The Financial Purpose Podcast

Have you ever been on a boat in rough waters? Or on a super fast-spinning ride? How about the back seat of a car on a mountain road. These are some of the times when you might feel motion sickness. The same is true when going through a major change in your life or when processing grief. These times can cause financial motion sickness. In this episode of the Financial Purpose Podcast, I discuss 5 t...

It's not just what we say or how we say it... it's also the words we use when doing the saying. In this episode I discuss the importance of having the same understanding of the words we use, specifically around money and in the advisory relationship. I also ask the listener the same question I ask in my first meeting a prospective client: if you could describe how you feel about money - today - us...

Starting and running a business can be scary. Many fail. To increase your chances of success, you might have to burn the boats. In 1519, Hernán Cort é s led a large expedition consisting of 600 Spaniards, 16 or so horses, and 11 boats to Mexico on a do-or-die treasure hunt. Upon arrival, Cort é s made history by destroying his ships, leaving his crew no other alternative but success in their missi...

When you hear the word RECESSION, what goes through your mind? How does it make you feel? Is it a scary word? Or, is it an opportunity word? With words like RECESSION, we have three factors to consider: 1) The things we can control (government, the Fed, the market, etc.), which influences... 2) Changes in your financial results (the numbers), which influences... 3) Your emotions around the first t...

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com

Where is the market headed in 2023? The real question is where is the Fed going in 2023? One year ago, the Fed was suggesting that the inflation we were seeing was transitory. I was suggesting my clients that possibly it was not, and as it turns out inflation stayed around for all of 2022 and persists. This time last year, the federal funds rate was essentially 0.08%; it’s now sitting at about 3.7...

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thefinancialpurpose.substack.com

The holiday season can be a time of joy and making new memories, or it can be a time of expectations that create stress and pressure around giving. This time of year can distort the heart vs wallet dynamic, which can lead to financial securities being expressed in a lot of different ways. In this episode we reflect on how the holidays have a unique way of exposing financial insecurities all over t...

Articles cited: https://www.cnbc.com/2022/11/15/household-debt-soars-at-fastest-pace-in-15-years-as-credit-card-use-surges-fed-report-says.html https://libertystreeteconomics.newyorkfed.org/2022/11/balances-are-on-the-rise-so-who-is-taking-on-more-credit-card-debt/ https://fred.stlouisfed.org/series/PSAVERT This is a public episode. If you would like to discuss this with other subscribers or get a...

In this episode I discuss the promises made and broken by crypto, as exemplified by the recent blow up of SBF and FTX. Also, how decentralization in crypto is a pipe dream thanks to the efforts of the NY Fed and large banks in creating a digital dollar pilot. Crypto is not living up to billing - and I won't say I told you, but it's pretty darn close. This is a public episode. If you would like to...

One of the most common questions advisors ask prospective clients is: “what are your financial goals?” I happen to think it's a bad question. Financial services firms market a goal-centric approach to the general public. With this question, advisors are communicating that you need to have specific and well-defined financial goals in order to get somewhere. Let’s explore this concept and decide if...

What exactly is financial purpose? It’s the underlying reason behind your financial decisions, rooted in your values and priorities. This goes beyond just dollars and cents, helping you make decisions that align with what matters most to you. By focusing on your financial purpose, we shift the conversation from affordability to achieving what’s truly important. Listen to discover how the core elem...

In this episode I go back to November 2017 to establish a trend line from that time to November 2022. Given all the volatility since then, is the market actually right on track? One important note about trend lines: depending on where you draw them, you can communicate a variety of messages. This post gathers inspiration from this tweet: https://twitter.com/SouthernAdvicer/status/15875144763914690...

Have you ever heard of set point theory? At it relates to health, set point theory essentially states that your body has a normal set range for weight. Ever go on a cycle of diet and exercise, lose weight, only to see it return? Financial considerations are like bodies - everyone is different, and what works for some may not work the same for others. This is part of the work of financial planning...