Have you ever met someone whose life decisions make you stop and reflect on your own? That was my experience during my conversation with Chad Hufford, founder of Veritas Wealth Management, on the Never Been Promoted podcast. Chad’s journey from biochemistry to building a successful wealth management firm wasn’t just about career success—it was about taking control of his life. He didn’t want a business that owned him. He wanted a life he could build on his own terms, and this really struck a chord with me. How many of us spend years grinding away, only to realize we’re neglecting the very things that matter—our health, relationships, and sense of purpose?
As Chad shared, “Too many people trade their health and relationships for wealth, only to later spend that wealth trying to buy them back.” This conversation wasn’t just about financial advice; it was a gut check on what really matters in the long run.
Health is Wealth: The Trade-offs No One Talks About
It’s easy to get caught up in the hustle. You work late nights, skip the gym, and miss family dinners because you’re “building something.” But Chad reminded me that the cost of sacrificing your health and relationships for success isn’t just high—it’s often irreversible. He talked about clients who built massive wealth but ended up empty, without their health or meaningful connections. That’s not the future any of us want.
Chad shared a story that really hit home. He talked about George Eastman, the founder of Kodak, who was one of the wealthiest men of his time. Despite all his success, Eastman ended up taking his own life because of a debilitating back condition. “He had more money than he knew what to do with, but he couldn’t buy back his health,” Chad said. That’s the trap many of us fall into—thinking money can fix everything when, in reality, it can’t give you back the years you’ve lost, neglecting your health or relationships.
Key Takeaways from Our Discussion:
- Prioritize your health and relationships as much as you do your business. Without them, wealth is meaningless.
- Financial success is important, but if it costs you your well-being, it’s a trade you’ll regret.
- Retirement isn’t just about having enough money—it’s about having the energy and health to enjoy it.
Purpose Beyond the Paycheck: Why Retiring To Something Matters
One of the most valuable insights Chad shared was about purpose—something that’s often overlooked when people think about financial planning. I’ve talked to so many entrepreneurs who are laser-focused on making enough money to retire early, but when I ask what they plan to do afterward, they draw a blank. Chad nailed this when he said, “People know what they’re retiring from, but they don’t know what they’re retiring to.”
That’s a dangerous place to be, especially for high-achievers who’ve spent decades building businesses or careers. The last thing you want is to retire, only to wake up one day and realize you have no idea what to do with your time. Chad works with clients who fall into this trap, and it’s his job to help them find a purpose that keeps them engaged in life after they step away from work.
What I Learned from His Experience:
- Retirement should be about moving toward something meaningful, not just stepping away from work.
- If you don’t plan for purpose, you risk feeling lost or unfulfilled, even if you’re financially secure.
- Planning for retirement needs to include what will bring you joy and keep you engaged in life beyond work.
Reflections from the Interview
Chad’s story resonated with me, not just because he’s a smart guy with great advice, but because he’s lived the ups and downs of balancing life and business. He made tough decisions to switch careers and build a company that allowed him to control his time, rather than be a slave to it. That’s something every entrepreneur dreams of but often struggles to achieve.
He’s candid about the challenges—how building a business sometimes feels like a marathon, not a sprint. “You have to know your non-negotiables,” Chad emphasized. This was a key takeaway for me. Whether it’s spending time with family, taking care of your health, or pursuing a hobby, you have to draw boundaries. Otherwise, your business will take everything you’re willing to give—and more.
Here’s What I’m Taking Away:
- Running a business is a marathon. You need endurance, not just quick wins.
- Define your non-negotiables. These are the things you won’t sacrifice for your business, no matter what.
- Balance is crucial. Without it, success can become empty.
- Build wealth outside your business so you’re not dependent on selling or running it forever.
- Failure is part of the process. Chad reminded me that “The difference between success and failure is whether you’re buried underneath your pile of failures or standing on top of them.”
Final Thoughts
Chad’s story is a powerful reminder of what really matters. It’s easy to get wrapped up in building a business and forget about the bigger picture. But if you’re not taking care of yourself, your health, and your relationships, what’s the point of all that wealth? And once you retire, if you don’t have a purpose, you’ll quickly find that money isn’t enough to fill that void.
The key takeaway here is that balance matters, and planning for the future is about more than just money. It’s about health, relationships, and having something meaningful to chase after, even when you’re done working.
If you’re interested in hearing more of Chad’s insights and learning from his journey, check out his full episode on the Never Been Promoted podcast: Shortcuts to Effective Financial Planning with Chad Hufford
CONNECT WITH CHAD HUFFORD:
LinkedIn: https://www.linkedin.com/in/chad-hufford-066208100/
Website: https://www.veritasalaska.com/