My Conversation with Elder law Attorney Nicole Wipp on the Smart Planning 101 Podcast
“Financial Planning Does Not Work.”
- Nicole Wipp
Nicole Wipp of the Smart Planning 101 Show is an Elder Law Attorney who grew up in a once-close family in Michigan. They spent every Sunday together (“everyone – kids and grandkids”), attending church in the morning followed by afternoons at her grandparents’ home.
Unfortunately, her family became fractured following her grandparents’ deaths, starting with arguments over funeral arrangements and going downhill from there. As close as they had been, Nicole’s family was not immune from challenges such as misunderstandings, legitimate disagreements, meddling spouses, divorce (children), taxes, probate, and expenses not planned for.
Nicole’s experience of seeing her family torn apart by what she describes as “the bad results and the unintended consequences of failing to properly plan” has made her passionate about helping other families avoid similar experiences. Yes, her grandparents had a will, and they thought they had “done everything right,” but things did not turn out the way that they intended.
Nicole has also seen firsthand the devastating consequences of what can happen when people follow conventional financial planning advice. Too many people “think” they have done everything right, only to discover:
- The assumptions they made about inflation and real-life costs were misleading and wrong;
- The stock market didn’t play nice like the charts and graphs predicted;
- They were unaware of the fees that were siphoning off dollars in their 401(k) and IRA accounts;
- Health challenges (of clients or their parents) necessitated raiding retirement accounts, with enormous tax consequences; and
- Following the advice that their financial planner gave them led them to poor choices that set them up for financial loss, stress, and failure later on.
What IS this “Conventional Wisdom” that acts like kryptonite to one’s wealth?
In this interview, Nicole asks Kim Butler some of the flawed conventional wisdom de-bunked in her latest book, Busting the Retirement Lies, their conversation reveals:
- Why the idea of retirement is fundamentally flawed;
- The whole truth about 401(k)s – why you’ll keep less than you think; and why it’s not to your advantage to “lock your money up”; and
- How financial planners create false expectations through skewed projections.
Nicole and Kim met in Strategic Coach, an elite entrepreneur coaching organization in which both are participants and Butler is also a coach. As they got to know each other, Nicole discovered what you probably already know – that Kim Butler is NOT a typical financial planner! She is passionate about busting the MANY financial lies that are perpetuated by the media and yes, even (especially) by our financial institutions and even our trusted financial professionals.
To do this, Kim has launched a series of books. Busting the Financial Planning Lies was the first of Kim’s books that Nicole Wipp encountered and read. Thrilled to discover someone in the financial industry who “got it” – the negative impact that following typical financial advice can have on people’s futures – Nicole brought Kim onto her Smart Planning 101 podcast.
We invite you to listen to the show on Nicole’s Smart Planning 101 blog, (podcast is embedded as a link, just push the orange arrow), or download/ listen to it for free on iTunes: (If you like the show, please review on iTunes, it boosts the episode and gains more listenership!)
We also invite you to explore further on our blog about the investment options that Kim talks about in the interview:
Kim also mentions the possibility of using Truth Concepts software to see how taxes and fees could be affecting your own qualified plan’s performance.
It may be impossible to truly “plan” for the unexpected, however, we can do much to PREPARE ourselves for the future.
What advice are you getting that may be leading YOU down the wrong path?
Do you assume that what you’re being told about retirement or investments is the whole truth? Do you take responsibility for your finances by investigating further? We encourage you to read our books so that you can start to think about your finances in a way that leads to the best results.
If you have questions about the investments above, or about how the concepts discussed in Busting the Financial Planning Lies, Busting the Retirement Lies (or Kim’s first book, Live Your Life Insurance) apply to you, please contact us for further information