13 episodes

Welcome to Modern Wealth Management by Monon Wealth, where we tackle pertinent financial topics to help better position you and your business for success.

Listen as Darrick Hutchens and Ray Kramer, Managing Partners of Monon Wealth Management, tap into four decades worth of experience in the financial sector and unpack their strategies for today's level of modern wealth management.

So, sit back, relax, and enjoy enlightening conversations that highlight an array of financial questions and topics.

Modern Wealth Management Darrick Hutchens and Ray Kramer

    • Business

Welcome to Modern Wealth Management by Monon Wealth, where we tackle pertinent financial topics to help better position you and your business for success.

Listen as Darrick Hutchens and Ray Kramer, Managing Partners of Monon Wealth Management, tap into four decades worth of experience in the financial sector and unpack their strategies for today's level of modern wealth management.

So, sit back, relax, and enjoy enlightening conversations that highlight an array of financial questions and topics.

    Modern Wealth Management - Episode 13 (The Seduction of Pessimism)

    Modern Wealth Management - Episode 13 (The Seduction of Pessimism)

    Optimism is typically the best bet for most people because their lives tend to get better, for most people, most of the time. But pessimism seems to hold a special place within our hearts because it sounds smarter and it's more intellectually captivating.
    On the latest installment of Modern Wealth Management, Darrick sits down to discuss the differences between these two concepts and how they've crept not only into our personal lives, but our financial lives as well. Listen, as we explore the fickle friend that is pessimism and how it's playing a role in our financial decision making these days.
    This episode is packed with beneficial information and takeaways that you don't want to miss. Enjoy!
    Timecodes:
    0:06 - Introduction and overview on the topic of the day
    1:25 - "The Psychology of Money" by Morgan Housel
    2:30 - How pessimism creeps into our lives
    11:58 - Where pessimism comes into play within our financial well-being
    15:07 - How education and qualification can play a role within optimistic and pessimistic mindsets
    19:00 - Pessimism examines present trends without factoring in the future
    26:12 - Stephen Hawking's rationale on why we become so pessimistic
    30:37 - How you can get in touch with Darrick and his team to take advantage of optimistic wealth planning
    32:09 - Closing remarks


    Connect with Darrick and Ray:
    https://mononwealth.com/ (Website)
    https://www.facebook.com/mononwealth (Facebook)
    https://www.linkedin.com/company/monon-wealth-management/about/ (LinkedIn)

    • 33 min
    Modern Wealth Management - Episode 12 (Five Critical Wealth Planning Mistakes of Successful Family Businesses)

    Modern Wealth Management - Episode 12 (Five Critical Wealth Planning Mistakes of Successful Family Businesses)

    Running a successful family business takes a tremendous amount of both working hard and working smart, as well as navigating family dynamics along the way!
    On the latest installment of Modern Wealth Management, Darrick explores some of the key mistakes that too many successful family businesses make and how to best avoid them.
    Given Darrick's extensive experience working with family businesses over the last two decades, he has plenty of stories to share! Sit back, relax, and enjoy another thought-provoking episode that's bound to leave you with some considerations for your own family business.
    Timecodes:
    0:06 - Introduction and overview on the topic of the day
    1:15 - The overall need for wealth planning within a family business
    6:18 - The risks that arise within family businesses
    7:31 - What family businesses should be looking for in their wealth manager
    11:56 - Pick out a wealth manager that isn't product-oriented
    15:37 - How Darrick's clients react to his wealth planning process
    17:05 - The mistake of hyper-focusing on mitigating taxes
    22:35 - Don't be secretive about your wealth
    29:40 - The importance of ongoing maintenance with your wealth plan
    32:20 - What a family should do if their wealth plan is out of date
    35:51 - You don't need to view the sale of the family business as a failure
    42:04 - How you can get in touch with Darrick and his team for further discussions
    44:02 - Closing remarks


    Connect with Darrick and Ray:
    https://mononwealth.com/ (Website)
    https://www.facebook.com/mononwealth (Facebook)
    https://www.linkedin.com/company/monon-wealth-management/about/ (LinkedIn)

    • 45 min
    Modern Wealth Management - Episode 11 (Mental Toughness Within Wealth Management)

    Modern Wealth Management - Episode 11 (Mental Toughness Within Wealth Management)

    In the latest installment of Modern Wealth Management, we welcome Dr. Rob Bell, Author and Mental Toughness Coach, to the show to discuss how mental toughness can play a vital role within wealth management overall.
    Listen, as Darrick and Dr. Rob share details on their personal and professional relationship, which led Darrick to understand the importance of having emotional strength in the face of adversity.
    This episode is packed with helpful information that's universally applicable to us all. You're not going to want to miss this one! So sit back, relax, and enjoy a thought-provoking episode!
    Timecodes:
    0:06 - Introduction and overview on today's guest
    0:56 - Darrick's personal relationship with Dr. Rob Bell
    5:51 - Dr. Rob stresses the importance of teachable moments in our lives
    9:42 - Where mental toughness has its place within the lives of non-athletes
    13:03 - "Process versus outcome"
    17:48 - We shouldn't be deviating from our processes
    22:40 - Know what game you're playing
    23:22 - People have been damaged by the pandemic
    28:37 - How you can refill your tank
    31:50 - Is it possible to come out of the pandemic stronger?
    37:00 - Running from market volatility is counterintuitive
    39:24 - "We don't have to be smarter than the rest. We have to be more disciplined than the rest."
    43:00 - With Russia's invasion into the Ukraine, it's not the time to take action in your portfolio
    46:11 - What does "ice in your veins" mean and how do you develop that toughness?
    49:19 - How to find Dr. Rob Bell online and connect with him
    49:52 - Closing remarks


    Connect with Dr. Rob Bell:
    https://drrobbell.com/ (Website)


    Connect with Darrick and Ray:
    https://mononwealth.com/ (Website)
    https://www.facebook.com/mononwealth (Facebook)
    https://www.linkedin.com/company/monon-wealth-management/about/ (LinkedIn)

    • 51 min
    Modern Wealth Management - Episode 10 (Entrepreneurs: Here's Why You Need an Estate Plan!)

    Modern Wealth Management - Episode 10 (Entrepreneurs: Here's Why You Need an Estate Plan!)

    If you are like many business owners, you’re looking out for more than just the financial health of your company. You also want to take care of your family and loved ones by providing for them and setting them up for rewarding lives of their own.
    In the latest installment of Modern Wealth Management, Darrick and Ryan are exploring how proactive estate planning can help you pursue these goals and build an amazing life of significance.
    Too often estate plans can become outdated. Listen as we showcase the steps you can take to ensure your plan is current and capable of supporting you and your goals.
    Timecodes:
    0:07 - Introduction and overview on the topic of the day
    2:27 - The roll of estate planning in the life of an entrepreneur
    4:52 - Most people have a plan in place, but the plan is really outdated
    8:19 - The downfalls of having an outdated estate plan
    10:38 - An example of how an outdated plan can put an entrepreneur in jeopardy
    15:02 - The first steps into updating your estate plan overall
    17:48 - The initial conversation when reviewing someone's existing estate plan
    20:46 - What should someone be on the lookout for when updating their estate plan
    22:40 - How you can get in touch with the team at Monon Wealth Management for more information
    24:06 - Closing remarks
    Connect with Darrick and Ray:
    https://mononwealth.com/ (Website)
    https://www.facebook.com/mononwealth (Facebook)
    https://www.linkedin.com/company/monon-wealth-management/about/ (LinkedIn)

    • 25 min
    Modern Wealth Management - Episode 9 (What is Crypto Currency?)

    Modern Wealth Management - Episode 9 (What is Crypto Currency?)

    In the latest installment of Modern Wealth Management, Darrick and Ray welcome Greg Johnson, CEO of Rubicon Crypto, onto the show to highlight the ever-changing nature of crypto currency.
    Given the buzz surrounding crypto currency as we roll into 2022, Greg addresses a handful of frequently asked questions and why it can be a valuable tool within the wealth planning toolkit.
    This episode is jam packed with helpful information that you won't want to miss! So sit back, relax, and enjoy another thought-provoking conversation.
    Timecodes:
    0:06 - Overview on the topic and the guest featured on today's episode
    1:45 - Darrick and Ray launch into the discussions surrounding crypto with their clients
    5:05 - Greg Johnson joins the show and gives a high level overview on crypto currency
    14:40 - The uncertainty surrounding this topic
    22:13 - Technology's role in crypto currency and what to consider here
    28:10 - How Bitcoin is still in its infancy
    37:53 - How much should someone consider investing into crypto currency?
    45:48 - Compliance and regulation's place within crypto currency
    52:50 - Recapping the most important points surrounding crypto currency for interested investors
    56:00 - Closing remarks
    Connect with Darrick and Ray:
    https://mononwealth.com/ (Website)
    https://www.facebook.com/mononwealth (Facebook)
    https://www.linkedin.com/company/monon-wealth-management/about/ (LinkedIn)

    • 57 min
    Modern Wealth Management - Episode 8 (Overview on Upcoming Tax Proposals with Lisa Curry)

    Modern Wealth Management - Episode 8 (Overview on Upcoming Tax Proposals with Lisa Curry)

    A new year brings a new batch of tax proposals that could leave you scratching your head.
    In the latest installment of Modern Wealth Management, we bring you a special edition of the show that features a unique guest from the tax planning realm. Darrick is joined by Lisa Curry, Partner at Katz, Sapper and Miller, to address a wide variety of year end tax strategies you can incorporate into your own portfolio.
    Additionally, Lisa showcases the current tax proposals in existence and how you should be preparing in case some are passed.
    There's plenty of beneficial information packed into this episode that you don't want to miss!
    Timecodes:
    0:06 - Overview on this special edition of the show
    0:59 - Setting the scene on the overall importance behind tax planning within your wealth plan
    3:00 - Introducing Lisa Curry of Katz, Sapper and Miller
    5:00 - Using a business to take care of the family means
    8:15 - "I've heard about this. What does that mean for me?"
    12:15 - Increasing tax rates on corporations will still likely impact you
    16:05 - The top individual income tax rate and the proposed changes
    22:35 - Capital gains and what to expect on this front
    29:40 - What is going to change?
    34:18 - The backdoor (or mega) ROTH and where it enters the picture
    38:54 - Selling your business and how that can impact your taxable income
    42:06 - What can wealthy business owners do right now to optimize their plan
    47:15 - The value associated with a stress test
    50:45 - Closing remarks


    Connect with Darrick and Ray:
    https://mononwealth.com/ (Website)
    https://www.facebook.com/mononwealth (Facebook)
    https://www.linkedin.com/company/monon-wealth-management/about/ (LinkedIn)

    • 51 min

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