Ep 200: Behind the Microphone: My Story and the Future of the Weekly Wealth Podcast

Hey, everybody, this is David Chudick.

Can you believe that this is episode number 200 of the weekly Wealth Podcast?

I started this thing a couple years ago, and it's become a labor of love for me.

So today I'm going to talk a little bit about my history, going to talk about some of the history of the show, talk about why I do the show, and talk a little bit about my wealth management practice.

So I hope that you enjoy this episode and it gives you a chance to learn a little bit more about me.

Welcome to the weekly Wealth Podcast.

I am certified financial planner David Chudick.

This podcast and my wealth management practice are both designed to help the mass affluent to live better lives by how they handle their money.

We talk about financial strategies, prosperous mindsets, and simply how to build true wealth.

So come on and let's enjoy this journey together.

All right, well, let's get started with this week's episode.

This is episode number 200, and I wanted to brag just a little bit about how difficult it is to make it to 200 episodes.

So there's a concept in the podcasting world known as pod fade, and that's where somebody gets really excited about starting a podcast, and then they see that, wow, this is actually a pretty decent amount of work, and there's some expense involved, and it just fades away.

So did you know that making it to 10 episodes, just going from zero to 10 episodes, only between 50% and 70% of all podcasts make it.

Now, if we move up to 50%, only about 20 to 30% of podcasts make it to 50 episodes.

There is a pretty sustained commitment involved to produce content on a consistent basis.

Now, once we get to 100 episodes and above, we really get to rarefied error.

So only about 10 to 20 podcasts make it to 100 episodes, and about 2 to 5% of podcasts make it to 200 episodes.

So it does require commitment, it requires work, and it's just something that has to be a labor of love or else it'll just kind of fade away.

So I'm really proud to make it to episode number 200 of the weekly wealth podcast.

So let's talk a little bit about me.

Who am I?

What do I do?

And why should you listen to this podcast?

So, I'm David Chudick.

Back in the early 2000s, I wanted to get into the money world.

I had always been fascinated by money.

Why some people have it, why some people don't have it, why it's such a limiting factor for some people, and why it can be abundant for others.

And quite frankly, growing up, money was a limiting factor in my family.

So I got a job, an entry level job with a local captive insurance agency.

And I was a financial services representative.

So my job was basically to sell mutual funds and annuities and life insurance and those kind of things to clients.

And I just became fascinated.

It became a beautiful thing for me to see how people can start investing and then over time they can increase their net worth.

Now fast forward.

I've always had that entrepreneurial spirit and it just, you know, working for somebody was great, but I wanted to do my own thing.

So I jumped ship and I started working for a large life insurance company on my own.

And that was really tough.

I mean, the marketing program was, hey, go talk to all of your friends about life insurance.

And yeah, the best way to lose your friends is to talk to them about life insurance when you're having dinner.

It was almost a miracle.

But it's.

In 2005, I had the opportunity to purchase a Nationwide insurance office.

So typically what you think about Nationwide is it offers home insurance, auto insurance, things like that.

And we did.

But I also was able to offer securities, investment products, things like that through the company.

So for a long time I was the owner of an insurance agency who also worked with investment products through Nationwide securities llc.

Now that was great.

I was able to help people and I had a team of of team members that were able to offer home and auto insurance and business insurance to clients.

But it still was somewhat limited in what I could do as far as what my capabilities were.

And I had gotten my CFP, my Certified Financial Planner designation in 2006.

So there was no shortage of knowledge, there was no shortage of abilities, but there was a little bit of a lack in what I was able to do.

So then in 2019, I had the ability and my contract changed and I was able to join a different firm.

So I hitched my wagon to a firm called Parallel Financial and it's been a great ride.

So Parallel Financial is a registered investment advisor and we just have all kinds of options.

It's a great firm and I'm really proud to be part of it.

So that's a little bit about me and what I do.

I run a wealth management practice now.

I still own an independent property and casualty insurance office.

And I'm able to talk to my clients about risk management, which is really important.

But I spend most of my time building my wealth management book of business.

I help clients to manage their investments in a way that makes sense for them.

I provide financial planning services where we look at tax strategies, we look at estate planning strategies, we look at all of the different things that, that we all need to have right within our, within our financial world.

And the goal here is really to help my clients, my high net worth and my mass affluent clients to simply have better lives by how they handle their money.

If you think about it, almost every problem that we might have can be made a little bit smaller with the addition of money or with the proper handling of money.

And on the opposite, most problems become bigger when, when there's a lack of money or a lack of financial resources.

So that is a little bit about me and what I do.

So speaking of me, if you've ever listened to the podcast and you thought I might really enjoy working with David Chudick as my financial advisor, I like his philosophies, I've listened to him, I like what he talks about.

You can Simply go to www.weeklywealthpodcast.com, click on the contact us button at the top.

That'll take you to my schedule and from there you can schedul a 30 minute Zoom appointment or in person if you're local.

And we can talk about some of the 30,000 foot level aspects of your financial situation.

We can talk about some of your hopes, some of your fears, and we can point you in the right direction.

So it's a pretty simple process, but my clients and many, many clients feel like it's important to have a plan, to have a roadmap, to have a game plan with their money.

So within the podcast I really have a few different audiences.

Now this is a little bit contrary to what the podcasting coaches will tell you to do.

And maybe I've shot myself in the foot, maybe I haven't.

But I've chosen to speak to several different audiences as opposed to like just one.

So my first audience is the business owners of the world.

And the business owners have a lot of decisions to make.

They have a lot on their plate.

They had a, they have a lot of potential financial rewards, but they certainly have a lot of potential financial danger.

If you think about it, if you have a job and you get fired or you leave, you can probably find a different job.

If you're a business owner, you might literally have debt attaching you to the business and leaving the business is just simply not an option.

So the business owners have a lot on the line.

Now with the business owners, there are a lot of financial decisions that need to be made.

What type of retirement plan should the business owner offer?

What type of employee benefits should the business owner offer?

How does a small business stay competitive with big big companies with employing the right team?

So there's a lot of things that business owners have to know and have to do.

Now some of the pieces of information, some of the content that I bring to the business owners revolves around non typical financial planning topics.

So we'll have leadership experts come in and talk to the business owners about how to lead their teams better.

We'll have business coaches talk about organization, talk about sales processes, talking about maybe cfo, chief financial officer type scenarios.

So these are non traditional financial planning topics.

But if you think about it, if we can help the business owners of the world to run their businesses better and more profitably, that creates more financial resources, which is indirectly a financial tool, right?

The other thing that is incredibly important for business owners is to think about their business as an asset that can at a point be sold.

So as a certified value builder advisor, I can help businesses to improve their value so they can be sold at a higher multiple when they're ready or simply have really a better life today because a sellable business is typically a more profitable business.

There are eight drivers of business value and if you get these things right, then your business becomes more attractive to a potential buyer.

And then of course for business owners, we just talk about some financial topics like what are the new retirement plan rules, what are some tax savings vehicles, what are some ways that you can use financial instruments to enhance your business financial position?

So there are a lot of ways that we could help business owners and that's the first group of people that we really try to bring a lot of content too, because the business owners need it.

They are overwhelmed.

So if you're a business owner, let me know what you think.

Is there anything that we can cover on the weekly wealth podcast?

Email me davidarallelfinancial.com and if you ever wanted to know where some areas that you can improve your business so that you can sell it for more when you're Ready, go to www.weeklywealthpodcast.com valuebuilderscore.

You can take between 10 and 15 minutes asked, answer a few questions and then you can get some results on some of the actions that you can take to make your business more sellable.

And yes, it'll also give you a range of values for which you might be able to expect your business to sell for.

It's not a certified appraisal, but it's a really good starting point.

So.

Www.weeklywealthpodcast.com valuebuilderscore also within my wealth management practice itself and speaking on the podcast, I like working with the mass affluent and I like working with the high net worth individuals.

Now these are people who, while yes, maybe some cash flow planning might be important, but these are not the typical I need to budget.

I need to make sure that I'm spending less than I earn.

I need to cut back on my spending because I don't have enough money coming in.

No, these are the people who already have most of their basic needs already met.

These are people who have financial success.

These are people who have accumulated assets and now they want to maximize.

So when I'm talking to the high net worth and mass affluent, oftentimes we're talking about tax saving strategies.

These are people who are in the upper tax brackets and they need help to legally reduce their tax liabilities.

And there are many strategies that can help with that.

These are people who need to understand their investment processes and philosophies.

And these are people who now have the financial ability to leave legacies, to build generational wealth, and to simply maybe make the lives of those around them better by how they use their money.

So I love working with the mass affluent.

I love working with the high net worth because quite frankly, in order to get to the high net worth area of life, you have to be a pretty valuable person.

You have to be someone who's worked hard, someone who's built value and someone who has done the difficult things.

And finally, I really like working with just the average person.

So I'm never going to be that guy that says, hey, you need to have 5 million, $10 million to work with me.

And yeah, the big clients, they can tend to maybe even be more profitable and more exciting to work with because they're more complicated and they just allow us to use more tool.

But if you're a nice person, if you genuinely have the desire to improve your financial circumstances, and if you can take advice and if you can take coaching, then oftentimes I will enjoy working with you.

I know that the people with a little lower incomes and lower net worth, they have less margin for error.

So financial planning almost becomes more important to them.

So I love working with the average Joes as well.

And some of the things that I've done for my clients over the last year or two that have been memorable for me is with some business owners.

I've helped them set up retirement plans and benefit plans for their employees.

I've actually done some basic financial coaching for their teams and help their teams to get in situations to where money is less of an obstacle for them.

So less stressed out employees equal more productive employees.

So even though these employees are not really my clients, I definitely have spent time doing some group coaching in some conference room this year and that's brought fruit to to the business and to the individual employees.

I've helped some widows to get their finances in order.

In past generations, whether it's right or it's wrong, oftentimes the male of the family handled the money and then when the male passes away, it can be a very big burden on a female to all of a sudden be in charge of investments, of tax and things like that.

So I've helped a few widows and that's really had a big impact on their lives.

I've had actually a business owner tell me about two weeks ago that I had a big impact on his life because I helped him to understand that the business needs to be run a little bit differently so that it can be more valuable and be sold, and also helped him to understand some risk concepts a little bit better.

I've helped some personal clients to look at the non sexy parts of their financial planning materials and that is their property and casualty insurance.

So I've looked with some higher net worth clients and said, hey, I don't know if you've ever had a financial advisor look at your car insurance, but did you know that under your current car insurance policy, if you hit my car with my wife and my three children right now you only have $50,000 of COVID to pay for all of our injuries.

And once your car insurance has paid out that $50,000, then you are on the hook for the rest.

Are you okay with that?

And their eyes opened and said, I never knew that's what those numbers meant.

So we do like to look at some of the non sexy parts of the financial planning and your insurance is one of those.

So we do a lot of different things and we help people in a lot of different ways.

So here's what I plan on doing moving forward with the weekly wealth podcast, because I plan on having hundreds and hundreds of more episodes because I love what I do and this podcasting thing is just a labor of love for me.

So you're going to still hear my voice.

You'll hear me on one or two episodes per month talking about some mindset topics and talking about some financial planning topics.

About once per month, my colleague Justin Chastain and I, we're going to do an Ask the professor episode and we'll dive pretty deeply into a specific financial planning topic.

Justin, actually, in addition to his work as a financial advisor, he teaches in a CFP certification course.

So he's my go to guy when I need some details in dealing with the business owners.

We're going to continue to bring valuable information for the business owners.

I'll have some guests, Come on.

I'll have some business coaches.

Come on.

I'll have some leadership coaches.

Come on.

I'll have maybe an attorney or two and even some chief financial officer type people who can help you to run a better business.

When you're running a better business, that will put you in a better financial position.

And it's really indirectly a financial planning topic.

Right.

And then for the individuals, we're going to talk about just the things and the financial topics that will apply to average people.

I hope that you get value from listening to the weekly wealth podcast.

And if you do, I hope that you'll share it with your friends, your families, your colleagues and your co workers.

And I hope that we can make hundreds more episodes.

Like I always say, I believe that how we handle our money should positively impact our lives and the lives of those around us.

And I hope that this podcast can be a little piece of that puzzle in your life.

So let me know if you have any questions, davidarallelfinancial.com and definitely let me know if you have any topics that you'd like for us to cover here on the show.

We want to bring value.

We want to bring education and we want to enhance your financial position, whatever that means to you.

All right, everybody, until next episode, I wish everybody a blessed week.

Thank you.

Investment advice offered through Parallel Financial and SEC registered investment advisor able to conduct advisory business in states where it is registered or exempt or excluded from registration contents contained herein or for informational purposes only and should not be construed as an offer or solicitation for investment advice or for the purchase or sale of any security, insurance or other investment property party.