Email david@parallelfinancial.com

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Schedule your time with David at www.calendly.com/davidpf

Takeaways:

• Social media can be a source of misleading financial advice, so be cautious.
• Understand the motivation behind financial influencers, as they often promote their own products.
• 401(k) plans can be beneficial, especially with employer matches and Roth options available.
• Not all financial advice is suitable for everyone; it's important to assess personal circumstances.
• Be wary of bold claims made by influencers that may not reflect reality.
• Consult a certified financial planner to create a customized financial roadmap tailored to your goals.

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Mentioned in this episode:

Weekly Wealth Website

Email david@parallelfinancial.com

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Takeaways:

• Understanding basic financial planning is crucial before diving into advanced strategies.
• Tax mitigation strategies such as state tax credits can significantly reduce your tax burden.
• Participating in tax credit funds requires accredited investor status and can offer substantial savings.
• Utilizing 1031 exchanges allows for deferring capital gains taxes on real estate investments.
• Cost segregation studies can accelerate depreciation deductions, increasing cash flow for investors.
• Private market investments provide opportunities for diversification but come with higher risks and illiquidity.

Links referenced in this episode:

• www.weeklywealthpodcast.com
• davidarallelfinancial.com

Contact David via email david@parallelfinancial.com

Don't forget to visit www.weeklywealthpodcast.com

Takeaways:

• Mastering financial basics is crucial for long-term success, just like athletes rely on fundamentals.
• Establishing an emergency fund of six to twelve months of expenses reduces financial stress.
• Understanding your investment risk tolerance is essential for aligning your portfolio with your goals.
• Consistently reviewing your insurance coverage helps protect your financial assets from unexpected events.
• Clarifying your money philosophy with family can guide better financial decisions in the future.
• Regularly check your beneficiary designations to ensure they align with your current wishes.

#financialbasics #highnetworth #investing #personalfinance #weeklywealthpodcast #financialgoals #massaffluent #riskmanagement #financialstress

Email DAVID@Parallelfinancial.com with any questions or suggestions for topics.

• www.weeklywealthpodcast.com
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MAIN TAKEAWAYS FROM THIS WEEK'S EPISODE:

• Reaching 200 episodes of the weekly Wealth Podcast is a rare achievement in podcasting.
• David Chudyk shares his journey from financial services representative to wealth management professional.
• The podcast aims to help mass affluent individuals improve their financial lives and understanding.
• David discusses his focus on business owners, high net worth individuals, and average persons.
• Financial planning is essential for business owners, who face unique financial challenges and decisions.
• The podcast will continue to provide diverse content for various audiences, including guests and experts.

Email DAVID@PARALLELFINANCIAL.COM with any questions

Visit www.weeklywealthpodcast.com/endgame to get your FREE copy of the book END GAME.

Leave your comments or questions at www.weeklywealthpodcast.com/voicemai

Takeaways:

• New Year's resolutions often fail, with 80% abandoned by mid-February each year.
• Instead of resolutions, consider identity changes that align with your financial goals.
• To achieve financial success, focus on daily habits rather than just on end goals.
• Building wealth requires a mindset shift; think and act like financially secure individuals.
• Successful people track their finances and understand their spending habits regularly.
• Generosity and giving back can significantly enhance your financial and personal well-being.

Links referenced in this episode:

• www.weeklywealthpodcast.com
• www.weeklywealthpodcast.comendgame
• www.weeklywealthpodcast.com

>> The discussion surrounding New Year’s resolutions takes center stage as David Chudyk marks the beginning of 2025 with a thought-provoking analysis of why these resolutions often fail. He cites troubling statistics indicating that a significant number of individuals abandon their goals shortly after the New Year, prompting an exploration of the underlying reasons for this trend. Rather than simply dismissing resolutions as ineffective, Chudyk invites listeners to reconsider their approach by shifting their focus from the goals themselves to the mindset and identity that drive their behavior.

Chudyk posits that many people enter the New Year with high hopes for change, but the resolutions they set are often too broad or unrealistic. Instead of saying, “I want to be fit” or “I want to save more money,” he suggests that individuals adopt an identity-based approach: “I am a healthy person” or “I am financially savvy.” This kind of identity shift encourages individuals to engage in daily actions that are consistent with their desired self-image, making it easier to cultivate behaviors that lead to successful outcomes. Through practical examples, Chudyk illustrates how he has applied this identity approach in his own life and encourages listeners to critically assess their self-descriptions and beliefs.

Moreover, the episode delves into the significance of establishing sustainable habits and systems that support long-term goals. Chudyk emphasizes that while setting ambitious resolutions can be energizing, it is the small, consistent actions that ultimately lead to success. He shares insights on effective financial practices, the importance of enjoying one’s money, and the transformative power of generosity. By fostering a mindset of abundance and accountability, listeners are empowered to take proactive steps toward achieving their aspirations. This comprehensive approach to personal development offers a refreshing perspective on goal-setting, encouraging individuals to embrace their desired identities and craft a fulfilling and prosperous 2025.

Make sure to visit www.weeklywealthpodcast.com

Email David@parallelfinancial.com

Leave a message or comment at www.weeklywealthpodcast.com/voicemail

As we reflect on the past year, it's crucial to recognize the valuable lessons we've learned that can guide us into the future. This episode highlights 24 key insights from 2024, emphasizing the importance of maintaining a long-term perspective on finances and the necessity of having financial margins to reduce stress. Join me as we delve into these lessons to inspire a prosperous and fulfilling year ahead.

Takeaways:

• Our health is precious, and we should actively work to optimize it.
• Creating financial margin can significantly reduce stress and prepare you for unexpected expenses.
• Excellence in your work is the best sales tool; prioritize quality and integrity over flashy tactics.
• It's essential to maintain a long-term perspective on investments, even during market fluctuations.
• Consistent small efforts in health and finances lead to significant results over time.
• Being generous not only helps others but enriches our own lives, so give freely.

#lessonsof2024 #lowcarb #carnivore #accountability #goals #excellence #financialtips #health #weightloss #stockmarkets #optimize #weeklywealthpodcast

Year-End Financial Planning for High Net Worth Individuals

In this episode, David Chudyk, a Certifed Financial Planner(tm) practitioner with Parallel Financial, discusses various financial planning strategies for high net worth and mass affluent individuals as the year comes to a close. He covers topics such as holiday spending plans, Roth IRA conversions, charitable giving, asset allocation reviews, business expense preparations, and end-of-year financial checks. Additionally, David emphasizes the benefits of performing a 'happiness audit' on spending, practicing random acts of kindness, and teaching children about money. Listeners are encouraged to reach out with questions or to consider working with David for personalized financial advice.

00:00 Introduction and Podcast Overview

01:34 Holiday Spending Plans

03:09 Understanding Roth Conversions

05:18 Charitable Giving Strategies

08:57 Year-End Investment Check-Up

10:43 Business Owner Year-End Tips

13:40 Non-Traditional Financial Planning

16:36 Conclusion and Contact Information

Don't forget to visit www.weeklywealthpodcast.com

Email David at david@parallelfinancial.com

Have a Great Thanksgiving!

David Chudyk shares a heartfelt Thanksgiving episode of the Weekly Wealth Podcast, emphasizing the importance of being purposefully thankful every day. He reflects on personal gratitude, including celebrating 25 years of marriage, improved health, and the accomplishments of his children. To deepen the theme of thankfulness, David invites friends, colleagues, and clients to share what they are thankful for, creating a rich tapestry of gratitude that underscores the significance of connection and support in our lives. The episode serves as a reminder to appreciate the blessings we have, whether they be family, health, or community. With moving reflections from various contributors, this episode encourages listeners to express their gratitude and cherish the moments that matter most.

Thanksgiving serves as a backdrop for this heartwarming episode of the Weekly Wealth Podcast, where host David Chudyk delves into the significance of gratitude in our daily lives. He articulates how being purposefully thankful can transform perspectives and foster a sense of contentment. David shares personal stories from his family life, particularly the tradition of playing the 'thankful game' with his children, which has instilled in them a lasting appreciation for even the simplest joys. This practice, he argues, is not just a family bonding activity but a crucial element in building a prosperous mindset that can influence one's financial decisions and overall wealth management.

Throughout the episode, David reflects on the many blessings he has experienced over the past year. Highlighting his 25-year marriage to his wife Jill, significant health improvements through dietary changes, and the academic achievements of his children, he paints a picture of a fulfilling and grateful life. These personal anecdotes serve to remind listeners of the importance of recognizing and celebrating successes, both big and small. David also expresses gratitude for the supportive network surrounding his wealth management practice, emphasizing that a strong team is vital for both personal and professional growth.

The episode takes an engaging turn as David invites friends, colleagues, and clients to share their own expressions of gratitude. This segment features a variety of voices, each reflecting on what they are thankful for, from family and health to community support and personal achievements. The diverse contributions create a rich, communal atmosphere that underscores the episode's central theme: gratitude is a powerful force that connects us all. David encourages listeners to not only reflect on their own blessings but also to articulate their thankfulness to those around them, reinforcing the podcast's message of connection and appreciation during the holiday season.

Takeaways:

• David emphasizes the importance of practicing gratitude daily, not just during Thanksgiving.
• He shares personal reflections on family, health, and the joy of togetherness.
• Listeners contribute their own thankful messages, showcasing diverse reasons for gratitude.
• Chudyk highlights the significance of community support during challenging times.
• He believes that expressing gratitude can enhance our overall mindset and well-being.
• The podcast encourages everyone to recognize and appreciate the good in their lives.