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Neil Mahoney

Video Transcripts

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Introduction - Neil Mahoney

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Neil Mahoney: Hi, I'm Neil Mahoney, owner of ABW Advisors. In college, I became intrigued about how to do smart things with money like...

[music]

Neil Mahoney: Hi, I'm Neil Mahoney, owner of ABW Advisors. In college, I became intrigued about how to do smart things with money like investing and saving taxes. Most people are not intrigued like I am about all the details of personal finance, but everyone wants to make the most of the money they have and use it to enjoy life.

While in business school, I worked for a small wealth management firm and a large bank. I, eventually, worked for a wealth management firm with several advisers for 11 years. Outside of work, I love playing ping-pong, building more railroads, and participating in my church community.

I believe in three main values dealing with money -- stewardship, generosity, and independence. I believe in wise stewardship of money that we are accountable for our financial decisions to loved ones, to God, or to society at large depending on our world view.

I believe that generosity is one of the most important ingredients needed to address our world challenges. It's a very satisfying approach to life. I believe in helping people become financially strong and independent so they can enjoy life and build a better world in their own unique way.

For clients receiving financial planning and investment services, we plan to meet twice a year. In every meeting, we check the status of previous action items, discuss progress toward goals and prepare for life's transitions.

Clients often come to us with a fair amount of uncertainty. During our planning process, we identify where things are OK and where they're not OK. Then we provide concrete steps to take by providing the client a clear picture of where they stand and what to do next.

Uncertainty decreases and peace of mind increases. Some people realize they should probably take certain actions but get stuck and don't act on their own. Sometimes, money comes quickly by inheritance, employer stock, or sale of the business. It may be a little bit overwhelming.

By providing education and coaching, we can help reduce the learning curve and sort out conflicting opinions from family, friends, and the media so you could move forward with confidence. We work especially well with special needs families, those caring for a loved one with disability, along with those interested in charitable giving and philanthropy.

We have the expertise and background to assist in a wide range of needs for these keys areas of financial planning.

Thanks for listening. My name is Neil Mahoney. Interested in learning more? Book a time to speak with me today.


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Special Needs Financial Planning - Neil Mahoney

[music]

Neil Mahoney: Hi, I'm Neil Mahoney, owner of ABW Advisors. Special needs planning is financial planning tailored to the needs of individuals with disabilities...

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Neil Mahoney: Hi, I'm Neil Mahoney, owner of ABW Advisors. Special needs planning is financial planning tailored to the needs of individuals with disabilities and, as it's often the case, the families that care for them.

Families and people with special needs can deal with all the typical financial matters, such as preparing for college, retirement, making major purchases, investing, and dealing with taxes. But they also face unique matters like ongoing medical issues, caregiving responsibilities, government benefit programs, and lifetime care plans.

Special needs families can benefit from relying on a financial planner to help check things off the to-do list and shoulder some of the weight of both the typical and unique financial matters.

Defining the long-term financial needs of a person with disabilities is crucial. There can be a large variability depending on the type of disability one may have, from being completely dependent to being high functioning and, mostly, independent.

We work with clients to understand their unique circumstances and identify the best ways to provide support. It's common for a family to name the person with special needs as a beneficiary in trusts, life insurance, and retirement accounts.

However, sending money directly to a person with disabilities can disqualify them from government benefits. Part of the solution may be working with an attorney to create a special needs trust that is structured to allow for support of the person with disabilities while allowing them to still qualify for vital government benefits.

Other savings vehicles like an ABLE account, which was created just for people with special needs, may also be part of the solution. Careful coordination is essential to ensure all the resources go to the right place.

This could mean updating trusts and wills, ownership of assets, and life insurance and retirement beneficiaries to make sure the right amount and type of funds go where they're needed. I want to ensure there is a well-executed plan in place so the person with disabilities can live as good a life as possible throughout all stages of life.

The reason I help special needs families and individuals is because I have walked along the path, myself. I have adult twin boys who both have significant disabilities. They are completely dependent on me and my wife as caregivers. This experience helps me understand the challenges special needs families and individuals face and motivates me to reach out and offer support.

Thanks for listening. I'm Neil Mahoney. If you're interested in learning more, book time to speak with me today.


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Return on Life - Neil Mahoney

[music]

Neil Mahoney: Hi. I'm Neil Mahoney, Owner of ABW Advisors. Everyone talks about how much money you need to retire and ask, "Do you...

[music]

Neil Mahoney: Hi. I'm Neil Mahoney, Owner of ABW Advisors. Everyone talks about how much money you need to retire and ask, "Do you have enough?"

I believe the more important question is, "Are you managing your money in a way that allows you to live the best life possible?" Also, "Does earning one percent less or more than the market impact how you lived your life?" Of course, not.

Yet most of our industry focuses on performance, otherwise known as Return on Investment or ROI. With our clients, we use a much more effective approach called Return on Life or ROL. A plan designed with ROL at its foundation is designed to answer three big questions.

One, how did I arrive at my perspectives on money? Two, am I managing my money in a way that is improving my life? Three, am I financially prepared for life's pay transitions? We use three exercises to how clients answer these questions.

The first exercise, we call a physicalosophy conversation. We found that each person has their own perspective on eight key aspects of money. During this conversation, we won't answer the question. What are your perspectives on money, and how did you arrive at them?

Just as you can expect your doctor to diagnose what's wrong with you without knowing your complete medical history, it's difficult for us to develop a comprehensive plan without knowing your physicalosophy.

The second exercise we cover our Return on Life index. The ROL index helps you answer the question, "Are you managing your money in a way that improves your life?" The ROL index has shoot us 10 aspects of your life that relate to whether or not you're making progress. We then identify areas where you can use your money more effectively to make things better.

The third exercises are financial lifeline. We believe it's more important to focus on the significant life transitions you see in your future, rather than just getting to the big number necessary for retirement.

Common transitions are paying for college, caring for an elderly parent, down size in our home, or transitioning to semi-retirement. These another transitions only that are confidence or stress depending on it, if you plan for the transitions appropriately.

We'll create a customize financial lifeline for you that will specify exactly when and how to begin addressing these important transitions. Only after with considered your Return on Life, we'll begin to crunch numbers and run scenarios to make your plan work.

Thanks for listening. I'm Neil Mahoney. If you're interested in learning more, book time to speak with me today.

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