Entrepreneur Aligned Podcast

Entrepreneur Aligned’s Tiffany Charles and Jarrod Musick discuss business mindset moving forward into 2021, how to remove the things that aren’t in service for us and how to step into things that are.

What’s Discussed in This Episode: Mindset - Reflecting on Last Year and Setting Intentions for the Year To Come

1. Intro and Successful Sip [1:09]
2. Mindset going into next year - take a moment to close up what is in the past [2:40]
3. Start with reflection. What are the best things about you? Your challenges? Give yourself space to resolve and close these things. [3:30]
4. Writing vs. talking as tools to help improve thinking, celebrate wins and to help let go and move forward [4:29]
   1. Example of redefining words such as “productivity” [8:06]
   2. Example of reframing concept of Imposter Syndrome [8:42]
5. Other tools for reframing and redefining high-level thoughts when reflecting on the past year [7:38]
6. Failure as a form of “paying tuition” [10:28]
7. Rephrasing how you define success (numbers vs. mission) [11:24]
8. Reflection on the past, wrapping it up and setting intentions [13:09]
9. The power of three. “If you have too many priorities, you have none.” [15:21]
10. Strategy awareness - be mindful of distractions. [16:45]
11. Summary and recommendation of Atomic Habits by James Clear [19:20]
12. Final points: TIME, ENERGY, PRIORITY, CAPITAL [20:37]

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What can we learn from the Financial Independence, Retire Early (FIRE) movement? Entrepreneur Aligned’s Jarrod Musick and Tiffany Charles discuss prioritizing spending, what actually leads to happiness, affordable extravagance and social signaling.

What’s Discussed in This Episode: Spending money should make you happier. If not, you’re doing it wrong. 

1. Welcome from Jarrod introducing the topics of prioritizing happiness in your spending and the FIRE movement [1:09]
2. Successful Sip [1:57]
3. Introduction: Contrasting extreme versions of the FIRE movement with less extreme versions and introducing the concept of happiness spending vs. social signaling spending [3:08]
4. Discussion of The Happiness Hypothesis by Jonathan Haidt and three core tenets that make us broadly, as humans, happy [4:20]
5. Thoughts on personal agency as a “happiness guardrail”  [5:21]
6. Where to start prioritizing spending based on happiness using example of where you choose to live [5:57] 
7. The importance of what you choose to do inside of your days [7:06]
8. Examples of spending for social signaling and how buyers remorse is a good indicator [11:20]
9. Defining ways to identify needless social spending and learning to question, “Am I  doing this spending in service of what? At what cost?” [13:04]
10. Looking at purchases from a “30 days later” viewpoint  [16:02]
11. Discussion of social signaling in your chosen group while balancing their norms   [16:50]
12. The difference between explaining and justifying your spending [19:30]
13. Lessons from the FIRE movement [20:00]

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Entrepreneur Aligned’s Tiffany Charles and Jarrod Musick discuss your very best and most interesting financial opportunities for next year. Be proactive in looking at your foremost investment opportunities for 2021.

What’s Discussed in This Episode: Financial Opportunities for Successful Entrepreneurs in 2021

1. Welcome from Jarrod introducing seven areas of opportunity for growing equity and capital in 2021 and what they, professional partners and other clients are most excited about [1:08]
2. Successful Sip [2:05]
3. Lead into topics. “Building wealth marches forward” and discussion of Morgan Housel’s Psychology of Money, compounding, Warren Buffet and owning/gaining leverage  [4:03]
4. Best place to start is “Investing in your business and letting go of the things that have stopped shining”.  Low costs of capital. [5:27]
5. Acquiring competitors [7:25]
6. Investing in private business, venture capital, private equity and looking to peer groups. [9:18]
7. Real estate. Consider diversification, think about cash flow, your time and attention. Owning vs. renting. [11:40]
8. Public markets. Reflecting on 2020/COVID and thinking forward. Building equity from a macro level. Discussion of liquid public markets. [14:08]
9. Spending to maximize enjoyment in order for “success to feel satisfying”. Costa Rican remote learning example of optimizing for happiness reasons.  [17:29]
10. Specific COVID spending for different travel, second home purchase or season rental.  [20:26]
11. Takeaway: summary of top seven financial opportunities for 2021 and conclusion [22:01]

Connect with Entrepreneur Aligned: 

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We are in the final month of 2020, but there are still a few key things to pay attention to in order to finish out the financial year in a good position. This podcast discusses tax withholding and safe harbor amounts, potential tax loss harvesting and end-of-year equipment purchases.

Resources: Bonus PDF attached, Commit To Yourself in 2021 Pledge.

What’s Discussed in This Episode: Literacy/Tactical: Top 3 Checklist Items to Finish the Financial Year Strong  

1. Intro
2. Successful Sip [1:55]
3. Safe Harbor Levels - avoid penalties on underpayment of taxes. [2:47]
4. Two levels: 110% of last year’s taxes and 90% of what you should have paid last year [3:30]
5. Emphasis of working with and referring CPA’s who think holistically. [4:20]
   1. Holistic view example - a dish with lots of ingredients
   2. Collaborative process with your CPA
   3. Work together to realize opportunities in losses - utilize them to restructure, repurpose and refine [6:24]
6. Tax Loss Harvesting with your CPA [4:46]
7. Equipment purchases/large expenditures at the end of the year. [7:30]
8. Service business example using a sample tech company [7:50]
9. COVID environment example/strategy considerations [8:55]
10. Summary of points made and benefits of being an entrepreneur and looking at the tax picture for next year - choosing your timing, having control. [9:46]
11. Takeaway - Hit these big ticket areas avoid some tax and help movement/gains/outlook into new year [10:51]

Connect with Entrepreneur Aligned: 

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In this episode, Tiffany and Jarrod discuss a system to overcome tension when choosing estate planning roles. Estate plans ensure that you’ve taken care of your family, company or team. To do this we need to have conversations with our partner regarding who should be assigned the various important roles in your estate plans. This type of conversation can be difficult to have with family and friends while avoiding friction. Even so, it is important to set yourself up for success to define your intentions. 

FOCUS: Why is there resistance to estate planning and continuity planning and how to overcome those obstacles.

What’s Discussed in This Episode:

1. Story: We don’t agree, so we do nothing [Intro]
2. Steps to best set yourself up. [4:15]
3. Where do we start? Value & Vision, because when these are clear, decisions are easy.  [4:22]
4. Step One: Write your values and vision and what traits are important for your guardian to employ (kindness, curiosity, value transfer to children, location, education and activity, for examples) [4:54]
5. Step Two: Prioritize values to help further whittle down the list of candidates. Writing this list out helps to formulate your thoughts and emotions on paper prior to the actual conversation.  [6:38]
   1. Think about people in your life who are most aligned with your values and most equipped to manage the responsibility of their role. 
   2. Write names and why. Don’t be afraid to explore past your family. 
   3. Take into account practical matters: location, age, health, finances, etc…
6. Step Three: Make a list of candidates. [8:50]
   1. Decisions are not irrevocable. It’s more important to make a decision than to not. 
   2. Consult an attorney for additional advice. 
7. Step Four: Overcome the impasse. [12:53]
   1. Once you choose, make sure the person/people you selected are willing and able to serve. 
   2. Tell them why you chose them, make sure they understand what their roles entails, and give space for them to think it over. 
8. Step Five: Have a conversation with your chosen person. [15:48]
   1. Entrepreneur Aligned helps clients overcome procrastination or feelings of being overwhelmed by this lengthy, involved process.
   2. Attorneys are helpful, and Entrepreneur Aligned can help put you in front of one.
9. Step Six: Get the documents in place! [16:48]
10. Conclusion [22:03]

Don’t wait until it’s too late and tune in to this episode now!

Resources:

• Entrepreneur Aligned Four Key Roles In Estate Plans That Work (https://entrepreneuraligned.com/insights/four-key-roles-in-estate-plans-that-work)

Connect with Entrepreneur Aligned: 

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As entrepreneurs and business owners, it is important to think about the future of your loved ones and business in the case that the unthinkable happens. In this episode, we discuss estate and continuity planning. Our conversation takes us into the details of how to avoid failure points and the options, stages, key roles and steps to consider when it comes to estate planning.

Don’t wait until it’s too late and tune in to this episode now!

Resources:

• Entrepreneur Aligned Four Key Roles In Estate Plans That Work (https://entrepreneuraligned.com/insights/four-key-roles-in-estate-plans-that-work)

What’s Discussed in This Episode:

1. Roles You See In Estate Plans [02:18]
   • Beneficiaries [3:03]
   • Trustees [4:45]
   • Power of Attorney [5:36]
   • Executors [6:24]
   • Guardians [8:23]
2. Key responsibilities in estate plans [2:54]
3. Traits to consider in key roles [9:30]
4. Talking to family about estate plans [12:15]
5. Set up trustee for success [17:01]
6. Medical and Finance Power of Attorney traits [19:37]
7. Traits to consider in guardians [22:26]

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With the world rapidly changing and evolving, you would never know what’s waiting for you in the next corner. As entrepreneurs and business owners, it is just as important to think of yours and your business’ future as it is to think about its current direction and milestones. That hasn’t become more relevant and important before than now.

In this episode, we discuss the opportunities inside your business and estate legal structure created by rapid changes in asset prices and interest rates. Our conversation takes us into the details of how to maximize the current financial conditions to accomplish your estate planning goals and how to get ahead of potential changes in the estate tax exemption amount. We also discuss how every financial and tax year is unique and how consistently reviewing your legal structure helps you accomplish your goals.

Don’t wait until it’s too late and tune in to this episode now!

About Our Guest:

Sarah Ehrhardt is the Co-Managing Partner at Michael Best Denver Office. She specializes in Estate Planning and Wealth Management and has built strong client relationships over the past few years. In 2013, she was awarded the Leadership Excellence Award at the Financial Planning Association of Southern Wisconsin.

Resources:

• Destiny Capital (https://www.destinycapital.com)

• Reach out to Sarah Ehrhardt (https://www.michaelbest.com/People/Sarah-Ehrhardt)

What’s Discussed in This Episode:

1. Changes in estate planning and estate tax thresholds [04:12]
2. • Will there be negative impacts due to possible shifts in estate planning? [10:26]
3. Gifting of closely-held family businesses and gift tax exemptions [14:31]
4. Estate valuation in 2020 [18:52]
5. The AFR as an asset transfer strategy [21:52]
6. Setting up trusts for minors [27:01]
7. What current shifts in the estate planning mean for childless entrepreneurs [31:16]
8. Charitable lead trusts as a tax reduction strategy in 2020 [32:45]
9. Sarah’s advice to entrepreneurs [37:52]

Connect with Already Successful: 

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Connect on LinkedIn: https://www.linkedin.com/company/alreadysuccessful

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Good and bad things happen in life. It’s a perpetual cycle that everyone goes through without exception. But what’s worse than a rainy day other than not having an umbrella on hand to protect you? Not being able to get out of the rain.

In this conversation, we discuss the importance of incorporating changes in your life, your team, and your needs into your business continuity planning. We discuss why business continuity plans should be living documents that evolve over time and how to create a vision for your ideal business exit even if you are 40 years away from that sale. We also discuss why keeping your spouse involved in both continuity planning and business exit conversations creates better outcomes.

Don’t let your business be crippled by an unexpected turn of events. Tune in to this episode now!

Resources:

• Key Components Of Business Continuity Planning - https://entrepreneuraligned.com/insights/key-components-of-successful-business-continuity-planning

What’s Discussed in This Episode:

1. What is a business continuity plan and how do you draft one? [03:11]
2. • Step 1: Take into account the people within your business [04:58]
   • Step 2: Consider the people outside your business [07:04]
   • Step 3: Check how the business fundamentals has shifted [10:45]
   • Discussing the exit strategy with your spouse [14:46]
3. Planning your business exit strategy [12:43]
4. Case study examples and the look fors in drafting a continuity plan [16:01]
5. Things to check in planning your exit strategy [23:54]
6. Going back to your personal and business goals [26:46]
7. Positioning your tactical pieces correctly [29:21]

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There is no quantifiable way to define and measure success because of its ever-changing nature. What we thought of as success ten years ago may vary greatly from what we perceive as success today. With its fluid nature, it comes to no surprise that you need new skills and strategies to keep on succeeding.

In this episode, we discuss how the skills that help you build wealth aren't the same skills that help you protect it while you continue to grow. We discuss the tangible approaches you can use to be adaptive and cultivate a grow and protect mindset for the next chapter in your business and life.

Keep aiming for greater successes. Tune in to this episode now! 

Resources:

• Destiny Capital (https://www.destinycapital.com)

What’s Discussed in This Episode:

1. Fear-based mindset as a starting entrepreneur [01:43]
2. Shifting the goalposts and assessing the financial aspect of success [04:09]
3. How can you maintain your high watermark? [07:39]
4. The continuous shift of our visions of success [09:54]

Connect with Already Successful: 

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People are always risk-averse by nature. So we tend to veer away from those financing options that pose greater risks and stay on the safer, less-riskier ones even if it means limiting our lending options. However, if you equip yourself with the right knowledge and understanding of these unconventional lending options, you’re giving yourself the leading edge advantage that most people don’t have.

In this episode, we cover two areas of non-traditional financing: Investment Credit Lines and Margin. Both of these are types of borrowing secured against your liquid financial assets. Even better, the conventional wisdom is that you should never add leverage to investing and why this doesn't apply to specific cases.

Learn how you can better address your short-term cash needs by tuning in to this episode!

Resources:

• Destiny Capital (https://www.destinycapital.com)

What’s Discussed in This Episode:

1. All assets are fungible [01:29]
   • Why you need to use your ICL [06:23]
2. How to utilize the Investment Credit Line [03:09]
3. What is an Investment Margin and how can you use it? [08:26]
4. Going against the conventional wisdom [13:01]

Connect with Already Successful: 

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