Uncommon Wealth Podcast

After moving to the Midwest from Louisiana, Stephen Smith knew something was missing…backyard BBQs. There just weren’t very many. And sure, the food at that type of thing was always good, but it’s the intentional community, the people, and the vibe of gathering that he missed. But how do you re-create that in the Midwest? The same way you do in the South, a party and a whole mess of crawfish. And thus, Cajun Fest Iowa was born, not only in service of the backyard BBQ vibe but also of a variety of local charities totalling over $100k in donations from the festival to date.

This week on the show we talk to Stephen about what it takes to grow a community event like his from 100 to 1,500 attendees over the course of a few years and why it's more important to know where you’re going than how exactly to get there. Plus, guerilla marketing, holding firm to your values so that your progress means something, and achieving a work life blend (vs. balance).

Find out more at https://www.cajunfestiowa.com/

Year-end is when all the big questions get together and beg for your attention. Business questions like how much did we make? What do we have in cash? What about taxes? How do we want to grow next year, should we pay down debt? But then you need to layer in considerations for you and your employees around bonuses, salary expectations, and retirement contributions. Plus community impacts, charitable giving, tithes and a host of other things. Add it all together and what do you get? A year-end dilemma.

In this episode we’ll help you sort out how to think about and prioritize all of these things, starting with the end in mind. A lot of this will come down to what’s important to you, what you value, but even then there are systems and considerations that can help you make sense of the madness and give you a tangible place to start. Most of these “problems” are the right kinds of ones to have, so let’s use them to their greatest impact.

A few references from the show that we mentioned that may be of additional use to you:

Uncommon Life Project Podcast with Drew McLellan

Profit First Book

Thinking through the impacts of our absence in the world seems both a luxury and intangible compared to the problems and opportunities that we face in the present. But as our guest Charles Bottenberg reminds us in this episode, “Whether you have an estate plan or not, you have an estate plan.” The choice is between control or chaos, chance or intention.

This week we’ll talk about all things estate planning, including what decisions go into an estate plan, the tax implications of your estate, and how to think about trusts, guardianships, and protecting those you intend to leave things to. Also, ways to structure your estate plan that allows you to still put boundaries on how money/property is made available to them, letting you still parent/guide them in your physical absence. Plus, some encouragement that all of this is easier than you may think, as long as you have the right help.

To get in touch with Charles:

Email: [email protected]

Phone number: 515-246-0335

LinkedIn: LinkedIn

In this episode’s Simple Step, we’re talking about the power of thinking about your spending through the lens of time. How many work hours does it take to cover that car payment, the grocery store visit, or that bocce ball set your spouse is certain you will lose your passion for in a few weeks? And perhaps on the other side, are you getting joy from the time you’re trading to get these things? It’s possible!

Enjoy this week’s episode, do the exercise, and let us know what interesting things you found out by shooting us an email at [email protected].

In a market that is unpredictable at best and recessive at worst, sometimes it feels like the most prudent thing to do is get out and put your cash on the sidelines. But doing so can often be counterproductive as high inflation chips away at the underlying value as your cash sits and you miss out on opportunities to get in on securities that are at a short-term discount, especially if performance is more related to the macro environment than the quality of the underlying security.

This week we’re talking to Kade Vasi from Clark Capital Management Group, who not only has some insight on why not to let your cash sit this one out, but also a view on bonds, bond portfolios, and municipal bonds that are worth your attention if you’re a high net worth individual who is looking for some less obvious tax-efficient strategies for your non-qualified money. Plus we’ll cover the history of Clark Capital Management Group, a high-level of what capital managers do, and how the firm uniquely serves individual investors as well as financial advisers and wealth managers.

To learn more about Clark Capital Management group, visit their website at ccmg.com

Entrepreneurship is often a twisting, winding, surprising sort of affair. As Becky Pospisal, owner of the Knotty Nail will tell you, those surprises can come both in the form of challenges (as in adapting when your well-made plans don’t work out as expected) and blessings (like finding that folks really like your business). Although you can’t always prepare tangibly for surprises, they are, by nature, unexpected, trusting in your ability to handle whatever may come will often produce exactly that.

Join us this week as we talk with Becky about surprises, how she got started with the Knotty Nail, and spouses who will say what they really think about the name of your business. Plus, using the SBA, creating lasting employee relationships, and transitioning your business so you can do the things you love doing and find great people to handle the other stuff.

To learn more, visit theknottynail.com

In this Simple Step episode, we talk about the importance of mentors. A good mentor can not only help you realize when you aren’t being your authentic self but can also call you up to a version of yourself you never knew existed. We don’t ever graduate from the benefits of coaching and guidance, we just often become deluded into believing we don’t need it or trapped in the thought that it’s a sign of weakness to ask. Humility and coachability is power, it means the ceiling of your success always has room to go higher.

Take a quick listen to this week’s simple step and then get out there and be a mentor, thank your mentor, or find a mentor. If possible, do all three.

Have a great story about the power of mentorship in your life? We’d love to hear it, share it with us at [email protected].

Part of the Uncommon path is believing that there’s a way to monetize the thing you’re passionate about. When you can set yourself free of that limiting thought, that no one could possibly pay you for this thing, it starts to open your eyes to all kinds of opportunities and avenues you never knew existed. Joshua Baird, of Iconic Motorsports, knows the feeling…he gets paid to play video games.

Join us this week for a conversation with Joshua about SIM racing, eSports, and what it takes to turn your part-time hobby into a full-time future. Plus, some real-life examples of how to monetize this kind of business, including NFTs, cryptocurrency, sponsorships, and incentivizing the participation.

For more on Iconic Motorsports, check out their Facebook: https://www.facebook.com/iracingiconicmotorsports/

Sorting out the alphabet soup of letters and numbers that describe various retirement plans can seem like a daunting task. But employees and employers alike can use these plans to reduce current tax liability and gain investment exposure, so it’s valuable to understand these tax-advantaged options and how to use them to advance your goals.

This week on the show we’ll sort through the noise and help you understand the differences between various retirement plans (like SIMPLEs, SEPs, 401ks, 457s, etc.) and who gets to use them (sometimes the type of plan is dependent upon who you work for). Also, how additional options like cash balance or defined pension plans target “later” money to extend the retirement offering and expand how much money can be directed into retirement benefits, with the accompanying tax impacts.

This podcast is for informational purposes only and shouldn’t be considered advice. It’s always a good idea to get some help from a licensed professional if you’re looking to create or extend your business retirement plan.

If you’re going to do the thing, do the thing. If you’re Jeni Lee of Mac’d, the thing is creating a meal prep service that combines providing a tasty variety of food, making it easy to get, and ensuring it covers the balanced nutrients you need to meet or exceed your fitness goals.

This week we talk to Jeni about how a three week span between jobs changed her career and life forever. Plus, how the desire to not feel arbitrarily limited in life, coupled with the gift of discernment, forms the entrepreneurial gut instinct that helps give you the ability to act in boldness even when it isn’t clear where the leap will land you. Also, we hear more about how she got started in meal prep, how her work is changing lives, and the future of Mac’d.

To learn more about Jeni, you can visit her Instagram: https://www.instagram.com/macdbyjl/