Work Pants Finance

Case studies are a WPF crowd-pleaser, and today has three of 'em as I share the fictional situations of three type of clients and the questions they bring to my financial planning practice.

You'll learn about Zachary & Jasmine earning $290,000 combined, working for Honeywell and McKinsey and wanting to start their financial lives on the right foot. Next up are James and Heather earning $466,000 who are eager to be financially independent and work-optional sooner rather than later.

Finally, David and Karen – entrepreneur and teacher – are in their last few years of full time work. They have a bevvy of once-in-a-lifetime financial decisions on tap and want to be sure they do it right.

For more information, visit the show notes at https://Workpantsfinance.com/41

Jim's heart for godly stewardship of financial resources – specifically his commitment that everything we have is a gift from God and belongs to God – is front and center in our conversation. Most of our conversation takes this presupposition as its jumping off point.

Key take-aways include:

1) You – and your children – can finish college at a young age. The university's four-year program may or may not be the one that serves your student best. 2) Second, get creative and go big to find income opportunities. Dr Newheiser, later a pastor, seminarian, seminary professor, and author, went to Saudi Arabia as a management consultant in the oil industry! He did a high-paid job for a rich client, with expat pay and benefits layered on top. From there, he managed his expenses down and created wealth that still helps his family three decades later as he works and serves in different capacity. 3) There's time for service in the church, whatever other demands exist on your time. Jim found time to serve as pastor of a secret church in Saudi Arabia while succeeding in his career as a management consultant.

For more information, visit the show notes at https://Workpantsfinance.com/40

Charlotte Whitmore shares her transition from "global expert to manager of her own estate" in her story of building and selling a consulting business.

Wisdom is throughout the episode, including the fact that acquirers don't care how nice (or junky) your office furniture is and, if you hate debt, it's OK to skip it entirely!

For more information, visit the show notes at https://Workpantsfinance.com/39

When it comes to post-high-school education, you can definitely have too much of a good thing. Today Lacey Langford and I discuss the traditional university route, college hacking, grad school, tech programs, entrepreneurship, and going to work in the trades.

The key-takeaway in today's episode boils down to asking and answering the question "why" as it relates to educational choices.

• Why this school?
• Why this degree program?
• Why grad school?
• Why grad school for this specific thing?

If you'll adopt this approach for yourself and your children, everyone will be better served.

For more information, visit the show notes at https://Workpantsfinance.com/38

John Lee Dumas offers wisdom to put our efforts toward the things that matter – and let everything else fall away.

For more information, visit the show notes at https://Workpantsfinance.com/37

Many listeners will find new money marked Federal Tax Refund in their checking accounts. If you are the kind of person who usually owes at least some federal taxes, this is your tax credit that would normally reduce what you owe next April 15th; at least at this point, this is not "extra" money like previous stimulus payments. What can you do?

First, check the bank account where you normally pay your taxes or receive your tax refunds and see if you're getting these payments. Most people are.

Second, consider whether you want to opt out even if you've already received the first payment. Go to Work Pants Finance.com/36 for expanded notes from today's show, including a link to the IRS website to opt out of these payments.

Third, run a tax projection for 2021 and determine what you will actually owe in taxes for 2021. Then, whether you keep these payments or turn them down, make sure that withholding from your paychecks, or quarterly payments if you're self-employed, satisfy the taxes you'll owe for 2021 by December of 2021.

For more information, visit the show notes at https://Workpantsfinance.com/36

Robin is an accomplished business leader, a great wife, mom, and friend, and now a Jeopardy! Champion too. She's humble, relatable, and serves up massive value.

Five Key Takeaways

First, if a direction is clear in work, business, family, or game show competition, go for it, even if you're scared. People regret the things they didn't do more than things they tried and failed.

Second, Robin tells the story of how the Clue Crew made her feel between show recordings. What can you do in your daily work to honor the people with whom you interact?

Third, and related, do special things to let the people you love know you love them. Take your spouse on a date; give your wife a three-night momcation at the beach. Let one kid direct how the family spends the time on an entire Saturday. I promise, I'm preaching to myself here!

Fourth, ask what kind of role model you want to be for your kids. How can you help them see you as fully human? What can you do for your adult parents as you ponder their humanity, and the brevity of life?

Fifth, when you make a mistake, do what you can to make it right, then move on quickly; you can't put the toothpaste back in the tube. It's what you do next that matters.

For more information, visit the show notes at https://Workpantsfinance.com/35

Executive Life and Leadership Coach Itir Keskiner shares her thoughts on how and when coaching plays an important role in our lives.

For more information, visit the show notes at https://Workpantsfinance.com/34

J.'s story highlights the benefits that come from not only participating in an industry, but also serving that industry. J found success as he curated content designed to support the personal finance bloggers.

Key-takeaways are:

First, if you're doing work that makes you miserable, get out, even if that work makes you money.

Second, though J. ventures found success, he notes that 80% of his online startups fizzle. There's probably no reason for you to expect to do better.

Third, stubbornness and commitment are the keys to getting things done when the going gets tough.

Fourth, net worth tracking is an important part of financial planning. Personally, it's one of my favorite activities to do, both with clients and with my wife.

Fifth by focusing on the vital few, Jay freed up white space to include more time for activities like being with his family, reading, and taking naps!

For more information, visit the show notes at https://Workpantsfinance.com/33

Listeners call with their questions for Matt. Don't miss your invitation for the next listener Q&A event.

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