Episode description

You have made it to the final step in the 7 Steps to Wealth framework, Protect!

This is the step that ensures everything you’ve worked so hard to build can’t be lost due to unforeseen–or even semi-predictable–circumstances.

This step might just be the easiest to ignore–because implementing it isn’t the most fun thing on your to do list. Believe me, I get it! It’s a lot more exciting to earn money and invest it than it is to buy insurance or meet with lawyers. But. It’s even LESS fun to lose all your hard-earned money to clerical errors or insufficient insurance.

Remember: As your wealth grows, the weight of potential mistakes grows alongside it–and that’s usually a sign it’s time to bring on a financial professional who can make sure you’re doing everything you should (and could!) to grow and protect your wealth.

I am fundamentally an evidence-based optimist, but let’s not sugar coat it: If you don’t protect your wealth, it doesn’t matter how much you earn–because it could all disappear in a blink. I’ve witnessed it happen more than once, and it is heartbreaking to witness every.single.time.

In this episode, I share five stories of people who have lost their money due to risky investment strategies, negligent estate planning, and unexpected changes in health.

These stories do not come from clients of mine, because events like this just don't happen on my watch, but I do hear about them–and I want you to learn what you can do differently so that you (hopefully!) don’t end up in the same situations.

Listen in, take notes, and take heart, knowing YOU are going to protect your wealth! 👇

Here’s what you’ll learn in this week’s episode of Love, your Money:

• 04:25 Introducing the final step in the 7 Steps to Wealth: Protect
• 05:10 Story one: My friend’s uncle, who committed a quintessential financial mistake when he watched his investment accounts drop 50%, panicked, and locked in his losses instead of waiting
• 07:01 What could have happened with his money if he had remained invested and followed an evidence-based investment strategy
• 10:02 Story two: My former coworker’s husband had an unexpected stroke, lost his functional abilities, and required around the clock care… but they didn’t have appropriate insurance, healthcare directives, estate planning, or financial safety nets in place 
• 12:34 Protecting your assets with insurance, estate plans, wills, and revocable living trusts–plus the importance of a properly structured investment philosophy 
• 15:27 Stories three and four: How Cliff and Pete lost millions of dollars due to risky investment strategies
• 17:51 Story five: Someone who inherited $5 million in his thirties, and ended up with nothing in his fifties (instead of collecting a passive six-figure income) because the funds were mismanaged
• 18:57 The official wrap of the 7 Steps audio series–plus, when it’s time to bring a professional on board to help manage your wealth and take the guesswork out of your financial planning
• 21:11 How our team of female fiduciaries can help you build wealth and achieve financial freedom, no matter where you are in your wealth building journey

 Show Notes
To get access to the full show notes, including all the resources mentioned, visit: https://hendershottwe

Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.