show with some light admin support. I wanted to build a team that was happy and thriving in their life working at our firm, and that green flag gave Jen the confidence to leave a firm she was with for 12 years to create something revolutionary (at the time) with me.
I trusted that by focusing on excellence in service, we would see our way through to a successful business and building a legacy that matters–and 10 years later, we know now that service is important, yes, but really, it’s all about the people.
Listen to this conversation for a rare behind-the-scenes look at the inner workings of Hendershott Wealth Management, and the conversations that have shaped the foundation of our firm up til now… and hopefully for decades more to come.
Check out the full show notes at hendershottwealth.com/251, and make sure you hit subscribe/like/follow so you never miss an episode of the Love, your Money Podcast!
(I’m interviewing my little sister for our next episode… watch out, world!)
Here’s what you’ll learn in this week’s episode of Love, your Money:
1:07 Introduction to Jen (Jennifer!) Rupp, Hendershott Wealth Management’s Director of Financial Planning
3:45 How Jen got started with Hendershott Wealth Management and the possibility she saw and felt after years of working in a male-led financial firm
5:47 What it’s like to become a manager of people, not just money, within HWM
7:36 What drew Jen to financial planning from her early high school years (maybe the first person who fell in love with finance during an accounting class)
10:00 What the most surprising part of financial planning has been for Jen, with both clients and within her own skill set
12:01 Jen’s Money Operating System™–how it’s different from other people’s and how that shows up in her life, especially when it comes to her marriage… and online shopping
18:04 Some of the biggest client wins and challenges in Jen’s career, and how those experiences influenced her journey + financial expertise
22:37 How Jen learned about succession planning and buy/sell agreements when heirs aren’t qualified to run the business they’re set to inherit
25:05 Why Jen and I are completely different–but it works so well together, especially in the business–and how our clients benefit from that synergy
Show Notes To get access to the full show notes, including all the resources mentioned, visit:
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
250: Retiring With Purpose: Living into Financial Freedom with Robert Hendershott
20 Aug 2024
00:32:00
In our last episode, I sat down with my husband and life co-pilot, Robert Hendershott, to reflect back on the last 10 years together–and the first 10 years of Hendershott Wealth Management!
He joined me for another conversation today to turn our gaze forward and talk about what’s coming up next because our family is on the cusp of a huge milestone: Robert’s retirement.
(Make sure you go back and listen to episode 249 if you haven’t already. It’s not required to understand this episode, but if you’re interested in learning more about how to build wealth and financial freedom as a couple and want more context for today’s conversation, it’s worth it.)
After years of financial partnership and saving for this stage in life, we sat down to take you behind the scenes of how we planned for Robert’s retirement–and how we’re navigating the years to come.
When most people hear “plan,” they think of getting your ducks in a row and then following each step to get where you want to be. But. As we learned, not all plans work that way.
Sometimes life is linear and predictable, and sometimes it throws you curveballs that lead to winding down a hedge fund a few years (!) earlier than anticipated and initiating part-time retirement, a.k.a. a living vacation.
To be honest, it’s kind of mind boggling to be at this stage in our life and living into the vision we’ve been working towards for more than a decade.
Getting to this point required us to answer one of the hardest questions in financial planning: What is enough? Now that we’ve answered–and achieved–it, the question is…
What’s next?
Listen in to find out!
Here’s what you’ll learn in this week’s episode of Love, your Money:
The steps Robert took to wind down his hedge fund responsibly, and how the Silicon Valley Bank failure changed his retirement plans
The conversation we had about our finances that had us saying “yes” to Robert giving up full-time employment
How Robert is filling his time and creating structure in the absence of a standard workday, including ingenuism and why it’s so important to Robert
What’s in the zeitgeist about retirement, and what it really means to us professionally, financially, and intellectually
Our plans for the next 5 to 10 years, including the things we are not able to plan for yet, and how we’re navigating the potential risks that cloak the future
The steps we’ve taken to build a life that feels like a living vacation, and how it reduces the shock of retirement
If Robert’s money were writing him a love note, what would it say?
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
249: How to Build a Financial Partnership: Reflections on 10 years of Marriage, Money and Hendershott Wealth Management
13 Aug 2024
00:43:07
Welcome to an extra special episode of the Love, your Money podcast–because we’re celebrating our 10 year anniversary here at Hendershott Wealth Management!
It’s hard to believe it has already been a decade of helping high net worth women and couples build wealth and achieve financial freedom, but here we are–and, in so many ways, it feels like we’re just getting started.
To commemorate this milestone, I invited an extra special guest to join me on the podcast. Long-time listeners may remember that I interviewed my husband, Robert, a few years ago to talk about hedge funds (episode 55 if you want to check it out).
Well, I’m bringing him back today to reflect on some of the highs, lows, lessons, and repressed memories from running a wealth management firm for ten years.
I wanted Robert to join me on the podcast for this conversation because he has been my co-pilot since before I started HWM–and my number one cheerleader every step of the way.
Listen. I met Robert when I was BROKE, living in a two-bedroom bungalow, working on my MBA and at my dad’s firm. We both knew that job was no longer working for me, even though it was the only thing paying my bills and every single dollar was accounted for.
Robert saw that I was miserable and gave me the loving push I needed to go out on my own. He has been my biggest supporter since day one, and having him join me for this conversation was lovely, because he gave different perspectives to stories I have told many times in the last decade–and reminded me of so many things I’ve forgotten about along the way.
I’m proud of the life we built together so far, and think the last ten years really is a testament to how much you can accomplish with the right people in your corner.
This episode is all about reflecting on the lessons of the past, but stay tuned because this story isn’t over yet! Our next episode is all about retiring with purpose, and you’ll get to learn about this financial planner’s family retirement plan (not my retirement–Robert’s!) and what our plans are for the next ten years.
For now, sit back, relax, and enjoy taking this trip down memory lane with us!
Here’s what you’ll learn in this week’s episode of Love, your Money:
Why I left my dad’s firm to start Hendershott Wealth Management, what Robert had to do with that move, and reflecting on some of the best/worst decisions I made as the company grew
How Robert and I navigated money conversations as a couple–what we brought to the table as individuals, how we came to a place where we merged our finances, and our strategy for setting up our personal investment accounts
How our careers (and family) have evolved over the last ten years, what we did to make room for those changes, and the choices we made that allowed us to parent and work in a values-aligned way
The ways our money has taken care of us over the last decade and supported us as we navigated the hardest pockets of our life, including when our daughter was diagnosed with leukemia and then relapsed
How our financial partnership and relationship have changed the way we relate to money, and what we’re doing to teach our daughter a healthy money mindset instead of passing on the money stories we grew up with
How Robert planned to be rich (a.k.a. The 50th Birthday Party Story), and what he is most (and least) excited about in the next ten years… because he’s retiring
Robert takes the mic a
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
248: The Worst Financial Advice on the Internet
06 Aug 2024
00:56:59
Seven years ago, I recorded a podcast episode inspired by the worst financial advice I was hearing on other podcasts at the time. A lot of things have changed since 2017, and unfortunately, a lot of things have remained the same.
I decided to revisit that awful advice and give it a 2024 refresh so you can see which bad advice is still being recycled, separate what’s true from what’s trendy, and make informed, educated choices that are right for you.
My goal is to help you learn how to become a sophisticated, prudent investor. That includes: Identifying the “armchair advisors” on the internet that are sabotaging your wealth–and the lack-of-evidence-based opinions they’re doling out.
So in this episode of the Love, your Money podcast, we’re counting down the seven worst pieces of financial advice on the internet–because it’s not just on podcasts, it’s everywhere.
From “Bucket Investing Strategy Brad” to “Just Buy Gold Chad”, we’re going to poke holes in some seriously unprofessional opinions–and do the math on how much their bad advice is actually costing you.
Because to be perfectly frank, it’s easier to talk everyday investors into giving up their money by making big claims and taking advantage of knowledge gaps. I want to spare you those costs and teach you how to spot the fool’s gold–so you can run from it.
Buckle up, Buttercup–and enjoy the ride!!
P.S. For the sake of making it easier to wrap your head around the examples as you listen to the podcast, we rounded our numbers to the nearest thousand, but I promise we double and triple checked our math.
To see the calculations down to the penny, head to this episode’s show notes at hendershottwealth.com/248.
You can find that (very solid) math, below. 🤓
Here’s what you’ll learn in this week’s episode of Love, your Money:
Meet Brad + Chad, our Armchair Advisors for today’s episode
Bucket Investing Strategy Brad and the real cost of his “safe” vs. “growth” buckets and “just go-for-it” mentality
Forget the 401(k) Chad and his misunderstanding of taxes, brokerage accounts, and retirement savings
Know-It-All Brad and his “professional” opinions (i.e. why you shouldn’t take money advice from smart people who aren’t experts in finance or investing)
Commission-earning Chad and his get-rich-on-life-insurance-policies scheme
Budget By Envelope Brad and his restrictive cash flow management system
Just Buy Gold Chad and his doomsday predictions
Beat the Market Brad and his siren calls for active investing
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
247: Stop Sabotaging Your Wealth
30 Jul 2024
00:13:40
Why does wealth matter? Because it is your key to freedom–and that’s something we care about a lot at Hendershott Wealth Management.
We’re committed to helping people achieve financial freedom because with it comes the ability to do more of what they love in the world. And if we all spent more time doing what we love instead of what we feel obligated to… well, that’s the world we want to live in.
Being rich is powerful, but most people struggle to embrace that because society has taught us to resent the rich. Especially as women–I mean, women aren’t supposed to want or be “too much”, right? WRONG.
False beliefs get in the way of wealth building all the time, and all they do is cause you to sabotage your wealth–and put your financial security at risk in the process.
So in today’s episode of Love, your Money, I’ll help you identify and overcome common mental obstacles so you can change your relationship with money… and your life. It’s time to stop sabotaging your wealth, and start embracing the journey to becoming rich.
Remember: This is your life. This is your journey. This is your choice.
Today, I want to help you choose to be rich.
Here’s what you’ll learn in this week’s episode of Love, your Money:
What financial freedom is, and the first step you need to take to achieve it
Why “rich” is a triggering word for people, and why you have to stop believing it’s inherently “bad” to be rich
How societal narratives influence your beliefs about wealth, and if having money makes people selfish
Why you need to get out of your own way when it comes to money, why it’s easier to demonize rich people than build wealth, and who really ends up hurt
The importance of being in a loving relationship with your money
My own transformation story, or how I set myself on a destructive financial path and changed my experience–while remaining true to my values
What access to wealth makes possible in your life: who are you, and how do you want to show up for the people you love?
Why building wealth is a logical goal for generous people, and a message for those at odds with their desire for more financial freedom and their relationship with money
A promise to make to yourself, today, that your future self will thank you for
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
246: How to Make Decisions with More Confidence (and Less Stress): A Conversation with Michelle Florendo
23 Jul 2024
00:43:27
“Can you just make the decision for me?”
As an adult, it seems like life is a never-ending stream of choices. From little decisions like what’s for dinner to big decisions about your career or financial investments, the choices keep coming–and there rarely seems to be a “right” answer.
I’m in regular conversation with clients about their financial choices and planning for life transitions. (Do I sell my company shares now or later? How much should I save for retirement? Can I afford to take this vacation or send my kid to that college?) So when I had the chance to interview a decision engineer on Love, your Money, I had to say yes.
I couldn’t wait to get Michelle Florendo’s insights, because as a Stanford-trained decision engineer, she’s made it her life’s work to teach people how to make decisions with less stress and more clarity.
In this conversation, we talk through how to feel confident that you’ve done your decisions due diligence, while also going beyond the process-driven elements of engineering to talk about how our feelings and emotions influence our decisions… especially the ones that impact our finances.
I learned some things that are going to help me become a better financial advisor–and that’s something I don’t say lightly! I often find myself talking clients through options that might feel counterintuitive, and the process Michelle shared is going to be a huge support in helping them navigate uncertainty.
Michelle has frameworks that apply to every decision–personal or professional, big or small–and we talked through some money-related examples that really bring the concepts to life, from investing and IPOs to daily spending habits.
If you’ve ever struggled with making a decision, planning for the unknown, or articulating what you value most… this is a conversation you do not want to miss.
So hit download, listen in, and make sure you check out the expanded show notes at hendershottwealth.com/246 for even more decision-making education from Michelle.
Here’s what you’ll learn in this week’s episode of Love, your Money:
Decision engineering, finance, and emotional resistance–i.e. how do you account for irrationality in decision engineering?
The core components of a decision–objectives, options, and information, plus a case study in how they apply
Reconciling what is “unknowable”, what is unchanging, and what is impactable
Using a Relief/Regret matrix (“happy face/sad face”) to inform decisions, moving through uncertainty and the clarity from knowing “enough”
How to improve the options component of decision making, and the power of self-created options
How risk appetite influences financial decision making, like selling concentrated positions of company stock for security versus holding out for more growth
What “resulting bias” is, why so many of us default to resulting, and what you can do instead
How an outdated Money Operating System® can sabotage your money choices, and untangling “fast thinking” emotional processes to gain confidence in your decision making
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
245: Improve the Quality of Your Retirement Years: Aging in Place with Carol Chiang
16 Jul 2024
00:40:45
What does it mean to “age in place,” and why does it matter? Those questions motivated my conversation with Carol Chiang, today’s guest on the Love, your Money podcast.
We’ve been taught to fear aging, and most people prefer to focus on maintaining their youth than thinking realistically about care and comfort later in life. But aging is inevitable, so why not focus on setting your future self up for success instead of chasing the idea of youth?
According to AARP, 9 out of 10 retirees say they’d prefer to age in their home, and it’s safe to assume that most people want to age with their dignity, grace, choice, and freedom intact.
But. Only 15% of people have done any preparation to support aging in their current home–and that’s why I brought Carol onto the show. She is the founder of Evolving Homes, which provides expert consultations to homeowners who want to age in place.
From maintenance of health and functionality to structural adaptations for your physical living space, there are so many ways you can minimize the chance of injury and build multi-generational mobility support into your existing space.
Carol’s goal is to help people understand those potential aging costs, so they can make a purposeful decision about saving for their future self. It is incredibly expensive to delay care–and if you don’t know what your options are, how will you know how much to save?
Any proactive planning you start *now* will pay off in both dollars saved and quality of life preserved.
So hit download on this episode, listen in, and check out the show notes at www.hendershottwealth.com/245 to get all the goods about setting yourself up to successfully age in place. 👇
(Oh–and if you like this interview, make sure you subscribe to the Love, your Money podcast, because you won’t want to miss what’s coming up next week. I got to chat with a Decision Engineer, and I think our conversation will pair well with this one!)
Here’s what you’ll learn in this week’s episode of Love, your Money:
What it means to “age in place,” how you can be proactive about taking care of your future self, and the compounding returns of beginning early
How to build an accessible and age-inclusive space without sacrificing elegance and smart design
Why proactive planning is a long-term cost-savings opportunity, especially for future caregiving costs or structural adaptations
How home modifications, lifestyle mentoring, physical fitness, remote monitoring, and “age tech” impact successfully aging in place
The difference between an Occupational Therapist, Physical Therapist, and other healthcare professionals involved in caregiving
The tipping point where Carol will recommend a client move out and find a new space vs aging in place
Our signature LYM question: If Carol’s money were writing her a love note, what would it thank her for?
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
244: The Business of Death: After Loss Consulting with Rachel Donnelly
09 Jul 2024
00:38:18
There are few things in life that we will all inevitably experience, and losing a loved one is, unfortunately, one of them.
When that time comes, you should have just one thing to do: Grieve.
But if you’re an executor with an estate to settle, there’s a good chance you won’t have the chance to deal with your grief until you’ve crossed the t’s and dotted the i’s, which can turn into a year-long, part-time job. (That is very much unpaid.)
That’s why I brought Rachel Donnelly, founder of AfterLight Consulting onto the Love, your Money Podcast to talk about navigating the unavoidable logistics of what she calls “the business of death.”
Rachel was thrust into settling the estates of two family members while raising two young children and working full time, which helped her quickly identify both the toll it can take on individuals as well as the gaping hole in the market for services that help ease the burden on grieving loved ones.
Whether you’re the executor of a friend or family member’s will or planning your own estate, tune into today’s episode to learn what you need to consider so you can rest assured that your loved ones are taken care of.
Here’s what you’ll learn in this week’s episode of Love, your Money:
The personal stories that led Rachel to a career in after loss consulting
Rachel’s “MDA”, and the growth of the after loss consulting industry
What an after loss consultant does and doesn’t do
The Wild West situation that is digital assets, and recommendations for what to do in the digital realm before and after death
The one thing all after loss consultants will scream from the highest of mountains
The best time to initiate an engagement with an after loss consultant
Approximate duration and costs when hiring an after loss consultant
Where Rachel recommends starting in your own estate planning (today)
The top two things you should do right now if you've got an 18-year old leaving the nest
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
243: Messages from Money with Ellen Rogin
02 Jul 2024
00:30:42
Have you ever had a conversation with your money?
Bear with me here, because I truly want you to answer that–and so does this week’s guest on the Love, your Money podcast, Ellen Rogin.
Ellen is a financial intuitive who helps people strengthen their relationship with money, starting with one simple (but not always easy) task: Speaking to it… with respect.
If you’ve ever had or voiced the thought, “I’m just not good with money,” or “I don’t have a head for money,” then you’re in the right place. In this episode, Ellen explains the ways we subconsciously shut down our relationship with money, shares how you can speak to money in a way that invites more in, and walks us through her signature framework, Prosperity on Purpose, so we can learn how to become more aware, clear, caring, and generous with our money.
Money Lover, if there’s ever a time I’ve wanted to turn the mic on you to ask my signature question of, “If your money were writing you a love letter, what would it say?”, it’s now. Because after you listen to this episode, I bet the answers will be juicier than ever.
So grab your headphones, hit play, and get ready to reframe how you talk about–and with–your money.
Here’s what you’ll learn in this week’s episode of Love, your Money:
How Ellen went from financial auditor to financial advisor, and her “Genesis story” as a financial intuitive
What happens in a Messages from Money session
What it’s like to talk to money, and the reciprocal relationship that’s required to realize your wealth goals
Examples of the ways Ellen recommends people talk about money that invite more money to come in
How Ellen talks with someone who really wants to improve her relationship with money, investing, and wealth building, but is weighed down by fear and anxiety
Ellen’s Prosperity on Purpose framework: Aware, clear, care, share
The love note Ellen’s money wrote to her, and the one she intuited for the Love, your Money audience
( 💌 You won’t want to miss that one. I even had the editors repeat it. 💌)
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
242: The Good, the Bad, and the Ethical Gray Areas of Whole Life Insurance with Ashley Foster
25 Jun 2024
00:36:57
Welcome to the second in my two-part series on what are possibly the most misunderstood insurance products out there: annuities and whole life insurance.
Our goal at Hendershott Wealth Management is to help you build wealth–and a legacy that lasts. Part of that process is protecting your wealth, and that’s why getting the right insurance matters so much!
I’ve avoided covering these topics until now because it’s really difficult to find someone who can be considered an expert who isn’t also trying to sell you a policy. But then, I realized I can find product experts who are no longer selling the product–like today’s guest, Ashley Foster.
Ashley used to make a living by selling whole life insurance policies, but over time he realized that he didn’t want to sell insurance–he wanted to do comprehensive fiduciary financial planning like we do at HWM.
He gave up earning huge commissions that funded luxury trips with parties DJ’d by someone from the Beastie Boys (true story) to pursue a more meaningful career; one that allows him to focus on what will be the most helpful to his clients, instead of trying to sell them expensive insurance they likely don’t need.
These days, Ashley runs his own firm, Nxt:Gen Financial Planning, and loves to go on vacations–that weren’t funded by commissions–with his wife and their adorable cat, François. (Make sure you check out our YouTube channel to see Frankie’s adorable unflappability!)
Ashley joined me on this episode of the podcast to demystify the world of whole life insurance policies.
From the actual cost for consumers to the loss of potential returns vs. investing in the stock market over the same time period, he breaks down the good, the bad, and the ethical gray areas of whole life insurance. 👇
Here’s what you’ll learn in this week’s episode of Love, your Money:
What led Ashley to become an expert on whole life insurance
How becoming a CERTIFIED FINANCIAL PLANNER™ professional changed the direction of Ashley’s career
What a whole life insurance contract is, and how it limits your long term financial growth
The true cost of a whole life policy–from opportunity risk vs investing, to the cost of premiums relative to potential benefit payouts
How transparency, compliance, disclosure, and conflicts of interest influence insurance sales
The circumstances in which purchasing a whole life insurance policy make sense, like guaranteeing an inheritance for heirs or covering estate taxes
Whether Ashley still recommends whole life insurance to clients now that his income isn’t reliant on those sales
…and more. (Spoiler alert: He doesn’t recommend these policies, and neither do I!)
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
241: Should I Buy An Annuity? The Real Deal on Annuities with Kelsey Burke
18 Jun 2024
00:35:47
I’ll be honest: I’ve avoided the complex (and often misunderstood) topics of annuities and whole life insurance here on the podcast for a long time—simply because it’s pretty difficult to find an expert to speak about them who isn’t also trying to sell you a policy.
That changes today, because on episode 241 of Love, your Money, I'm introducing you to Kelsey Burke, founder of Apricity Financial Planning.
Kelsey spent nearly a decade working in the insurance industry, learning everything there is to know about a variety of annuity products and contracts in order to sell them to clients of her firm.
Meanwhile, her internal alarms were going off as she realized that the context of selling these products was neither as transparent nor as consultative as she wanted to be.
Now that she’s made a successful career transition from insurance sales to working as a holistic financial advisor, Kelsey has enough distance from the industry to see it for what it is–and she lends us her expert perspective to get an inside look at annuities in this episode.
We were able to get truly honest about what to look for with annuity contracts, the pros, cons, and opportunity costs of annuities, and who they’re actually right for.
(Spoiler: it’s not everyone. Far from it, in fact.)
Here’s what you’ll learn in this week’s episode of Love, your Money:
What makes Kelsey an expert on annuities, and what caused her to switch from insurance to holistic financial planning
What an annuity is, and how it differs from an individual retirement account (IRA)
The complexities of annuities, and what might surprise you if you own one
What’s often overlooked when buying an annuity, and how it actually might fit into your long-term financial plan
How commissions on selling annuities works
The opportunity risk of putting your money in an annuity
What happens to the money in an annuity in the event of premature death
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
240: Presidential Elections & Your Money with Hilary Hendershott
11 Jun 2024
00:15:31
Money and anxiety don’t go well together, but news headlines like to pair them up because, let’s be honest, hitting your emotional triggers is good for their bottom line.
Well, here’s some good news: You don’t have to fall for clickbait, and learning how to stay the course instead of reacting to their hot takes is good for *your* bottom line.
In this episode, I’m going to provide a light in the darkness with clear, level-headed, stay-sane advice to help you navigate the unknowns of external events–political, environmental, or otherwise–so you can ditch the anxiety and watch your wealth grow with ease.
And when could we possibly need that assurance more than with the current conversations about national politics? It’s a hot and timely topic right now, as Americans stare down a repeated match up at the polls in November.
Now, I’m not here to take a political position. I *am* here to talk about the potential impact of election cycles and other major world news on your investment portfolios. Before you listen to this 15-minute episode, know this: It’s not as dire as you might think.
Listen in to demystify the effect of elections on the markets, and get insights into strategies to safeguard your investment portfolio in potentially uncertain times.
Here’s what you’ll learn in this week’s episode of Love, your Money:
How geopolitical risks—like wars, elections, and economic sanctions—have historically already been priced into markets, and what that means for your investments today,
Why we can count on predictable resilience of markets through global events,
How return follows risk, and when (and how) you might consider reducing your risk exposure,
A smart way to evaluate whether a certain stock is a good bet for your portfolio, and
What the research (and our experience) indicates is key to a stable growth trajectory in your investments over the long term.
We hope you walk away with the confidence that comes from knowing your money, future, and legacy are safe and secure–despite what the headlines might say.
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
239: Setting Financial Goals that Make Sense for Your Situation with Sarah K. Peck
04 Jun 2024
00:36:57
Welcome to episode 239 of Love, your Money! In this episode, I’m joined by my good friend Sarah K. Peck, the founder and CEO of Startup Parent, a company focused on telling the stories of women's leadership across family and work. Her work has been featured in publications like Forbes, The New York Times, Harvard Business Review, and more.
In today’s digital world and scrolling through our social media feeds, thoughts of “Keeping up with the Joneses” can be overwhelming. But have you ever stopped to ask yourself if the financial dream you’re pursuing is even your own?
In today’s episode, Sarah breaks down how to set financial goals that are right for you and your life. You’ll also hear about how to stop worrying about money so much, how to create a healthy financial partnership with your spouse, and how getting clear about your intentions can help you clarify your questions about money and unpack your trauma.
Here’s what you’ll find out in this week’s episode of Love, your Money:
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
238: Setting Boundaries to Improve Your Money Relationships with Terri Cole
28 May 2024
00:40:30
Welcome to episode 238 of Love, your Money! In this episode, I’m talking with Terri Cole, a licensed psychotherapist, global relationship and empowerment expert, and the author of Boundary Boss – The Essential Guide to Talk True, Be Seen and (Finally) Live Free. Terri is also the host of the highly popular and fantastic podcast, The Terri Cole Show.
Setting boundaries can be a challenge for women. Being assertive is often seen as a negative, disguised under terms like “bossy” or “controlling”. But in reality, setting healthy boundaries is critical — especially when it comes to your money.
In today’s episode, Terri shares the keys to setting effective boundaries in a way that improves your financial life and strengthens your relationships. You’ll also learn the steps to take for setting money boundaries, exercises for creating an open money dialogue with your spouse, and why identifying what you resent financially can be critical for financial empowerment.
Here’s what you’ll find out in this week’s episode of Love, your Money:
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
237: 3 Money Skills to Raise Financially Empowered Kids with John Lanza
21 May 2024
00:44:02
Welcome to episode 237 of Love, your Money! In this episode, I’m sitting down with John Lanza, the creator of The Money Mammals, a comprehensive program that helps parents raise money-smart kids. He’s also the author of “The Art of Allowance,” which helps parents raise financially empowered children of any age.
Raising financially savvy children can be challenging no matter where you are in your wealth journey as a parent. If you’ve struggled financially, you don’t want to pass any bad habits to your kids. And yet, if you’re financially successful, you’re likely trying to avoid raising spoiled kids.
In today’s episode, you’ll hear about the dangers of making money a taboo topic in the house, strategies for using allowance as an educational tool, and the 3 core money skills to expose your kids to.
Here’s what you’ll find out in this week’s episode of Love, your Money:
The best ways to teach our children about money.
Finding a balance between advising kids on purchases vs giving them autonomy.
Dealing with the allowance question. Linked to chores or not?
How to incorporate life lessons into teaching kids about money.
How to teach awareness of investing and saving for college.
Tips to help avoid raising spoiled kids.
Using visualization as a tool to help kids reach their financial goals.
The key to it all: Have an open dialogue with kids about money.
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
236: Things I’d Do Differently with My Money with Hilary Hendershott
14 May 2024
00:14:47
Welcome to episode 236 of Love, your Money! In this episode, I’m going to get a little vulnerable with all of you, look back on my financial mistakes and talk about 5 things I’d do differently knowing what I know now.
At one point in your life, you’ve likely found yourself saying, “If I only knew then what I know now.” Or maybe you’ve already thought about what you would tell your younger self if you had the chance. Nobody’s perfect, and making mistakes is a part of life. The key is to learn from them to avoid repeating them.
So today, I’m going to run through some pivotal and unforgettable money decisions that I’d definitely do differently now if I could. I’ll also explain some of the warning signs that I foolishly chose to ignore so that you can make better financial decisions to build wealth and a better life instead of digging a giant hole to crawl out of. If I can do it, so can you!
Here’s what you’ll find out in this week’s episode of Love, your Money:
Being rich or successful isn’t just being lucky
The exponential value of building your savings muscles early
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.
235: Make More Money by Getting Better Sleep with Martha Lewis
07 May 2024
00:31:35
Welcome to episode 235 of Love, your Money! In this episode, I’m joined by Martha Lewis, a sleep consultant to health-conscious, high achievers that struggle with getting a good night’s sleep.
As a certified sleep expert and Functional Diagnostic Nutrition practitioner, she addresses both body and mind with stress resilience techniques and testing for hidden health issues to get to the root cause of her clients’ insomnia.
Martha has been featured in numerous publications, such as Thrive Global and the Jackson Hole News & Guide, and various podcasts around the world and is also a passionate speaker on the topic of sleep.
Today, you’ll hear about the most common misconceptions about insomnia, 4 specific tests for diagnosing your sleep issues, and why sleeping pills and supplements might be doing more damage than you realize.
Here’s what you’ll find out in this week’s episode of Love, your Money:
Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.