EP #88: Retire Wise - Financial Planning & Well-being with Shawn Maloney
Mar 25, 2024
Feeling overwhelmed by your finances? Take a deep breath and join us as we sit down with Shawn Maloney from Retire Wise for an eye-opening discussion that just might be your lifeline to tranquility. In our latest episode of Good Neighbor Podcast North Atlanta, we delve into the profound connection between financial planning and personal wellness. Discover how a strategic approach to your finances does more than just pad your wallet—it can actually be the remedy for a stress-free, mentally satisfying life. Shawn sheds light on the often underestimated psychological toll financial strain can take, and we share real-world stories that illustrate the transformative power of a well-structured financial blueprint.
In an era where your ethos and bank balance are more intertwined than ever, we examine the delicate fusion of faith, family, and fiscal responsibility. Learn why it's imperative to align your spiritual and familial values with your financial goals, creating a synergy that fosters inner peace and purposeful stewardship. We also tackle the topic of legacy and estate planning, highlighting the everyday peace and relationship reinforcement that comes from being prepared for the future. By the end of our conversation, you'll see how a clear financial roadmap is not just about guiding you through life’s transactions but also about bolstering your confidence and relationships through all of life's transitions. Join us on this journey to financial clarity and personal empowerment.
Feeling overwhelmed by your finances? Take a deep breath and join us as we sit down with Shawn Maloney from Retire Wise for an eye-opening discussion that just might be your lifeline to tranquility. In our latest episode of Good Neighbor Podcast North Atlanta, we delve into the profound connection between financial planning and personal wellness. Discover how a strategic approach to your finances does more than just pad your wallet—it can actually be the remedy for a stress-free, mentally satisfying life. Shawn sheds light on the often underestimated psychological toll financial strain can take, and we share real-world stories that illustrate the transformative power of a well-structured financial blueprint.
In an era where your ethos and bank balance are more intertwined than ever, we examine the delicate fusion of faith, family, and fiscal responsibility. Learn why it's imperative to align your spiritual and familial values with your financial goals, creating a synergy that fosters inner peace and purposeful stewardship. We also tackle the topic of legacy and estate planning, highlighting the everyday peace and relationship reinforcement that comes from being prepared for the future. By the end of our conversation, you'll see how a clear financial roadmap is not just about guiding you through life’s transactions but also about bolstering your confidence and relationships through all of life's transitions. Join us on this journey to financial clarity and personal empowerment.
Speaker 1:
This is the Good Neighbor podcast, the place where local businesses and neighbors come together. Here's your host, Stacey Risley.
Speaker 2:
Hello, friends and neighbors, welcome to North Atlanta's Good Neighbor podcast. Today we're back here with Sean Maloney. He is the owner of Retire Wise and I am so excited to have him back on the show today to talk about one of his articles of expertise and it was titled the Financial Planning and Well-Being A Path to Secure and Fulfilling Future. So I absolutely love that and love the fact that he's going to be able to talk to us about the link between having a good financial plan in place and your overall well-being. I know that I myself have had time during my life, my life's journey, that has been really stressful due to finances, and I think we all know that finances you know the leading cause of divorce is the number one stressor in many lives. So very happy to have you back on, sean, to talk about this very important topic. Welcome.
Speaker 3:
Thank you so much for having me back. It's an honor to be back.
Speaker 2:
Yeah Well, so this is a great topic. You know, I just really I hadn't really thought about having a financial planner. You know, talk to us about this, and so I'm so glad that you have written this article and that you're willing to come back on and share some of your expertise in this area.
Speaker 3:
Yeah, no, I appreciate it, you know it's. You know, like you mentioned, it's a big stressor for a lot of people. You know we live in a kind of a crazy world and you know finances as it ends up being a big stressor for a lot of people and having the right plan in place helps out. And you know, whether it's whether you're younger in life, whether you're seasoned and about to retire, you know having the right ins and outs and a plan will kind of take away some of the mystery and demystify some of it a little bit and reduce some of that stress. You know you mentioned, you know it being one of the top stressors. There's a study out there that was done by a major firm that you know 58% of people said finances was one of their major stresses or top causes of stresses and another 86% of people said that. You know their mental health issues were made worse by thinking about stress. So you add different stresses in your life and you throw finances on top of it. It just compounds it Absolutely.
Speaker 3:
So, you know you can't control what you can't control, but we like to think that you know, with the finances side, at least you can put a wrapper on it and you know plan for it a little bit. So, yeah, it can definitely have an impact on your overall well-being.
Speaker 2:
Yeah, well, and stress is just. I mean, it does horrible things to your body. People's bodies react, and In horrible ways, to stress and everyday life and and with with finances being one of the top contributors of stress. As you say, 86 percent were saying that stress. What was that?
Speaker 3:
86 percent of people said that their mental health issues were made worse by thinking about money. So they take your normal everyday life stresses and Any issues that they were dealing with and then you throw money on top. Of the 86 86% of them said that made a significant impact. I made it worse.
Speaker 2:
Yeah, well, in in my own experience, you know, I was a an elementary school teacher for 19 years and then went through a A, a divorce, and knew I needed to make more money and went into medical sales for a little while and and loved that increase in salary. But then COVID hit and and you know we were trade show based and so, literally, business came to a screeching halt and that was the most stressful time of my life. They know it was. It was absolutely horrific and the anxiety that comes with that, the, you know, like you said, makes your mental anything, mental health wise.
Speaker 2:
It makes it so much worse when, when money is an issue, especially you know when, for 19 years, even though you don't make much money as a teacher, that's very steady and very consistent income and then to go to a high paying commissions job, you know, but that it's all you know, commissions based, and then to go to nothing. You know it was it. I had never really struggled with anxiety until that and it was all money related and it was, I mean, very much money related. So I'd love to, you know, I love that you wrote this article and that you, you know, talk about the link between, you know financial planning and your overall well-being. You know and, and, and. Can you tell us a little bit about? You know how having a financial plan in place Helps with your overall well-being.
Speaker 3:
Yeah, most definitely. You know we work with a lot of people and you know you when you dig into finances and they talk about what their needs are and what they're doing in life. You know, you tend to get to know your customers pretty well and you end up almost being you hear a lot and you end up almost being a mini counselor at the same time, because you're hearing a lot of stuff, right, and obviously you want to try to help them as much as possible. But there there really is a link between the financial well-being you know in the aspects that we can control or link to a financial plan in your overall being. I like to start.
Speaker 3:
The first thing I like to start with is that the faith and family aspect around Finances, right, first thing you want to do, no matter what your background, is aligning your values to your financial goals and being good stewards of your money.
Speaker 3:
But aligning your values to your goals and how, what you're doing with them, with your money. If that's out of a line, you know, then there's some natural stress there, right, and that's something that you're gonna, whether you're an individual, whether you're a family or a couple, you're gonna talk about that together to figure out you know what your values are, where, where you're spending your money, whether that's what you're spending or who you're giving money to charities, those kind of things. I always like to start with with faith and finances and make sure those are aligned. I, and then the family aspect of that you know really goes into the legacy planning and the state planning as well, is when you're no longer you know of this world and you want to leave things on to you know your family. You can make for a smooth, a smooth transition you know for your family and make that a little less stressful. So that's down the road, that's kind of more of their well-being, but it gives you peace of mind that you have it taken care of.
Speaker 2:
Yeah, no, and I do, I love, I do love that you have that. You know that was a whole section of the article faith, family and finances. And, like anything in life, if it's out of alignment, you know everything seems, you know, messes everything else up. It affects all aspects of your life. If one area of your life is not in alignment then you know the rest of your life doesn't seem to quite fit either. So you know, I appreciate you hitting on that point.
Speaker 3:
Yeah, you know some of the other areas. You know when you step beyond the faith and finances, when you look at the link between finances well-being. We talked about the stresses earlier. So you know the reduced stress aspect. If you can, if you can significantly or reduce the financial worries and reduce that stress, you know that just relieves one stress out of out of the family, out of your, out of your mind. So having a financial plan where you have a roadmap right, if you are going somewhere and you don't have Google Maps or Waze up and you don't know where you're going, is a little more stressful, right.
Speaker 2:
That's a great analogy, by the way.
Speaker 3:
You know you're arguing in the car because you know you're going the wrong way, but you have a plan, then it's a little more smooth sailing. You might hit some traffic along the way, but you have a plan and you don't have as much anxiety about it, right? So let's do the same thing with finances. Let's have a plan. It doesn't matter how much money or how little you have, you still can have a plan. Let's take that off the table and reduce some of that anxiety, right. That automatically to me, leads to the improved relationship parts of it, right.
Speaker 3:
Financial disagreements are, as you mentioned earlier, a huge cause of arguments in our relationships. So open communication about finances just foster healthier relationships, right, if you're open and honest about your finances oh, and, by the way, if you have a plan and you worked on it together, then you can communicate about it better, right? So just kind of a natural progression to help some of that, you know, ease some of the tension, and then that really blends right into the. We talked about the stat, about mental health, you know, and being able to achieve your financial goals. What happens when you achieve something? That's a accomplishment, that's a mini win, right. That automatically boosts our confidence in ourselves, our self-esteem and we feel better about ourselves. So those mini wins, you know, I talk about with some people, about, like, debt management and the method to go about debt management. The method I always recommend is a way that gives you those mini wins, because if you get mini wins, that keeps you motivated to keep going. So that kind of ties in with the you know the mental health aspects of things. But you kind of see it's kind of wrapping all together where it's all intertwined, you know, and if you plan it outright, not to say there's not going to be bumps in the road, but it just helps make that smooth out a little bit.
Speaker 3:
You know, you know life's full of different transitions and if you have some planning and you have a way to smooth out those transitions, whether it's, you know, you're starting a family, you're planning for college, you're planning a wedding or entering into retirement, you're planning for that. You know you plan ahead. If you can't imagine, I'm kind of a planner, but if you plan ahead it can help through those transitions. Again, you know, not to add extra stress onto the pile and really through all that, to me that kind of gives you some empowerment and control. Right Financial knowledge, take control of your finances. It gives you the ability to make informed decisions. You know, what I love to do is educate people about finances and ways to improve their finances and, of course, we specialize in retirement planning. It is the education along the way, because if you're knowledgeable and you're educated, you feel more empowered.
Speaker 3:
you feel better about yourself and that kind of goes back into the enhanced self-esteem and boost.
Speaker 2:
Yeah, well, a couple of things I would love to circle back and touch on out of the things you just said. Number one I love the analogy that you said about you know if you have, if you're just you know jumping in the car. You know heading somewhere and you don't really know where you're going, how stressful that would be. But if you have a roadmap and you have GPS, you know and, like the being in the improved relationships piece, you know, like if you guys both, that's like if you both have the same destination, you know you have the same map, that you're following the same map. That can be a strengthening you know of relationships versus you know being a stressor of relationships and being detrimental to relationships with finances. You know you put the have the same destination, have the same map and same route to get there. You know versus, because it's not all about the destination, it's about the journey. There too, you know and that you're on the same page and that you're making the same turns and you're taking the same routes and detours. You know that life throws at you. And then something else I really love that you mentioned is you know we talked about the mental health aspect and anxiety that that you know it causes. I love that you talked also not just about wealth management but debt management. You know for that, because there are so many people that are in debt and that or or they don't feel like they need a financial planner because they don't have much extra money. You know they're they're paycheck to paycheck or close to it and they don't have a whole lot. They don't feel like they have enough to need, you know, a retirement consultant because they don't feel like they have enough to be really coming up with a retirement plan. I love that you not only you know help individuals that that do have that excess of in funds, but also those that that need help with their debt management. You know, and because that is huge and you talked about the small wins and it making you feel better about yourself and it helping, and I think that that is going to give a lot of hope to a lot of people to know, not only can you seek out counsel from someone like yourself, you know through if you're, you know, looking to manage your wealth and legacy and and things are going to leave behind. You know. But but how do I, how do I get out of this mess that I'm in, you know, like, how can I, how can I improve my situation currently? And so I just wanted to touch on those two things because those, those really were resonating with me.
Speaker 2:
For for people that might not think that this podcast is, you know, relevant to them, you know, because they don't have those funds, but but it is, it's relevant to everyone. We all have money, we all are getting money of some sort, we all have to do some things with that society that revolves around money, so so we all need some guidance and help, help in those, those areas, regardless of your, your financial status. So, in conclusion, is there anything else that we? I mean I think this has been a really great episode. Is there anything else that you'd like to touch on with it?
Speaker 3:
Yeah, you know, I appreciate you saying what we did. As far as you know, we, before we ever start working with people on retirement planning, you start with the one on ones and I encourage everybody to start with the one on ones. You know the finances one on one, your plans, you know before you move on to the next phase and that ultimately will help, you know, ease the stresses that we've just talked about here. You know, and you're right, it doesn't matter how much money you have, how much you don't have. You know you can start with a plan and in we'd be honored to we have. We help everybody in that aspect of fact, even the people that have, you know, a decent amount of money. We always start with the one on ones because some of those people don't know how to manage it and they get themselves derailed and that causes stress as well. So we're just here to help. You know, no matter what background you come from.
Speaker 2:
Absolutely yeah, especially having had gone through the pandemic. I think there are just a lot of people that have had, you know, career changes and you know there may have had a note, an original plan in place and they haven't, you know, adjusted that or had it, you know, reevaluated or, you know, looked at again, or so I love that you offer the one on ones and get to know your, your clients. I highly encourage any of you who are listening to to reach out. Reach out to to Sean, reach out to retire wise and schedule that one on one so that you can get on a plan to success. Well, start wrapping things up. You know I loved your analogy about the GPS. That was phenomenal, and now you have another great analogy that kind of concludes all of this Together. Do you want to share that with us?
Speaker 3:
Yeah, you know I'm kind of a sports guy, so you know just as a football team or any kind of team sports team strategizes, you know to figure out how they're gonna achieve victory. You know a full, holistic approach to financial planning and it's set into success in the game of life need that financial plan and in Financial plan and well well being intertwined together. It's a cooperative relationship and it's a comprehensive plan. Not only gives you the financial security but it contributes to reduce stress and our overall well-being for you and your family.
Speaker 2:
Well, wow, we'll just end it on that. That was a fabulous Conclusion. I'll take it. Well. Let me just thank you again, Sean. It has been an absolute pleasure having you on for the second of many Episodes with the Good Neighbor podcast, so I appreciate you sharing your expertise with our listeners and I can't wait to see what your next topic is gonna be. Well, that's all for today's episode, Atlanta. I'm Stacy Risley with a Good Neighbor podcast. Thanks for listening and for supporting the local businesses and nonprofits of our great community.
Speaker 1:
Thanks for listening to the Good Neighbor podcast North Atlanta. To nominate your favorite local businesses to be featured on the show, go to GNP North Atlanta comm. That's GNP North Atlanta comm, or call 470 946 7 007.
