Tag: Financial Planning
The Currency of Time: How We Spend Our Most Valuable Asset (EP. 61)

The Currency of Time: How We Spend Our Most Valuable Asset (EP. 61)

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In this thought-provoking episode of WIN: What’s Important Now, we explore the profound value of time and how its significance evolves throughout our lives. We’ll delve into the 1965 Senate subcommittee testimony that anticipated a future overflowing with free time, and contrast that vision with the realities of today’s average workweek. Discover how the psychological trade-offs between time and money impact our decision-making, and learn how cultural and generational differences shape our perspectives on time.

We’ll discuss why time becomes increasingly valuable as we age, driven by a heightened awareness of its finite nature, shifting priorities towards meaningful experiences, and the desire for autonomy and peace. Join us as we unravel the complexities of how time is perceived and utilized, offering insights on making the most of this precious resource in a world that constantly demands more of our time. Whether you’re reflecting on your own use of time or seeking to understand different cultural attitudes, this episode provides valuable perspectives on navigating the time-money trade-off and finding fulfillment in your everyday life.

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Olympic Strategies: Investing Like a Champion (EP. 60)

Olympic Strategies: Investing Like a Champion (EP. 60)

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In this episode of WIN: What’s Important Now, we dive into the world of Olympic athletes to uncover the parallels between their training strategies and successful investing. From long-term planning and goal setting to resilience and diversification, Olympic champions provide valuable lessons that can be applied to your financial journey. Join us as we explore the importance of patience, perseverance, and strategic planning in achieving both athletic and financial success. Plus, we’ll share some fascinating fun facts about the 2024 Paris Olympics and how Olympic athletes earn their income. Tune in and get inspired to invest like a champion!

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Thriving in Change (EP. 57)

Thriving in Change (EP. 57)

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In this episode, we explore the fascinating journey of adaptation in both business and personal careers. We delve into how successful business models evolve to meet changing market demands, technological advancements, and societal shifts. Drawing parallels, the discussion shifts to the personal evolution from the height of one’s career to the transition into retirement.
Discover strategies for staying ahead in the business world and learn valuable insights on how individuals can gracefully navigate the transition from a bustling career to a fulfilling retirement. Join us for an engaging conversation on thriving through change and ensuring sustained success in both business and life.

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Artificial Intelligence Bucket List (Ep. 55)

Artificial Intelligence Bucket List (Ep. 55)

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Are you enjoying the money you’ve worked hard for or are you just saving it? 

This is an important question to ask ourselves at any point in life, as time is a precious commodity that we can never get back. It’s better to live our lives with responsibility while enjoying it. 

So, who can assist us in achieving this?

Join Corey Heimensen on The WIN Podcast as he explores the importance of valuing experiences over accumulating wealth. Corey mentions the potential of AI in personalizing bucket list adventures and emphasizes the importance of personalizing financial planning and preparing for life’s uncertainties.

Corey discusses:

  • The importance of enjoying the money you’ve worked hard for and the experiences it can provide
  • Comparing family vacation AI suggestions for different life stages: from theme parks to sophisticated international getaways
  • The role of a financial advisor in providing personalized guidance and weighing the pros and cons of financial decisions
  • The necessity of balancing spending on experiences with saving for the future and unexpected expenses
  • And more!

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Under the Hood of Risk and Exposure (Ep. 54)

Under the Hood of Risk and Exposure (Ep. 54)

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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
  • And more!

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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!

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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!

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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!

 

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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!

 

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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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