Tag: Financial Planning
There are 2 I’s in Team with Zed Heimensen (Ep. 52)

There are 2 I’s in Team with Zed Heimensen (Ep. 52)

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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
  • And more!

Resources:

Connect with Zed Heimensen:

Connect with Corey Heimensen:

About our guest:

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.

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The Climb (Ep. 51)

The Climb (Ep. 51)

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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
  • And more!

Resources:

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Navigating Healthcare Costs in Retirement: Strategies for Financial Wellness (Ep. 49)

Navigating Healthcare Costs in Retirement: Strategies for Financial Wellness (Ep. 49)

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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 
  • And more!

 

Resources:

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Pre-flight Checks and Financial Planning (Ep. 48)

Pre-flight Checks and Financial Planning (Ep. 48)

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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
  • The importance of controlling emotions
  • And more!

 

Resources:

Connect with Corey Heimensen:

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The Gauntlet with Zed Heimensen (Ep. 44)

The Gauntlet with Zed Heimensen (Ep. 44)

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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
  • And more!

 

Resources:

Connect with Zed Heimensen:

Connect with Corey Heimensen:

About our guest:

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.

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The Joys of Organization (Ep. 43)

The Joys of Organization (Ep. 43)

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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
  • And more!

 

Resources:

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Lyrical Finance (Ep. 41)

Lyrical Finance (Ep. 41)

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The worlds of music and finance often intersect in life. 

This intersection can offer a valuable perspective to explore our connection with money, happiness, and the pursuit of our aspirations.

In this episode, Corey Heimensen and Aric Johnson play a game where they relate song lyrics to finances and life as a fun tribute to Aric’s enjoyment of music for his last episode on the podcast.

Additionally, Aric shares about his next venture with Boys Town in Omaha to work with at-risk youth. Corey says goodbye to Aric and welcomes his new producer, Bill Tucker.

Corey and Aric share:

  • The idea that money can not buy love, but can provide security and joy
  • The concept of inheritance and the importance of not spending it, but creating a legacy
  • The lyrics of the song “Working for the Weekend” by Loverboy and the concept of living paycheck to paycheck
  • The lyrics of the song “Billionaire” by Bruno Mars and Travie McCoy, focusing on the concept of having material wealth and the importance of having a realistic plan
  • The complications and challenges that come with accumulating wealth 
  • The importance of setting goals and saving a portion of your pay to reach those goals
  • And more!

Resources:

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A Collection of Change (Ep. 40)

A Collection of Change (Ep. 40)

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Life is an ever-changing journey, filled with twists, turns, and unforeseen encounters.

The power of change shapes our lives, steering us in new directions and offering opportunities for personal and professional growth.

In this episode of The WIN Podcast, Corey Heimensen explores why change can be scary and how change could look in different situations. He reminisces about the journey of his podcast so far with the podcast’s producer and co-host, Aric, as they chat about the latter’s career change.

Join in as Corey shares the importance of embracing change in business and the significance of financial planning for the future.

Corey discusses:

  • The abundance of books about change that can be found online
  • The drive and mindset needed to build and maintain a successful business, as well as the importance of embracing change
  • The need to adapt to changes in the financial planning industry
  • The impact of health on retirement and the challenges of dealing with deteriorating health
  • Aric’s departure from the podcast to work with Boys Town to help at-risk youth
  • And more!

Resources:

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Book Club – Part 2 (Ep. 38)

Book Club – Part 2 (Ep. 38)

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Success is often attributed to a combination of passion, perseverance, and a relentless pursuit of goals.

Something that Angela Duckworth perfectly explains in her book “Grit.”

Ready to get inspired with the second part of the book reviewing segment?

In this episode, Corey Heimensen introduces us to Angela Duckworth’s book “Grit: The Power of Passion and Perseverance,” which explores the concept of passion and perseverance leading to long-term success. He emphasizes the importance of setting smaller goals along the way to achieve a big ultimate goal. Additionally, Corey touches on the significance of having a life philosophy and making a positive impact on the world.

Corey discusses:

  • An analysis of the word “grit”
  • His own experience with grit and how it varies depending on the task or goal
  • The importance of having an ultimate goal and a life philosophy that serves a common purpose and benefits others
  • Personal life philosophies emphasizing the desire to leave the world a better place and provide a better lifestyle for future generations
  • The importance of long-term financial planning and enjoying the rewards of hard work
  • How passion can be found in all walks of life, not just tied to money
  • And more!

Resources:

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The Clampett Connection (Ep. 35)

The Clampett Connection (Ep. 35)

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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
  • And more!

Resources:

Connect with Corey Heimensen:

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