Grow Your Business and Grow Your Wealth

Are you struggling to talk about money, even with your financial advisor?  

In this episode, Nick Garofalo, founder and chief compliance officer of Openhanded Wealth LLC, discusses the importance of open communication in financial planning, common financial mistakes, and how to empower clients to make informed decisions. He emphasizes a faith-based approach, integrating Biblical wisdom into financial planning to help clients align their life goals and vision with their faith.  

5 Key Takeaways:

1. The importance of open communication in financial planning.
2. Common financial mistakes people make.
3. How to empower clients to make informed financial decisions.
4. The power of small steps in financial planning.
5. Integrating Biblical wisdom into financial planning.

Nick encourages listeners to schedule a discovery call with a fee-only financial advisor to discuss their financial goals and concerns.  

Quote: “I believe everything we have is a gift from God, entrusted to us to manage wisely—not just our money, but our time, attention, relationships, and all our resources.” – Nick

How to reach the guest:

• Website: openhandedwealth.com  
• Podcast: https://podcasts.apple.com/us/podcast/one-degree/id1728707319
• LinkedIn: (25) Nick Garofalo | LinkedIn

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Ever wondered how to build a successful business empire?

In this episode of Grow Your Business & Grow Your Wealth, Gary Heldt speaks with John Hewitt, a serial entrepreneur and franchising expert who has founded two of the top 100 retail brands in the country, including Jackson Hewitt and Liberty Tax. John shares his journey from building his first tax software for an Apple computer in 1981 to creating Loyalty Brands, a company with eight franchises in various industries. He discusses the common mistakes people make when getting into a franchise and the importance of following the system. John also talks about the importance of culture, attitude, and perseverance in achieving success as a franchisee.  

Key Takeaways:

→ John Hewitt, founder of Jackson Hewitt and Liberty Tax, shares his journey and insights on building successful franchises.

→ John emphasizes the importance of following the franchise system, stating that those who deviate often face challenges.

→ He highlights the significance of culture, attitude, and drive in achieving success as a franchisee.

→ John discusses the importance of perseverance and hard work in overcoming obstacles and achieving long-term success.

→ He shares his mission of having fun, improving lives, and creating opportunities for others through franchising.

Quotes from guest:

• “My job as a franchisor is to give you the best system in the industry, and I’ve been doing that for 55 years, so that’s what my expertise is.”  
• “The journey is the joy, the the payment at the treasure at the end of the rainbow is anti climatic.”  

Visit website: https://loyaltybrands.com/

Relevant hashtags:

#franchising #entrepreneurship #businesssuccess #loyaltybrands #podcastinterview

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In this episode of Grow Your Business & Grow Your Wealth, Gary Heldt speaks with Eli Mizrahi, President of Pacific Group Advisors and a seasoned fiduciary with over 40 years of experience in financial planning. Eli shares his personal journey into the world of finance, inspired by his parents’ retirement challenges, and the lessons he’s learned helping families navigate complex financial decisions. He provides valuable insights on retirement planning, investment strategies, wealth preservation, and long-term care solutions.  

Key Takeaways:

→ The importance of starting financial planning early, regardless of age or income. 

→ Common mistakes people make in retirement planning include not having a plan, not considering long-term care, and not preparing for contingencies like taxes and market downturns. 

→ Strategies for retirement planning include maximizing tax-advantaged accounts like 401(k)s and IRAs, considering insurance options with living benefits, and diversifying investments to protect against market volatility. 

→ Long-term care planning is crucial, with 7 out of 10 people likely needing some form of care in their lifetime. Options like specially structured universal life insurance can provide living benefits for care needs. 

→ Social Security planning is essential, including understanding when to start collecting benefits to maximize your income.  

Quotes from Eli

→ “Retirement is when you have more income than expenses, if you can get there young, great.” → “Most people spend more time planning a two-week vacation than they spend on preparing for a 20-30 year retirement.”  

More from Eli Mizrahi:

Eli Mizrahi, President of Pacific Group Advisors, is a seasoned fiduciary with over four decades of experience in financial and estate planning. Inspired by personal experiences with his parents’ retirement challenges, Eli is dedicated to helping families make informed financial decisions. His expertise spans retirement and income planning, investment strategies, wealth preservation, and long-term care solutions. 

Connect with Eli: (27) Eli Mizrahi | LinkedIn

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Ever wondered why some financial advisors insist everyone needs a trust, even if you’re not wealthy?

In this episode of Grow Your Business & Grow Your Wealth, Gary Heldt speaks with Katherine Sheehan, Managing Director and Wealth Strategist at Crestwood Advisors LLC. With nearly 30 years of experience in estate planning, Katie shares her expertise on why everyone needs an estate plan, regardless of their wealth level, and breaks down common misconceptions about trusts and estate planning.

Key Takeaways:

→ Estate planning is not just for the wealthy – everyone needs essential planning documents, including a will, revocable trust, power of attorney, and healthcare documents.

→ Revocable trusts offer multiple benefits, including probate avoidance, protection for minor children, and flexibility in asset management while maintaining complete control.

→ Don’t let cost concerns prevent proper estate planning – while fees vary by location and complexity, the cost of improper or no planning can be much higher for families.

→ Healthcare documents (healthcare proxy, HIPAA authorization, living will) and power of attorney are essential for life planning, not just end-of-life planning.

→ Long-term care planning may involve special trusts and strategies like Medicaid trusts or life estate deeds, which require careful consideration of five-year lookback periods.

Quotes from Katie:

“Everyone needs estate planning, whether you have $2 or $200 million. Let’s just talk about what you need and why you need it.”

“Life is uncertain. We want to protect our beneficiaries from themselves, from their creditors, from their potential spouses…”

More from Katherine Sheehan:

Katherine Sheehan is the Managing Director and Wealth Strategist at Crestwood Advisors LLC. With almost three decades of experience in estate planning, she helps families develop comprehensive estate plans that protect their assets and loved ones.

Contact: ksheehan@crestwoodadvisors.com

Website: https://www.crestwoodadvisors.com/

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In this episode of Grow Your Business & Grow Your Wealth, Gary Heldt speaks with Kevin Quinn, Founder and President of Legacy Counsellors, P.C., an estate and business planning law firm. Kevin discusses the importance of estate planning and generational wealth, explaining his unique “My Family, My Wealth” process, which helps families understand and plan for their wealth.  

Key Takeaways:

→ Estate planning is not just about taxes but also about the impact of wealth on a family. → The “My Family, My Wealth” process helps families understand their wealth and its role in their lives. 

→ Open communication about wealth and family values is crucial for successful estate planning. 

→ Family meetings are essential for discussing and planning wealth transfer. 

→ It’s never too early to start planning for the future of your family’s wealth.  

Quote from Kevin: 

• “What we hope our inheritance does is create a little bit of a fallback, a little bit of a safety net.”  
• “The half a million dollar dollars that that I leave to my daughters is just as important as the half a billion dollars that someone else leaves to their daughters.”  

More from Kevin Quinn:

• Founder and President of Legacy Counsellors, P.C. 
• Creator of the “My Family, My Wealth” process  
• Website: https://legacycounsellors.com/

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Are you maximizing efficiency and user adoption in your IT projects?

In this episode of Grow Your Business & Grow Your Wealth, Gary Heldt speaks with David Luria, author of “The Failure of I.T. Project Management: Why It’s Broken and How to Fix It With 11 Ironclad Requirements You Have Never Heard Of.” David shares his expertise on how to avoid costly IT project failures and ensure successful implementation. 

Key Takeaways:

→ The biggest mistake in IT projects is misalignment between business and IT objectives.  

→ Define “adoption requirements” to ensure transparency and successful user onboarding.  

→ Focus on “ready, willing, and able” users who understand the why, impact, and training needed for the new system.  

→ AI tools like ChatGPT can help businesses with content generation, strategic thinking, and even automating tasks.  

→ Re-skilling and prompt engineering are crucial to stay relevant in the evolving job market.  

More from David Luria:

David’s groundbreaking book, The Failure of I.T. Project Management: Why It’s Broken and How to Fix It With 11 Ironclad Requirements You Have Never Heard Of, offers a people-centric approach to IT project planning. His work focuses on solving the challenges that often derail enterprise software rollouts, such as low user adoption and inefficient onboarding processes.

In addition to his role as a tech executive, David is a sought-after speaker and consultant, sharing his insights on how companies can transform their IT operations with practical, user-focused solutions.

Connect with David on LinkedIn

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Are you paying too much for healthcare? This episode will change how you think about employee benefits!

Summary:

In this episode of Grow Your Business & Grow Your Wealth, host Gary Heldt speaks with Louis Bernardi, founder of Bright Path Benefits and known as The Benefits Whisperer. Louis shares his decades of experience in the healthcare benefits industry, helping business owners navigate high costs, complex regulations, and alternative healthcare solutions.

From debunking myths about the Affordable Care Act to highlighting strategies like direct primary care, self-insurance, and telemedicine, Louis explains how business owners can provide top-tier benefits without breaking the bank. He also discusses his initiative, Benefit Champions Network, which empowers HR leaders and business owners with knowledge to make smarter decisions.

Key Takeaways:

→ The hidden costs of traditional healthcare plans and how insurers profit.

→ Alternative healthcare models that provide quality care at a lower cost.

→ The power of direct primary care, telemedicine, and minimum essential coverage.

→ Why self-insurance might be a game-changer for some businesses.

→ How businesses can reduce healthcare costs by 20-25% while improving benefits.

Louis C. Bernardi, CHFC®, CHVA, is the Founder of BritePath and “The Benefits Whisperer.” He helps businesses cut healthcare costs by 20-30% while improving employee benefits. As a Certified Health Value Advisor and Healthcare Fiduciary Coach, he creates cost-effective, compliant health plans with CFOs and HR leaders. Through his podcast, LinkedIn newsletter, and Benefit Champions Network, Louis educates employers on navigating the healthcare system to enhance financial and human capital outcomes.

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Are you a professional or small business owner feeling overwhelmed by your finances?

In this episode of Grow Your Business & Grow Your Wealth, Gary Heldt speaks with Alvin Carlos, CFP®, CFA, Managing Partner of District Capital, a fee-only financial planning firm. They discuss the importance of a holistic approach to financial planning, focusing on tax efficiency, retirement planning, and debt management.

Key Takeaways:

→ Financial planning is not just about investments; it’s about aligning your money with your values and goals.

 → Tax planning is crucial for maximizing wealth and should be integrated with your overall financial plan.

 → Retirement planning requires a long-term perspective and a disciplined approach to saving and investing.

 → Managing debt effectively is essential for financial freedom, and there are strategies to minimize its impact.

 → Working with a fee-only fiduciary advisor ensures you receive unbiased advice in your best interest.

More from Alvin Carlos:

Alvin Carlos, CFP®, CFA, is the Managing Partner of District Capital, a fee-only financial planning firm based in Washington, D.C. His firm specializes in helping professionals and small business owners maximize their money through comprehensive financial planning and investment management. With a focus on reducing taxes, retirement planning, and debt management, Alvin’s team provides clear, actionable advice. As a fiduciary, Alvin’s approach is entirely client-focused, offering unbiased financial guidance without commissions.

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Want to learn how to turn debt into wealth and achieve financial freedom? Discover alternative financial solutions and tax-efficient strategies with CFP, Mark Willis.  

In this episode of Grow Your Business & Grow Your Wealth, Gary Heldt sits down with Mark Willis, CFP and owner of Lake Growth Financial Services. Mark shares his incredible journey from struggling with student loan debt to becoming a financial expert who helps clients find more predictable and secure ways to reach their financial goals.  

Key Takeaways:

• Mark’s personal experience with overcoming six-figure student loan debt and discovering a path to financial freedom.  
• The importance of having a financial plan and seeking guidance from a qualified professional.  
• Understanding alternative financial solutions and tax-efficient strategies that can help you achieve your goals faster.  
• How to regain control of your financial future and make informed decisions about your money.  
• The role of mindset and discipline in achieving financial success.  

Quote from Mark Willis: “You are perfectly designed to achieve the results you’re currently achieving.  

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Are you ready to revolutionize your retirement planning? This episode dives into actionable strategies business owners can use to optimize benefits and ensure a secure future.

Intro:

In this episode of Grow Your Business & Grow Your Wealth, host Gary Heldt speaks with James LaFleur, a senior plan advisor with Sentinel Group. James brings over 20 years of expertise in retirement planning, offering insights into innovative financial solutions and critical strategies for business owners to maximize their retirement plans.

Key Takeaways:

→ The importance of fiduciary responsibility in managing retirement plans.

→ How to leverage tax benefits from the Secure 2.0 Act.

→ Why cash balance plans are a powerful option for small businesses.

→ Common mistakes business owners make in retirement planning and how to avoid them.

→ The future of retirement planning and emerging trends.

More from James LaFleur:

• Bio: James LaFleur is a retirement planning expert with extensive experience advising businesses and individuals on creating optimized financial futures.
• Website: Sentinel Group
• LinkedIn: James LaFleur LinkedIn

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