Hugh O'Donnell Financial Strategist

Hugh O'Donnell Financial Strategist My name is Hugh O'Donnell
I'm a Financial Strategist, when I sit down with people, I take an education first approach to finances. So, reach out!

I teach people how money works, ask good questions, bring access to the best in the industry, and get people's finances to support their purpose and calling in life, instead of money standing in the way of their goals. I teach them how money really works, and what it takes to win financially. I bring some of the best training in the finance industry, my years of experience in business, a passion f

or financial education, and I'm partnered with a company that gives me access to the best the finance industry has to offer - (over 190 A and A+ rated companies)

I build full financial plans that reduces stress and worry and set you on a path to mastering your finances. The best part is, I do all of this at no cost to you! Because I get paid by the companies I represent, instead of charging you! I love this business model because it allows me to reach the people that need this the most! I believe everyone deserves more peace and freedom regarding money, so they can focus on more important things. like spending more time with family and doing what they love. Instead of spending that time working for money. Do your Finances currently support your goals or mission in life? Or are they getting in the way? Having control of your finances will reduce worry and stress and expand your options and what you are capable of accomplishing in your own life, and in the lives of others! Ignoring this huge area of your life won't improve it, taking action will! And I would love to help you do that. After meeting with me, you will be well educated on what you have for options and have a clear path forward to understanding and mastering your finances. I serve all 50 states, and work with you through convenient zoom meetings while easily working around your busy work and life schedule. Call, text, or book a time on my calendar, to see how I can help you master this part of your life! I'm looking forward to talking soon.

03/28/2024

Wills and Trusts - Why are they so important?

Not many of us have an estate plan because it's no fun to think about, and we think we'll always have time to do that later. But we might not, only two things in life are guaranteed right?

So let me ask..
Do you a will in place with power of attorney? Healthcare directives? have health directives in place?

If something happens to you, What will happen to you your assets, your house? If you have Kids, what happens to them?
If nothing is set up, then it goes to court. And most states say that ANY interested party can nominate themselves to take care of the kids! Including the State! And they get preferred statues as an "Interested Party"! And it goes to the court / judge to decide. And in the meantime, the Kids go into foster care, while the Family and Judge is deciding what happens with the kids!
One of The most important things you can appoint a legal writing a guardian for your Kids !

How about someone who will make medical decisions on your behalf) If you get injured and aren't able to make medical decisions, people assume your spouse is going to have healthcare/medical directive..
Unfortunately, That is not the default! If you don't have this taken care of, The Hospital can take over and make those decisions on surgery's, medications, and other medical decisions!

You can do all of this in a Will. The only problem is that when you only have a will
All paths lead to the court system if you don't have a living trust.
And as it goes through probate court, and the judge is validating the will:
It can take a long, long time! (it takes an average of 12-24 months for a will to be resolved. Plus anyone can contest your will!
Other family members, Friends, and even the Judge and the State! And it can be expensive! (Court cost, lawyers etc.)

If you don't have a plan in place, the default alternative is not a pretty process!
Most people imagine that estate planning is for when you're old. It's not. These are important legal documents that every adult should have taken care of.
- We have the #1 estate planning law firm in the country working with us!
The best thing is, instead of the average $3k to $5k from your local lawyer's office, with our partners, an Estate plan including a will and living trust is currently just $1000.
And from the comfort of your home, you can get Free consultation with a law professional to ask questions, to see if a living trust is right for you.

So, if you need to get this done of for yourself and your family.
contact me. And let's get this taken care of.
I'm looking forward to talking with you. Have a blessed day.

Hugh O'Donnell
207-717-0889
[email protected]
Book an appointment on my calendar here: https://calendly.com/hughod/initial-meeting

03/28/2024

Uncle Sam - He really is the worst Business Partner
If you have 401k or IRA in a tax later strategy, then you are partnered up with everyone's favorite uncle! Uncle Sam.

Let me give you a an example.
Say I'm the government, and I told you "I want to go into business with you". But you're going to do all the work. And I'm not going to take any of the risk. If you lose money, it's all on you. But if you make money, then when you sell your business, I'm going to take 30%!. Unless I'm hard up on cash, at which time I'm going to charge you whatever percentage I want to!
If you want to try to sell your business early, and it really hasn't had time to grow for me to make a lot of money. I'm going to charge you an extra percentage. And if you wait too long to sell your business, well, I really want my money. SO I'm gonna force you to sell it one chunk at a time So I can get my money… Would you go into business with me?
Absolutely not!

Well, I just explained your tax later 401K/IRA.
Because with a 401K you're signing an open-end contract with the government. They're going charge about 30% taxes (but they can raise that at any point) If you try to pull your money out of your 401K too early, they're going to charge you a 10% penalty. (and they can raise that at any point) If you wait too long, they require you to pull minimum distributions after age 72…. Sounds a whole lot like the business partner I just described doesn't it? And yet so many people still have most or all of their families financial future in a later strategy

So, if you want to explore some different options and learn more about what's available, contact me, you can call, text, or book a time on my calendar.
I'm looking forward to talking with you. Have a blessed day.

Hugh O'Donnell
207-717-0889
[email protected]
Book an appointment on my calendar here: https://calendly.com/hughod/initial-meeting

03/28/2024

How your money is taxed. - Because it's not about how much money you make, it's how much you get to keep!
I'm going to break down the three basic options Uncle Sam gives you with accounts where your money is growing.

There is taxable, tax deferred, and tax advantaged.

In a taxable account like a savings accounts, or individual brokerage account. We already paid taxes on the money we put in, then whatever our account makes each year, we are taxed on those gains as well.
- So, there's zero tax benefits here and Uncle Sam loves it when we put our money it this tax strategy.
And The reason the next 2 options are so important is because in a taxable account, since your taxes are taken out of the gains, you never truly get take advantage of the power of compounding interest, which becomes very costly over time.

In a tax deferred account like a traditional 401(k) or IRA, the money that we put in. - is tax deductible, Meaning we don't pay any taxes on it at all... Yet - . It then grows tax deferred, meaning we pay no taxes as it is growing.
But we have to pay taxes at some point right!?, and the point is: whenever we start taking the money out. (Usually in retirement) - And the big kicker is! You will be paying taxes at whatever rate the government decides to make taxes at that time.
Let me ask you a question - Especially with our government being over $30 Trillion in debt.. Do you think taxes are going to be lower in the future, or higher?
I haven't heard anyone say taxes will be lower in the future.

And that's why there is tax advantaged accounts, - (this would be accounts like a Roth IRA, Cash-value insurance, or a 529(b), etc.)
You are paying taxes on that money before you put it in the account, then it gets to grow tax free, and you will get to take it out tax free!
No matter "servant of the people " person is president at that time!
This is why it is so important that education like this is taught, If someone does not know how the game is played, it could end up costing them tens of thousands, if not hundreds of thousands of dollars out of their future!
In fact, over 80% of Americans have most or all of their retirement savings in tax later accounts, where they will be paying taxes on all that money in the future!
It's crazy!
Now, this gets much more complicated when you start diving into tax brackets based on income, and how to plan for that in retirement.. Still, now you know the basics. But Knowledge is not power unless that knowledge is applied.

So if you want help making sure Uncle Sam isn't taking more of your livelihood than necessary, then reach out - book a time on my calendar, I'd love to talk. - Also please share this video with anyone that could benefit from hearing this - Have a blessed day.

Hugh O'Donnell
207-717-0889
[email protected]
Book an appointment on my calendar here: https://calendly.com/hughod/initial-meeting

03/28/2024

What is wrong with the traditional finance industry?

Quite a bit actually..
BUT one of the biggest issues is how biased the industry can be. For example you could have 3 people that all 3 have a financial professional.
but one might have a financial professional that works for a bank.
The professional at the bank will most likely tell you that the best place you can put your money is into the bank. - Money Markets, Savings Accounts, and CD’s because that is what the banks sell.
The second person could have a professional that works for a securities company, and they are going to tell their clients that the best place they can put their money is into the next hot Mutual Fund, Stocks, and Bonds because that is what they sell.
And lastly you could have a 3rd person that has a professional that works for an insurance company. They are going to tell their clients that they should put their money into whole life insurance and annuities because that is what they sell.

So, all 3 people have a financial professional, but all 3 of them were given different advice from one another. So that brings the question of, what is the right advice?
The answer is that There's not a "right advice" because there is a time and a place to use everything.

The difference I bring, is that I'm a fully independent - non-captive agent, and through the Miliare Group and World financial Group, who are backed by a company that's larger than IBM, Coca cola, and Disney COMBINED! - I as an independent agent get access to over 190 of the top companies in the fiannce industry!

So I don’t work for any one company, I work for my clients.
When making recommendations, my job is not to sell a client on the reason why one company is better over another. my job is to simply understand and identify what my clients needs are, then to find what companies and what products are best for them.
-If you want to dive in and learn more about what I have access to, and what it could mean in your life, get in touch with me, I'd be happy to show you!
Have a blessed day

Hugh O'Donnell
207-717-0889
[email protected]
Book an appointment on my calendar here: https://calendly.com/hughod/initial-meeting

03/28/2024

Six step financial plan. - What exactly is it?

Depending on the need, I take people through a 6 step financial needs analysis and planning method.

Starting with >
CASH FLOW: I teaching people how to budget, track and shop out expenses, anything to put more money in their pocket every month. - Who doesn't need that right?

Next is Emergency Fund: - once we're finding that money, then we make sure they have a proper emergency fund. Because 60% of Americans can't afford a $1000 emergency without putting it on a credit card!
So helping get 3 to 6 months worth of income saved up, so when the storms of life come, They are prepared!

#3 is Debt Management: Here I'm doing anything to help people get out of debt faster, paying the least amount interest - That's building debt sn*******ng plans, helping with credit building, credit repair, refinancing, Debt Consolidation ,ect.

#4 is Proper Protection: Here I ask my clients this all the time, If you where to pass away tomorrow, are you 100% comfortable with what would happen to your family?

But it's not just about life insurance, - What if something happened to you, and you didn't die? But you have cancer or some other major illness?. - maybe you can't work anymore?.. What does your situation look like then?
No fun to think about, but a very important part of everyone's finances

Most Americans are under insured, but even those with proper coverage usually havent shopped it out with over 100 companies before, So I'm usually able to find them better coverage at a better price!

#5 is Building Wealth: Most people know when they want to stop having to work for money, and most know what they'd rather be doing than working for money, but most people haven't sat down and built out a plan to see what it will take to get them there,

So I collect their goals and work backwards to create a plan to get their Money working for them. - Leveraging anything I have access to get higher growth while still protecting portions of their wealth from drops in the market, and looking to Pay the least amount in taxes, - because it's not all about how much money you make, but how much you get to keep at the end of the day!

Then #6 is Preserve Wealth: Here we have the number one estate planning Law Firm in the Country working for you. And they handle all of the estate planning. things like Wills and Trusts. - And I ask people this all the time, but if you’re married, and have a couple of kids.. If something happened to you and your spouse, what happens to your Kids? What happens to your Estate? -
It’s so important to have something in place! Not only to make sure the court and lawyer fees aren't taking a large chunk of whatever was left behind, but this can keep families from fighting and ruining relationships, on top of already dealing with a tragedy!

- So if you think you have areas that you could improve on, or just want another set of eyes to review your current plan
I'd love to help you with that!
Reach out, or book a time on my calendar to sit down and get started.
Talk to you soon.

Hugh O'Donnell
207-717-0889
[email protected]
Book an appointment on my calendar here: https://calendly.com/hughod/initial-meeting

03/28/2024

How can I help you in your life?
(introduction to what I do, and how it could help you)

See, there is a huge problem in America right now, and that is that most people don't how money works, how to get it to work for them, what tool to use, and what they have for options. - And that is mostly because of the extreme lack of financial education in this country, (How much personal financial education did you receive through high school? Or even collage?

Plus, because of impossible minimums, and rediculous costs, most of the financial industry fails to serve the average person.

That's where I come in,
I'm a financial strategist, when I sit down with people, I take an education first approach to finances. I teach them how money really works, and what it takes to win financially.
I bring some of the best training in the finance industry, my years of experience in business, a passion for financial education, and I'm partnered with a company that gives me access to the best the finance industry has to offer - (over 190 A and A+ rated companies) , to build full financial plans that reduces stress and worry, and set you on a path to mastering your finances.
- And the best part is, I do all of this at no cost to you! Because I get paid by the companies I represent, instead of charging you! I love this business model because it allows me to reach the people that need this the most!
I believe everyone deserves more peace and freedom regarding money, so they can focus on more important things. like spending more time with family, and doing what they love. Instead of spending that time working for money.

So, I have a few questions..
- What are you looking to accomplish in life?
- Do your Finances currently support these goals? Or are they getting in the way?
- How would you rate your overall understanding of money? -
- On a scale of 1-10, how would you rate your financial situation when it comes to Cashflow and tracking expenses?
- Are you comfortable with the amount of debt you have?
- If you became seriously ill or injured (or worse) tomorrow, what effect would that have on your family and on your finances ?
Are you currently building wealth?
.. Would it be worth taking some of your time to work on mastering this part of your life?

After meeting with me, you will be well educated on what you have for options, and have a clear path forward to understanding and mastering your finances.
I even guarantee it! Because if not, I will work with you until you do!

I just worked with a guy named Chris,
And we talked about what he was trying to accomplish in life, and what part his finances play in that.. then I built a financial plan that supports that
I showed him how to painlessly track his spending, and because of that, he ended finding things he was happy to cut back on
We also shopped out some of his expenses, and he ended up saving money on things he was already paying for!
We set up a tax advantaged account where he will be building wealth, and be able to access it for some of his short and mid term goals, not just retirement!
Then We did some planning around uncle Sam, so he will be saving a bunch of money in taxes.

- We got all this done on convenient zoom meetings while working around his super busy schedule with his work and wife and kids

Having control of your finances will reduce worry and stress, and expand your options and what you are capable of accomplishing in your own life, and in the lives of others!
Ignoring this huge area of your life won't improve it.
taking action will!
And I'd love to help you do that!

Reach out! Call, text, or book a time on my calendar, to see how I can help you master this part of your life!
I'm looking forward to talking soon.
- Have a blessed day.

Hugh O'Donnell Financial Strategist
[email protected]
207-717-0889
https://calendly.com/hughod/overview

03/21/2024

Why is it so hard to save money?
Even when we know that saving can make the difference between having options for ourselves and our family or freeing up time to do things we are passionate about, OR working 40+ hrs. a week for the rest of our life until we can't do it anymore, then relying on our family to support us, (along with the tiny bit of financial support from the government.)

Saving a ton of money sounds great in theory, but for most of us, every penny is accounted for, and most of us don't think we can afford to save. - But frankly, we can't afford not to save!

It's interesting. Behavioral scientists have studied different ways we fool ourselves. One of which is, that trying to come up with money for our future selves is hard! Because our future selves just don't seem very real to us!

The good news is, there are some ways we can trick ourselves into doing the right thing!

One of the biggest keys to success is: You have to make your savings automatic! The best way to save is when you don't see the money in the first place!
Once you don't even see that money coming in, you'll be surprised how many ways you find to adjust your spending to fit your income!..

The decision to keep a percentage of your income today will make it possible to always have money for yourself in the future. - Don't even think of it as savings, call it your freedom fund! Your peace of mind stash!

This is the basic foundation and the biggest step you can make toward gaining more financial freedom…

So, are you ready to start building wealth?

What percentage of your income is right for you to start saving?
8%? - 10%? - 15%? - 20%?
Find your threshold and commit making it happen. And then automated it, so that it happens every single month!

I hope this was helpful - Have a blessed day

03/20/2024

What's the biggest misstep most of us make right off the bat when it comes to saving and building wealth?
Most of us fail to take full advantage of compounding. - The multiplying power of growth on growth.
Compound interest is such an important concept, that Albert Einstein said it was one of the most important tools invented in history.

If I gave you a choice between 3 million dollars right now, or a penny that doubles every day for 31 days. Which would you choose? - I know that 3 mil sounds nice, but if you wait a month for that penny to keep compounding, it will be worth 10.7 million dollars!

So, if this is so powerful and so important, why do so few of us take advantage of it?.. I believe most of us weren't educated on how it works, and how to take advantage of it!

So, what you can do, is make a simple change in strategy and embrace a whole new mindset. Decide to harness the amazing power of compounding! it could change your life!

You're already a financial trader.. You might not think of it in that way, but if you work for a living, you're trading your time for money. And frankly, That's a pretty bad trade most of the time. You can always get more money, but you can't get more time

If you want to move from just working for money, to a world where money works for you. Let's have a discussion about what options you have available!

Hugh O'Donnell
207-717-0889
[email protected]
Book an appointment on my calendar here: https://calendly.com/hughod/initial-meeting

03/20/2024

How can you avoid the Lifestyle Creep?

- Have you noticed that the more money you make, the more money you end up spending, and you still don't have any money left at the end of the month?
And you haven't built any more wealth?

This is also known as lifestyle inflation.
This destroys your Cashflow, and your ability to build wealth!
- I just call it "the lifestyle creep" because it sounds like someone you don't want to hang out with!

So how do we protect against the Lifestyle Creep?
- Set Goals for your money! If you don't have a specific use that you have already decided on.. when you get new money, It will most likely be spent on something dumb.
So set goals! - Then create a budget that reflects those goals

- Pay yourself first! - Automate your Savings and Investments. Set up automatic transfers from your paycheck directly to your savings or investment accounts...Treat these contributions as non-negotiable! Just like paying bills.

- Another cool hack you can do is, when you get a raise or a bonus - Decide to put 50% of it toward your financial goals (things that will truly move you forward in life) Then put the other 50% towards upgrading your lifestyle.

This is actually a pretty big topic in itself, and these are just a few concepts and things that you can do to avoid falling victim to the Lifestyle Creep.

- If you want to dive and learn more, get in touch with me, I'd be happy to have a conversation! Hope this was helpful for you!

03/20/2024

*Important questions everyone should have an answer to!

- What are you looking to accomplish in life? - Have you found what you have been called to do? (Having a great marriage? Raising successful kids? Making an impact in your community? or maybe the world?

- How does your current and future financial situation play a part? Does it support your goals and callings? Or are your finances getting in the way of accomplishing what you need to do?

- Are you spending money on the things that mean the most to you? (does your spending align with your priorities?)

- What do you use currently to track your expenses and budget?

- Do you have any passive income streams? (Stocks, businesses, rentals, etc.)

- Do you feel like you are paying the lowest amount in taxes possible?

- Are you comfortable with the amount of money in your emergency fund?

- If you were to pass away tomorrow, as you were taking your last breath would you be 100% confident that your family would be okay financially, legally?

- Do you currently have any plans in place to help your children get started financially? (college, first car, first home, etc.)

- What are some of your goals in the short or mid-term future? - Do you have a clear plan to achieve them?

- How about long-term goals? Is there a time in your future when you'd like to spend your time on more important things than working for money?

- Are you currently building wealth?
- Do you have a high-growth strategy?
- How about a market-protected account? (we all remember 2008)

- Do you have a Will and a Trust in place? -
- If something happened to you and your spouse, do you know exactly what would happen to your house? Your assets? Your kids?

Having good answers and solutions to these questions (and more) is vital to having a healthy financial plan that will support your goals, your vision, and your purpose in life.

And I'd love to help you do that!
Reach out! Book a time on my calendar.
Let's sit down and see what options you have and get some answers to these questions!

Hugh O'Donnell
207-717-0889
[email protected]
Book an appointment on my calendar here: https://calendly.com/hughod/initial-meeting

Address

Shelbyville, TN

Telephone

+12077170889

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