Trust the Plan Podcast with Nick Hopwood, CFP® and Jim Pilat, CFP®

Nick Hopwood, CFP® of Peak Wealth sits down with Ben Knapp of Omnevo Performance Academy to dive deep into the world of health and wellness. Nick and Ben discuss the importance of understanding body composition, the impact it has on overall health, and strategies for achieving sustainable and realistic goals.  Whether you're looking to shed some pounds, gain muscle, or simply improve your overall...

In this episode of the Trust the Plan Podcast, Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management are debunking 10 money myths that broke people often believe. By dispelling these myths and providing practical advice, Nick and Jim hope to help listeners improve their financial literacy and make more informed decisions about their money.  Join the conversation to learn more. — Peak We...

In this episode of the Trust the Plan Podcast, Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management delve into the relationship between politics and the U.S. market. Join us as we explore the historical patterns of market behavior during election years, discuss the potential implications of various election results on different sectors, and offer insights on how investors can prepare t...

In this episode of the Trust the Plan Podcast, Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management delve into managing finances in the post-retirement valley. Nick and Jim uncover the challenges retirees face after leaving the workforce — while offering practical advice to overcome them. This dynamic financial duo aims to provide support and guidance for those in this transitional pha...

In the Trust the Plan Podcast, hosts Nick Hopwood, CFP® and Jim Pilat, CFP® share valuable insights on the eight most important ages in retirement planning. They delve into the significance of each milestone and how it affects an individual's financial outlook. — Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing education and guidanc...

Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management talk about how families who are saving for education in 529 plans are now allowed to roll over unused funds from those accounts into Roth individual retirement accounts (IRA) without incurring tax penalties. There are a few limitations to the new rollover measure - Join our conversation to learn everything you need to know about plan...

Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management dive into the concept of donor-advised funds, a popular and effective tool for charitable giving. One of the key benefits of donor-advised funds is the ability to make recommendations on how the funds should be distributed to specific nonprofits and causes, while also receiving potential tax benefits. We discuss the various aspects o...

Nick Hopwood, CFP® and Jim Pilat, CFP of Peak Wealth Management open up the episode by sharing an update on EP 202 — where the duo talks about the importance of having money dates with your spouse. Nick shares his most recent experience where him and his wife carved out time dedicated to talk about finances.  After the beginning discussion, Nick and Jim delve in on health care coverage for retiree...

In this episode, Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management dive into the benefits of Mega Backdoor Roths. This kind of Roth takes investing to the next level — It enables you to take the after-tax dollars you contribute and roll them into a Roth IRA. Get ahead of the game for your finances in 2024 — This is an episode you won't want to miss!  — Peak Wealth Management is a fi...

Making smart housing decisions in retirement is a crucial part of planning for this new chapter in life. In this episode, Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management discuss various factors to consider while planning — such as evaluating affordability (and unexpected items not accounted for such as increase in taxes) & exploring options like downsizing or renting. Making i...

In this episode, Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management discuss  Dave Ramsey's concept of an 8% withdrawal rate in retirement. The personal finance expert recently landed in hot water after an on-air rant about the popular 4% rule for retirement withdrawals.  It all started when a 30-year-old man with $120,000 already saved for retirement called into “The Ramsey Show” to...

In this episode, Nick Hopwood, CFP® and Jim Pilat, CFP® talk about how financial transparency and unity are fundamental to a successful partnership — and how joint bank accounts can be a powerful tool in achieving that. Join us as we explore the financial advantages, strategies for managing joint accounts, and tips for open communication and shared financial goals. Whether you're newlyweds or have...

In this episode of the Trust the Plan Podcast, Nick Hopwood, CFP® and Jim Pilat, CFP® share updates regarding maximum benefits and contribution limits for 2024. The IRS announced adjustments for various retirement plans, including 401(k), IRA, and Roth IRA accounts. These updates mean that you now have even more opportunities to maximize your contributions towards your retirement accounts, ensurin...

In this episode, Nick Hopwood, CFP® and Jim Pilat, CFP® discuss the upcoming shutdown of the budgeting app, Mint. As of January 1, 2024, Mint is leaving its users without a tool they've relied on for budgeting and financial management. Fear not! We've got the perfect solution for our listeners - Peak's Expense & Net Worth Tracking spreadsheet . This free and user-friendly tool allows you to ef...

In this episode, Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management talk about the benefits of a money date — and the impact it can have on your financial future. A money date is a way for you and your significant other to come together and talk about money and the things that matter most in a way that makes you comfortable and makes finances more understandable. It’s a scheduled con...

Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management talk about the top 5 careers of millionaires, according to the largest survey EVER conducted on 10,000 U.S. millionaires— and the results will shock you! You’ll learn that building wealth has almost NOTHING to do with your income or your background! It doesn’t matter where you come from. It matters where you’re going. — Peak Wealth M...

In episode 200 of the Trust the Plan Podcast, Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management delve into the ongoing conflict in Israel and its impact on the United States deficit. With tensions high between Israel and Palestine, the United States has continued to provide financial assistance to Israel, which has resulted in an increase in the U.S. deficit.  As the conflict contin...

In this episode, Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management will discuss the best practices, strategies, and options available for financing higher education. With college costs skyrocketing, finding the right funding options can be challenging for students and parents alike. Luckily, there are several avenues for financing college education, from savings accounts and loans t...

In this episode, Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management delve into the crucial topic of managing client expectations as a Certified Financial Planner (CFP) and how it sets the foundation for a successful and fulfilling relationship. We explore the pivotal role communication plays in understanding and aligning with clients' financial goals, aspirations, and risk tolerance....

In today's episode, Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management discuss the two main reasons why more people are choosing to skip home insurance, as outlined in a recent Wall Street Journal article . We'll be taking a closer look at the financial and psychological factors that influence this decision, including the rising cost of premiums and the optimism bias that can lead pe...

Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management talk about businesses that ask you to "round up" for donations. This tactic has become increasingly popular among businesses, including supermarkets, gas stations, and restaurants. Essentially, when you make a purchase, the business will give you the option to "round up" to the nearest dollar or another amount, with the difference go...

In this episode, Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management had the pleasure of speaking with Financial Advisor, Eric Brotman. Eric has been working in the financial industry for over 25 years and has a wealth of knowledge to share. Along with being a CFP® living in Maryland, Eric also is an author & host of the Don't Retire...Graduate! Podcast. Tune in now to hear from o...

Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management talk about a recent article they read where it highlights 7 steps someone must take to make a retirement withdrawal. Overall, the duo believes the article missed the mark... saying there's a lot more that needs be taken into consideration. Learn more from this powerhouse financial duo on what you need to think about while making reti...

In this episode, Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management talk about a recent TikTok video where a woman compares the work ethic and goals between Gen Z & Boomers. Nick and Jim delve into her reasoning while sharing their thoughts on both generations. — Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing edu...

In this episode, Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth Management talk about a recent TikTok video where a woman compares the work ethic and goals between Gen Z & Boomers. Nick and Jim delve into her reasoning while sharing their thoughts on both generations. — Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing edu...