Work Pants Finance

Today's show's got a model for how to learn from failure, and the flip-side of the oft-heard advice to "trust your gut."

For more information, visit the show notes at https://Workpantsfinance.com/21

With huge thanks to the Fuqua Finance Club and BLMBAO, we've got great Q&A focused on MBAs and other high earners.

We tackle:

• Student loan payoff tactics
• How and how much house to buy
• An introduction to savings rate
• An outline financial plan – what order you do what things (basic budget, mini-emergency fund, get the employer match at work, big emergency fund, debt payoff, house down payment, increased market investing, including maxing employer plans and backdoor Roth IRAs, everything else (taxable investing, real estate, fancier stuff like private investing)
• When to seek help with tax preparation & financial advice
• And much, much more

For more information, visit the show notes at https://Workpantsfinance.com/20

We all suffer tragedy and setbacks. How we respond to challenges is a defining part of what we accomplish in life. In today's show Brian discusses the founding of RestoraPet, the death of his co-founder Kenny Kramm, and the importance of excellent mentors.

Key Take-Aways:

1. Maximize time with people you love – you never know how much time you've got.
2. When it comes to taking on investors, do it at the right time – usually not too soon. And to bring on investors who can add value to the business as advisors and supporters.
3. Giving money away is the most fun you can have with money. And giving time is meaningful too. It's very important to have stuff
4. that grounds you in your life outside business – especially people, but also things like music, physical exercise, and hobbies.

For more information, visit the show notes at https://www.workpantsfinance.com/19

Today's episode unpacks the theme of mentorship, connecting knowledge and skill, mentorship, and sponsorship in a model for career and business success. I've also got a major book report and update on my first Whole 30.

For more information, visit the show notes at https://www.workpantsfinance.com/18

WPF 17 serves up a wide-ranging discussion of estate planning, entrepreneurship, and business processes. Paul Yokabitus and I discuss who needs an estate plan, when, and why – as well as the connection between bussing tables at age 14 and serving clients in a law practice twenty years later.

Paul's advice for entrepreneurs: Seek discomfort and take risk.

By following his own advice you'll hear about Paul's experience taking a services business from a solo practice to more than a dozen employees in less than three years.

Key Take-Aways

Estate planning is one of the few things you can do now that helps you while you're alive and helps your family after you die. When people die, it is horrible. Your pre-planning can make this horrible time less horrible for the people you love. Estate planning is "putting what's in your heart and your head into a legal binding and effective transition plan." Adults need an estate plan. It's especially important if you have kids or assets. Your estate plan should include contact information for all your important people.

For more information, visit the show notes at https://Workpantsfinance.com/17

Today's show features imaginary clients Mike and Jennifer Murray. Mike is a consulting engagement manager with a big-four accounting firm earning $250,000 per year. His wife homeschools their three children ages 10, 8, and 6. They own a $600,000 home in a leafy Atlanta suburb and we're going to make sure they take the right steps to protect themselves in the event something terrible happens.

This episode is not about insuring your iPhone or cordless drill. It's about protecting what you can't afford to lose – a lifetime of income – from risks you can't afford to take – a big judgment entered against you in a liability matter, writing a check for the replacement value of your home and personal property, and the loss of the massive contribution any spouse – including a so-called non-working spouse – in your family's financial life.

For more information, visit the show notes at https://www.workpantsfinance.com/16

Joshua Sheats and I continue our risk management discussion as we dip a toe in the water of physical preparedness. Whether you wear a tinfoil hat is up to you, but everyone can learn the lessons of Covid-19 and the Great Toilet Paper Crisis of 2020.

We discuss disaster preparedness planning and Joshua's career in podcasting where he reminds us you miss 100% of the shots you don't take. We recommend coupling risk-taking in career and business with good financial planning.

We address the role of independent media as a communication and marketing tool and the importance of high-quality content and niching down.

Lastly, Joshua discusses the role good advisors can have in your life – cutting years off your learning curve on almost any topic. Joshua calls financial advisors the link between your dreams and where you are today. Sweet!

For more information, visit the show notes at https://www.workpantsfinance.com/15

Today's interview with Joshua Sheats of Radical Personal Finance is loaded with life and money wisdom focused on the broad topic of Risk Management. We begin our conversation with the seven stages of financial independence:

• Stage 0 – Total Financial Dependence
• Stage 1 – Financial Solvency
• Stage 2 – Financial Stability
• Stage 3 – Debt Freedom
• Stage 4 – Financial Security
• Stage 5 – Financial Independence
• Stage 6 – Financial Freedom
• Stage 7 – Financial Abundance

Disability and other types of Insurance, which occupy a bunch of time in this episode, come into the picture as you reach financial stability – current on today's obligations, with a plan to take care of tomorrow's!

Disability Income insurance may be the most important insurance you need to own. Despite this fact, it's one of the least owned, least understood, least paid attention to types of insurance, because people underestimate the value of their income and underrate how much better their life is when they're properly insured for disability.

Besides insurance, we address emergency funds, including credit cards and currency - $100 bills, y'all. Sit back, relax, and enjoy the conversation!

For more information, visit the show notes at https://workpantsfinance.com/14

Today's show gives you the chance to learn from a failure I caused.

Key takeaways are:

1. Trust your gut
2. Hope is not a plan
3. Once you realize you need a change, make the change
4. Results matter. Intentions and obstacles don't.

For more information, visit the show notes at https://www.workpantsfinance.com/13

It's all about entrepreneurship, post-MBA career blues, and seizing the day. Nick Palmisciano, Albert Chou and I share their stories and experiences as serial entrepreneurs and conclude that the most important thing, whatever you want in life, is to start.

I almost titled the show "Time Goes By and you Can't Get it Back" but "Marketing that Doesn't Suck" was too tempting.

Learn more about Nick and Albert's business at https://dieseljackmedia.com

You can read more from our conversation at https://www.workpantsfinance.com/12