Michael W. Hanna is a New York City-based Certified Financial Planner® and a Certified Retirement Income Professional® and Accredited Estate Planner®. He is also a bestselling author and was recently named one of Forbes Top 250 Financial Security Professionals in America. I caught up with Mike to see what motivates him, and to learn more about the mindset that you need to accumulate wealth successfully.
Tell me a bit about your achievements and career history
I started trading futures and options right after college. That was my first foray into investing and as fun as it was to create gains for large institutions, I wanted to use my financial knowledge in real-world applications that would actually help the average investor.
So I took the knowledge that I’d gathered and found ways to apply it so that everyday people could benefit from it. While the concepts are not that difficult they’re not so widespread.
That became the motivation for shifting from trading to investing, true wealth accumulation and financial protection strategies for individuals and families.
I then became a Certified Financial Planner® which was a big leg up in creating expertise in all areas of planning that I didn’t previously have. I then picked up other designations along the way aligned with my interest level in retirement and estate planning. I’ve always been a student of the business and enjoyed learning new strategies to share with clients.
In 2020, I was invited to become a Board Member of the Society of Financial Service Professionals (FSP). I was a member prior to this and loved FSP’s commitment to creating real applicable knowledge for the consumer to help them become more financially successful. I’m grateful to be able to guide how the organization operates and attracts new members and helps spread the word of all the things people can do to improve their financial lives.
What makes me most proud about what I do is positively impacting someone’s life financially. And putting plans in place that make them feel more secure and ultimately get them and their families in a better position well into the future.
In 2021, I was privileged to receive the Top Of The Table award as a leader in the global financial services industry for exceptional professional knowledge, client service and ethical conduct.
Who’s been your greatest teacher when it comes to money?
Both of my parents. My mother taught me to buy what you need and not always what you want, to put money away into things that make money, namely real estate. My father taught me the skills and mindset to generate a high income, what not to do with regard to investing and about the importance of charitable giving.
My parents also taught me to invest money back into my business. Your money should always be working for you, whether helping you create new active income or residual income.
Which famous person do you admire the most?
Warren Buffett, because his investment strategy demonstrates his firm belief in the fundamentals of wealth building. I also love that he didn’t have money until his 50s, but he always knew he was going to be rich. He famously says “the best holding period is forever,” and these are such wise words. One of the biggest mistakes I see people make is liquidating too early or as an emotional response to market conditions. He also spends much of his day reading and learning which, as a fellow lifelong learner, I admire.
What advice would you give to people wanting to grow their money and build tangible wealth?
My first piece of advice would be to develop a growth mindset. No matter how much you think you know, keep learning and growing.
Next, I’d say think about your risk tolerance levels and keep testing them. Know your threshold and make sure your investment strategies are aligned with your personal preferences and goals.
Finally, create and execute a plan. Wealth creation and retention needs a structure. You cannot build wealth without a plan, so implement the plan and trust it. And never forget, you are your biggest asset. Once you know how to make money, you can always make more and when you acquire the skill, it never goes away.
NB: Representatives do not provide tax and/or legal advice. Any discussion of taxes is for general purposes only, does not purport to be complete or cover every situation, and should not be construed as legal, tax or accounting advice. Clients should confer with their qualified legal, tax and accounting advisors as appropriate. MICHAEL HANNA IS A REGISTERED REPRESENTATIVE OF AND OFFERS SECURITIES AND INVESTMENT ADVISORY SERVICES THROUGH MML INVESTORS SERVICES, LLC. MEMBER SIPC. WWW.SIPC.ORG. 420 LEXINGTON AVE, SUITE 2510, NEW YORK, NY 10170
