Have you ever wondered how to differentiate between risk and exposure when it comes to your investments?
This week, Corey Heimensen in a new episode of The WIN Podcast, explores the crucial distinctions between risk and exposure in the realm of financial planning. He dives into the importance of understanding these concepts and examines the mindset for mitigating risks and managing exposure to ensure a secure financial future.
Corey discusses:
Understanding the fundamental difference between risk and exposure in financial planning
Exploring the significance of managing exposure to potential risks in investments
Strategies for quantifying and assessing the magnitude of outcomes in financial decision-making
The role of professional guidance in navigating the complexities of investment risks and exposure
Have you ever considered the lessons learned from major financial crises that shaped our history?
In this episode of The WIN Podcast, Corey Heimensen dives into pivotal events like the Enron scandal, Madoff Ponzi scheme, and the stock market crash of 1987.
Listen today and discover the valuable lessons gleaned from these financial disasters and how they can shape your financial decisions.
Corey discusses:
Lessons from the Enron scandal and the importance of understanding investments before diving in
Insights into the notorious Bernie Madoff Ponzi scheme and the dangers of unrealistic returns
Reflections on the 1987 stock market crash and the significance of cash flow and reserves
Valuable takeaways from history to navigate financial markets with wisdom and perspective
Baseball is shaped by strategic decisions both on the field and in the boardroom.
The signing of a high-profile player like Shohei Ohtani by the Los Angeles Dodgers is a significant event that reflects the interplay of talent evaluation, contract negotiation, and long-term financial planning.
Such moves are pivotal, potentially influencing the team’s performance and financial health for seasons to come.
In this episode, Corey Heimensen sits down with Zed Heimensen to explore the baseball season and Shohei Ohtani’s landmark signing with the Dodgers. They examine Ohtani’s unique contract, particularly its deferred compensation aspect, the financial implications for the team and player, and the lessons we can learn.
Corey and Zed touch on:
The unique structure of Shohei Ohtani’s contract with the Los Angeles Dodgers
The concept of deferred compensation
The risks associated with deferred compensation, including inflation, tax rates, and the potential for bankruptcy affecting the contract
The risks faced by both Shohei Ohtani and the Los Angeles Dodgers in the unique contract arrangement
The Dodgers’ deferred contracts and the potential financial implications for the team in the future
Parallels between deferred compensation in sports and everyday financial decisions
Zed Heimensen, a graduate of Morningside University, began working at Heimensen Wealth Advisors in May 2022. Zed graduated with a bachelor’s degree in Finance while serving as the president of the university’s investment club. During his time at Morningside, Zed gained extensive knowledge of the finance industry through internships and high-level coursework.
Zed recognizes the importance of understanding each client’s life story and how their unique paths can impact their short- and long-term financial goals. As a financial advisor, Zed prepares individualized financial plans while fostering genuine client relationships. He holds Securities Registrations 7 and 66.
Outside of work, Zed enjoys golfing, reading, and spending time with his family and friends. Zed is also an avid sports fan, hoping to see the Vikings win a Super Bowl at some point in his life.
Life is full of mountains. Some are easy to climb, some are hard, and some seem impossible.
But what can we learn from the people who dare to face these mountains and reach the summit? How do they overcome the obstacles, the risks, and the doubts that come with such a challenge? And how can we apply their lessons to our own lives?
In this episode, Corey Heimensen explores the parallels between climbing mountains like Kilimanjaro and making life’s tough decisions. He dives into the mental strategies for facing challenges, the growth that comes from pushing past our limits, and the importance of adapting goals as life changes. Additionally, Corey emphasizes the value of partnership and support systems in achieving success, and the complexities of managing the aftermath of reaching our goals.
Corey discusses:
The idea of mountain climbing and its challenges, including physical and mental preparation
The challenges and routes of climbing Mount Kilimanjaro
The importance of mental preparation in both mountain climbing and life
The significance of having support and guidance in achieving goals and making important decisions
The negative impact of overconfidence in various aspects of life
The importance of financial planning and the potential consequences of relying solely on social security for retirement
The risks and challenges faced during the descent in mountain climbing and drawing parallels to life’s challenges and decision-making
We live in a fast-paced world, where everything seems to demand our attention and time.
But what if we are missing out on something more important by being constantly busy and rushed? What if the key to a happier and healthier life is to slow down and eliminate hurry from our lives?
For the 50th episode of The WIN Podcast, Corey Heimensen brings back Grace Heimensen to explore the book “The Ruthless Elimination of Hurry” by John Mark Comer, examining the cultural obsession with speed and its impact on well-being. They dive into finding balance, the importance of rest, the effects of technology, and intentional living.
Corey and Grace discuss:
The difficulty of finding balance in life
The influence of technology and social media on rest and the challenge of finding true rest in a hurried culture
Retirement and the urge to avoid feeling hurried in life
The impact of slowing down and making meaningful connections with others in everyday situations
The concept of enjoyable moments and how to extend and savor them
Healthcare costs are one of the biggest expenses that retirees face, and they can vary depending on factors such as age, health, location, and lifestyle.
Planning for these costs can be challenging, but also rewarding, as it can help you achieve your retirement goals and enjoy your golden years without worrying about unexpected medical bills.
In this episode, Corey Heimensen dives into the critical topic of healthcare costs in retirement. He breaks down estimated expenses while highlighting the importance of Social Security and Health Savings Accounts. Corey also touches on the impact of lifestyle choices and the benefits of preventative care, and he provides insights into managing healthcare costs through financial goals, considering inflation, and government support programs.
Corey discusses:
Healthcare costs in retirement and the fear associated with it
How media use scare tactics to draw attention to healthcare costs in retirement
The estimated healthcare costs for a couple in retirement
The role of Social Security as a piece of the retirement financial puzzle
The impact of healthy lifestyle choices and preventative care in managing future healthcare expenses
Health Savings Accounts and their potential benefits for managing future healthcare costs
How inflation and income/ increases can impact financial planning for healthcare costs
Ever considered the parallels between piloting a plane and navigating your finances?
Buckle up as we unravel the connections between these seemingly unrelated realms. Whether you’re soaring through the skies or charting your financial course, one thing remains constant: the need for meticulous planning, sharp attention to detail, and the ability to gracefully adjust to unforeseen circumstances.
In this episode, Corey Heimensen draws parallels between aviation and financial planning. Using preflight checklists as an analogy, he emphasizes the importance of preparation, communication, and experience in navigating the uncertainties of both fields. Drawing inspiration from Captain Sully’s emergency landing, Corey highlights the significance of a solid plan during challenging times.
Corey discusses:
Parallels between preflight checks done by pilots and successful strategies in financial planning
Comparing the pilot’s exterior inspection of the plane to a financial advisor’s assessment of a client’s situation before moving forward
Captain Sully’s landing on the Hudson River and emphasizes the importance of being prepared for unforeseen circumstances
The importance of a preflight survey in aviation and how it can be applied to financial advising
In both fields, unforced errors can have a huge impact on your performance and outcomes.
This week, Corey Heimensen explores the concept of unforced errors in finance, draws parallels between tennis and decision-making, and dives into the psychology behind our choices. He also emphasizes the importance of learning from mistakes, avoiding overconfidence, and planning for the future.
Corey discusses:
Unforced errors in tennis and golf, and how they relate to mistakes made in the investing and finance world
The US Open, the crowd, and the drink called ‘Honey Deuce’
The importance of evaluating mistakes and learning from them in order to improve in various aspects of life
The importance of understanding and not underestimating the risks associated with investments and financial decisions
The dangers of overconfidence and the inevitable market downturns
The importance of managing taxes, ensuring cash flow, and weathering market volatility for long-term success
Religion, politics, and money are three words that often produce strong emotions and opinions in people.
These words are also closely connected in many aspects of our lives, from our social interactions to our economic decisions.
How do we navigate these controversial topics in a respectful, informed, and beneficial way?
In this episode, Corey Heimensen analyzes three powerful words: Religion, Politics, and Money from his book “Stop Doing Dumb Things With Your Money.” Corey uses these words to describe the importance of making informed financial decisions, the power of faith in investing, and the significance of enjoying one’s wealth. Additionally, Corey also emphasizes the importance of education and shares how crucial it is to be optimistic in life.
Corey discusses:
The concept of faith and how it relates to investing and relationships
The relationship between optimism and happiness
The significance of being an opportunist and seizing opportunities
The importance of spending and enjoying money and assets
The long-standing tradition of avoiding discussions about politics
Giving is one of the most powerful ways to make a positive impact in the world.
Whether it’s donating money, time, or skills, giving can help improve the lives of others and ourselves.
Giving can also be a source of joy, fulfillment, and gratitude. But how do we give effectively and wisely? How do we balance our own needs and goals with our desire to help others?
In this episode, Corey Heimensen explores the power of giving and how it can shape our financial decisions and personal growth. He discusses the concept of “Giving Tuesday” and emphasizes that giving should not be confined to a single day or cause. Additionally, Corey also discusses Donor-Advised Funds as a flexible way to control donations and receive tax deductions.
Corey discusses:
The concept of Giving Tuesday, a movement where people are encouraged to be charitable and give to different causes
The value of charity and the importance of teaching and learning about being charitable from an early age
A plan to donate $25 to charity for every client who signs up for electronic delivery of paper in 2024
The importance of education and its power to improve lives and society
The perspective on giving and how it doesn’t have to be at the level of billionaires
The concept of a Donor-Advised Fund, where individuals can donate money to a fund and control its distribution to different charities
