Tag: Financial Planning
Do You Have Enough to Spend More in Retirement? Ft. Michael Boyle (Ep. 13)

Do You Have Enough to Spend More in Retirement? Ft. Michael Boyle (Ep. 13)

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Do you have enough money to retire but still feel nervous about spending it? If you’ve saved more than you expect to use, how do you decide what to enjoy, what to give, and what to leave behind?

In this episode, Eric Lee and Michael Boyle explore how retirees and families can move from saving money to using it with intention. They consider how to know when you have enough, how much you can spend in retirement, and why a larger portfolio may not improve your life.

Eric explains the three purposes of money: financial security, freedom, and meaning. The conversation also covers early inheritances, Roth IRA contributions for eligible grandchildren, family experiences, charitable giving, and passing down values without creating dependence.

Eric discusses:

  • How to decide whether you have enough money to spend more freely in retirement
  • When giving children or grandchildren an early inheritance may have greater impact
  • How to help family financially without encouraging dependence or entitlement
  • And more!

Contact Eric Lee:

Contact Michael Boyle:

About Our Guest:

Michael Boyle is Eric Lee’s partner at Purple Wealth and a returning contributor to Better Conversations: The Life & Money Podcast. In this conversation, he shares his perspective on retirement spending, living inheritances, helping younger generations financially, and using wealth to create opportunities without encouraging dependence.

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Should You Sell When the Stock Market Drops? Ft. Michael Boyle (Ep. 12)

Should You Sell When the Stock Market Drops? Ft. Michael Boyle (Ep. 12)

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What should you do when the stock market drops and your investment account suddenly loses value? Before selling during a downturn, it helps to understand what the decline makes you fear losing in your life.

In this episode, Eric Lee and Michael Boyle explore why a market decline can make retirement, independence, and future choices feel less certain. Eric explains how investors become attached to a portfolio’s highest value and why a lower balance can feel like money has been taken from them. They examine the urge to sell during a bear market, the relief it may provide, and the difficult question of when to reinvest. Eric also shares three questions to consider before making a fear-based investment decision. The conversation offers a practical way to prepare for market volatility and evaluate whether a downturn has actually changed your financial plan.

Eric discusses:

  • Why a falling portfolio can raise concerns about retirement, family support, and running out of money
  • How selling during a market downturn can create a difficult decision about when to reinvest
  • Three questions to ask before changing your investments in response to fear
  • Why preparing during strong markets can help you respond more thoughtfully when volatility returns
  • And more!

Contact Eric Lee:

Contact Michael Boyle:

About Our Guest:

Michael Boyle is Eric Lee’s partner at Purple Wealth and a returning contributor to Better Conversations: The Life & Money Podcast. In this conversation, he shares his perspective on market declines, investor fear, the emotional pressure to sell, and preparing for volatility before it happens. 

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When The Market Falls: What Are You Really Afraid of Losing? Ft. Michael Boyle (Ep. 11)

When The Market Falls: What Are You Really Afraid of Losing? Ft. Michael Boyle (Ep. 11)

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Should you sell your investments when the market drops? When fear takes over during a bear market, temporary market volatility can feel like permanent investment loss, but reacting too quickly may put your long-term financial plan at risk.

In this episode, Eric Lee is joined by his partner, Michael Boyle, to discuss how investors can prepare for market declines without allowing fear to control their financial decisions. They explain why falling portfolio values can trigger panic selling and pull investors away from the strategy designed to support their long-term goals. Eric and Michael also examine less visible investment risks, including inflation and the gradual loss of purchasing power. They explore how an investor’s time horizon should influence portfolio decisions and why market volatility is not automatically the same as losing money. The conversation also introduces a four-step process for responding more thoughtfully when markets decline.

Eric and Michael discuss:

  • Why market declines can create an immediate urge to sell
  • How to avoid panic selling during a bear market
  • The difference between market volatility and permanent investment loss
  • How inflation can reduce purchasing power over time
  • Why investment time horizon and portfolio stress testing matter
  • And more!

Resources:

Contact Eric Lee:

Contact Michael Boyle:

About Our Guest:

Michael Boyle is Eric Lee’s partner at Purple Wealth and a returning contributor to Better Conversations: The Life & Money Podcast. In this conversation, he shares his perspective on market volatility, investment risk, inflation, and the emotional decisions investors face during market declines.

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Are Your Emotions Affecting Your Investment Decisions? Ft. Michael Boyle (Ep. 10)

Are Your Emotions Affecting Your Investment Decisions? Ft. Michael Boyle (Ep. 10)

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Are fear, regret, or attachment influencing your investment decisions? For long-term investors, avoiding emotional investing mistakes can be just as important as understanding the investments themselves.

In this episode, Eric Lee speaks with Michael Boyle, CFP®, Wealth Manager at Purple Wealth, about how emotions affect investment decisions. Drawing from more than 400 client meetings, Michael shares why investors sometimes hold investments that no longer fit their financial plan. Eric and Michael explain how the overnight test can reveal emotional attachment and why a positive investment outcome doesn’t always mean the original decision was sound. They also explore investing versus speculating and why market volatility isn’t the same as realizing an investment loss. The conversation examines how inflation can reduce your purchasing power even when the dollar amount in your account remains unchanged, along with why reacting to financial news can interfere with a long-term investment strategy.

Eric and Michael discuss:

  • How the overnight test can reveal emotional attachment to an investment
  • Why a positive outcome doesn’t always come from a sound investment decision
  • How market volatility differs from realizing an investment loss
  • Why inflation, safety, and certainty depend on your financial time horizon
  • And more!

Resources:

Contact Eric Lee:

Contact Michael Boyle:

About Our Guest:

Michael Boyle, CFP®, is a Wealth Manager at Purple Wealth, LLC. Over the past two and a half years, he has participated in more than 400 client meetings, where he has developed a deep appreciation for the role emotions play in financial decision-making. In this conversation, Michael shares practical insights on emotional investing, the difference between investing and speculating, market volatility, inflation, and how investors can make more thoughtful long-term financial decisions.

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Where Will Your Money Go? The Four Destinations of Wealth (Ep. 9)

Where Will Your Money Go? The Four Destinations of Wealth (Ep. 9)

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What do you want your money to accomplish before it leaves you? Building wealth is only part of the story. The harder question is deciding how to use it with intention.

In this episode, Eric Lee explains why every dollar eventually reaches one of four destinations: you spend it, give it, leave it, or lose it. He explains why many business owners and successful families become skilled at accumulating wealth yet struggle to use it to improve their lives. Eric also reframes spending as turning money into meaningful experiences, time, health, and memories. He explores how thoughtful charitable planning can increase the impact of giving and reduce unnecessary taxes in certain situations. The conversation also looks at legacy planning, family communication, ethical wills, and the quiet financial losses that can build over time. Ultimately, Eric encourages listeners to move beyond wealth management and think more intentionally about stewardship.

Eric discusses:

  • Why successful people can struggle to spend the money they’ve worked hard to build
  • How spending, giving, leaving, and losing create a practical framework for financial decisions
  • Why money has little value until it improves your life or someone else’s
  • How planning can support charitable giving, family legacy, and the prevention of unnecessary losses 
  • And more!

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What Wealth Really Means: Beyond Money (Ep. 6)

What Wealth Really Means: Beyond Money (Ep. 6)

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What if financial planning feels difficult because we’re trying to predict a future that can’t be predicted? 

In this episode, Eric Lee explores why traditional goal-setting often creates stress and anxiety around money. Instead of focusing solely on numbers and timelines, Eric explains how understanding what truly matters in life can lead to better financial decisions and greater peace of mind. He also shares how emotions, family expectations, and fear of making the wrong choice shape the way people think about money.

Eric discusses:

  • Why financial goals can feel overwhelming
  • The difference between goals and values
  • Why time is often more valuable than money
  • A simple framework for making financial decisions 
  • And more!

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It’s Not About Money: Why Couples See It So Differently (Ep. 5)

It’s Not About Money: Why Couples See It So Differently (Ep. 5)

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What if the real reason couples argue about money has nothing to do with money?

This episode explores why financial decisions feel so personal, and why logic alone rarely resolves conflict.

Eric Lee unpacks the idea that while money appears to be math, it is actually experienced through emotion. He explains how most financial decisions are driven by feelings first, then justified with logic later. Through real-life examples and client conversations, Eric introduces the concept of the “money mind” and how it shapes the way individuals approach saving, spending, and giving. He also explores why couples often feel tension around money, even when they share the same goals. Instead of trying to “win” financial arguments, Eric encourages listeners to pause, recognize emotional drivers, and focus on understanding their partner. The episode offers a practical framework to help couples have more honest, productive conversations that lead to better alignment and clarity.

Eric discusses:

  • Why financial decisions are emotional first, logical second
  • The three money mind types: protector, happiness, and commitment
  • How different money mindsets create tension in relationships
  • A simple 4-question framework to improve money conversations
  • And more!

Resources:

Contact Eric Lee:

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You Can Afford Almost Anything, Just Not Everything (Ep. 4)

You Can Afford Almost Anything, Just Not Everything (Ep. 4)

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You can afford almost anything, but you cannot afford everything. In midlife, many people discover that financial freedom still requires difficult choices. This episode explores how to make those choices with clarity, purpose, and confidence.

In this episode, Eric Lee explores one of the most challenging financial realities people face in their 50s: the need to make thoughtful trade-offs with their money. While many individuals reach a point where they have enough to retire, they may not have enough to fund every goal, dream, or lifestyle choice they imagined. Eric explains why these decisions often feel emotional rather than mathematical, and how competing values like security, generosity, freedom, and family influence financial decisions.

Drawing from his work with clients at Purple Wealth, Eric shares a simple four-step framework designed to help people clarify what truly matters most. Instead of trying to do everything at once, he encourages listeners to define their priorities, quantify their desired lifestyle, and make intentional decisions that align money with meaning.

Ultimately, Eric reminds listeners that trade-offs are not failures. They are a powerful step toward living a more deliberate and purpose-driven life.

Eric discusses:

  • Why financial trade-offs become more emotional and complex in midlife
  • The difference between your “lifestyle ceiling” and your “lifestyle floor”
  • A four-step framework for prioritizing financial goals and values
  • How couples can navigate different emotional perspectives around money
  • And more!

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Security, Freedom, and Meaning: The Three Jobs of Money (Ep. 3)

Security, Freedom, and Meaning: The Three Jobs of Money (Ep. 3)

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What if doubling your net worth wouldn’t actually change your life? Many successful professionals keep building wealth long after they’ve achieved stability, yet still feel restless. This episode explores why.

In this episode, Eric Lee challenges the assumption that more money automatically creates more peace of mind. He explains why many high achievers continue accumulating wealth even after they’ve reached financial stability, and why that pattern can lead to quiet dissatisfaction. Eric introduces a simple but powerful framework: money has three jobs: security, freedom, and meaning. While most people focus heavily on security, fewer define what freedom looks like, and even fewer intentionally build meaning into their financial lives. He encourages listeners to define “how much is enough” with clarity and specificity, rather than defaulting to endless accumulation. The conversation invites reflection on identity, legacy, and what wealth is ultimately meant to support.

Eric discusses:

  • Why security never tells you when to stop
  • Freedom is the ability to say no and reclaim your time
  • Why do many people overfund security and underfund purpose
  • The importance of defining “enough” before chasing more
  • And more!

Resources:

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The Quiet Difference Between Happiness and Satisfaction (Ep. 2)

The Quiet Difference Between Happiness and Satisfaction (Ep. 2)

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You can be successful on paper and still feel like something is missing. This episode explores why happiness fades, satisfaction lasts, and why money alone does not close that gap.

In this episode, Eric Lee unpacks the often-misunderstood difference between happiness and satisfaction, and why so many high-achieving people feel quietly unsettled despite financial success. He explains why happiness is temporary, while satisfaction comes from alignment and intention. Eric shares what he sees regularly in his work with professionals, especially doctors and business owners, who are doing well financially but feel off in their day-to-day lives. The conversation centers on defining what enough really means, how comparison fuels dissatisfaction, and why clarity matters more than accumulation. Throughout the episode, Eric reframes money as a tool that should support life, not compete with it.

Eric discusses:

  • Why happiness is fleeting but satisfaction is enduring
  • The gap between success and fulfillment, and how it shows up
  • Why “enough” is a decision, not a number
  • How aligning money, time, energy, and attention changes everything
  • The difference between chasing and choosing
  • And more!

Resources:

Contact Eric Lee:

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