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Dollar Wise Podcast

Dollar Wise Podcast

Written by: HFM Investment Advisors LLC
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The HFM Advisor Team shares our experiences working everyday with clients going through life’s transitions. We provide some insights into the personal finance topics of the day and even share the mic with guests from our network of outside professionals. We love what we do and who we do it for, so we hope you enjoy getting to know us and learning some things along the way!Copyright 2026 HFM Investment Advisors, LLC Economics Management Management & Leadership Personal Finance
Episodes
  • Rewrite Your Money Story: Understanding Your Financial Personality

    Rewrite Your Money Story: Understanding Your Financial Personality
    Jul 30 2026

    Welcome back to the Dollar Wise Podcast. In this episode, Catherine Allen-Carlozo, CFP®, RICP®, RSSA®, shares ideas from her book, The Money Stories That Shaped Us: Awareness, Action, and the Story You Get to Choose Next. Catherine explains how emotions, identity, childhood experiences, and beliefs about scarcity or abundance can influence financial decisions. She also introduces five money personalities—the saver, spender, avoider, planner, and giver—and examines the strengths and blind spots associated with each. Listeners will learn how recognizing the story behind their financial behavior can help them make more intentional choices that support the life they have built.

    Tune into this episode to also learn:

    ● Why financial decisions are often driven by emotion, identity, fear, and self-worth rather than math.

    ● How childhood experiences and family attitudes can shape adult financial behavior.

    ● The strengths and blind spots of the saver, spender, avoider, planner, and giver money personalities.

    ● How greater awareness of your money story can lead to more intentional financial choices.

    What we discussed

    ● [00:00:48] Catherine introduces her book, The Money Stories That Shaped Us, and explains why she wrote it for women.

    ● [00:01:18] How emotions, relationships, money personalities, and scarcity or abundance mindsets influence financial behavior.

    ● [00:02:09] Why smart and successful women may continue making financial decisions they later regret.

    ● [00:02:25] How money stories are shaped by emotion, identity, fear, self-worth, and early family experiences.

    ● [00:03:28] The difference between having financial knowledge and acting with intention.

    ● [00:04:07] Catherine introduces five money personalities: the saver, spender, avoider, planner, and giver.

    ● [00:04:54] How the saver and giver personalities can experience financial blind spots.

    ● [00:05:15] Why generosity toward children should not come at the expense of retirement security.

    ● [00:05:37] The avoider personality and the importance of understanding the story driving financial decisions.

    ● [00:06:23] How recognizing financial strengths and blind spots can support more empowering choices.

    ● [00:06:51] Why honoring the life you have built can be a meaningful part of your financial story.

    3 Things To Remember

    1. Your financial behavior is influenced not only by knowledge and numbers, but also by emotions, identity, childhood experiences, and personal beliefs.
    2. Every money personality has valuable strengths as well as blind spots that can affect long-term financial well-being.
    3. Understanding the story behind your financial decisions can help you make more intentional choices without trying to become someone else.

    Memorable moments:

    (00:02:09) “Money decisions are rarely about math.”

    (00:03:28) “Knowing what to do and actually doing it are two different things.”

    (00:05:37) “The goal is to understand the story that’s been driving your financial decisions so you can begin writing a better next chapter.”

    Useful Links

    Connect with Catherine @callencarlozo@hfmadvisors.com | LinkedIn

    Check out The Money Stories That Shaped Us: Awareness, Action, and the Story You Get to Choose Next HERE

    Like what you’ve heard…

    Learn more about HFM HERE

    Schedule time to speak with us HERE

    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
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    8 mins
  • Roth Conversions: When (and When Not) to Convert

    Roth Conversions: When (and When Not) to Convert
    Jul 16 2026
    Welcome back to the Dollar Wise Podcast. In this episode, Andrew Barnhardt, CFP, and Brett Herron, CFP, take a deep dive into Roth conversions — what they are, why so many pre-retirees and retirees are asking about them, and when they do (and don't) make sense. Andrew and Brett walk through the core benefits of converting pre-tax retirement dollars to Roth, including lowering future required minimum distributions, creating a tax-free pot of money for large expenses, hedging against potential future tax increases, and leaving a tax-free inheritance to heirs. They also cover the practical side of paying the resulting tax bill, scenarios where converting may not be the right move — including charitable giving goals — and real examples of when conversions have paid off for clients. Throughout, they emphasize that Roth conversions are a personal, best-guess optimization strategy that should be made in coordination with a tax professional and financial advisor, not a one-size-fits-all recommendation.Tune into this episode to also learn:● What a Roth conversion is and how it differs from a regular Roth contribution.● How Roth conversions can help reduce future required minimum distributions.● The most tax-efficient ways to pay for a Roth conversion when it comes due.● Why charitable giving goals can change whether a conversion makes sense.What we discussed● [00:00:31] Kicking off the episode: introducing today's topic, Roth conversions.● [00:00:50] What a Roth actually is — after-tax contributions, tax-free growth, and tax-free qualified withdrawals.● [00:03:27] What a Roth conversion is and how it differs from contributing directly to a Roth account.● [00:06:54] Advantage #1: how converting to Roth can lower future required minimum distributions (RMDs).● [00:09:13] Smoothing retirement income over time to avoid higher tax brackets and other income-based traps.● [00:09:54] Advantage #2: building a tax-free pot of money for large or unexpected expenses.● [00:11:46] Advantage #3: using conversions as a hedge against potential future tax rate increases.● [00:13:11] Advantage #4: tax-free inheritances and gifting Roth dollars to heirs.● [00:15:46] How to actually pay the tax bill on a conversion — cash, taxable accounts, and what to avoid.● [00:19:16] Three scenarios where a Roth conversion may not make sense.● [00:21:41] Qualified charitable distributions (QCDs) and leaving pre-tax IRAs to charity.● [00:23:36] A real client example: how consistent conversions during low-income years changed one business owner's retirement picture.● [00:24:13] Why peak earning years are usually the wrong time to convert.● [00:25:49] Closing thoughts: Roth conversions are a personal decision based on your own goals, not trends.3 Things To Remember1. Roth conversions are about optimization, not necessity — they're rarely what makes or breaks a retirement.2. Whether a conversion makes sense depends on your own tax bracket today versus your expected bracket later — not on trends or what your neighbor is doing.3. How you pay the tax on a conversion matters — paying from cash or a taxable account is generally more efficient than withholding from the conversion itself.Memorable moments:(00:06:54) "Roth conversions are a way of moving some of that income forward into your retirement to lower your RMDs, therefore lowering the tip that you give Uncle Sam."(00:11:46) "It's a hedge against future tax rate increases... if you convert money from pre-tax to Roth, you insulate yourself somewhat against some of those tax potentials in the future."(00:19:16) "If doing a Roth conversion is going to hurt you financially for your retirement, it would be more necessary to not do it."Useful LinksConnect with Brett Herron: bherron@hfmadvisors.comLinkedIn: https://www.linkedin.com/in/brett-herronConnect with Andrew Barnhardt: abarnhardt@hfmadvisors.comLinkedIn: https://www.linkedin.com/in/andrew-barnhardt-cfpLike what you've heard...Learn more about HFM HERE: https://hfmadvisors.com/Schedule time to speak with us HERE: https://calendly.com/hfminquirycall/360102 WEST HIGH STREET, SUITE 200GLASSBORO, NJ 08028HFM Investment Advisors, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. All investments involve risk and are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as a recommendation appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented ...
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    28 mins
  • Tax Planning in Retirement: Tips to Avoid Costly Income Traps

    Tax Planning in Retirement: Tips to Avoid Costly Income Traps
    Jun 25 2026
    Welcome back to the Dollar Wise Podcast. In this episode, Brett Herron and Andrew Barnhart discuss why tax planning is one of the most important—and often overlooked—aspects of retirement planning. While investment performance will always be influenced by market conditions, retirees have more control over how and when they recognize income. Brett and Andrew examine several key tax “tripwires” that can impact retirees, including Medicare IRMAA surcharges, federal and state tax brackets, Social Security taxation, capital gains rates, ACA premium tax credits, SALT deduction limits, and the enhanced senior deduction. They also explain how proactive tax planning, Roth conversions, and coordination between financial advisors and tax professionals can help reduce lifetime tax liability and improve retirement outcomes. Tune into this episode to also learn:● Why tax planning can be more controllable than investment performance in retirement.● How Medicare IRMAA surcharges can unexpectedly increase healthcare costs.● The differences between ordinary income taxes and capital gains taxes.● Why coordinating retirement withdrawals and Roth conversions can improve long-term tax efficiency. What we discussed● [00:01:19] Why taxes are a controllable lever in retirement planning and how they fit into the broader financial planning picture.● [00:02:55] Managing retirement income sources, withholding strategies, and Roth conversion opportunities.● [00:05:10] Understanding required minimum distribution age changes and Medicare IRMAA surcharges.● [00:07:04] Federal and state income tax brackets and how marginal tax rates actually work.● [00:09:00] New Jersey retirement income exclusions and tax-friendly provisions available to retirees.● [00:11:05] New Jersey property tax relief programs, including Senior Freeze, ANCHOR, and Stay NJ.● [00:12:07] The enhanced senior deduction and common misconceptions about “no tax on Social Security.”● [00:13:49] Capital gains tax rates and why taxable brokerage accounts can be valuable retirement assets.● [00:15:28] Social Security taxation rules and when benefits become taxable.● [00:17:25] SALT deduction changes and how they affect higher-income taxpayers.● [00:18:59] ACA premium tax credits and income thresholds for retirees and self-employed individuals.● [00:22:18] Why lifetime tax planning matters more than simply minimizing taxes in the current year. 3 Things To RememberEffective retirement planning requires more than investment management—tax planning can significantly impact your long-term financial outcomes.Income thresholds tied to Medicare premiums, tax credits, deductions, and tax brackets can create costly surprises if not monitored carefully.The goal is not always to pay the least tax today, but to minimize taxes over your lifetime through thoughtful, coordinated planning.Useful LinksConnect with Brett Herron: bherron@hfmadvisors.com | LinkedInConnect with Andrew Barnhardt: abarnhardt@hfmadvisors.com | LinkedInLike what you’ve heard…Learn more about HFM HERE Schedule time to speak with us HERE102 WEST HIGH STREET, SUITE 200GLASSBORO, NJ 08028HFM Investment Advisors, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. All investments involve risk and are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as a recommendation appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
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    25 mins
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