Tag: Financial Planning

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5 Strategies for Identifying Replacements for Business Owners (Ep. 104)

5 Strategies for Identifying Replacements for Business Owners (Ep. 104)

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As a business owner, there may come a time when you start to think about who will replace you and when they will replace you.

Whether you have thought about this before or this is the first time you are thinking about it, this episode can help make your transition into retirement much smoother!

In this episode, Tim Scannell covers the steps business owners can take to ensure a smooth transition into retirement by identifying and selecting the right candidate to take over their role. He shares his personal experience and insights on how to interview and evaluate potential candidates, and how to determine if they are a good fit for the business.

Tim discusses:

  • How to not limit your business’s dependence on you, the business owner
  • How to recruit and mentor suitable candidates who can replace you when you retire, go on vacation, or just need a day off!
  • What you should look for in candidates for maximum employee retention
  • How to measure a candidate’s “learning agility” during the interview process
  • And more

Resources: 

Connect With Tim Scannell:

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Tackling Your Family’s Year-End Financial Plan Part 2 (Ep. 103)

Tackling Your Family’s Year-End Financial Plan Part 2 (Ep. 103)

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Are you looking for ways to ensure financial stability for yourself and your family in the upcoming year?

Now that we have discussed how to create a year-end financial plan for your business, it’s time to discuss how to make a plan for you as an individual!

In this episode, Tim Scannell highlights practical strategies for setting you and your family up for success as you enter into the new year. He covers the latest developments in the financial industry and their potential effects on decision-making, offers insight into current trends, and shares news updates to help you stay informed and make strategic financial decisions.

Tim discusses:

  • What to financially consider before switching your job position
  • How to get a better grasp on if you are in a good financial position for your age
  • What you should be looking for in an employer as a new graduate
  • Why the IRS makes most charitable contributions not deductible
  • And more

Resources: 

Connect With Tim Scannell:

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Tackling Your Year-End Financial Plan Part 1 (Ep. 102)

Tackling Your Year-End Financial Plan Part 1 (Ep. 102)

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2022 has come to a close, meaning Hightower Great Lakes has received many calls about end-of-the-year financial planning.

So what is a year-end plan and how can you create one for your business?

In this episode, Tim Scannell discusses some financial tips you should use at the end of each year and how they can help you make more informed decisions for your retirement.

Tim discusses:

  • Some of the key features of the SECURE Act 
  • Law changes that can impact business owners
  • Why 401K auto-enrollment was eliminated for many employees
  • What some employers are doing to help their employees help pay off their student loan debt
  • And more

Connect With Tim Scannell:

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3 Steps To Help Business Owners Get Their Lives Back (Ep. 101)

3 Steps To Help Business Owners Get Their Lives Back (Ep. 101)

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COVID made a mark on just about everything, even business owners. It’s time to get your quality of life back.

In this episode, Tim Scannell talks about helping business owners plan for 2023 and set a new years resolution to get their lives back. He dips into why money is important for different people, and the change of business owners’ workloads from the pandemic, and then shares three steps business owners can take to reshape their company and finances so they can get their exit plan rolling.

Tim discusses:

  • What’s important about money for Independents, Moguls, and Accumulators
  • How COVID has affected business owners’ workloads
  • 3 steps to retool your company and finances so your business can start running without you again
  • And more

Connect With Tim Scannell:

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How Inflation Impacts Your Business Valuations (Ep. 100)

How Inflation Impacts Your Business Valuations (Ep. 100)

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We’ve hit our 100th episode of The Wealth Stream Podcast! 

Today, we’re discussing the impacts inflation can have on business valuations.

In this episode, Tim Scannell talks about how to avoid costly mistakes that impact and delay business owners’ ability to become financially independent and make work optional. He focuses on ways to help business owners maximize what they keep as they exit into financial independence and enhance their wealth to live a full life.

Tim discusses:

  • What inflation is and how it specifically relates to business owners
  • How he advises clients to mitigate the impact of inflation on their businesses
  • What he sees business owners focus on when it comes to inflated expenses
  • How consumer spending habits are evolving
  • Possible strategies to minimize the impact of inflation on your business
  • And more

Connect With Tim Scannell:

tscannell@scannellwealth.com
Hightower Great Lakes
LinkedIn: Tim Scannell
Twitter: Tim Scannell
(219) 531-4941

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How To Protect Your Wealth Through Inflation with Stephanie Link (Ep. 99)

How To Protect Your Wealth Through Inflation with Stephanie Link (Ep. 99)

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Inflation is a topic that you can’t seem to escape nowadays.

Everyone has an opinion on the topic, whether it’s the news, your relatives, or someone else.

In this episode, Stephanie Link, Chief Investment Strategist and Portfolio Manager at Hightower, joins us to help break down inflation and interest rates. We advise you to turn off your TV and listen to a trusted financial advisor about how you can combat inflation’s effects on your bank account.

Stephanie discusses:

  • Her journey of becoming the Chief Investment Strategist and Portfolio Manager at Hightower 
  • How the independent wealth management industry continues to grow
  • A deeper look into why inflation and interest rates are so high right now
  • Why you should limit your time watching the news and instead focus on listening to industry professionals
  • And more!

Connect With Tim Scannell:

Connect With Stephanie Link:

About Our Guest:

With over 27 years of experience managing money, Stephanie Link joined Hightower in June 2020 as Chief Investment Strategist and Portfolio Manager. 

Before joining Hightower, Stephanie was the Senior Managing Director and Head of Global Equities Research at Nuveen. She also served as Chief Investment Officer at TheStreet, Co-Portfolio Manager of Jim Cramer’s Charitable Trust, and Managing Director of Institutional Sales and Director of Research at Prudential Equity Group. 

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Avoiding The Common Mistakes People Make After Receiving A Raise With Samantha Pietruszynski PT. 2 (Ep. 98)

Avoiding The Common Mistakes People Make After Receiving A Raise With Samantha Pietruszynski PT. 2 (Ep. 98)

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Salary increases are great, but not increasing your savings after one could be hurting you.

So what are some of the steps you should take after receiving a raise?

This is part two of our two-part episode with Samantha Pietruszynski! Samantha discusses the importance of reallocating your money once you receive a raise so you can look forward to a fulfilling retirement experience!

Samantha discusses:

  • How to get to your financial ‘freedom point’ faster
  • How to allocate your finances after you receive a raise or an influx in income
  • How to avoid the common mistake of spending more just because you make more
  • Some personal stories about how she has fell victim to the “make more, spend more” cycle
  • And more

Resources: 

Connect With Tim Scannell:

Connect With Samantha Pietruszynski:

About Our Guest:

Samantha Pietruszynski is a Wealth Advisor at Hightower Great Lakes, where she positively impacts clients and their families both emotionally and financially by putting personalized plans in place to promote security. She helps clients feel empowered with the financial confidence and resources they need to achieve financial independence.

Samantha earned her Bachelor of the Arts degree in Finance and Accounting from the Francis J. Noonan School of Business at Loras College and was a member of the Loras College Advisory council for their Financial Planning Program. She is a CERTIFIED FINANCIAL PLANNER™ practitioner and also holds her Series 7, 66, life & health insurance licenses.

She is originally from Mokena, IL. She is a sports enthusiast and enjoys playing tennis. When she is not cheering on my favorite sports team, the Chicago Bulls, she enjoys spending time with her black cat, Mr. Binx, and her dog, Remington (Remi).

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How to Minimize Taxes In Your Retirement With Samantha Pietruszynski Part 1 (Ep. 97)

How to Minimize Taxes In Your Retirement With Samantha Pietruszynski Part 1 (Ep. 97)

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You’ve worked hard to create the retirement of your dreams, but if you don’t know the right strategies to minimize your taxes in retirement, you might not be as well-off as you think.

So, how can you maximize the amount of money you keep in retirement?

In this episode, fellow Financial Advisor at Hightower, Samantha Pietruszynski, is on the show to explain some of the ways you can maximize your wealth in retirement through tax loss harvesting.

Samantha discusses:

  • Year-end estate planning and how you can make it a top priority during the holiday season
  • Some strategies around tax loss harvesting/minimizing taxes in retirement
  • What questions you should be asking your advisor about maximizing your wealth in retirement
  • How to consider Medicare insurance in your financial plan
  • And more

Resources: 

Benchstrength Coaching 

Connect With Tim Scannell:

tscannell@scannellwealth.com
Hightower Great Lakes
LinkedIn: Tim Scannell
Twitter: Tim Scannell
(219) 531-4941

Connect With Samantha Pietruszynski:

LinkedIn: Samantha Pietruszynski
Call Samantha: 219-246-5709
Email Samantha: spietruszynski@hightoweradvisors.com 

About Our Guest:

Samantha Pietruszynski is a Wealth Advisor at Hightower Great Lakes, where she positively impacts clients and their families both emotionally and financially by putting personalized plans in place to promote security. She helps clients feel empowered with the financial confidence and resources they need to achieve financial independence.
Samantha earned her Bachelor of the Arts degree in Finance and Accounting from the Francis J. Noonan School of Business at Loras College and was a member of the Loras College Advisory council for their Financial Planning Program. She is a CERTIFIED FINANCIAL PLANNER™ practitioner and also holds her Series 7, 66, life & health insurance licenses.

She is originally from Mokena, IL. She is a sports enthusiast and enjoys playing tennis. When she is not cheering on my favorite sports team, the Chicago Bulls, she enjoys spending time with her black cat, Mr. Binx and her dog, Remington (Remi).

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Women Rising: A Chat with Dawn Rowley about Women Empowerment (Ep. 96)

Women Rising: A Chat with Dawn Rowley about Women Empowerment (Ep. 96)

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Being empowered as a woman in the male dominated financial industry is easier said than done. 

In this episode Tim Scannell chats with coaching leader Dawn Rowley, CoFounder of BenchStrength Coaching and Women Rising. They discuss “Women Rising ” a program created to help women recognize and achieve their highest potential and pursue higher levels of leadership. 

He also brings on his colleague, Samantha Pietruszynski, who shares the reasons she chose Women Rising as her next venture and how she aims to gain more confidence and self-awareness through the program. 

Dawn discusses::

  • About the “Women Rising” program and how it aims to empower women by building their confidence in male-dominated industries
  • How female advisors can achieve greater success by learning how to leverage strengths and overcome habits that may interfere with their influence
  • Why her passion inspired her to start Women Rising and how it helps women see themselves in higher levels of leadership 

Resources:

Connect With Dawn Rowley:

Connect With Samantha Pietruszynski:

Connect With Tim Scannell:

About Our Guest:

Dawn Rowley is a leadership coach who works with successful executives and high potential leaders who want to improve their practice of leadership. As co-founder of Women Rising, she is a coaching leader helping women recognize and achieve their highest potential.

She is also the co-founder of BenchStrength Coaching, working with organizations who want to build stronger, more diverse talent pipelines.



 

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Hightower Great Lakes’ New Business Owner Workshop (Ep. 95)

Hightower Great Lakes’ New Business Owner Workshop (Ep. 95)

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Business owners like you should always be looking for ways to enhance and modernize their skills.

But if you don’t want to go back to school, how can you do that?

In this episode, Tim Scannell is excited to introduce the upcoming launch of his new business owner program and workshop! He then goes on to highlight how it can help you enhance, expand, and when the time comes, exit your business.

Tim discusses:

  • His new program built to help you run, exit, and expand your business
  • What activities and exercises his program and workshop will feature
  • Steps you can take to get out of the “business owner’s trap”
  • How you can continuously enhance your business skills in the modern day
  • And more

Resources: 

The Wealth Stream Podcast: Becoming A Lifelong Learner with Gina S.

Connect With Tim Scannell: