Middle Class Millionaire with John Choi, CFP®

Welcome to a new season of Middle Class Millionaire! We're excited to spend this season chatting with financial professionals and students to explore their unique perspectives, stories, and strategies for success in the industry. This episode, John sits down with two seasoned financial advisors, TJ and CB, to talk about the impact the CFP® designation has had on their practices. WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Year-end planning is always a smart move, so this week on Middle Class Millionaire, John shares essential checklist items to wrap up 2024 strong. Plus, we'll give you a sneak peek at exciting podcast changes coming in 2025 and catch up with John after a brief break- don't miss it!WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Send us a Text Message.Next up: uncover the critical mistakes many make when choosing a financial advisor. We're cutting through the noise to highlight what often goes wrong—from misplaced trust in big names to overlooking the fine print. This episode is your essential guide to avoiding those pitfalls and making informed decisions that align with your financial goals.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Send us a Text Message.Each generation is currently navigating a unique part of the retirement planning experience. With many baby boomers preparing for the transition into retirement and the early half of Generation Z taking their initial steps into the career field, these major life events come with a handful of financial planning questions. Over the next few weeks, we'll share insights into the unique concerns that echo across different age groups. This week, we're focusing on Millennials. WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Just like an annual checkup is important for maintaining good health, performing regular financial checkups is an essential part of planning for a healthy and successful retirement. By regularly assessing your budget, goals, and progress, you can make informed decisions to keep your finances on track. Although financial wellness is going to look different for everyone, we'll share some areas you should be paying attention to in today's episode.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Each generation is currently navigating a unique part of the retirement planning experience. With many baby boomers preparing for the transition into retirement and the early half of Generation Z taking their initial steps into the career field, these major life events come with a handful of financial planning questions. Over the next few weeks, we'll share insights into the unique concerns that echo across different age groups. This week, we're focusing on Gen Xers. WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Each generation is currently navigating a unique part of the retirement planning experience. With many baby boomers preparing for the transition into retirement and the early half of Generation Z taking their initial steps into the career field, these major life events come with a handful of financial planning questions. Over the next few weeks, we'll share insights into the unique concerns that echo across different age groups. We'll kick off this mini-series by focusing on the baby boomer generation. WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Unpack the toolbox of technology that's promising to redefine retirement planning, but does it deliver? This episode takes a critical look at the wave of innovations, from personal finance management software to online calculators, and questions whether they truly simplify the planning process or introduce new complexities.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Welcome back to Middle Class Millionaire! In this week's episode, we're going to touch on a couple of different financial planning topics. Stay tuned as John and Marc chat about procrastination, the benefits of side hustles, and whether to keep, sell, or rent out a second property in retirement.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Every generation likes to talk about how much harder things used to be when they were kids. Like all of the people who used to have to walk five miles to school, in the snow, uphill both ways. But they had at least one thing that was EASIER…and that was retirement planning. Let's talk about why on today's episode.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Welcome back to part 2 of a conversation that might be a bit counterintuitive. We're going to question the real impact of common financial habits. Are the strategies you consider beneficial actually working in your favor? We explore the pros and cons of practices like paying off debt early, keeping up with financial news, and more. Join us for a practical discussion, as we uncover the unexpected effects of everyday money decisions. Are your good money habits holding you back?WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

This episode might be a bit counterintuitive. We're going to question the real impact of common financial habits. Are the strategies you consider beneficial actually working in your favor? We explore the pros and cons of practices like ignoring account statements and strict budgeting. Join us for a practical discussion, as we uncover the unexpected effects of everyday money decisions. Are your good money habits holding you back?WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Sometimes it's hard to make financial sacrifices when the reward might not be seen until several years in the future. Today we'll talk about some of the situations where you might be inclined to take the immediate benefit when you should really consider the delayed rewards…WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Ever thought that minor tweaks in your financial plan could lead to major wins? In this episode, we're back to explore the surprisingly powerful world of simple financial adjustments. From overlooked savings tricks to smarter insurance choices, we're unpacking those seemingly small steps that can bring about big, positive ripples in your financial life. If you missed part 1 of this episode, you can catch up on the conversation here!WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Ever thought that minor tweaks in your financial plan could lead to major wins? In this episode, we're exploring the surprisingly powerful world of simple financial adjustments. From overlooked savings tricks to smarter insurance choices, we're unpacking those seemingly small steps that can bring about big, positive ripples in your financial life.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

“Learn from the mistakes of others. You can't live long enough to make them all yourself.” – Eleanor Roosevelt… Ever wish you could foresee financial missteps before they happen? In today's episode, explore some real-life stories of regret and arm yourself with the essential dos and don'ts to ensure your money works for you, not against you.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

In today's episode, we're taking a close look at high-net-worth individuals - those who have accumulated significant wealth and face unique challenges and opportunities when planning for retirement. Unlike the average person, their financial considerations go beyond the basics. We'll explore the distinct strategies and factors that come into play when securing a comfortable and prosperous retirement.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Are you over 55 and pondering retirement? Dive into the world of Required Minimum Distributions (RMDs) with us. In this episode, we demystify the reasons behind mandatory withdrawals from your retirement savings. Discover strategies to potentially avoid them and understand the risks of not preparing in advance. And for those fortunate to not rely on RMDs for income, we'll explore impactful ways to utilize those funds.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Retirement is a unique journey for each of us. The thought that there's a one-size-fits-all solution is a myth, but what if we told you there are certain universal truths that can guide every retiree? Dive deep in this episode, where we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

There are some people who don't care at all about leaving a financial legacy, but for those who do, it's important to eliminate some of the common estate planning mistakes. In this episode, we cover topics ranging from poor expense planning to outdated beneficiary designations and family conflict triggers. We also shed light on some misconceptions about transferring real estate and explain the impact of tax implications on your estate. If you want to leave a legacy without regret or legal turmoil, this episode is a great starting point.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

In today's episode, we'll explore the sensitive and significant process of transitioning from one financial advisor to another. We'll cover how to recognize when your current advisor may no longer be serving your financial needs effectively, the right questions to ask, and crucial factors to consider when searching for a new financial partner.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Finding a trustworthy and competent financial advisor is essential for securing your financial future. After all, they play a vital role in helping you make informed decisions about your money, investments, and long-term financial goals. But how can you separate the wheat from the chaff? How can you identify problematic personalities that might indicate an advisor isn't the right fit for you?WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Today's episode is all about understanding the crucial role of income analysis in retirement. We'll uncover the secrets of guaranteed income versus the uncertain stuff and shed light on the consequences of retiring without a clear income plan. Don't worry if you're feeling lost - we've got your back with practical solutions and expert guidance. Tune in and take charge of your retirement cash flow!WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Don't get us wrong. In many cases, your 401(k) can be your best investment vehicle, offering numerous benefits and tax advantages and many times a 100% return on some of your contributions (also known as an employer match). However, it's important to recognize that it might not always be the optimal choice for everyone. Join us in this thought-provoking episode as we dissect the reasons why someone should NOT invest in a 401(k). WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

What is financial planning and what value can it bring to your life? In part two of our series, we continue exploring the key components of financial planning, with a focus on taxation. Drawing inspiration from the popular board game, Trivial Pursuit, John likens financial planning to collecting puzzle pieces. Just as one needs all the different wedges to win the game, a successful financial plan requires attention to six key areas: investments, insurance, taxes, estate planning, retirement, and general principles. Join us as he explains the value of working with a financial professional who covers all aspects of financial planning, rather than just an investment-focused advisor.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

What is financial planning and what value can it bring to your life? In part one of this two-part episode, we'll break down the general financial planning principles and talk about insurance and investments. Through John's personal stories and client experiences, we will uncover the profound effects of understanding your net worth, having an "in case of emergency" toolkit, titling assets and beneficiaries, and more. Stay tuned as we talk about the transformative power of financial planning and learn about small but impactful adjustments that can significantly impact your financial future. WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

The financial world is full of designations that can be confusing to the average consumer, such as "CFP®," and "ChFC." In this episode, John will discuss some of the most common financial designations and what they mean. Join us as we break down the differences between these designations so that you can better understand your financial advisor's credentials. WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

The right financial advisor can bring a lot of value to their clients and help set them up for success in their financial life. However, it can be difficult to find what financial advisor to work with. On today's show, we will be discussing what types of services an advisor should bring to their clients and some red flags you should look out for.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

A lot of people are looking at Roth IRAs as a potential strategy to implement in their own plan. Let's explore the concept by looking at what a Roth IRA is, how to contribute to it, and what a backdoor Roth is.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Are you a golfer? Even if you're not, the game of golf can teach us valuable lessons about retirement planning. For example, hitting a hole-in-one might be thrilling, but it won't necessarily guarantee your overall success. And just like you need different clubs in your golf bag to play a round, you need a well-balanced approach to your investments in retirement. But perhaps the most important lesson from golf is the value of having a caddy. In retirement planning, a financial advisor can help you navigate the hazards and make the most of your financial "clubs." Tune in to this episode to learn more about how the game of golf can help you plan for a successful retirement.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

The “normal” investment world already seems crowded with endless possibilities of companies and ways to invest. Yet there's a segment of the market classified as alternative investments that many people find intriguing. Could there ever be a place for alternative investments in your portfolio? What are some of the alternative investments you should know about? We'll seek to answer those questions and more on this episode.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Long term care can have a significant impact on your retirement plan. Failing to plan for this element, could cost you thousands of dollars in the event you do end up needing it. We will be discussing why you should be proactive in this area and some of the future changes that might be occurring.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

As we approach tax time, saving money on taxes becomes a bigger focus for many people. But let's broaden the scope out for this particular episode and focus on some of the most common retirement planning questions about taxes. We'll talk about mistakes to avoid and how a proper plan can make a significant difference in someone's tax savings.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

After being discussed in Congress for nearly a year and a half, the SECURE Act 2.0 has been passed. Let's see what we need to know.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Social Security is extremely complex, so today, we decided to unpack some important factors that you may want to know. WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Saving in your 401(k) can be an easy and painless way to build your retirement savings. But because it's so easy and painless, it can also be easy to ignore for long periods of time, which often leads to mistakes. We'll cover at least the top 5 mistakes people make in their 401(k)s.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Annuities can have a bad reputation, but there is a right way to use them. Today we will share everything you need to know about them and explore what you should pay attention to with life insurance.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

If you've ever wanted to just learn a little more about investing in the stock market, this episode is for you. We're going to cover some of those terms you've probably heard before, but perhaps never truly knew what they meant.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

Investment planning looks different from person to person. We often come across clients that believe they are diversified but don't quite understand what ideal diversification looks like. Today we will cover diversification, risk tolerance, and what they look like while investing.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

When people start retirement planning, they tend to focus on assets, stocks, and a particular number they are fixated on retiring with. While planning and goal-setting are crucial to retirement planning, it would benefit pre-retirees to shift their mindset to focus on income planning and the most effective ways to generate the income they need to live off.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2

On the first episode of Middle Class Millionaire, we're going to learn why John Choi became a financial advisor and a Certified Financial Professional, we'll get some insight into John's financial planning philosophies at Epiphany Capital, and we'll get to know John a little bit better on a personal level.WAYS TO CONNECT:Website: https://www.johnchoi.net/Phone: 847-247-0850Blog: https://bit.ly/3CNltG2