As we bid farewell to 2023, a pivotal year marked by economic volatility, geopolitical tensions, and a global pandemic's lingering effects, it's time to take a look back as well as preview what you can expect in 2024. On this special episode Your Money. Your Mission., our CEO Jim Popp joined our host Kelly Mould for a discussion about the past year's financial landscape and offered thoughts on what lies ahead in 2024.
2023: A Year of Surprises and Resilience:
Jim began by acknowledging the uncertainties that defined 2023, including the lingering impact of the pandemic, economic volatility, and global geopolitical challenges. Despite these challenges, Jim pointed out that some aspects turned out better than expected. Inflation, for instance, showed signs of subsiding, and people continued to work despite anxieties about the state of the world.
The Role of the Podcast in Addressing Diverse Financial Needs:
Looking back we were proud of what YMYM was able to accomplish in its inaugural year and appreciate all of your support and feedback! In 2024 we will continue to use this as a tool to answer your questions and cover the topics that we feel are most important to our customers and audience at JFG.
Generational Shifts in Financial Conversations:
Jim emphasized the changing dynamics in discussing finances across generations. While older clients are now more open to conversations about retirement and estate planning, younger generations exhibit a refreshing willingness to engage in financial planning early in their careers (unlike older generations). This shift in mindset was credited to a more open dialogue around financial matters, breaking the taboo that once surrounded discussions about money.
Navigating Retirement Transitions and Financial Planning:
The conversation dove into challenges faced by HNW retirees (and those nearing retirement), particularly the difficulty of transitioning from accumulation to spending down assets. Jim highlighted the importance of facilitating meaningful conversations with clients about their purpose in retirement and helping them shape their legacies. This approach, Jim noted, goes beyond traditional financial planning, emphasizing the significance of understanding each client's unique story.
Looking Forward to 2024:
Jim shared his optimistic outlook for the future, highlighting a more stable economic environment with the Federal Reserve effectively managing inflation. He stressed the importance of a disciplined approach to financial decisions, prioritizing fundamentals and a steady workman-like approach in light of the upcoming election cycle, as this could potentially be another volatile year.
Jim and Kelly also previewed what’s to come on the YMYM podcast in 2024 which involves producing content that addresses seasonality in financial planning topics and if you would like to submit a topic or have a question answered on the show please submit one here.
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