The Weekly Wealth Podcast

👻 Episode SummaryIn this special Halloween edition, David explores some of the scariest financial mistakes people make — from ignoring their 401(k)s to neglecting estate planning and assuming their business will fund retirement. He also shares tips to avoid these “financial frights” and offers resources to help you make smarter money decisions.🧟‍♂️ Key TakeawaysDon’t drift with your 401(k): Review your investments regularly and get professional advice.Don’t assume one small action solves it all: Keep monitoring your finances after taking action.Plan for the inevitable: Prepare for death, disability, or incapacitation through estate planning.Business owners beware: Know what your business is actually worth and prepare before selling.Taxes are scary — but manageable: Understand your tax rate, plan before year-end, and work with professionals.Bonus tip: Don’t blow your diet this Halloween—avoid the “candy binge”!🧰 Resources MentionedGet your Value Builder Score:👉 www.weeklywealthpodcast.com/valuebuilderscoreDownload your free Balance Sheet Template:👉 www.weeklywealthpodcast.com/balancesheetContact David Chudyk:📧 David@parallelfinancial.comParallel Financial:🌐 https://www.parallelfinancial.com📱 Connect on Social MediaStay connected for more insights, behind-the-scenes content, and updates:Instagram: @weekly_wealth_podcastFacebook: Weekly Wealth PodcastLinkedIn: David Chudyk, CFP®YouTube: Weekly Wealth Podcast Channel💬 Support the ShowIf you enjoyed this episode:Share it with a friend or colleagueSubscribe on your favorite podcast platformLeave a 5-star review to help others discover the show⚠️ DisclaimerThe information shared in this podcast is for educational purposes only and should not be considered financial advice. Parallel Financial does not guarantee the accuracy or completeness of the information provided. Past performance is not indicative of future results.

In this episode of The Weekly Wealth Podcast, Certified Financial Planner ™ David Chudyk sits down with referral expert and author Stacey Brown Randall to uncover the secrets behind a truly referable client experience.Stacey explains why great service isn’t enough, how to turn everyday clients into raving referral sources, and why asking for referrals can actually hurt your business. Whether you’re a financial advisor, business owner, or sales professional, this conversation will help you re-engineer your client experience so your business grows organically—without cold calls, gimmicks, or awkward scripts.👉 Grab Stacey’s book: The Referable Client Experience⏱️ Episode Timestamps00:00 – Intro: Why referrals are the ultimate financial planning tool01:00 – Meet Stacey Brown Randall: Referral coach, podcaster, and author03:00 – Podcasting longevity & creativity: How podcasts build connection and credibility04:00 – Customer Service vs. Client Experience: Understanding the difference06:00 – Why most people mislabel “referrals” and what to track instead07:30 – How small businesses can outshine big companies in experience10:00 – The 3 Stages of Client Experience: New → Active → Alumni12:00 – The 50/50 Formula: Great work + relationship touchpoints16:00 – Overcoming “The Quiet Voice” of buyer’s remorse18:00 – Example: Sending a “journey card” or handwritten note that reassures new clients21:00 – Avoiding complacency during long-term client relationships22:00 – Cookie Box Example: A creative relationship touchpoint before annual reviews25:00 – Why not every happy client will refer — and that’s okay27:00 – The Science Behind Referrals: Why you should never ask for them30:00 – Centers of Influence: How to approach COIs the right way33:00 – How Stacey works with clients & the programs she offers35:00 – Lifetime value of a referral & compounding business growth36:00 – What wealth means to Stacey Brown Randall: Freedom of choice37:00 – Final Tip: Identify your current referral sources—the “low-hanging fruit”39:00 – Bonus Content: How listeners can apply the episode immediately💡 Key TakeawaysClient experience = how they feel working with youGreat work alone isn’t enough; add relationship touchpointsAvoid the “ask” — referrals come from helping others, not self-promotionIdentify who’s already referring you and nurture those relationships first📚 Resources...

🏛️ Episode OverviewIn this episode of The Weekly Wealth Podcast, host David Chudyk, CFP®, sits down with Gordon Short of GBX Group to explore an incredible — and legal — tax strategy that allows high-income earners to use their federal tax liability to invest in historic real estate.If you’ve ever wondered whether your tax dollars could do something more — like restore America’s historic architecture and generate potential returns — this episode is for you.🎥 Watch the full webinar (with slides and visuals):👉 https://youtu.be/jvJedhcmAxs?si=p9Eq-Rqwe1cPjysY💡 What You’ll LearnThe History Behind Historic Preservation Incentives:How the destruction of New York’s Penn Station inspired the 1976 creation of federal programs to preserve historic architecture.The Federal Historic Preservation Easement Program:What it is, how it works, and how it’s administered jointly by the IRS and National Park Service under Internal Revenue Code §170(h).GBX Group’s Unique Approach:How GBX identifies, acquires, and rehabilitates historic buildings using investor funds — helping to save American landmarks while offering tax-efficient opportunities.Tax Strategy Deep Dive:How investing in GBX can yield a $2.45 charitable deduction for every $1 investedWhy this strategy is typically suited for high earners in the 37% tax bracketThe 50% AGI limitation and how it impacts eligibilityReal-world examples showing federal and South Carolina tax savingsEconomic and Community Impact:See how restored buildings like the Municipal Light Plant in Columbus, OH and the YWCA in Nashville, TN have revitalized downtown areas and created jobs.Returns and Real Estate Benefits:How investors can receive both tax deductions and real-estate-based distributions, typically with a five-year hold period and targeted returns.🧮 Real-World ExampleA taxpayer expecting to owe $100,000 in federal taxes can instead invest that amount with GBX Group.That $100,000 can generate a $245,000 charitable deductionProducing an immediate tax benefit of ~$90,650 (at the 37% bracket)Plus, potential cash distributions and long-term returns from the underlying real estateFor qualifying investors in states like South Carolina, the state tax deduction adds even more value.🏗️ Why It MattersThis episode demonstrates how strategic, congressionally sanctioned tax planning can redirect tax dollars toward socially responsible projects — all while aligning with financial goals and preserving America’s historic landmarks.👤 About the...

💡 Episode SummaryIn this week’s Ask the Professor edition of The Weekly Wealth Podcast, host David Chudyk, CFP®, sits down with financial educator and colleague Justin Chastain (“The Professor”) to unpack key tax planning concepts that impact retirement, Social Security, and business owners.Justin—who teaches future CFP® professionals through Dalton Education—shares his trademark mix of deep insight and humor while explaining how proactive tax strategies can create real, lasting wealth.🧩 Topics Covered1️⃣ Social Security TaxationHow benefits can be taxed at 0%, 50%, or 85%Why income thresholds haven’t changed since 1984How to plan around working income and Social Security to minimize surprise tax bills2️⃣ Retirement Accounts & WithdrawalsThe difference between Traditional IRAs (tax-deferred) and Roth IRAs (tax-free growth)Understanding Required Minimum Distributions (RMDs)When Roth conversions make sense and how to manage tax brackets efficiently3️⃣ Marginal vs. Effective Tax RatesWhat your next dollar really gets taxed atHow to use bracket management to stay tax-efficientReal examples showing why “being in the 32% bracket” doesn’t mean you’re paying 32% overall4️⃣ Tax-Loss and Tax-Gain HarvestingUsing market volatility to your advantageHow to offset gains and manage investment income efficientlyStrategies for gifting appreciated stock or donating directly to charities to avoid unnecessary taxes5️⃣ Legacy & Estate PlanningWhy charitable giving can reduce both estate taxes and current tax burdensQualified Charitable Distributions (QCDs) explainedHow retirees can use RMDs or life insurance to leave a legacy without overpaying Uncle Sam6️⃣ Business Owner Tax TipsTurning legitimate expenses into deductionsBuilding employee benefits and retirement plans to attract and retain top talentUsing goodwill and benefits as part of your company’s long-term value🎧 Notable Quotes“Money is just a tool to help us live better lives—nothing more, nothing less.” — David Chudyk“Ask your financial advisor: ‘Is tax planning part of your strategy?’ If not, find one who makes it a priority.” — Justin Chastain“It’s not about buying the next hot stock—it’s about knowing where your money is taking you.” — David Chudyk🗓 Bonus SegmentDavid closes the episode by reminding listeners to...

In this week’s episode of The Weekly Wealth Podcast, David sits down with Mark Weithorn, a marketing expert turned tech entrepreneur who has spent the last 21 years running a successful web design and CRM company for realtors.From navigating industry disruptions to preparing employees for entrepreneurship to adopting AI responsibly, this conversation is full of lessons every business owner can apply. Whether you’re in real estate, tech, or any small business, the themes of resilience, reinvention, and forward-thinking strategy are universal.What You’ll Learn in This EpisodeSurviving 21 Years in Tech:How Mark adapted to industry shifts—from radio jingles and newspaper ads to building realtor websites and CRMs—and the mindset required for long-term success.Employee to Entrepreneur:Why making the leap from a steady paycheck to self-employment requires a completely different mindset and skillset—and how to prepare for the challenges ahead.AI in Business:Mark’s perspective on how AI is already shaping industries, where it may be overhyped, and how to use it as a tool to add value rather than frustrate customers.Entrepreneurial Mindsets:Why processes, systems, and delegation are non-negotiable for growth—and how to avoid being the “hub” in a hub-and-spoke business.Financial Reality of Entrepreneurship:Why that big commission check or large invoice isn’t all take-home profit, and how to avoid tax and cash flow pitfalls as a new business owner.About Our GuestMark Weithorn is the founder of DPI Showcase Websites, serving realtors across the U.S. and Canada for over two decades. His company provides websites, CRMs, and AI-powered lead generation tools designed to help real estate professionals thrive in competitive markets.📍 Learn more: dpishowcase.comBonus ContentAre you a business owner struggling with processes and consistency?Check out VidGuide —a powerful tool for building your library of SOPs and training materials so your team can deliver a consistent client experience.👉 Visit weeklywealthpodcast.com/vidguideStay Connected🌐 Website: weeklywealthpodcast.com📸 Instagram: @weeklywealthpodcast🎥 YouTube: The Weekly Wealth Podcast👍 Facebook: Weekly Wealth Podcast Community💼 LinkedIn: David Chudyk, CFP®DisclaimerThe information shared in this episode is for educational purposes only and should not be considered investment, legal, or tax advice. Always consult with your own advisors regarding your specific situation.

Episode OverviewYour business is likely your biggest asset—but are you treating it like one? In this week’s episode of The Weekly Wealth Podcast, Certified Financial Planner™ David Chudyk breaks down the eight key drivers of company value that make your business more attractive, sellable, and profitable.Whether you’re years away from selling or just want to build a business that runs smoothly without you, these strategies will help you create a more valuable, marketable, and enjoyable company.You’ll also hear about two tools designed for business owners who want clarity on their next steps:The Personal Readiness to Exit Questionnaire: weeklywealthpodcast.com/precoreThe Value Builder Score: weeklywealthpodcast.com/valuebuilderscoreWhat You’ll Learn in This Episode✅ Why your business is an asset—and how to increase its value.✅ The 8 Drivers of Company Value (financial performance, growth potential, Switzerland structure, valuation teeter-totter, recurring revenue, monopoly control, customer satisfaction, and the hub & spoke).✅ Questions every owner should ask: Would you buy your own business? Would you pay a premium or demand a discount?✅ Practical ways to reduce owner dependence so your business thrives without you.✅ How small shifts—like adding recurring revenue or improving customer experience—can transform your company’s worth.Bonus Content🎯 Business Owners: Wondering if you’re ready to exit? Take the Personal Readiness to Exit Questionnaire now at weeklywealthpodcast.com/precore.Resources & Links📊 Take your Value Builder Score: weeklywealthpodcast.com/valuebuilderscore💻 Schedule a 10-Minute Wealth Vision Call: weeklywealthpodcast.com/vision📱 Follow us on Instagram, YouTube, and Facebook (search Weekly Wealth Podcast).About Your HostI’m David Chudyk, Certified Financial Planner™ and Certified Value Builder Advisor. Through my wealth management practice and The Weekly Wealth Podcast, I help the mass affluent and business owners live better lives through smarter financial decisions.As both a financial planner and business advisor, I help owners treat their companies as the powerful wealth-building tools they truly are.

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...

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: archie.johnson@mutualmortgage.com📱 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

Email david@parallelfinancial.com 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...

Schedule your TEN-MINUTE VISION CALL www.weeklywealthpodcast.com/vision Email david@parallelfinancial.com 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: david@parallelfinancial.com🌐 Learn more: www.parallelfinancial.com🎧 Listen to past episodes: The Weekly Wealth Podcast

👉 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!

As always, email david@parallelfinancial.com with any questions!Thank you so much for listening to this episode. PLEASE tell a friend about it.Free Tools for IndividualsDebt Snowball CalculatorPersonal Balance Sheet GeneratorPersonalized Risk Number10-Minute Vision Call with DavidFree Tools for Business OwnersValue Builder Score AssessmentPreScore™ – Personal Readiness to ExitFreedom Point CalculationFree eBooksThe End GameInside the Mind of the AcquirerThe Subscription EconomyThe Riches are in the NichesFamous or Rich?It’s About TimeFreedom Point BookUpcoming WebinarsAugust Webinar – Investor Behavior & Process-Driven Investing📅 Friday, August 22nd at 12 PM ETRegister HereSeptember Webinar – Historic Preservation Trusts (with Gordon Short, GBX Systems)October Webinar – Mindsets & Overcoming Barriers (with Kam Knight)Work With DavidSchedule a ConversationBe a Guest on the PodcastApply HereFollow The Weekly Wealth PodcastInstagramYouTubeFacebook Group

Contact David via email david@parallelfinancial.comGet your VALUE BUILDER SCORE www.weeklywealthpodcast.com/valuebuilderscoreSchedule your 10-minute VISION CALLIn this episode of The Weekly Wealth Podcast, host and Certified Financial Planner David Chudyk welcomes personal development author and mindset coach Kam Knight to dive deep into the psychology of self-worth, resistance, internal dialogue, and financial growth.🔑 Key Topics Covered:Why internal resistance grows when your desires grow—and how to reduce itThe real reason many people sabotage financial opportunitiesPowerful mindset programming techniques for wealth and successThe “Three Statements” Kam gives to his clients to unlock self-worth and productivityHow affirmations and mental reconditioning can eliminate procrastination and create abundanceThe connection between emotional permission and financial success🧠 Kam’s Core Self-Talk Statements:“I deserve.”“I have permission.”“I am having good things.”Kam explains how these seemingly simple affirmations create subconscious permission to take action, earn more, and live a more prosperous life.📚 Bonus Content:At the end of the episode, David shares a list of essential books to help reinforce a success-oriented mindset, including:As a Man Thinketh by James AllenThink and Grow Rich by Napoleon HillAtomic Habits by James Clear…and of course, Kam Knight’s own powerful works on mindset, memory, and focus.🔗 Resources Mentioned:Kam Knight’s Books on AmazonThe Weekly Wealth Podcast Facebook Group – Join the conversation and share your favorite mindset books!

🔗 Resources and Links:10-Minute Wealth Vision Call: WeeklyWealthPodcast.com/vision – Quick, no-pressure financial clarity session.Business Value Builder Score: WeeklyWealthPodcast.com/valuebuilder – Find out how sellable your business is and how to increase its value.Join the Conversation: Weekly Wealth Podcast Facebook Group – Share your thoughts and get accountability on updating your estate plan. What You’ll Learn in This Episode:Why Estate Planning Matters – Key components every plan should include to protect your loved ones and your wealth.Beneficiary Designations – How simple oversights can push your assets into probate and delay inheritance for your heirs.Powers of Attorney Explained – The critical role of financial and medical POAs in incapacity situations.Business Owner Planning – Buy-sell agreements, key person insurance, and succession strategies to keep businesses running smoothly after an owner’s death.Maintaining Privacy – Tools like revocable living trusts and beneficiary designations to avoid public probate proceedings.Celebrity Estate Planning Mistakes – Real-life lessons from Prince, Aretha Franklin, James Gandolfini, Howard Hughes, Heath Ledger, and others.📈 Bonus Strategy:Lifetime Gifting – How gifting assets while alive can reduce estate taxes, simplify probate, and allow you to see loved ones benefit from your generosity now.

Don't forget to share this episode with a friend, family member, colleague, or co-worker. Learn more about David by listening to episode 215: Who is David Chudyk and what does he do? <-- Click here to listen!In this powerful episode of The Weekly Wealth Podcast, Certified Financial Planner David Chudyk pulls back the curtain on why traditional budgeting advice often fails—and how a smarter, psychology-driven approach to spending can lead to long-term wealth.This week’s episode covers three high-impact financial topics:🧠 1. The Psychology of SpendingWhy do we overspend—even when we know better?Learn how your brain tricks you into spending and how you can fight back using:Dopamine control hacks (like the 48-hour rule)Emotional spending triggers to watch out forThe “Would I buy this twice?” litmus testThe impact of comparison culture and social media envy💰 2. Why Budgeting Often Fails (and How to Fix It)Let’s stop calling it a budget—and start building a Spending Plan.David breaks down:Why most high-income earners still struggle with cash flowThe importance of financial margin and how to create itReal-life examples of poor spending habits—even among the wealthyHow to align your expenses with your actual financial goals🚫 3. The Worst Financial Advice Out ThereYou won’t believe some of the terrible advice David’s clients have received!From half-baked Roth conversion ideas to TikTok influencers pushing risky schemes, you’ll hear:The difference between a product pusher and a true fiduciaryWhy “broke friends” shouldn’t be your financial role modelsHow to vet advice—even if it’s from someone you trustRed flags in annuity, insurance, and investment sales pitches🎧 Whether you’re just starting to get control of your spending or you’re a high earner feeling like money slips through your fingers, this episode will challenge your mindset, sharpen your strategy, and help you make better money decisions.🔥 Bonus Hack:Don’t forget to include money for FUN in your spending plan! Financial freedom includes joy—just make sure it fits your financial reality.👉 Liked the episode?Share it with a friend, colleague, or family member. We’re building a tribe of financially empowered listeners, and your share helps us grow!📲 Follow us on Instagram: @weekly_wealth_podcast📺 Watch episodes on YouTube: @theweeklywealthpodcast🌐 Learn more at: www.weeklywealthpodcast.com 🎤 Hosted by David Chudyk, CFP® — Helping high earners, business owners, and the mass affluent make smarter financial decisions and build true wealth.

📩 Let’s Connect!We want to hear from you! Join the discussion in the Weekly Wealth Podcast Facebook Group or email David directly at david@parallelfinancial.com with your thoughts on what being rich means to you.📞 Ready for Clarity?If you're a high earner or business owner and want help taking the next smart step in your financial life, book a free 10-Minute Wealth Vision Call with David today—no pressure, just clarity.📢 Help Us Grow!If you found value in this episode, please share it with a friend, colleague, or family member. Text them a link and say, "I think you'd enjoy this—it's changed the way I think about money."💰 Episode OverviewWhat does it really mean to be rich? In this thought-provoking solo episode, David Chudyk, Certified Financial Planner and founder of Chudyk Financial Services, dives deep into both the quantitative and qualitative aspects of wealth.From net worth benchmarks and income thresholds to real-life examples and pop culture case studies, this episode explores how financial success is about more than just numbers. It’s about freedom, intentionality, and making decisions that improve your life—and the lives of those around you.📌 Topics CoveredIRS and Federal Reserve stats: Who qualifies as top 10%, 5%, and 1% in income and net worth?The Schwab Wealth Survey: What Americans think it takes to be considered wealthyWhy no podcast guest has ever defined wealth in dollarsFreedom vs. income: Why the highest earners don’t always have the best livesReal stories of people who are “rich” in different waysHard choices: Delayed gratification vs. financial insecurity in retirementSmart money behaviors of the truly wealthyStrategic investing and building multiple income streamsThe importance of risk management for wealth preservationSelf-reflection: Is your money helping or hurting your life?🧠 Key TakeawaysBeing rich isn't just about money—it's about freedom, flexibility, and peace of mind.Living below your means and avoiding lifestyle creep is one of the simplest paths to long-term wealth.Financial margin = power—those who can weather a storm without tapping into investments are in control.Risk management matters: Insure against the catastrophic, plan for the unexpected, and protect what you've built.Smart people ask for help: Wealthy individuals often lean on trusted professionals for advice and strategy.🧭 Self-Reflection QuestionAre your current financial decisions improving your life and the lives of those around you—or are they just growing your account balances without real meaning?

As always, please contact me to connect. Whether it's to chat about this week's podcast episode or anything else on your mind: David's CalendarTakeaways: The Big Beautiful Bill is a massive 900-page law that includes tax reforms and spending changes. One major change is the extension of the 2017 tax cuts for individuals, which helps many taxpayers. Seniors will benefit from an additional $6,000 exemption, providing them with more tax relief. Another key point is the introduction of a tax credit for contributions to scholarship organizations. The standard deduction has increased by 10%, making it easier for many to reduce their taxable income. It's crucial to consult with a CPA for tax planning to maximize benefits from the new law. Links referenced in this episode:weeklywealthpodcast.comdavidarallelfinancial.comcalendly.cominstagram.comyoutube.comfacebook.com1weeklywealthpodcast.com

In celebration of Independence Day, this episode dives into a different kind of freedom—financial freedom. David Chudyk, Certified Financial Planner, shares powerful insights on what financial independence truly means for high earners, business owners, and the mass affluent.Spoiler: It’s not just about having a big income—it’s about creating financial margin, controlling your time, and building true wealth.💥 What You’ll Learn:Why 66% of high earners still live paycheck to paycheckThe definition of financial margin and why it's the fuel for freedomHow to spot and stop lifestyle creep before it sabotages your wealthWhy business owners need an exit plan and diversified assetsThe difference between building wealth vs. buying stuffWhy you need investments outside of retirement accountsThe 5-part Declaration of Financial Freedom🧨 David’s Declaration of Financial Freedom:I will grow my financial margin.I will resist lifestyle creep.I will invest in assets that build freedom.I will create a financial vision aligned with my values.I will buy back my time.🧠 BONUS: Snowball Method ExplainedDavid shares a simple and motivating strategy to get out of debt using the snowball method, perfect for anyone ready to crush financial obligations and gain momentum on the path to independence.🎯 Want to Build Your Financial Vision?📞 Schedule your 10 Minute Wealth Vision Call today:👉 www.weeklywealthpodcast.com/visionThis no-pressure Zoom call is designed to bring you clarity, confidence, and direction.📊 Are You a Business Owner?Take the free Value Builder Score assessment to start planning your ideal exit:👉 www.weeklywealthpodcast.com/valuebuilderscore💬 Connect with Us:📸 Instagram: @weekly_wealth_podcast▶️ YouTube: The Weekly Wealth Podcast💬 Facebook Group: Link in bio/show notes

💡 Episode SummaryWe all love talking about growing our money—stocks, ETFs, crypto, and dividends. But what about protecting what we've already worked so hard to earn?In this episode, Certified Financial Planner and property & casualty agency owner David Chudyk dives deep into one of the most overlooked, least "sexy"—but absolutely essential—tools in your financial toolkit: property and casualty insurance. Whether you're a homeowner, a driver, or a business owner, understanding this coverage can protect your financial future in a big way.🧠 What You'll Learn✅ What is Property & Casualty Insurance?A simple breakdown of what it covers—and why you need both sides of the equation.✅ Aleatory Contracts ExplainedDiscover why insurance is not like buying a T-shirt and what that means for your premiums.✅ How Insurance Rates Are CalculatedUnpack the "insurance math" behind your home and auto premiums—what’s in your control and what’s not.✅ Common (and Costly) Insurance MistakesDavid outlines real-world scenarios where people unknowingly void their policies or risk financial ruin.✅ How to Read Your Policy Like a ProLearn the importance of policy exclusions, deductibles, declarations pages, and more.✅ Why “Full Coverage” Doesn’t ExistAnd why your agent should never use that term.✅ The Power of Liability Limits and Umbrella PoliciesProtect your nest egg by going beyond the state minimums.🎧 Listen to our episode on personal liability umbrellas📣 Resources & Links Mentioned🔗 Book your 10-Minute Wealth Vision Call – Get quick clarity on your biggest financial question📱 Follow us on Instagram – For wealth-building tips, mindset strategies, and podcast clips👥 Join our Facebook Group – Ask your questions, share your wins, and connect with fellow listeners🎥 Watch on YouTube – Quick, helpful financial videos for real people🎯 Action StepsTake 5 minutes to review your home and auto insurance policies. Do you know your deductibles? Your exclusions?Schedule a review with a qualified independent insurance agent.Ask your agent about umbrella liability coverage if you don’t already have it.DM David on Instagram or leave a voice message via the podcast website with your insurance questions.🔊 Episode Quote“Insurance isn’t sexy—but it protects everything else you’ve worked so hard for. It’s not about paperwork—it’s about peace of mind.” – David Chudyk🎧 Listen & SubscribeNever miss an episode that helps you build true wealth—financially, mentally, and emotionally.👉

🎧 EPISODE SUMMARY:In this episode of The Weekly Wealth Podcast, host David Chudyk sits down with Munira Zahabi—consultant, author, podcast host, and the renowned Niche Navigator. They explore what it really takes to stand out in today’s noisy marketplace and how giving your business a voice can dramatically shift your visibility and profitability.Whether you’re an entrepreneur feeling unseen or just looking for smarter ways to market yourself, this conversation is packed with real talk, personal stories, and actionable strategies to help you grow with purpose.You’ll learn:What it means to give your business a “voice” (and how to do it right)How being a podcast guest can attract your ideal clientsWhy repetition of your core message = powerful brandingWhy so many business owners feel invisible—and how to fix itThe mindset shifts needed to step into your authority🔥 CALL TO ACTION:🎯 Ready to get clear on your financial direction?👉 VISIT www.weeklywealthpodcast.com/vision to schedule your 10 Minute Wealth Vision Call—a quick, no-pressure Zoom chat to gain financial clarity and take one step closer to your goals.🔗 RESOURCES & LINKS MENTIONED:🌐 Connect with Munira Zahabi at: www.thenichenavigator.com📕 Check out her book Invisible No More on Amazon. CLICK HERE 📩 CLICK HERE to contact Munira via the "Contact" tab on her website to schedule a free 30-minute consult🎙️ Watch David’s appearance on Munira’s Musings:https://www.youtube.com/watch?v=PSkYTEa1OiQ📱 CONNECT WITH US ON SOCIAL MEDIA:Stay connected with The Weekly Wealth Podcast and join the conversation:Instagram → @weeklywealthpodcastYouTube → Weekly Wealth Podcast ChannelFacebook → Weekly Wealth Podcast Community💬 QUOTE FROM THE EPISODE:“If you’re not talking about your business, you’re not giving it a voice. And if your business has no voice, it’s invisible.”