Ep 139: Money Milestone’s: A financial journey from youth to retirement

Money & You with Michelle Perkins

The podcast featured Philip Board, a financial advisor with 27 years of experience discussing his journey in the financial services industry, starting from selling financial products to running his own company. The speaker started in financial services through a friend of his dad who offered him a job if he passed a test. He equated Wall Street with nice cars in his 20’s and a career was born.
The conversation touched on the importance of understanding the relationship between finance and business management, the significance of saving and spending habits, and the impact of taxes on retirement planning. The speakers emphasized the need for a holistic approach to financial planning, including collaboration between financial advisors and tax professionals. The discussion highlighted the value of ongoing education and strategic planning in achieving financial goals. The podcast emphasized the importance of seeking professional advice and developing a comprehensive financial strategy to optimize financial outcomes. The conversation provided valuable insights into financial planning, business management, and tax strategies for listeners.
00:05 - Financial journey beginnings 05:17 - Business skills for advisors 10:38 - Talking money with kids 23:05 - Saving vs. spending strategies 30:36 - Retirement planning insights 35:58 - Tax considerations revealed 41:36 - Collaborating for financial success 47:19 - Webinars for financial education
Key Takeaways:
- Financial advisors need to balance expertise in finance with business management skills.- Teaching children about money and financial literacy is crucial for their future financial well-being.- Moving from spender to saver is a key step in building financial stability.- Tax planning is essential for optimizing retirement savings and minimizing tax liabilities.- Utilizing tax-free investment options like Roth IRAs can provide long-term benefits in retirement planning.- Collaboration between financial advisors and CPAs can lead to more effective financial and tax strategies.-The speaker teaches other financial advisors how to run better businesses, focusing on systems and processes.
The episode provides valuable insights into the financial journey from youth to retirement, emphasizing the importance of financial literacy, strategic planning, and collaboration with professionals like CPAs for long-term financial success.
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