Tag Archives: Financial Planning

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How Much Life Insurance Can You Own? (Ep. 22)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , , , ,

It’s impossible to measure the value of a human life. Who you are as a person, and what you mean to your family, friends, and your community, cannot be measured or a dollar value placed upon it. If you suddenly died, such a loss would be permanent, profound, and irreplaceable. Your future earnings potential is about the only thing that is replaceable through proper life insurance protection.

In this episode, we discuss the different mindset people tend to have when insuring material possessions vs. their own life. We also discuss how much life insurance you may be able to acquire based on your age and income, and why trying to figure out coverage amounts based on a needs analysis is the opposite of what most people truly want.

By the end of this episode, you’ll gain a deeper understanding of how life insurance companies can determine the amount of coverage you’re eligible for, and what you can do to help protect the lifestyle you and your family worked so hard to create.

Jim discusses:

  • The importance of life insurance to help ensure that your family can maintain their lifestyle and financial security in the event of your death
  • Why insurance companies won’t allow someone to over-insure their property, income, or life
  • How trying to take a needs approach to determining your life insurance coverage is the opposite of how you treat your career
  • Life Insurance coverage amounts for business owners vs non-business owners
  • And a lot more!

Resources:

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Retirement Accounts, Are They Worth the Investment? (Ep. 20)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , , , , ,

While retirement accounts have powerful tax advantages, they might also have significant disadvantages if we don’t understand the rules. 

In this episode, Jim McGovern discusses retirement accounts and how individuals need to think critically about how these accounts work, know the rules of the game as they stand today, and consider their circumstances before deciding to invest in them. 

Jim also warns against the misconception that investing in retirement accounts saves tax money.

Jim discusses:

  • The advantages and disadvantages of retirement accounts 
  • Understanding the impact of changing tax rates
  • Factors to consider when deciding to invest in retirement accounts
  • Additional insights and tips on retirement account planning
  • And more

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Estate Planning Built On Dynasty Trusts with Jerry Wegley (Ep. 18)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , , ,

You want to make sure your protection in your estate plan is complete and it’s engineered with extreme conditions in mind. Yet many people have wills and trust with safety features that expire when the beneficiaries at a certain age.

In this episode, Jim McGovern talks with Jerry Wegley, an attorney with KnoxLaw about why dynasty trusts should be the centerpiece of a family estate plan. He explains where some of the traditional approaches to estate planning fall short and assets may be unnecessarily exposed to creditors, divorcing spouses, transfer taxes and other issues.

Jerry discusses:

  • The misconceptions with trusts
  • How trusts have evolved over the last 20 years
  • The specifics of creating a trust and the rules each position is to follow
  • Why efficient tax planning is built into a dynasty trust
  • And more

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About Our Guest:

Jerry Wegley’s practice focuses on asset protection and business succession planning. He helps people protect their assets from taxes, creditors, future ex-spouses and ex-in-laws, and nursing homes, so they may choose who benefits from their assets (themselves, their children, charities, etc.). His previous experience as a CPA helps him advise business owners wishing to keep their business operating after their exit; whether it be by their child or other family member, their employees or another party that will carry on their legacy. He is available to speak on business and tax topics, sophisticated estate planning strategies, asset protection, wealth preservation, long-term care planning, business succession and special needs planning. He also serves as Vice President on Knox Law’s Board of Directors.

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Knowing The Value of Your Business With Jason Early (Ep.15)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , , , , , , ,

98% of business owners don’t know the value of their business. Yet, most business owners are banking on the sale of their company someday to fund their retirement. 

In this episode, Jim McGovern talks with Jason Early, president of BizEquity, to discuss why you deserve to know the value of your business and what you can do with this information.

Jason discusses:

  • The importance of a business valuation
  • How often your business should have a valuation and how you can benefit from it
  • How inflation and interest rates are putting pressure on the value of a business
  • The time commitment and preparation needed for a business valuation
  • And more

Resources:

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Connect With Jason Early:

About Our Guest:

After nearly a decade in financial services and technology/consulting, Jason joined BizEquity as CRO leading the sales, marketing, and customer success teams. As President, Jason partners with the leadership team to shape the vision and serve the team to deliver on BizEquity’s mission. Jason is the co-chair of Pavilion Philadelphia, and former board member of the American Ireland Fund, American College Alumni Board, and the Brian H. Early Foundation.

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Financial Advice For Parents of Children with Special Needs with Judy Herron, CPA (Ep.7)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , , ,

Every child is going to need different quantities of support from their parents.

How can you establish and navigate the support systems that your child requires?

In this episode, Jim McGovern talks with Judy Herron, CPA to discuss her story of raising her son Chaz and how she became proactive in creating his financial future, finding him support systems, and finding the right opportunities for someone who is ‘differently abled’.

Judy discusses:

  • How her work as an experienced CPA impacts small businesses 
  • What impact her son Chaz has had on her professional and personal life
  • What questions she asked herself early on about her disabled son’s future and how they helped curate his financial plan
  • Financial planning tips for parents with disabled children
  • And more

Resources:

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Connect with Judy Herron:

About Our Guest:

Start-up or established company, your financial information is essential for managing business performance. It’s always better to be clear on your financial position, and Judith can help you get there. Work with Judith to sharpen your focus on data that makes you an agile decision maker.



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Supporting Children With Special Needs With Mike Magulick (Ep.6)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , , ,

Everyone wants what’s best for their children even if they need a little extra support whether it be financially or emotionally. 

In this episode, Mike Magulick, co-founder and president of the board for the Miracle League of Moon Township, discusses his family’s story of raising and financially preparing for their child with disabilities and how this experience changed him personally.

Mike discusses:

  • His personal life story about his son’s illness at birth
  • The journey to find expertise about his son’s rare condition
  • How he is financially preparing for the future of his child with disabilities
  • The Miracle League of Moon Township and what they provide for the community
  • And more

Resources:

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Connect With Mike Magulick:

About Our Guest:

Mike Magulick is a commercial banker with 27 years of experience. He is the co-founder and president of the board for the Miracle League of Moon Township. He is a commercial banker for one of the larger banks in Pittsburgh and is here to share his personal story.



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Protecting Your Child’s Future (Ep.4)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , , ,

What’s at stake when setting your child up for a successful financial future? What specific goals do you have in mind for your child?

In this episode, Jim McGovern will give you practical insights and an overview of life planning, building a sustainable wealth for you and your children, and caring for your child’s future. 

Jim discusses:

  • His philosophies of planning for your child’s financial future
  • Planning your financial timeline and how to properly incorporate your children’s financial inheritance
  • The financial planning process when caring for a child that has special needs
  • How to plan for your financial well-being
  • And more

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A Conversation About Retirement Income Planning (Ep.3)

Finance, Financial, Financial Advisor, Financial Services, Investing, Investment, Money, Podcast, Retirement, Uncategorized, Wealth Management, , , , , , ,

You should understand just how fragile financial plans really can be and stay realistic about what you are up against. If it was easy to do, then you wouldn’t hear about people running out of money.

In this episode, Jim McGovern shares how retirement income planning has changed over the years. He also briefly explains four rules that will help you add structure to your retirement planning all while enjoying more income.

Jim discusses:

  • The history of retirement planning
  • Two significant changes that transformed retirement planning
  • Why there was a shift away from traditional pensions
  • What changes in life can make retirement planning more challenging
  • And more

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