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
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
One of the most fascinating aspects of financial planning is how it can be related to almost anything in life.
Whether it is music, art, sports, or movies, there are always lessons and insights that can be drawn from different domains and applied to our financial decisions.
In this episode, Corey Heimensen is joined by Zed Heimensen, financial advisor at Heimensen Wealth Advisors, to explore the adaptability of finance. Drawing inspiration from Beethoven and the movie National Lampoon’s Christmas Vacation, they explore the importance of managing what we can control and planning for the unexpected. They also emphasize the value of hard work, surrounding ourselves with the right people, and diversification in financial planning.
Corey and Zed discuss:
How Beethoven’s structured musical form can be related to financial efficiency and the importance of setting goals and having a plan
The significance of Beethoven’s gradual loss of hearing and how it can be related to overcoming challenges in financial planning
The importance of managing risk in various aspects of life
The importance of passion and hard work in achieving greatness
Financial lessons from National Lampoon’s Christmas Vacation, such as not depending too much on one source of income
The concept of classics and how it relates to judging success in financial planning
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.
Have you ever thought about how the increase in the occupation of storage units can relate to the need for financial organization?
The truth is that the clutter in our storage units often mirrors the chaos in our financial affairs.
In this episode, Corey Heimensen touches on the relevance of organization in one’s financial life. He draws a parallel between the clutter in storage units and the financial mess many people have, emphasizing the importance of seeking help from trusted advisors to get organized.
Corey discusses:
The popularity of storage units and their surprising statistics
The seven popular reasons people rent storage units
The correlation between the size of the storage unit rented and the length of stay
The importance of organizing finances and drawing parallels with the Marie Kondo method of keeping things that bring joy
The stress caused by financial disorganization and the need for intentional financial planning
How a financial advisor can assist in organizing financial goals
The need for a genuine connection and trust with a financial advisor
Navigating the world of wealth management and financial planning can often feel overwhelming, as there are numerous tax strategies, investment options, and estate planning considerations.
What are the latest worries of our clients?
In this episode, Corey Heimensen touches on some of the recent client conversations and the most common questions he is asked. Corey also talks about tax-free retirement accounts, trust benefits and more.
Corey discusses:
The misconception of special tax-free retirement accounts only available to the rich
What a trust is and its purpose as a planning tool
Investing in an era of high rates CDs
His opinion about listening to financial advice from famous personalities such as Dave Ramsey
The different factors to consider when deciding if buying land is a good investment
The importance of open communication between financial advisors and CPAs
Having a solid financial plan is essential for achieving financial freedom. And we understand that many require assistance to develop a successful one.
Thankfully, there are numerous books available to help us comprehend the importance of financial planning and guide us on how to get started.
Today, we dive deep into one such book.
In this episode, Corey Heimensen shares 11 takeaways from the book “The One Page Financial Plan” by Carl Richards and leads an exercise on creating a one-page financial plan.
Corey discusses:
11 key takeaways from “The One Page Financial Plan” book
Why people need to think about and identify “Why is money important to you?”
Reasons why you shouldn’t obsess over goals
The importance of being aware of how you spend and what you’re spending on every month
Why you should invest like a scientist
Creating a one-page financial plan in three steps
The importance of estimating cash flow needed in retirement and types of debts to include in a one-page financial plan
How having a financial advisor can be a game changer for your financial future
Sudden wealth can have a profound impact on our financial decisions and overall well-being, regardless of whether it comes as an inheritance or other unexpected windfall.
What should we do to properly manage unexpected wealth?
In this episode, Corey Heimensen delves on sudden wealth, specifically inheritance, using the Beverly Hillbillies show as an example and how it can influence financial decisions. He touches on the concept of lifestyle inflation and the importance of seeking professional advice when dealing with sudden wealth.
Corey discusses:
The recurring issue of the debt ceiling and how it can cause panic among individuals
Inheritance as an example of sudden wealth and how it can affect individuals and their financial decisions
Statistics on the average amount of inheritance received and how people spend it
How some people are afraid to spend or invest their inheritance and how to approach the situation
The concept of lifestyle inflation and how it can affect people’s spending habits
How people may spend lavishly on things without considering the consequences
The importance of having a professional team of advisors
The importance of setting restrictions/safety nets on investments or inheritance to keep people on the right path, and how professionals can help with this
Why having financial literacy in banking, credit cards, and bill payments is essential for long-term success
Have we ever paused to reflect on the uncomfortable situations we’ve encountered during our travels and pondered the lessons they might offer us about life?
In this episode, Corey Heimensen recounts the tale of when he was recently traveling for work and in an effort to save a few bucks, took a route that included multiple connections, which resulted in a lot of travel time and time to witness things. Drawing on his experience from the trip, he categorized different types of people, the situations they are trying to control and stressed the significance of focusing on what we can control.
Corey discusses:
Staying on track when saving for retirement and other financial objectives by drawing a parallel with an airline pilot navigating the turbulence
The different categories of people he encountered and how they try to control situations
The human nature of wanting to control everything, and how this can be counterproductive, especially in situations where there is a lack of understanding
Successful people may appear to be living their best life, but they too, make huge mistakes.
By learning from their experiences without judging or criticizing, we can gain valuable lessons for our lives.
In this episode of The WIN Podcast, Corey Heimensen shares lessons learned from the financial errors made by six NFL owners. He emphasizes the importance of effective estate planning and communication to prevent family conflicts.
Corey discusses:
How even smart people can make mistakes, and the takeaways can be valuable for anyone, regardless of their level of wealth or walk of life
How these six NFL owners built their wealth
The importance of effective estate planning and communication to prevent family conflict
How illnesses or death can create disastrous situations for families and the need for a proper beneficiary designation
The importance of considering whether family members are the best people to take over one’s job or role
How crucial it is to have a succession plan for your organization
Taxes are a necessary but often stressful obligation and it’s understandable why people might have negative thoughts toward them.
Due to these feelings, there are numerous myths about taxes that persist and are often perpetuated unintentionally.
In this episode of The WIN Podcast, Corey Heimensen shares and gives his view on some of the most common tax myths mentioned in the article “10 Common Tax Myths, Debunked.” Additionally, he sheds light on the importance of paying taxes and the misinformation surrounding it.
Corey discusses:
A reflection on the Huma Bird as a symbol of the irony in people’s desire for a solution to tax issues
The most common misconceptions and misunderstandings surrounding taxes
The importance of making your money work for you and why receiving your tax refund is not a cause for celebration
The significance of educating people about money and clarifying their biggest misconceptions
Why it’s important for every country that its citizens pay their taxes
