W+M 012: An Interview with Hilary Hendershott
Hilary Hendershott is a Certified Financial Planner focused on financial coaching, money mindset tools, and wealth management for women. She is also the host of the new podcast, Profit Boss Radio, a show highlighting inspiring women who have created success in their financial and professional lives. This week I sat down with Hilary and we had such an enlightening discussion about our personal beliefs around money the importance of retirement and impacts of the past on our thoughts through investing. This interview gets detailed, in a good way, as Hilary takes us through the options we have for saving for retirement, so if you ever wondered exactly what an IRA or Roth IRA were – she’s going to explain that for us.
Listen to the show:
What we talk about:
- How Hilary got interested in Finance and helping women with finance in particular
- Hilary’s biggest influence of money growing up
- Understanding your core beliefs around money – Listen to Hilary’s TedXTalk
- The importance of retirement – Why should we be thinking about retirement and saving for it now?
- If you build a good investment portfolio, it doubles about every 8 years. Hilary breaks down the Numbers!
- Retirement plan options.
- 401(k) – Tax deferred. Grows tax-free. Pay tax on the way out.
- IRA – Tax deferred. Grows tax-free. Pay tax on the way out.
- Roth IRA – Pay tax now. Grows tax-free. Pull it out tax-free.
- Explanation of the different accounts – The rock analogy
- Retirement accounts – Pushing your rock downhill
- Brokerage Accounts – Pushing your rock on a flat surface
- Savings Account – Pushing your rock uphill (unless it’s for your “curveball account”)
- Hilary helps us feel better about investing and our options to get started
- Hire an advisor
- Get a robo-advisor investment option (WorthFM or Betterment)
- Hilary answers my Quick and Dirty Q&A
- Financial Automation System – Get Her FREE Download Cheatsheet!
“Financial planning is taking care of people in an area of life that’s really important.”
“I spent years thinking I was the wrong age and the wrong gender to do what I was doing.”
“As women, when we take control of our money and we grow our wealth, it gives us freedom, it gives us dignity, it gives us choice, and it gives us power.”
“The experience of looking in my accounts and knowing about those balances, I feel so much better about myself, there’s a solidness to the ground, I feel confident in the world, I feel proud of myself. It’s the opposite of the regret that you feel when you look at your debt.”
“When congress offers you a free ticket to ride, take it.”
“Promote yourself to be the CEO of your personal financial future corporation, and as the CEO, it is the mission of your entire organization to build up the riches and the wealth that will provide the things that you want most in the world for you and your loved ones, and for you to have the choices and freedom and joy in your life that you most want.”
Resources:
- HilaryHendershott.com
- Profit Boss Radio
- Hilary’s TedEx Talk
- WorthFM
- Betterment (what I use)
- Institute for Humane Studies
