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Ep 234. Maxed Out, Cashed Out, Burned Out: The Wealth Mistakes I Keep Seeing
Too many people assume maxing out a 401k is always the smartest move. But what if it isn’t? In this episode, Certified Financial Planner™ David Chudyk breaks down three common financial mistakes he sees in his wealth management practice:Over-contributing to 401(k) plans without thinking about liquidity.Misunderstanding risk — either by avoiding it completely or chasing unrealistic returns.Blurring the line between business and personal finances.You’ll walk away with a clearer understanding of how to align your money decisions with your real goals, avoid costly pitfalls, and grow wealth with confidence.Key TakeawaysWhy maxing out your 401k might backfire if you lack accessible funds for opportunities or emergencies.The hidden risk of “no risk” — inflation quietly erodes cash sitting in savings or CDs.The return trap — chasing sky-high growth can be just as harmful as being too conservative.Business owner warning: Stop treating your company like an ATM. Put yourself on a salary and plan for taxes, expenses, and growth.Accountability matters — isolation leads to poor decisions, but advisors, peers, or mentors can provide the guardrails you need.Timestamps00:00 – Welcome & announcements (YouTube, Instagram, Facebook links)03:12 – The first big mistake: over-contributing to 401ks12:10 – Liquidity, taxes, and why other buckets of money matter18:44 – Risk vs. rate of return: why both extremes can be dangerous28:55 – How risk tolerance shifts as you age37:22 – Business owners and the danger of mixing business/personal money47:10 – Free tools and resources you can use right now51:05 – Bonus thought: why financial isolation leads to bad decisionsFree Tools & Resources Mentioned10-Minute Vision Call → weeklywealthpodcast.com/visionDebt Snowball Calculator → weeklywealthpodcast.com/debtBusiness Value Builder Score → weeklywealthpodcast.com/valuebuilderscorePreScore (Readiness to Exit) → weeklywealthpodcast.com/precoreFreedom Score → weeklywealthpodcast.com/freedomsCoreBonus Thought 💡From David’s Friday morning men’s Bible study: Isolation leads to bad decisions. When it comes to money, don’t go it alone. Surround yourself with wise counsel — advisors, mentors, or accountability partners — to avoid costly financial missteps.Connect With The Weekly Wealth PodcastYouTube: Weekly Wealth Podcast...
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Ep 233: Turning Bricks into Cash with Archie Johnson
Your home is often one of your largest assets—but how do you actually use that equity to improve your lifestyle, reduce financial stress, or create a safety net? In this week’s episode, host David Chudyk, CFP®, is joined by Archie Johnson of Mutual of Omaha Mortgage to explore how retirees and high earners can strategically access their home’s equity.They break down how tools like the Home Equity Conversion Mortgage (HECM) can eliminate mortgage payments, provide a line of credit, and even help buffer against market downturns. This strategy can free up cash for travel, family support, long-term care needs, or simply enjoying retirement without financial worry.What You’ll Learn in This Episode✅ Why home equity is often an untapped piece of your net worth.✅ How retirees can eliminate monthly mortgage payments without draining their investments.✅ The role of home equity in protecting against sequence-of-returns risk during market downturns.✅ Real-world ways clients have used freed-up cash—travel, family gifts, long-term care, and more.✅ The FHA’s protections and counseling requirements that ensure retirees make informed decisions.✅ How HECM loans differ from traditional mortgages and what happens when a borrower passes away.✅ The flexibility of using home equity for both refinancing and purchasing a new home.Key Quote from Archie Johnson“For the right person, a Home Equity Conversion Mortgage can be life-changing. It’s not about debt—it’s about freedom, flexibility, and creating options in retirement.”Connect with Our Guest📧 Email: [email protected]📱 Call: (864) 616-4066🏢 Mutual of Omaha Mortgage – Home Equity Retirement SpecialistResources & Links📍 Book your free 10-Minute Wealth Vision Call: weeklywealthpodcast.com/vision📍 Learn more about financial strategies and tools at weeklywealthpodcast.comFinal ThoughtsWealth isn’t just about money—it’s about what money allows you to do. Whether it’s traveling, supporting family, or enjoying a stress-free retirement, your home’s equity might be the key to unlocking new opportunities.E
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Ep 232: What Football Wins Can Teach Us About Money Wins
Email [email protected] with your questions.Don't forget to schedule your 10-minute vision call www.weeklywealthpodcast.com/visionEpisode SummaryIt’s football season, and Certified Financial Planner™ David Chudyk is drawing play-by-play lessons from the field to your financial life. Just like championships aren’t won on Saturdays or Sundays but in the preparation during the week, your financial success comes from the fundamentals, the planning, and yes—even the “boring” stuff.In this episode, David breaks down four powerful football analogies to help you win with money:Watching Film → Why knowing your financial facts matters.The Playbook → How financial planning and systems prepare you for every situation.The Boring Fundamentals → The “blocking and tackling” of personal finance: saving, debt repayment, insurance, and discipline.Touchdowns & Flashy Plays → The big wins that make it all worthwhile—and how they’re built on consistency.Plus, David shares practical tools like a financial balance sheet and Vid Guide for business owners to build processes that keep your financial game plan sharp.What You’ll Learn in This EpisodeWhy NFL quarterbacks like Peyton Manning spent 20–30 hours a week studying film—and how reviewing your financial facts can give you the same edge.How playbooks and pre-planned decisions translate into financial strategies that reduce stress and keep you on track.Why the “boring” parts of football—special teams, third-down conversions, and the offensive line—are the same as budgeting, saving, and paying down debt in your financial life.How to define and celebrate your financial “touchdowns”—whether it’s paying off your home, hitting a savings milestone, or funding your child’s education.The importance of celebrating small wins (just like Ohio State helmet stickers or Seahawks “win forever” moments) to keep financial momentum alive.Resources & Links📊 Get your Financial Balance Sheet: weeklywealthpodcast.com/balancesheet📘 Free Ebook – The Endgame: Plan Your Business Exit: weeklywealthpodcast.com/endgame🎥 Learn about Vid Guide for documenting business processes: weeklywealthpodcast.com/vidguide💬 Have a financial “touchdown” you’re working toward? Leave David a voice message at weeklywealthpodcast.comStay Connected📸 Instagram: Follow Here▶️ YouTube: Subscribe Here👥 Facebook Group: Join...
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Ep 231: QRLT
Schedule your TEN-MINUTE VISION CALL www.weeklywealthpodcast.com/vision Email [email protected] with any questions🎙️ Episode OverviewIn this episode, host David Chudyk, CFP®, kicks off the Fall Webinar Series with a powerful conversation with Greg Towner, Chief Investment Officer at Parallel Financial. Together, they dive deep into the guiding principles of portfolio management and the importance of investor behavior.Greg introduces the QRLT framework (you’ll have to listen in to discover what each letter stands for!) and shares insights into how disciplined, rules-based investing can help investors avoid the costly pitfalls of fear, greed, and emotional decision-making.Whether you’re an experienced investor or just starting to think about your financial future, this episode offers timeless lessons on quality investments, tax efficiency, and building long-term wealth.What You’ll Learn in This Episode:✅ The QRLT investment process and why it matters for your portfolio✅ How fear, greed, and overtrading erode returns—and how to avoid them✅ Why rules-based investing creates better long-term outcomes✅ The role of tax efficiency in wealth preservation✅ Insights from the live Q&A, including questions from listeners like Archie JohnsonAbout Our Guest: Greg TownerGreg Towner is the Chief Investment Officer at Parallel Financial. With decades of experience in portfolio management, he combines deep knowledge of markets with a disciplined, process-driven approach to building investment strategies that help clients achieve financial security.About the Fall Webinar SeriesThis conversation with Greg is the first in a three-part Fall Webinar Series hosted by Parallel Financial. Upcoming sessions include:September – Greg Towner on portfolio management and investor behaviorOctober – Gordon Short on historical tax preservation trustsNovember – Kam Knight on mindset and behavioral financeConnect with Us📧 Email David directly: [email protected]🌐 Learn more: www.parallelfinancial.com🎧 Listen to past episodes: The Weekly Wealth Podcast
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Ep 230: Your kids will be poor if you don't listen to this episode
👉 Connect with us on social media for more wealth-building tips:📸 Instagram: @weeklywealthpodcast👍 Facebook: Weekly Wealth Podcast Community🌐 Website: www.weeklywealthpodcast.comIt’s that time of year again—back to school season! And while our kids are busy hitting the books, many of them are missing out on some of the most important lessons of all: how to handle money.In this week’s episode of The Weekly Wealth Podcast, Certified Financial Planner™ David Chudyk shares 10 financial truths he wishes schools would teach kids—plus one powerful bonus tip. These are lessons every parent, student, and young adult needs to hear.💡 Money isn’t just dollars and cents—it’s a tool. A tool to reduce stress, improve lives, and create opportunities. Whether you’re a parent raising teens or a young adult navigating early career decisions, these insights can shape a lifetime of financial confidence.What You’ll Learn in This Episode:💼 Lesson #1: Why the harder you are to replace, the more you get paid🎓 Lesson #2: How college and career choices are some of the biggest financial decisions you’ll ever make💳 Lesson #3: The real cost of credit cards and debt (and how it sneaks up on you)🧾 Lesson #4: The basics of taxes everyone should understand before getting a paycheck📈 Lesson #5: How compounding interest can turn small savings into massive wealth💡 Lesson #6: Why budgeting isn’t about restriction—it’s about priorities⏳ Lesson #7: The opportunity cost of small daily choices (like skipping that $13 lunch)🏠 Lesson #8: Why your parents’ lifestyle took decades to build—and yours will too🛡 Lesson #9: The unsexy but critical role of insurance and risk management😊 Lesson #10: Why money alone won’t make you happy (and what actually does)⭐ Bonus Tip: Choose your hard—both financial sacrifice and financial stress are hard, but one leads to freedomWhy This Episode MattersMost financial stress isn’t about not making enough money—it’s about not handling it wisely. By teaching these lessons early (or learning them now), we can reduce stress, avoid debt traps, and build lives of financial freedom and peace.Resources & Links Mentioned📌 Book your 10-Minute Wealth Vision Call → weeklywealthpodcast.com/vision🎙 Share this episode with a parent, student, or friend who could benefit from learning these lessons!
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