Hello, loyal listeners! We wanted to let you know that we have a quick update on the podcast and a few things that are happening over at Toujours Planning right now.

As you may know, we are a Lake Charles-based business and family, and our community, homes, and offices were devastated by Hurricane Laura in August. While we work to rebuild our community and also weather other storms that have come through the area, we are taking a break from the Wealth by Design podcast.

We do not know how long it will take to return to “normal,” whatever that means. In the meantime, we ask that willing listeners of the podcast donate to Lake Charles and Louisiana recovery efforts.

We are personally supporting the Community Foundation of Southwest Louisiana, an organization that has helped care for people who’ve lost their homes and livelihoods, as well as get our community up and running again. If you are able and interested, please donate here: https://www.foundationswla.org/

In the meantime, we thank you for being a listener of the Wealth by Design podcast, and we hope to be back on the airwaves soon!

LINK TO DONATE: * https://www.foundationswla.org/

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

See you in 2021!

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When you decide to get your financial ducks in a row, you probably start to look for help with a good old Google search. But when you look up “financial advisor,” “financial planner,” “planning for retirement” or any variation of your financial needs… you might get confused. Quickly.

Why? Because there are so many titles for financial professionals out there. Do you need a financial planner? A financial advisor? An investment professional? A money coach? And what are those initials after their names?!

In this minisode, Dustin briefly describes the different types of financial professionals and designations you may see and explains when you’ll want to call a CERTIFIED FINANCIAL PLANNER™ professional.

WHAT YOU’LL LEARN * The different titles of financial professionals * The designations and licenses that financial advisors may have * What a CERTIFIED FINANCIAL PLANNER™ professional does * How a CFP® can help you * The three Es of the CERTIFIED FINANCIAL PLANNER™ designation

Watch this week’s episode: https://youtu.be/3UQ7soViuUg

Want more quick tips like this? Make sure you’re subscribed to the Wealth by Design podcast!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * + How to choose which financial professional you need: Episode 015 + Sign up for our free Know Your Numbers challenge! + Check out our DIY Financial Planning Course + Our YouTube Channel + Schedule a free call with us — Are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * + Ask Your Questions + On Facebook + On Twitter

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Sir John Templeton, an American-born British investor, banker, fund manager, and philanthropist, said this on investing: “Bull markets are born on pessimism, grown on skepticism, mature on optimism, and die on euphoria.”

He was named “the greatest global stock picker of the century” by Money in the 1990s, so we’re inclined to listen to his advice.

In this new minisode, Dustin breaks down each part of Sir Templeton’s quote. He also discusses timing the stock market, why it’s a bad idea, and what you should do instead.

WHAT YOU’LL LEARN * The “stock market trap” * How fear clouds our judgment * ...and greed affects it, too * Pick a strategy and stick with it for awhile

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * More on fear and greed in investing in Episode 104 * More on timing the market in Episode 107 * Check out our new program, Wealth by Design™ DIY! * Join the Know Your Numbers challenge * Schedule a free call with us — Are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

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We’ll keep the intrigue to a minimum. In our opinion, the answer to this question is a resounding yes.

Whether you’ve just gotten married (congrats!) or you’re in a committed, long-term relationship, it may be a good idea to have a joint account with your partner. Sharing your finances with your partner builds trust. Keeping them separate can breed suspicion and worry; plus, separate accounts keep your partner out of the loop on your day-to-day spending and savings habits.

Why do partners keep separate accounts? It may be a leftover habit from when you were dating. Or, you may have seen your parents control their accounts separately and assume that’s the best, or only, option.

The good news is, there’s still time to change things if you’re considering opening a joint account. Tune in to the full minisode for all the deets from Dustin! It’s only a few minutes, so you have no excuse to not tune in...

WHAT YOU’LL LEARN * Reasons why people might keep separate accounts * Community property laws * The importance of trust in a marriage * Arguments against joint accounts (that are actually red flags)

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * The nine community property states * The other states follow equitable distribution laws * Check out our new program, Wealth by Design™ DIY! * Join the Know Your Numbers challenge * Schedule a free call with us — Are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

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In March of 2020, we saw the stock market tumble 30% in one month. In the following few months, we’ve gained most of that back. What is happening??

In this minisode (seriously, it’s less than three minutes!), Dustin recaps what a stock actually is — in case you’ve forgotten amidst all the panicked COVID-19 stock market talk — and how stocks are bought and sold. He discusses how people’s emotions cause those peaks and valleys in the stock market, and how you can avoid that dangerous herd mentality when it comes to your own investing.

WHAT YOU’LL LEARN * What a stock is * The basics of buying and selling stocks * How fear and greed cause swings in the market * Dustin’s secret to investing

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Dustin shares more stock market basics in Episode 7! * More on fear, greed, and herd mentality in Episode 10 * Check out our DIY Financial Planning Course * Sign up for our free Know Your Numbers challenge * We have more minisodes on our YouTube Channel * Schedule a free call with us — Are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

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Katell and Jon, a husband and wife design team, are founders of Reverielane, a purpose-driven brand and web design firm. Katell’s experiences living in The Ivory Coast in Africa and France have honed her keen eye for design. Paired with her entrepreneurial drive, as well as Jon’s technical skills and creative spirit, led to the growth of Reverielane.

We were so excited to talk to Katell and Jon about Reverielane, their thoughts on investing and building wealth, and their long-term goals for their business and personal lives.

WHAT YOU’LL LEARN * [02:00] How and why Katell started Reverielane * [05:14] What “living life on your own terms” means to Jon and Katell * [08:39] What it means to build wealth * [11:00] Investing and growing assets * [13:54] Jon and Katell’s investment goals * [17:09] Our guests’ thoughts on debt * [18:48] Preparing for the unknown * [20:49] Long-term goals for Reverielane * [28:11] Jon and Katell’s underlying passions outside of the business

Reverielane’s origin story Katell moved to the United States from France in 2010. Rather than starting a new career working for someone else, she decided to go all in and launch a graphic design business.

“When I moved here, I saw the possibility of creating something on my own,” said Katell. “And I decided to go that way instead.”

Katell took the first few years to hone her graphic design skills. With Jon still working a traditional job, the timing was perfect to launch Reverielane. Plus, starting her own business that would also work with a family lifestyle was always one of Katell’s goals.

“I’ve always wanted to make my own money,” said Katell. “Creating something that I could do from home and raise the kids, that seemed like the cherry on top.”

Jon was working with Katell on Reverielane, kind of as his “night job” in addition to his regular job. But when they both realized the potential to grow Reverielane and looked at what it could become, he decided to go all in and work on it full-time.

At the beginning, Katell and Jon had different mindsets on income and investing.

“The initial step was, ‘let’s survive the first month,’” said John. “Katell came in and said, ‘No, this needs to be our financial goal right away.’”

He realized she was right. By making space for investing in Reverielane from the beginning, they were able to look beyond that month-to-month idea of simply making ends meet. They were on a path to growing their wealth.

Living life on their own terms Katell pointed out that running a business with your partner sounds, in theory, “very idyllic and fun,” but it’s hard work. Making that decision to have only one income source was tough, but it was how they could work towards their dreams. Flexibility was key: the flexibility to work from home, to travel if they wanted, and also to give to others if they had the means.

Flexibility played an important role in their other decisions, too. Jon and Katell chose Southern California as a place to settle down, grow the business, and raise a family, but they were always open to other options should the need arise.

“Not that you want to be moving every six months, but the mindset helped us feel confident in our decision,” said Jon. “It was awesome to get to move based on our own desires, rather than what was pulling us.”

Flexibility also influences how they run Reverielane. For example, creative work in their industry tends to fluctuate. Rather than stick to a monthly budget for the business, they budget by quarter instead. That’s a great tip for creative entrepreneurs: you don’t have to follow certain rules because that’s the way you’re “supposed” to operate a business. Be flexible and do what works for you.

Building wealth to give back What’s in the cards for Katell and Jon in the future? Of course, Reverielane’s success is one of their goals. Offering more options to clients and customers and scaling the business is what Katell and Jon are focused on now. If, in the future, the business evolves so much that they may sell it, they’re open to it.

We asked Jon and Katell what they would be doing if income wasn’t a factor. What are their underlying passions they’d pursue if they could? Music is a big part of Jon’s life; he played cello as a kid and pursued audio engineering as a degree. Writing short fiction and making short films, creating things as he wants and as the inspiration hits would be his dream.

Giving back, as Katell mentions often in this episode, is very important to her. That may look like investing in an AirBnB to offer others a place to stay. Or it may be starting a foundation, or a restaurant.

“We don’t want to just build wealth to be ‘wealthy.’ We always want to have a heart full of generosity and kindness,” said Katell. “We want to be able to serve people, to impact people.”

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

The Standard & Poor's 500 Index is a capitalization weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

The S&P 500 is an unmanaged index which cannot be invested into directly. Past performance is no guarantee of future results.

RESOURCES & PEOPLE MENTIONED * + Build Wealth and Make an Impact With ESG Investing: Episode 076 + Ladder Life + Shay Cochrane and Graham Cochrane + Join the Know Your Numbers challeng + Want more help? Check out our new program, Wealth by Design™ DIY! + Schedule a free call with us — Are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * + Ask Your Questions + On Facebook + On Twitter

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We talk about fear a lot on our podcast. Fear is natural and, TBH, necessary. But when it comes to finances, three types of fear tends to hold us back: from investing, from charging clients what we’re worth, or from taking chances when building a business.

Fear can also make you focus on the wrong thing when it comes to your net worth. Paying down debt rather than building up your assets, to be specific. And that’s what we discuss in this week’s episode: where our fear of the “debt boogeyman” comes from, our three-step strategy on how to overcome it, and what part of your finances you should be focusing on instead.

WHAT YOU’LL LEARN * The first of our Nine Commandments * What is your net worth? * Debt vs. assets: which should you focus on more? * How we got inspiration for this episode * Why the Dave Ramsey way of looking at debt is problematic * The types of assets you need * Where did Millennial “fear of debt” come from? * How to change your debt-fearing mindset * Steps to building a positive net worth * A couple of analogies for paying down debt and building assets

Assets - Liabilities = Net Worth “Net Worth is King.” That’s our second of Nine Commandments, after “Leave the Punch Clock Mindset Behind.” (A little insider info for you: we’ll be talking about our other commandments in future episodes!)

So what is your “net worth,” exactly? Simply put, your net worth = your assets - your liabilities.

You want a positive net worth, which is where you have more assets than liabilities. “Own more things than you owe,” as Dustin put it in this episode. As simple as that sounds, we see more people focus on paying down their debt rather than building their assets. That’s partly because our culture focuses on debt so much, even though assets are just as important, if not more so.

The Problem with Focusing on Debt Let’s be real: our society’s obsessed with debt.

And honestly, we blame Dave Ramsey and his Debt Snowball Plan. Yeah, we said it.

We won’t go into too much detail about his methodology (which we have linked in the show notes if you’re really interested), but generally, he advises people to attack their debt first. Once it’s all gone, then you should invest, he says. But there’s a fatal flaw in that plan: all those years you spend paying down debt only are years you could be saving thanks to compounding interest!

But we keep shooting ourselves in the foot by paying down debt… because we’re scared! Where does this fear of the debt boogeyman come from? Our parents dealt with the highest interest rates ever to date in history, from the mid-1960s to the mid-1990s. Which, by the way, is the generation that Dave Ramsey comes from. We Millennials were raised to believe that we have to be debt-free before we save or invest. (Thanks, Mom and Dad.) Now, over the last 10 years, interest for debt is at one of the lowest it’s ever been. This means that the Baby Boomer mentality of fearing debt doesn’t really make sense anymore.

We need a new way of thinking about debt and assets.

How to Work Towards a Positive Net Worth We’ll lead the charge on getting rid of that debt-fearing mindset. Instead of looking at debt as some horrific monster, think of it as a necessary presence instead. You can and will deal with it, but other parts of your financial strategy are more important and will make a bigger impact on your wealth.

Think of it this way: even if you pay down your debt to zero, if you haven’t been saving until that point, you have no wealth. Zero is then your starting point, which is a waste. Choosing the right assets and focusing on saving — at any income level — is more important than paying down debt. Here’s how to do both at the same time.

Step one: Pay off your high-interest debt first. We typically think of anything over 6% as high interest, like credit card debt. Get rid of it; pay off your credit card debt on a monthly basis. This is the only thing we’ll agree with Dave Ramsey on.

Step two: Pay the rest of your debt normally. This includes your mortgages or student loans, which are usually less than 6%. Make those regular payments...and stop worrying about them. You can do it.

Step three: Put the rest of your discretionary income into savings using a bucket strategy. At the same time you’re lowering your debt, you’re working toward positive net worth.

We talk a lot about our bucket strategy, but here’s a quick recap of how it works. You have three “buckets” to put your savings towards and we recommend using all of them to build your net worth. Using this strategy, you’re putting money towards all of these goals at the same time, letting these savings grow now so you can enjoy them later.

Face Your Fears and Move Forward Getting over your fear of debt takes time and change can be scary. However, we hope that our explanation of where this fear comes from can help you start changing your mindset. Don’t waste time chipping away at your debt only, when you can be paying it down and building your assets at the same time to achieve positive net worth.

Tune in to the full episode to get the full download on debt… and why it shouldn’t be ruling your life.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Leaving Behind the “Punch Clock” Mindset, Episode 98 * The “BULB” strategy, Episode 63 * Dave Ramsey’s Debt Snowball Plan (boo, hiss) * The Bucket Strategy’s first appearance in Episode 4

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The robots have taken over. Just kidding. In reality, robots haven’t taken over — but they have taken over a major chunk of the financial industry in the form of robo-advisors. A lot of people assume that we’re going to bash on robo-advisors (“The robots are taking your jobs!”) or that we will tell them a human advisor is the only way to go.

But the truth is, we think robo-advisors are actually pretty useful. Of course, there’s a time and a place to use them, which is exactly what we cover in this episode of Wealth by Design.

WHAT YOU’LL LEARN * Dustin’s concerns about robo-advisors earlier in his career * Why they’re not a threat to the financial planning industry * What robo-advisors are * Why it’s not a question of which to use, but when to use each * The questions that may come up around using a robo-advisor * The major downside to robo-advisors (hint: it’s about customer service) * The limiting beliefs that come when people consider hiring a financial advisor * The biggest question clients have about an advisor * The scary stories in the media that might discourage you from enlisting help * What you should feel when you find the right robo-advisor * 11:32 What robo-advisors can’t do (spoiler alert: it requires ears) * How to have your cake and eat it too * The risk of letting the noise win * When to go with a robo-advisor * The rise of the subscription advisor * How a hybrid of human + robo-advisor can help you navigate complexity * When you should go all-in on a human advisor * The need for customization as you grow your wealth * How Dustin + Danielle use robo-advisors in their own business

WHAT IS A ROBO-ADVISOR… EXACTLY? You might not be using the term “robo-advisor,” but you might be using one. Sites like e-Trade, Charles Schwab, Ellevest, Betterment, Acorn, and others all offer an automated, algorithm-based, and accessible way to invest for a low cost. Usually, you can create an account, tell them your goals, the amount you wish to invest, and the types of stocks or funds you’d like to invest in (optional), and you’re off to the races. It’s that easy to start investing with robo-advisors, which we think is pretty neat.

Robo-advisors are:

Algorithm-based. They take data to determine the best fit for your investment needs, and they pair you up with the right stocks and funds to make selection super easy and quick.
A little cookie-cutter. How could they not be? A robot can’t understand the nuances of every element of your financial life and goals (thank god). So, you’ll want to ask yourself, “Am I OK with a little cookie-cutter advice to get my investments off the ground?”
Cheap. For those of you out there who are super conscious of price, robo-advisors are great. They’re some of the lowest-priced advisor services out there, but you know what they say — you get what you pay for.
Pretty DIY. Robo-advisors don’t have a human advisor on the line, waiting to answer your calls. Sure, there’s tech support and a few resources to help with your questions, but they’re going to be fairly general.

IS A ROBO-ADVISOR RIGHT FOR YOU? In this episode, we cover a lot of ground about what exactly a robo-advisor is, as well as when to choose one. We talk about scenarios that make you prime for a robo-advisor, like:

When you are just starting out with investing.
If you’re a total DIYer with your finances.
Your situation is pretty simple (no kids, not a ton of money to invest yet, etc.).

We also walk you through the scenarios that might make a robo-advisor a “tighter squeeze” for you, such as if you:

Have a thriving business and high levels of income (and no clue what to do with it).
Are sick of DIYing your finances, or managing all the complexity alone.
Are second-guessing the investments you’ve got now, or you’re not getting the results you want from them.
Want a more customized, tailored financial plan that covers more than basic investing.
Are worried about looming recession — or you’ve been hit hard by one.

As we all know, robots aren’t human (#duh). That means that there are certain things lost in translation — things like supporting specific goals, understanding emotions around investing, and navigating complexity. That’s where we start recommending a hybrid: human and robots, unite!

THE HYBRID OPTION FOR YOUR INVESTMENTS If there’s one thing you take away from this episode, it’s that you do not have to choose one or the other, robots or humans. You can use both to optimize your financial plan and future. One suggestion we make is pairing your robo-advisor investments with a subscription advisor — this is new!

With a subscription advisor service, you don’t have to have any investments with an advisor, but you can get the financial advice and plan you need to really focus on your financial life and goals. This is right for you if your situation is becoming be a bit more complex, i.e. you own your own business, want to understand estate planning, you have kids or a growing family, etc. but you don’t have a ton of interest in investing (or money to invest). This is something many advisors are beginning to offer because it comes without an investment requirement or minimum. You can get financial advice “on retainer,” so to speak, and your robo-advisor can continue to invest your money in the smaller accounts and portfolios you’ve selected.

P.S. You can learn more about subscription advisor services with Toujours Planning.

But if it’s to level up and really grow your long-term wealth so you can enter “revivement” or live that work-optional lifestyle, we do think that a human advisor is the best way to go.

WHEN A HUMAN ADVISOR IS YOUR BEST OPTION We know just how much value a human advisor brings people, because we are human advisors! We think that deciding to go directly with a human advisor is a good decision for all the reasons you might choose a hybrid option… except for one big difference: you want the whole enchilada.

You’re sick of DIYing. You’re losing money on robo-investments or not seeing strong growth for how much you’re investing. And you’re feeling the fear that comes with ups and downs in the market. In short, you need a sensei.

You want someone to create a custom plan for you, to walk you off the ledge if you’re getting spooked, and to help you come out stronger on the other side. Most of all, you’re ready for a custom financial plan and investment strategy that gets you from the hamster wheel of hustle to feeling secure, free, and wealthy.

You want to feel listened to, cared for, and like you don’t have to do the work yourself. You’re busy and you are ready for help. If that sounds like you, then you’re probably ready to work with a human financial advisor.

THAT’S NOT ALL, FOLKS As you can probably tell by all the knowledge bombs we’ve dropped here, this episode is super in-depth and talks all about the benefits, downsides, connections, and scenarios that might help you decide where to start your investing journey. We also cover a lot of ground on mindset, what you might be feeling (or fearing) with your decision, and how to know if you’ve found the right fit.

To get all the magic, make sure to tune into Episode 101. It’s short but jam-packed with great info that can help you really start to build long-term wealth, so don’t skip it!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * The definition of a robo-advisor (Investopedia) * Subscription advisor services * The Toujours Planning Quiz — Are we a good fit for your financial planning needs?

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Let’s address the elephant in the room first: what does the phrase “stock market” mean to you?

Fear! Panic! Crash!

We get it. But we’re here to tell you… the stock market ain’t that bad!

There are a lot of misconceptions about investing in the stock market, thanks to fear-mongering in the news, horror stories from family and friends, and a lack of education about the stock market in general. Your fears are valid, but they can also hold you back from growing your wealth. Your fears may also be why high yield savings seems like the better option for your money.

In this episode (Episode 100, by the way 🎉), we talked about the differences between high yield savings and stocks. We know you’re probably a big fan of saving because it’s “safe,” right? Well, we’re about to rock your world.

WHAT YOU’LL LEARN * First, Danielle and Dustin get personal * Why people are talking about high yield savings * Comparing $10k in high yield savings vs. $10k in stocks * The return on high yield savings * How the inflation rate affects your savings * The return on stocks * Which conditions affect your return * How high yield savings are best used * Why “high yield” is a misleading marketing term * How fear can hold you back from investing * Where misconceptions about the stock market come from * How to use fears to your advantage * What to remember when you hear a stock market horror story * The secret to investing * The three things to remember when investing

Comparing investments in high yield savings and stocks What would happen if you put $10,000 in a high yield savings account five years ago, and it compounded 2.5% every year? You’d have a little over $11,000 now, just for keeping it in the bank. If you started ten years ago, make that a little over $12,000. If you added $100 into it every month, too, you’d have over $26k. Compound interest + saving = a pretty decent return, right?

That’s what it looks like… but don’t forget about the inflation rate, folks. Online banks may sell you on a 2.5% compound interest rate, which seems better than other banks who might offer you less than 1%. But the inflation rate usually averages out to about the same. Which means, as we talk about in the episode, that you’re really just keeping up with the cost of living when you save with a high yield account! The interest rate and inflation rate are the same. You’re not growing your money; you’re treading water. Insert Debbie Downer noise here

So how can you actually potentially grow your money? With stocks. Using historical data, we found that if you invested $10,000 in the SMP 500 five years ago and it compounded yearly, your return would be nearly $17,000. How about ten years ago? You’d have nearly $35,000.

And here’s the kicker: if you invested in the stock market ten years ago and added $100 every month, you’d have over $57,000. That’s more than double the amount in your hypothetical high yield savings — and it’s almost a 600% return on your money. Bananas, right??

Clearly, stocks are the winner, but that’s not to say that high yield savings accounts don’t have a place in your financial strategy. High yield savings are great for emergency funds, or having cash on hand should you need it for the next few years to buy a house, for example. Use a high yield savings account for your short-term bucket, and for the projects you know are happening in the next year or so. Stocks, on the other hand, are great for your long-term bucket, like saving for retirement or revivement.

Now that you’ve done the math and the proof is in the pudding… are you ready to start investing? Good. The rest of the episode is devoted to showing you how to get started!

Three steps to investing One of the biggest frustrations we hear when we talk to our clients about stocks is “Why weren’t we taught this stuff in school??!” Unfortunately, we’re just not told how beneficial this could be to our lives and security, but we’re gonna change all that for you. In the episode, we walk you through the first rule of Investing Club: don’t talk about Investing Club.

Just kidding. Your first step to investing in the stock market is to understand how it works so you can make informed decisions — and shout it from the rooftops if you want! In our library of resources, we have a Stock Market 101 resource you’re definitely gonna want to check out.

Step Two: Be disciplined. Tune out the noise from 24/7 news that will stress you out and make you worry about your investments. A disciplined approach to investing is dollar-cost averaging, where you put in the same amount of money each month like clockwork, no matter what the market is doing. As we said in the episode, dollar-cost averaging takes your ego out of the equation.

Step Three: Have a zen mindset. Okay, we know that you can’t completely tune out the noise around you. Instead of blocking out “negative” news, see it as a positive. Look at a market drop as a reset, not a reason to panic. Embrace the changes in the market and see it as part of your strategy. The stock market is composed of businesses, after all. Every business experiences peaks and valleys. That’s normal.

Know when to hold ‘em… and when to invest ‘em Hopefully, this episode really helps you see the logic of investing in the stock market. With our three-step approach, you can overcome your fears of investing and finally stop leaving potential compound interest on the table. We dive deep into the stock market and high yield savings in this episode, including what conditions affect your investment and why “high yield savings” is a tricky marketing ploy.

So make sure to listen to the full episode to get all the other details and tidbits on this topic!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Danielle’s personal Instagram @showmeyournola * Psst...here’s Dustin’s Instagram too, @dustinrgranger * NerdWallet’s Compound Interest Calculator * The Bucket Strategy * Saving for a revivement * Get your Stock Market 101 resource now! * Dollar-Cost Averaging (which we also discuss in Episode 17)

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

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No one uses an actual punch clock at their job anymore, right? However, the concept of a punch clock — punching in to start a shift and punching out when it ends — is ingrained in many of us, even as business owners who write our own checks and make our own schedules. But it doesn’t have to stay that way! On this episode of Wealth By Design, we talk about how you can start changing your mindset and your life right now.

WHAT YOU’LL LEARN * + Why the punch clock is the enemy + The irony of making your own hours as a business owner + Living in the age of distraction + Why so many professionals start their own business + How financial planning can help you defeat the punch clock + The hustle and grind of being a business owner + What “revivement” is + How your passions can guide your work + The important business strategy people aren’t talking about + How to start building a safety net for yourself + The importance of having a financial life plan + What a “BULB” is — in case you haven’t been following us for long + How to reach BULB status

THE “CLOCK IN, CLOCK OUT” MINDSET If you started your own business, we bet one of your goals was to get away from the punch clock. Maybe the one you saw your parents dealing with. You wanted more flexibility and control over the hours you work. But it’s not that easy. And your flexible work schedule doesn’t necessarily mean you’re free of the metaphorical punch clock.

Here’s why: There’s still a direct correlation into the hours you put in to the money you get back. Hours in, money out. Plus, you’re likely putting in more than the typical 40 hours a week, even though you’re the boss.

YOUR TIME IS PRECIOUS, SO MAKE THE MOST OF IT This is a problem because, as we talk about in this week’s episode, our time is more important than ever in today’s age. Everything and everyone is competing for just a few seconds of your time. Social media, networking sites, apps, streaming services: everyone is fighting for your attention. Your time is precious, and that’s why you need a plan to make the most of it.

As a business owner, you probably feel intense pressure to “be a boss” or “put in the work” or “rise and grind.” We get it, and we’ve been there. But we’re here to shout a big fat “No thanks” at that life.

We’re team anti-hustle and grind. We want you to stop and smell the roses. Enjoy your life while you can. You want to be able to step away from business, clear your mind, and delegate to others… without feeling like everything will fall apart without you there. You want to get to a place where you don’t have to put in all the hours to receive an income. You want to work not because you have to, but because you want to, right?

Of course you do… but how do you get there?

ENVISION YOUR LIFE IF MONEY WASN’T AN ISSUE The first exercise we talk you through in the episode is a little soul-searching. More specifically, we talk about “revivement.” It’s like retirement, but instead of waiting until you’re no longer working to pursue your life’s mission, you do it right now. If you didn’t have your current career, what would you really want to do?

If you’re already doing what you want to be doing, great. You’re one step ahead. But you can dive a little deeper. Is it the actual work that’s your passion? Going to the office, sitting at your computer, having meetings… is that your goal? Or is it the effect of the work that you’re doing that’s your true passion?

Once you start thinking about this, you can begin taking steps to build the life you want and the kind of legacy you’ll leave behind — and stop putting in the time you’ve been spending.

CREATE A FINANCIAL LIFE PLAN When we read about entrepreneurs, watch documentaries about successful startups, or listen to podcasts about the business owners who made it, we hear a lot about how they built their business. Their dreams. The sacrifices they made. The hustle-and-grind. (There it is again!)

What we don’t often hear about is the saving and investing required at the beginning, and the planning that’s needed after the business is already built. Most self-made millionaires or billionaires build financial planning into their strategy early on. But we don’t hear about that enough, even though it’s a huge part of their success. Frustrating, right?

Basically, what nobody is telling you is: the hustle isn’t the only way these people are getting rich!

And yeah, building a safety net for yourself might seem a little boring, and frankly, not all that sexy. But it’s the necessary stuff that will protect you, your business, and your family. Insurance, legal documents, financial assets, all that jazz. Even if you’re young, your legacy still matters! Do the work and take care of that stuff now. Remember, your time is precious.

Once your safety net is in place, you can figure out what actions you need to take in order to meet your goals. One goal we suggest? Start thinking in terms of your BULB: your back-up life bank. This is a dollar goal that, once you’ve reached it, your work is optional. If you haven’t been following us for long, your BULB is 25 times your minimum yearly income. It sounds like a big number, but it’s totally doable. We talk all about in Episode 063 if you wanna go have a listen.

DREAM OF A LIFE AFTER THE PUNCH CLOCK... Imagine the day when you don’t have to sit down at your desk or go to those meetings to make your money. Let’s dream of a day when you can wake up and do the things that really fill your cup, make money, and make more of a difference — without having to spend your time to do it.

This is truly when you can kick back and enjoy the fruits of your labor. But this doesn’t start by busting your 🍑 to make more money now. It all starts when you ditch the punch clock, reevaluate your investments (including your business), and start building your safety net. For more in-depth advice and steps on how to do this, be sure to listen to this week’s full episode. Also check out our show notes for more resources.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Taylor Johnson’s Focusmate app for distraction-free productivity * Dannie Fountain, passionate entrepreneur and one badass businesswoman * Episode 063: Self-Employment & Work-Optional Lifestyles

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How has your life changed in 2020? We’re not talking about how you’re learning how to bake bread, choosing Zoom backgrounds for your virtual meetings, or watching way too much Netflix.

We’re talking about how the intangible stuff has changed. Your values. Your priorities. Your life goals. Maybe you’re realizing that you want to make more time to spend with family. You might find that you want to pursue hobbies that make you happy. Or maybe you’ve realized you need to make lifestyle changes now in order to make your dreams come to life in the future.

If the pandemic hasn’t pushed you to at least think about what’s important to you… well, we’re calling you to think about it now. In this episode of Wealth by Design, we’re also helping you figure out what’s important to you so you can start living your most ideal life.

WHAT YOU’LL LEARN * [01:01] How our lives (and priorities) have shifted lately * [07:09] The importance of having a vision for your life * [10:01] Ask yourself this question to start figuring out your vision * [11:30] How will you live your life? * [12:40] Confronting your mortality is scary, but necessary * [14:10] What’s your “revivement” age? * [15:34] Building a timeline for your goals

Why do you need a vision? Whether you’re a go-with-the-flow kinda person or someone who thrives off of structure and deadlines, you can benefit from having some kind of roadmap for your life. It can get you back on course when life throws a curveball at you — for example, a curveball in the form of a global pandemic. Who’d ever see that coming??

Okay, you might be wondering, “Why are you talking about life choices and values? What’s that got to do with money?” Fair question! And the answer is… money is a big part of life. When you understand your values, goals, and priorities, you’ll start making financial decisions that are in line with them. Eventually, you’ll realize you can really enjoy life and find it fulfilling if your money choices are in line with your vision.

As Danielle says in this episode, “Just focusing on the money side of things doesn’t really serve you. We want you to start looking at your life in a different way.”

You can start looking at your life in a different way by using our Vision Worksheet inside our resource library. (Psst...if you need something more detailed to plan out your financial future, there’s our new program called Wealth by Design™ DIY. Check it out.)

Start envisioning your ideal life There are three scenarios we want you to imagine when you start using our Vision Worksheet.

First, imagine that you are financially secure. You have enough money to take care of your needs now and in the future. How would you live your life? What would you do with your money? Would you change anything?

Then, imagine that your doctor tells you that you have five to ten years left to live. You won’t ever feel sick, but you also won’t know the exact moment of your death. What would you do in your remaining time? Would you change your life, and if so, how?

Finally, let’s imagine that your doctor tells you that you have only one day left to live. How do you feel? What do you wish you had been, or seen, or done?

These scenarios aren’t meant to scare you with the thought of death. Nor are they meant for you to think about for a few minutes and then file away for later. To truly sit with the idea of death and how you want to be living your life, you need to carve out some time to fill out the Vision Worksheet. Really think about the questions and be honest with your answers.

Live Intentionally From there, you can start crafting a timeline for your goals. Want to buy or build your dream home by a certain age? Start writing a book? Learn how to play an instrument? Work less and focus on your hobbies more? Assign these goals to the ages in which you want to accomplish them. Ta da! You’ve taken your first few steps to bringing your vision to life.

We get it, y’all. The idea of death is scary. The idea of changing your life can be, too. But when you start living life intentionally, you’ll find more meaning and purpose in everything you do. And that’s an awesome feeling.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Get your free Vision Worksheet from our resources library! * Join the Know Your Numbers challenge * Learn more about revivement in Episode 65 * Want more help? Check out our new program, Wealth by Design™ DIY! * Schedule a free call with us — Are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

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Answer us this: which person needs estate planning the most?

A) Someone with two kids
B) Someone with a small business of their own
C) Someone who has property and possessions to pass on
D) All of the above

If you answered D, ding ding ding! You win.

Say the term “estate planning” and people assume it’s only meant for people with kids, or that it’s used to pass on wealth and possessions. But it’s much more than that, and we know that everyone benefits from an estate plan. We talk about why in our latest podcast episode.

WHAT YOU’LL LEARN * What estate planning usually includes * Why most people avoid estate planning * What happens when you don’t have an estate plan * Basic estate planning documents you need * A few things you may not have considered for your will * The future of your business * Think about life insurance * Details to remember in your estate plan

Where does your stuff go? Your estate is made up of all your possessions. Your home, your car, bank accounts, investments you’ve made, that yacht you use once in a while, the fabulous jewelry you inherited from your stylish grandmother, your prized collection of Air Jordans in your closet. All of that makes up your estate. So… what happens to it when you’re gone?

An estate plan dictates who gets your property when you pass on. Your kids, your close family members and friends, nonprofit organizations you passionately supported, you get the idea. If you don’t have an estate plan to dictate where your stuff goes, a court usually decides. Can you imagine? As Danielle put it, “You don’t want someone else — a stranger — deciding who gets what.”

Other parts of estate planning Estate planning involves more than your possessions. Your will, which is a basic estate planning document, takes care of those decisions. There are other estate planning documents you need, too.

Your power of attorney is one. A power of attorney is a document that gives another person the legal authority to make decisions on your behalf if you can’t. This person is called your power of attorney agent. A power of attorney agent might make decisions about your medical treatment, finances, assets, and more.

Many people choose their spouse or partner as their power of attorney agent, but consider the worst case scenario: you and your partner both pass away or become incapacitated at the same time. You may want to consider someone else just in case. That brings up another component of estate planning and why we need it: it protects your loved ones. You can appoint a guardian to care for your kids (or fur kids) should that worst case scenario play out.

Plus, you can explain what you want to happen when you pass away. If you want a funeral or memorial service, where it should be held, if you want to be cremated or buried, if you have money set aside to pay for funeral arrangements, etc. These are all important decisions that can be really difficult for your loved ones to make in the wake of your death.

“You don’t want your loved ones panicking, scrambling, stressing, paying… making all of these decisions when they should just be focused on grieving,” Danielle pointed out.

When you make those decisions ahead of time, you’re easing the emotional burden for your family members and friends.

Why people avoid estate planning If we all know why estate planning is good for us, then what’s the deal? Why do we all avoid it? Well, estate planning involves something that most of us are uncomfortable talking about: our deaths. What would happen if we were incapacitated, unable to think clearly, or couldn’t make our own decisions anymore?

It’s obviously not the most fun topic of conversation at parties. After you pluck up the courage to talk about this stuff and get your estate plan in order, though, we promise you’ll feel hugely relieved. Take the first step to feeling better about estate planning and check out our full episode on the topic!

Then, you might want to check out our Wealth by Design DIY program… just FYI 😉

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Yep, Prince’s estate is still being settled * Check out estate planning on LegalZoom * Episode 94: Do You Really Need Insurance? * Schedule a free call with us — Are we a good fit for your financial planning needs? * Check out our DIY Financial Planning Course

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

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How many times have you heard “Save for an emergency!” and “Save for retirement!” We’re not saying those aren’t super important things to save for… but what about the rest of your life?

Things like buying a house some day, or having kids. Taking that 6-month sabbatical. Buying out your business partner. Starting another business. You don’t just have the cash sitting around for that, do you?? Probably not, which is why you need a savings goal for them, too.

We know you might want to save for all of the above, or maybe for your own special thing, but popular saving advice doesn’t really tell how to get there. So we have a tip: fill your intermediate bucket.

WHAT YOU’LL LEARN * The “complete” bucket strategy * How the financial planning industry is guilty of neglecting the intermediate bucket, too * What you might want to spend your intermediate bucket on * The questions you should be asking about your intermediate goals * Why you shouldn’t focus on just short-term and long-term buckets * What you can do right now to start filling your intermediate bucket * What a “balanced” investment and savings strategy looks like

THE MOST NEGLECTED BUCKET If you’re new around these parts, let us give you a quick rundown on our bucket strategy...

You should be saving money for three buckets:

Short-term (tomorrow to 2 years out)
Intermediate (2 years to 10 years out)
Long-term (10+ years out)

The short-term bucket is often what people fill up (and spend) first, but we recommend that you take a look at your 2- to 10-year goals and see how much you want to save for those.

For example, if you want to buy a house in the next 5 years, you might want to calculate how much you’d want to spend, and what a 10 or 20% down payment might look like. That’s your new intermediate savings goal!

HOW THE HECK DO YOU SAVE THAT MUCH MONEY? Did you do the math above and felt your jaw drop at how much cash you might need to save? (Even if your goal isn’t buying a house, your goal might be expensive!) This is also why the intermediate bucket gets neglected — because people aren’t sure how to gather that much money.

And the truth is: you can’t save that much cash. You’ll have to gain some compound interest with investments. Our advice? Invest monthly in a balanced portfolio. What in the world is that? Listen to the episode to find out!

Want more quick tips like this? Make sure you’re subscribed to the Wealth by Design podcast!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Sign up for our free Know Your Numbers challenge! - we’ll help you figure out your bucket numbers! * Episode 4: The Bucket Strategy * The BULB Calculator * Check out our DIY Financial Planning Course * Our YouTube Channel * Schedule a free call with us — Are we a good fit for your financial planning needs? * The Toujours Planning Blueprint to Wealth + Security

CONNECT WITH DANIELLE AND DUSTIN

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Where do you get your financial advice? (Aside from us and the Wealth by Design podcast, of course. 😉) Your friends? Parents? Coworkers? YouTubers? “Money gurus?”

Some of the most popular money gurus out there (we won’t name names) have a process called “baby steps,” designed to get you started with your financial education. But we have a little bit of a problem with those baby steps. OK a lot of problems.

We break down every step in this method, talk about the pros and cons of each, and share our own insight — including what we think you should be doing instead.

WHAT YOU’LL LEARN * [00:41] Why we’re tackling this topic * [05:15] A disclaimer on debt and money gurus * [08:13] Why we’re so starved for financial advice * [10:28] Step One: your starter emergency fund * [12:35] Step Two: the “Debt Snowball” * [14:45] The good, the bad, and the ugly kinds of debt * [16:54] Step Three: your full emergency fund * [18:33] Step Four: invest for your retirement * [21:07] Step Five: save for a college fund (and a quick story about Ozark) * [23:15] Step Six: pay off your home early * [25:58] Step Seven: build wealth and give

The reality of money gurus and debt Though we kick off this episode with a disclaimer, we’re gonna play it safe and put one here, too: this episode isn’t meant to badmouth money gurus out there. Nor is it meant to imply that people who listen to these money gurus are dumb. We simply think there are better sources of financial advice available, sources that are more in tune with what people need today.

Case in point: most money gurus focus on paying down debt a lot. Debt is made out to be this huge, scary, unavoidable thing. If you throw enough money at it, you’ll defeat it, and feel a lot safer. This is an attitude our generation has been taught our entire lives! But the reality is, debt is not all bad.

“Debt is relative, and debt is fluid. It’s not black-and-white,” Danielle points out. “There’s a sliding scale on debt.”

Why were we fed these scary stories about debt? Our parents’ generation grew up in a high-interest environment, Danielle explains in this episode. It was expensive to borrow money. That’s no longer the case, especially now with COVID-19 crisis, but that attitude about debt still trickled down to us. And with the soaring cost of student loan debt, it’s really easy to hang on to that attitude.

What we think of the “baby steps” Let’s quickly go over what most financial personalities say are the “baby steps” to financial freedom:

Save $1,000 ASAP.
Pay off all debt, starting with the lowest interest first.
Save 3 to 6 months for your full emergency fund.
Invest 15% of your household income for retirement.
Save for a college fund. (because everyone has to have kids apparently)
Pay off your home early.
Build wealth and give. (mostly to the church, if you follow their steps exactly)

Do we agree with these steps?

Well, if you’re longtime listeners of our podcast, you know that we’re totally on board with having emergency funds, investing for retirement, and saving for intermediate goals like your child’s college fund.

However… why are these goals tackled one by one? Why can’t you work on them simultaneously? (Hint: that’s what the bucket strategy is all about.)

That last step, for example. If having a giving strategy is important to you, then you should work it into your plans at the start. And why is “building wealth” saved for the very end? You should plan to build your wealth from the very beginning! If you don’t, you’re losing out on the most important advantages you have: time and compounding interest.

We’re not gonna dive into each of these steps here, but in the episode we do share one thing we like about each, and what we think can be improved. Tune in to the episode to get all the details, and hopefully you’ll feel motivated to kick (outdated) advice to the curb… and find something that fits you better.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED

Episode 60: All About Debt: The Good, The Bad & The Ugly
Episode 108: Why It’s Important to Know Your Numbers
Episode 103: How to Prioritize Saving for Now, the Future, and In-Between
Episode 102: Net Worth is King
Join our free Know Your Numbers Challenge!
Schedule a free call with us — Are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

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Welcome to another minisode! This week, Danielle shares some quick tips and stories about the stock market, the 2007-2009 financial crisis, and the best kind of investment strategy you can use, pandemic or no pandemic.

Look, we get it. It’s terrible when someone loses everything in a recession or stock market downturn. And you’re probably thinking about this stuff more frequently right now thanks to the coronavirus. However, you’ve gotta remember the other side to those horror stories: the people who lost everything probably bailed at the bottom of the market. That means they didn’t have anything invested when it skyrocketed to all-new heights.

In this minisode, Danielle debunks the idea that everyone “lost it all” in the Great Recession, and what’s really going on when someone warns you away from investing.

WHAT YOU’LL LEARN * The other side of “losing it all” in the stock market * What really happened in the 2009 crisis * The best kind of investment strategy * What a trusted advisor can do for you

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * A handy overview of the 2009 financial crisis * The three types of fear in Episode 58 * More stories about the financial crisis in Episode 104: The Laws of Human Nature * Looking for more investing wisdom? Check out our 3-part series, starting with Episode 17 * Schedule a free call with us — Are we a good fit for your financial planning needs? * The Toujours Planning Blueprint to Wealth + Security

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

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Do you know your numbers?

We’re not talking about your numbers like how much you have in your checking account, or age and weight (which we shouldn’t be asking about anyway!). By “numbers,” we mean the three numbers that can help you ride out this COVID-19 crisis… or any big unexpected life change that comes your way.

We’re talking about:

How much money you really need to make
Your emergency fund number
Your BULB threshold

In our latest Wealth by Design episode, we talk about calculating those three numbers and how you can actually reach them.

WHAT YOU’LL LEARN * [00:31] Why you need to “know your numbers” * [03:45] The questions we’re all asking ourselves right now * [06:09] How you know you’re financially secure * [06:58] Getting your finances (and mindset) in order * [10:04] What is your income need? * [10:53] How to calculate your true income need number * [11:35] Calculating your emergency fund number and BULB number * [12:51] A quick note about reaching BULB status * [14:35] How to get to those three numbers * [17:07] Some resources and exciting news

Calculating your income need and emergency fund What’s your true income need? As in… how much income do you need? To find that first number, look at an average month from the past six months. Look at your expenses; see what you spent on your mortgage or rent, groceries, utilities, and so on.

Use your favorite budgeting app or tool (or good ol’ paper and pen!) to calculate what you spent on your needs. Not your wants, but your needs. Everyone is different and we’re not about judging other people’s lifestyles, but see what extra expenses you can actually live without, like ordering takeout or shopping online.

Now that you have your income need number, you can figure out how much to set aside in your emergency fund.

Example: Let’s say your income need was $4,000. Your emergency fund should be, at minimum, 3 to 6 times that number. So, you should have $12,000 to $24,000 set aside in an easily accessible account.

Working toward BULB status We won’t go too much into detail about BULB here, but as a quick refresher, BULB stands for “backup life bank.” It’s a number that, once achieved, you can switch to a work-optional lifestyle if you want. That magical number is about 25 times your minimum income requirement.

And that minimum income requirement is everything you need to live the way you want, so you should include stuff like Netflix and your dream car and taking care of ten adopted pets. Your income need that we discussed in the previous section covers the basics and essentials. This number includes your needs and wants.

Example: So, let’s say you need $60,000 a year to live life the way you want. Your BULB number would about 25 times that, or about $1.5 million. Yes, it sounds like a lot, but there are ways you can make your money work for you to reach that number. (Hint: give Episode 63 a listen.)

Why these numbers matter right now Look, we know things are scary right now. And we feel for those of you who may have seen business slow down, or missed out on opportunities to build up your savings before the coronavirus shut everything down.

As Danielle pointed out, about 26 million Americans have applied for unemployment benefits at the time of this recording — including contractors and gig workers. That number has probably increased even more while you’re reading this.

However, knowing your numbers is important even when there isn’t a global pandemic running rampant. Life can throw you a curveball at any time, as we’ve seen with recent events. So you should always be prepared.

In times of international or personal crises, you need to know your numbers in order to feel financially secure. You should know how much income you need to keep you and your family going. You also need to know how much to have in your emergency fund so you can continue to survive.

In short, you need to Know Your Numbers, which is why we created a FREE challenge that helps you do just that. We’ll deliver these exercises right to your email so you know your numbers without a ton of overwhelming math, and you’ll know exactly what you can do today to feel more comfortable with the money you’ve got.

If that floats your boat, sign up for the Know Your Numbers Challenge now!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Sign up for our free Know Your Numbers challenge! * Unemployment updates from MarketWatch * Episode 63: Your BULB Threshold * Episode 4: The Bucket Strategy * The BULB Calculator * Check out our DIY Financial Planning Course * The Toujours Planning Blueprint to Wealth + Security * Our YouTube Channel * Schedule a free call with us — Are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

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As of right now, things are looking pretty bad thanks to COVID-19. And as Dustin says in our latest minisode, things will probably get much worse.

We’re not trying to scare you — we don’t need any more sources spreading fear, right? But we say this so you can prepare yourself for what’s going to happen. Preparing yourself is especially important if you’re a business owner.

The reality is, many businesses will fail. If yours doesn’t, the landscape is still gonna look very different after the coronavirus pandemic eases up. That’s why you need to be prepared for the worst and ready to face the challenges to come.

So, in our latest COVID-19 Crisis Series, Dustin shares three actionable tips you can take to protect your biz, your finances, and your family. Check it out.

WHAT YOU’LL LEARN * A quick pep talk for business owners * Why you need liquidity right now * “The Credit Paradox” * Adapt to survive * Streamline your investments and diversify your assets

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * MINISODE: The Importance of Liquidity in a Crisis * Got more time? Here’s a full episode on liquidity * The Paycheck Protection Program * The Economic Injury Disaster Loan Emergency Advance * The bucket strategy * The Toujours Planning Blueprint to Wealth + Security * Our YouTube Channel * Schedule a free call with us — Are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

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Dollar-cost averaging. It’s probably the most boring financial term ever. (We’re working on coming up with a new term. Anyone have any ideas? Anyone?)

Snooze-inducing as it sounds, dollar-cost averaging is a super important technique that everyone should be using to invest. Why? Read on.

WHAT YOU’LL LEARN * [01:55] What dollar-cost averaging means * [03:30] Why timing the market doesn’t work * [04:24] The key to investing: don’t think about it * [05:20] Some musings on stock market fear * [08:14] Bring on the volatility! * [09:34] Start low and stick to it

Timing the market doesn’t work Brace yourself: we get topical in this episode. How could we not? Unless you’ve been living under a rock, you’ve probably been bombarded with minute-by-minute updates on COVID-19, aka coronavirus. Warnings against travel. The number of cases in the United States and worldwide. The number of deaths from coronavirus. And its impact on the stock market.

There’s nothing wrong with staying up-to-date on important news — and we’re huge believers in washing your hands to prevent germs from spreading — but the point is, staying glued to the media 24/7 is not healthy, especially for your financial strategy. This kind of media consumption can trick you into thinking that the perfect time to invest is always just around the corner. “Well, if the stock market is down right now thanks to the coronavirus, it’ll go much lower soon! Then I’ll jump in and invest!”

Trying to time the market doesn’t work, folks. As Danielle said in this episode, you can always come up with a reason to wait to invest, whether the market is high or low. Rather than overthinking your investment strategy, or trying to find the “perfect” time to start investing, you need a consistent strategy that will weather the ups and downs of the market. That’s what dollar-cost averaging does for you.

Why dollar-cost averaging works If you need a refresher on what dollar-cost averaging is, here you go: you invest the same amount of money each month, no matter what the market is doing. That’s really all there is to it! Essentially, dollar-cost averaging makes you buy less when the market is higher, and buy more when the market is lower, as Dustin put it. That’s the best way to invest. And it works best when the market does fluctuate a lot.

Ready to get started? Then stick with a low dollar amount. Figure out what your budget will allow and automate it with your bank so you don’t have to worry about it. From there, increase your monthly purchase amount when you can afford to. This kind of commitment to investing will pay off for you now, and especially for your future self.

Another note: don’t check your accounts daily. Especially when the markets are volatile. Just trust us on this one.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * NerdWallet’s definition of dollar-cost averaging * More on dollar-cost averaging in Episode 17 * Stock market fear in Episode 104 * The bucket strategy in Episode 4 * Schedule a free call with us — Are we a good fit for your financial planning needs? * The Toujours Planning Blueprint to Wealth + Security

Connect With Danielle and Dustin * Ask Your Questions * On Facebook * On Twitter

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Thanks to the continuing COVID-19 crisis, you’re probably hearing “the D-word” thrown around a lot. Yes, that big, scary D-word.

“Depression.”

News outlets and public figures are warning us that we’re heading for a depression that rivals the Great one. Other news outlets and public figures are assuring us that it’s not all bad; you won’t get another opportunity in your lifetime to invest like you will now.

So, who’s right? What should you do with your retirement accounts? Who do you listen to? (Us, of course.) If you’re looking for advice on handling your retirement accounts, Dustin breaks it down in our latest minisode.

WHAT YOU’LL LEARN * The one thing you need to ask yourself * A rule of thumb for your retirement accounts * Why you should stick to your strategy * The number one secret to investing * What to do if you don’t have a strategy

Watch the video here: https://www.youtube.com/watch?v=KGF0Q1Yff3M

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Are we headed for a recession or a depression? * How you can prepare your biz * How financial advisors use a Monte Carlo Analysis * When human nature gets in the way of investing, Episode 104 * Your secret weapon for investing, Episode 100 * The Toujours Planning Blueprint to Wealth + Security * Our YouTube Channel * Schedule a free call with us — Are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

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As part of our COVID-19 Crisis Series, we’re covering what you need to know about market uncertainty and your money during these unprecedented times. In our newest minisode, we talk about the most important thing you need to keep in mind during this crisis: liquidity.

Liquid assets are assets that you can easily sell or buy without affecting the asset’s price. The value of illiquid assets, like real estate, can fluctuate or decrease. During a crisis, you need liquid assets to protect yourself for what’s happening and what’s to come. As Danielle says in this minisode, we don’t know how long this is gonna last or how bad it’s gonna get. Having liquidity — cash on hand — can support you through a crisis.

So, how can you get liquid assets right now and in the future? Spoiler alert: it doesn’t necessarily mean it’s time to make a run on the banks.

Instead, listen to these tips on how to infuse a little extra cash into your life (without risking your future potential wealth).

WHAT YOU’LL LEARN * Dustin’s experience in the 2008 financial crisis * The importance of liquidity * The “domino effect” of cash in a crisis * Stimulus measures you can take advantage of right now * Why you should open up more credit lines if you can * How you can use your debt rather than pay it down * What you might do with your bills and savings

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * + More stories from the 2008 crisis in Episode 104 + More on liquidity in Episode 66 + The Paycheck Protection Program + The Economic Injury Disaster Loan Emergency Advance + The Louisiana Loan Portfolio Guaranty Program (LPGP) + The Toujours Planning Blueprint to Wealth + Security + Our YouTube Channel + Schedule a free call with us — Are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * + Ask Your Questions + On Facebook + On Twitter

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Our minisode series on the COVID-19 pandemic continues to roll out, and in our latest episode, we tackle a question many of y’all probably have on your minds: is this a short-term or a long-term thing? We’re in a bear market, the possibility of a recession is looming on the horizon...so how long is this gonna last?

We can’t tell you exactly how long things will last, of course. We aren’t wizards (yet). But we can share some helpful advice to help you get through it. In this minisode, we talk about what we can expect based on historical data, how long “crisis mode” may last, and what you should remember so that you don’t give in to the panic and fear.

WHAT YOU’LL LEARN * How long “crisis mode” might last * How long the actual recession might last, historically speaking * The way overinflation can fool us * Keep the long term in mind * Positive takeaways from previous recessions

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * The Toujours Planning Blueprint to Wealth + Security to Wealth + Security * Our YouTube Channel * Schedule a free call with us — Are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

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As we’re now officially shoulder-deep into quarantines from COVID-19 and continue to experience uncertainty in our daily lives, as well as the stock market—we’ll be providing periodic updates on what’s happening, how to interpret it, plus any actions you can be taking right now as a result of any developments. As of late March 2020, we’re officially in a bear market, which is sparking a lot of questions and stoking the recession fires.

We know that what’s happening in the stock market right now can be incredibly confusing and you’re wondering what all this means for you and your business. This week we’re giving a layman’s terms update on what’s happened these last two weeks in the market and what you can do right now in the midst of the chaos.

WHAT YOU’LL LEARN * How the pandemic is affecting the stock market * Why we’re seeing wild swings in the market and what they mean * When will the stock market stabilize? * What officially being in a bear market means for your business * Are we in a recession? * Three things you can do right now

Watch the video here: https://www.youtube.com/watch?v=OjTFTiDyiao&t=2s

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Schedule a free call with us — Are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

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As coronavirus continues to create uncertainty in our daily lives that’s being reflected in the stock market, we’re starting to hear more and more talk about an oncoming recession. And while we’ve not yet been declared to officially be in a recession (as of the time of this recording)—we are overdue. Fortunately for entrepreneurs, our job description is to help people by solving problems. And while a recession brings problems to light, it also brings opportunities for entrepreneurs to solve those problems.

We know that this can be an incredibly uncertain time, and you’re likely wondering how to be proactive and help prepare your business for a potential recession once the coronavirus quarantines are over. Dustin and Danielle give their 3 best ways in this short video, which we hope helps calm some of your fears and answers some of your questions.

WHAT YOU’LL LEARN * Is this market uncertainty from coronavirus quarantines going to result in a recession? * What is a recession and how does it work? * Options to increase cash flow * Ideas to prepare for what the economy may look like for businesses after COVID-19

Watch the video here: https://www.youtube.com/watch?v=vhkuSsFSBmA

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Schedule a free call with us — Are we a good fit for your financial planning needs? * We dive deeper into some of these preparedness topics in our episode 97, What You Need To Know So You Can Prepare for 2020.

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

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March 2020 is one for the books. The coronavirus has reached pandemic level, many cities and states are issuing quarantines and shutdowns, and the stock market… well. The stock market is a reflection of just how crazy our lives are right now.

We know that this can be an incredibly scary time, and you may have questions about your investments. Danielle is answering them in this short video, which we hope helps calm some of your fears and answers some of your questions.

WHAT YOU’LL LEARN * The #1 question we hear from clients and listeners * How long a recession usually lasts * The difference between greed and fear in the stock market right now * Why it’s important to remember that no one has a crystal ball * The mentality you need to embrace to handle this stock market

Watch the video here: https://www.youtube.com/watch?v=TEtnRQG4wQ0&feature=youtu.be

RESOURCES & PEOPLE MENTIONED * The Toujours Planning Quiz — Are we a good fit for your financial planning needs? * The Toujours Planning Blueprint to Wealth + Security

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions

On Facebook
On Twitter

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We’ve got something new for you! Every couple of weeks, we’ll be mixing up the style of our podcast: 1 week will be long-form and the following week will be a minisode. These are super short-and-sweet tips to help you get your financial house in order, get the DL on what’s going on in the economic world, and generally empower you to live life on your terms!

With that said, let’s dive into this week’s episode: What is a Work-Optional Lifestyle & How Can You Get There?

The most exciting part? You can choose your own adventure: listen to the audio above (or on your podcast app) or pop over to the video to watch this 2-minute clip right now!

WHAT YOU’LL LEARN: * What the goal of our work really is * What BULB stands for * How you can calculate your BULB number * How to start putting money toward your BULB * Why we believe in a work-optional lifestyle instead of retirement

As we’ve mentioned before on this podcast, we’re big fans of the BULB. BULB, which stands for back-up life bank, is not a complex number to figure out.

From there, it’s all about investing and saving enough to get you to reach that number. If you’re a successful business owner and are committed to investing and saving, you’ll be surprised how fast you do reach BULB status!

But of course, you’ll have more questions. That’s why we’re sharing all our BULB resources down below so you can continue the exploration!

We all want a work-optional lifestyle, but only those who are committed to reaching BULB status will get there. Is that you?

RESOURCES & PEOPLE MENTIONED * Our BULB Calculator, which you can find in our FREE go-to financial and life planning resources

All about “BULB”:
- Ep. 85: Adulting 101 Series: Saving
- Ep. 063: Self-Employment & Retirement
The Toujours Planning Quiz — are we a good fit for your financial planning needs?
Toujours Planning Blueprint to Wealth + Security

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

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Have you ever heard about penny stocks? Are you wondering what they are and if you should be getting in on that action? We’re covering everything about penny stocks in this episode of Wealth by Design, so buckle up.

Warning: we do not shy away from our opinions about penny stocks in this episode!

WHAT YOU’LL LEARN * [01:20] What is a penny stock? * [03:01] How Dustin was introduced to penny stocks * [06:10] The reality of Dustin’s dot com story * [08:19] Common misconceptions with penny stocks * [09:54] The type of investment strategy you should have * [10:34] Why penny stocks exist * [12:10] All about pump and dump scams (yes, like in The Wolf of Wall Street) * [14:22] Our final verdict on penny stocks

What Are Penny Stocks? Penny stocks, as their name implies, are stocks that trade for less than $5 per share. You’ll find lots of penny stocks that cost less than a dollar or even less than a penny. Of course, that’s part of their appeal. These cheap stocks seem attractive when compared to companies that trade at much higher amounts. But you may have heard people (or “influencers”) talking about how they’re making money fast on penny stocks and you may be wondering if you need to get in on the scheme. We’re here to talk you down.

The Draw of Penny Stocks In this episode, we mentioned the “viral” factor when it comes to penny stocks. It might seem like everyone around you is talking about a specific penny stock and making money on it. Eventually, you start to feel the pressure. Should you become a ground floor investor? Will you hit it big with this underdog company?

It’s natural to feel that adrenaline rush when you think you may have discovered a “diamond in the rough,” as we described it. But we’re going to play devil’s advocate for a moment and bring you back to reality. A good long-term investment strategy should never make you feel pressured into buying anything. Investing should never feel like a potential lottery win. You want an investment strategy that’s stable and disciplined, not one that’s volatile and hard to research. That’s what penny stocks are, however, and those are huge red flags.

If you hear your friends, coworkers, or acquaintances talking about “the next big thing” in stocks, be wary: it might be a pump and dump scam. (You may have heard of pump and dumps in 2013, thanks to The Wolf of Wall Street movie based on the real-life Wolf of Wall Street, Jordan Belfort.) Be on the lookout for penny stocks that seem like they’re on fire at the moment. That’s a pretty good sign that they’ll burn out quickly, and that they’re actually worthless.

How Penny Stocks Actually Work We hear you wondering: “If penny stocks are so unpredictable, why does anyone even invest in them?” We’ve already talked about why people might take a chance on penny stocks: the FOMO, the rush of adrenaline, and the desire to feel like you’re a ground floor investor in an underdog company. Now let’s look at the company side of things.

Penny stocks are not arbitrary. They may be companies that have failed and are now actually worth pennies. Companies that have failed but still have some type of worth tied up in their business, like tons of land, for example. On the other hand, companies may start out as penny stocks, which can be even worse!

Companies who start out as penny stocks can manipulate their price purposefully to skirt regulation. Penny stocks are called “over-the-counter stocks” since they don’t trade on a regulated exchange, like the Nasdaq or New York Stock Exchange. Instead, they’re traded in an OTC exchange. And when you’re dealing with companies who manipulate prices and skirt regulation, it’s the Wild West out there, as Dustin put it. It’s a lawless place that you should avoid.

Our Final Verdict on Penny Stocks Technically, we’re not allowed to give specific investing advice. But we made an exception for this topic. How do we feel about penny stocks? DON’T. BUY. THEM. You’ll hear us get pretty emphatic about this in the episode.

Buying penny stocks is the opposite of the kind of investing strategy we want you to have! We want you to have a diversified, disciplined, long-term investing strategy. You won’t find that with penny stocks. Just don’t do it, folks.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

Resources & People Mentioned * + - Episode 104: The Laws of Human Nature - The true story behind The Wolf of Wall Street - One of our many resources: A blueprint guide to wealth - The Toujours Planning Quiz — Are we a good fit for your financial planning needs?

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What do children’s fables, dog memes, human nature, and investing have to do with each other? Well, you just might have to listen to the full episode to understand. In a nutshell, though, Episode 104 is all about human nature and how it can work against us when it comes to investing. Fear of the unknown and fear of failure can hold us back. And greed can lead us down some bad paths and entice us to make poor decisions that we’ll pay for later.

WHAT YOU’LL LEARN * [00:50] The enemy of investing * [02:10] A famous quote on investing from Warren Buffett * [04:22] How financial advisors temper your expectations * [07:13] The roles fear and greed play in your finances * [08:21] A case study on fear during the 2008 financial crisis * [12:15] A quick detour into fables and fairy tales * [17:24] Herd mentality and normalcy bias * [20:35] How to fight fear and greed

You Can’t Always Count on Your Golden Eggs We kicked off this episode with a famous quote from Warren Buffett: “Be fearful when others are greedy and greedy when others are fearful.” What the heck does that mean? When it comes to investing, it means to be contrarian: Do your own thing. Ignore the herd mentality of doing what everyone else is doing. Don’t give in to the FOMO.

To be clear, yes, Warren Buffett is telling us to be fearful and greedy when others are not. As an investment strategy, it works. But when we talk about actual fear and greed, it’s important to be strong and not give in to those feelings. If you’ve ever heard the story, The Goose and the Golden Egg, you know that we’re all supposed to be patient and avoid greed (but also, Danielle believes this story exists to scare adults). The fable has a message for all of us: nothing is certain and you can’t always count on your golden eggs to keep coming.

But if we’re supposed to avoid those feelings of fear and greed, how should we feel when investing? You want to strive for some feelings of normalcy and control, as Dustin put it. Take the “this is fine” meme of the dog sitting calmly in a room that’s on fire — “the meme of our times” as we talk about it in the episode.

https://gph.is/2h8wI3B

The dog knows what’s going on around him and accepts it. It’s fine. Everything’s fine. It’s a little extreme (and super funny) but that sense of calm and order is what you should aim for when investing.

What You Need to Fight Fear and Greed So, how do you achieve calm and fight off those feelings of fear and greed? How do you find the eye in the middle of the storm? The first thing you need to do is acknowledge those emotions. Know they exist and accept them. You can’t get rid of those emotions and stop them from happening. But you can understand that they’ll pop up and rear their ugly heads once in awhile.

If you can’t get rid of ‘em, have a plan to deal with ‘em. Build a solid portfolio or investment strategy that will last you through those times of fear and greed. They should also last you through the good times, too! We can easily become overconfident when things are going well and make some not-so-great decisions. The point is, your portfolio or financial strategy should be strong enough to weather the good times and the bad. And it should be so strong that you don’t feel the need to obsess or check on your investments every day.

Finally — and we’re not just saying this because we’re in the financial planning biz ourselves — hire a trusted advisor to help you. A good financial advisor will basically act as your babysitter. They’ll hold your hand when things get rough and talk to you down from the ledge. And those times when things are going a little too well? They’ll keep you grounded and give you a reality check when you need it.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Warren Buffett’s quote on investing, seen in action * The Goose and the Golden Egg * Dollar-Cost Averaging in Episode 17 * The Bucket Strategy in Episode 103 * “Putting a value on your value” the Vanguard study * The Toujours Planning Quiz — Are we a good fit for your financial planning needs?

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What’s the most important part of your financial strategy? Creating an emergency fund? Saving and investing? Understanding what money goals you need to set for your priorities? Trick question, it’s kind of all three.

In this week’s episode, we’re revisiting an old friend who you may have heard a lot about on this show: the bucket strategy. That’s right, folks. But this time, we’re paying special attention to the middle child of the strategy, the intermediate-term bucket.

We talk about why you may have been neglecting that middle bucket, as well as how you should be using our bucket strategy overall, in this episode.

WHAT YOU’LL LEARN * + [00:40] Why we’re diving into the intermediate-term bucket in this episode + [05:22] Reviewing the bucket strategy + [06:46] Accounts you might have for each bucket category + [10:51] Why the focus is all on retirement + [12:27] Why you might be neglecting your intermediate bucket + [13:29] The number one asset you have in investing (hint: we talk about it a lot) + [14:25] Be the conductor of your own money (we get nostalgic for a minute) + [16:17] Problems with the financial industry + [19:49] How to make your bucket strategy work for you + [23:11] Fill your buckets according to your priorities

Accounts on your bucket list (pun intended) First up: let’s talk about the accounts you might use for each bucket. Remember that each “bucket” is a category, not an account itself. You may have multiple accounts to fill each bucket, and you need at least one account to start.

Your short-term bucket includes money you need between now and the next two years. That might include your regular checking account and a separate emergency fund account, which should be three to six months of living expenses saved.

On the other end of the strategy, you have your long-term bucket which you’ll use to save for retirement or revivement. This includes your retirement accounts: Roth IRAs, 401k, and so on. You may even have a separate investment account if you want to save more than the maximum in a retirement account, or if you’re planning to retire early. (More on that in a bit.)

That leaves us with the intermediate-term bucket, which you’ll use for mid-range goals you hope to achieve in two to ten years. A down payment for a house, paying for college, or buying a new car are common mid-range goals. A lot of us don’t spend enough time tending to this bucket, probably because the focus in the finance industry and the media is all on savings and retirement in your long-term bucket.

How to make your bucket strategy work for you The first step in your bucket strategy? Y’all know this: create an emergency fund with at least three months of living expenses. And at the same time, if you have a 401k, start getting your matching so you can get that free money! Reaching both of these goals is important for your first step. No 401k? No problem. Focus your energy on hitting that emergency fund amount as soon as possible, especially if you have kids.

Next, you’ll want to pay some attention to the other two buckets. If you don’t have a 401k, you’ll want to start contributing to a long-term investment account. Planning on retiring traditionally around 60 to 65 years old? Begin contributing to an IRA or a Roth IRA. Hoping to buy a house within the next few years? Set aside money for your down payment. Look at your goals and budget, and decide where your money needs to go. Once you know, set up payments automatically so you don’t have to think about it. It’s just ready and waiting when the time comes.

Let’s say you’re one of those cool kids who wants to enter retirement, or revivement, at a younger age. Props to you. To make that happen, you’ll want to contribute to an additional non-retirement account that doesn’t have any restrictions. Why? Without this account, you’ll have to pay penalties to dip into those retirement accounts early, when you’re ready to retire at 50 years old. And that’s no fun.

Be the magic conductor Remember that scene in Fantasia where Mickey Mouse waves his magic wand and makes all the brooms start cleaning the castle for him? Mickey found a way to work smarter, not harder. That’s how your relationship with your money should be. You’re the conductor, and you’re in charge. Make your money work for you. It takes some time to set up at first, but once you do, you’re golden.

Don’t miss out on that. Be Mickey.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Where The Bucket Strategy all began: Episode 004 * Where fears of the financial industry come from: Episode 102 * Revivement revisited: Episode 65 * The Toujours Planning Quiz — Are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions

On Facebook
On Twitter

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WHAT YOU’LL LEARN * [00:46] The first of our Nine Commandments * [01:25] What is your net worth? * [01:54] Debt vs. assets: which should you focus on more? * [04:01] How we got inspiration for this episode * [09:38] Why the Dave Ramsey way of looking at debt is problematic * [10:54] The types of assets you need * [13:41] Where did Millennial “fear of debt” come from? * [16:15] How to change your debt-fearing mindset * [17:44] Steps to building a positive net worth * [20:46] A couple of analogies for paying down debt and building assets

So what is your “net worth,” exactly? Simply put, your net worth = your assets - your liabilities.

The Problem with Focusing on Debt Let’s be real: our society’s obsessed with debt.

And honestly, we blame Dave Ramsey and his Debt Snowball Plan. Yeah, we said it.

We need a new way of thinking about debt and assets.

Step three: Put the rest of your discretionary income into savings using a bucket strategy. At the same time you’re lowering your debt, you’re working toward positive net worth.

Tune in to the full episode to get the full download on debt… and why it shouldn’t be ruling your life.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

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But the truth is, we think robo-advisors are actually pretty useful. Of course, there’s a time and a place to use them, which is exactly what we cover in this episode of Wealth by Design.

WHAT YOU’LL LEARN * 01:30 Dustin’s concerns about robo-advisors earlier in his career * 01:48 Why they’re not a threat to the financial planning industry * 03:37 What robo-advisors are * 04:24 Why it’s not a question of which to use, but when to use each * 05:22 The questions that may come up around using a robo-advisor * 07:11 The major downside to robo-advisors (hint: it’s about customer service) * 08:00 The limiting beliefs that come when people consider hiring a financial advisor * 09:32 The biggest question clients have about an advisor * 09:40 The scary stories in the media that might discourage you from enlisting help * 11:07 What you should feel when you find the right robo-advisor * 11:32 What robo-advisors can’t do (spoiler alert: it requires ears) * 11:47 How to have your cake and eat it too * 13:25 The risk of letting the noise win * 15:27 When to go with a robo-advisor * 16:42 The rise of the subscription advisor * 17:08 How a hybrid of human + robo-advisor can help you navigate complexity * 18:19 When you should go all-in on a human advisor * 19:16 The need for customization as you grow your wealth * 20:02 How Dustin + Danielle use robo-advisors in their own business

Robo-advisors are:

Algorithm-based. They take data to determine the best fit for your investment needs, and they pair you up with the right stocks and funds to make selection super easy and quick.
A little cookie-cutter. How could they not be? A robot can’t understand the nuances of every element of your financial life and goals (thank god). So, you’ll want to ask yourself, “Am I OK with a little cookie-cutter advice to get my investments off the ground?”
Cheap. For those of you out there who are super conscious of price, robo-advisors are great. They’re some of the lowest-priced advisor services out there, but you know what they say — you get what you pay for.
Pretty DIY. Robo-advisors don’t have a human advisor on the line, waiting to answer your calls. Sure, there’s tech support and a few resources to help with your questions, but they’re going to be fairly general.

When you are just starting out with investing.
If you’re a total DIYer with your finances.
Your situation is pretty simple (no kids, not a ton of money to invest yet, etc.).

We also walk you through the scenarios that might make a robo-advisor a “tighter squeeze” for you, such as if you:

Have a thriving business and high levels of income (and no clue what to do with it).
Are sick of DIYing your finances, or managing all the complexity alone.
Are second-guessing the investments you’ve got now, or you’re not getting the results you want from them.
Want a more customized, tailored financial plan that covers more than basic investing.
Are worried about looming recession — or you’ve been hit hard by one.

P.S. You can learn more about subscription advisor services with Toujours Planning.

But if it’s to level up and really grow your long-term wealth so you can enter “revivement” or live that work-optional lifestyle, we do think that a human advisor is the best way to go.

To get all the magic, make sure to tune into Episode 101. It’s short but jam-packed with great info that can help you really start to build long-term wealth, so don’t skip it!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * The definition of a robo-advisor (Investopedia)

Subscription advisor services
The Toujours Planning Quiz — Are we a good fit for your financial planning needs?

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Let’s address the elephant in the room first: what does the phrase “stock market” mean to you?

Fear! Panic! Crash!

We get it. But we’re here to tell you… the stock market ain’t that bad!

WHAT YOU’LL LEARN * [00:49] First, Danielle and Dustin get personal * [05:40] Why people are talking about high yield savings * [08:02] Comparing $10k in high yield savings vs. $10k in stocks * [08:28] The return on high yield savings * [09:39] How the inflation rate affects your savings * [10:44] The return on stocks * [12:42] Which conditions affect your return * [14:12] How high yield savings are best used * [17:50] Why “high yield” is a misleading marketing term * [19:52] How fear can hold you back from investing * [22:19] Where misconceptions about the stock market come from * [26:02] How to use fears to your advantage * [27:45] What to remember when you hear a stock market horror story * [30:04] The secret to investing * [33:04] The three things to remember when investing

Now that you’ve done the math and the proof is in the pudding… are you ready to start investing? Good. The rest of the episode is devoted to showing you how to get started!

So make sure to listen to the full episode to get all the other details and tidbits on this topic!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

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When you work a traditional 9-to-5, working from home (for yourself) can feel like a real treat. You sit in a comfortable chair of your choosing, you can blast music as loud as you want, and pants are optional.

But anyone who works remotely full-time or runs their biz from their home office knows: it’s not all sunshine and rainbows. Much of the time, you’re fighting distractions that are pulling you away from your work. Thankfully, Focusmate can help you… well, focus. We talked about productivity and human habit with Focusmate’s creator, Taylor Jacobson, on this week’s episode of Wealth by Design.

WHAT YOU’LL LEARN * [01:46] Who Taylor is and how he created Focusmate * [05:05] How Focusmate uses virtual coworking to help you get work done * [07:48] The versatility of Focusmate (it’s not just for paperwork!) * [09:00] How Focusmate creates a distraction-free environment * [10:44] Why we still need accountability in the digital age * [13:18] Using behavioral triggers to get into a “flow state” * [15:23] The three things you need to do to focus * [16:47] The toughest part of running your own (online) business * [19:07] How changing up your scenery makes a difference, too * [21:10] The ways that community input advise Focusmate’s growth * [24:24] Why the traditional workplace needs to evolve * [27:36] How Taylor’s life would change in “revivement” * [28:47] The non-sexy big thing that Focusmate is working on right now

HOW FOCUSMATE BOOSTS YOUR PRODUCTIVITY Procrastination is a drag. Avoiding something may feel good in the moment, but it just creates even more stress in the long run. But even though we know that procrastination is “bad” and productivity is “good,” that doesn’t make it any easier to actually get our work done. Especially when you’re your own boss.

Focusmate works because you have an accountability buddy to keep you in check. Here’s how it works:

You choose a time you want to work on Focusmate. Morning, afternoon, evening, it’s your call.
You get a 50-minute session with your Focusmate partner, which starts with each of you sharing your goal for that chunk of time.
You get to work and achieve that goal.

When you join a Focusmate session, you’re paired with a random coworker — and they come from all over the world! But you can set up private groups if you find that you’ve matched up with some really great people in the past. Taylor mentioned that one of Focusmate’s goals in the future is to allow users the option to choose their favorite partners to work with individually.

After hearing Taylor explain how Focusmate works, we assumed that its magic worked best on traditional office tasks. Emails, reports, budgets, that sort of thing. However, Taylor pointed out that Focusmate isn’t limited to work. You can use it for other things on your to-do list, like self-care practices, workouts, or meditation. Focusmate is incredibly versatile. Fun, right?!

THANK YOU, SCIENCE: BEHAVIORAL TRIGGERS How does the methodology behind Focusmate work? Dustin mentioned that he geeked out over “The Science Behind Focusmate” page (linked in the show notes below!). What does it all boil down to? Understanding the psychology behind our actions and using that to your advantage by adapting your behavior and responses to triggers.

Let’s say you set a goal for yourself at work: you want to spend two hours a week researching what your competition is doing on their website and social media channels. You know that this research will help you discover any current trends you might have missed, and it may even affect your own social media strategy. However… you fail to stick to this goal. Other tasks get in the way. (Or, more likely, you just get lost down an IG rabbit hole #guilty.)

Before you know it, the workweek is over and you’ve pushed that task to the next week. And the next. Repeat.

One reason this might happen? You’re setting yourself a vague, generic task to get something done at some point… you know, whenever. It’s different with Focusmate and accountability practices in general. You have a specific commitment to another person, not just yourself. It’s a lot harder to break that commitment. That’s one of the many ways Focusmate works: by anticipating your behavioral triggers and providing solutions for it ahead of time.

Taylor even shared that some Focusmate users said that they were productive long after their coworking sessions even ended! Their mental state was so deeply ingrained in work mode that they tackled other stuff they had to do, even if they technically were “off the clock” at that point. We think that’s pretty cool.

THE HURDLES OF RUNNING A BUSINESS (ONLINE OR NOT) Whether it’s fully remote or in-person, running any business is tough. However, choosing what to focus your energy on in your business is one of the hardest things entrepreneurs face. And it’s a constant battle prioritizing your tasks, especially in the beginning stages. You already started your own business, which means you brought a fantastic idea to life. That’s not the last great idea you’ll have and wanting to explore other ideas can be tempting.

Taylor explained that choosing which business ideas to pursue is something he struggles with most. It really can be too much of a good thing. If you focus your attention on too many projects at once, you lose out on efficiency. And those ideas you picked won’t really reach their full potential if your concentration is scattered. Sometimes you have to learn to say no, even to yourself. (Plus, as you know, we’re not big fans of multiple businesses).

This is just a taste of what we chatted about with Taylor this week. Make sure to check out the full episode for more about Focusmate, how it works, and what to expect from Taylor and his crew in the coming months!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Focusmate (it’s free to join!) * Taylor’s Twitter @taylorjacobsen and LinkedIn * Sapiens: A Brief History of Humankind by Yuval Noah Harari * The science behind Focusmate * Living in an age of distraction (which we rant about in Episode 98!) * Deep Work: Rules for Focused Success in a Distracted World by Cal Newport

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions * On Facebook * On Twitter

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WHAT YOU’LL LEARN * + [01:29] Why the punch clock is the enemy + [01:56] The irony of making your own hours as a business owner + [02:41] Living in the age of distraction + [04:23] Why so many professionals start their own business + [04:57] How financial planning can help you defeat the punch clock + [06:21] The hustle and grind of being a business owner * + [08:57] What “revivement” is + [10:54] How your passions can guide your work + [12:03] The important business strategy people aren’t talking about + [14:20] How to start building a safety net for yourself + [15:37] The importance of having a financial life plan + [17:35] What a “BULB” is — in case you haven’t been following us for long + [17:51] How to reach BULB status

Of course you do… but how do you get there?

Once you start thinking about this, you can begin taking steps to build the life you want and the kind of legacy you’ll leave behind — and stop putting in the time you’ve been spending.

Basically, what nobody is telling you is: the hustle isn’t the only way these people are getting rich!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

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With 2020 just around the corner, now is (hopefully) the time when you’re laying the groundwork for what you’re doing in the New Year. From mapping out your big business goals to figuring out where you want to travel in 2020, it’s an exciting time where you get to think about all the possibilities. Of course, we believe that the best way to plan for the future is by assessing the whole picture — even the not-so-fun stuff.

That is why we’re sharing a few things you should be aware of in 2020 in this episode. Our hope is that, by sharing what the New Year might bring, you can build some buffer into your plans and create a really strong strategy that helps you weather anything that comes your way.

WHAT YOU’LL LEARN * [01:30] How the global economy may affect your business in 2020 * [02:03] Things you should be planning and preparing for next year * [03:22] How small business was affected in the Great Recession of 2008 * [05:41] Why every recession is different and why it’s unlikely to see another crisis * [06:23] How lower interests rates and political upheaval can affect our economy * [07:43] The difference between a hot and cold war * [09:05] Why the Feds keep lowering the interest rates * [10:06] The self-fulfilling prophecy of recessions * [12:57] The yin and yang of a recession * [14:08] Why we can see all of this upheaval as a sort of “rebirth” * [15:51] The first step in preparing for 2020 * [16:26] How to assess your income/expenses and contracts to see what’s not serving you * [18:57] Why debt is a tool and how you can use it to your advantage in 2020 * [20:11] The importance of maintaining your savings and investing despite a market slowdown * [22:15] Why you shouldn’t wait for a recession to start (or stop) investing * [24:10] The value of a financial advisor when the going gets tough

LET’S TAKE A LITTLE TRIP DOWN MEMORY LANE

When we talk about planning for 2020, we should consider all of the possibilities. On average, an economic cycle lasts about 4.7 years. This means we have about 3.2 years of growth and about 1.5 years of recession. By those numbers, we’re pretty overdue for a recession (we haven’t had one since 2008!). That’s why, on this week’s episode we want to get you prepared for 2020 in the event that a recession does hit. We can never predict what will happen, but based on historical data, a recession will occur eventually. So why not plan accordingly, right?

INDICATORS OF RECESSION During this episode, Dustin talks about a few of the things you might be seeing on the news lately — from lowered federal interest rates to struggles in global economies. While a lot of this can feel complex and overwhelming, there are a few ways that these “events” affect you here on U.S. soil (and might affect your business):

Federal interest rates: A lower federal interest rate is a tool the Federal Reserve uses to spark the economy, but it also means they believe we’re on the verge of a recession, so they’re trying to stimulate the economy.
Hot wars are up: Hot wars, meaning on-the-ground fighting, guns, military, etc. are up all over the world. This leads to volatility and uncertainty, which can affect the markets as well as global economies.
Global growth is slowing: Nations all around the world are experiencing slower growth, which could be in part to political upheaval, those hot wars, etc. This, of course, comes home to roost here in the U.S.
Low economic growth in America: All of our economies are intertwined and when global economies slow, so does ours. But remember: a recession merely means that the economy is not growing.

So… how do you navigate all these potential signs of recession and their potential effects on your business? You plan for 2020… and listen to this week’s episode!

HOW TO PLAN (AND PREPARE) FOR 2020 In this episode, we walk you through the 4 steps you should be building into your 2020 planning so you can handle whatever comes your way. These steps include:

Making sure your emergency fund is funded. That means 3-6 months of living expenses and 3-6 months business operating expenses, cash on hand. If you don’t have that cash saved up already, it’s time to start.
Applying for financing before you need it. You know we hate all that “debt is dumb” talk — and that’s never more true than in a recession. When a recession hits, banks are less likely to give out loans because, guess what! The risk is on them! They might not get paid if things go south. So, we recommend that, if you’re planning on asking for a business loan, car loan, or even mortgage in 2020, look at applying now. This way, you can have the cash you need when you need it, and you don’t have to worry about banks making it hard to apply for loans down the road.

P.S. to hear more about what we think about debt, check out this about this in Episode 84. 3. Taking advantage of the stock market. As we always say, the last innings before a recession are some with the best growth. You should be saving and investing at a steady rate and you should not stop if things slow down (or fall). This allows you to “buy shares on sale.”

Huh?? What does that even mean?

A share today might cost $100, but during a recession you might get 4 shares for that same $100. It may seem like you’re investing in a losing game, but when the market rebounds, you’ll have 4 shares that are now worth $100 each. That’s $400 for the investment of $100. This is oversimplified, of course but you get the gist! 4. Hiring an advisor. When a recession hits, a good advisor is going to help you invest properly, manage your fears, and set yourself up for success. He or she is also going to help you prepare for a recession before it hits, from a business and personal financial perspective.

DON’T GET SCARED. GET PROACTIVE. We know that this can feel like a lot of information, and it might be a bit overwhelming or scary if you’ve never thought about a recession before. But you’re a business owner and you need to know that, sometimes, you can’t control everything. What you can control is how you prepare. This episode was designed to give you some helpful tips to build into your 2020 planning and we hope you actually use them. They could really save your 🍑 — and your business.

This is a great episode to share with your fellow biz owners and entrepreneurs, especially if you’re doing a 2020 planning sesh with them! And of course, if you want the help of not one but two CERTIFIED FINANCIAL PLANNER™ professionals, you can set up a time to chat with us and see if we’re a good fit.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

Resources & People Mentioned * + - Episode 084: Adulting 101 Series: Debt - The Toujours Planning Quiz — Are we a good fit for your financial planning needs?

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The Giving Season is upon us. Between Giving Tuesday, the Salvation Army Santas standing outside your favorite shops, and the influx of donation requests you’re getting in the mail, you’ve probably got giving on the brain. On this episode of Worth It, we’ll be talking about donations — including how you can make more impact with something called a “charitable giving policy.”

WHAT YOU’LL LEARN * [00:52] Why many people don’t think about planning their charitable giving * [01:42] The role of the board of a nonprofit (hint: it’s to raise money) * [02:20] How to streamline the giving process * [03:20] How to choose nonprofits or causes for your charitable giving * [04:18] What charitable giving means * [07:15] Why the negative stereotypes of Millennials don’t apply when it comes to charity * [09:24] The challenges biz owners and entrepreneurs face with planned giving * [10:54] What you should feel about the charity/causes you support * [11:35] How to align your giving to your personal and business values * [12:13] The risk of saying you’ll “donate later” * [14:06] How to use our Ikigai worksheet to find your charity * [15:07] What a charitable theme is * [16:06] How to use this theme to accept or reject charitable requests * [17:42] The value of looking in your own backyard first * [19:06] How to connect with a nonprofit or charity you love * [19:21] The 25% Rule * [20:01] Remember you can start small and build from there

FIRST THINGS FIRST: LET’S TALK ABOUT THE STATE OF GIVING As we were preparing for this episode, we found statistic after statistic about how awesome our generation (shoutout to our fellow elder Millennials) is at giving back. While most statistics agreed that we aren’t able to donate the most money (yet), we donate our time, skills, and goods more than other generations.

It’s clear that Millennials — and other generations, to be fair — want to give back. But what we’re seeing within our own circle of the financial planning world is that business owners and entrepreneurs especially have this passion and drive to donate to charities and causes they believe in. Y’all are some of the most generous people we’ve met, so let’s talk about we can direct that generosity in ways that make even more impact!

ARE YOU READY TO MAKE MORE IMPACT? Do you donate monthly to organizations like the ASPCA, or are you more of a Giving Season donor? Do you find a cause you resonate with on Facebook and click the “Donate Now” button to send them a few bucks? Most of us donate in these ways; we send a few bucks here and there to a few charities, hoping that even a little bit can help.

The good news is: every dollar helps. But if you’re really hoping to make a bigger impact, it might help to choose one or two charities to donate to on a larger scale. This doesn’t mean you’re “stuck” with these 1-2 charities forever. It just means you’re going to be focusing your attention and money on them for the time being. Sound scary, or like we’re telling you to donate beaucoup bucks? We’re not!

Even entrepreneurs and business owners with a ton of cash to spare struggle to figure out how much they should be donating. Between the guilt of not giving enough and the concerns that you’re giving too much, it can be stressful. That’s why we always recommend creating a charitable giving policy so that you can get clear on what you want to donate and to which organization — without worrying.

HOW TO CREATE A CHARITABLE GIVING POLICY In this episode, we break down the four steps to creating your charitable giving policy so that you can start donating to causes that really feel good. It starts, as most things here at Toujours Planning do, with the Ikigai Worksheet. With the Ikigai, you’ll answer the four questions and find the theme that overlaps each of them.

This theme is your charitable theme. Maybe health is your Ikigai, so you can choose a health-centric charity. Maybe freedom is your theme, so you might consider nonprofits that focus on human rights. Maybe your theme is kindness, so you can find a local animal shelter to support. Whatever your theme is, there’s bound to be a nonprofit or charity you can support that’s in line with it. We find that doing this Ikigai “groundwork” really helps our clients get aligned with where they want to make an impact, so don’t skip this step!

Last but not least, it’s time to partner with an organization. You might be thinking you can just send your “theme” organization a few bucks a month, but we want you to take a different approach. Contact the organization you choose (bonus points if it’s local!) and set up a time to meet in person. Use that meeting to ask questions about the organization, or to see the work they’re doing. If it all feels like the right fit, ask how you can set up a charitable giving plan or a recurring donation. Even if you only have $50 a month to donate, let them know that you’d like to commit that money to their cause.

This personal connection to the cause you want to support is so powerful. It will also likely encourage you to keep up regular giving, even if income is variable or your own expenses change. As we mention a lot on Worth It, we recommend saving and giving 25% of your income. If you’re not there with your saving or giving yet, that’s OK. But start somewhere!

DON’T UNDERESTIMATE THE POWER OF A FEW BUCKS The truth is, you can make a huge impact with just a few bucks. You can do that by focusing your attention on a couple causes that mean a lot to you, and by committing to supporting them for the foreseeable future. More than anything, it’s important that the charities you choose to support align with your values and vision, and that you feel you’re making a difference. Because you are! For more in-depth guidance on how to set up your own charitable giving policy, make sure to tune into the full episode!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Why Millennials are More Charitable Than the Rest of You by Jason Notte * The Ikigai Worksheet inside our FREE go-to financial and life planning resources

Family & Youth, Lake Charles
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For biz owners and entrepreneurs, you know it’s about more than just building a business for the money. You want to live the life you want, and use the skills and superpowers that are unique to you. And you want to make a difference, right? Well, today’s guest understands that, and works with female entrepreneurs to make sure they’re living over existing.

Alisha Robertson is the creator of “Living Over Existing,” a podcast, a membership community, and a book all about reshaping what entrepreneurship looks like. Because she specializes in working with female entrepreneurs, note that this episode has more female-based language, but anyone can apply her advice to their life and work!

WHAT YOU’LL LEARN * [00:39] Who Alisha is and how she serves female entrepreneurs * [07:39] Why Alisha doesn’t believe in “balance” * [08:53] What happens when you try to give everything attention * [10:29] How burnout is stopping you from leveling up * [12:29] The power of just starting * [13:06] The #1 concern most female entrepreneurs have about money * [14:22] Why a scrappy business is OK, too * [15:44] How your excuses are just covering up procrastination * [16:33] Strategic tips on pricing + charging what you’re worth * [18:13] The importance of getting clear * [21:38] The concept of “enough” * [23:21] How to extend local impact to global reach * [25:42] How Alisha structures her business for multiple revenue streams * [28:28] The power of community * [30:02] What Alisha would do in her revivement

PRIORITIES OVER BOUNDARIES During our chat, we dove right into the good stuff: talking about boundaries, priorities, and what Alisha tells her coaching clients who juggle life and work (read: all of them). First and foremost, Alisha explained that she doesn’t believe in setting boundaries; she believes in setting priorities. She had a baby less than a year ago, and the baby is her priority most days. But in this particular season (approaching the end of the year at time of our recording), her other priority was launching her membership community. On Friday nights, her husband and their date night is her priority. Of course, those priorities shift in a flash if something comes up — like a crying baby!

This is such a great tip to keep in mind when you feel like you’re juggling everything and need to put boundaries into place. Yes, Alisha, shared: boundaries are great. But being flexible based on what takes priority in the moment can prevent you from beating yourself up or putting boundaries in place that don’t honor what’s most important. Things change, and so should your priorities!

HOW TO HUSTLE INTENTIONALLY We also got to talk to Alisha about something we’ve seen a lot in the entrepreneurial space: this idea of shifting the definition of “Hustle.” Of course, if you’re reading this, it’s probably because you love what you do and you want to watch it grow — but you know that hustling endlessly can cause major burnout and damage to your business. “That way lies madness,” as they say.

Instead, we talked to Alisha about how to hustle intentionally. It starts by working hard toward your goals, yes, but also focusing on re-prioritizing. If you’ve got things that are more important and move the needle closer to your big goal, the other things on your plate may have to be pushed further down the totem pole (or delegated). You’ll also need to make sure that you’re making time for the tasks and projects that move you forward, rather than just keeping yourself busy with smaller money-making actions. We’re all guilty of it! We take that last-minute project for the money, or say yes to a client we know won’t be a good fit… instead of focusing on the big picture. All of this, as Alisha talked about on the episode, is part of our money mindset.

ADDRESSING MONEY MINDSET When asked what the biggest topic is surrounding money was for her clients, Alisha shared that most of them feel they don’t have the money to get started. They’re not willing to dip into savings, they don’t want to go into debt (or add more debt), and they don’t have money lying around to invest in growing their biz baby.

But she also gives an excellent counterpoint to this argument — including tips to help you bootstrap your business. She told us how she works with clients to take the first step toward building their business, even if it’s just finding a few bucks here and there to buy a domain name. We also talked about the importance of prioritizing (there’s that word again) what you need first — you don’t always need a fancy website, or in a complex marketing strategy. A scrappy biz is just as viable as one where you invest a lot of money.

CHARGING WHAT YOU’RE WORTH Along the topics of money, we also touched on how many female entrepreneurs struggle to charge what they’re worth. “We all start in that space of not valuing yourself,” she said, but it’s mostly just fear. Fear is what tells you you’re not worth more, or that your business won’t succeed if you charge too much. The best way to address this, Alisha shared, is to get clear on what you need to make per month or year. Once you’ve got that number, break it down by how much you want to (or can) work a week or a month. Then, you’ll know what you need to charge per product or service to make that.

Breaking it down into numbers takes the emotions + fear out of the equation; it’s simply what you need to charge to live. Also keep in mind that you’re not serving yourself or your clients if you’re undercharging and over-stressing yourself. Of course, this led us into a conversation about what “Enough” looks like for entrepreneurs, especially when it comes to money.

Alisha explained that “Enough” is important when first starting out, but it’s fluid and can change. What’s enough for you might not be enough for some else, and what’s enough for you NOW might not be what’s enough for you in the future. You can scale up or scale down based on your definition of “Enough” at any given moment, but she does recommend that you start with a bit more than your current definition of “Enough” — just in case something comes up. Sounds a bit like an emergency fund, right?

STRUCTURING YOUR BUSINESS TO MEET YOUR INCOME GOALS Last but not least, we also dug into Alisha’s business structure and how she’s diversifying her income through multiple offerings. She talked about her transition and how she’s supporting her business by offering services and products that her audience wants, while also focusing on ways she can serve them that aren’t offered in her niche. She also shared more information about her new community membership, which opened on October 22nd, and how she’s hoping to shift the majority of her biz income to that revenue stream.

There’s so much goodness in here, especially if you’re a female biz owner or an entrepreneur hoping to create a business that supports your life (rather than the other way around). Make sure to tune into the full episode and also check out all the great resources we referenced in the episode down below.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Our Ikigai worksheet, which can be found in our FREE go-to financial and life planning resources * Alisha’s book, Living Over Existing * Living Over Existing podcast * Living Over Existing membership community * Where to find + follow Alisha: * + Instagram @thealishanicole + Instagram @livingoverexisting

Episode 051: How to Know Your Worth and Charge it
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We know that the title of this episode might not strike up the butterflies in your stomach or get you excited about life. But really, we’re talking about insurance because it. is. critical. We think that insurance is the most overlooked, undervalued, and denied aspect of your financial health. And yeah, it’s crazy boring. But you know what? It could save your 🍑

WHAT YOU’LL LEARN * [00:51] Why insurance is critical * [01:11] The situations that insurance make “manageable” * [02:39] The downsides of insurance salespeople — giving you the wrong kinds of insurance * [03:16] Why insurance isn’t a “one and done” thing * [04:25] The risks of assuming you don’t need insurance * [05:08] The arguments against insurance (and what we have to say about them) * [07:06] How insurance helps us meet our basic needs * [08:38] Why buying insurance can feel contradictory * [12:21] The key to matching your insurance needs to your current life + biz * [12:31] What insurance you need when your wealth is low * [13:36] What insurance you need when your wealth goes up * [15:44] Why you need to do a routine insurance audit as your income changes

PRIDE GOETH BEFORE THE FALL The biggest myth we want to bust with today’s episode is the idea that “you don’t need insurance because you’re young and healthy,” or because “you’re careful.” Y’all. The whole point of insurance is to protect you if things happen unexpectedly. Nobody intentionally gets themselves sued, or in a major car accident, or (god forbid) terminally ill. But stuff happens. And insurance is here to help you when it does.

We also hear “Insurance is a waste of money. I’ll just save up for troubled times.” Saving has its place, and we agree that you should save for a rainy day. But are you gonna be able to save enough to cover lost income if you can’t work anymore? Or to cover your personal assets if someone sues your business? These aren’t scare tactics, you guys. We’ve seen it happen more frequently than we want.

And that leads us to our final objection against insurance: “Nobody is gonna sue my business. I have nothing to take.” Well, did you know that a business lawsuit could actually affect your personal assets? Yuuuup. Let’s say, for example, your business is sued for damages of some sort. If you can’t pay that from the business, guess what? You might have to pay those debts from your personal assets. This is why liability insurance for your business is SO important, and yet how many of you actually have it?

SO… WHAT KIND OF INSURANCE YOU REALLY NEED? In this episode, we make it very clear that this isn’t our way of telling you that you need every insurance policy under the sun. Insurance is highly specific to your income, business, personal situation, health — all that. This is also why we think insurance isn’t a “one and done” thing. What you need today, for example, might not be what you need 10 years from now. And as an entrepreneur, it might not even be what you need 1 year from now, as your income and business have the potential to grow exponentially in a short time.

In the episode, we talk about a few of the types of insurance you might need based on your individual situation. These include overarching insurance policies that you might need as a budding entrepreneur, like health insurance, life insurance, and disability insurance. During this phase in your life, you’re taking more risks and have more at stake if something were to happen, so you’ll want to make sure you’re covered.

For those of you who are further along in your business, have some wealth built up, and could potentially weather some setbacks, you may need less insurance. Especially if you’re working toward your BULB status (25x your minimum annual income), you may not need as much disability insurance, for example. That’s because you’ll be able to pay for your lifestyle even if you can’t work. However, you may need more life insurance to help your family if you pass unexpectedly, or business insurance to help your partner keep the business afloat.

Of course, these are basic overviews on the type of insurance you may need (or not need). You’ll need to speak to a qualified insurance expert to hear which types of insurance are right for you.

BEWARE THE BASIC INSURANCE SALESPERSON A final note on buying insurance: make sure you’re working with professionals who have your best interests in mind. We’ve seen young people who’ve been sold whole life insurance policies that have insane premiums — something that doesn’t fit their needs and takes away money they could use to build wealth. We’ve also seen people who are underinsured based on their risk analysis.

Work with insurance agents who are experienced and can do a full risk analysis, and also connect with a CERTIFIED FINANCIAL PLANNER™ who can give you unbiased second opinion. It may seem unnecessary, or something you can do later… but things happen when you least expect them. Don’t wait until something bad happens to take a look at the insurance policies you could’ve used to help you.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Our BULB Calculator, which you can find in our FREE go-to financial and life planning resources

All about “BULB”:
- Ep. 85: Adulting 101 Series: Saving
- Ep. 063: Self-Employment & Retirement
The Toujours Planning Quiz — are we a good fit for your financial planning needs?

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There are so many business owners and entrepreneurs who are #killingit out there today. But the majority of them started business after the 2008 financial crisis. In fact, some of them started their business after college, when normal jobs just weren’t available and they had to adapt. As a result, they have no idea what it’s like to own a business during a recession. They may have started at the onset of the recovery, but they’re not truly prepared for the effects of a recession.

That’s why today’s episode is dedicated to asking the question: Is your business recession-proof? We’re not trying to scare you with this, but another recession is coming.

WHAT YOU’LL LEARN * [00:56] Why you need to prepare for a recession * [02:47] The insights that financial advisors have into recessions * [04:21] How Dustin + Danielle structure their business to be recession-proof * [05:31] How technology parallels the impact of recessions * [06:32] How recessions are like the tide * [07:54] The risks of remaining ignorant of impending recessions * [10:07] Why you should be using this information to gain an edge * [13:05] What stops biz owners from preparing for a recession * [16:28] Why you should be looking at technology as a potential competitor * [20:08] Why in the world you should start investing when the stock market is on the rocks * [22:49] What “normal” recessions look like (and how they’re different from 2008) * [25:16] The real way to recession-proof your business

YOU’RE LYING TO YOURSELF Some of you reading this, or listening to this episode, might be thinking you won’t be affected by a recession. Some of you might even think that a recession isn’t likely because “2008’s was so bad.” Well, my friends, we’re sorry to tell you that a recession is, in fact, coming. And soon. We obviously can't predict when things will take a final downturn, but historically speaking we are “due” for a recession.

As CERTIFIED FINANCIAL PLANNER™ professionals, we’re trained to prepare for this moment, and to help our clients navigate through it. But more than that, it’s also our job to help clients prepare for a recession. Even though you’re not a client, we figured this information was too valuable to keep close to the chest, so we’re shedding some light on how to prepare your business for a recession.

LEVERAGE THIS INFORMATION TO PREPARE Instead of acting like a recession won’t happen — or that it won’t happen to you — let’s really talk about what to do so you can prepare. We know that it can sound overwhelming and downright scary to recession-proof your business, but we don’t think it has to be.

In fact, Dustin loves talking about recession. He’s worked through one himself and came out on the other side with some really great ideas for building a recession-proof biz (which he has, here at Toujours Planning). So what are our big recommendations? We dive into them in the podcast, but here’s the gist:

Make sure your business stands out What are you offering that’s different from your competitors? Are you poised for an influx of customers or clients when things go sideways? And do your audience or customers know that they can trust you to provide a great service or product, even when money gets tighter? Remember: recession-proofing your biz isn’t just about the financial side of things; it’s about making sure your clients/customers know they want to keep working with you.

View technology as your competition Can you image technology replacing your products or services? Most people can’t, but that’s exactly what happens during a downturn economy. Businesses and consumers start looking for ways to cut costs, and sometimes that means turning to technology to do what you used to make money doing. Dustin had to deal with the rise of robo advisors (that’d be a cool book title) during the financial crisis and many brick-and-mortar businesses had to deal with online businesses taking their sales and customers. Are you ready for a shakeup?

Look at your competitors — and do better Are your competitors prepared for a recession? Like you, they’re probably not. But you’re preparing now, so figure out what you can do to get a step up on the competition. Do you know what your strategy is to win over your competitors’ customers and clients? Do you offer something they don’t that could convince people to make the switch when they’re pickier about where their money is going?

Build up your BULB We preach about the BULB all the time. If you’re new to BULB, it’s your Back-up Life Bank. If you get your BULB big enough, you’re totally recession-proof because you’re not banking on your business to pay your bills! Sound pretty great? Well, don’t waste time getting started on building your BULB.

Determine how much you need to live on annually and then multiply that by 25. It’s pretty simple math. And that number shows you exactly how much you need in savings and investments to get by without working — now all you have to do is start saving... and investing.

Start investing “Wait what?” you might be thinking. “You want me to invest in the stock market when there’s a recession coming??” Yes, we do. And no, we’re not crazy. The truth is, if you want to recession-proof your business, you need to be investing your income (you know, that stuff you pay yourself each month!) to build up your BULB. Because you can’t build your BULB with savings alone — it would take forever. So instead, we want you to embrace the Law of Compounding Interest.

Because when you invest, you accrue interest. That interest continues to build and build, even after a recession seemingly “takes it all away.” After 2008, we’ve seen a lot of people shy away from the stock market — they’re skittish after losing it all. But the reality is: if they had stayed disciplined and stayed the course, they’d be sitting pretty right now. Unfortunately, they sold when the market tanked and they missed out on the highest return in the stock market’s history — upwards of 10%. Imagine getting 10% back on the money you invested. That’s the fastest way to get to your BULB, and to recession-proof your life and your biz.

STOP PROCRASTINATING We know that recession preparation takes time, (sometimes) it takes money, and you don’t know where to start. But that doesn’t mean you shouldn’t start. We’re calling all you bosses to start looking at your business from the lens of a recession: would you survive? Would you thrive? And what do you need to do today to become recession-proof?

Don’t put it off.

And if you’re listening to this in the future and we’re currently in a recession, please don’t think we’re trying to make you feel bad for not seeing it coming. (Although #toldyaso.) Instead, see this as us giving you the tools to get yourself out of the worst parts of a recession. Start building your BULB. Find ways to innovate. Find ways to make your biz more competitor. And don’t wait ‘til tomorrow to do things you know will protect yourself and your business in the future.

If you want help preparing for a recession and to strengthen your business so you feel secure,

Check out this episode of Worth It. You can also dive deeper into the BULB, why you should be thinking about a recession NOW, and more in the shownotes below.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Our BULB Calculator, which you can find in our FREE go-to financial and life planning resources

All about “BULB”:
- Ep. 85: Adulting 101 Series: Saving
- Ep. 063: Self-Employment & Retirement
The Toujours Planning Quiz — Are we a good fit for your financial planning needs?
Peter Mallouk - Tim Ferriss Show

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions

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If you don’t work a “traditional” job, one with an office and a salary, you’ve likely dealt with the challenges of variable income. Sometimes, entrepreneurs can barely pay themselves as they try to scale a new venture, while small biz owners are at the whim of seasons, customers, or contracts. Basically, you might not know what’s going into your bank account during a given month.

And while that’s part of the thrill of the hustle, it can also be the downside of self-employment. We all want some stability in our lives, even if we want the freedom that comes with entrepreneurship. So how can you create security while also navigating the world of variable income? In this episode of Worth It, we share our stories and personal experiences with variable income, how we worked through it, and ways YOU can find more security and consistency with your business.

WHAT YOU’LL LEARN * [02:00] Dustin & Danielle’s history with inconsistent income in business and previous careers * [04:35] How they combated slow months and seasons * [05:45] How variable income affects your personal life + business * [06:29] The downfall of “last-minute money-making” when building a successful biz * [07:59] What you want to experience when you have a slow month * [08:25] What you can do when months (or seasons) are slow * [09:32] How passive income can help you meet your minimum living expenses * [11:15] Why you might consider shifting away from transaction-based models * [12:57] What it means to fall into the “good times trap” * [14:48] Why saving and investing is essential, even in down months * [15:25] How you can generate passive income from your savings * [15:43] How to calculate your BULB * [16:34] How saving and investing can help you live a work-optional lifestyle

THE PROBLEM WITH VARIABLE INCOME Most of us love what we do. We’re in business for ourselves because we enjoy the freedom that comes with (probably) not having a 9 to 5… but that doesn’t mean it’s all rainbows and glitter. One of the biggest complaints we hear from our entrepreneur clients and listeners is that “I don’t always know what I’m going to make in a month.” And boy, do we hear you.

Dustin, when he was new to the financial planning world, struggled with the compensation models in the profession — it was essentially sales-based and he didn’t always know if he’d make his sales quotes or commissions each month. Thankfully, the industry has changed and our financial planning firm now offers more fee-based services (more on this in a bit).

For Danielle, working in marketing, direct sales, and eventually social media management, the variable income struggle was always real. To make ends meet sometimes, she’d need to take part-time jobs. We’re sure that’s something a lot of you can relate to… but it’s a cycle we want to help you get out of.

That’s because we see how variable income can affect a person and their business efforts. You might have to rely on personal credit cards to keep things afloat at home, or you might end up hustling yourself to death just to make some last-minute money (Guilty!). But worst of all, you take on clients, projects, or ill-fated investments that aren’t aligned with your business or what you really want for yourself. We want to help you build long-term success, not month-by-month success.

So, instead of talking about how to make money at the 11th hour, let’s talk about what to do when there’s a down month.

WHAT TO DO WHEN YOU HAVE A DOWN MONTH Have you ever tried to make your “down months” an opportunity? It’s hard as hell, we know. You’re probably sweating bullets over making ends meet, or thinking about how to find clients for next month. But we want you to try a slightly different tack (at least for a few hours).

Invest in the biz Try to see a down month (or season) as a good time to invest time in your business. Not financially, but with “man-hours” and attention. Create systems and learn new things that can support you when things pick back up. Maybe institute email organization, project management tools, or update your contractors and onboarding sequence. This way, your business will be turned into a well-operating machine when the work starts rolling back in.

Get clear on your numbers Secondly, use this time to figure out your minimum living expenses. We all tend to tighten the belt when the income slows, but we think minimum living expenses shouldn’t be an “emergency response,” but rather the basis for your entire finances. To do this, look at your annual expenses, both personally and professionally.

Tally up your personal expenses by total for the last year (don’t worry about divvying them out by category or expenses) and then divide by 12. This should give you the average per month that you need to get by. Of course, some months are higher than others, i.e. when your car insurance is due or when the holidays roll around. But in general, you’ll have a minimum income amount to work with. Now, you can create systems within your business that help you ensure you’re going to hit that minimum number. Anything over that? We’ll talk about what to do with it in just a bit 😏

Note: if you’ve recently increased a monthly expense, such as moving into a higher-rent apartment, you’ll need to calculate that into your annual total to get a more accurate picture.

TRANSACTIONAL-BASED VS FEE-BASED BUSINESS Speaking of systems that help you hit your minimum, we think slow months are a good time to look at your business model and consider ways you can make passive (or more reliable) income. Dustin, for example, shifted to more of a “fee-based model” in his financial planning work; offering clients an annual fee for financial and investment advice. This meant he knew what he’d take home from each new client, and have a more reliable income than selling financial products (which not everyone wants to buy!).

While we know financial planning models don’t necessarily apply to your business, we think there’s something you can take away from this: Look for ways to shift your business from a service or single payment (transactional-based) to an ongoing or passive income-based model. Can you create a package that offers your services in a more condensed model that people can buy year-round? Can you offer retainer packages with long-term contracts so you can at least bank on income for a set contract window?

Think of what you can shift in your business to create a more stable income for yourself, even if it might take some extra work on the front end. Don’t worry, you have the time!

MINDSET SHIFTS ABOUT SAVINGS & SLOW MONTHS Now, there’s one last thing we want to talk about when it comes to variable income: your mindset. Especially as it relates to saving. Most of the time, people think of saving and investing as a bonus: “If I have enough money this month, I’ll set some aside.” Actually, you guys, it is non-negotiable. In addition to your minimum monthly expenses, you need to be setting aside a specific amount each month for savings.

While we do recommend setting aside about 25% of your income for savings, we understand this isn’t viable with variable income. So, choose an amount you believe is reasonable and then put that thing on automatic. Set up auto transfers each month so you know exactly what’s moving into savings and so you include it in your minimum monthly income.

Don’t have any savings currently? Start building up 3-6 mos of living expenses (that minimum monthly number is coming in handy here!) to fund your emergency fund. Once you fill up your emergency funds, it’s time to send everything else to investments. (You can set up a simple investment account with online tools like Schwab.com, but a CERTIFIED FINANCIAL PLANNER™ will be better able to help you get started and advise you on the investments that are right for you.)

Eventually, you’ll have an entirely funded Back-up Life Bank, or BULB as we like to call it. What’s that, you ask? About 25x your minimum yearly income. When you invest your money each month, you make it possible to weather down months, seasons, or years by living off the interest on your investments. Of course, this takes time but it’s a huge way to create stability for your future self.

Want to learn more about the Back-Up Life Bank? Go listen to Episode 63: Self-Employment + Retirement: Work-Optional Lifestyles.

DOWN MONTHS AREN’T BAD; THEY’RE AN OPPORTUNITY Last but not least, we really want to drive something home for you in this episode: think about down months as the norm. While nobody wants to assume they’re always going to be “just getting by,” we think this is a great attitude to adopt when it comes to your finances.

Why? Because you’ll be able to build long-term wealth when you’re not set on spending a ton of money each month. “Good months” are the months where you can sock away money and build up that buffer, while “down months” are the months you’ve already planned for and can get by on. Hopefully, over time, you have more good months than bad months… and you build major security as they come. But you’re never beholden to “constantly hustling” to make ends meet; you’re comfortable, calm, and killin’ it… even when things feel a little slow.

RESOURCES & PEOPLE MENTIONED * The Back-Up Life Bank & Calculator from Episode 63 * BULB Formula inside our Resource Vault * The Toujours Planning Quiz — Are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions

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Amy Northard, CPA, has a passion for helping small business owners manage their finances and accounting so they can focus on growing their business. She also loves teaching accounting basics to online entrepreneurs who are just starting out. We were lucky enough to have her on this episode of Worth It, where we talk all about her CPA firm, what a CPA does, and when a creative biz owner (like yourself) might need to bring a CPA onboard.

WHAT YOU’LL LEARN * [01:48] Amy’s journey as a CPA * [04:01] How Amy formed a niche making accounting easy for business owners to understand * [06:05] Why finding experts who are “wired” for their work is so important * [11:16] The nuances that come with serving entrepreneurs and business owners * [13:17] Signs it might be time to hire a CPA * [14:12] The difference between a bookkeeper and a CPA * [15:33] What to look for in a CPA * [18:28] The difference between a CPA and a CERTIFIED FINANCIAL PLANNER™ * [22:11] Who Amy’s Be Your Own CFO course is right for * [24:01] The benefits of keeping it in the family * [26:23] What Amy wants to do in her “revivement” * [29:21] What’s next for Amy and her CPA firm

Amy's Journey to Owning Her Own CPA Firm Amy is one of those rare breeds who loves taxes, following processes, and managing small business finances. She started her relationship with accounting in high school when her dad encouraged her to take classes, and the rest is history. But when she received her CPA designation and started working in a bigger firm, she quickly realized that working in a cubicle and doing the same work day in and day out wasn’t filling her up.

So, like a true entrepreneur, Amy started looking into starting her own CPA firm. As she started attracting her own clients, she quickly realized that there was a real need in the small business space. When it came to finances, creative entrepreneurs and biz owners were really struggling to understand their finances and basic accounting principles. In fact, traditional accounting “speak” was downright overwhelming to them… so Amy sought to find ways to help.

Today, she works with creative entrepreneurs and biz owners all over the US navigate taxes and set up bookkeeping systems so they can get back to the part of the business they love – the creative part. Of course, we talk all about when our listeners might want to hire a CPA and what a CPA even is because we know a lot of you are too afraid to ask that question 😏

Signs It’s Time to Find a CPA If you’re running your own business, you wear a lot of hats. From admin assistant to head sales rep, you do it all. And that probably means you’re also managing your finances. Keeping track of invoices, expenses, and revenue can be quite a bit of work, especially when you’re first getting started and trying to learn the ropes. And as your business scales, the stakes get even higher. In this episode, Amy shares her CPA insights on when business owners should hire a CPA, and what milestones they should be on the lookout for. These include when:

Your business has scaled quickly (or is about to)
You need help managing expense/income tracking
You have a complex cash flow (multiple accounts, employees, expenses, etc.)
You’re hiring employees
You’re not sure how to contribute to retirement or savings accounts
You’re not paying quarterly taxes yourself (yeah, we see you 👀)

Of course, if you know you avoid financials, hate tracking expenses, and don’t know the first thing about setting up your systems for getting paid, you might want to consider a CPA from the start of your business. However, Amy knows that there’s a ton of value in DIYing it while you get a grasp on your business’s finances so you know exactly what you need when it comes to hire a CPA.

But what is a CPA, and what can they do for you?

The Difference Between a CPA & a Bookkeeper One thing that happens a lot with business + money is that terms get confused. In Amy’s world, those terms are often “CPA” and “bookkeeper.” So what’s the difference? As Amy explained in the episode, bookkeepers track your cash flow. They categorize your income and expenses and make sure that what’s in your accounts and statements align with what you’re reporting. The more transfers, expenses, employees, and general complexity you have in your business, though, the more you might need a CPA.

CPAs are Certified Public Accountants and they can do a wide range of accounting services. While each CPA has their own process and preferred services they offer, you can find a CPA that offers anything from tax preparation and financial statements to payroll and audits. In some cases, business owners only talk to their CPA around tax time, but many CPAs (like Amy, cough cough) are available year-round for things like:

Quarterly tax estimates
Monthly bookkeeping
Questions or concerns about financials
Hiring
Changing or creating business structures
And more

Amy also explained that, depending on a CPA’s fee structure, you may charge a specific fee for all of your accounting needs or you may be billed for what you need each month or quarter. It’s important to find a CPA that bills the way that makes sense for your business, and who is available when you need.

And as we like to say, a CPA is just part of your well-rounded biz team. If you’re scaling your business, you probably need a CPA — and if you want to build long-term security with your business income, you might also want a CFP® (that’s us!).

The Difference Between a CPA and a CFP As we’ve mentioned before, there are plenty of professionals you can hire to help you make the most of your business revenue and income, both from a business and personal perspective. While a CPA like Amy is a great resource when it comes to accounting and financials within your business, a CERTIFIED FINANCIAL PLANNER™ sort of “pick up” where a CPA’s certification stops.

That’s because, to be a CERTIFIED FINANCIAL PLANNER™, you have to know a lot about tax planning, retirement, insurance, and long-term financial goals. A CPA can definitely help you set up the structures and processes within your business to help you reach those goals, but a CERTIFIED FINANCIAL PLANNER™ professional is the one who will help you make it happen. CERTIFIED FINANCIAL PLANNER™ professionals will also help you with things like:

Tax planning (to make sure you’re not paying too much in taxes)
Investments
Business succession planning
Business insurance
Retirement and investment accounts
And more

Basically, they work together to make sure you have a healthy financial life now and in the future. Depending on your individual business and financial goals, you may benefit from working with one or both of these professionals. If you’re in the market for a CPA, we highly recommend checking out Amy’s CPA firm and services at amynorthardcpa.com. If hiring a CPA isn’t in the books for you right now, you can also check out her DIY course, Be Your Own CFO.

And if you’re interested in how a CERTIFIED FINANCIAL PLANNER™ (or two) can help you, you can take our fit quiz to see if we can work together.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Amy Northard, CPA * Amy’s Be Your Own CFO course * Where to find Amy on Instagram and Facebook: @amynorthardcpa * The Toujours Planning Quiz — Are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * Ask us anything * On Facebook * On Twitter * Connect with Dustin on Twitter: @DRGranger

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How often do you hear an entrepreneur or business owner say “I made 7 figures last year”, and you assumed that meant they took home 7 figures? We’re here to break it to you real nice: 7 figures in revenue is not the same thing as 7 figures in profit. You want to aim for the stars when it comes to both your revenue and your profit, but it’s also important to know the difference so you can properly plan and leverage your business’s money for long-term growth and stability.

Interested in how to do that? Listen in on Episode 90.

WHAT YOU’LL LEARN * [01:02] The definition of revenue * [01:09] The definition of profit * [01:24] What’s really going on when people say they make 6 figures in their business * [02:37] The “Ritz Carlton” difference and what it means for your brand * [06:20] The value of sacrificing short-term profit for the long-term * [07:22] Deciding which is more important in your biz: profit or revenue * [07:49] Why increasing revenue is much more valuable than cutting costs * [08:07] The parallel between your business and the national economy * [08:34] How profit can be manipulated * [09:37] Ways long-term profit can be “secured” by investing in your business * [11:00] Why you don’t want to be Kodak * [12:42] How to review profit through a different lens

THE DIFFERENCE BETWEEN REVENUE & PROFIT Do you know the actual difference between revenue and profit? It’s cool, a lot of people use the terms interchangeably. But they’re not interchangeable — and they mean very different things. Revenue, for example, is any income coming in from your business. This is every dollar you get paid. Profit, on the other hand, is revenue minus your expenses. So you might make $25,000 a month in revenue, but you have employees, a lease, and monthly subscriptions of pay, so you only have $16,000 left. Then you have to take taxes, retirement, healthcare, etc. into account. Your profit is the money you have left after everyyyyything else comes out.

Got it? K, good.

WHICH ONE COMES FIRST: PROFIT OR REVENUE So, when you’re thinking about building a business that really lasts, which one do you need to be really focusing on: revenue… or profit? Because revenue means you’re killing it at what you do, and profit means you’re probably taking more way more money. They’re both pretty great.

However, if your goal is to make this whole thing last, you might want to consider focusing on revenue. It’s counter-intuitive, right? Profit means that you’ve got a lot of money leftover after expenses, but when you focus on revenue (making 7 figures as a business, for example), it means you have an even higher threshold of income that you can use to really grow and stabilize the business.

Let’s take, for example, the Ritz. You know it’s a hotel, but you also know that it’s almost become an adjective for high class. Part of that process — and why the entire franchise is still so successful — has been to re-invest in the hotels in ways that their guests love. The owner of the Ritz has been known to put piano players in lobbies, and to pay for much higher-end touches than other hotels. They’ve even gone above and beyond to get a stuffed giraffe back home to a young guest. While, yes, these things all decrease their overall profit, it improves the customer experience and makes it more likely that people will come back for more. That increases long-term revenue.

And that, friends, is what you should be focusing on.

SHORT-TERM REVENUE = LONG-TERM SUCCESS

What you’re making right now as a business will inevitably advise your long-term success. Even if you’re not a wildly successful hotel chain like the Ritz, you do have some way you can invest in your business so it is even more sustainable down the road. For example, you might have grown your business from the ground up as a one-person operation. But to really make it successful in the long-run, you need to invest some of your profit into hiring someone to help out. Other businesses might need to invest profits into software, or a new storefront, or a business coach so they can take their brand to the next level. And to do all of that, you can’t just cut corners. You need to make enough revenue. Period.

EXPENSES OR INVESTMENTS?

So, how can you start focusing on revenue to build long-term success in your business? Consider your expenses through an investment lens. Are you spending money that’s just going out the door, or are you spending money on things that will help you grow in the future? Here’s a good example: are you wasting money on “amenities” for your office that you don’t need — like that ping pong table you see in all the startups in movies? Or are you investing in things like office space for your growing team, which is going to help you grow faster than before? Maybe you’re investing in a better camera to take better social photos which help you attract new customers or clients, or maybe you’re just spending money on software you don’t use or doesn’t do what you need.

Take a good hard look at what’s cutting into your profits to make sure it’s useful. From there, you can increase your profit margins and grow your business. But it all starts with making sure you’re making enough revenue and investing it where it really matters.

For more tips on how to focus on revenue > profit, check out this episode of Worth It. You can also see all the resources we referenced in the show notes below.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Our FREE go-to financial and life planning resources * The Toujours Planning Quiz — Are we a good fit for your financial planning needs? * Joshie the Giraffe story

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions

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When you’re an entrepreneur, it’s hard to separate work from life. When you’ve built a business (or multiple businesses) from the ground up, it can be even harder. After all, you have big dreams. Maybe you want to scale that biz, hit 7 figures (or 10 figures, you do you!), and work remotely while building your empire. Whatever your vision for your business looks like, odds are that vision also bleeds into your life. It becomes “When I hit 7 figures, I’ll buy myself that Tesla,” or “I want to live in New York so I can build more contacts for my business.”

All of this sounds a-freakin-mazing, and we’re totally here for it, but we want to make sure you’re not just tying your life vision to your business vision. They should still be separate, at least somewhat. If you’re wondering if you have tied your life vision to your business vision (or you know you totally have), this episode will give you some tips on how to separate the two, and a few resources you can use to get clear on what your visions for life and work really are.

WHAT YOU’LL LEARN * + [00:43] Why entrepreneurs have to be careful about biz decisions that affect life + [02:01] How to consider if your business vision counteracts your life vision + [04:01] Factors that can affect your long-term happiness + [05:22] The difference between a life vision and a business vision + [07:06] How a business vision might look, separate from your life + [08:07] Why most people regret working so hard + [09:13] The risk of putting off your life vision for “later” + [11:26] Why revivement (instead of retirement) can align those biz and life visions + [13:14] The first step you need to take to feel harmony between your business and life + [14:18] How to get your business goals to move you toward your revivement

YOUR BUSINESS OR YOUR LIFE? Have you ever had an amazing business idea, or a goal for your current business that you just couldn’t wait to get started on? But then you started thinking about all the hours it would take, the level of effort and money it might require to get off the ground? Did you think about weekends lost, time with your spouse or partner you wouldn’t get, or the difficulty it would require to move and leave family and friends behind? Sometimes, our business visions can be so powerful (and so exciting!) but they come at such a cost to our life vision.

Maybe your life vision is to start a family and live close to your parents, but your vision for your business requires you to work 7 days a week in a city far from home. Which one wins out in that scenario? On a less obvious scale, entrepreneurs face these kinds of decisions everyday. Maybe your life vision is to be fit and run marathons, but your business needs you working all the time and you have no time to train. Maybe you want to travel the world but you’re too busy to take the break from work.

Whatever it is, this is how we all have tied our life vision to our business vision in some way or another. It’s not necessarily a bad thing, until we sacrifice what we really want out of life to keep the business vision afloat. Instead of allowing one to overpower the other, let’s talk about how to make these visions live in harmony.

BALANCING YOUR LIFE & BIZ VISIONS Y’all, we don’t want you to miss out on life because you’re too busy building your business. We’ve seen it too many times, and you probably have, too. Your work should revolve around your life, not the other way around. So, to really balance out what you want for your life and what you want for your business, you need to blend them together and make sure that one doesn’t overwhelm the other.

Ask yourself:

What would my business look like if I got to do what I wanted in life?
What level of success would I need to reach in my business to sustain the life I want?
What would I be doing if I wasn’t working? How can I get to that point?
What do I want to do in life before I die? What can I plan to make that happen?

Of course, this isn’t just a quick thought exercise. You’ll need to put some muscle into it! Especially if you’re looking around and realizing you’ve already tied your life vision to your business vision; it’ll take some time to unravel that. In this episode, we give you some resources (linked below) that you can use to make the separation of life and business clear, so that you can make sure the pieces meld together in a way that is healthier for you!

Remember, all of your business moves should be designed to give you the life you want — not the other way around.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

Resources & People Mentioned * + Our Vision Worksheet in our FREE go-to financial and life planning resources + Revivement (instead of retirement) + The Toujours Planning Quiz — Are we a good fit for your financial planning needs? + Tyler J. McCall @tylerjmccall + The Top 5 Regrets of the Dying by Bronnie Ware

Connect With Danielle and Dustin * Ask Your Questions * On Facebook * On Twitter

The Top Five Regrets of the Dying: A Life Transformed by the Dearly Departing

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As entrepreneurs and business owners, money is a huge part of our everyday lives — from the few bucks we spend on that morning latte to our home expenses and how we use it to invest in new hires for our business. We all have a different experience with money, and most of us have different “money styles” than our loved ones or business partners. Why is that?

Well, we think it’s because most people boil down to one “type”: a Spender or a Saver. Now, we know this is a generalization and that we all have a little Spender and a little Saver in us. However, we think that, in general, people lean more one way or the other. We also think that your “type” dictates a lot about how you work with others, whether it’s a spouse or a business partner.

Do you know which type you are? Listen to this episode of Worth It and read on to identify your “type” and to get some tips for how to work with your type (and your partners who may be the opposite).

WHAT YOU’LL LEARN * + [01:43] The spending styles of Dustin and Danielle (and their partners) + [09:46] What role childhood plays in your spending or saving style + [12:50] How spending/saving types affect business partnerships + [14:17] Considering when to spend on things like new hires and tools to grow your business + [15:11] Why Spenders may be able to grow faster in business than Savers + [15:45] The tendencies of a Spender + [17:25] The cycle of Spenders’ guilt + [19:37] Why a “certain standard of spending” is hard to come back from + [21:16] The tendencies of a Saver + [23:14] The downside of being a Saver when it comes to building long-term wealth + [24:03] How to know where YOU fall on the spectrum of Spenders & Savers + [24:34] How the differences in spending/saving types play out IRL + [25:57] Navigating a business relationship between a Spender and Saver

Tendencies of Spenders and Savers When it comes to saving and spending, many of us believe we’re somewhere in the middle. You can spend when the occasion arises, but you save if you need to. But we think that, in general, we all fall closer to one side of the spectrum. So… which type are you? Below are a few signs you might be a Spender or a Saver.

Spender: * + You work hard and believe that makes up for/gives you license to spend as you see fit. + You don’t (usually) worry that money will run out. + You may make hasty spending decisions and wonder why you spent so much later. + Prompt: Do you look at prices on a menu before you order? Do you want to buy the most expensive thing on the menu because “it has to be good”?

For example, Dustin is the Spender in both his marriage and his business (you’re shocked, we know!). This means he tends to order the Surf n’ Turf at any restaurant he visits and he loves spending money on high-quality items that will last a lifetime. He does tend to spend a lot of money easily and sometimes worries he’s spent too much. But he works really hard and makes good money, so he feels he is justified.

Saver: * + You’re afraid the money is going to run out. + You may have had a situation in childhood that made you feel there wasn’t enough money. + You compensate for others’ spending tendencies, especially if you have a life or business partner. + Prompt: Do you find the lowest-priced item before you decide what to order from a menu? Do you limit going out because you worry about spending too much?

Danielle has always been a Saver, although she can spend money where necessary (and sometimes just for fun). When she does spend, she usually has buyer’s remorse, aka spending guilt. She remembers her dad talking about “tightening up” on spending when she was younger, and worries there won’t be enough money down the road so she shouldn’t spend now. She’s also the Saver in her marriage and feels the need to spend less if her husband spends more (her dream dining table notwithstanding).

Of course, these are by no means the only examples Spender and Saver personalities; it’s just what we’ve seen in our work and lives. Now that you have a general overview of Spenders and Savers, let’s talk about how these play out “IRL.”

How Spenders and Savers Interact With Life and Business Partners While we’ve talked before about spending vs. saving, we haven’t really talked about how this plays into your relationships or how it affects your business. That’s why, on this episode, we talked about the different “roles” Spenders and Savers play in their romantic relationships and in their businesses.

Because “opposites attract,” there are often Spenders and Savers in the same relationship — whether romantic or business. This balances you both out well, but it can also lead to problems. For example, Spenders may feel “looked down on” by their Saver partners, or rebel against the restrictions a Saver puts on spending.

Savers, on the other hand, might feel like “The Bad Guy,” always imposing rules or shooting down new ideas that require a large investment. They may also feel resentful that they “can’t” spend as their Spender partner does. Overall, though, they have a practical mindset when it comes to money and believe that they balance out the Spender in their relationship well.

In both cases, working together to talk about your decisions can help balance you out well. Communication is key when you have different personalities and values. It’s also important to work together to cultivate the view of “investment” instead of “spending.” When Spenders and Savers think of spending, they have two different reactions. Whereas, if they focus on what they’re investing in, they may have an easier time finding middle ground.

We also talked about how Savers and Spenders have the same weakness: building wealth.

Spenders & Savers & Wealth, oh my! You’d probably think that it’s just the Spenders who aren’t able to build wealth. But it’s actually both Spenders and Savers equally — and sometimes it can be even more of a problem for Savers. How in the world!?

Well, Spenders obviously spend too much and don’t save (or invest). But Savers often save too much — and put money in places where it’s actually not doing them any good. For example, many Savers are afraid to invest in things that make their lives or businesses better. We’re talking about the new AC unit that will help reduce your monthly energy bill, or that new hire who will help you scale your biz. Spenders may also put all their cash in a low-interest savings account, when they could actually invest those funds and accumulate compound interest that builds wealth.

As a general rule of thumb, both Spenders and Savers should be saving or giving 25% of their income. Once certain “funds” are funded — like your emergency funds and any short- and medium-term saving goals — you can start investing your money. For Spenders, this may take a while if they’re not used to saving anything. For many Savers, though, it might be feasible to start investing sooner because they have already built that habit of saving. The key here is to not just keep saving in a basic savings account. You want to build wealth, not stagnate it!

For more tips on how to build wealth based on your spending or saving type, check out this episode of Worth It. You can also see all the resources we referenced in the show notes below.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

Resources & People Mentioned * + Our FREE go-to financial and life planning resources + The Toujours Planning Quiz — Are we a good fit for your financial planning needs? + Adulting 101 Series: Life – Episode 83 + Spending vs. Saving: Mindset and Differences - Episode 67

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Do you feel like a total baller because you make a bunch of money each month? Are you living high on the hog because your business is making 6 or even 7 figures? That’s great! Hats off to you. But… we’re here to burst your bubble a little.

While you may be making a really great monthly or yearly income, and you are totally killin’ it at what you do, income is not the same as wealth. Income is literally what is coming in each month from your work or revenue streams. But wealth is the “abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions.” Basically, they’re what you already have that you can use to get by — and thrive.

So, this episode, we’re getting into why income is not wealth and how you can actually start building true wealth so you can feel really rich.

WHAT YOU’LL LEARN 00:48 The perfect example of a business owner who relied on income, not wealth

03:20 What happens when people hit the 6- or 7-figure mark

03:45 What “wealth” really entails

04:05 4 scenarios where you’re not truly wealthy

04:56 The risk of assuming people are wealthy when they have a lot of money

06:33 How we define wealth

07:53 The importance of protecting your wealth with insurance

09:56 How to transition your business income from money to wealth

10:54 Why you should treat your income like a well

12:24 Ways you can restructure your business to move beyond working IN it

13:04 Diversifying businesses, investments, and saving strategies for maximum wealth

You’re not as wealthy as you think First and foremost, we want to talk about a few scenarios we see play out time and time again with clients. They are making a ton of money (yes, sometimes over a million a year!), saving a bit of it, and really rockin’ in their business. But we tell them they ain’t that wealthy. Why??

Because they usually fall into one of four categories:

They have a ton of debt. Now, we know we just talked about how you can leverage debt, but these people usually have high-interest debt — and a lot of it. If you have a lot of money in the bank, but you have debt coming out your eyeballs, you are not wealthy.
They are spending like there’s no tomorrow. If you’re spending just as much as you’re making, and you’re not leaving anything to save, you’re not wealthy.
They don’t have insurance. You may have a high net worth, money in the bank, money in savings, and still not be wealthy. How? By not having the full spectrum of insurance. We’re talking life, disability, health, business… the whole enchilada, you guys.
Their only source of income is their biz. We’ve said it once and we’ll say it again: your business(es) aren’t going to build wealth. If your only source of income is from a paycheck or salary, that means you only have money coming in if you work. True wealth means diversifying your income streams so you can cover your behind if an illness or recession strikes, you want to retire, or you sell your biz. Business doesn’t count as diversification; saving and investing do.

So, if all of the scenarios above don’t make you wealthy, even though you’re making money, what does?

How we define wealth In this episode, we get real clear on what we mean by wealth. Wealth is your net worth, straight up. It is your total assets minus your total liabilities, and the more assets you have than liabilities the better. Notice how we said assets, not income. Assets include things like stocks, bonds, property, businesses, art, etc. How do you get these assets? By having income, of course. But you need to be putting that income to use by saving and investing in assets that keep you wealthy well after you stop working for a paycheck.

So… how do we build wealth? If you’ve read this far, now would be a good time to pop over to the podcast and listen. Because we drop a few actionable steps you can implement to build (and protect) your wealth. Things like:

Turning your business from income to investment. While this is definitely a process, you can set your business up to be more of a passive income stream for you, than to just start a business that you have to work in all the time.
Turning your business into something that you can walk away from, without everything falling apart. Turn your contract work into an agency, for example, and scale your team so someone else runs the show.
Setting up umbrella insurance. We’re talking the full spectrum of life, health, business, disability, etc. so you’re not risking your chance at long-term wealth if something happens.
Setting up a bucket strategy to make sure you’re setting aside enough money for short-term, medium-term, and long-term goals.

You should also be doing all of it if you want to truly diversify your income and build wealth. So if you want to dive into this topic and really figure out how to move from “money-rich” to “wealthy-rich,” tune into the episode. And then go build dat wealth!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Sophia Amoruso * The Toujours Planning Quiz — Are we a good fit for your financial planning needs? * The Bucket Strategy: Episode 57: Why Your Money Needs Direction * Our Net Worth Calculator in our FREE go-to financial and life planning resources

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions

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If you’ve been in the entrepreneurial space for more than a hot minute, you probably know Charlie Gilkey. He started out with a blog, but now he is the creator of Productive Flourishing, a podcast and a site that helps people do the work that matters so they can become their best selves. Believe it or not, we nabbed Charlie as a guest on Worth It, and we’re really excited to share this interview with you. So, let’s get to it.

WHAT YOU’LL LEARN 00:40 Who Charlie Gilkey is — and why we’re so excited to chat with him!

01:40 Charlie’s background as an Army logistics officer

03:23 How he took his first blog to a full-on business and podcast

03:43 Why his new book, Start Finishing, is different from other productivity books out there

04:46 Charlie’s view of the “bro” productivity literature that currently exists

06:19 Why our focus on work (rather than our lives) is a crisis of priority

07:40 The hamster wheel so many of us find ourselves on

09:15 Why money is an instrument, not the end goal

11:10 What happens when you add intention and purpose to your money

12:16 How to make more space for those projects you want to finish

12:57 What “thrashing” means

13:51 How most of us are going about “finishing” the wrong way
14:20 The 5 Projects Rule

15:25 Why choosing what you’re NOT going to work on frees you to start finishing

16:49 The 2-Hour Rule

18:15 The risks of not scheduling in your project-based work

20:35 Why we tend to justify economics but not emotions when we outsource our work and lives

23:15 The idea of “Project World”

24:35 What Charlie means by “No date, no finish”

28:30 The problem with to-do lists (and how we use them)

30:05 The 15-second or 2-hour decision you’ll need to make with each to-do list item

31:01 The 3 ways we experience time

33:23 Why we run and hide when we don’t have our projects properly aligned

34:23 The risks that come with thinking motion means progress

35:29 How to take back your time by being mindful of your device use

37:58 The risk of planning too far in advance

41:05 Why Charlie often recommends that entrepreneurs don’t plan for more than 6 mos out

42:43 How to handle multipotentialite tendencies

43:10 The benefits of finishing something at a level of mastery

47:39 Charlie’s mission in life

THE PROBLEM WITH “NEVER ENOUGH TIME” While most of our conversations center on money and how to build wealth, we know that most of our audience are entrepreneurs who have multiple interests, love exploring new business ideas, and who want to make the most of the time they’re working. After all, you started your own business so you could have time to do what you love, right??

And yet, as Charlie talks to us about in this episode, we tend to prioritize work to the point of sickness or burnout, and we do it all in the name of money or “getting things done.” The result is that many of us feel like we’re just working for money, that we’re not in alignment, and we don’t have time to do the things we really want to do — or even need to do.

Charlie goes into detail on why this is in his new book, Start Finishing, and he was nice enough to shed some light on this during our chat. In fact, he calls it out pretty early in this episode: If you’re struggling to find the time to do what you want to do, it’s not because there’s not enough time. It’s because your priorities aren’t aligned.

GET OFF THE HAMSTER WHEEL We all have busy lives. It can feel like we’re running from one thing to the next, trying to get ahead. And it can feel like a hamster wheel. We’re not really getting traction and we’re not doing what we feel most called to do because, you know, you have a lot on your plate.

But let’s be real. You get to choose what you’re working on — and what you’re not working on. It can be hard to change what you’ve already set in motion (yes, you have to finish that client project or get those meetings done before you can really make space for what’s important to you), but you can set yourself up for success starting now. How? Charlie calls is the 5 Projects Rule.

The 5 Projects Rule This rule is one that Charlie highly recommends, especially for those in the entrepreneurial space. Basically, it means no more than 5 projects per time slice (a day, a week, a month, a quarter, a year). Many of us have 5+ projects we work on in a day, like “Do the laundry, finish that work project, mow the lawn, do the groceries, schedule the vet visit, figure out the water bill” etc. — and it’s no wonder we don’t have time! We are literally cramming our day with projects. Instead, Charlie recommends cutting it back to 5. 5 a day, 5 a week, 5 a month, whatever it is. But no more than 5 in a time slice. To do this, you’ll need to figure out what you don’t have to do, or what you can delegate. Get real with it, and don’t let other people’s priorities or emergencies affect this once you’ve made a decision. Stick to your project plan!

And if your time slice is bigger than a day — a week, month, quarter, year, etc. — you can break those projects down into smaller time slices. In a really good planning world, Charlie says, you’d have a long-term project chunked out into smaller projects, i.e. a month-sized project broken down into week-sized projects.

If you’re wondering how to break down your projects by week or even day, Charlie has a recommendation for that, too.

2-Hour Rule Ask yourself what a 2-hour chunk looks like for your project breakdowns: what can you get done in 2 hours and where you can fit that block of time into your schedule? Charlie also shares that you can ask yourself which items you can get done in 15 minutes, because you knock things off your list really quickly when you see those things come up.

He also adds that we all underestimate how long it takes to get stuff done, so build in a buffer! For a rough buffer, Charlie says you can multiply the time you think a project (or work block) will take by 3. So that 15 minute project… it might actually take you 45 minutes. Plan accordingly.

FINISH THE DANG THING Charlie shared his big productivity secret on this episode: “No date, no finish.” If you don’t have a date for that big project you want to finish, or that little project you want to start, it’s never gonna get done. And picking a date is only half the battle. From there, you need actionable breakdowns — those 5 projects per time slice we talked about. What are you doing today/tomorrow/this week/this month to move you closer to that goal?

There’s another important point that Charlie made: we tend to run and hide from our commitments to our own projects. How often have you stared at your to do list, started to write that email, or tried to find information about your new pet passion… and froze? Maybe you ran straight to a client or customer issue to resolve, or you decided to open Instagram, or maybe you buried yourself in email busy work. #Guilty

But the problem with this is: We trick ourselves into thinking “At least we did something.” But it isn’t the work you should be doing, and you know it. So get real with yourself, make a plan, and make it actionable.

START FINISHING: THE BOOK This is just the tip of the iceberg in terms of what we talk about in the podcast. Charlie also covers the problem with how we all manage our to do lists, the risks with planning more than 6 months at a time, and more. We talk about all of it in the podcast, we but we also talk about his new book: Start Finishing.

While this is technically a “productivity book,” Charlie says it’s different in three ways:

It talks just as much about the work of our lives, than the life of our work
It’s not like “bro” productivity literature that can be exclusionary
It focuses on the work that calls to you, rather than the things on your to-do list

He hopes to help people thrive in their businesses, homes, and communities, and we think he’s well on his way. If you want to know how to finally start finishing, juggle all of your many interests, and create a schedule that lets you do more than work and feel guilty… this episode and Charlie’s new book are perfect for you. Check them out!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * 7 Habits of Highly Effective People - Stephen R Covey * Getting Things Done - David Allen

Start Finishing - Charlie’s new book out 9/24/19
Charlie’s “home” on the interwebs: productiveflourishing.com

Getting Things Done: The Art of Stress-Free Productivity

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Do you think about saving money and instantly feel guilty and/or defensive about your lack of savings right now? You are so not alone. And while we’re here to tell you a bit about how much you should be saving, we spend some time in this episode of Worth It talking about why you should be saving. We hope it gets you fired up and ready to save, so let’s dive in.

WHAT YOU’LL LEARN * + [02:20 How Dustin managed to build wealth through savings… even during the 2008 financial crisis + [07:45 What Warren Buffet says is the hardest skill to craft + [09:35 Why you can still have luxury taste and save for the long-term (if you make the money) + [11:00 Using windfalls to build up future wealth + [11:40 How to leverage market ups and downs to build wealth + [13:30 Why you shouldn’t wait for the market to drop to start investing + [16:00 The importance of saving more for a work-optional lifestyle + [00:30 How to shift your mindset from scarcity to abundance + [03:15 The difference between splurging and celebrating + [03:45 Why should think about saving as putting your money to work for your future + [04:30 The risks of pushing saving off to “one day” + [06:35 Addressing your mental blocks about saving + [07:15 Why saving can sometimes feel like a penalty + [08:20 Thinking about your future self coming to collect on everything you’ve saved + [11:15 The importance of automating your savings

BUILDING WEALTH, EVEN THROUGH A FINANCIAL CRISIS It’s hard to believe that anyone came out of the 2008 financial crisis with more wealth, but those who “weathered the storm” and kept saving and investing during that time actually did. Dustin is proof. While the markets continued to bomb, he continued to set aside money to invest. The result? He’s got beaucoup bucks in his accounts now… and it’s all because he committed to saving and investing at the age of 24.

The basic truth of saving is this: You’ll build more wealth if you start saving (and investing) now. You should save up for emergencies, and we usually recommend 3-6 months of personal expenses and 3-6 months of business expenses. Then you can start funding your Backup Life Bank (BULB), which is about 25x your minimum income requirement. And beyond that… you should be investing.

Why? Because you can add more money each month to your accounts and benefit from long-term interest growth on those higher balances. It’s the Law of Compounding Interest we are always going about and it’s real! But before we overwhelm you with the idea of investing, let’s talk about how much you should be saving.

WHY NORMAL SAVINGS RATES AREN’T GOOD ENOUGH “The experts” (who are they and where are they hiding?) say the average person should save about 10-15%, but if you’re a business owner or entrepreneur, we really think you should up that to about 25%. Automatically set aside 25% of your monthly income to your emergency funds and, once you hit those savings goals, you can start investing 25% of your income to really build up your BULB — because, let’s be real, investing will net you more compound interest than a savings account ever will.

And when you hit your BULB goal? It’s time to ball out. Go crazy and buy yourself a Tesla with cash, or buy a cabin in the woods. We don’t care how you spend your money, once you’ve paid your future self. The best part about all of this? You can build wealth on your savings and investments, and can make more money on the interest alone — all while you enjoy your extra “spending cash.”

You might be thinking, “I don’t know, Dustin and Danielle, 25% seems pretty steep…” If that’s you, it’s time to talk about mindset.

WHY YOU NEED TO SHIFT YOUR MINDSET ABOUT SAVING We know mindset is a big buzzword here, but we’re gonna use it in a different capacity than other people might. From a financial mindset perspective, you need to really think about your savings as improving your future state of affairs. It’s also important that you shift your mindset from one of scarcity (“I can’t save that much money! I wouldn’t have any money left!”) to one of abundance (“Look at what I can save for my future while also enjoying what I can spend today”).

Of course, we’re not gonna just leave you hanging with some vague “Change your mindset” crap like that. Here are a few actionable tips you can use to actually shift your mindset from saving = scarcity to saving = abundance:

- Try thinking about your savings as an absolute must. Think about it like your rent, your utilities, your non-negotiable plant subscription kit you get in the mail every month.
- Think about your future self coming to collect. Do you want to live a work-optional lifestyle by the time you’re 40? Do you want to retire in your 50s after your kids go to college? Wherever you see yourself using up all that cash you’ve stashed, take a minute to visit yourself in that future. See yourself living in your “revivement” cashing in those checks, withdrawing that money, and living your best life.
- Automate it. Don’t think about setting aside money every month, just set it to auto-transfer. You might freak out when you have to manually do that transfer and accidentally sacrifice your future wealth for your current comfort.
- Don’t spend it all at once. There’s another skill you need to develop, y’all, and it’s not assuming that “abundance mindset” means “spending every last dang dime.” Yes, you can celebrate and yes you can spend the money you’ve worked so hard to make, but true abundance comes when all of your needs are taken care of. So don’t neglect saving!

There’s another thing we want to talk about: changing your assumptions about saving.

YOU KNOW WHAT THEY SAY ABOUT ASSUMPTIONS Have you ever heard the phrase, “Assume means to make an ASS out of U and ME?” If you haven’t, you’re welcome. But now we want to talk about your assumptions about savings… and how they might be making an ass out of you.

Let’s see if you’ve said this to your (or your besties after a few mimosas):

“I’ll start saving one day, but for now I’m just enjoying the money while it lasts.” You do see the problem there right? Because, if things went south tomorrow, you wouldn’t have any money to enjoy. So you need to re-evaluate your goals and make sure you can take care of yourself beyond tomorrow!

“Business is booming now, so I don’t need to save right now.” You know, while you’re making those big bucks, you could be setting aside just 25% (when you make a lot of money, 75% of your income is still a lot of freaking money) and building massive wealth. Save and invest when you have those windfalls — Dustin did, and he’s sitting pretty now! Plus, your business could fail… and then what?

“My businesses will keep me afloat.” Let us make one thing very clear: you can diversify where you save and invest your cash — bonds, stocks, different asset classes, etc. — but you can’t diversify your businesses enough to build true wealth. Because multiple businesses won’t necessarily cover your 🍑. Don’t assume your businesses are going to keep you afloat if a recession hits, and don’t expect the money to keep rolling in after you want to walk away. The good thing about saving money? It makes money for you… without you needing to work. So, we’d say that’s a better investment.

CALLING YOU OUT We’ve covered a lot of ground today, but it’s far from the first time we’ve talked about this you guys. You can go through our entire podcast library and see that we’ve been talking about this since Day Freakin’ One. But we know hearing how much you should save and actually saving that much are two entirely different things. So we’re doing something a little different this episode: we’re calling you out.

We’ve given you the foundation, we’ve given you step-by-step action plans. We hate to break it to you, but the jig is up. It’s time to start saving.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

Resources & People Mentioned * + Our FREE go-to financial and life planning resources + The Toujours Planning Quiz — Are we a good fit for your financial planning needs?

Connect With Danielle and Dustin * + Ask Your Questions

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We hear it all the time: “I feel like I’m not actually an adult because I have debt. And debt is bad!” Do you resonate with that? Well… we’re here to tell you a few things about debt that just might blow your freakin’ mind. Check out the fourth installment of our #Adulting 101 series about drum roll please debt repayment. How much should you be paying to debt? You’ll probably be surprised.

WHAT YOU’LL LEARN 02:19 What people sacrifice for the sake of paying down debt

03:20Generational fear and hatred of debt

03:46 Dustin’s chart that “explains everything”

05:00 Why the truth is that not all debt is bad — and why not all debt should be treated equally.

07:42 Why you should treat interest rates like a game

08:26 The definition of interest

09:09 The good, the bad, the ugly debt

10:56 At what percentage you should start focusing your debt repayment

11:26 What Dustin thinks is “horrifying”

12:58 How much should we be paying off our debt?

13:29 How to shift your savings goals around to pay off high interest debt

14:10 Why debt should be viewed as a tool that gives you leverage

16:29 How paying down debt can actually risk your long-term wealth

17:40 Why you may be risking stability in a recession

IT’S NOT THE 80’S ANYMORE, MOM Do you have parents, grandparents, or older family members/peers in your life who talk about “debt being dumb”? Maybe you’ve heard a shall-not-be-named “money guru” say that and thought, “Well crap, I must be dumb.” We take issue with this approach to debt. Why? Because it’s the not the same world anymore, and sometimes debt is kinda smart. Yeah, we said it.

From the early 70s all the way up until the financial crisis in 2008, there was about 40 years of high interest rates. These interest rates were way higher than historical averages — and even what we’re looking with now. That means, if you’re a Millennial, your parents were maybe paying 14% interest on their mortgage. Insane right?! What’s even crazier is that today, we’re looking at the lowest interest rates in over 200 years. So, when we talk about debt “back then” and debt nowadays, we’re talking about apples and oranges.

This means that owning a house with a 4% mortgage is wayyyyyy better than owning one like your parents did (and probably paid off) at 14%. This means that your car loan at 4 or 5% is wayyyyy more affordable than your dad’s old T-Bird. And you know what? The cost of college has increased 260% since 1980. So thanks, Aunt Linda, for the story about how you paid your way through college, but the reality is we need loans to get that same education.

So, when we talk about debt, know that we (as in Dustin and Danielle) know that we’re actually talking about interest rates. And as Danielle puts it, interest rates are really just a game you gotta play.

HOW TO PLAY THE INTEREST GAME To put it simply, interest is the cost of acquiring money. How much does it cost to borrow the money you need? How much will it cost you to take out a loan to buy a house? How much does it cost to get money to pay for your education? And is the interest worth that cost to you? Really, that’s a good measurement of your need for debt. Do you want to pay 7% extra for that car… or would you be cool with paying 7% on a cheaper car that still gets you where you wanna go?

And interest has another important role in your debt: it helps you decide which debt is “good,” “bad,” and “ugly.”

THE GOOD, BAD, UGLY DEBT We’re not telling you to ignore your debt if you have, let’s say, a 0% interest rate on your new car or home furniture. What we are saying is that you shouldn’t push yourself to the brink to pay down debt that has a low interest rate. But yeah, sometimes we make mistakes and go into credit card debt over stupid crap like a new phone and some killer blue suede shoes. Those are the kinds of debt that we want to avoid — and pay off faster. Other times, things like predatory lending can get us in a bind and we may be paying 20-30% on things like cars, payday loans, and credit cards. So that leads us into the good, the bad, and the ugly — which we talk about in depth on Episode 60.

But the gist is this:

“Good” debt (and yes, we use that term loosely) include: * Mortgage * Auto loan * Student loan * Business credit cards or loans (with good interest rates)

These are used to improve your situation.

“Bad” debt: * Adjustable rate mortgage (you buy a house and the rate can be changed over time, sometimes ridiculously high) * High interest student loans (that you’re just paying the minimums on) * High interest car loans (this happens if you have bad or no credit)

A good frame of reference for bad debt: anything higher than 5%. If that’s where you’re at with a loan, it might be good to buckle down and pay more.

“Ugly” debt: * Credit card debt * Store credit debt * Payday loans

“Ugly” debt usually is qualified by interest rates in the 20-30% range, and they require you to really do some work to get them paid down. Why? Because you’re paying up to a third more than you spent — that “cost” associated with the money is totally not worth it.

But, now that you know which debt you should be prioritizing, how much more should you be paying to your good/bad/ugly debt?

HOW MUCH SHOULD WE BE PAYING TOWARDS DEBT? This doesn’t apply to every person, but a good rule of thumb is to spend about 5-15% of your income on debt. This includes your credit cards, your student loans, your car payment, etc. It does not include your mortgage, which is part of our housing episode (jump to Episode 81 here).

And, again, it depends on the interest rate! Are you at a smaller interest rate like 4%, or high percent like more than 17%? If you’re at 6% or higher, you should probably lean more towards the 15% of your income range going to debt repayment. But not at the cost of your savings!

Remember your savings and investing. You should be saving (and giving) about 25% of your income but, if you have a lot of high interest debt, you might want to cut back on that investing if your interest is high. Then, once those higher interest debts are paid off, you can ramp up the savings and pay down the other lower interest rate debts over time. Why do we say this?

Because investing can net you 3-6% on average… which negates any sort of interest you’ll be spending on low interest debt.

How? Because as you compound interest on your savings and investments — meaning you grow your accounts because you’re getting paid interest into them — you continue to add more money, and get paid interest on those higher amounts. You’re making money on the money you’ve earned. It’s freakin’ magical. You know what’s not magical? Going broke to pay off low-interest debt.

DEBT ISN’T YOUR RISK; IT’S THE FINANCIAL INSTITUTION’S We’d like to leave you with one last note: People think all debt is bad because it’s a financial “burden” that rests on them. But that’s not the truth. The party carrying the real burden are the banks that loan us the money. Essentially, you could never pay that money back (sure, you’d be screwed, but they’d be out the money), so they are the ones more at risk than you are.

We hear this all the time when we see Facebook rants about how “China owns our debt!” What you need to understand is: we don’t have to pay back that debt right now. We have more money in our bank account because they (China or the banks) are holding that debt for us. This frees up more cash in our accounts to pay them back, but also still keep living.

And there’s psychological value in knowing that we can pay things back over time — making it possible for us to do other things in life, like buy a house, have a baby, build a business, etc. We’re not saying don’t pay down your debt, or to only ever pay the minimums. But we are saying that you can do it at a pace that allows you to fill your other buckets.

DON’T PAY DOWN DEBT AT THE RISK OF YOUR OTHER NEEDS We’re just gonna say it: having an emergency fund so you don’t have to go into credit card debt in case of an emergency is much more important than just paying off your credit card right now. Being able to afford the roof over your head while also paying down your student loan debt is more important than going all in to pay down your debt — and losing your roof in the process. And building long-term wealth is more important than paying down “good debt” for the sake of saying you are debt-free. #JustSayin

The biggest advantage of being young is that you can save so much, and therefore gain so much compound interest, that you can build vast amounts of wealth over time. But if you’re focused on paying back “good” low interest debt, you’re losing out on those prime saving years — and setting yourself up for more risk if something not-so-fun happens.

So let’s reframe your debt: low-interest debt can give you power and leverage, rather than be a burden. It’s not 1985 anymore, so don’t let older generations tell you all debt is bad. Instead, lay out your debt, look at the interest rates, and figure out which debt gives you power and which debt is taking AWAY your power.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Ep. 81: Adulting 101 Series: Housing: Episode 081 * The Toujours Planning Quiz — Are we a good fit for your financial planning needs? * Our FREE go-to financial and life planning resources

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You’ve heard us talk about housing. You’ve heard us talk about transportation. Now, we’re talking about life. Not like the heavy “What is life?” stuff… just the money side of it. Do you know how much you spend on “life,” i.e. dining out, clothing, Netflix and chill sessions, vacations, etc.? Do you ever wonder if you should really be spending that much money on yourself? You’re not alone. That’s why, on this episode of Worth It, we’re talking about the “life” category of your spending: how much you should be spending… and how much you should be saving.

WHAT YOU’LL LEARN * [00:41] What is included in the “life” category of your expenses * [03:41] Why it’s so easy to spend more as you earn more * [05:20 The concept of business longevity * [06:42] What’s happening in our generation when it comes to saving/spending * [07:36] What the Law of Attraction has to do with your finances * [09:18] How abundance and scarcity mindset affects your “life” spending * [10:23] The risk of “abundance mindset” as it relates to overspending * [12:13] Whether you have a “wealth mindset” or a “money mindset” * [12:51] Why wealth-minded people aren’t afraid of running out of money * [13:52] How to create a wealth mindset * [15:02] What the BULB process is * [15:14] How much you can spend (after saving)

THE IMPORTANCE OF LIVING WITHIN YOUR MEANS Before we dive into how much you should be spending on “life,” we want to talk about what’s actually driving you to spend. As successful biz owners and entrepreneurs, we know you’re #killingit, but that can also mean you’re tempted to get it while the gettin’ is good. That means more trips, more shopping sprees, and more “Sure, I’ll loan you that money for your startup!” All of that is great, and has its place… but only if you’re saving and investing what you need to create long-term wealth and stability.

That’s why the first thing we talk about in this episode is considering your relationship with spending now so that you can have wealth in the future. Are you saving (and giving) 25% of your income? Do you have a Backup Life Bank like we talked about in Episode 63?

Remember: Your Backup Life Bank is 25x your minimum income requirement. If you need to make $80,000 a year to get by, you’ll need about $2 million in your BULB.

Of course, we’re not saying you have to set aside 25% of your income AND have $2 million in the bank before you can have any fun. We’re just saying the amount of money you can reasonably spend on “life” is subject to how much you’re really setting aside.

Once you’ve started saving a quarter of your income and are working toward your BULB, what you spend on life is up to you (within your means, of course). That’s why we also talked about your mindset… because that really affects how much you’re spending and saving. Plus it’s, like, totally #adulting.

How to create a wealth mindset As adults, we have to do a few things we’re not super excited about. Like floss every night and clean the kitchen. We also have to spend money on things that don’t “spark joy,” as Marie Kondo says. So no, we can’t just spend all our money on avocado toast and Teslas. We also need to consider our future, our businesses, and what we’ll do if things don’t always go as well as they’re going right now.

That’s why we talk a lot about mindset on this episode. Because, once you have the saving thing down, you can spend as much as you (reasonably) want. But how do you know you’re spending on “life” in the right ways? You spend in alignment with your values, visions, and goals for your life and money.

Sounds easier said than done, right? In this episode, we talk about how to embrace a wealth mindset (rather than a spending mindset) and even offer one of our tools to help you get there. Use our Vision Worksheet to figure out if your life’s expenses align with your true values, visions, and goals — and to get clear on what you want your money to do for you, so you’re not spending in areas that make you go “Why the heck did I buy that?!”

A FINAL NOTE This episode isn’t about telling you what you can and cannot spend your money on. However, we are firm believers that you should be spending well within your means. If you’re not reaching that 25% savings goal, nor have you started your BULB, those should be goals of yours before you start spending more of your hard-earned cash. Until then, live within your means and really think about what’s important to you. Sure that trip or designer bag sounds great now, but is it really more important than security and wealth in the future?

If you’re wondering how much you should be saving, spending, or putting in your “backup life bank,” this is the episode for you. And if you’re wondering how to manage the money so you can spend, save, and do all the things, you can always contact Toujours Planning to see if our financial planning services are a good fit for you.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Episode 63: Self-Employment + Retirement: Work-Optional Lifestyles * Vision Worksheet inside our Resource Vault * The Toujours Planning Quiz — are we a good fit for your financial planning needs?

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Is it time to buy a new car? Are you wondering what you should be spending (or not spending) on your new wheels? We know that it’s tempting to buy the newest model hot off the lot, but this week’s episode offers some guidance on what to consider when it’s time to buy a car, how much you should spend, and what to look out for in your payments.

WHAT YOU’LL LEARN 5:20 The role luxury and status have in our purchase decisions

7:45 Why it’s important to consider why you’re buying a car

8:15 Why buying luxury car is not a problem — as long as you can afford it

10:00 Things to keep in mind with a car purchase, including additional costs

12:05 The risks of unexpected maintenance

13:50 How to break down the true cost of a vehicle

15:05 Deciding if you even need a car

15:25 What percent of income should be allocated to transportation, but only if you’re saving enough money

16:20 How everyone’s values will affect how they spend on transportation

18:25 How to pick a car that aligns with your values

23:45 What to do if you and your partner both have cars/car payments

26:00 When you might need to just buy a hooptie

27:10 The trick to get those dents fixed ;)

28:00 Whether or not you should pay off your car when you come into cash

29:45 Tips and tricks for saving money on vehicles and loans

CARS ARE CRAZY EXPENSIVE If there’s one universal truth to take away from this episode, it’s that cars are a luxury at this point — especially new cars. The average cost of a new vehicle is $37,285, according to Kelley Blue Book, and the average used-car price was $20,200 according to Edmunds — and we think that’s on the low end. But those averages also don’t account for supplementary (or additional) costs associated with vehicle ownership. Costs like:

Insurance
Parking costs (garages, meters, etc.)
Tickets
Tolls
Maintenance
Gas
Car washes/upkeep

With all that in mind, it’s time to dig into what kind of vehicle you can actually afford.

HOW TO FIGURE OUT WHAT KIND OF WHEELS YOU CAN AFFORD The first question we think you should always ask yourself when you think about vehicle ownership is: Should you actually buy a car? We don’t care what the answer is, but it’s important that you ask it. And from there, we have a follow-up question: Can you afford it?

Here’s a general rule of thumb (meaning that it’s not a strict rule, so much as a guideline): About 15-20% of your income should be spent on transportation. Our one caveat to that? Only spend that if you’re already saving 20-25% of your income. If you’re not able to save right now in the double digit percents, you may reconsider your ability to buy a higher-end car — or a car at all. Instead, you might want to find a car that fits into the lower percent of that 15-20% range or get real comfortable with not having a car until you can pump up those numbers.

What if you can’t afford a car right now? Well, do you live in a city with transportation, do you live close to where you live and work, or do you have easy access to other modes of transportation (bumming a ride from a coworker, borrowing a car from a family member, etc.)? Uber and Lyft are also great options, but they can add up, so be careful with that. Considering all of these factors may help you find ways to go without a car until you’re more ready.

If you’re in a situation where you don’t have your personal finances in order, you may need to buy a hooptie. You know, a real junker car. Nobody loves having one, but they serve a purpose: saving you money so you can get your finances right.

Of course, if you decide you do want to buy a vehicle — and can afford it — the next question is: what kind?

CHOOSING YOUR WHEELS The first question, when you’re in the market to buy a new car, is: “What matters most?” Comfort, amenities, luxury, environmental impact, etc. are all acceptable factors when considering a new (to you) car. There’s also another factor: status. If status is important to you, and you have the money to back it up, go for it. But admitting that to yourself first is key.

However, we think status comes with a price tag that a lot of people don’t really want to pay, so dig a bit deeper on what “status” means to you. Is it having all the bells and whistles of a higher-end car, but you don’t want the price tag or care about the brand name? Sometimes even the cheaper brands have the same amenities as higher-end brands, and you can spend a lot less on a Toyota than you can a Tesla.

If things like better gas mileage, electric power, or space enough for friends and family are important to you, decide how much that’s worth. And don’t be afraid to shop around. Buying a certified preowned vehicle is also a great way to get all the bells and whistles without losing a ton of money as soon as you drive a brand new car off the lot.

MANAGING DOUBLE PAYMENTS IN A RELATIONSHIP If you’re in a relationship, the question is likely: How do we manage two car payments? Because, the way the universe works, you will both need a new car at approximately the same time. It’s just a fact of life. But if you have a spouse or partner who can hold on to their car a little longer (or your ride is still going, albeit with less enthusiasm than before), you can stagger payments that way.

Alternating your car purchases is a good way to keep costs down, and to not pay double car payments. Of course, it might be possible to share a car between the two of you (depending on your situation) if you’re in a pinch, want to save the environment, or just save a few hundo a month.

PAYING INTEREST ON YOUR VEHICLE One of the biggest questions we get is: “Should I pay off my car note if I’ve got extra cash?” As a general rule of thumb (remember, not a strict rule), we say: If your interest rate is 6% or lower, you don’t have pay it off before the term is up. We say that because your money is likely put to better use being invested and saved, because you can get high rates of return.

However, if your interest rate is over that percent, or you’ve been swindled by a bank or dealer, you may want to pay off your car loan or refinance. Refinancing your car with your bank or credit union can save you a ton of money on interest. But if you already have a really low percent — like 3% or lower — you’re sitting pretty.

TIPS TO SAVE MONEY ON YOUR NEXT VEHICLE We’ve purchased a few cars in our day, and so have our friends. In this episode, we pass on some of the wisdom we’ve learned from our own experiences, as well as theirs. These include:

Always ask for the invoice amount. The vehicle invoice is the dealer’s cost on the car, and we’ve heard that you should only pay about $1,000 over their invoice amount. You’d be surprised how much dealers make just by adding thousands of dollars to the top of their invoice amount, so don’t be afraid to ask to see the invoice.

Ask a dealer what their buy rate is. Most of the time, dealers offer to finance your vehicle for you. Before you go with their rate, though, ask what the buy rate is. The buy rate is the interest rate the bank charges them, and the dealership charges more on top of that. This can lead to you pay 2% and more on your loan! We think half a percentage or more is all you should be paying.

KNOWING WHAT’S RIGHT FOR YOU At the end of the day, nobody can tell you which car, interest rate, or monthly payment is right for you. If you decide you’re ready for a new car, truck, or SUV, we hope this has provided some guidelines to help. Of course, if you’re looking for financial advice specific to your situation, you can always take our Toujours Planning Quiz below to see if we can help.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * The Toujours Planning Quiz — Are we a good fit for your financial planning needs? * Our FREE go-to financial and life planning resources

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Adulting: how many times have you seen that hashtag, or even said it aloud? We’re sure it makes older generations roll their eyes, but that’s alright. We know that adulting can feel hard, but we don’t think it has to be that way. That’s why we’re committing this little mini-series to all of you out there trying to “adult.” And as part of our #Adulting 101 Series, we’re diving straight into the deep-end, talking about housing.

BUYING A HOUSE — EEEK! Just thinking about buying a home can make a Millennial break out in sweats — or at least, that’s how the media makes it sound. But we know better. We know that student loan debt, ridiculous living expenses, and job insecurity all play a role in someone’s ability (and interest) in buying a house.

But beyond that, we think that sometimes people just don’t have the resources they need to pull off possibly the biggest #Adulting trick: buying a house. If you’re in a place where the thought of buying a house has crossed your mind, or you’re wondering when in the world you can afford to buy one, this episode is for you.

WHAT YOU’LL LEARN * 02:39 Danielle’s housing story * 08:25 Dustin’s housing story * 12:43 The fear that comes with buying a home * 14:40 3 questions to ask yourself before buying a home * 15:49 How to calculate additional costs on top of your mortgage * 16:42 Other costs you may not consider as part of homeownership * 18:51 How much of your net income should be spent on true needs * 19:15 How to decide whether to buy or keep renting * 20:26 How to choose between a starter home and forever home * 22:32 Why you need to know your “Chip and Joanna Gaines” status * 26:08 The first steps to start saving for a home * 27:45 What to expect from down payments * 29:10 Why Dustin likes putting the least amount of money down * 30:06 Why you need to know closing costs upfront

WHAT TO CONSIDER BEFORE YOU EVEN LOOK FOR A HOME On top of sharing our own histories with home buying, we walk you through what it looks like when you start toying with the idea of buying a home. Are you thinking you want to rent for a while, but would buy if the right house comes along? Are you scrolling madly through Zillow trying to find a house within your price range? (Side note: Zillow’s “calculations” are a joke, so talk to a realtor and your bank before you get too excited.)

One of the major factors we talk about in the episode is knowing your income. If your income is variable, and or if you’re not sure your job is stable, buying a house can be a risk. But if you’re settled in your income, or you know your income will be increasing — through a big business deal, a raise, etc. — it may be good to look at houses in your price range now so that you can have even more cushion later.

But there’s something we really want y’all to know about buying a home: it’s not just the sticker price on the house you’re paying for!

Additional costs come with a mortgage, including:

Homeowner’s insurance (which can be pricey depending on your location)
Property taxes (again, pricey based on location)
Mortgage insurance premiums (if you don’t put 20% down)
Yard and exterior maintenance (your landlord won’t be doing that anymore!)
Repairs (no home is perfect)

Of course, that’s all once you’ve got the house on lockdown. But what about the down payment and closing costs? Down payments range from 5 - 20% of the total cost of the home, which is a huge chunk of change — and closing costs can sneak up on you. Your closing costs cover loan origination fees, appraisals, title insurance, taxes, deed transfers, and just crazy amounts of fees for all the paperwork you’ll be filing. You may also need to prepay property taxes, homeowners' insurance, or a homeowner’s association bill then, too. That can add up to thousands of dollars.

Now, keep in mind we’re not trying to scare you off from the prospect of buying a house. We’re just preparing you for all that goes into this level of #adulting. So… still interested? Cool. Time to talk about the 3 questions we think you should ask yourself when you think about buying.

THREE QUESTIONS TO ASK YOURSELF Question #1 Should I rent or buy? This is pretty much where we all start, isn’t it? Our lease rolls around and we ponder the question “Should I re-up our lease, or is this a sign from the universe that I should buy?” So, we break down when you should consider renting, and when you might be ready to move on to Question 2.

When should you keep renting? When you have big changes coming up, and you’re not sure what that will mean for you:

A new job
A new relationship
You just moved out of your parents’ house (no shame)
You’re about to get married or are saving up for a wedding

Of course, there are always exceptions to this general guideline, like being newlyweds or new parents, etc. But if you’re not sure about your income especially, or how much you need to save to achieve other financial goals, now may not be the time to buy.

Question #2: Are you looking for a starter home or forever home? We don’t expect you to die in the first home you buy, but there are major benefits to buying a home you plan to stay in for at least 10 year. Yes, 10. Why? Because if you plan to buy a house and turn around and sell it in less than 2 years, you run the risk of selling during a market downturn, eating money on capital gains taxes (if you buy during a housing price boom), and spending even more thousands of dollars to buy your next house.

Of course, a starter home — meaning it’s more affordable, likely smaller, with fewer bells and whistles — can see you through a solid decade, even with major life changes. These homes are great if you’re single, just starting out in a relationship, are in the baby steps of your career or business, or you don’t want a big mortgage preventing you from living your best life.

But if you’re ready to just send it and find the home of your dreams, you may be able to find your forever home. This may mean spending more money on a bigger house that can accommodate a growing family, or is located in a prime area you want to stay in. This option is often best for people and couples who are really secure in their income and have been saving for their dream house for a while now, but there are always exceptions.

Whichever one is right for you, we want to make one thing very clear: equity builds slowly. Don’t expect to buy a house and have tens of thousands of dollars in equity a year or two later. You don’t see a lot of that equity until the end of the mortgage, because most of your payments at the beginning go towards the interest — it’s scaled so more interest is paid up front. Because the banks know y’all want to buy a new house every few years!

Question #3: Do you want a move-in ready house, or are you up for renovations? Most people assume they can do a fixer upper, but you’re probably not Joanna and Chip Gaines, OK? Especially if you’re buying a house with someone you love, home renos can bring out a whole new side of you both. It takes time and it can get expensive if you DIY and mess something up, so put a lot of thought into buying a fixer upper vs. something that is ready to go on move in day. Depending on your budget, you might be tempted to buy a fixer upper, but this is where we caution you to think again about your DIY skills. Remember your last #PinterestFail? Do you want that to be your whole house?

Decided which way to go there? OK, now it’s time to buy a house.

HOW TO ACTUALLY AFFORD A HOUSE This is where things get really juicy. On the episode, we walk you through how to get ready to buy a house. In general, and depending on your individual situation of course, here are a few tips:

Come up with a savings strategy. Use your short-term and intermediate-term buckets to save approximately 25% of your income. Those buckets will go towards closing costs, down payments, repairs you might encounter, appliances you’ll need to buy, and so on. What happens if you can’t save 25% of your income? Start with what you can save and figure out how much more time you need to add to your savings strategy. Those short-term and intermediate-term buckets might just become a long-term goal.
Figure out your down payment goal. If you’re buying a $100,000 house in Madeupville, you may need $20,000 on a conventional loan. If you put down less than that with a different mortgage, plan to have a slightly higher mortgage, because you’ll have mortgage insurance premiums to pay until you get the balance under 20% of the total home’s value. It may help to talk to a bank or two to figure out a general ballpark for home prices to calculate this number.
Don’t forget about closing costs. We’ve seen so many people get burned by closing costs, because they’re often not finalized until the very end of the homebuying process. So save up for that (averages are about 2-5% of your new home’s value) and ask frequently during your offer and closing process what the closing cost estimate will be.

Of course, you’ll need a really good bank and realtor to help you get the most out of your homebuying process, but the steps above are steps you can take now to get ready. As always, we go into more depth on these tips and the three questions above in this week’s episode, so if you’ve got houses on the brain, you should really take a listen.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Ep. 30: 5 Tips For First-Time Home Buyers, with Eric Blanchard * The Toujours Planning Quiz — Are we a good fit for your financial planning needs? * Our FREE go-to financial and life planning resources

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When it comes to entrepreneurship, we hear a lot about how y’all want to do good and give back. And we’ve talked about that before, from donating cash to creating private foundations to creating socially minded business. Today, we’re talking to an entrepreneur who has built a business designed around the concept of social good and we think you’re gonna love it.

Listeners, meet Stephanie Hepburn of Good Cloth.

This episode is really eye-opening, both from an entrepreneurial standpoint and from a consumer standpoint. We already know you’re gonna learn a lot, so make sure to listen along.

WHAT YOU’LL LEARN * 05:03 What purchasing power has to do with preventing human trafficking * 07:21 How reader feedback led Stephanie into retail * 09:43 Why Stephanie was resistant to B-Corp status at first * 10:14 The importance of being honest about how you do business * 12:02 The misconceptions of sustainable clothing * 15:40 The spectrum of sustainable or socially minded businesses * 16:58 Why Stephanie decided B-Corp status was right for her brand * 18:05 What’s involved in choosing products with transparent supply chains * 20:44 How Stephanie encourages retailers to improve their transparency * 23:48 The importance of failure and learning * 24:46 How it’s possible to bootstrap your passion project * 26:48 Stephanie’s tips for making a difference AND a profit * 27:54 How the sustainable and ethical fashion industry has changed * 30:42 Why regulation and legislation are critical in transparent supply chains * 32:06 How sustainability and ethical operations make every business better * 35:00 Why Stephanie doesn’t think success and social good are separate * 36:12 What’s on the horizon for Good Cloth

Stephanie’s Standards for Her Ethical Fashion Biz Stephanie, who is also a journalist, began her journey into the world of sustainable fashion after writing a book about human trafficking. During her research, she realized that a huge portion of the fashion industry is set up to make things like labor abuse and trafficking incredibly easy for those who want to take advantage. Stephanie also realized that it was nearly impossible to find a transparent supply chain, so that companies and consumers could know exactly what type of life their purchase was providing to clothing industry workers. This led her down the path to creating her own online retail store — Good Cloth — which focuses on only selling clothing, accessories, and products that are transparent, sustainable, and ethical.

As part of her business model, Stephanie really tries to bring in different audiences and different people, highlighting the issue of human trafficking and poor labor standards as they make contact with her products and/or brand. Each Good Cloth product gives a strong description of where it came from, who made it, and how it makes a difference. This alone helps consumers learn more about the process of ethical fashion and why it’s important. It also builds trust, which is the cornerstone of ethical fashion, according to Stephanie.

But it’s not always easy.

Obstacles in the Sustainable/Ethical Retail World In this episode, Stephanie walks us through how she finds her retailers and what sort of “vetting process” she goes through to ensure her products are actually ethical. Doing the research and asking the right questions is critical to finding sustainable retailers, material sources, etc., she says. Thanks to her background in journalism, she is able to do this, but she also admits that it’s taken a long time. Her labor of love is clear if you’ve ever browsed Good Cloth’s online store, though, where each collection is curated so thoughtfully.

We also learned a lot about how most “sustainable” products out there are actually not as sustainable as they’re advertised to be. And in some cases, she told us, it’s a matter of choosing what is most important to you in the manufacturing and retail process. For example, some businesses may be able to process recycled products and use that for their materials, while others may be able to ensure fair wages and prices. There is a wide spectrum of sustainability that doesn’t make one better than the other; it’s supporting what’s most important to you.

“It’s nuance, understanding, and meeting with people where they are,” Stephanie said. And Good Cloth doesn’t just say “No” to every retailer who doesn’t meet their standards. Instead, the brand supports retailers and sources as they attempt to be fully sustainable, while holding them to a higher standard. This means that some may have to come back after they’ve improved certain areas of their operations, but that sort of feedback makes the industry as a whole better, and it gives other ethically driven brands a standard by which to measure themselves.

You Can Make a Difference — And a Profit Of course, our favorite part of our chat with Stephanie was digging into the money. So often we hear “I want to make a difference, but I gotta make money.” Stephanie talks about how she’s been able to build a profitable business from Day One, which we think will calm a lot of your worries. Are you ready?

Stephanie’s tips to make a difference and a profit: * Make it low-cost and low-risk. You don’t always have to take out loans and you don’t need expensive branding or employees right out of the gate. Start with what you’ve got and make it grow from there. * You don’t have to scale too fast. Grow at your comfort level. It helps to learn your business inside and out before making things complicated.

Pretty easy, right? We think so.

Elevating the Industry Last but not least, we talked about changing consumer attitudes toward fashion, as well as regulation and legislation, and how they’re helping to improve Stephanie’s industry. She believes that regulation and legislation are a good thing that will help all businesses improve and, as a result, the world. Part of her effort to shed light on poor labor practices and human trafficking is made more effective through regulation and laws. She believes that government involvement in industries like retail will keep people safe, ensure fair wages, and create a stronger economy. And fair wages and pollution aren’t a third-world problem, Stephanie says; these things happen in the U.S. too. Be aware and educate yourself when you buy something — it’s the best way to make sure you’re putting your money where your values are.

Check Out Good Cloth We were SO motivated by our chat with Stephanie, especially by the theme of elevating the standards of entrepreneurship. Even if you’re not a retail or clothing brand, the principles of sustainability and ethics transfer. What are you doing to make a difference? Who are you advocating for, and what are you protecting? And how will you do it WHILE making a profit?

Don’t miss this episode, y’all.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

Resources & People Mentioned * Good Cloth * @shopgoodcloth on Twitter and Instagram * Crisis Talk, where Stephanie writes about mental health * Brand photos

Connect With Danielle and Dustin * + Ask Your Questions

- On Facebook
- On Twitter

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Are you about to marry a small business owner or entrepreneur? Are you in a committed relationship with one? Whether you or your partner have a side-hustle-turned-income-stream or are building a budding small business, there are bound to be questions about finances. After all, how can you make it work with possibly variable income, and what will you do if 💩 goes sideways? But really, commingling finances with a business owner is about more than that. It’s about what you plan to do as a couple as the business grows, and what happens in the event of death, disability, divorce (hey, it happens), and so on.

So this episode is for the committed peeps among us, who are in long-term relationships, married, or about to get married. And while it’s totally cool if you’re dating someone, you may want to bookmark this for future reference, as we only recommend commingling finances once you’ve got your boo on lockdown. Now, let’s dive in.

WHAT YOU’LL LEARN * + [01:49] Why your non-business owner partner may feel like an innocent bystander + [02:24] What Jeff Bezos’ divorce teaches us about commingling finances + [04:54] Taking your business income into consideration in your relationship + [05:10] Why business growth should be talked about as a couple + [09:56] How to overcome the awkwardness surrounding the “commingling finances” conversation + [11:29] The legality of commingling finances + [12:15] The most common reason for divorce + [14:12] The 5 D’s of commingling finances + [14:24] What to do to prepare your business (and spouse) in the event of death + [14:42] The importance of figuring out who will take over your business if needed + [15:48] All about prenups, equity, and rights + [17:21] How disability insurance can help your partner and your business + [18:38] The types of debt you may be bringing into your relationship + [19:30] The role failure has in your personal finances and relationships + [20:33] How to plan for the 5 D’s + [22:23] Why you should go to business financial planning meetings as a couple + [27:43] Why estate planning isn’t just for old people

WHY COMMINGLE? First and foremost, let’s address the question: “Why should you commingle your finances?” For some couples, it may seem unwise to even think about it, as variable incomes, business emergencies, or business debt may seem like huge obstacles to overcome. But we’re big fans of the ol’ commingle — and we’ll tell you why:

In most states, there is a “common law property” rule, which basically says that anything you accrue as a couple (after you’ve been together for a while) is owned by both parties. So, if you split up, you gotta split your stuff anyways. It’s the law.
It builds trust and a stronger relationship. When you’re on the same page with money, you’re on the same page with your goals and wishes, too. Being open about money and working together to build security is one of the best parts of a lifelong partnership.
Your partner in life, especially if you’re married, automatically becomes a business partner. Yeah, they’re helping you support the business, but the business will also be handed to them if something happens to you.

Needless to say, commingling finances with a business owner beau is one of the best ways to protect each other, especially if something happens to the business or the person who runs it.

THE 5 D’S OF COMMINGLING FINANCES Danielle’s crafty brain came up with a fun system for commingling finances as a business owner and their partner. She calls it The 5 D’s and it goes a little something like this:

Death As you probably know by now, we’re not afraid to talk about death. When you marry a business owner, or you’re a business owner marrying a non-biz owner, you should also be talking about death. If you don’t have your finances combined and, god forbid, you die, will your partner know how to manage the business finances, or what is expected of him or her to keep the business running? What’s your succession plan and does your partner know it?

Keyman insurance can help with succession planning, as it protects the business in the event that a key man (or woman) can no longer work in the business. This makes sure things go smoothly for your spouse and your business and ensures that personal finances aren’t affected by the business end of things.

Divorce Unfortunately, divorce does happen — and money is the #2 cause of divorce (behind infidelity). Soooo. It’s important to really think about how you combine your finances and operate as a couple. Ask yourself: How will you divide equity of the business, the rights to it, and what role will your ex play in the business if you split? Do you want or have a prenup? Think Jeff and Mackenzie Bezos: when Mackenzie filed for divorce, she was entitled to half of the accrued wealth from Amazon. She got half of $137 billion. So, like a LOT of money. She also had the option to keep her voting rights within the business but relinquished those to Jeff, as well as any interest in some of his pet projects. While your business may never reach the billion-dollar mark, it’s worth having conversations about what you and your partner think is fair.

There’s still a lot of stigma around prenups, but they’re designed to protect both parties — and anyone else who works in the business. If there are other partners in your business, for example, they may need to buy out your spouse in the event of divorce. It’s somewhat complicated to draft a prenup, though, so working with a contract or nuptials lawyer can help.

Disability Sometimes, you have to prepare for a disability like it’s a death. In the event of a major injury or illness, you will be unable to step in and run the business — so who will? Do you want your partner to run things, do you have a partner you trust, or will the business fizzle out? Planning for disability in your business takes the same preparation as a death, but it’s worth it to protect your family. Keep in mind that there may be extra costs associated with disability, as well, such as hefty healthcare expenses and the loss of your business income. That’s why long-term disability insurance is recommended for business owners, but you should talk to your insurance agent or CERTIFIED FINANCIAL PLANNER™ to find out which plans and premiums are right for you.
Debt If you went to college, if you didn’t bootstrap your business, or if you made some poor credit card decisions, you may be entering your relationship with debt. When you get married, your partner is taking that on and they need to know about it. It’s the best way to open that channel of communication and to make your spouse or partner feel part of the process. You’ll need to work together to pay down the debt, and you’ll also need to put protections in place, like business insurance or liability protection, to make sure your partner doesn’t get saddled with debt in the event of divorce, disability, or death.
Business death Sorry to say it, y’all, but not every business can be a success. As a lot of us know, on the track to success, you’ll rack up a few failures. If your business is not working and you can’t get into the “black,” you and your partner may be facing debt, bankruptcy, and major financial stress. Again, your spouse is your partner in business, so don’t keep the problems from them. Talking about your business from the get-go will make it easy for your partner to come along for the ride, and you can plan together for that worst-case scenario.

How to deal with the 5 D’s Are you wondering how you actually put the 5 D’s in place when commingling finances? Don’t worry, we’ve got a few tips for you:

Talk!! This means really setting aside time to commingle accounts and information, and committing to laying everything out on the table. Don’t hide anything from your partner. And then, we (of course) recommend connecting with an expert who can help you navigate the technical parts of combining finances. If your business owner partner has a CPA or CFP, go with them to meetings, or ask to be included on calls. This keeps the channels of communication open and helps you plan as a couple.
Focus on protection and security. You need insurance — period. Whether that’s disability insurance, life insurance, contracts to protect your business, or all of the above, you need to cover your 🍑, and your partner’s. Talk to your financial planner, to your lawyer, or to your partners. Make sure everyone is protected and that everyone knows what to do in case things don’t go as planned.
Actually start estate planning. Know what’s gonna happen when you die. Wills, guardianships, trusts, power of attorneys, etc. are all important — and not just for the business owner. This is something all couples should do, but it’s particularly important for couples with a business.

We know this gives you a lot to think about, but we know how important it is to really start your life together off on the right foot. While it may not seem romantic to talk about disability insurance or prenups, we know it’ll bring you closer together.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * The Toujours Planning Quiz — Are we a good fit for your financial planning needs? * Jeff and Mackenzie Bezos’ divorce * Our FREE go-to financial and life planning resources

CONNECT WITH DANIELLE AND DUSTIN * Ask Your Questions

On Facebook
On Twitter

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Summer Replay: Here is one of our favorite episodes we are re-releasing with a new introduction. Stay tuned for all new episodes coming later this summer

On this episode of Worth It, Dustin R. Granger, CFPⓇ and I interview Jesse Patel, the cofounder of Workflowy, the fastest, most flexible list maker on the planet and one of our absolute favorite tools for business and at home. We discuss how this simple, but powerful tool has changed our lives and his. We dig into his journey from working a typical 9-5 job, to joining an incubator, to creating the ultimate list-making program, where you can shift focus from the big picture to minute details in a fluid fashion. So take a pause from your to-do list and listen to our interview with the creator of the ultimate to-do list app!

HERE’S WHAT YOU’LL LEARN * [2:34] The journey behind the creation of WorkFlowy: from idea to incubator to success * [16:41] How the app appeals to people on both ends of the organization spectrum * [27:54] What are the changes and goals does Jesse envision for Workflowy * [32:25] How Jesse strives for balance and flexibility as co-founder of a startup company while raising twin toddler girls with his wife

WHAT IS WORKFLOWY According to Jesse Patel, it’s a way to think big, but start small. It is basically a giant to-do list, where you can dump all your ideas in and then create order from the chaos. From podcast notes to procedure manual, Dustin and Danielle use WorkFlowy at work (it’s completely essential to their business!) and at home. As Dustin says, it becomes an extension of your brain, where you can work out your thoughts. It is the perfect tool for thinking and focusing because you can shift your focus from big picture ideas to the tiny details in a fluid fashion.

THE IDEAL CLIENT FOR WORKFLOWY CAN BE ANYONE The app appeals to people on both poles of the organization spectrum, from Type A to the more scattered brain types. It fulfills a core need for people, to be able to see all their thoughts catalogued and searchable. It has been used by doctors, lawyers, screenwriters, and more. No matter the career path, users can create their own systems and processes tailored to whatever business they are in.

THE FUTURE OF WORKFLOWY Even though the key to WorkFlowy is the simplicity, Jesse hopes to continue to improve and add to the app. One of the key features he believes is missing, is a dates & reminder system - a way for the app to pull out certain parts from across various lists and create a daily to-do list. Despite this challenge, users continue to use the app for hours a day. Danielle put it best, once you use, you are hooked and there is no going back.

HOW TO BALANCE IT ALL Jesse is a CEO of a successful start-up, father to twin toddler girls, and loving husband, how does he do it all? He stresses the importance of setting up specific work hours during the day in order to not fall back into his workaholic ways. Jesse also learned to understand when to step back in his business and trust in the work of others, you can’t do all the things always. Occasionally you also need to give yourself some space (maybe on a skateboard) to be creative.

Resources & People Mentioned * WorkFlowy * WorkFlowy on Twitter

Connect With Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

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Summer Replay: Here is one of our favorite episodes we are re-releasing with a new introduction. Stay tuned for all new episodes coming later this summer

Managing your money is a little bit like going camping or hiking. You spend a lot of time preparing and packing for the journey and then you’re off, ready to see where the road takes you. But what happens when you forget your map? And what happens when you don’t plan out where you’re going?

Starting off without a direction can feel exciting, but it can also prevent you from seeing (and doing) everything you want. The same goes for your money. If you don’t have a direction for your money, you may feel like it’s not enough, or that you’re not able to reach your goals. But your money can help you do all those things… it just needs a little direction. Listen to this episode to learn why your money needs direction and how to do it.

Here’s what you’ll learn 0:48 The importance of a roadmap when it comes to using your money successfully

5:47 Why Dustin doesn’t go hiking without a map anymore

11:05 How hiking without a map is a lot like managing money without direction

11:55 What ‘direction for your money’ really means

13:49 Dustin and Danielle’s favorite resources for giving your money direction

13:59 How to determine your direction with a net worth statement

14:30 Why you need a timeline for your financial goals

15:14 The power of an investment plan in giving your money direction

17:41 How the bucket strategy helps you give each dollar a job

Four actionable tips to give your money direction In this episode, Dustin and Danielle give you plenty of reasons why you need a direction for your money. But where do you even start?

You need to know where you stand before you get started. To give your money direction, you’ll need to start by calculating your Net Worth. Dustin and Danielle share a Net Worth Calculator in their collection of financial planning resources that makes this easy. This will tell you where you’re at with money and you’ll have a better view of where you need to focus your money most.

Dustin recommends doing this at least once a year. It’s an ongoing living document that needs to be updated so your money’s “marching orders” are in line with your current situation.

Create a timeline for your goals. We all have goals and most of us have them written down. But what if you added a timeline to them? In this episode, Dustin and Danielle give you some great questions to ask yourself to flesh out your timeline — and they also give you tips on how to use a Financial Timeline to help you see your plan in action. (Note: They have a timeline you can use in their financial planning resources).
Create an investment plan You might read that and think an investment plan is a financial plan. But it’s not. An investment plan is something you can do without an advisor, and it’s more of an investment goals analysis than anything. It’s not just for retirement investment goals, either. An investment plan is great for investing in a work-optional lifestyle at any age — or for travel, home buying, college savings, etc. To create an investment plan, Dustin and Danielle share their favorite investment planning tool that will tell you how to direct the right amount of money to your goals.

(P.S. Check out the episode if you want to see how to use this tool to the fullest.)

Create a savings system with the “Bucket Strategy” The best way to give your money direction is to give it different jobs. At Worth It, we’ve talked about the “Bucket Strategy” before, which includes:
The first bucket: Your emergency fund.
The second bucket: Your intermediate goals.
The third bucket: Your long-term goals.

Dustin and Danielle explain what each of these buckets mean and how you can direct your money to fill each one, so make sure to check that out. They also explain how the investment planning tool will help you figure out how much to allocate to these goals (and how long it will take you to get the buckets full).

Hopefully, this episode gives you a great launching-off point for your new money “map.” The best part is that you can do these yourself and figure out where you stand… without ever asking for help.

Have you decided you need help giving your money direction? Toujours Planning may be able to help. See if we’re a good fit by answering a few simple questions.

Resources & people mentioned * Big Bend National Park * Worth It financial planning resources * Saving for the Future While Enjoying Life Now (Episode 4)

Connect with Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

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Summer Replay: Here is one of our favorite episodes we are re-releasing with a new introduction. Stay tuned for all new episodes coming later this summer

The most liquid asset is cash, but what about other assets? And what does liquidity mean? On the Worth It podcast, we dive deep on what liquidity is (and is not) and what it can do for your finances.

Which is easier to drink when you’re thirsty: a block of ice or cold water straight from the tap? The tap water, right? It makes sense in this context, but many people — especially business owners — have a hard time understanding how this applies to their assets.

Liquid assets are the kind of assets that are easy to buy and sell without affecting the asset’s price. This means that you, whether as an individual or as a business, can easily liquidate (sell) assets without worrying about delays in time or decreases in value. Think of the difference between selling some stock and selling a house; the stock has a very clear value assigned to it and you can sell it in a matter of minutes, while a house can take weeks to be valued, put under contract, and finally sold.

In this week’s episode of Worth It, Dustin and Danielle are talking all about liquidity and why your business needs it to operate properly.

WHAT YOU’LL LEARN 01:04 The definition of liquidity

01:25 Why liquid assets are easy to buy and sell

03:15 Why real estate non-liquidity was one of the main causes of the financial crisis

06:20 How flipping houses are just real estate speculation (and not liquid at all)

10:16 Why business owners especially need liquid assets

10:46 The negative results of illiquid assets in a business

11:50 The tendency to look at illiquid assets as “superior”

15:25 Why real estate may not be the best asset option (price drops)

16:43 People are always willing to take your money

18:12 How giving back and investing in others doesn’t necessarily mean great ROI

20:13 Private equity and real estate investments aren’t always in your best interest

21:45 X ways to become liquid

22:12 The difference between liquidity and speculation in your asset classes

23:02 How investing in public investments with a financial advisor can up your liquidity

THE PROBLEM WITH ILLIQUID ASSETS As Dustin and Danielle explain in this week’s episode, liquidity is kind of a big deal. One of the biggest reasons that the recession in 2008 hit so hard is the “illiquidity” (lack of liquidity) of real estate. The bubble burst and housing prices tanked; people didn’t know the value of their house and they couldn’t get a buyer. They either ended up being underwater (owing more than the house was worth) or they lost money on the sale of their house. If they didn’t have enough liquid assets — like cash — their net worth was essentially wiped out.

Unfortunately, many people seem to have a short memory when it comes to the real estate and economic crisis of 2008.

More and more, people are choosing to invest in assets like real estate and other businesses to try and grow their wealth. But what many people may not realize is that these purchases are illiquid — they can’t be bought or sold quickly, and the value of these investments can change from day to day.

As Dustin and Danielle explain, it’s easy to see illiquid assets as more valuable than liquid assets because you can see them, touch them, use them, etc. It’s hard to touch money or liquid assets because they’re often in funds, ready to be bought or sold. However, it’s hard to buy and sell illiquid assets, and it’s also harder to know the value of them. Back to the crash of 2008; people often assumed their house was worth the same value as before, and they were taken by surprise when it came time to sell.

You don’t want the same to happen with your personal or business finances, which is why it’s important to focus on building liquid assets to counteract illiquid ones (after all, the majority of assets are illiquid, especially if you’re a business). To do this, you’ll need to know what really qualifies as a liquid asset.

KNOWING THE DIFFERENCE BETWEEN LIQUID ASSETS AND SPECULATIVE ASSETS When you have investable assets (money you want to invest) set aside, it can be tempting to consider real estate, tech, business, or other investment pitches that come your way. But real estate and private equity investments aren’t liquid assets — they’re speculative. Essentially, a speculative asset has a lot of risk involved in it, but it can also gain a lot of money. Think of fixing and flipping houses; that may seem like a liquid asset because you can sell the house as soon as you’re done fixing it up. But the value of the house is not guaranteed — and you can’t sell the asset as quickly as you’d think.

The same goes for other assets, such as private equity investments in startups or product inventions. Essentially, if there’s a risk that you could lose all your money before you’re able to cash out, it’s a speculative investment rather than a liquid one. In the episode, Dustin and Danielle discuss why these different investments may not be the best option, especially if you’re trying to up your liquid asset levels. They also talk about why investing in the stock market is one of the best ways to up your liquidity.

THE STOCK MARKET ISN’T SUPPOSED TO BE SCARY The stock market is composed of some of the most successful businesses in the world. Rather than investing in a single business with a high level of risk, or focusing on building a “fix-n-flip” real estate portfolio, why not look into the stock market? An investment portfolio will mix up a portfolio of stocks in a number of these businesses and will help you grow your liquid asset portfolios. A liquid portfolio can be easily sold in a matter of days to get you flush with cash, or you can keep letting these assets grow so that you have what you need to get kids through college, create your work-optional lifestyle, or weather a tragedy.

Investing in the stock market is less cost, less stress, and less overall risk than other investments or illiquid assets. It gives you peace of mind too, knowing that you’ll have a liquid portfolio that can provide financial support in just a couple days. The best part? You can still start investing in these liquid portfolios without an advisor. There are a lot of great resources or you can even start an account online with any online investment firm.

If you are interested in working with a financial planner who can help you understand how much you need in liquid assets and which investments you should consider, contact Toujours Planning. You take the quiz to see if you’d be a good fit!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Net Worth Worksheet inside our Resource Vault * Investopedia: Liquidity * Investopedia: Speculation * The Toujours Planning Quiz — are we a good fit for your financial planning needs?

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Summer Replay: Here is one of our favorite episodes we are re-releasing with a new introduction. Stay tuned for all new episodes coming later this summer

Are you guilty of holding on to things just a little too long? We’re not just talking about those jeans from high school — we’re talking about the big stuff: Jobs, negative relationships, and even other people’s expectations of you. Maybe even your expectations of yourself.

We all want to level up in some way, whether that means taking on a side hustle so you can build your empire, hiring on an assistant, or finally getting coaching for that big scary dream you’ve got. But we’ve all got baggage that just keeps weighing us down.

The good news is: you can let it go. And we are gonna help you figure out how in this episode of Worth It (we promise, there is no Frozen sing-a-long in this episode).

What you’ll learn about letting go * 6:07 All the different ways people choose to level up in their lives. * 7:04 That you’re definitely not alone in feeling scared about letting go. * 11:24 What happens when you let go of what’s been holding you back. * 13:20 How Danny Meyer, a real modern day trailblazer and the founder of Shake Shack, let go of his fears to build success. * 17:22 What the goal of letting go really is (Hint: it ain’t just success). * 19:22 Tips you can take away to help you let go and level up. * 23:30 How to find that voice in your head that tells you not to let go and shut him up. * 25:42 The importance of outside perspectives in helping you let go.

So… what’s stopping you from letting go? This episode dives into what it means to let go of something, especially when it’s hard or emotional. It also explores how to let go of something that’s not necessarily bad, like that job you used to love or that client who helped you get it all started.

But most of all, this episode highlights how to let go and how to quiet the anxious, fearful voices in our heads that tell us to “Play it safe” and to not leave our comfort zone. After all, that’s what letting go is — stepping out of your comfort zone and into something new.

How To Let Go In this episode of the Worth It Podcast, we give our tips for how to let go. While it may take time to make the leap, we think these tools will help you prepare for it. These tips include how to:

Reduce your fear about change
Increase your confidence in your trailblazing vision
Figure out exactly what’s most important to you now

To help you figure out how to let go, or to even support a decision you’ve been chewing on for a while, this episode comes with access to our Free Ikigai Worksheet and Free Vision Worksheet.

By using these worksheets, people who are ready to finally let go of whatever is holding them back can get to work. Don’t know what’s holding you back, but know you’re not reaching your potential?

These worksheets can help you by diving into:

What you would do if you had enough money
What you regret if you had only 24 hours to live
What you’re good at
All the ways you can make money
What you think the world needs most from you

In the episode, there’s also a great tip for those who have multiple revenue streams. This profit analysis tool will help you see which revenue stream or client is really worth the time and effort — and which ones may not be working for you anymore.

Using these two worksheets and the profit analysis tip shared in the episode, you’ll be able to get a really good picture of what you need to let go of (what doesn’t serve you anymore) and how to move into taking that next big step

But you don’t have to do it alone.

The importance of community and role models in letting go When one of us steps forward and starts to blaze a new trail, we set an example for all of the others who are hesitating. People like Danny Meyer, the founder of Shake Shack, are great examples of what happens when you just let. it. go. We’ve also had to let go of things to move our lives (and business) forward. We share Danny’s story, as well as some insights on what we’re letting go of in 2019, in this episode.

Resources & people mentioned * Free Ikigai Worksheet * Free Vision Worksheet * Danny Meyer

Connect with Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

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If you’re a business owner or entrepreneur, you may already feel like the boss of your money. After all, you’re pretty much solely responsible for what goes in and what comes out, right? But as many entrepreneurs and biz owners know, that can also lead to a lot of stress. In many cases, taxes aren’t withheld, revenue can vary from month-to-month, and it always seems like there’s a new bill to pay. So how do you feel like you’re REALLY the boss of your money, rather than holding on to money for a while before it goes out the door again?

That’s what we’re talking about on this episode of Worth It. In it, we explain what business owners and entrepreneurs need to pay attention to in regards to their money and income, and what they can do to gain control.

WHAT YOU’LL LEARN 00:51 What symphonies and maestros have in common with your money

01:05 Why taking control of your money will help you personally and professionally

02:05 A cautionary tale of what can happen when you don’t tell your money what to do

03:02 The downfalls of 1099 income

05:18 Why planning for taxes is non-negotiable

06:21 Why changing the way you think about taxes is important

06:49 The importance of knowing your (and your employees’) salary

07:39 Why you need a snapshot of your income and expenses (steady vs. variable)

10:43 3 ways to be the boss of your income

10:48 The importance of treating your money like a full-time employee

11:51 How to set up a “mothership account”

13:16 What you should include in your sub-accounts

14:38 How this “mothership” approach helps you embrace a profit-first model

15:00 How to start thinking of your income as “net” instead of “gross”

16:03 Why you should view expenses like healthcare, taxes, and salaries as part of doing business

BUSINESS INCOME: WHAT YOU NEED TO FACTOR IN How many times have you been trucking along, thinking you’re doing pretty well with sales or client work, only to find out that you have a big fat bill to pay at the end of the month? Or maybe you’re like Danielle’s friend who didn’t realize she had to pay taxes out of her 1099 income… and had a hefty check to pay at the end of the year.

That’s why the first step to being the boss of your money is to figure out taxes, hourly contractor rates, healthcare — all the things that come out of your business income. This way, you can make sure that what you’re making, what you’re taking home, and what you owe (to the government, your healthcare plan, your workers, etc.) are all accounted for.

Other things you need to pay attention to as a business owner:

How much are you withholding for taxes?
How much are you paying yourself? (Remember: you need a salary)
Is your income consistent or does it vary?
What are your total expenses for your business? (office, employment, etc.)
What expenses are steady and which are variable?

Once you have those numbers and you are for sure paying yourself a salary (nope, this is non-negotiable), you can finally have a better picture of what’s going in and coming out. You’ll also know exactly what to set aside each month to pay at least the non-variable expenses, like your salary, your office rent, your software costs, etc. That brings us to the second part of our podcast discussion….

HOW TO TAKE CONTROL OF YOUR BIZ INCOME (ONCE AND FOR ALL) Having an accurate picture of your numbers is a great start. But what do you do to make paying those bills and saving that money easier? Here are some actionable tips that can help:

Figure out what you need to pay yourself. Your salary as a business owner or entrepreneur can eliminate a lot of stress about variable income. Even if it’s not what you want to be making right now, or you’ve never calculated a salary before, don’t skip this step. Talk to your accountant or CFP if you’re not sure what to do.
Treat your income like a full-time employee. Tell your money what to do, and set up systems so it automatically does it. As your income comes in, have automations set up so that money immediately goes to work. This way, it all gets done without you having to do anything. How do you do that? Create a “mothership” account where you have all your revenue come in, and then you’ll have “sub-accounts” that hold your salary, your employees/contractors pay, your taxes, etc. Whatever you know you need to set aside money for each month, quarter, or year, set them up and automate the withdrawals so that it’s totally off your plate. See how easy that was? This follows the Profit First model, which focuses on paying yourself (and your bills first) and then uses whatever’s left to float your business, invest in it, etc.
Change yo’ mindset. Instead of thinking about all the money you bring in (the gross revenue of your business) as money made, you need to start thinking about income as net income. That means you’re only looking at what you’ve got after expenses are paid, taxes have been contributed, and so on. It hurts a lot less to watch the money go out, and you’ll have a much better idea of what kind of profit you’re making, which can help you raise prices, streamline processes, or decide to hire help.

This was a quick and dirty episode, but we think the tips are super valuable. If you’re struggling to feel like you have “money in the bag,” this is definitely an episode for you. And even if you’re a traditional employee, you should check out this episode so you can get a feel for what you can do with the money that’s leftover on your paycheck.

Our hope is that you can implement these tips into your life and business today, so you can stop feeling so out of control — even if your income and expenses vary. It doesn’t have to feel so chaotic, y’all!

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * The Toujours Planning Quiz — Are we a good fit for your financial planning needs? * Episode 13: Financial Planning for Entrepreneurs * Our FREE go-to financial and life planning resources

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On today’s episode of Worth It, we’re talking to Marc Champagne, the co-founder of Kyō App, (pronounced KEY-OH). His app, which blends journaling, mindfulness, and what Marc calls “mental fitness,” offers a place for smartphone users to write down their thoughts, access journaling prompts and mindfulness resources, and build a routine of self-awareness and self-care.

The discussion ranges from Marc’s background in Big Pharma, the importance of a daily routine, to handling money stress. We had a lot of fun talking to Marc and really appreciate his insights. Check this episode out if you want to take back your smartphone use, build a daily practice that makes you feel good, and understand your thoughts and emotions better.

What you’ll learn 04:24 Why daily practices aren’t just for “zen” people

06:42 How a simple prompt on the Kyo App can help you set an intention for the day

11:42 The definition of mental fitness

14:55 Finding ways to fit a daily routine into your life for better mental health

17:30 How to reframe your relationship with your phone and technology

26:23 What Marc has learned from Kyo App users

29:27 Different themes in money mindset and how this affects mindfulness

33:00 How to prioritize happiness while knowing your (financial) limits

34:00 Why it’s important to get clear on what’s stressing you out

35:00 How to find out the next step forward

38:46 Why a financial plan can lift that mental weight that drags you down

41:41 Why making a list of 10 things that make you feel good can turn your day around

44:09 What Marc would leave behind (and keep) in revivement

45:12 What’s on the horizon for Marc and the Kyo app

Marc’s Journey as an Entrepreneur One of the most interesting parts of our talk with Marc (for us) was hearing about his background and path to entrepreneurship. He didn’t go to school for app development, or even business. He graduated and was hired in sales for a pharmaceutical company and, before he left to build Kyō, he was a product brand manager. But it was his morning routine that really led him to creating the Kyō app with his brother-in-law; he would spend each morning in his sales training trying to create a positive environment that helped him “stand out from the crowd,” which led to him journaling. With journaling, he was able to increase self-awareness and better understand himself, which helped him immensely in his career.

Today, after 3 years of developing the Kyō app and embarking on an entrepreneurial journey, Marc’s goal is to give people a space for daily reflection that helps them break the negative cycles of attachment we often attach to our phones. The Kyō app itself has gone through updates and changes to help people cultivate self-awareness they need to succeed in their own lives. The app gives daily prompts, offers resources, and continually updates the user experience to improve mental fitness.

Most all, Marc hopes the app helps people use their smartphones in ways that build mental fitness, rather than impact it negatively.

How to Set Up Your Phone for Success (Not Distraction) Any good discussion about smartphone use would be incomplete without talking about notifications and apps. Marc recommends turning off number badges and screen notifications for social media, at the very least. But if you can swing it (or work up to it), it may serve you to turn off notifications for all non-essential apps. This can help you increase your focus at work and in personal life, but it can also improve happiness and mental health.

You can also rearrange your apps so that only the first screen have the apps you need to use, not the ones that will distract you. Marc also talks a lot about using our phones for mental fitness — using apps and activities that actually benefit our brains and mental health positively. The Kyō app, in particular, helps users create a daily journaling routine that also helps them gain insight into their thoughts and emotions. Instead of constantly distracting ourselves from what’s going on inside, apps like Kyō actually make it possible to be happier. Studies show that the overuse of technology is affecting mental health, and Marc believes that we’re in happiness recession. That’s why believes (and so do we) that it’s so important to arm ourselves with tools that make us happier and better people.

The Weight of Financial Stress During our chat with Marc, we also touched on how there seems to be a separation between the “penny pincher” and “treat yo’ self” advocates, and how either approach to money isn’t always the healthiest. As with anything, Marc says that it’s important to know your values and to engage in positive experiences. From getting a cup of $2 tea at the Four Seasons hotel to exploring the city you’re in, there are ways to “treat yo’ self” without going overboard, and that can actually be more fulfilling. Again, it goes back to social media and how much we feel pressure to do what others are doing. But at the end of the day, whether you save or spend, you should be doing it for yourself — and you should be aware of why you’re doing it.

This led into the topic of financial stress, which can take up a lot of brain space for many of us. To alleviate some of this money stress, Marc explains the importance of being present: simply asking yourself, “Am I OK right now?” In most cases, the answer is “Yes.” We get so caught up worrying about having enough for next month, or what we’d do if another recession hit, but we have everything covered for now.

Marc says that grounding yourself in gratitude — from taking in the fact that the lights are on and you have food in the fridge — can help with a lot of that momentary feeling of scarcity. From there, he says it’s important to think one step at a time. Ask yourself: “What’s one step forward to better this situation?” Eventually, if you put in the work and you’re patient enough, things will get better. And just practicing mindfulness like this will help you weather the really big obstacles that are totally out of your control.

How Successful People Level Up With Daily Routines Another feature of our conversations with Marc was what he sees as “cornerstones” of successful living; the things that people (users and guests on his podcast) do to stay on track, build their mental fitness, and feel good. Among users, the simple act of daily reflection is important; they make time to do the prompts on the Kyō app and to filter their thoughts onto digital paper. This helps them notice trends in their emotions and gives them a tool to really explore their thoughts.

Guests on Marc’s podcasts, Kyō Conversations, have non-negotiables: the things that don’t slip even when they’re traveling, sick, or out of their regular routine. For some, this can mean going to the gym or doing yoga everyday, a 20-minute meditation every morning, or taking quiet time anywhere they can.

But how do you know what your non-negotiables are? It helps to create a list (maybe in the Kyō app!) of what you do for yourself everyday. If you don’t already have a routine like this, you could start with a list of 10 things that make you feel better no matter what, like deep breathing, a quick jog, a snuggle with your cats, or a dance session. Then, do one of those things everyday and write down how it made you feel. This simple commitment to “one non-negotiable” can help you feel in control every day, and even turn that frown upside down.

What’s Next for Kyō Last but not least, we talked to Marc about what’s next for Kyō. His response was one that many entrepreneurs can relate to: working on the tech to make it more helpful for people and expanding the ecosystem. Kyō wants to go beyond the app and really give people the information and tools they need to be happy — this could include print material, events, etc. and of course includes the podcast. Marc and his team are also working to release it in Google Play Store (it’s currently only available in the Apple App Store).

The Kyō Conversations podcast releases every Thursday with new guests, but new daily prompts are coming, too. Pretty exciting stuff, so make sure to check it out — and download the Kyō app if you want to focus on a daily routine that helps you be more mindful and more mentally fit. You can also get some great doses of inspiration by following @kyoapp on social media.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Kyō App (iOS) * Kyō Conversations podcast * @kyoapp on Instagram, Facebook, and Twitter

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If there’s one thing we know about today’s business owners and entrepreneurs, it’s that they’re breaking the mold. They’re not doing business like previous generations, and they’re using their money, products, and services to make the world a better place. That translates into more than just how they make their money; it bleeds into how they invest, as well. More and more Millennials, Gen Z’ers, and even Baby Boomers are choosing to invest in socially responsible businesses and to be “selective” with the mutual funds and stocks they choose to put their money into.

We also see this in our own financial planning practice, where more and more of our clients want to know how they can invest in businesses that aren’t “evil” or trashing the planet. In today’s episode of Worth It, we’re talking all about ESG investing: what it means, what it entails, and how you can grow your wealth with it.

WHAT YOU’LL LEARN 1:19 Why Millennials are the generation leading the charge on responsible business

2:23 What ESG stands for

2:50 How Erin Brockovich can teach us about ESG investing

4:51 The focus that previous generations of businesses put on profit over health and safety

5:46 How Enron and businesses like it have scared people away from investing

6:06 The environmental criteria of ESG funds

6:14 What “social criteria” means for ESGs

6:24 The governance criteria for ESGs

8:17 The steps you can take to start investing in ESGs

8:38 How negative vs. positive screening works

9:04 How shareholders can affect change from the inside out

9:19 The definition of impact investing

WHAT ‘ESG’ MEANS ‘ESG’ stands for environmental, social, and governance. ESG investing means that you’re buying funds or individual stocks that are offered by companies that follow strict ESG standards. For example, the environmental criteria for ESG funds dictate how a company must operate as a steward of nature. They can’t pollute water sources or dump tons of trash into the ocean. The social criteria mandates how a company manages relationships with employees, suppliers, the communities in which it operates, etc. There will be no child labor, lack of benefits, or discrimination in companies that qualify for ESG standards. And finally, governance covers how a company’s leadership operates. This includes their executive pay, how internal audits work, clear shareholder rights, and more. When companies abide by ESG, there is less risk of fraud, corruption, and generally shady activity.

Because these businesses have higher ethical and sustainability standards, a lot of investors find them appealing. It feels good knowing that you’re not backing a corrupt corporation that is ruining the planet or doing whatever it takes to turn a profit. So how do you get into ESG investing?

APPROACHES TO ESG INVESTING The best first step to take when you want to start responsibly investing is to talk to a CERTIFIED FINANCIAL PLANNER ™. Planners can help you choose a mutual fund or exchange-traded fund that includes ESG businesses. They can also handpick out ones that don’t help you meet your financial goals. Pretty helpful, eh?

But there are also other options for socially conscious investing that don’t take a “traditional” ESG route:

You can purchase “regular” stocks or funds, with the intention of influencing change. When you invest, you still want to watch your wealth grow. Investing in more established businesses and “traditional” funds is a great way to do that, but many people (like you) don’t want to invest in companies that aren’t socially or environmentally aware. But here’s the cool thing: businesses are driven by their shareholders. When enough shareholders want to see change, businesses listen. There have been major shareholder-led changes to many companies, including forcing out an old board of directors, driving policy changes, and more — all because shareholders made their wishes clear.
You can focus on impact investing. Some companies offer special stocks or funds that allow them to address a certain social or environmental need. These funds are “released” for shareholders to invest in so that a specific project can get necessary capital. The investor can expect a return on investment, but they also fund a project that aligns with their values. For example, Apple has released funds to help them support women-led solar panel projects for their new facilities, allowing shareholders to support these efforts while also investing in a fund that will offer returns.

Those all sound pretty great, right? So what’s stopping you — and other people — from investing more in ESGs? Mostly because there’s still some confusion on how much ROI you make on these investments.

GROWTH AND ROI IN ESG INVESTING As we discuss in the episode, ESG investing is just starting to get its (much deserved) time in the spotlight. Even 15% of Baby Boomers are interested in ESG, but females, Millennial, and Gen Z’ers lead the charge on ESG demand. Unfortunately, the statistics show that only 29% of advisors are using ESG in their portfolios. So why’s there such a discrepancy between the apparent supply and demand?

At the end of the day, people still want to make money and ESG is a fairly new ball game. People may have concerns that an ESG fund or a socially minded business aren’t going to have the same profit and shareholder dividends. They may also have concerns that there is a glass ceiling of sorts, making it so ESG businesses won’t see the rapid growth or long-term status that more traditional businesses do. As a result, they may “dabble” in ESGs, but they still hold the majority of their investments in “traditional” funds.

But the numbers don’t lie. A lot of studies show that not only do ESG companies perform well, but that in some cases they do better. Because they have sound policies that lower cost capital and offer stronger transparency, there is more room for growth and lower odds of risk. That means steadier growth without “crises” like Enron, BP, and other companies have caused.

Lastly, most of these funds are tracked on the MSCI KLD-400 Social Index (an index is a metric that tracks the performance of a group of stocks), which has slightly outperformed the S&P 500 over the last 10 years — and with slightly less volatility. This is great news for socially minded investors who have a moderate to conservative approach to investment risk, but who still want to make money by investing in decent companies.

HOW TO GET STARTED Are you ready to start investing in ESGs yet? If so, talk to your advisor. If you don’t have an advisor yet, find one. Also note that some don’t offer ESG funds, but they will when you ask. CERTIFIED FINANCIAL PLANNER™ professionals have a way of “figuring things out,” and they’ll do what they can to find the funds that align with your financial and personal values. Your request will also help them offer a new service to all their clients, so it’s kinda like you’re helping them out.

Advisors can help you find mutual and ETF funds that include ESG-compliant businesses, but they can also recommend certain funds by leveraging what we in the biz call negative and positive screening.

Negative and positive screening is, essentially, handpicking stocks or funds that align with your financial goals, but that also abide by ESG regulations. A CERTIFIED FINANCIAL PLANNER™ with the right experience can also take out the funds that aren’t reflective of your financial goals or social or environmental principles. Because most ESGs come in a mutual fund or ETF, you’ll want an expert on your side who can actually pull out the right stocks or funds.

ASK FOR WHAT YOU WANT The main facts we want you to take away from this episode are that 1.) ESGs exist and are a great investment option, and 2.) The more you invest in ESGs, the more other businesses will take notice. It’s all about the supply and demand; the more we as investors ask for ESGs, the more advisors (and businesses) will take notice. You can effect change with your dollars, not just by investing in a few ESGs, but simply by making the choice to invest in companies that hold themselves to higher standards. Other companies will fall in line, which in turn makes the world a better place. Pretty cool, right?

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Have questions about ESGs? Let us know. We’re excited about these funds and we want to help you influence change in the world. And if you’re ready to start investing in ESGs with the help of a CERTIFIED PLANNER PROFESSIONAL™ (or two), check out the quiz below to see if we’re a good fit.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * MSCI KLD-400 Social Index * The Toujours Planning Quiz — are we a good fit for your financial planning needs?

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When you think about legacy, do you think about inheritances or a last will and testament? Of course, those are all parts of planning a legacy, but we know that what you leave behind goes far beyond money and paperwork. Instead, we want to talk about the real legacy — the stuff that made you so special to the people you’ll leave behind.

For some, this may seem like a morbid topic or one that’s slightly depressing. But we think this episode of Worth It is important for two reasons:

You should be planning your legacy. It can’t wait.
You should be talking about death, because it makes life that much sweeter.

But enough of that. Let’s dig into what we talked about on this week’s episode.

WHAT WE TALKED ABOUT 00:48 Why thinking about a legacy isn’t just for old people

01:24 Why talking about death isn’t morbid

04:49 How Game of Thrones is connected to your legacy

07:42 The ways what you leave behind affects others

09:00 What kind of legacy do you want to leave?

12:27 Why you should think about how you want to be memorialized

16:00 The most important aspects of your legacy

16:26 What to write in your personal mementos journal

17:36 Why stories are so important

21:20 How to include letters in your legacy

Your Legacy is About More Than Money In the financial planning world, a “legacy” is mostly about who gets your money after you die. This could be your kids, your grandkids, the owner of your favorite deli, or the nurse who helped take care of you in the hospital. The options are endless. Legacy planning also includes logistics about estate sales, executors of your estate (who’s in charge after you’re gone), and business succession plans. These are all very important in the scheme of things, and they should be taken into account with any sort of financial planning you do.

But that’s not all there is to legacy planning. Instead, we believe that things like your story, your hopes and dreams, your life lessons, and your keepsakes are also important to pass on. That’s why part of our Dream. Plan. Live process is to take our clients through legacy planning — with a twist.

Legacy Planning With the Dream. Plan. Live Process Our Dream. Plan. Live process has a 6-part section for figuring out your legacy. This section includes thought exercises where you think about:

Family. This could include things like guardianship for minor children, who you’re leaving assets (like houses, cars, etc.) to, and what your wishes are for pets, plants, that sort of thing.
Wealth. Yes, this includes the money you’ve accumulated and the divvying up of your overall net worth. That money has to go somewhere after you’re gone, so make sure you have a plan. In this part, we also talk about a business succession plan. Who do you want to take over your business? How do you want your customers or clients to be handled?
Funeral. We ask clients to write down their wishes for their funeral, even though they always look at us like we’re crazy. But ask yourself: Do you want to be buried or cremated? Do you want a specific cemetery? Do you want a memorial or a funeral home ceremony? Also think about what you want your obituary to say and what picture you want to be shared — these are small details, but they can be hard for your heirs and family to deal with when they’re grieving. Plus, they’d probably pick that terrible picture of you before you lost all that weight.
Charity. We talked about this in Episode 74 of the podcast, but ask yourself: Do you want to donate your car to charity, your possessions to your local homeless shelter, or maybe even thousands of dollars to your favorite cause? With the right planning, you can also set up donor-advised funds or even private foundations in your name… so you keep doing good long after you’re gone.
Online. Think about the digital space you occupy; where is that going when you die? For example, Dustin has a lot of books and audiobooks in his digital library, plus digital journals and lists he creates on Workflowy. He has a plan for passing these on to his children, do you? You can also think about who will control your social media accounts, websites or domains, and even your passwords (because passwords suck even more when the person who knows them is dead).
Personal mementos. We think this is arguably the. most. important. part of your legacy. For this part of their legacy planning, we ask people to get a journal and write out things like:
Favorite foods, colors, songs, etc.
The best travel destinations
What you learned about life
Stories to be remembered
Recipes
Letters to your loved ones

This can be an emotional activity, but it’s also empowering because you know that what’s most important to you will always be remembered. Plus, you’ll leave something more substantial than a few bucks. Because, as Danielle says, people always remember the stories most.

We really enjoyed this discussion, and we hope you did, too. But mostly we hope you really start thinking about your legacy and creating those personal mementos we talked about. Because you can’t control when or how you die, but you can control how well you’ve planned for it.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

Resources & People Mentioned

The Toujours Planning Quiz — are we a good fit for your financial planning needs?
100 Day Project
Episode 74: 3 Ways Entrepreneurs Can Give Back & Make a Difference
Workflowy

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As an entrepreneur or small business owner in today’s world, making money is important to you. Having autonomy over your work and making your clients and customers happy is also important to you. But so is giving back. Maybe you donate a percent of your profits to a cause you love, or you volunteer at a charity close to your house. As your business grows, though, you may be wondering how you can give back even more. This has been a frequent topic of discussion among Worth It listeners, so we finally dove into it on this episode.

In this episode, we talk about the 3 ways you can give back and make an impact: donating cash, starting a donor-advised fund, or creating a private foundation.

WHAT YOU’LL LEARN 03:20 The misconceptions about private foundations

04:11 What we learned about community funds from a luncheon

04:46 The idea of leaving a legacy that goes on long after you’re gone

05:05 How to support your heirs and the community with your funds

07:30 3 different ways to give and have an impact

08:06 The easiest way to give back

10:17 How to participate in a donor-advised fund

11:30 Why community funds are becoming so popular

12:23 The downfall of creating donor-advised funds or private foundations

14:40 How a private foundation operates

17:30 What it takes to create (and run) a private foundation

19:08 The two types of private foundations

20:38 What it takes to donate to a donor-advised fund

22:44 The benefits of donating cash

Give Back Option #1: Cash Donations This form of giving back involves simply donating money to a charity of your choice. If you’re passionate about your local animal shelter or a national nonprofit like the American Cancer Society, donate! You can get a tax deduction for giving to charities if you itemized deductions, but you have to give enough to past the standard deduction to make itemizing worth it.

If you’re a big cash donor, you might want to talk to your CPA or CERTIFIED FINANCIAL PLANNER™ to make sure you’re accounting for those donations on your taxes. Other than that, cash donations are pretty straightforward and easy for anyone to do, regardless of their assets. Remember: even $5 can go a long way!

Have some cash to donate? This option might be best for you because it’s:

Hands-off
Easy as pie
Instant impact (you don’t have to do anything)

Give Back Option #2: A Donor-Advised Fund A donor-advised fund is a charitable giving fund that is created to manage donations on behalf of an organization, family, or individual. Basically, a donor-advised fund is created by a person or business and donors then advise on how to donate the funds. Funders get some control over the money and how it is distributed to charities, but for the most part, it’s a great way to give back to causes without investing a ton of time.

This is similar to the endowments you see with higher education; people can donate into an endowment, but then the school or organization can decide what to do with the money. Like the idea but want to keep it local? You can also start a community fund, which gives back to people and causes in your specific community but operates in a similar capacity to the donor-advised fund or endowment.

If you’re wondering if a donor-advised fund is right for you, here are a few signs:

You have a few thousand to start it off (you can open a donor-advised fund with any amount of money, but $5,000 to $10,000 is a good rule of thumb)
You want some control to ensure your money goes to a general cause (the arts, animal welfare, etc.).
You don’t want to manage day-to-day operations or be heavily involved in the charities you support

Give Back Option #3: Private Foundations There are two types of private foundations: operating foundations (you have an active part in the charities the foundation is supporting) and non-operating foundations (you’re just dispersing funds to charitable organizations). When you think of private operating foundations, think of Oprah and Bill Gates. Their foundations do a lot of work and they’re often the “figureheads” of the foundation — but you don’t have to be. You can also start a non-operating foundation and be as hands-on or off as you want with the charities your foundation supports. However, you’ll still likely need to be involved in the foundation in some capacity.

A lot of times, these private foundations are created after someone dies and their wealth is used to fund them, but you don’t have to wait for that! It’s possible to add to a private foundation over the course of your life, contributing to it until you are happy with the “starter funds” and can begin operating as a private foundation.

There are also tax benefits to starting private foundations, which can get a little confusing. Operating foundations can deduct up to 60% of their adjusted gross income, while non-operating foundations can deduct up to 30% of theirs. Of course, once you get to this level of giving back, you’ll need a team of financial pros to help you with these tax strategies and decisions.

Is a private foundation right for you? It might be if:

You have over $500,000 to start it off (as a general rule of thumb)
You want complete control over where the assets go
You want to manage it and be involved in day-to-day operations
You’re OK with distributing 5% of the total amount each year

How Will YOU Give Back? Now that you know the 3 most common forms of giving back, we want to know: Which one is right for you? Hopefully, this episode of Worth It has highlighted the different ways you can give back in your personal life and business — plus the pros and cons to each option. Of course, it’s not always cut and dry.

If you have questions about donating or setting up funds like this, you should definitely speak to a CERTIFIED FINANCIAL PLANNER™ who can help. And if you’re not ready to give like this quite yet, just bookmark this episode so you can reference it later!

RESOURCES & PEOPLE MENTIONED * Find all of our workbook s and more inside the Resource Vault * The Toujours Planning Quiz — Are we a good fit for your financial planning needs?

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We’ve all heard the importance of investing in ourselves. Whether it’s investing in an executive coach, in the right clothes, or in your personal development, Dustin and Danielle have covered the gamut in past episodes. But on today’s episode of Worth It, they’re taking a different angle. In the Pitfall Series, they’ve been talking about the pitfalls of investing in the wrong arena and in the wrong advisory team, but today they’re talking about the pitfalls of not investing in yourself (and your future).

Instead of talking about coaches or employees or “traditional” self investments, Dustin and Danielle are talking about investing in a backup life bank so you can take care of yourself and your loved ones, not just now but in the future.

WHAT YOU’LL LEARN [03:15] The importance of counterintuitive thoughts in life and investing

[05:04] What inversion means and how it can be a great skill

[07:03] What inversion has to do with escape pods

[07:32] How to figure out the bare bones of your income

[09:03] What your back-up ‘life bank’ and trapezes have in common

[11:08] The 4 ways to start building your ‘life bank’ today

[13:17] The formula to figure out how much you need in your ‘life bank’

INVERSION AND PLANNING FOR THE OPPOSITE Charles Munger, Warren Buffett’s right-hand man, once said:

“Invert, always invert: Turn a situation or problem upside down. Look at it backward. What happens if all our plans go wrong? Where don't we want to go, and how do you get there? Instead of looking for success, make a list of how to fail instead - through sloth, envy, resentment, self-pity, entitlement, all the mental habits of self-defeat. Avoid these qualities and you will succeed. Tell me where I'm going to die, that is, so I don't go there.”

But what does that have to do with investing in yourself?

In the podcast, Dustin and Danielle break it down by explaining that investing in yourself isn’t about just planning for (and investing in) things you want to improve. It’s also about planning for (and investing in) things that could go sideways. This means getting disability and life insurance and saving up a “life bank” fund that allows you to keep the lights on and your business afloat should you fall ill or, worst case scenario, die.

Nobody really likes to think about their mortality and the risks of illness, but the reality is that not planning for the worst means you’re not investing in yourself. So Dustin and Danielle are breaking down what it means to “invert” your self investments… and start planning for your life.

STEPS TO BUILDING UP YOUR LIFE BANK This short-and-sweet episode offers up some actionable advice if you want to invest yourself — your future self. In it, Dustin and Danielle recommend that you:

Get disability and life insurance. This protects you and your business, as well as your family so everyone is covered if something should happen to you.
Determine your minimum level of living. What do you need to live? This doesn’t include fancy dinners out, vacations to the UK, or that splurge buy you have every few months. This is what you need to eat, sleep, and live. This may take some cutting out of your normal budget, so Dustin and Danielle recommend taking that time.
Do the math. To figure out how much you need to invest in your life — what Dustin and Danielle call your “life bank,” you can multiply your yearly minimum level of living and multiply it by 25. That’s the gross amount you need in liquid investments. They call this the Rule of 25.

For example, let’s say you’ve figured out that you need $50,000/year. That formula is $50,000 x 25, which equals $1.25 mil in invested assets. But why do you need so much? Listen to the episode to find out.

Invest in a balanced portfolio. Of course, to get to that x25 number, you’ll need to do more than save. You’ll also need to diversify that money in different investments that can get you compound interest — and leave it in there. This “back up life bank,” or BULB as they call it, isn’t like your emergency fund. Instead, it’s about investing in a long life and your future.

Want to hear more about how to get this “life bank” and how it can help you invest in yourself, your future, and your family? Check out the episode and, of course, share it in a friend so they can invest in themselves, too.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * The Rule of 25, Episode 63 * All Hail the Counterfactual by Barry Ritholtz * Inversion: The Critical Skill No One Taught You by James Clear * The Toujours Planning Quiz — Are we a good fit for your financial planning needs? * Our FREE go-to financial and life planning resources

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As part of the Pitfalls Series, Dustin and Danielle are talking about investing in the wrong advisory team. When you start your business, you may hire an assistant, a graphic designer, or some other professional who helps you execute and deliver your daily work. Of course, these individuals are highly important to the success of your business. But that’s not what Dustin and Danielle are talking about today. Instead, they’re talking about the professional you choose to work with — and take advice from.

WHAT YOU’LL LEARN 06:45 How your perception of money changes as you start earning more

08:13 Why your advisory team is just as important as your staff

08:43 One of the common mistakes we see regarding who entrepreneurs trust

09:40 Types of individuals on your advisory team

10:58 Why bookkeepers, coaches, CPAs, and attorneys are great… but not for everything

12:48 The limits of what to expect from other advisory team members

14:30 The risk of “conflict of interest” when it comes to taking advice from certain professionals

15:24 Hustlers and friends and how to spot them

16:28 Why you should be talking to other business owner and entrepreneur friends about their advisory team

19:24 Why CERTIFIED FINANCIAL PLANNER™ professionals are like quarterbacks

20:47 How to find the right advisory team for you

WHO IS QUALIFIED TO GIVE YOU INVESTMENT ADVICE? Because investments are still one of those “mysterious” topics that not a lot of people have exposure to, it can be really hard to know who to trust and whose advice to actually follow. When you have a cousin, friend, or fellow business owner who has made a series of investments and seen (or told you they’ve seen) great returns, it can be tempting to follow in their footsteps or take their experience as fact. But as Dustin and Danielle explain in this episode, that can be a huge mistake.

In general, entrepreneurs and business owners tend to have a number of professionals they rely on and trust. Your bookkeeper or Certified Public Accountant may help you manage your day-to-day business income, pay taxes, and even cut overhead costs. But none of that means they’re qualified to give you investment advice.

Executive coaches can help you grow your business and even resolve some of your mindset blocks around money. But that doesn’t mean they have experience with investments and, therefore, shouldn’t be giving you investment advice. Attorneys are extremely useful, especially when it comes to helping you structure your business or apply for trademarks, like Joey Vitale of Indie Law can. But they’re not experts in investments.

Insurance agents will help you protect your business, home, and life… but they’re also not investment advisors. Friends and business owners who have a “great investment idea for you” are — you guessed it — not to be trusted for investment advice.

Of course, Dustin and Danielle aren’t saying you should listen to these experts’ opinions and experiences with investments. You just shouldn’t take their advice as your own plan of action. Especially when these people benefit from your decisions. CPAs, for example, may only recommend investments that save you on taxes, which doesn’t always benefit you in the long run. Attorneys may recommend investments with a certain professional with whom they have a referral agreement. Friends and business owners with investment ideas are usually just hoping to get money to support their business or ideas.

At the end of the day, it doesn’t matter who these people are. If they’re not qualified to offer investment advice, Dustin and Danielle recommend that you take what they say with a grain of salt. Then find a real professional who can offer you the guidance you need.

CERTIFIED FINANCIAL PLANNER™ PROFESSIONALS ARE LIKE QUARTERBACKS Dustin and Danielle break down your advisory team in this episode, explaining that each of the professionals above all play their own role. But sometimes, you don’t have these roles filled yet. If that’s the case, a CERTIFIED FINANCIAL PLANNER™ can serve as your advisory team’s quarterback; they know about taxes, estate planning, insurance, etc. but they’re looking at the high-level picture. Once they know the play, your CERTIFIED FINANCIAL PLANNER™ can pass the ball to other experts who can help make the most informed decisions that are right for you. A CERTIFIED FINANCIAL PLANNER™ can also tell you, based on your situation, which other members you need on your advisory team.

You’ve got your team in place when it comes to your staff and daily operations, but you need to make sure that you have the right experts on your side as well. Recruiting the wrong advisory team can be a lot more detrimental to your business (and yourself) than just hiring the wrong assistant, for example.

Tune into the full episode to hear how Dustin and Danielle explain why an advisory team is so important, who should be included (and excluded), and why investment advice is so valuable for you, your business, and your future.

If you’re thinking about hiring a CERTIFIED FINANCIAL PLANNER™, you can take the quiz below to see if Toujours Planning is right for you.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Our Resource Vault * Pitfalls Series: Investing in the Wrong Arena * The Toujours Planning Quiz — are we a good fit for your financial planning needs?

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In this new 3-part series, we’re talking all about pitfalls in investing. Whether you’re investing in actual investments, in a team for your business, or not investing in yourself, there are a number of “uh-oh’s” we all encounter at some point. But Dustin and Danielle are hoping to raise some awareness of these pitfalls so that Worth It listeners don’t have to encounter them.

In this first part of the series, Dustin and Danielle are talking about the pitfalls of investing in the wrong arena.

WHAT YOU’LL LEARN 02:16 Why you’re losing money if you’re just saving

02:47 The reason real estate is a big pitfall

03:54 Danielle’s horror story about a “property management” company

10:20 Why making money leads to fear

10:33 All about the “sharks” that come out when you start making money

11:25 The pitfalls of private equity

11:58 The hubris that sometimes comes with being successful in business

12:53 The similarities between Monopoly and real life

14:23 The real definition of speculation

16:29 Other ways you can contribute and give back

17:20 The downfall of collectibles (it’s not just your Ty beanie babies)

20:04 Why you have to be careful about who you trust

22:24 What you can do to avoid these pitfalls

23:32 The benefits of public diversified funds

23:48 Why hands-off, passive investments are best for busy entrepreneurs

24:47 Why you should still pursue these other asset classes if you enjoy them

REAL ESTATE AIN’T ALWAYS ROSY Do you think real estate is a good option for all that extra cash on hand? You’re not alone. 85% of Millennials think investing in real estate is a smart option, and it may be… for some. Dustin and Danielle touch on the unexpected risks associated with real estate, including a horror story about a “property management company” that lost a couple multiple thousands of dollars and many months without a renter. While real estate can be a great option, especially if it’s your business or your passion, it’s not always the best choice for people who are new to investments and property management. Listen to the episode for a few alternatives and a few things to keep in mind if you’re actually considering real estate as an investment.

SHARK TANK - REAL LIFE EDITION Who doesn’t love Shark Tank? A panel of venture capitalists basically offering thousands of dollars to back the next great thing. Unfortunately, though, people sometimes forget that Shark Tank is just good TV — real-life private equity isn’t that easy or safe. In fact, the investors on that show are very strategic about their investments and have clear contracts stating how they can get their money back.

In the episode, Dustin and Danielle talk about how many entrepreneurs feel the call to “give back” or “share their knowledge” when it comes to building a successful business. But remember: just because you’ve had luck with your business doesn’t mean that you’re an expert in all businesses. They also note that, once people come into money and start having a lot of cash, other peoples and companies come out of the woodwork asking if they want to invest. This can feel like a song that you’ve officially made it, but it doesn’t mean that it’s a smart investment. Most venture capitalists know they’re going to lose money on the majority of their investments (95% of them aren’t profitable) and they’ve been doing this for years. If you’re sinking all your cash into a company thinking you’re going to be profitable in no time, you may be sorely surprised when you lose it all.

PUBLIC DIVERSIFIED FUNDS ARE WHERE IT’S AT So… if real estate and private equity aren’t your best bets, what is? In the episode, Dustin and Danielle talk about savings and investments — the stock market kind. Most people find the stock market to be risky, especially after 2008. But actually, there are a number of benefits to public diversified funds that you can’t find with other types of investments:

Low cost
Low stress
Low involvement (unlike real estate and private equity)
Low research
Low maintenance
High liquidity

So when should you start investing in public diversified funds? Dustin and Danielle say to build up your 3 to 6-month emergency fund, then invest the rest. (If you’re not sure how much cash you need on hand, check out Episode 69 and use the Cash on Hand Calculator). It’s really easy to start investing — you can work with a financial planner or even “DIY it” online with tools like Vanguard, Charles Schwab, Swell, and more.

THE BIGGEST PITFALL: NOT DIVERSIFYING The big takeaway from this episode? Diversify. If you want, you can do real estate, invest in businesses, start a side hustle, whatever you want. You can also invest in stocks (some of which are actually real estate and startups!). If these asset classes really light you up and you love managing properties or helping businesses grow, do that. But invest in public diversified funds and also save liquid cash. Never put all your eggs in one basket; that’s how you save for the future and make sure your wealth is secure.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Our Resource Vault * The Toujours Planning Quiz — are we a good fit for your financial planning needs? * Episode 66: Your Business Runs on Liquidity (And So Should You) * Episode 69: How Much Cash Do You Need On Hand?

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In this episode of Worth It, Dustin and Danielle have a special guest: Joey Vitale. Joey is an attorney, speaker, and educator for entrepreneurs. He focuses on the legal aspects of creative businesses so the owners can focus on what’s important — their work. On top of working with clients, Joey has also created an expert brand for himself with Indie Law, where he provides a ton of resources for creative entrepreneurs who are looking to either “DIY” their brand protections or work with his expert team.

During their chat, Dustin, Danielle, and Joey dig into what trademarking is, what it’s not, and why it’s so important for creatives and new business owners to really put on their “legal hat” when thinking about their business, their content, and the future.

WHAT YOU’LL LEARN 06:20 Why niching down helped Joey’s business

08:33 What it means to protect your brand

10:04 What you can do to “disaster-proof” your brand

12:24 Why that ™ designation doesn’t mean as much as you thought it did

14:38 The two hurdles you have to get over to register your trademark

16:00 The importance of applying for a trademark before you launch

20:45 Why you should consider trademarking “catchphrases” as they come up

22:10 How the brand name “Elevator” has been “genericized”

23:12 The pros and cons of having an overly descriptive brand name

26:55 The current popularity of trademarking phrases

29:40 How a trademark attorney can help you understand your exact brand needs

32:06 What to consider if you’re a handmade business owner

33:14 The dangers of choosing a cheaper, form-based trademark application tool

34:140 Why trademarks and copyrights aren’t just a one-and-done thing

37:21 What you need to learn if you’re going to do trademarking yourself

40:45 What business owners can do to start thinking about trademarks today

42:43 The one thing Joey recommends creative entrepreneurs do

44:25 Why connecting entrepreneurs to other experts is vital

TRADEMARKING — WHAT IS IT, REALLY? This episode of Worth It answers a lot of the questions we all have about trademarking:

What is it?
Do you need it?
Can you sue people for using your catchphrases or brand name?
How do you pursue a trademark?
What’s the difference between ™ and ©?

Joey also sheds a little light on the importance of LLCs and incorporating your business so that you can better protect it against lawsuits, copyright infringements, and more. Of course, there’s no one size fits all for every business or brand, but Joey dives into what a few scenarios could look like. He also shares a few resources that can help listeners either “DIY” their trademarking or enlist the support experts at Indie Law, so don’t miss those.

BRAND NAMES AND CATCHPHRASES Much of the episode is dedicated to talking about how to use business names properly, and Joey walks listeners through a few basics to make sure trademark law is a little clearer. He also talks about things like slogans, catchphrases, and even logos and how that falls under trademark and copyright law. When it comes to our current online landscape, it’s important to know what you can take inspiration from, what’s protected, and what’s illegal.

Joey also explains the popularity of trademarking phrases, especially in the apparel and art world, and how that impacts content creators and business builders. If you’ve ever wondered if you can send a “Cease and Desist” letter to someone turning your tweets into memes, this is for you.

WHAT’S NEXT FOR INDIE LAW? Like most creative entrepreneurs, Joey is about more than just trademark law. He’s also building a community of experts who support entrepreneurs as they scale their businesses. He works with people to create contracts, establish LLCs or corporations, and (you guessed it) file for trademarks. Indie Law also offers a unique Trademark Watch service, which includes quarterly reports and monitoring for anyone who is creating something too similar to your name, branding, products, etc.

Indie Law and Joey also work with creative entrepreneurs to continually consider the trademark side of their slogans, new designs or logos, and products they create. This can all change as your business builds, so you may need to update trademarks, contracts, or legal coverage over time. He’s also launching an online course for entrepreneurs who want to learn what trademarks are, what they protect, and how to do a proper search. Another program is also on the way, called LLC on the Weekend, so you can DIY your LLC if you want!

Follow Joey on Instagram @joeycvitale if you want to see more of his expertise (check out his IGTV videos) and to learn more about his upcoming courses and membership programs to really up your legal game.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

Joey Vitale is not affiliated with LPL Financial.

RESOURCES & PEOPLE MENTIONED * Indie Law * Joey’s Instagram @joeycvitale * The Spectrum of Distinctiveness * The Toujours Planning Quiz — are we a good fit for your financial planning needs?

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There are plenty of “rules” out there about how much money you need to save up for a rainy day or an emergency, but how do you know what you need to save? This week on Worth It, Dustin and Danielle are digging into a simple formula that can help you answer that question, both for personal savings goals and for your business.

WHAT YOU’LL LEARN 07:05 Why most Americans are not prepared for an emergency

07:33 Why cash is a parachute, not an airplane

09:49 How much cash should you have on hand?

10:34 How much cash you need on hand for the short-term

11:16 Why your business cash savings should mirror your personal savings

12:25 What you need cash on hand for in your business

13:20 What you need to save if you have a business that earns $1mil in revenue

17:15 Why you need to consider your aversion to risk before calculating cash

17:35 The role your business industry and stability plays on calculations

19:27 Why long-term strategies should be implemented with short-term savings

20:32: What are the types of investments you want for your intermediate bucket

22:58 Juggling different savings goals

A SIMPLE FORMULA When it comes to calculating what you need to save for an emergency — or to keep the lights on should your business hit some bumps — it helps to have a clear formula. That’s exactly what Dustin and Danielle provide this week on Worth It.

In the episode, they talk about different elements of your “short-term savings bucket”:

Personal emergency funds. These are 3-6 months of expenses, including your rent/mortgage, utilities, food, transportation, etc. If you run your own business and rely on income from that, it’s always best to err on the side of caution and focus on saving up at least 6 months’ worth of expenses.
Personal spending goals. These are goals you have the for the next 2-3 years, and include things like buying a house or that sweet Tesla Model X.
Business operating cash. Just like your personal emergency fund, your business should have 3-6 mos of expenses saved up. This includes payroll, leases, monthly software charges, utilities, etc.
Business investing cash. This cash fund will support any business investment goals you have over the next couple of years. This might include a new office, training, conferences, software, executive coaches, etc.

To make this a little clearer, Dustin and Danielle share an example in the podcast to demonstrate exactly how you should save. Let’s say you make $1 million revenue from your business, and you spend $10,000 a month to keep your household running.

In this case, for a 3-month personal emergency fund, you’d need $30,000.

For 3 months of business operating cash, you’d need about $250,000.

How did Dustin and Danielle come up with those numbers? This simple formula:

Total monthly expenses x 3 = your bare minimum emergency fund

For larger funds or more volatile income, Dustin and Danielle recommend that you up the monthly multiplier to 6.

The Cash on Hand Calculator inside of the Toujours Planning Resource Vault makes it even easier for you to find this magic number.

WHAT YOU DO WITH WHAT’S LEFT So what do you do with your money once you’ve got these short-term “savings buckets” filled up? You start with your intermediate and long-term savings goals. This is where you can start investing in less liquid assets that offer compound interest, but it’s best to do that with the help of a CERTIFIED FINANCIAL PLANNER™.

If this is all overwhelming, seek help from a CERTIFIED FINANCIAL PLANNER™. And if you want help figuring out how much cash you need on hand and how much to invest, Toujours Planning may be able to help. Take our quiz to see if we’re a good fit.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

RESOURCES & PEOPLE MENTIONED * Cash on Hand Calculator inside our Resource Vault * The Bucket Strategy * Cupertino Apple headquarters * Liquidity: Your Business Runs on Liquidity (So Should You) * 25x Rule of Thumb for retirement savings * The Toujours Planning Quiz — are we a good fit for your financial planning needs?

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Tax Season Ain't Over: What You Need to Know for 2019 Taxes Now that April 15 has passed, you’re probably over the idea of taxes. But taxes aren’t just something you should think about when it comes time to file, especially if you’re a business owner or entrepreneur. You should have some passing knowledge of taxes, new changes that affect your business, and how to leverage that knowledge so you don’t pay more than you have to.

This week on Worth It, Dustin and Danielle are giving you a brief rundown of three tax topics they think every taxpayer should understand: new tax rules, ETF strategies, and capital gains and losses.

WHAT YOU’LL LEARN

01:15 Why you need to think about taxes year-round

3:00 New tax rules and what they mean for your tax return

4:05 How fewer taxes withheld is good for you

4:25 Why you should be contributing to retirement monthly

5:15 New maximum contributions for retirement and health savings accounts

8:00 How much you can contribute to your HSA

9:25 What an “ETF” is

10:40 How ETFs are different from other funds

11:05 What tax loss harvesting really is

15:05 The definition of capital gains and losses

15:20 Deductions for capital losses

16:55 Why it’s important to have a team of financial professionals

NEW TAX RULES AND WHAT THEY MEAN FOR YOU

Keeping up with the tax code isn’t your job, but understanding major changes is a huge benefit to you. To make this is a bit easier, Dustin and Danielle break it down for you. In the episode, they talk about new tax changes that are allowing taxpayers to bring home from their paychecks, but that also means they’re not getting a refund. For many people who are accustomed to receiving a refund, this may come as a shock. But Dustin and Danielle explain this is actually good news: it means you’re paying less in taxes upfront and keeping more throughout the year.

But for those who are used to using that big tax refund to roll into retirement or business profit, it can be a bummer. That’s why Dustin and Danielle walk you through the importance of monthly retirement contributions. Tune in if you want to learn more about the tax benefits of contributing to your retirement accounts throughout the year.

They also talk about new maximums for retirement and health savings accounts. As of 2019, the new maximums are:

Roth IRA and traditional IRA: $6,000
SEP IRA: $56,000
Simple IRA: $13,000
HSA: $3,500 single, $7,000 married

As usual, Dustin and Danielle recommend maxing out your accounts so that you can build wealth, so keep these numbers in mind as you contribute throughout the year. If you are unsure about the difference between these retirement accounts, you can also check out Worth It Episode 62, where Dustin and Danielle break down the most common types of retirement accounts for business owners and self-employed individuals.

ETF STRATEGIES AND TAX LOSS HARVESTING

One element of taxes that many people don’t know — or understand — is ETFs. ETFs stand for Exchange Traded Funds, and they’re important to all of your taxable accounts (savings, investments, etc.). With ETFs, Dustin and Danielle explain, you don’t have to pay out capital gains distributions each year. This means that you don’t have to pay extra taxes.

But the main reason people should use ETFs, they explain, is because you can use tax loss harvesting. Tax loss harvesting is the selling of securities or investments at a loss to offset a capital gains tax liability. This is useful because, if you sell a fund for a gain, you have to pay taxes on that gain. These can be taxed at a very high rate. But with tax loss harvesting, you can sell ETFs that have collected losses to avoid paying those capital gains taxes. While this can be complicated, it’s a useful tax strategy to keep in mind, especially when speaking to your tax professional or financial advisor. Ask your financial advisor if they know this strategy and, if they don’t, move on to someone who does.

CAPITAL GAINS AND LOSSES

Capital gains are essentially a profit you make from the sale of an asset, such as a stock. A capital loss, on the other hand, is the loss you pay if you sell an asset for less than you purchased it. When you receive capital gains, you have to pay taxes on that, but when you collect a capital loss, you can deduct it. A lot of people don’t know this, as Dustin and Danielle explain, so it goes unaccounted for on year-end taxes. But you can actually deduct up to $3,000 of capital losses each year on your taxes. In the episode, Dustin and Danielle talk about the importance of working with both a CERTIFIED FINANCIAL PLANNER™ professional and Certified Public Accountant to ensure that capital gains and losses are taken into account on your long-term investment strategy and your yearly tax filings. They also recommend that you look at all your capital gains and losses by November 30, which is something they do for all of their clients. This ensures that capital losses are properly accounted for and that you have a good picture of the taxes you will owe on capital gains and losses come April 15.

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Of course, if you’re like most people, all of this tax information can be overwhelming. That’s why Dustin and Danielle recommend having a team of financial professionals on your side. By understanding these tax rules and strategies, at least in theory, you can make sure to hire only the professionals who can leverage these strategies for your ultimate benefit.

If you’re wondering where to find a CERTIFIED FINANCIAL PLANNER™ professional who can help, check out the quiz below to see if Toujours Planning is right for you.

RESOURCES & PEOPLE MENTIONED * Tax Guide inside the Resource Vault * Investopedia: tax loss harvesting * The Toujours Planning Quiz — are we a good fit for your financial planning needs? * Episode 62: Self Employment + Retirement: Savings Options * Episode 48: How to Maximize Your HSA (Health Savings Account)

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When it comes to spending money, it’s easy to see everything as an expense. Taxes cut out of your take-home pay, your car’s tires eat into savings, and groceries just keep getting more expensive. But what you spend your money on can be more than just outgoing expenses; it can actually be seen as investments in yourself, your future, your business, and those around you.

On the Worth It podcast, Dustin and Danielle are discussing the investing vs. spending mindset and how it can be beneficial to view some spending through the lens of investments.

WHAT YOU’LL LEARN 05:17 Why the Louisiana purchase was an illiquid asset

07:09 How to separate investment vs. spending in your life

07:20 The 25x Rule for saving, investing & giving

08:50 Why so many people are rethinking where they spend their money

09:52 Why taxes should be viewed as an investment

12:18 What you can do to focus on investing rather than spending

12:40 How Marie Kondo’s “Does it spark joy” question can be applied to spending

12:59 Places where you’re just spending (and not investing)

15:15 Why cutting costs isn’t always the answer

16:25 How “spending” can help you uplevel your business

17:48 Why debt repayments aren’t always better than spending or investing

18:25 Why time is critical for building on your investments

WHY SPENDING ISN’T INNATELY BAD On a recent trip to the Cayman Islands, Dustin “invested” in a gold coin from a shipwreck. While there may not be an actual monetary resale value to the coin, it’s an investment in Dustin’s interest in history, his love of Louisiana (the coin was from a shipwreck right off the coast of New Orleans), and his memory of the family trip. Not everyone would view that coin purchase as an investment, but it’s a good example of a time when the monetary cost of something provides an return that isn’t necessarily quantifiable.

The same goes for other purchases, like clothes that make you feel great or help you land that new client, or an executive coach you need to build and grow your business. It can also be something as trivial as a coffee from your favorite shop every morning; it’s an investment in your mood, your local economy, and your morning ritual. The most important thing, Dustin and Danielle say, is to know what brings you value, rather than what brings other people value.

HOW TO KNOW WHEN SPENDING DOESN’T SERVE YOU Of course, there are always situations where your spending habits don’t serve you — and it’s usually when the money you spend doesn’t bring you joy. Eating out for every meal but not feeling energetic? Cut out that part of your budget and start spending more money on healthy food you can cook at home. Have magazine subscriptions you throw away as soon as they come in? Stop wasting money and paper and instead spend that money on a New York Times online subscription. Whatever you spend your money on, it should “spark joy” as Marie Kondo says. If it doesn’t, figure out where you can funnel that money that would actually spark joy. If you can’t find a replacement, just save that money and cut out what wasn’t working. In the episode, Dustin and Danielle give a list of examples to help jog your thoughts, so make sure to listen in.

Once you’ve got a good grasp on where you’re spending your money just to spend it and where you’re actually investing it, you can focus on saving money on things that just don’t matter to you. All of this helps you invest in the more traditional sense — and prepares you for your future.

INVESTING, SPENDING, AND RETIRING When you stop spending money on things that don’t matter to you, you save money. When you invest in quality products, experiences, education, or even food, you invest in your future (and actually spend less over time). When you do both, you will be set up for success.

You’ll be able to better plan for a work-optional lifestyle or retirement (Dustin and Danielle call it revivement) because, when you spend less on stuff that doesn’t matter, you automatically start putting money in the right places. You’ll also have more money to put to the 25x Rule (25% of your income should go to saving and giving).

But it all starts with knowing what you value — even if may seem like “just spending” to an outside observer. To hear Dustin and Danielle talk about the investment mindset and how you can adopt it to cut costs, save money, and invest in your future, check out this week’s episode of Worth It.

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Mike Michalowicz, the author of Profit First, is unaffiliated with LPL Financial

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The most liquid asset is cash, but what about other assets? And what does liquidity mean? On the Worth It podcast, we dive deep on what liquidity is (and is not) and what it can do for your finances.

In this week’s episode of Worth It, Dustin and Danielle are talking all about liquidity and why your business needs it to operate properly.

WHAT YOU’LL LEARN 01:04 The definition of liquidity

01:25 Why liquid assets are easy to buy and sell

03:15 Why real estate non-liquidity was one of the main causes of the financial crisis

06:20 How flipping houses are just real estate speculation (and not liquid at all)

10:16 Why business owners especially need liquid assets

10:46 The negative results of illiquid assets in a business

11:50 The tendency to look at illiquid assets as “superior”

15:25 Why real estate may not be the best asset option (price drops)

16:43 People are always willing to take your money

18:12 How giving back and investing in others doesn’t necessarily mean great ROI

20:13 Private equity and real estate investments aren’t always in your best interest

21:45 X ways to become liquid

22:12 The difference between liquidity and speculation in your asset classes

23:02 How investing in public investments with a financial advisor can up your liquidity

Unfortunately, many people seem to have a short memory when it comes to the real estate and economic crisis of 2008.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

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What’s the first thing you think of when you hear the word “retirement”? For some, it conjures up images of golf courses, RVs, and days spent measuring blades of grass. And for many people, especially those from younger generations, those images are enough to keep them working forever.

But Dustin and Danielle don’t think retirement has to be like that. In fact, on this week’s episode of Worth It, they’re asking listeners to reframe their definition of retirement altogether. Then, once you have a better idea of what retirement really looks like to you, you can plan for the future you really want.

WHAT YOU’LL LEARN 02:57 The difference that Bill Gates has made

05:31 What Oprah is doing in retirement

08:42 Why you don’t need to be a billionaire to make a difference

08:58 What life in retirement can look like for you

11:01 The misconceptions of retirement

11:44 How concerns over Social Security affect this generation’s perception of retirement

15:32 What you can do to prepare for life in retirement

16:09 The definition of revivement (instead of retirement)

18:03 Why people are focusing on building a legacy now

18:50 How to lay the foundation for your revivement now

21:00 The importance of exploring your interests before your revivement

25:06 How to replace income in your revivement

25:38 The importance of starting to save now (not later)

28:14 The rule of thumb for retirement/revivement savings

CHANGING DEFINITIONS OF RETIREMENT While there are plenty of concerns about saving enough for retirement and the possible end to Social Security, most people today just don’t view retirement the same way previous generations did. While older generations worked hard until retirement and then spent their time traveling or relaxing, younger generations are taking trips, start families later, and generally doing more of what they want now rather than later. Because of this, many Millennials aren’t thinking of retirement (two-thirds have approximately 0% saved for retirement!), but Dustin and Danielle want to change that.

How? By changing how you review retirement. As Danielle puts it in the episode, “Don’t think about it as retirement, think about it as revivement.” In “revivement,” you can:

Explore new interests
Make a difference in the lives of others
Continue working if you want
Stop working if you want
Build a legacy

Essentially, you can do whatever you want when you hit retirement/revivement. With all that in mind, Dustin and Danielle then dive into how you can prepare for this phase of life.

PREPARING FOR ‘REVIVEMENT’ In this episode, Dustin and Danielle explain the power of shifting your mindset from “doing nothing in retirement” to “doing whatever you want in revivement.” But of course, doing whatever you want means that you’ll need income to support your lifestyle. So how do you plan — and save — for that?

Dustin and Danielle dig into 3 ways to prepare for revivement:

Change your definition of retirement. Really dig into what you think retirement will look like for you and what you want to do (the sky’s the limit!).
Start laying the foundation for your revivement. Explore what you want to do, try new things, learn as much as you can. (Dustin is a fan of juntos and finding your ikigai to help you build this foundation.)
Figure out how to replace your income in revivement. This is where the math comes in, but don’t worry! Dustin walks you through it in the episode.

SAVING FOR ‘REVIVEMENT’ If you’re digging the idea of ‘revivement,’ you’ll want to start planning for it. Savings and investments, business income, and even real estate may be able to help you collect what you need for your retirement/revivement, but there are a lot of variables that come into play. In the episode, Dustin shares his equation for finding your “revivement number” — or what you need to save up to live that work-optional lifestyle. But basically, it’s:

Your Required Yearly Income x 25 = Revivement Number

For example, if you want to live on $100,000 a year in retirement/revivement, you’ll need $2.5 million before you say “Adios” to work. Sound like a lot? It might be, but it’s not impossible with the right plan.

Listen to this week’s episode of Worth It to hear what Dustin and Danielle say about retirement, savings, and leaving a legacy. They give a few actionable tips to help you get the retirement/revivement ball rolling, as well as some things to think about for your own future.

If you want help preparing for your revivement, this is a great episode. And if you are curious about saving for “revivement” but don’t know where to start, you can contact Toujours Planning. All you need to do is answer a few simple questions to see if we’re a good fit for each other!

RESOURCES & PEOPLE MENTIONED * Finding Your Ikigai * Juntos * 25x Rule of Thumb for retirement savings * The Net Worth Worksheet inside our Resource Vault * The Toujours Planning Quiz — are we a good fit for your financial planning needs?

CONNECT WITH DANIELLE AND DUSTIN * Ask your questions! * On Facebook * On Twitter

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This week on Worth It, we have a very special guest. Dannie Fountain is a business strategist and marketing expert who helps creative entrepreneurs grow their businesses. She’s also written four books, travels the world for speaking engagements… and works at Google. And she’s also only 25. For real.

Dustin and Danielle were so honored and excited to chat with Dannie about her journey through entrepreneurship and “traditional” employment in this episode. In this episode, they talk about how she does it all and how her speaking and travel engagements helped her create a resume that caught the eyes of Google.

Dannie, Dustin, and Danielle also talk about entrepreneurship through the lens of opportunity and financial security, and how corporate jobs and employers are beginning to leverage the power of entrepreneurs. Dannie also shares her views on employment and entrepreneurship, especially in regards to the idea that entrepreneurs don’t make good employees.

This conversation goes into a deep discussion about what it’s like to juggle so many moving pieces, how employment and entrepreneurship can help support people’s best work, and the truth about the “not so glamorous” side of it all.

It’s a great discussion with tons of insight, so make sure to check it out.

WHAT YOU’LL LEARN 3:25 The leaders and laggers of the Millennial generation

5:05 When Dannie Fountain’s entrepreneurial journey started

6:10 Dannie’s original career path

8:05 How a fast food job helped her pay for college

9:30 How drunken LinkedIn changed her life

10:40 Why she almost deleted an email from Google

12:45 What 2017 brought to Dannie and her business

14:00 The power of resumes and experience in getting Google’s attention

16:45 How Dannie climbed the ladder at Google

19:25 Why Dannie doesn’t really use video

21:00 Dannie’s tips for public speaking

24:30 The symbiosis between a traditional job and a side business

26:00 The financial security that comes with working for a company (and how to leverage that in your business)

29:05 Why Dannie has focused on compound interest to grow wealth

32:15 Why paying off debt is Dannie’s goal for 2019

35:40 How Dannie sees herself impacting the world now and in the future

37:05 Why Dannie dreams of teaching entrepreneurs to use their experience to make a difference in the corporate world

37:55 The four ways entrepreneurs are assets for larger corporations

43:50 The #1 thing Dannie tells people when they ask how she does it

45:00 The four motivators

48:10 Dannie’s biggest message about entrepreneurship

48:54 Whatever your reason is for doing something, that’s enough - Dannie [paraphrased]

50:05 What Dannie would ask about money and financial planning

50:28 What the 25% Rule is and why it’s important for entrepreneurs

52:18 The difference between retirement and revivement

54:30 Where you can find Dannie on the interwebs

HOW A FEW DRINKS LED TO A JOB AT GOOGLE For most people, a few drinks lead to some laughs with friends or maybe falling asleep watching Netflix. But for Danni Fountain, a few drinks leads her to LinkedIn. One night in 2017, she had a few drinks and got on LinkedIn and applied to over 300 jobs. Her business was in a slump and she was in the “famine” mindset, so she applied to everything she could find. She woke up in the morning and went about her day… and then received a message from Google. They were interested in her resume and wanted to have a phone interview.

Out of the 300+ applications she put out that night, only one got back to her — and she’s worked for Google ever since. But why did Google want to work with her when nobody else reached out? Because of her resume

RESUMES ARE CHANGING, AND SO ARE EMPLOYEES As Dannie points out in her discussion with Dustin and Danielle, her impressive and eclectic resume was what caught Google’s attention. She had been a jet setter, public speaker, and marketing professional for over 8 years and had owned her own business for over 2.5 years when she applied for their job posting. More than that, she showed an innate ability to self-start, problem-solve, and consider costs, clients, and all the elements that go into managing your own business. Essentially, she had all of the skills they found ideal in an employee.

For many corporations, employees like Dannie are a huge asset, and their entrepreneurial heart isn’t crushed in a corporate setting — it’s given free rein. In this episode, Dannie talks about how many entrepreneurs think they’re “not made for corporate work anymore,” but she believes that’s not always the case. Work is changing from a 9-5 to something more fluid, something that allows people to work with a company and to also explore their interests and skills, as well. Entrepreneurs are scrappy, they don’t ask questions, and they’re keeping the bottom line in mind. All of that is great for traditional employers and corporations.

More than that, it also gives entrepreneurs the financial security to do what’s most important in their lives.

MONEY, BUSINESS & JOBS Entrepreneurs know the hustle well. They also know that sometimes, no matter how hard you hustle, there will always be feasts and famines. Those famines are very hard to navigate and it’s even harder to balance the feasts to see you through. That’s why, for many spirited entrepreneurs and side hustlers, a day job is just what they need to bankroll their interests — and to create a secure future.

While not everyone works at Google, many have jobs that provide 401(k)s, health benefits, PTO, and more. That provides a level of security that makes it easier to take risks with business or to pursue other interests, and many companies are open to supporting their employees in their efforts. And for many Millennial entrepreneurs who enter the workforce with student loan or business debt, it can be great to have consistent income to help pay that down.

Of course, the conversation delves even deeper into Dannie’s background, her passion for working with creative entrepreneurs, and how she does it all at such a young age. Dustin, Danielle, and Dannie also talk about business expenses, debt, and why retirement isn’t the goal for most entrepreneurs.

If you’re wondering what entrepreneurship looks like for Dannie, or how her career at Google has helped her grow her own business, check out this episode.

RESOURCES & PEOPLE MENTIONED

Dannie Fountain’s website
Dannie Fountain on Instagram (@dannielynnfountain)

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Not everyone dreams of retirement and retirement means something to different to today’s generation — especially if you’re an entrepreneur or business owner. But even if you don’t plan on calling it quits permanently one day so you can hang out with your grandkids or curse at your neighbors for walking on your lawn, you might want to have some money in the bank. Why?

So you can do whatever the hell you want, that’s why.

This week on Worth It, Dustin and Danielle are digging into what it means to live a work-optional lifestyle. And while it doesn’t look the same for everyone, there are some hard-and-fast rules that can help you save up for your own work-optional lifestyle with the help of a “backup life bank.”

WHAT YOU’LL LEARN 01:35 What a launch and retirement have in common

02:35 The difference between retirement “back then” and retirement now

03:22 What to do when you don’t have to work for money, but still want to feel useful

04:25 How retirement might mean different things to different people

04:40 The definition of “work-optional lifestyle”

05:40 The importance of knowing what you need to get by when you don’t want to work

06:50 How to factor future income into your early retirement

07:46 What the Journal of Financial Planning says you need to have saved to retire

08:25 What financial planners do to help you figure out retirement savings

09:23 How much of your income you should be saving and giving

09:33 The importance of having a backup life bank

11:12 What to include in your backup life bank calculations (hint: everything)

13:02 Why investing is a very smart way to get your backup life bank filled

13:43 How to DIY your backup life bank calculations

LAUNCHING YOUR OWN WORK-OPTIONAL LIFESTYLE Even if you’re like Dustin and you don’t see yourself ever quitting your day job, it helps to have money in the bank for a rainy day or a really big emergency. Better yet, it helps to have money you can fall back on when you want to take a sabbatical, or have a kid, or just relax for a while. Nobody said you have to stop working, but a work-optional lifestyle gives you the flexibility to define that work. Best of all, you don’t have to worry about who’s paying the bills while you’re off doing whatever you want to do.

But to rock the work-optional life, you need a backup life bank. Others might call this a retirement fund, but you’re too cool for that. You need a backup life bank that:

Helps you pay all the bills you want to keep paying (hello, mortgage!)
Lets you do the work that speaks to you most
Accrues interest so you don’t have to worry about inflation and cost of living

So what do you need in your backup life bank to launch your work-optional lifestyle? That’s different for each person — and it takes a little bit of math. groan

CALCULATING YOUR BACKUP LIFE BANK BALANCE According to a 1994 Journal of Financial Planning — yeah, Dustin is that old — the safest percent to withdraw from retirement (or backup life bank) funds is 4% per year. By withdrawing 4% from your backup life bank each year, the account can still accrue enough interest (on average) to account for inflation and increased cost of living. But what does 4% withdrawal rates mean for your work-optional lifestyle?

It means that you’ll need about 25 times your minimum income requirements to live a work-optional lifestyle (or to retire entirely). Your minimum income requirement is everything you need to live the way you want, from your Tesla Model X payment to your mortgage or your monthly massage subscription. Whatever you want to sustain in your work-optional lifestyle should be accounted for in your minimum income requirement. Then, you need to times that amount by 25.

For example, if you know you need $80,000 a year to maintain your lifestyle without changing anything, you’ll need 25 times that — $2 million — in your backup life account(s). Once you have that amount, you can pull 4% of your funds out each year ($80,000 —- isn’t math cool?). Of course, if you live in a van down by the river… you may need a little less than $80,000 a year.

HOW TO SAVE FOR YOUR WORK-OPTIONAL LIFESTYLE Are you reading this AND thinking “$2 million?? Who can save $2 million??” You’re not alone. That’s why Dustin and Danielle are breaking down their tips to help you accrue that backup life bank on this week’s episode (hint: saving pennies won’t cut it, you’re gonna have to invest).

In the episode, Dustin and Danielle touch on how to “DIY” your backup life bank by:

Calculating your net worth
Starting to save and invest today
Building up your backup life bank based on the 25x Rule

If you’re hoping to live a work-optional lifestyle and want to know how to get there, this episode is for you. And if you’re not sure that you can do this whole “backup life bank math” thing by yourself, you can always contact Toujours Planning to see if our financial planning services are a good fit for you.

Resources & People Mentioned * + 1994 Journal of Financial Planning + Net Worth Worksheet inside our Resource Library + The Toujours Planning Quiz — are we a good fit for your financial planning needs?

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This week on Worth It, Dustin and Danielle are kicking off a new series called “Self Employment + Retirement.” Over the next three weeks, they’ll be talking about everything entrepreneurs and self-employed people need to know about retirement, from savings to a work-optional lifestyle to what to expect when you retire.

First, though, they’re talking about the different retirement savings options you have when you work for yourself — and they break each one down to determine which is best for you.

WHAT YOU’LL LEARN 4:05 Why having a financial advisor can help with you choose between accounts

5:24 Four options for retirement accounts for self-employed individuals

5:48 Why 401(k)s may not be relevant to self-employed people

7:22 The nuts and bolts of an IRA

8:38 Why an IRA is like a “home base” for your savings

10:04 Special cases where you can pull money out of your IRA before retirement

10:28 How IRAs and Roth IRAs differ

13:54 The difference between SEP IRAs and SIMPLE IRAs

14:50 Using employee and employer contributions to maximize your savings

16:30 Three different ways to contribute to a Simple

18:05 The maximum you can save with a SEP (hint: it’s a lot)

19:50 Stacking accounts to get the most out of your savings plan

20:30 Why you aren’t stuck with just one account forever

THE FOUR TYPES OF RETIREMENT ACCOUNTS There are a ton of retirement account options out there, but when you’re self-employed, it’s helpful to whittle down the options to the ones that are most relevant. In this episode of Worth It, that’s exactly what Dustin and Danielle do.

While most people consider a “401(k)” to be synonymous with a retirement account, they’re not always ideal for self-employed individuals. Dustin and Danielle explain why — and, instead, recommend four accounts for self-employed people:

Individual retirement accounts (IRA)
Roth IRAs
Simple IRAs
Simplified Employee Pension (SEP) plans

Four options can still be overwhelming though, which is why they break these down into two different categories:

Accounts for solo business owners
Accounts for business owners with multiple employees

RETIREMENT ACCOUNTS FOR SOLO BIZ OWNERS If you work for yourself and mostly by yourself, you’ll have a fairly simple approach to retirement. You can open IRAs or Roth IRAs accounts and contribute to them just like a savings account, but which is right for you?

IRAs An IRA is just an account type. It’s not an investment. You can contribute to it — up to $5,500 a year as a single person — and get a tax benefit. As an added bonus, if you have old 401(k)s or retirement accounts from previous employers, you dump them into your IRA.

Dustin and Danielle explain that, with an IRA, you can invest within the account but usually won’t be able to touch the money until you’re 55. This is tax-deferred, so when you pull money out over 55, you pay income tax on that later. You can also get a tax deduction on what you contribute to your IRA, but only if you make less than a certain amount. Dustin and Danielle give you all the deets in the episode, so make sure to take notes!

Roth IRAS The second account, a Roth IRA, has about the same general benefits of an IRA. However, there is one major difference: If you hold for at least 5 years, and are at least 59 years old, the money you pull out of your Roth can be 100% tax-free. Because a Roth is an after-tax contribution, you may want to start a Roth if you know your income will be higher later in life. This is especially great for entrepreneurs who are just starting out and plan to make a lot of money over their lifetime. That way, you don’t have to withdraw money at your new, higher income tax bracket.

The one downside to a Roth is that, for very successful self-employed individuals, you can’t contribute to a Roth if you make over a certain amount. If you’re making a lot of cash, tune into the episode to see if you qualify to contribute to a Roth.

RETIREMENT ACCOUNTS FOR BIZ OWNERS WITH MULTIPLE EMPLOYEES Do you have more than a handful of employees working within your business? Dustin and Danielle explain why Simple IRAs and SEPs may be your best bet for retirement savings (for you and them).

Simplified employee pension (SEP) Any business owner with one or more employees, or anyone who makes freelance income, can open a SEP. Contributions are tax-deferred (meaning you don’t pay taxes until you pull it out) as well as tax-deductible for the business or individual. For businesses, this is a great deduction, but it may not be right for everyone. Dustin and Danielle give a few reasons why in this episode of Worth It, and recommend SEPs for businesses with only a couple of people on the payroll. Make sure to tune in to the episode if you’re curious!

Simple IRAs Simple IRAs are, well, simple. Even Dustin and Danielle have one. With a Simple IRA, the employee and employer can both contribute, but the majority is contributed by the employee. There is a $12,500 per year contribution limit for employees, but employers can contribute up to 3% of the employee’s compensation. There are also 2 other ways to contribute to a Simple IRA as an employer, so make sure to listen to the episode for more info.

CHOOSING THE SAVINGS ACCOUNT THAT’S RIGHT FOR YOU Dustin and Danielle have talked about the difference between 401(k)s, Roths, and IRAs in a past episode, but this one gives you self-employed folks a ton of actionable information to help you determine which account is right for you. If you’ve been thinking about savings accounts that will help you live a work-optional lifestyle, this is a great episode to listen to.

Make sure to bookmark the episode or takes notes, as well, so you can have the information you need when you go to open your account. And if you’re in need of a little more help, you can contact a CERTIFIED FINANCIAL PLANNER™ with questions.

RESOURCES & PEOPLE MENTIONED * IRA, Roth IRA, 401(k)… What the Heck is the Difference (Ep. 10)

CONNECT WITH DANIELLE AND DUSTIN * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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If you’re a die-hard entrepreneur, you’re made to build, launch, and profit from the businesses you’ve thought up. And thanks to those businesses, you’re able to afford the life you want to live and do what you’re good at each day. But as you probably know, maintaining and running those businesses is hard work. When you stop working or clients dry up, those businesses can be a serious risk to your financial wellbeing.

In this week’s episode of Worth It, Dustin and Danielle are shedding a little light on this topic and explaining why building and owning multiple businesses isn’t the same as diversification… and how it can actually be a risk to your future financial wellbeing.

WHAT YOU’LL LEARN 03:05 Why you don’t want to be like the creator of the Fyre Festival

07:33 Why starting another business isn’t true “diversification”

08:22 The risk of starting multiple businesses

08:57 The true definition of diversification

09:08 The difference between utility and luxury businesses

09:48 Different types of asset classes

10:20 How diversification can protect you and your family from bad times & personal disasters

15:44: How much you should be saving and giving

18:13 Which assets you can use to fund different savings goals
19:07 Why diversification needs to be a priority now, not later

THE DOWNSIDE OF MULTIPLE BUSINESSES Basically, diversification means allocating money and “changing up” your income streams in ways that reduce risk. You want to have multiple sources of income and investments to make sure that you don’t have all your eggs in one basket. In this week’s episode, Dustin and Danielle use this definition to explain why owning multiple businesses is NOT a good diversification strategy.

Luxury vs. Utility Businesses (Hint: Still Not Diversification) One of the main arguments they debunk in this episode is that owning many different types of businesses counts as diversification. As Dustin explains, entrepreneurs are likely to build businesses in the same skillset, industry, or model that’s been successful in the past — even if it’s seemingly an entirely different product or service.

On top of that, if the economy takes a hit and you’re operating three “luxury” businesses (products or services that aren’t necessary to get by), those three businesses are going to take a hit — and so are your income and savings. Even if you were to diversify between “utility” companies (products or services that are necessary for living, like food) and luxury companies, the businesses still depend on extra consumer cash to stay afloat. When the economy takes a nosedive, it’s often harder to find new customers, making it more expensive to do business.

Disasters and Downsides But most of all, Dustin and Danielle explain how multiple businesses can be more of a burden than a blessing during times of disaster. Entrepreneurs tend to overlook the risks of owning multiple businesses when it comes to disasters of the personal, professional, or economical type. What happens if you get sick, or the office catches fire, or your dog dies? The momentum you’re responsible for in each of your businesses will decrease and you won’t be making the same amount of money. In this sense, no matter how wildly different your businesses are, your income is truly reliant on your ability to work

That’s why true diversification is so important, and why Dustin and Danielle are diving into it on this week’s episode.

TRUE DIVERSIFICATION FOR LONG-TERM STABILITY In this episode of Worth It, Dustin and Danielle dig into what true diversification looks like, including the types of income and investment avenues you have.

Yes, your business income(s) count as a spoke in your “wheel of wealth,” but what are the other ones? Do you:

Own real estate?
Have stocks or bonds?
Have piles of cash on hand?
Collect valuable artwork?
Have savings or retirement accounts accruing interest?
Own commodities (like gold)?
Invest in bitcoin?

Each of these are different asset classes and they count as diversification. Having more than one of these assets gives you a safety net should anything happen to the others. Even in a major economic downturn or disaster, these different asset classes can be used to keep you (and maybe your businesses) afloat. See how that works?

DIVERSIFYING YOUR GOALS AND ASSETS In this episode, Dustin and Danielle also give you some tips on how to better diversify your wealth, and also discuss the importance of financial goals. To meet your financial goals, including retirement or saving for your dream yacht, you’ll need to use different asset classes and short-term, intermediate, and long-term goals — called buckets. The “Bucket Strategy” can help you break down your financial goals and make it easier to see how different asset classes (rather than another business) can help you reach each of them. If you’re worried about investing and stocks, or don’t understand it, Dustin and Danielle have you covered with their Stock Market 101 Guide.

If you’re tempted to start another business to fund your lifestyle, or you want to use another service or product to create a “passive source of income,” this episode is a must-listen. While creating and building new businesses is what you’re good at, it’s also important to arm yourself with other tools. Diversifying your wealth means that you can do what you love everyday without worrying about losing it all.

RESOURCES & PEOPLE MENTIONED * Stock Market 101 Guide * The Bucket Strategy (Episode 004) * Diversification * Asset classes

CONNECT WITH DANIELLE AND DUSTIN * Ask your questions! * On Facebook * On Twitter * Connect with Dustin on Twitter: @DRGranger

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Do you hear the word “debt” and instantly think of it as shameful, bad, or even scary? If so, you’re not alone. According to the latest statistics, the average American household has $135,768 in debt — including mortgages, student loans, car loans, and credit card debt. On top of that, 7 out of 10 people say that debt is necessary in their lives, but they wish they didn’t have it.

Most of us have debt, so why is it something that we want to get rid of (or feel ashamed to talk about)? This week on the podcast, Dustin and Danielle are talking about debt: why it’s not as bad as you thought it was, how debt can actually improve your life, and what you can do to tackle it.

HERE’S WHAT YOU’LL LEARN: 2:17 Danielle’s experience with credit cards

4:50 How interest can work for or against you

6:00 Why debt isn’t always bad

9:27 The definition of good debt

10:10 How student loans can be both good and bad

11:20 What counts as “bad” debt

12:07 Why high APR credit card debt is Enemy of the State No. 1

13:50 Four ways to tackle your debt

14:12 Why reframing “debt” as “leverage” is so important

15:45 Using debt to increase liquid assets

17:11 How debt can be used to help you save for future goals

17:40 Why you need to prioritize debt (and how)

20:44 A bit about debt consolidation

21:33 What the 3:1 ratio is

22:32 Why the financial crisis of 2008 was so bad for people

THE DIFFERENT TYPES OF DEBT Do you think of debt and instantly think “Bad!”? Well, Dustin and Danielle are here to bust that myth. In this week’s episode, they talk about all the ways that debt can be useful in our lives. They also talk about the good, the bad, and the ugly of debt and give specific examples:

Good debt: Could you afford a house without a mortgage (aka debt)?
Bad debt: Are you paying a crazy-high interest rate for that new car?
Ugly debt: Did you put that weekend in Cabo or that shopping spree on a high interest rate credit card… and only pay the minimum?

Which kind of debt do you have? Most of us have a mix of all three. That’s why Dustin and Danielle are sharing their tips for prioritizing and evaluating your debt so you feel more empowered and less stressed.

4 WAYS TO TACKLE YOUR DEBT In this episode, Dustin and Danielle evaluate each type of debt and how it may be working for you. With their insights, you’ll be able to better determine which debts you might want to keep, which debts you want to pay off, and which debts to avoid all-together.

If you’ve got debt you’re worried about, Dustin and Danielle also share 4 ways to tackle your debt (and how you feel about it):

Reframe and redefine debt.

Some debt allows you to do great things with your life, like those student loans or that investment in your business. In these scenarios, it’s important to reframe the word “debt” and turn it into “leverage.” Leverage helps you get to new places you couldn’t go before, which is why some debt is actually a good thing.

If you’re not sure which types of debt count as “leverage,” tune into the episode.

Prioritize your debt.

When you have multiple types of debt, there is a hierarchy you can use to determine which ones are good, bad, and ugly. In the episode, Dustin and Danielle talk about the importance of evaluating interest rates to determine which debt you can leverage and which debt you should pay off ASAP.

Keep debt at bay.

A lot of “financial gurus” like Dave Ramsey will tell you debt is dumb. And while Dustin and Danielle don’t agree on everything Dave says, they do agree that it’s best to avoid debt where possible. Dustin shares a tip for keeping your debt to income ratio low — and how you can calculate it — in the episode.

Start to look at people as either leverage or debt.

It’s not just money that counts as debt, and it’s not just money we can use as leverage. Dustin and Danielle talk about how debt is a mindset, and how it overflows into the relationships you have with people. Are you surrounding yourself with people that make you feel weighed down or emotionally in debt? Or are you making an effort to build relationships with people who help you move up in the world?

REFRAMING YOUR RELATIONSHIP WITH DEBT If you’re like most of us and you have debt, whether student loans, credit cards, or mortgages, you’ll definitely benefit from listening to this episode. You’ll learn the 3 types of debt and how to tackle them, but you’ll also walk away with a more balanced view of your money and how you spend it. Hopefully, the insights in this episode relieve some of the guilt or shame you have surrounding debt, as well as give you tools you need to offload the debt that’s not serving you.

As Danielle says in the episode, “Not all debt is bad.” Make sure to listen to this week’s episode to hear all of the great tips and insights Dustin and Danielle provide.

RESOURCES & PEOPLE MENTIONED * “Leverage” * Archimedes * “Liquidity” * Dave Ramsey

CONNECT WITH DANIELLE AND DUSTIN * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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When you first started out in your business, you were probably so excited to get to work each morning, to see the ball start rolling and to watch the progress you were making. In that “honeymoon phase” of business-building, it’s so easy to love your business and feel fulfilled in your work.

But what happens when that initial excitement wears off? And what happens if you find yourself doing things you don’t necessarily love, but that keep the business moving (at least a little)? It’s hard to love everything about our businesses, but it is possible to craft a business that you love for the long haul.

That’s exactly what Dustin and Danielle are talking about this week on the podcast

HERE’S WHAT YOU’LL LEARN [9:29] Why falling in love with your business is an ongoing pursuit

[9:50] The importance of checking in with yourself and how you feel about your biz

[10:26] How your happiness impacts your business

[10:59] The dangers of sticking to the “blueprint” others have created

[13:40] The 3 things you need to love your business

[13:50] Why the people you work with matter

[19:00] Why “doing what you love” instead just a cliche

[21:30] What Bill Gates says you should do with your life

[22:44] How every decision you make drives the future of your business

3 WAYS TO STAY IN LOVE WITH YOUR BUSINESS In this episode, Dustin and Danielle talk about the 3 ways they stay in love with their business:

Work only with people you love
Do what you love
Drive your business

There’s always stuff that you’re not going to l-o-v-e in your work. There are always going to be cranky clients, days where you just want to stay in bed, and — ugh — taxes. But with these 3 tips in mind, you can love more of what you do every day.

But how? Dustin and Danielle do a deep dive on each of these tips in the episode this week, so make sure to check it out. But here’s a brief rundown:

Work only with people you love. This means everyone, from your clients to your virtual assistant to the financial planner you hire. Fire the ones who give you ulcers. Hire people to take on the things you don’t like doing — there is always someone out there who loves doing the things you hate.

Do what you love. In that vein, stick to your talents. Don’t do everything for your business, no matter how much you hate it or how bad you are at it. The more you get to do what you love about your business, the more likely you are to stay in love. Not sure what you love? Check out the Ikigai Worksheet Dustin and Danielle created just for you 😘Drive your business. You created your business to give yourself the life you want. Every action you take should move you toward that goal. If you’re following someone else’s blueprint or looking around at what other people are doing, you’re going to fall out of love with all of it.

COMMIT TO LOVING YOUR BUSINESS During the episode, Dustin and Danielle also touch on the importance of committing to your relationship with your business. As the driver of your business, it’s your duty to plan and implement things that make your business fulfilling for everyone. Most of all, it’s not a one-and-done event; you’ll need to reassess your relationship with your business from time to time to make sure it’s working for you. Hopefully, the Ikigai Worksheet and this episode can help you do just that

RESOURCES & PEOPLE MENTIONED * Ikigai Worksheet * Benjamin Franklin * Bill Gates

CONNECT WITH DANIELLE AND DUSTIN * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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In this week’s episode of Worth It, we’re talking all about fears. Fear is a normal (and necessary) human emotion, but it can often stop us from doing what we want in life. That also applies to investing and growing our wealth. Fear surrounding money is so common that it’s a major part of our work as CERTIFIED FINANCIAL PLANNER™ professionals.

That’s why we’re breaking down some of the most common fears when it comes to money… and how you can move forward despite your fear.

Here’s what you’ll learn 11:43 The 3 types of fear (and how they play into your finances)

13:20 How to demystify the stock market

14:54 Common fears about investing

16:33 The truth about logic and emotion

19:46 Actionable ways to face your fear head on

20:07 How to be a superhuman like Warren Buffett

24:06 The power in picking one investment strategy

24:30 How to weather ups and downs in your investments

What are the 3 types of fear? As we discuss in depth in the episode, the 3 types of fear are:

Fear of the unknown
Fear of change
Fear of failure

We’ve all felt these kinds of fears; it’s just part of being human. In our financial lives, though, this fear can manifest in a number of ways, including never starting your investment journey, losing money in stocks, and reacting without the long-term in mind. In the episode, we give a few more examples and talk about the biggest fear — investing in the stock market. P.S. Make sure to check out the episode to hear more about how to use our free resource, Stock Market 101.

Are we logical creatures… or emotional ones? Many people assume that we are logical most of the time, with occasional moments of emotional or irrational behavior. But the truth is, we are much more emotional creatures than we think we are. We react when we’re happy, sad, scared and — even when we believe we’re acting from a place of logic — science finds that our emotional centers are actually the ones driving the boat.

That’s why we think it’s so important to discuss fear and how to work around it.

3 actionable ways to face your fears In this episode, we help you by sharing 3 of our favorite tips for overcoming fear when it comes to your finances:

Be superhuman. Think Warren Buffett; someone who believes in doing the opposite of what others are doing when the market changes. Buffett doesn’t give into the fear, and he doesn’t get greedy when the markets are up. He monitors the situation and acts from a place of logic, not fear. Of course, that’s easier said than done.
Set a discipline. When it comes to NOT letting fear rule the roost, you’ll need to make sure fear doesn’t get a chance to take hold. A discipline helps you not react in fear, like avoiding watch the news all the time or only checking your accounts once every 2 months. Having a savings discipline is also important.
Work with an advisor. According to a Vanguard study, advisors add about 3% to your overall investments each year, compared to going it alone. Having someone in your corner who understands the financial planning world — and can talk you off a ledge when things get rough — is invaluable.

If you want to hear about how we’ve personally been affected by fear and how we help clients with their fears, tune into this episode. You’ll also get more in-depth insights on how to “hack” your fears and make them work for you.

RESOURCES & PEOPLE MENTIONED * FREE RESOURCE: Stock Market 101 * Vanguard Study: Putting a value on value: Quantifying advisor's alpha * Warren Buffett * Worth It Episode 4: Saving for the Future, While Enjoying Life Now

CONNECT WITH DANIELLE AND DUSTIN * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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Here’s what you’ll learn 0:48 The importance of a roadmap when it comes to using your money successfully

5:47 Why Dustin doesn’t go hiking without a map anymore

11:05 How hiking without a map is a lot like managing money without direction

11:55 What ‘direction for your money’ really means

13:49 Dustin and Danielle’s favorite resources for giving your money direction

13:59 How to determine your direction with a net worth statement

14:30 Why you need a timeline for your financial goals

15:14 The power of an investment plan in giving your money direction

17:41 How the bucket strategy helps you give each dollar a job

Four actionable tips to give your money direction In this episode, Dustin and Danielle give you plenty of reasons why you need a direction for your money. But where do you even start?

You need to know where you stand before you get started. To give your money direction, you’ll need to start by calculating your Net Worth. Dustin and Danielle share a Net Worth Calculator in their collection of financial planning resources that makes this easy. This will tell you where you’re at with money and you’ll have a better view of where you need to focus your money most.

Dustin recommends doing this at least once a year. It’s an ongoing living document that needs to be updated so your money’s “marching orders” are in line with your current situation.

Create a timeline for your goals. We all have goals and most of us have them written down. But what if you added a timeline to them? In this episode, Dustin and Danielle give you some great questions to ask yourself to flesh out your timeline — and they also give you tips on how to use a Financial Timeline to help you see your plan in action. (Note: They have a timeline you can use in their financial planning resources).
Create an investment plan You might read that and think an investment plan is a financial plan. But it’s not. An investment plan is something you can do without an advisor, and it’s more of an investment goals analysis than anything. It’s not just for retirement investment goals, either. An investment plan is great for investing in a work-optional lifestyle at any age — or for travel, home buying, college savings, etc. To create an investment plan, Dustin and Danielle share their favorite investment planning tool that will tell you how to direct the right amount of money to your goals.

(P.S. Check out the episode if you want to see how to use this tool to the fullest.)

Create a savings system with the “Bucket Strategy” The best way to give your money direction is to give it different jobs. At Worth It, we’ve talked about the “Bucket Strategy” before, which includes:
The first bucket: Your emergency fund.
The second bucket: Your intermediate goals.
The third bucket: Your long-term goals.

Have you decided you need help giving your money direction? Toujours Planning may be able to help. See if we’re a good fit by answering a few simple questions.

Resources & people mentioned * Big Bend National Park * Worth It financial planning resources * Saving for the Future While Enjoying Life Now (Episode 4)

Connect with Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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The good news is: you can let it go. And we are gonna help you figure out how in this episode of Worth It (we promise, there is no Frozen sing-a-long in this episode).

How to let go In this episode of the Worth It Podcast, we give our tips for how to let go. While it may take time to make the leap, we think these tools will help you prepare for it. These tips include how to:

Reduce your fear about change
Increase your confidence in your trailblazing vision
Figure out exactly what’s most important to you now

To help you figure out how to let go, or to even support a decision you’ve been chewing on for a while, this episode comes with access to our Free Ikigai Worksheet and Free Vision Worksheet.

These worksheets can help you by diving into:

What you would do if you had enough money
What you regret if you had only 24 hours to live
What you’re good at
All the ways you can make money
What you think the world needs most from you

But you don’t have to do it alone.

Resources & people mentioned * Free Ikigai Worksheet * Free Vision Worksheet * Danny Meyer

Connect with Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

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Resources & People Mentioned * WorkFlowy * WorkFlowy on Twitter

Connect With Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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Have you ever thought of hiring an executive coach? Are you curious to find out more about what an executive coach does and how they can help you? Kevin Wilkins is the founder of Trepwise, a New Orleans based growth consulting firm that offers executive coaching to businesses, nonprofits, and individuals across all sectors of life. Kevin teaches us how to choose a coach, what questions to ask, and when is the best time to think about hiring an executive coach. Learn all about how you can improve yourself with coaching on this episode of Worth It.

Here’s What You’ll Learn * [2:22] Why did he start Trepwise? * [6:50] When is the right time to get a coach? * [12:04] Its an act of strength to ask for help * [14:12] What is the first step in coaching? * [17:17] How do you choose a coach? * [21:29] The first step is self-awareness * [24:09] How long does the coaching relationship last? * [26:07] What is the time commitment of coaching? * [31:24] New Orleans is an incubator for entrepreneurs * [40:33] Success comes from the journey

Why should you consider hiring an executive coach? You may think that the different aspects of your life have nothing to do with one another, but every part of your life connects. All of your skills crossover and intersect in different aspects of life. An executive coach can help you maximize your life potential, they understand how to connect all the areas of a person’s life. Some people hire coaches to help them with accountability and to push them to be their best selves. Others are seeking a third party to talk to that can help them work through the issues that they experience at work and in other parts of their lives. Find out what an executive coach could do to help you make the most of your life on this episode of Worth It.

When is the right time to hire a coach? People invest in their homes, real estate, the stock market, and their retirement fund without batting an eye, but they neglect to invest in themselves. Hiring an executive coach is not just about bettering your professional skills, an executive coach helps you to become your best you in all of the roles that you take in life. You may not think that you have the money to spend on an executive coach. But if coaching helps you be your best self, why aren’t you investing in you? When is it the right time for you to get an executive coach?--When you are ready to become your best self!

How do you choose an executive coach? Choosing an executive coach is not the same as choosing your best friend. However, it is important to find someone you can trust. You need to find someone with the experience and background that you think can help you become your best self. It’s important to understand what coaching style will work best for you. Do you need someone who is tough or should they be aggressive? Maybe you need a coach who is more compassionate and ready to listen. Finding someone that is a legitimate coach can seem daunting with all the choices in the coaching world. Kevin has some great advice on how to find someone that can help you achieve your goals--spoiler alert: it’s not by looking in the phone book!

What are Kevin and Trepwise doing to reinvent New Orleans? Kevin and his company, Trepwise are doing their best to help rebuild the city of New Orleans. He loves the entrepreneurial spirit that the city is brimming with. There are so many innovative nonprofit and for-profit companies in the city, even the public sector like education is taking on an innovative mindset. Kevin is doing his best to encourage entrepreneurial thinking to help reinvigorate the city. Although New Orleans is a mid-sized city he feels that there is a small community feel and he and his company do their best to foster connections and build relationships between different organizations.

Resources & People Mentioned * Trepwise * Kevin Wilkins on Twitter * Trepwise on Facebook

Connect With Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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Are you one of the ⅔ of Americans that can’t cover the costs of a $1000 emergency? That is such a scary number, but it’s not surprising given that half of Americans live paycheck to paycheck. To add insult to injury most of us are living above our means. There is a constant pressure in our society to live beyond our means. From advertising to social media to simply talking with friends and neighbors we feel a constant pressure to keep up with everyone else. But if you don’t start saving now you’ll miss out on the opportunity to feel financially secure in the future you could even miss out on the opportunity to stop working and retire. Listen to this episode to hear how easy it is to start a life tax fund, your finances will thank you and so will your future self!

Here’s What You’ll Learn * [2:22] Half of Americans live paycheck to paycheck * [5:30] Some simple things you can do to better your financial situation * [8:32] Start a life tax fund * [10:49] What are the benefits of having a life tax fund? * [15:42] What is more important, paying off debt or starting a life tax fund?

What can you do to better your financial situation right now? No matter your financial situation there are always choices you can make to better it. There are simple things you can do right now to create a better financial situation for yourself. One thing you can do is to start a bridge job. If you are not quite making ends meet, then take on a little extra work or even start a blog. The next thing you need to do is start living below your means. Don’t panic, it’s easier than you think! Inventory your spending habits. Start with the big stuff and identify what you can change. Next, check your discretionary spending and figure out what you spend on clothes, travel, lattes, and eating out. Listen in to hear what else you can do to start living within your means.

How to start a life tax fund First off, what is a life tax fund? A life tax fund is a small savings account to help out on those unexpected things; like a speeding ticket, getting your car towed, or having to take your pet to the vet. These things happen to everyone and they always seem to happen when we are least prepared. But if you keep charging things like that on a credit card then you’ll be paying for them forever. The first step to take is to open a free savings account at your bank. You can start depositing just $50 a month. Listen in to this episode to hear how to set it up in a way that you won’t even notice!

What are the benefits of having a life tax fund? Stuff happens. We get in fender benders, get sick, things break, etc. When (not if) a curveball comes you will be ready for it if you have a life tax fund. If you aren’t prepared with a little extra cash on hand then it can really set you back. When you aren’t ready for an unexpected financial hit it can take months or even years to recover from. Having a life tax fund ensures that you won’t charge it to a credit card or worse: take it out of a retirement account. Find out how to start being financially responsible by creating a life tax fund on this episode of Worth It.

What is more important: paying off debt or starting a life tax fund? Debt is considered a disease now in America which we are told to avoid it at all costs. While debt is something you do want to steer clear of, until you have a fund for emergencies, you shouldn’t worry about completely paying off your debts. Of course, you should continue to pay your minimum payments, but until you have a complete life tax fund, don’t worry about paying off debts completely. Funding a life tax account is the most important financial step you can take right now. This is rule number one of personal finance. You can’t plan any other financial goals until you achieve this one. Discover how to reach this essential financial goal by listening to this episode of Worth It.

Connect With Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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Have you ever wanted to live your life in slow motion? We all experience those times where we wish we could slow down, but they seem to just zip by. Dustin has been reading about how to make the most of life and he has several tips to share on how to slow down and make the most of the time we have. Worth It is the podcast that helps you dream, plan, and live your ideal life and on this episode, we’re focusing on helping you live your ideal life. If you have always wanted to learn how to make the most out of the time you have, you’ll want to hear all of these helpful tips.

Here’s What You’ll Learn * [2:22] How can you slow down time? * [4:42] Time is the most important asset we have * [6:26] How do we perceive time? * [14:01] How to live life in slow motion * [15:47] Stop and smell the roses * [18:24] Develop a habit of enjoying each day * [23:11] Stop worrying!

Life seems to fly by--don’t let it escape you! The older we get the faster life seems to go by. Steven Tyler once said that life is like a roll of toilet paper, the closer you get to the end, the faster it goes. This feels so true! Our society is obsessed with productivity, and while we should try to make the most of our time, we shouldn’t live to dread each Monday. The paradox is that we spend our weekends dreading Monday and then spending the work week wishing time would speed by. Are you curious how to live life so that you are actually living in the moment? Listen to this episode of Worth It to learn how to live life in slow motion.

Time is the most important asset we have In the book The Top 5 Regrets of the Dying, people lamented on how they wasted their time. Some wish they hadn’t worked so hard, others wished they had lived a life more true to themselves, many wished they had stayed in touch with themselves, and many wished they had been happier. The good news is that we have the ability to change the way we live. We can change our habits and really slow down and enjoy life. Are you ready to find out how to fully appreciate the most important asset you have? Then listen to this episode to hear how.

How do we perceive time? Have you ever experienced a traumatic event in which time seemed to slow down? People describe car accidents as events where time seems to move in slow motion. Wouldn’t it be amazing if you could experience the beautiful moments in life in slow motion? David Eagleman is a neuroscientist that has studied how our perception of time slows down in scary situations. What he realized is when you slow things down there is more for your brain to remember. So when you slow down your brain is able to remember things in more detail. The trick is, time is all about perception!

How can you live life in slow motion? There are several tricks to slowing time down to enjoy life more. The more you break your everyday habits the more you can notice the world around you which leads your brain to remember the moment. Be mindful of what is happening around you. Try to notice more things while you’re in the moment. Really soak everything in. Another important tip is to disconnect. We are all so attached to our phones and other electronic devices. To slow down it is important to detach from these electronic crutches. What about you, how do you live life in slow motion?

Resources & People Mentioned * BOOK - The Top 5 Regrets of the Dying Bronnie Ware * David Eagleman - Neuroscientist

Connect With Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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Many purpose-driven professionals and creative entrepreneurs have a hard time knowing their worth and even harder time charging it. There are some that even feel weird simply charging others for their work. So many of us struggle with imposter syndrome that we don’t really value ourselves and what we do. Even though we love what you do we still need to be able to make a living. On this episode of Worth It, Dustin and I are here to inform you why it is so important to know your worth and why you should never be afraid to charge people exactly what you're worth.

Here’s What You’ll Learn * [3:31] What happens when you charge your worth? * [8:42] The correlation between price and satisfaction isn’t what you would guess * [12:20] A story about Jean Michel Basquiat * [15:18] How to decide what to charge? * [19:22] Confidence keeps you moving forward

What is imposter syndrome? Imposter syndrome is the feeling that you just aren’t good enough, a feeling of inadequacy or incompetence. Many successful creative professionals feel as though they are a fraud, even after achieving success. So many creative entrepreneurs and purpose-driven professionals have such self-doubt that they wonder why anyone would want what they are selling. They feel that they should discount their prices or maybe even give their time and their creations out for free. It’s time to understand your fear and grow past it. Have you ever felt imposter syndrome? What have you done to combat it?

What happens when you don’t charge your worth? Oddly enough, if you don’t properly charge your worth it can have the opposite effect of your intentions. Many people choose to discount their prices due to fears of rejection and feelings of inadequacy but doing so can actually create dissatisfied clients. People’s perceptions of goods and services change depending on the price. Something that has a high price tag can actually create desire. And many people that buy things at a discount or low price are constantly looking for a defect and often claim buyers remorse. How about you, do you know your worth?

How to decide what to charge Trying to decide what to charge for your services can be the most challenging aspect of creating your business. What should you consider when creating a price structure? You need to think of the time you put into the work, of course. But what about the years of experience and training that went into it, have you considered that? Do you have a specialization? Does your price reflect your concentrated expertise? There are many questions you need to ask before settling on a price, but it’s important to remember that you never want to win a race to the bottom. Think about it, are you really charging what you’re worth?

Self-confidence keeps you moving forward Once you finally work out what to charge you must keep moving forward. Hone your skills. Take extra classes and learn to master your craft. We are continually learning and bettering ourselves and our service to our clients to give them the very best. If you want to create customer satisfaction then you need to do 2 simple things: make useful promises and keep them. Ensure that you are charging enough to over-deliver those promises and give your clients the best service. Your learning will help ensure that you are giving your clients the best that you can. Listen to this episode of Worth It to help you consider what you can do to increase your self-confidence in your skills to make the most out of your business

Resources & People Mentioned * Art of Manliness - 407 How to Stop Being a Nice Guy * Seth Godin’s Daily Blog * BOOK - The Win Without Pitching ManifestoBlair Enns * DOCUMENTARY - PBS American Masters - Jean Michel Basquiat

Connect With Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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Tyler J. McCall is a marketing strategist and coach for creative entrepreneurs. He specializes in Instagram marketing and is an expert at converting followers to fans. Tyler teaches his students how to make an impact and grow business with Instagram by using it in a genuine and intentional way. Tyler’s business has grown exponentially over the past year and in this episode, he opens up about when he realized he needed help and decided to hire a CFO. Listen to episode 50 of Worth It to hear the Instagram expert, Tyler J. McCall, as he reveals how he scaled his business by outsourcing.

Here’s What You’ll Learn * [2:22] How did Tyler become an online entrepreneur? * [7:42] Why Instagram? * [11:05] Is Instagram for every entrepreneur? * [12:56] How did he niche down? * [18:54] How did he do his recent trip? * [22:00] What led Tyler to set his time freedom goals? * [26:20] Why did he hire a CFO? * [29:12] What advice does he have for entrepreneurs who want to scale their business? * [32:04] What are his dreams for his life and business? * [37:45] Tyler gets to ask his own question!

Why Instagram? Tyler chose Instagram as his marketing platform of choice because it’s easy to use and a great place to engage with his followers. Tyler thinks it is the most engaging of all the social media platforms. He loves the built-in discoverability feature which makes it easy to find clients and attract them to your business. He thinks the Instagram stories feature is even better because it allows people to see behind the scenes of your business. If you are trying to grow business without overworking yourself, you’ll want to want to listen to Worth It as Tyler shares his secrets to Instagram and business growth.

A peek behind the scenes of Tyler’s wildly successful business Tyler dove into online entrepreneurship by partnering with his best friend in 2016. He tried social media marketing, consulting, and coaching. But being a jack-of-all-trades was just making him work harder than ever. He understood that by repeating himself over and over again as a consultant that he needed to find a way to record himself to reach more people. Finally, he had had enough of trying to reach one client at a time. He created the Follower to Fan Society, an online membership education model. He has created a business model that gives him the time freedom that he craves. Are you curious as to how you can free yourself from your business and finally have it work for you rather than you work for it? Listen to Tyler describe how he scaled his business and made it work for him, rather than the other way around!

When did Tyler realize he needed help? Tyler decided he was going to give his business his all and he put everything he had into it. But he realized that he didn’t want to work himself into an early grave. That’s when he decided to begin outsourcing. Tyler began by hiring a financial expert to help him understand the intricacies of growing his business and how the IRS might perceive his newfound success. He was thrilled to hire a CFO that could lead him to understand how to handle the financial side of success. Tyler has since put systems in place and hired others to help in his business so that he can enjoy the fruits of his labor. Do you know when the right time is to begin outsourcing your business?

Tyler gets to ask us his own financial question We love it when our guests ask their deepest, darkest, burning financial question. Tyler has a great question that budding entrepreneurs will want the answer to. He wonders how entrepreneurs should go about building a home. Dustin describes the importance of having a 10-20% down payment readily available. We encourage him to listen to episode 30 it is a great place to start if you have any home buying questions. One thing to consider is whether you are looking for a 15 or 30-year mortgage. Don’t miss Dustin’s fantastic answer to Tyler’s thoughtful question.

Resources & People Mentioned * Tyler J McCall on Instagram * Free Instagram Class * Follower to Fan Society * Amy Porterfield * Business by Design by James Wedmore * 5 Tips for First Time Home Buyers, Episode 30

Connect With Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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Men’s style can be confusing these days with skinny jeans and bow ties being all the rage. But dressing for success is as important as ever. Ensuring that your wardrobe lasts more than just a season and that you look great for every occasion doesn’t have to be a burden. If you look at clothing through an investment lens and remember 3 easy tips you can create a signature look that will stand the test of time. Are you ready to discover 3 ways that you can make an investment in yourself through your wardrobe? Listen to this episode of Worth It to hear how you can turn your closet into an investment in yourself.

Here’s What You’ll Learn * [2:45] It’s hard to dress right these days * [6:52] Think of clothing through an investment lens * [9:10] Clothing should show your ideal you * [16:35] Fit matters * [18:16] Buy high quality and low quantity * [25:29] Buy timeless clothing

Your clothing choices should show your ideal self They say that you should dress for success, but what exactly does that mean? You have to think about who you want to be. Knowing who your ideal self is will help you find your style. How do the most successful dress in your field of expertise? There are great ideas all around you to help you create the style that is just right for you. You can also look to characters in movies and on tv to help you find your look. Clothes that fit correctly go a long way to creating the ideal look. If it doesn’t fit well, get rid of it! Women have known for years how to create a wardrobe that makes them look their best, it’s time that men catch up. Listen to this episode to hear how to choose the right clothes to show your ideal self.

Buy high-quality pieces that last If you are thinking of clothing through an investment lens then spending extra money on high-quality pieces that will last for generations then price takes on a whole new meaning. Yes, you will spend more money at the outset but the beautiful thing about buying quality pieces is that you don’t have to buy a lot. Quality means so much more than quantity. Men only need a few pairs of shoes, belts, and other accessories that will stand the test of time. There are great ways that you can save money on your favorite brands, find out how on this episode of Worth It.

Buy timeless clothing If you’ve seen the tv show Mad Men then you know that quality clothing never goes out of style. Well-fitting suits, jeans, chinos, and blazers are pieces of classic fashion that have stood the test of time. Did your grandfather have a wardrobe piece that was handed down to you, or have you ever discovered a classic thrift store find? These are examples of clothing that stands the test of time. You can look current without being trendy by including timeless staples in your wardrobe. One way to think about a clothing purchase is to ask yourself if you could still wear the item when you are 50, 60, or even 70 years old.

Be current instead of being trendy By mixing and matching high quality, timeless pieces that fit well you can create a wardrobe that shows your true self. It may seem like a lot of money when you are purchasing them, but an investment in yourself is always worth it. Remember that quality made clothing and accessories are built to last many years, unlike trendy low-quality items that are only made to last a season or two. When you see a piece that speaks to you, trust your gut and go for it and wear your clothing with love. Find out the best ways to invest in yourself through your wardrobe on this episode of Worth It.

Resources & People Mentioned * Episode 28 * MOVIE - Hitch * The Art of Manliness * Saddleback Leather * Allen Edmonds Shoes * Lacoste * J Crew

Connect With Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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Have you ever wondered what a health savings account is? Or maybe you know what it is, but you’re not sure if you need one. Perhaps you already have an HSA, but you’re not sure what’s so great about it. On episode 48 we discuss everything you need to know about HSA’s. A listener recently asked if they should contribute to a health savings account, and we are glad she did because this gives us the opportunity to share everything we know about HSA’s. Listen to this episode of Worth It to hear how to maximize your health savings account.

Here’s What You’ll Learn * [2:42] What is a health savings account? * [5:08] Why are HSA’s considered crown jewels of savings plans? * [7:17] What are more benefits to HSA’s? * [14:28] You can pay for medical expenses at a later date * [17:23] What is something HSA’s can’t do? * [19:55] What else can you use an HSA for?

What is a health savings account or HSA? A health savings account or, HSA, is a savings account used only for medical expenses. There are a couple of ways that you can set one up. Health savings accounts began in 2003 to help Americans with their medical costs. Individuals can add $3400 a year to their HSA and families can add $6900. One of the requirements of an HSA is that you have to have a high deductible health insurance policy. After you set up an account you’ll receive a debit card in which you can pay your health expenses. Listen to this episode to hear all about HSA’s and how you can make the most of your HSA.

Why are HSA’s considered crown jewels of savings plans? All savings accounts aspire to be like the HSA. Health savings accounts are a diamond in the rough. They are the only type of savings account that has triple tax benefits. This account escapes payroll taxes as well as regular income taxes. When you pull money out of it you also don’t have to pay taxes. Another benefit is that while your money is in the health savings account you can invest it tax-free. Are you intrigued yet? Hear about all of the benefits of HSA’s on this episode of Worth It.

How can you set up an HSA? There are a couple of different ways you can set up an HSA. You can have it deducted through your paycheck if your employer offers this benefit or you can set one up manually. HSA’s can only be used if you have a high deductible health insurance plan. If you are in the sign-up period it is a good idea to consider how much you spent on medical expenses during the last year to decide how much you would like to contribute. If you are able you should contribute the maximum amount possible to receive the largest tax benefits. Listen to this episode to hear how you can open your own health savings account.

What are more benefits to HSA’s? With an IRA you get tax benefits either going into it or pulling money out of it. The HSA is the only type of account where you can receive tax benefits on both sides of the equation. Another benefit is if you can open an HSA up with your employer through a payroll deduction you receive added savings of not having to pay payroll taxes on that money. In addition to the triple tax benefits, you can use your HSA to cover many types of healthcare costs. Health savings accounts can be used for dental expenses and even eye exams. Listen to this episode of Worth It to hear about all of the benefits to HSA’s.

Resources & People Mentioned * The Best HSA Administrators * IRS 502 Publication

Connect With Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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All of us possess influence, but we don’t necessarily know how to use it to its fullest in the modern, digital world. This episode is a “how to” conversation about what it takes to become an influencer. If you’ve got great ideas, expertise, or simple insight into a particular area of life, you can and probably should become an influencer. There are people out there waiting to hear your voice. They truly WANT to hear YOU speak about the very things they want to learn. Listen to this episode to learn how.

Here’s What You’ll Learn * [0:33] Why we’re talking about what it takes to become an influencer * [1:53] What does it even MEAN to be an influencer? * [3:31] Questions to ask yourself to discover if you can become an influencer? * [4:28] Examples of being an influencer that can stir up your creativity * [7:21] 9 things it take to become an influencer: Don’t miss these! * [26:10] What if you want to be an influencer “on the side” (side hustle)? * [28:30] Dustin’s “Worth It Inspiration” - Dustin’s a new Elvis fan!

You can become an influencer even without a giant following You’ll hear it in this conversation, but when I first mentioned the word “influencer,” Dustin immediately thought about the big name people - Tim Ferriss, Michael Hyatt, and others. But the good news is that it’s not required that you have a huge following already in order to be an influencer. In fact, you can start right where you are and begin building a platform that reaches people in need, over time. All the big names did it that way. You can too. Listen to hear my 9 tips about how to become an influencer. You can do it. I know you can!

Here are the 9 things it takes to be an influencer in today’s online culture To help you get started on your path to becoming an influencer, here’s my list of 9 things you need in order to be an influencer in today’s marketing environment…

Passion (You need to believe in it enough to comment on the subject often)
A niche topic (Stick to 3 things MAX. Any more and you’ll dilute your message)
Consistency (Plan on weekly posts and monthly emails, as well as social media posting)
A loyal/engaged following (start a blog, email list, or podcast today and build your following one person at a time)
Be yourself (Don’t copy others, bring your unique spin to the subject. People are waiting to hear YOU)
Be confident (You don’t have to be over-the-top confident, you just need enough confidence in the benefits of your message to get started)
Focus (There are lots of bright shiny objects out there to get you off course. Remember, content is king. Stick to your themes and be consistent)
Time (Find an hour a day to invest in writing, recording, videoing, etc.)
Money (It only takes under $200 to get a blog or podcast set up and rolling)

Listen to hear us expand on these 9 points - and learn how you can get started influencing people and bettering the world. It’s what you were meant to do!

Every influencer learns that they must be themselves to have true influence Out of the 9 steps I mention on this episode, I felt this one needs a bit more explanation. That’s because we are all prone to discount the contributions we make in the world. What you need to know is this: Even if there are many people already talking about the topics you have in mind, they are not talking about those topics the way YOU would. They are not viewing the situation or area through the unique lens YOU possess. There are people out there who need to know what you know but who don’t resonate with the others who are talking about the subject - but they WILL resonate with you! Get started. Believe in yourself. You can do it!

You don’t have to become an influencer full time. Create a side hustle There are many people out there like Dustin and me - we love our full-time jobs. It’s what we were made to do. But we can still figure out ways to be influencers “on the side” so to speak. The means of digital communication and publication available today make it entirely possible. To wrap up this episode, we highlight some tips for how to become an influencer through a side hustle. We cover what it takes and how the 9 steps we outlined apply in the part-time approach. You won’t want to miss this one.

Resources & People Mentioned * Take our Financial Risk Tolerance and Goals Questionnaire - click “Start Now!” * Tim Ferriss * Michael Hyatt * Episode 37 - the Ikigai Worksheet * Episode 35 - Create, Don’t Compete * Bluehost * Mailchimp * Elvis Presley: The Searcher (HBO Documentary) * Elvis’ ‘68 Special Event - and the song “If I Could Dream” * Isabella Guava on Instagram

Connect With Danielle and Dustin * Ask your questions! * On Facebook * On Twitter * Connect with Dustin on Twitter: @DRGranger

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As anyone who has ever filed income taxes can tell you, you have to know which tax bracket you’re in before you can make even an educated guess of what you might owe Uncle Sam. It’s pretty easy to figure out your tax bracket because it’s based on your income, but it’s trickier to calculate how much you’ll actually owe because of the way the U.S. tax system works. For this episode, Dustin and I created an easy-to-understand tax reference guide!

Here’s What You’ll Learn * [0:45] Let’s talk taxes, specifically, the tax brackets * [1:30] Download our tax reference guide! * [3:00] Determining your adjusted gross income * [5:00] How do deductions work? [7:45] * [9:00] Understanding the progressive tax rate * [10:30] Tax credits are a dollar for dollar deduction * [12:30] Disclaimer * [14:45] Worth It Inspirations

What is ‘taxable income?’ The IRS says income can be in the form of money, property or services you receive in the tax year. The two basic types of income are earned and unearned income. Earned income includes money you receive from an employer in exchange for your work or money you make working for yourself. Unearned income includes money you didn’t directly work for, such as interest and dividends, Social Security payments, alimony, etc.

Understanding deductions Whether you’re a business owner or an employee, you probably want to keep your income tax bill as low as possible. That’s where tools like deductions come in. For the 2017 tax year, which we file in early 2018, the federal standard deduction for single filers and married folks filing separately is $6,350. It’s $12,700 if you’re a surviving spouse or you’re married and you’re filing jointly. If you’re the head of your household, it’s $9,350. Regardless of where you stand on the financial front, there will likely be at least one expense that you can deduct from your taxes. The difference between the standard deduction and an itemized deduction is simple. The former is a specific or standard number. But the latter requires you to manually itemize your deductions. That means you would have to sit down, review your financial documents and add up everything.

The new tax brackets Because the U.S. tax system is progressive - meaning the more you earn, the more you’re likely to pay in taxes - it can be difficult to understand how tax brackets work. Dustin and I created a Tax guide PDf that you can download. Check out http://theworthitpodcast.com/46to grab this resource!

Tax credits There are a few basic differences between tax credits and tax deductions. Tax credits provide a dollar-for-dollar reduction of your income tax liability. This means that a $1,000 tax credit saves you $1,000 in taxes. Since a credit helps reduce the amount of money that you pay in income tax, it is essential that you are 100% accurate with this information. While tax credits are less common than tax deductions, they are available for things such as adopting a child, buying a first home, child care expenses, home office expenses and caring for an elderly parent. Additionally, there are various business tax credits that you may be able to consider.

Resources & People Mentioned * Download our tax reference guide * Leonardo Da Vinci by Walter Isaacson

Connect With Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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Have you ever punched someone? Not a tap on the shoulder, but a fist-clenched, teeth-gritted haymaker-to-the-jaw kinda punch. Are you thinking “how is throwing a punch living my ideal life?” Throwing (or receiving) that punch may not be ideal, but sharing the story of how it all went down might be! On this fun and informative episode, Dustin stands on the shoulders of Benjamin Franklin as he details his own experience of starting a Junto club, the benefits of deep conversation, and how you can start your own Junto club!

Here’s What You’ll Learn * [3:15] Before tech took over our lives, we had more meaning conversations * [5:00] The First American: The Life and Times of Benjamin Franklin * [6:00] What is a junto club? * [8:30] Establish rituals and rules * [15:00] What kinds of questions should you ask at junto club? * [20:45] How to effectively answer questions * [23:00] Lose the script * [25:00] Worth It Inspirations

What is a Junto Club? Benjamin Franklin recognized the value of conversation and the importance of cognitive diversity in convening innovative conversations when he founded the Junto Club almost 300 years ago. The club, initially composed of twelve members who met on Friday evenings, first in a tavern and later in a house, to discuss issues of morals, politics or natural philosophy to improve themselves and their community. The club led to innovations such as volunteer fire-fighting organizations, improved security through night watchmen, a public hospital and the first public library.

Rituals and Rules Dustin says it’s important to establish a set of rules and rituals that guide how your Junto club operates. For example, everyone in his junto club must wear a sports jacket while attending. This helps establish the formal nature of the meeting and ensures that all present remember to speak and act like gentlemen. He also requires the members to post their questions one week in advance, to give others time to prepare. Decide how frequently the group will meet, how long each meeting will last, and where it will be held. Choose a quiet, comfortable, inviting location. Set the tone for a relaxing atmosphere. Consider serving food, and have fun!

What kind of questions should you discuss at the Junto? Benjamin Franklin put together a provocative set of questions to stimulate the conversations during the club’s meetings, and you should do the same. In Dustin’s junto, each member must submit a question in advance. These can be on any subject, from politics to world travel to throwing haymakers, and so on. Dustin says asking yourself “will others benefit from this question?” is a great place to start. What sort of question would you ask in a junto club?

Incorporate your wisdom without being afraid You are in a junto club, listening to some great questions. Now, how do you respond in a meaningful way? Dustin says to incorporate your wisdom without being afraid. Share discoveries, be open, go deep. Try to avoid canned answers, or just repeating what everyone else says. Frame your answer from a unique angle, but keep them brief. He also says it’s perfectly acceptable to throw your script out the window and just go with it.

Resources & People Mentioned * The First American: The Life and Times of Benjamin Franklin * theworthitpodcast.com/45 * Legends of the Fall Movie

Connect With Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

The First American: The Life and Times of Benjamin Franklin

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I am sure you have all seen the picture of the carrot tied on a stick, dangling out in from of of an animal pulling a cart. That picture makes us smile, but the thought behind that tactic is actually a very effective one. Create a system of goals and rewards. Rewarding yourself for the hard work you’ve done can be extremely valuable, especially when you had to push yourself out of your comfort zone to achieve it. Not sure where to start? Check out this episode, Dustin and I will help get you started!

Here’s What You’ll Learn * [1:15] How to take inventory of your rewards * [5:30] Think about the time you have been offered a carrot * [6:15] Why you need a motivation system. * [8:30] Dreaming can be a huge motivating factor * [9:15] The key to a reward system * [10:15] Goals vs. Rewards * [11:30] Breaking down a goal * [12:15] The two kinds of goals: personal and business * [13:00] Creating personal goals * [14:45] Creating business goals * [16:45] The rewards system * [21:15] Write in the reward like it’s part of the checklist

[25:00] Big Buckets, medium rewards, and little nuggets

The key to a great reward system Everyone is motivated by slightly different things. When I was in sales, there were breakpoints that offered higher commissions if I exceeded goals. For some people, cash is the best motivation, others prefer recognition or incentives like vacation or a weekend getaway! Whatever motivates you, create a reward system that helps keep you motivated as you are working on achieving your goals!

What is the difference between goals and rewards? To clarify, accomplishing a goal is not the same as the reward for that goal. The goal is usually task related. The reward is how you feel after that task is done. For many people, it’s hard to stay focused on big goals for a long time, so I recommend breaking that goal down into smaller steps. For example, if you have a goal of becoming an online influencer, you might start by starting a blog. Seeing your content live online is not the reward, that’s the goal. Celebrating the launch of your blog by going out to dinner with friends, that’s the reward!

Personal vs. business goals You should build a reward system for both your personal goals, as well as your business goals. Personal goals could include things like wanting to learn spanish, owning a vacation home, more quality time with family, reading more books, or hitting that ideal weight. Business goals could include growing your clientele, creating an online course, engage an audience through speaking events or writing a book. These are just a few of our goals, what are some of yours?

Big Rewards, medium rewards, and little nuggets The rewards must fit the goal, otherwise it’s hard to motivated. When you are creating a to-do list for your goals, put the reward down as the last item on that checklist. That goal is not complete until you have rewarded yourself! Here are a few of OUR rewards that Dustin and I have set up for our goals: Taking a vacation, eventually going to the world cup, hosting friends for dinner, a day at the spa, the simplicity of a Starbucks Latte, a weekend getaway, and sometimes, just a stick of sugar-free gum at the end of a work day. Some of these are big rewards, some of them are medium-sized, and some are just little nuggets that keep us motivated!

Resources & People Mentioned * theworthitpodcast.com/visiondownload * Workfly app

Connect With Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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Have you met your ideal client yet? Do you know what they look like? What are interested in? How do they use technology? What they dream about? If your ideal client walked in the door right now, would you know them? In a world where people are tired of mass-produced products, finding your niche is more important than ever! In order to do that, you should create an avatar of that perfect client! If you are not sure how to get started, join us on this episode for inspiration as we outline OUR perfect client avatar!

Here’s What You’ll Learn * [2:00] What is an avatar? * [3:00] Creating the perfect avatar * [3:15] Why do you need an avatar? * [5:15] The best businesses put their ideal client avatar in their ads. * [7:45] It’s ok to have a set of avatars for different clients * [8:15] Think of the people you love to serve, these may just be your avatar * [10:00] Keep in mind too, your avatar can grow with your clients * [11:45] The Worth It Avatars * [19:00] Toujours Worth Guided Wealth Portfolios * [21:00] Worth It Inspirations

What is an avatar? By definition, an avatar does represent a single person, right? So why not make that single person your perfect customer to help you in building your business? An avatar is a person (singular) who embodies your perfect customer: they are the person who you are creating your business, your content, your services and your products for. In fact, your avatar cannot wait for you to launch your business, because what you are going to provide them with is going to help solve the pain point and fill the informational void they are currently experiencing. These are the reasons why defining your avatar is SO important!

The first step: defining your avatar First, list out their demographic and psychographic traits. Brain dump as much information as you can think of from the research you’ve done so far. After that, give this person a name, and grab a photo online. Then, design a dossier. It doesn’t have to be fancy, but it helps to have a 1-page printout that you can reference when brainstorming with your avatar. Perhaps in this exercise, you’ll discover something that you’re doing that doesn’t quite match up with how your ideal customer really behaves, or you’ll discover a tactic that you aren’t yet using.

Is my avatar really – real? While your avatar might start out as written words on a page, once you’ve defined them, you can actually go out and find them – talk to them, ask them questions, survey them – and figure out whether or not they truly are your perfect customer. Because they are absolutely real – you just have to go out and find them now.

What About Multiple Avatars? Multiple avatars are perfectly okay. In fact, most businesses will have more than one ideal customer. Our company has 3-4 avatars that fit different demographics that we serve. The problem comes when you have 20 or 30 “ideal” customers, then you’ll really have a hard time focusing your market efforts towards any specific group.

If you do end up with more than a handful of avatars, perhaps you should ask yourself if you have saturated any one of these target markets. Your efforts might be better spent going deeper into one or two target markets then spreading a wider net.

Resources & People Mentioned * Moana Film * Where You Are Song * The Candid Appetite: Mac N’ Cheese

Connect With Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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The fact is, women entrepreneurs are a total powerhouse! 20% of million-dollar business in the United States are owned by and predominantly operated by women. Women-owned business in the United States employed nearly 9 million people and generated $1.7 trillion in sales last year! If those numbers are not convincing enough, here are six reasons why the world needs more women entrepreneurs!

Here’s What You’ll Learn * [3:30] 6 major reasons why the world needs more women entrepreneurs * [4:15] There is an increasing number of women entrepreneurs, leading in most new business startups and higher education * [6:45] #1: women are emotional, yes, but they tend to be more honest about the business. * [11:30] #2 women are not afraid to admit that they don’t know everything * [13:00] #3 women are relationship-driven * [14:45] #4 women are level headed and make smart business decisions * [18:30] #5 women are creative * [22:30] #6 Women get shit done, down to business * [26:00] Women think success comes from hard work, not just from being awesome. * [28:00] Toujours Worth Guided Wealth Portfolios * [29:45] Worth It Inspirations

Women are leading in business startups and higher education In Today’s business and education landscape, women entrepreneurs are 5 percent more likely to start innovative businesses than their male counterparts. Women are also outshining their male counterparts in terms of education. While a college degree is by no means a requirement to become a business owner, women were 16 percent more like than male respondents to have earned a post-high school education. What does that mean for businesses and entrepreneurial ventures? Women are leading the charge!

Women bring a more honest, realistic approach to business Reason #1: Women are emotional, yes, but they tend to be more honest about the business.

If a guy generalizes, women tend to dive into the details and get specific. The value of this approach in business is not often calculated, but the reality is, the direct approach women use to solve problems saves time, energy and effort.

Reason #2: Women are not afraid to admit that they don’t know everything.

Guys tend to be more over-confident, especially in business and tech, but that can also lead to slower progress because they are not willing to ask for help when needed. Women, on the other hand, have less ego attached to not knowing something, and are more willing to express this, often leading to a faster resolution.

A relationship-driven, fair negotiation means everyone wins Reason #3: Women are relationship-driven

Women are intrinsically better at relationship-building. This is also, hands-down, the most important part of building a business.

Reason #4: Women are level headed and make smart business decisions

Companies with female CEOs often see more job stability, better communication and the ability to stretch a budget to do more. All of these things are priceless when starting a new business. Women are also more likely to lead by example and handle crisis calmly — traits any employee can appreciate.

Get shit done, creatively! Reason #5: Women are creative

1 in 5 women say they lack the technical expertise that their business requires, compared to 1 in 20 men. 25 percent of women say they don’t have the network needed to build a business. Despite all of this, when you look at the numbers, women entrepreneurs, on average, take home twice as much as men. What does that mean? Women’s inherent creativity is invaluable when it comes to creating a niche and launching new ideas.

Reason #6: Women get shit done

While you were stalling, she was executing!

Resources & People Mentioned * Return of the Mack * She Owns It * Forbes on women entrepreneurs * Worth It Ep 8 * Worth It EP 22 * The Chef’s Table * Hobo Hotel, Lake Charles

Connect With Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

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Your net worth can be an extremely useful tool in measuring your economic status and overall financial progress from year to year. Your net worth is essentially a grand total of all your assets minus your liabilities. In other words, your net worth is the figure you get when you add up everything you own and then subtract from that the value of all of your debts. Dustin R. Granger, CFP® and I have put together a simple tool that you can use to help you calculate your net worth! Check out this Worth It episode to learn more!

Here’s What You’ll Learn * [1:15] Building your net worth statement * [2:45] What does net worth mean? * [6:00] Knowing your net worth is the best way to start planning for your future * [9:00] Working backward from retirement to figure out exactly how much you need * [9:45] Calculating your net worth statement * [15:30] Calculating your liabilities * [20:00] Your net worth! * [21:15] Toujours Worth It Financial Planning * [23:15] Worth It Inspirations

How to calculate your net worth Calculating your net worth can be a simple process, but it requires that you gather all the information surrounding your current assets and liabilities. Gathering and organizing this information can be a bit of a chore at first, but ensures that you (and anyone else who might need it like your spouse or financial advisor) have access to the information when needed.

Calculating your net worth only requires basic financial information regarding the things you own and the debt that you owe. Here's how to get started:

Calculate Your Assets You will want to gather your latest statements for your more liquid assets. These assets include checking and savings accounts, cash, CDs or other investments such as brokerage accounts or retirement accounts. Next, list your largest assets. For most people, this could include the value of their home, any real estate properties, or vehicles like personal cars or boats. In the case of a business owner, this list would also include the value of their business, which has its own more complicated calculation. Make sure you use accurate estimates of market values in current dollars. Now, take all of the assets you have listed in the first three steps and add them together. This number represents your total assets.

Calculate Your Liabilities Start with the major outstanding liabilities such as the balance on your mortgage or car loans. List these loans and their most current balances. Next, list all of your personal liabilities such as any balance on your credit cards, student loans, or any other debt you may owe. Now, add up the balances on all of the liabilities you listed above. This number represents your total liabilities.

Calculate Your Net Worth To calculate your net worth, simply subtract the total liabilities from the total assets. For this exercise, it doesn't matter how big or how small the number. It doesn't necessarily matter if the number is negative. Your net worth is just a starting point to have something to compare against in the future. Repeat this process once a year and compare it with the previous year's number. By comparing the two, you can then determine if you are making progress or getting further behind on your goals.

Resources & People Mentioned * Mr. Money Mustache

Toujours Worth Software - Guided Wealth Portfolios
Commanding the Table - Ella Brennan
Ralph Waldo Emerson Quote

Connect With Danielle and Dustin * Ask your questions! * On Facebook * On Twitter

Connect with Dustin on Twitter: @DRGranger

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On this Worth It episode, John Leven, the host host of the Books & Booze podcast joins Dustin and I to talk about how he is able to read one hundred books a year, why he recommends liquid networking, and how he selects which books to read out of the thousands that are recommended to him. If you love to read, love a good beverage (alcoholic or otherwise), or are just looking for more ways to live your ideal life, this episode is for you! Grab a drink and enjoy!

Here’s What You’ll Learn [1:15] John Leven from the Books and Booze Podcast joins the show!

[4:00] How the Books & Booze podcast got started

[10:00] John read 100 books in 2017 - Here’s how he did it

[13:15] How he selects which books to read

[15:00] Have you ever tried book surfing?

[20:30] Goodreads.com

[21:45] Which books get reviewed on the Books and Booze podcast?

[25:30] John’s system for remembering everything he has ever read

[31:30] The value of curating content

[34:00] John describes his ideal life

The Art Of Liquid Networking John Leven is a financial analyst who has never met a spreadsheet or database he didn’t like. When he is not at work, John hosts the Books & Booze Podcast, a “free-wheeling show that combines books, booze, and interesting guests to create thought-provoking conversations.” Before he started the podcast, John found himself reading, on average 85-100 books a year. In addition to this passion for reading, John practices the art of liquid networking or gathering with a small group of friends to share a drink and talk about all manner of subjects, including psychology, technology, finance, philosophy and human behavior. Dustin R. Granger, CFP® shares John’s thirst for knowledge (and a well-crafted cocktail), so this collaboration was inevitable!

Optimize your day to help you reach your goals If you are wondering how John manages to read 100 books year, you are not alone! The simple answer is he dedicates most of his spare time to reading. John says if you read for two hours a day, you can easily read 75-80 books in a year. He suggests this number after he found that a two-hour train ride to and from work every day had enabled him to read nearly 75 books between January and July. You may not have a two-hour train ride each day, but if you are passionate about reading more, or even just living more of what YOUR ideal life looks like, there is a good chance you can cut certain things from your schedule. Netflix, anyone?

There are thousands of books, how do you choose what to read? With so many books to choose from, knowing which ones to read is critical, right? John says goodreads.com has an exceptional list of books worth looking at. Besides his own personal lists, organized by subject, he says there are public lists where books can be upvoted! Imagine a list that is constantly being updated with the absolute best books for that subject...that’s goodreads. John has 10-12 core subjects that he is interested in, and under each subject, a list of 20-40 books that he wants to read. He uses the library as often as he can but is not against purchasing a physical copy of a book he really wants to read.

With so much information from so many books, how do you remember it all? “I use the notes app on my iPhone” John says. As he is reading a book, he will make lists, highlight thoughts and takeaways and summarize short paragraphs. After he is done with the book, John uploads all of his notes into a google sheets document that is organized by subject. He promised Dustin and I that at some point in the future, he would distill his wealth of knowledge into a book. When a guy who has read hundreds and hundreds of books says “here are my top picks,” we lean forward in anticipation!

Resources & People Mentioned * Goodreads.com * WorkFlowy * Johnleven.com * + Twitter + Youtube + Soundcloud * Books & Booze Podcast - Episode 12: The Magic of Thinking Big * The Magic of Thinking Big By David Schwartz BOOK

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The term “mastermind” was originally coined by Napoleon Hill in 1925, but small groups of people have been meeting to discuss business ideas, philosophy and untold other subjects for hundreds, if not thousands of years! Today, Dustin R. Granger, CFP® and I talk about the rich history of mastermind groups, and why you should absolutely join one (or start one)!

Here’s What You’ll Learn [1:45] Using the power of a small group to catapult your life

[2:45] The definition of a mastermind group

[5:45] What sort of group should you join?

[9:00] Drink a beer and share ideas

[11:30] 7 reasons to join a mastermind group

[14:45] How to find the right mastermind group

[18:00] Toujours Worth It Financial Planning

[20:00] Worth It Inspirations

What is a mastermind group? By definition, a mastermind group is a peer to peer mentoring concept used to help members solve their problems, with input and advice from other group members. Napoleon Hill, the author of “Think and Grow Rich,” says a mastermind means two or more people coming together in harmony to solve problems. The group size can vary, but the most successful groups usually consist of 2-8 members. This group size allows everyone a chance to share, encourage, challenge and celebrate!

Books and Booze: The rich history of Mastermind groups Even though “mastermind” may seem like an unattainable title (you either have to be a master of something or a genius), the execution of these groups is often much more simple. Many of the great authors, speakers, and influencers actually made a habit of meeting at a local pub to discuss their ideas over a brew! C.S. Lewis and J.R. Tolkien met at The Eagle And Child in Oxford, England, Ernest Hemingway frequented the El Floridita in Cuba, Lord Byron was frequently seen at the Pedrocchi Cafe...and the list goes on! The place where your mastermind meets is less important than the people who attend, but if you find yourself in a local pub with a small gathering of friends, you will be carrying on a rich tradition!

7 reasons why you need to be in a mastermind group 1. The first great reason to join a mastermind group is the exclusive community it provides. You can be selective about the kind of people you meet with, and the subjects that are discussed. 2. Masterminds also allow you to share and receive advice from trusted colleagues. These will be the people who are motivated, have similar interests and will support you! 3. A mastermind means collaboration. You may have an idea that you need some help or clarity on, and this group is probably the ones best positioned to help you, and if not, they may know who can! 4. As stated above, mastermind groups can help you extend your network. 5. There are always new learning opportunities! 6. Mastermind groups allow cross-promotion. When you know what the members of your group are passionate about, and what skills they have, it becomes easy to recommend them. That trusted recommendation can go a long way! 7. Last, mastermind groups help you to think bigger!

Start your own mastermind group By this point, we hope you can see the value of mastermind groups! If you can’t find one that caters to your needs or interests, we recommend starting your own! Dustin says the key is consistency. Pick a place, and find a few friends or associates who share a few interests, then decide on how often to meet. It won’t be long before you are sharing ideas, encouragement, and advice!

Resources & People Mentioned * Where Good Ideas Come From: The Natural History Of Innovation * Books and Booze Podcast * The Magic Of Thinking Big * Eyebuydirect.com * Mr. Windle Song * Toujours Worth Software - Guided Wealth Portfolios

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Where Good Ideas Come From: The Natural History of Innovation

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Ikigai (pronounced ee-key-guy) is a wonderful Japanese concept made from two Japanese words: iki, meaning “life” and kai, meaning “effect, result, worth or benefit.” Combined: “a reason for living.” Beautiful, Isn’t it? Ikigai is the idea of seeking a purpose in everything you do in life - Hobbies, friendships, work, community, and travel all add to your ikigai. There is no need to visit a Buddhist temple in Bali to “find yourself.” Instead, Dustin and I want to use this episode to help you find your reason for living, aka your Ikigai! Grab your headphones and a pen, your purposeful future awaits!

Here’s What You’ll Learn [3:15] What is Ikigai?

[5:30] #1. What do you love doing?

[7:30] #2. What are you good at?

[10:15] #3. What does the world need from you?

[12:15] #4. What can you get paid for?

[14:30] What does it mean when two of the questions overlap?

[15:15] What does it mean when three of the questions overlap?

[18:30] Your Ikigai: this is your meaning of life

[19:30] Toujours Worth It Financial Planning

[21:30] Worth It Inspirations

What do you love doing? Grab a journal and ask yourself the following question: What do you love doing? This question speaks to your passion. You don’t have to force yourself to come up with answers in one sitting. In fact, it’s more productive to take your time. Over the course of a few days or weeks, take notes as ideas and insights come to you. Most importantly, be radically honest with yourself. Don’t be afraid to jot down whatever comes to mind, no matter how crazy or irrational it might seem. A few of the things on my list include design, teaching, an appreciation for beautiful things, inspiring others, and generating new ideas. Dustin’s list was similar to mine, with a few additions such as leadership and planning. What would be on your list?

What are you good at? The second question to ask yourself is “What am I good at?” This question speaks to your profession. Sometimes the things you love to do will also be the things you are good at, but don’t be surprised if the list looks different. My list includes inspiring others, planning, detail-oriented work, giving advice, empathy, and helping others feel better. Dustin says the things he is good at include organizing and inspiring others. He is also really good at making other people feel at ease. If you are struggling to find what you are good at, it’s a great idea to ask close friends and family; they will be able to fill in some of the gaps.

What does the world need from you? The question “What does the world need from you” speaks to your mission in life. If you imagine where the world is headed, then think about what other people would need to see that future realized, you can start to create a list of things you can offer the world if called upon. It can be hard to start this list, as it feels a little vulnerable at times, but don’t give up, the results are worth it! After thinking about this for some time, I wrote down the following list: inspiration to follow your dreams, financial well-being, marketing concepts and life coaching. Dustin did the same and came up with leadership, new technology and scientific development, financial well-being, and political vision. If called upon, we could offer those things to the world.

What can you get paid for? What can you get paid for? This question is focused on your vocation. What do you do that will pay the bills? List everything - planning, teaching, marketing, advising/coaching, Investments, teacher, advising, consulting, the list goes on...After you’ve answered these questions thoughtfully, start to look for patterns. What kinds of themes are apparent? Are there obvious intersections among categories, or do they seem disparate?

Finding your Ikigai In the resources section for this episode, there is a chart you can download that will walk you through each question listed above. These are worthwhile questions to ask, whether you determined your ikigai forty years ago or you’re just learning about the concept now. If you’re on an initial ikigai fact-finding journey, integrating instinctive nudges with logic-driven thinking can lead to a deeper, more coherent sense of purpose. The chart also explains how each question or category overlaps, eventually focusing to a point where all four categories are connected. This is your Ikigai, your purpose, and passion!

Resources & People Mentioned * BigThink Article on Ikigai * Ikigai Wiki * Pablo Picasso Quote * theworthitpodcast.com/37

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Jacinda Ardern
A dying woman’s heartbreaking letter to the world

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Sir John Marks Templeton (November 29, 1912 – July 8, 2008) was an American-born British stock investor, businessman, and philanthropist. He is credited with giving this investment wisdom in February 1994: “Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.” Today, Dustin R. Granger, CERTIFIED FINANCIAL PLANNER™ and I break down exactly what that phrase means, and how it can help show what is happening in the financial market!

Here’s What You’ll Learn * [1:22] Who was Sir John Templeton? * [3:15] Bull Market explained * [3:45] Bear market explained * [5:00] Bull markets are born on pessimism... * [8:00] ...grows on skepticism... * [9:15] ...Matures on optimism... * [11:00] ...Dies on euphoria * [14:30] Toujours Worth Software - Guided Wealth Portfolios * [16:10] Worth It Inspirations

“Bull markets are born on pessimism… Bear markets/sentiment always bottom at some point and this creates a perfect entry to buy a stock at the cheapest price possible. The first rule of investment is “Buy Low and Sell High”, but many people fear to buy low, because of the fear of the stock dropping even lower, then you may ask “When is the time to buy low?” The answer, according to Sir John: When there is maximum pessimism.

...grow on skepticism… Even when the market starts to rise, people are often skeptical. This can’t be real, another drop is headed our way, watch out for the double dip, don’t invest. Ever heard these things before? That’s skepticism talking. This may also be the point when there are more investment options, since many people are hesitant to invest, for fear of the bottom falling out. If fortune favors the bold, then boldly invest, in spite of the skepticism.

...mature on optimism... “Bull Markets...Mature on optimism” may be the easiest stage to recognize. The talking heads are optimistic, everything seems to be growing steadily upwards, and people have a positive outlook on investing. In fact, people start volunteering more of their wealth towards investments. If the market was represented by a clock, maturing on optimism would place the hands around 9-10pm. Remember though, while everything is optimistic, stock prices may be higher, so if you are considering investing, it’s wise to turn it on autopilot, and not let something “shiny” distract you.

...and die on euphoria The reason that bull markets die of euphoria is that market prices, particularly in the “momentum” stage of the investing cycle, are based on the assumption the current cycle will continue into perpetuity. Earnings, the economy, sales, etc. will continue to expand in a linear fashion…forever. Since the economy, as well as virtually everything in life, is cyclical, it is only logical that eventually, the disappointment of those assumptions sparks the beginning of the next bear market cycle. How can you tell if this is happening in the market? Dustin says to try and gauge the emotions of everyone around you. What is being said around the break room or by the talking heads? What is the prevalent emotion? Remember, the best thing you can do is have a clear plan, create a system and stick to it!

Resources & People Mentioned * Toujours Worth Software - Guided Wealth Portfolios * The Handmaid's Tale * Jealous Guy - John Lennon

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The idea of competition is engraved in our minds. We believe that we have to compete for the same jobs as others. If someone has a job, that means you can’t have the same job. And if a company has a certain market share, that means you have to compete with that company to “win” a piece of their share. What if instead of competing, we focused on creating. On this episode, Dustin and I share a few well-known examples of people who created instead of competing, and how the world was changed as a result!

Here’s What You’ll Learn * [1:30] Create, don’t compete * [3:45] You can put your unique spin on the subject * [5:00] The action superstar * [7:00] The second smartphone * [9:30] The abundance mindset * [18:45] Everyone should have blinders on * [20:45] Supporting others requires a change in mindset * [22:30] Allow your brain to rest * [26:15] Toujours Worth Software - Guided Wealth Portfolios * [27:15] Worth It Inspiration

The action superstar Before he became famous, Arnold Schwarzenegger auditioned for several roles and was told by many that he had no future as an actor. His body was considered strange, and his accent was hard to understand, and his name was too long, so he was passed up. Not settling for that answer, he eventually went on to create a brand new genre of actors, one he called action superstars. After Conan The Barbarian, Arnold was in high demand! The trick to his success? He created when everyone else was competing. This creativity gave him an edge and made him stand out.

The second smartphone In 2002, the world was introduced to the Blackberry smartphone. It could text, call, open an email, send faxes and browse the internet, all at the same time! Sales skyrocketed! From business execs to solopreneurs, everyone was using the Blackberry! So why did Steve Jobs think he could compete? He didn’t. Instead, he gathered together nearly 1000 people for “Project Purple,” and then in 2007, launched the first iPhone. The rest is history. Imagine if he had adopted the scarcity mindset, looked at the Blackberry and decided that he couldn’t compete in that space. What are you working on right now that looks like the Blackberry vs. iPhone story? Truth be told, the world needs your creative ideas, your spin on that idea or product or service!

Create, don’t compete There’s enough opportunity for everyone in the world. The problem is that most people don’t use the opportunities. If you want to have a specific career, go out there and create it. The same is true for your business. And don’t focus on limited resources, naysayers, or any other reason you should not do it. If Arnold Schwarzenegger listened to the people who said he would never be an actor, a whole genre of movies would not exist. If Steve Jobs had decided that the Blackberry had no equal, the iPhone would have never been created. What company or idea are you working on that may have a similar story?

Supporting others requires to you adopt an abundance mentality If you are trying to be creative and carve out your niche, but you find yourself having a lot of animosity towards others, it may be time to adjust the way you are thinking. If competition seems to win out over creativity, remember to adopt an abundance mindset. There is enough for everyone...enough wealth, enough business, enough creative ideas. When you change your mentality towards abundance, you will start to see it everywhere.

Resources & People Mentioned * The Tim Ferriss Show: Terry Crews Episode * Iron Maiden * Ancient Aliens Show * Ep 26 * John Coltrane

Toujours Worth Software - Guided Wealth Portfolios

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The recession of 2008-09 may have occurred nearly a decade ago, but it’s still a painful memory for many entrepreneurs. Unfortunately, economic downturns are a fact of life when you’re running a business. But there are steps you can take now to prepare your business to weather a storm and emerge even stronger. On this Worth It Episode, we will share 5 tips you can use to help you prepare for a recession.

Here’s What You’ll Learn * [2:30] Preparing for a recession * [5:15] #1 - Be financially prudent before the crisis * [8:45] #2 - Be indispensable * [9:30] #3 - Diversify your income * [10:45] #4 - Change your mindset * [14:30] #5 - Take advantage during the recession * [19:30] Toujours Worth Software - Guided Wealth Portfolios * [21:15] Worth It Inspirations

Tip #1: Be financially prudent before the crisis It’s a great idea to start planning before the crisis hits. We recommend saving enough cash to cover 3-6 months of expenses. If you have children, saving for more than 6 months is a wise idea! It’s also a prudent idea to pay close attention to your monthly bills that are automatically withdrawn. During a financial crisis, people tend to get more emotional, so having foolproof systems in place is not only a good idea, it prevents the stress of having to manage your finances on a daily basis. Lastly, pay attention to your lifestyle spending habits. Do you drink a Starbucks latte every day? As much as we love them, smart spending may mean cutting back and reallocating that money.

Tip #2: Become indispensable It’s a known that fact that many people lose their jobs during a financial crisis. One way to combat that fear is to work on becoming indispensable. This could mean learning a new skill, pursuing continuing education training, and probably even working harder than your coworkers. Dustin R. Granger, CFP® highly recommends becoming a “renaissance” man or woman, a person with a wide variety of interests and skills. Your work ethic, combined with an insatiable desire to learn is a great way to create job security!

Tip #3: Diversify your income Today, more than ever, there are ways to diversify your earnings by using your skills and technological know-how to create sources of income that extend beyond your day job.

Technology is making it easier than ever for people to start a side business. Creating multiple income streams isn’t easy, it requires plenty of hard work, but it is possible if you’re willing to put in the time and energy. For more insights on creating a side hustle, check out episode 16. For some tips on how to grow your following online, check out episode 33!

Tip #4: Change your mindset To start, don’t assume that you are immune from a recession. Many millennials were pretty young during the last major recession, so they assume it “will never happen to them.” That also means they are probably not preparing like they should be. A recession doesn’t have to be a bad thing. And every recession won’t be as severe as the last one. But business cycles are called cycles for a reason. There will continue to be ebbs and flows, upturns and downturns, expansions and contractions. This is the way the economic machine works. The trick is focusing your energy on those things you can control since no one has control over the business cycle.

Tip #5: Take advantage during the recession Warren Buffet says “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful.” What does this mean in the context of recession planning? When other people are not investing because of fear, stock prices drop. That also means if you follow Warren’s advice, you can buy up those stocks are a much lower price. That will also mean that as the market starts to go back up, you will be ahead of the game. If you set your investing on automatic when things are booming, it makes sense to just leave it be during a crisis. Like Dustin says…”money is like soap...the more you mess with it, the faster it disappears.” In a time of crisis, be leary of the opportunists who will try to capitalize on your fears (“don’t buy stocks, only buy gold” or “Banks will fail, don’t invest, just keep all your money in your mattress.”). This “wisdom” will not serve you well in the long run.

Resources & People Mentioned * My Favorite Murder- Podcast * Toujours Worth Software - Guided Wealth Portfolios

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Wealth by Design: Recent Episodes

Danielle G. Nava, CFP® and Dustin R. Granger, CFP®