Podcast appearances and mentions of cameron hendricks

What if you had a magic app that told you how much of your net worth you never got to spend at the end of your retirement? The trouble with planning for retirement is all the uncertainty, however, proper planning can help. In this episode, Cameron Hendricks joins me to discuss how you can learn to spend more in retirement.  Outline of This Episode [0:50] We need to talk about your retirement spending [1:55] What if you had an app that told you how much of your net worth you never got to spend? [10:25] Why it's important to have a retirement withdrawal strategy [18:55] Our takeaways Resources & People Mentioned Show Notes The Retirement Podcast Network We need to talk about your retirement spending    

How often do you go back and question your retirement and investment decisions? When thinking through your personal financial decisions, it is common to be swayed by emotions rather than rational thoughts. However, your emotions could derail your wealth-building journey.  Today, Cameron Hendricks and I explore five of the most common behavioral financial biases and ways to combat them. If you are ready to get serious about making better financial decisions to build wealth, you won't want to miss this episode.  Outline of This Episode [1:21] Overconfidence [6:27] The familiarity bias [11:25] Hindsight bias [16:14] Naive diversification [21:15] Confirmation bias Resources & People Mentioned BOOK - Thinking Fast and Slow by Daniel Kahneman Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts  Stitcher  Google Play

It’s always fun to peek behind the curtain and see the strategies and process people use for their decision making. During this conversation, we review some of my core beliefs around: importance of tradeoffs - how every financial decision affects others being intentional in being a good steward Defining the balance between enjoying today while saving for tomorrow Structuring your money management around the give, grow, owe and live philosophy 4 Primary Uses of Money You can use it to live, give, owe or grow. For us, we rank these in the following order: give, grow, live, owe. Giving is at the top of our budget. Giving first breaks the power of money and releases its hold over people. Therefore, tithing to our church has been at the top of our priority list. We then focus on the growth aspect. This starts with automating our savings so that we can reach 15% of our income. As for how we invest we focus on various types of accounts from 401K to Roth IRAs to 529s for the kids. We explain in the episode how we've set up a system to where we don't lose sleep over our 90% stock allocation. With 3 yr old twins, a large part of our spending goes to daycare costs. My spouse and I try to spend their money on the things that create joy, including going to NC State sporting events and going on camping trips. I've always used debt as a tool for large, low-interest purchases such as his home and car. We only hold one credit card and doesn’t want to open any more accounts than are necessary. Outline of This Episode [4:25] What are Cameron’s money influences? [9:07] How does Cameron divide up his resources? [15:27] Does he worry about his 90% stock allocation? [21:26] How does he see debt? [26:30] What was the best money he spent in 2020? [31:15] The power of small wins Resources & People Mentioned In and of Itself movie Episode 126 - How a Financial Advisor Invests Their Money: Mike Eklund BOOK - Happy Money by Elizabeth Dunn Connect With Cameron Cameron's book, Where Family and Finance Meet Connect on Twitter @cam_hendricks @TeamFSINC Follow Financial Symmetry on Facebook Follow Our Podcast Here Apple Podcasts Stitcher Spotify Google Podcasts

How do you make financial decisions? Are you intentional with your money? Short Youtube recap here: https://youtu.be/9g3s36KPm9E Most people have trouble articulating their framework for making financial decisions. It begins with finding a healthy balance between spending and saving. After these short-term decisions, examining your longer-term goals will have more meaning. So in this episode, we asked Cameron Hendricks to join us to help you understand how to create an intentional framework to make the right financial decisions for you and your family.  There are only 5 ways to use your money in the short-term When planning to use your money, you need to consider what your options are and whether you are facing short-term or long-term decisions. Many people will be surprised to discover that there are only 5 ways to use your money in the short-term.  Lifestyle Give it away Pay taxes  Pay debt Save Each one of these short-term ways to use money impacts the other. Think about your spending as a pie chart. If your lifestyle expenses increase then one of the other options has to decrease. If you increase your savings then another option has to give.  You can start your planning by considering your long-term goals Making intentional decisions means your short-term decisions should be driven by your long-term goals. It’s a good idea to start with long-term planning and work your way back to your short-term goals. There are 6 items to think of working towards from a long-term perspective.  Financial independence - are you looking to retire or leave your job with its security? Charitable giving - this is more than just short-term charitable giving. You will need to have a process to achieve a higher goal. Freedom from debt - how much do you pay toward your debt? Pay down your miscellaneous debt first before tackling the mortgage. Lifestyle desires - this could include a second home or a boat Family needs - Many people want to save for their children’s college but also feel the need to help their elder parents. Starting a business - This takes planning and capital. Find ways to simplify your financial decisions Many people think that financial planning has to be complicated. But actually the more simple you can make your planning the better. Complexity gives a comforting impression of control while simplicity is hard to distinguish from cluelessness. You may seem like you are missing out on things when you plan simply, but it’s really about understanding the flow of money. Understand how your cash flow looks now and how it will impact the long-term financial decisions. You know there will be trouble ahead if you haven’t planned for the long-term.  Create a financial framework to plan your financial decisions Financial decisions can seem daunting but if you have an intentional decision framework to help you walk through your financial choices then your choices will be more clear. We all have the temptation to spend, especially if we get a lump-sum payment or a bonus from work. But we need to find a way to balance our short-term satisfaction with delayed gratification. When you layout your long-term financial plans you can then start planning how to spend your money in the short-term.  Outline of This Episode [2:27] What are your options? [5:44] Find ways to automate [10:40] There are 6 items to think of from a long-term perspective [14:35] What should you do with a large one-time increase in income? Resources & People Mentioned BOOK - Happy Money by Elizabeth Dunn Connect with Cameron Hendricks Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play  

Nobody likes to talk about the 2 certainties of life: death and taxes. So much so that we delay important decisions on how to deal with our assets for our heirs. On this episode, Cameron Hendricks and Grayson Blazek join in to discuss specifics on how to handle accounts and property, filing taxes and how to better prepare for passing on your estate to your loved ones. Find out how to handle all of this now to save your loved ones added stress during a difficult time. Ensure that your loved ones are prepared to understand your financial life To ensure that others are prepared for your own passing, make sure that your loved ones understand your financial life as a whole. This will make your passing a much smoother process. It is important to ensure your will is readily available and is up to date. Another way to be prepared is to have your assets properly titled. It's also important to periodically check all of your accounts’ beneficiaries to ensure that you have the right beneficiaries named and that you don’t have too many. The more information that you provide up front will really help along the way. How to help your loved ones prepare for your passing Taxes can be confusing enough, but doing the taxes of for the deceased is even more challenging. This is why it is so important to ensure that your loved ones have all the information that they need to prepare your final tax return during this time. Before making someone an executor of your estate it is important to talk to them and give them all of the information that they may need. This will make sure that everything transitions as smoothly as possible. If you are the executor of the estate make sure that you know where all of these income sources are. The more information that you provide up front will really help along the way. How to prepare taxes for the deceased Preparing taxes for the deceased isn’t as complicated as you may think. A person that has passed is called the decedent. Whether you are the surviving spouse or the child of a parent that has recently passed someone will need to work through a couple of tax returns for the decedent. You will have to fill out the final 1040. It is similar to every other tax return that you have filled out. You can continue to file as married filing jointly if you don’t remarry within the year and you will include any income received. The second form you may encounter is the estate income tax return. The last tax form you may need is the gift tax return. Listen to this episode to hear Cameron Hendricks and Grayson Blazek provide their expertise on preparing taxes for the deceased. What are some common financial questions people ask about death? There is a myth that people think everything is going to be taxed upon death, but that is untrue. Life insurance is not taxed and 401K’s and IRA’s will not be taxed in the way you think. When passing wealth to your heirs think about whether they are ready to be heirs. You can set up a testamentary trust and create rules around the trust to prepare your heirs for receiving an inheritance. You want to make sure to have an estate plan. The default estate plan will certainly not be what you actually want. Remember, you won’t be around to clarify your wishes so make sure you clearly state your intentions. Outline of This Episode [2:47] Ensure that your loved ones are prepared to understand your financial life [7:17] What kind of income tax return will you need? [18:28] The estate income tax return [21:48] How to handle the 709 [26:58] What are the common questions people ask? Resources & People Mentioned Episode 57 Connect with Grayson Blazek Connect with Cameron Hendricks Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

Pride and the Priesthood by Cameron Hendricks

Be Still, and Know That I Am God by Cameron Hendricks

Come, Join with Us by Cameron Hendricks

Things As They Really Are by Cameron Hendricks

What E're Thou Art, Act Well Thy Part by Cameron Hendricks

Do you know what the number one most avoided financial subject is? On this episode of The Financial Symmetry Podcast, we are diving deep into estate planning where you'll learn why it is so avoided and why you really shouldn't avoid it. Cameron Hendricks joins us on the show today to help us navigate this touchy subject. Estate planning is easy to forget to do and so many people end up putting it off so that it is actually the most avoided subject when it comes to financial planning. If you don’t have a proper estate plan you need to be sure to listen to this episode as Cameron lays out many of the possibilities that could happen if you have no will in place. Why have an estate plan? What is the purpose of an estate plan? The purpose is to look out for your family and loved ones. You want to make sure that the people you want to receive your inheritance actually receive it. This also simplifies matters for your beneficiaries. It reduces family conflicts and confusion during an already emotional time. Because of this emotional roller coaster, planning your estate can be very challenging, but it's arguably one of the most expensive financial mistakes you can make. What happens to your estate if you have no will in place? Cameron Hendricks joins us to walk us through different scenarios so that we can understand what happens to our estates if we don't even have a simple will in place. You may be at a time of life where you don’t have any dependents and so you may think that it doesn’t matter if you have a will in place. Would you like to leave your money to the state? If so, then there’s no need to do anything, but if you want to have any say in where you’re money will go when you are gone then you need to have proper beneficiaries named. Listen to this episode to hear what could happen to your money after you are gone. When is the most important time in life to have a will in place? Many people that have families still avoid proper planning of their estate. The reasons are usually emotional. No one wants to think about what will happen to their children when they pass. If you are a stepparent, you probably haven’t thought about what might happen to your estate regarding your stepchildren if you haven't planned your estate properly. You’ll definitely need to hear this episode if you are the parent of a blended family. Make sure you don’t miss this episode on estate planning so that you can understand all the ramifications of improper estate planning. Family conflicts are the biggest threat to estate planning No one wants to think about what life will be like after they are gone. Making decisions about what happens after your passing is emotional and not much fun. Estate planning is one of those difficult tasks that we just have to get done for the sake of our families. After a loved one’s passing many families experience rough times. Family relationships are already challenging enough. Don’t let your lack of estate planning make them worse. Listen to this episode to hear how important it is to properly plan your estate no matter what stage of life you’re in. Outline of This Episode [3:18] Estate planning is usually the number one thing that people haven’t done yet [4:19] Why have an estate plan? [9:00] Unmarried individual with no children [12:25] Married couple with no children [15:45] Married couple with children [21:11] Blended families [24:06] No spouse, no children, no parents Resources & People Mentioned Episode 11 - What Happens to Prince’s Estate? Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh@TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts Stitcher Google Play

We are so excited to welcome back Cameron Hendricks to the Financial Symmetry Podcast! He is back to discuss the journey of writing a book about financial decisions and how they affect your family dynamics. We chart his growth in thinking about financial planning and helping people achieve their financial goals. You can find show notes and more information by clicking here: http://bit.ly/2rfNp0z  

This week, Chad brings on special guest Cameron Hendricks, CFP® to discuss his recent experience at the FPA NexGen conference, and why it is important for your financial advisors to attend conferences in general.