Work Your Wealth Podcast

This week I sat down with psychologist and behavioral finance expert, Dr. Daniel Crosby to discuss the behavioral side of investing.

Educated at Brigham Young and Emory Universities, Dr. Crosby helps organizations understand the intersection of mind and markets. Dr. Crosby's first book, Personal Benchmark: Integrating Behavioral Finance and Investment Management, was a New York Times bestseller. His second book, The Laws of Wealth, was named the best investment book of 2017 by the Axiom Business Book Awards and has been translated into 5 languages.

His latest work, The Behavioral Investor, is a comprehensive look at the neurology, physiology and psychology of sound financial decision-making. When he is not consulting around market psychology, Daniel enjoys exploring the American South, fanatically following St. Louis Cardinals baseball, and spending time with his wife and three children.

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• Why there's such a resistance to the psychological side of money
• How our choices are affected by externalities
• How to identify and break the "herd mentality" in your investing
• What the best investment portfolio looks like for you
• Psychological tendencies that impact investment behavior
• The importance of diversifying out of what you are comfortable with
• Overcoming emotional connections to some of your investments
• The balance between educating and empathizing
• Questions to ask yourself about investments with emotional ties
• How to take a "pre-mortem" look at your portfolio
• The way your ego can derail your financial goals
• The view you should take with long-term investing
• How to prevent your emotional self from getting in the way of your investing self
• The psychological benefit of the "set it and forget it" mentality
• The lie many people tell themselves why they don't need a financial planner

LINKS WE MENTIONED ON THE SHOW:

• The Behavioral Investor by Dr. Daniel Crosby
• Yuval Harari
• The Laws of Wealth by Dr. Daniel Crosby
• Work Your Wealth Podcast Episode 13 with Daniel Crosby
• The Standard Deviations podcast

GET SOCIAL WITH DANIEL AND LET HIM KNOW YOU HEARD ABOUT HIM HERE

• Daniel's Website
• Twitter
• LinkedIn
• Daniel's e-mail

This week I sat down with author and Chief Mammal, John Lanza to discuss how to teach your kids about money.

John is the Chief Mammal of The Money Mammals and author of the new book for parents, The Art of Allowance: A Short, Practical Guide to Raising Money-Smart, Money-Empowered Kids. A pioneer in youth money-smarts, John created the original Money Mammals DVD and has written three children's picture books to help kids learn to "Share & Save & Spend Smart." He is recognized nationally as a youth financial literacy expert and the Money Mammals have been featured in The New York Times, The Wall Street Journal and The LA Times.

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• How John became an expert in youth financial literacy
• Some of the building blocks to teaching kids about money
• The three core money smart skills for kids to learn
• The importance of establishing a financial literacy foundation
• Teaching your children the Three Jar method
• The real purpose behind an allowance
• Why chores and allowance shouldn't always be linked
• A recommended amount to give for allowance
• The best age to start with an allowance for your child
• How to approach the share jar with your child and at what age
• Some common mistakes parents make when teaching kids about money
• When to let your kids "borrow" money from you
• The right circumstances to give your kids a loan
• How to talk to your kids about investments (even if you're not an investment guru)

LINKS WE MENTIONED ON THE SHOW:

• The Art of Allowance
• Kimberly Palmer's Podcast Episode
• Bill Dwight's Fam Zoo

GET SOCIAL WITH JOHN AND LET HIM KNOW YOU HEARD ABOUT HIM HERE

• John's Website
• John's e-mail

This week I sat down with entrepreneur and author Paul Jarvis to discuss why you don't need to grow your business.

Paul is a designer who likes writing (or vice versa) and has worked for himself since the 90s. He wrote a book called Company of One (Jan 15, 2019), published by Houghton Mifflin Harcourt.

His courses—Creative Class and Chimp Essentials—have been taken by more than 13,564 paying students. His writing has been talked about by everyone from Ashton Kutcher to Arianna Huffington. He's worked with clients, such as Microsoft, Danielle LaPorte, Mercedes-Benz, Marie Forleo and Warner Music. His ideas and words have been featured in WIRED, Fast Company, Vice, USA Today and more. As a totally random aside, his photography has been seen on Greys Anatomy (the TV show).

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• Why Paul decided to write his book Company of One
• The importance of a company of one
• Why growth is not the best decision for every company
• How a company of one is based on a mindset, not a number
• The core skillset you will need
• The significance of setting your upper bounds
• The danger of setting your business goals too high
• The number one thing to consider with goal-setting
• Why introspection (and time for it) is a must
• Factors to consider when setting your upper bounds
• Lifestyle creep and how it can impact your happiness
• The best way to juggle opportunities and obligations
• How to have a business that supports your life and not the other way around
• What "shoulding" all over yourself can do to your mindset and success
• The way Paul defines success in his business
• How systems can be more of a hindrance when starting a business
• The significance of connecting with the customer before scaling

LINKS WE MENTIONED ON THE SHOW:

• Company of One by Paul Jarvis
• I Don't Care About Growth
• The Challenge of Sitting with Your Thoughts Study
• Danielle Laporte

GET SOCIAL WITH PAUL AND LET HIM KNOW YOU HEARD ABOUT HIM HERE

• Paul's Website
• Paul's e-mail
• Twitter

This week I sat down with estate planning attorney, Nikki Semanchik to discuss what estate planning documents are a must and who should have them.

Nikki is the Founding Attorney of Semanchik Law Group (SLG), a business, nonprofit and estate planning firm located in San Diego. Nikki started SLG because she wanted to create a modern law firm that felt accessible to clients. As an entrepreneur herself, Nikki has a real passion for helping other business owners realize their dreams. Nikki truly believes that a huge part of her job as a business attorney is teaching, motivating and inspiring her clients to dream big.

Nikki is also passionate about helping families protect their assets and plan for their futures through estate planning. As a parent herself, Nikki understands how having a proper estate plan in place can give you peace of mind knowing that your children are taken care of it the unthinkable happens.

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• Why you should care about estate planning & the reasons people avoid it
• Why the amount money you have doesn't matter when it comes to this kind of planning
• What it means to have an estate plan in place and who it's actually for
• The items that should be included in your trust and why they should be in there
• The differenced between wills and trusts
• Mary Beth's favorite aspect of having a trust
• The document you need to have if you can't make your own medical decisions
• Understanding why your trustee might not be the best person to execute your health care directive
• Why everyone over 18 years old should have a HIPAA document
• The purpose of having a Pour-Over Will
• How to handle determining and designating guardians for your children
• The importance of informing those you designate in your estate planning documents
• When and why you would need a durable power of attorney
• When to work with an attorney vs. creating your documents online
• How frequently you should be reviewing and updating your documents

LINKS WE MENTIONED ON THE SHOW:

• Profit First by Mike Michalowicz
• The Case for Millennials to Have a Plan
• My Estate is Not in Order

This week I sat down with lawyer and entrepreneur, Autumn Witt Boyd to discuss how to start and scale a business.

Autumn is an experienced lawyer who helps ambitious and creative business owners reach their big goals. Together with her team at The AWB Firm, Autumn guides online and e-commerce businesses as they grow. She has special expertise in copyright and trademark issues, and her firm offers full-service legal support to creative businesses.

Autumn also hosts the Legal Road Map® podcast, which teaches business owners how to protect their rights and stay out of legal hot water. She lives in Chattanooga, TN with her husband Dave, twin boys Sam and Tyson, and daughter Vivian.

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• The importance of understanding your purpose when building a business
• The reality of the first few years of entrepreneurship
• Ways to still have an income when launching your business
• How your network can be your best tool when starting a business
• Different ways to market your business before you launch
• How to leverage an assistant in your business
• When is a good time to bring on an assistant
• Determining when to have part time vs. full time staff
• Dealing with the pressures of having a full time employee
• What to do to remove some of the financial pressure when bringing on a new employee
• Bringing on an assistant or employee needs to have a WHY behind it
• Knowing when it's time to get office space (or upgrade your office space)
• Other options to look into if you can't find affordable office space for your business
• Dealing with increased overhead through the use of office space
• How to keep the vision of your business moving forward
• The best reason to evaluate where YOU are lacking when hiring an employee
• When you're business takes off, how to control the growth

LINKS WE MENTIONED ON THE SHOW:

• Kendrick Shope Sale School
• Being Boss
• Tara Gentile (Tara McMullin)
• Heather Hubbard Coaching
• The Legal Roadmap Podcast

GET SOCIAL WITH AUTUMN AND LET HER KNOW YOU HEARD ABOUT HER HERE

• Autumn's Website
• Autumn's e-mail
• Facebook

What Can I Do to Reduce My Financial Anxiety and Concerns About Money?

One of the fun parts of being a financial planner is getting to field and answer questions from clients and readers all around the country. In these Work Your Wealth episodes I'll be taking time to address and answer questions I've come across from readers and clients throughout my career. Today I'm answering the above question.

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• How to manage your financial anxiety
• Signs and symptoms of financial anxiety
• Digging too far into the details isn't always a good thing
• Why playing the "What if" game needs to be limited
• How you might be subconsciously trying to beat the market
• Why ignoring your finances can be just as bad as being too detailed
• Tools to counteract any financial anxiety you might have
• The importance of knowing where things stand
• How a net worth statement can help reduce financial anxiety
• Knowing your numbers is good for your health
• How your goals can help reduce your financial anxiety
• The significance of a financial plan for your peace of mind
• How a financial plan can address many of the common fears around money
• Focusing on worst case scenario is sometimes unrealistic
• The worst-case scenario you're telling yourself is not actually the worst case
• How working with a financial planner can reduce some of your financial anxiety
• The tools to have a less stressful 2019

LINKS WE MENTIONED ON THE SHOW:

• How to Get Your Finances Organized Blog Post
• Getting Organized for Tax Time Blog Post
• Are You Better or Worse Financially This Year Blog Post
• Work Your Wealth Book
• Garrett Planning Network
• XY Planning Network
• NAPFA

This week is the second of The Best of 2018 podcasts where I sat down with Deacon Hayes about how to retire early.

Deacon was able to provide such great tips and tools for all those looking to work towards that financial freedom that I felt it had to be aired again as we approach the end of 2018. I've highlighted below just a few of the great takeaways from the episode but I also recommend heading back over to episode 56 where you will find more details on what Deacon and I discuss.

I hope you are able to take some of these tips and roll them into your planning as you look forward to 2019! Enjoy!

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• It only took Deacon 18 months to get rid of $52,000 in debt; he used that mindset to focus on retiring early
• Finances and communication go hand-in-hand when you're in a relationship
• Don't jus focus on getting to financial independence; have a plan once you get there
• Deacon discusses three different ways to work towards early retirement
• There's more than one perspective when it comes to financial independence
• "Lifestyle creep" can wreck havoc on your goals if you're not careful
• How to figure out your financial independence number
• Early retirement has its traps too. Don't fall victim to these common mistakes

This week is the first of two of The Best of 2018 podcasts and in this one I talk about how to make progress with your money.

There's a reason this episode was listened by so many people: making progress with money is important. Whether you're working towards a long-term goal like retirement, or saving up for that new item you've been wanting, you need to understand how to make your money work for you. This episode goes over just that so I felt that it had to be aired again as we approach the start of a new year. I've highlighted a few of the key takeaways below but if you I recommend heading back over to episode 48 where you can find even more takeaways from this great episode.

WHAT YOU'LL LEARN FROM THIS EPISODE:

• Start with Step 1 before setting any financial goals
• FOMO can knock you off track of your financial goals; know what it is so you don't get sucked in by it
• Do you know what your WHY is, because that's important
• Don't fall trap to the "bag lady syndrome"
• When you're in control of your money, it will look like this
• Happiness is what you make it; are you making the right money choices to get there
• When you're figuring out your "why" start with these questions
• How to set SMART goals

What money moves should I be making before the end of the year?

One of the fun parts of being a financial planner is getting to field and answer questions from clients and readers all around the country. In these Work Your Wealth episodes I'll be taking time to address and answer questions I've come across from readers and clients throughout my career. Today I'm answering the above question.

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• Why you should be reviewing your budget each year
• When's the last time you looked at those goals of yours
• Did you know there are new retirement contribution limits for next year
• What to look for during your insurance policy review
• How much you should be stashing away in your emergency fund
• Automation, Automation, Automation
• Unique ideas on how to pay off debt early and how it affects your finances
• Should you rebalance your portfolio
• FSA: Use it before you lose it
• Can you take advantage of tax harvesting
• Here's a good idea for a date night with your partner
• What to look for when checking your credit report
• Where you can be optimizing your taxes before yearend
• Some bad habits that could be hurting you financially
• Review your paycheck. Do you know what you're looking for
• Do you need an estate and is it in order
• How to check in on your financial progress
• Treat yourself…Responsibly!
• Talk to your financial planner or set up an appointment

LINKS WE MENTIONED ON THE SHOW:

• 30 Money Moves in 30 Days Blog Post
• Free Credit Report
• How to Analyze Your Paycheck Blog Post
• How to Analyze Your Paycheck Podcast

This week I sat down with business and life strategist, Kelly Higdon.

Kelly helps entrepreneurs scale their businesses and get unstuck without it sucking their soul. She is the creator of Calibrate Your Year and loves helping entrepreneurs build businesses that fit into their life.

HERE'S WHAT YOU'LL LEARN FROM THIS EPISODE:

• How to stop your business from taking over your life
• Where to start to change the problem
• Taking back your life through evaluation, elimination, automation and prioritization
• The importance of taking a step back to look at the big picture
• How to utilize The Perfectly Average Day exercise to balance your life
• The significance of unpacking the pressures of running a business
• What caused Kelly to create her elaborate calendar
• Kelly's way of building her calendar to maximize her time away from work
• Kelly's secret to working only 42% of the year
• Where to go when you're so stuck you've lost sight of your vision
• The 8 categories of life Kelly helps her clients evaluate
• How to seek out an accountability partner
• What it means to "calibrate" ourselves
• The reason business and life need to work hand-in-hand

LINKS WE MENTIONED ON THE SHOW:

• Calibrate Your Year
• Workable Wealth

GET SOCIAL WITH KELLY AND LET HER KNOW YOU HEARD ABOUT HER HERE

• Kelly's Website
• Kelly's e-mail
• Instagram