Ben Hoeger, Director, Private Wealth Management – Baird, shares valuable advice on building a strong financial foundation.

Hoeger stresses the critical role of referrals in selecting reliable financial advisors and advocates for a meaningful, almost friendly relationship with them for a successful long-term partnership.

We discuss the shift from reliance on pensions and social security to individual responsibility for retirement savings. Plus, start financially sound habits early, especially for those within the gig economy.

Our conversation touches on the need for purpose-driven financial planning and the dynamic nature of managing one’s finances as life evolves. Retirement planning should focus on the context of one’s life goals, encouraging listeners to find their purpose that can steer financial decisions.

Top Takeaways

**Referrals for Trustworthy Advisors**: Start your search for financial advisors by asking for referrals from friends, family, and colleagues.

**Relationships Matter**: Aim to build a close, friendship-like relationship to foster long-term collaboration and tailored advice.

**Continuous Financial Education**: Engage in continuous learning and self-advocacy to maintain confidence in your financial decisions.

**Understanding Personal Financial Purpose**: Recognize that understanding your unique financial purpose is key to making smart money choices that align with your personal values and long-term aspirations.

**The Need for Flexibility in Retirement Planning**: Plan for retirement with flexibility, acknowledging the uncertainty of future costs, potential health issues, and the evolving nature of personal circumstances.

Memorable Moments

06:33 Start preparing early, plan prevents detours.

09:40 Creating a financial plan adds structure to life.

17:18 Planning for financial independence and long-term goals.

20:39 Importance of purpose, vision, and focus.

32:30 Personal retirement responsibility, start good habits early.

35:03 Retirement dynamics shifting due to changing employment.

40:49 Discussing financial planning for retirement and taxes.

42:08 Diversification in investments and taxes for retirement.

45:08 Maximize tax savings through strategic investment planning.

51:36 Utilize your network for trustworthy CPAs and attorneys.

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Recorded in Studio C at 511 Studios. A production of Circle270Media Podcast Consultants.

Copyright 2024 Carol Ventresca and Brett Johnson