The Weekly Wealth Podcast

David Chudyk

Exploring the Mindsets, Tactics, and Strategies to help you to build and maintain wealth. read less
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EP 163: The Art of Financial Harmony: Balancing Luxuries, Investments, and Philanthropy.
05-04-2024
EP 163: The Art of Financial Harmony: Balancing Luxuries, Investments, and Philanthropy.
Have you ever wondered why you have an abundance of resources, both financial and otherwise, yet there are so many others that are struggling? Have you ever wondered why you might have a nice car, yet others in your community are walking?  Have you ever wondered why you are not lacking in any material things, yet there arethose in your community and in the world that are hungry everyday?When it comes to luxuries and giving, it's about finding joy in what we have and making choices that align with our values. Instead of a strict budget ratio, let's think about intentionality. Before indulging, ask yourself, "Will this truly add value to my life?" and "could the resources that I am spending on this luxury be a part of the greater good?”  Also, a good rule of thumb to follow is to give first.  If you give first, then use your money to plan and prepare for the future, most of us then feel much betterabout indulging in luxuries.  Another valuable exercise is to practice purposeful thankfulness.  When are acknowledge the blessings and gifts in our lives, it sometimes creates more generosity in our hearts, it sometimes reduces or eliminates a desire to indulge in luxuries, or it can even give us a the peace to know that it is ok in that point of our lives.If you have any financial questions, email david@parallelfinancial.com or simply visit www.weeklywealthpodcast.com/schedule-a-chat
Ep 155: Finance Through the Ages: Understanding Each Generation's Money Matters
02-02-2024
Ep 155: Finance Through the Ages: Understanding Each Generation's Money Matters
The Silent Generation (Born 1928-1945)Concerns and Challenges:Healthcare Costs: Rising medical expenses and long-term care costs.Income Security: Limited earning potential due to retirement.Inflation: Impact on fixed incomes, especially with pensions and savings.Estate Planning: Managing wills, trusts, and legacy concerns.Advantages:Homeownership: Many own their homes outright.Savings: Tend to have savings and investments from a lifetime of work.Social Security Benefits: More robust and reliable for this generation.Traditional Values: Strong saving habits and aversion to debt.Baby Boomers (Born 1946-1964)Concerns and Challenges:Retirement Readiness: Many are underprepared for retirement.Healthcare and Longevity: Managing healthcare costs with increased life expectancy.Supporting Adult Children: Financial strain from helping adult children.Market Volatility: Impact on retirement savings and investments.Advantages:Home Equity: Significant equity in real estate.Retirement Accounts: Benefited from employer-sponsored retirement plans.Wealth Accumulation: Generally, this generation has accumulated wealth.Work Experience: Valuable professional experience and networks.Generation X (Born 1965-1980)Concerns and Challenges:Sandwich Generation Stress: Balancing support for aging parents and own children.Retirement Savings Shortfall: Less time to save for retirement compared to Boomers.Job Market Instability: Affected by economic downturns and restructuring.Housing Market Fluctuations: Impacted by highs and lows in real estate.Advantages:Peak Earning Years: Generally in a high-earning phase of their careers.Technological Adaptability: Comfortable with digital and traditional platforms.Diverse Investment Opportunities: Access to a variety of investment tools.Homeownership: Majority are homeowners, building equity.Millennials (Born 1981-1996)Concerns and Challenges:Student Loan Debt: Burdened with high levels of educational debt.Housing Affordability: Challenges in affording and buying homes.Job Market and Career Growth: Navigating a changing job landscape.Retirement Planning Uncertainty: Concerns about the future of social security and pensions.Advantages:Tech-Savvy: Proficient with technology and digital finance tools.Higher Education: Tend to be the most educated generation.Adaptable: Flexible and adaptable to changing job markets.Social and Environmental Consciousness: Value-driven investing.Generation Z (Born 1997-2012)Concerns and Challenges:Economic Uncertainty: Entering workforce in a volatile economy.Education Costs: Concerns about affording higher education without accruing massive debt.Job Market Readiness: Preparing for jobs in a highly digital and competitive market.Global Issues: Concerned about how global challenges (like climate change) will impact their future.Advantages:Digital Natives: Extremely comfortable with digital and emerging technologies.Early Financial Awareness: More aware of financial planning and investing at a younger age.Entrepreneurial Spirit: More likely to start businesses or engage in side hustles.Socially Responsible Investing: Keen interest in sustainable and ethical investments.#millenial #genz #genx #boomerEmail david@parallelfinancial.com with any questions.Visit
The Balanced Approach: Fitness, Finance, and Nutrition Wisdom with Steve Pumphrey
05-01-2024
The Balanced Approach: Fitness, Finance, and Nutrition Wisdom with Steve Pumphrey
Welcome to the first Weekly Wealth Webinar, where we dive into the world of wellness with our Wednesday Wellness Webinar. In this unique session, host David Chudyk is joined by Steve Pumphrey, a certified personal trainer, to explore fitness and diet issues and provide helpful tips for post-holiday weight gain. Steve offers his expertise in personalized nutrition coaching and emphasizes the importance of a balanced approach to nutrition and physical activity for overall health and wellness. From understanding portion control to debunking weight loss myths, this episode offers invaluable insights into building a healthy lifestyle in tandem with building financial wealth. What does fitness have to do with finances? Click play to find out.Today We DiscussParallels Between Personal Finance and Personal WellnessSeeking professional guidance for both healthy financial habits and a balanced dietThe Confusion Around Diet Advice and the Importance of PersonalizationThe two exercises you can do anywhere any time and they always workChallenges related to portion control and the influence of childhood habitsMentioned In This Episodehttps://www.stevepumphrey.com/Weekly Wealth Website Work With DaveSchedule a Chat Follow the Show And Never Miss an EpisodeFollow the Show Mentioned in this episode:Finances Keeping You Awake?I can help you tackle those burning finance issues that keep you awake at night. Schedule a session today, and let's see what we can do together.Weekly Wealth Website
Ep 150: The top 23 lessons of 2023
22-12-2023
Ep 150: The top 23 lessons of 2023
These are the major lessons that I learned or confirmed in 2023. What about you? What did you learn?1.    Life is not always hard. 2.     Today’s results are from the seeds that we planted yesterday, last week, or even years ago.3.     Choose your hard.4.     Surround yourself with people who can lift you up.  5.     If you are an entrepreneur or employer, make sure to take care of your team.  Withoutthe support of your team, almost nothing would ever happen. 6.     Life is short.. make the best of it.7.     Journalling can be lifechanging.8.     An incredible amount of our successes (or failures for that matter) occur because of what we think and tell ourselves.9.     We all have the same amount of time.10.  Spend time each day thinking about your future.self.  Think about the person that you want to be and ask yourself what that person does (or doesn’t do).11.  Being great has a financial cost (coaching, etc).12. You can never know everything, but you can surround yourself with people who know what you don’t know, who are good at what you are not good at, and enjoy doing the things that you hate.13.  Complaining is the refusal to pay the success tax.  14.  Never take health for granted.15.  If you are a business owner, work constantly to be a better business owner.  Being goodat your trade is NOT the same as being good at running your business.16.  Financial margin is a great thing, work towards having it.17.  Money doesn’t solve all problems, but most problems are a bit smaller, if there is additional money involved.18.  Speaking of problems… if we think about all of the problems that we have ever had and are REALLY honest with ourselves, many of the problems existed because we either caused (or partially caused) or didn’t prevent them.19.  You don’t die if you are just a little bit hungry.20.  Making HUGE strides in life/business can be easier than smaller growth because you have to change everything that you are did to get to where you are.21.  If you have kids, cherish every moment that you have with them because they grow up 22.  If you are married, make sure to cherish your spouse23.  God is great.Don't forget to email david@parallelfinancial.com with your questions.