Uncommon Wealth Podcast

In recent memory, there haven’t been a ton of ways for business owners to make money on their cash. But rate hikes by the Fed have created an environment where there is opportunity to achieve a decent return on fully liquid cash. On this week’s Simple Step, we’ll talk through the strategies we’re currently using to take advantage of the current rate environment.

As always, this discussion is for informational purposes only and should not be considered advice. Where you need help, don’t hesitate to reach out to your financial advisor to discuss your options.

Generosity, like anything else, requires being intentional to be fruitful. And being wise with how you give can lay the groundwork for a generational legacy that benefits not only your passion charities but also your tax situation, which can free up even more for giving.

In this episode we’re talking with Dan Navarra from National Christian Foundation, a 501(c)(3) organization that manages donor advised funds, the fastest growing charitable vehicle in the world. We’ll talk through what a donor advised fund is, the extended tax advantages, and how to unlock non-cash assets for charitable use. Plus, Dan reviews the importance of giving and how it ultimately points us back to a good and gracious God. Finally, how being thoughtful with your giving can help assure an impact that extends beyond our own lives.

For more information, visit https://www.ncfgiving.com/library/

The old joke goes that nothing is certain except for death and taxes. But in reality, the United States didn’t even have a permanent federal income tax until Christmas Day, 1913, which means we have spent more years as a country without a federal income tax than with one. Over the years, taxation became more and more complicated as the government sought more ways to raise revenue while citizens looked for ways to pay less in taxes. This led to what we have today which is an often difficult to follow maze of tax codes representing a desire for more revenue pitted against tax-reducing incentives to encourage people to behave financially in ways that put less burden on the government overall (such as retirement savings and health care savings).

In this episode, we’re talking about taxes. We’ll discuss how the progressive tax system works, key moments in US tax history that drove some of the tax code provisions that are key to modern tax planning, and considerations around Roth investments, your off-desk Robinhood account, and how the current tax landscape compares to the past.

Of course, we can’t predict the future  and this discussion isn’t tax advice. We definitely recommend you connect with a tax advisor for help with your tax questions and financial situation.

In the day-to-day running of a business, it’s often hard to find time to prioritize some of those big picture questions like “what is my business actually worth?”. But knowing the value of your business can be the catalyst to your next big step, like an upcoming retirement, offering an Employee Stock Ownership Plan, structuring a buyout among partners, or even selling your business outright. It can also reveal practices within your business that reduce value and make it harder to grow.

In this episode we’re talking with Matt Fett from BCC Advisers about business valuations. We’ll learn about when you would need one, how much it generally costs, and opportunities it can reveal. Plus, the behaviors that make it hard to structure a good deal to sell or transition a business and the role emotions play when trying to understand how much a business is truly worth.

For more information on Matt’s services, go to bccadvisers.com.

In this Simple Step episode, it’s time to affirm your annual budget. Whether for your business or your personal finances. Your reviewing and setting your budget gives you a chance to make sure you’re spending your resources on what you value, reacting appropriately to changes in your situation, and creating a place of agreement between your business partners and spouses.

If you have a budget but need some help sticking to it, check out the Uncommon Wealth episode with our own Ryan Garvey as he discusses Qube Money, a cash envelope option for the digital age. If you want to give Qube Money a shot, use the promo code UNCOMMON for two free months by visiting qubemoney.com.

Sarah Trone Garriott never shies away from a tough conversation, an opportunity to bridge a gap, or chance to be part of the opportunities for change she sees in front of her. The journey leaning into those things has taken her not only to various parts of the country but also into history, ministry, politics, and service.

This episode we talk to Sarah about her journey of faith, what drew her into the political process, the realities of friendship and ministry, and how the perspectives of those who believe differently than us can draw us into growth.

To find more about Sarah, visit sarahforiowa.com

Things are going to sound a little different around here going forward, and we think that's a very good thing. In this episode, we talk about why we're transitioning the name of our podcast. how it fits in with some of the other work we're doing, and what you can expect going forward. 

Leading up to Super Bowl 50, Cam Newton was a gold-shod, dabbing, dancing, confidence machine. Afterwards, he was stoic, sulking, and mostly silent, except in his criticism of his own team's efforts. This kind of reaction, one that deflects ownership and responsibility, not only cuts off your ability to grow from your shortcomings but also pushes them onto those around you (which, of course, no one takes kindly to).

This episode we're talking about the Cam Newton Effect, what it is, and how to watch for it in your own life.

What does a pawn shop employee, a property manager, a proprietor of a tile business, and a proud papa have in common? If you're Chase Knock, at some point in your life you were all of these. It's often funny how one option leads to another in life. And although it's one thing to be curious about what's behind the next door, it's a whole different thing to jump off the bridge and pursue the opportunities that lie in the mystery, which sometimes start at a pawn shop.

This week we're talking to Chase Knock, owner of Knock Knock Tile, about his road to entrepreneurship. We'll also talk about family, the importance of a supportive spouse, keeping family first, and the revelations that come when we embrace our struggles, including mental and emotional ones.

You can find more from Chase on Instagram @knockknocktile 

A single crab placed in a bucket will generally escape easily (although not without some irritation for having been placed in a bucket). However, if you put a group of crabs in a bucket, every time one of them tries to escape another will inevitably grab on to them and pull them back down. Sure, you’re thinking, it’s a real bummer to be a crab in a bucket, and you’re probably right. But it’s also a real bummer to be a person trying to progress, take chances, move up and forward, all things you are capable of doing, and yet have other people holding you back.

In this week’s Simple Step, we’re talking about the importance of who you surround yourself with. Are they encouragers? Cheerleaders? Motivators? Or, are you being held back from what you can truly do by other crabs in the bucket?