Work Pants Finance

Marriage and Money are two parts of life where sparks fly. Elle and I reflect on dealing with the important topic of money in the thick of our most important relationship. For more information, visit the show notes at https://workpantsfinance.com/44

Today's show features a special announcement. Learn more about Matt's new business, Miner Wealth Management, at minerwealth.com

Hear an overview of my financial planning process. If you've wondered what I do that helps clients, today's show can help. For more information, visit the show notes at https://Workpantsfinance.com/42

Case studies are a WPF crowd-pleaser, and today has three of ‘em as I share the fictional situations of three type of clients and the questions they bring to my financial planning practice. You'll learn about Zachary & Jasmine earning $290,000 combined, working for Honeywell and McKinsey and wanting to start their financial lives on the right foot. Next up are James and Heather earning $466,000 who are eager to be financially independent and work-optional sooner rather than later. Finally, David and Karen – entrepreneur and teacher – are in their last few years of full time work. They have a bevvy of once-in-a-lifetime financial decisions on tap and want to be sure they do it right. For more information, visit the show notes at https://Workpantsfinance.com/41

Jim's heart for godly stewardship of financial resources – specifically his commitment that everything we have is a gift from God and belongs to God – is front and center in our conversation. Most of our conversation takes this presupposition as its jumping off point. Key take-aways include: 1) You – and your children – can finish college at a young age. The university's four-year program may or may not be the one that serves your student best. 2) Second, get creative and go big to find income opportunities. Dr Newheiser, later a pastor, seminarian, seminary professor, and author, went to Saudi Arabia as a management consultant in the oil industry! He did a high-paid job for a rich client, with expat pay and benefits layered on top. From there, he managed his expenses down and created wealth that still helps his family three decades later as he works and serves in different capacity. 3) There's time for service in the church, whatever other demands exist on your time. Jim found time to serve as pastor of a secret church in Saudi Arabia while succeeding in his career as a management consultant. For more information, visit the show notes at https://Workpantsfinance.com/40

Charlotte Whitmore shares her transition from “global expert to manager of her own estate” in her story of building and selling a consulting business. Wisdom is throughout the episode, including the fact that acquirers don't care how nice (or junky) your office furniture is and, if you hate debt, it's OK to skip it entirely! For more information, visit the show notes at https://Workpantsfinance.com/39

When it comes to post-high-school education, you can definitely have too much of a good thing. Today Lacey Langford and I discuss the traditional university route, college hacking, grad school, tech programs, entrepreneurship, and going to work in the trades. The key-takeaway in today's episode boils down to asking and answering the question “why” as it relates to educational choices. Why this school? Why this degree program? Why grad school? Why grad school for this specific thing? If you'll adopt this approach for yourself and your children, everyone will be better served. For more information, visit the show notes at https://Workpantsfinance.com/38

John Lee Dumas offers wisdom to put our efforts toward the things that matter – and let everything else fall away. For more information, visit the show notes at https://Workpantsfinance.com/37

Many listeners will find new money marked Federal Tax Refund in their checking accounts. If you are the kind of person who usually owes at least some federal taxes, this is your tax credit that would normally reduce what you owe next April 15th; at least at this point, this is not “extra” money like previous stimulus payments. What can you do? First, check the bank account where you normally pay your taxes or receive your tax refunds and see if you're getting these payments. Most people are. Second, consider whether you want to opt out even if you've already received the first payment. Go to Work Pants Finance.com/36 for expanded notes from today's show, including a link to the IRS website to opt out of these payments. Third, run a tax projection for 2021 and determine what you will actually owe in taxes for 2021. Then, whether you keep these payments or turn them down, make sure that withholding from your paychecks, or quarterly payments if you're self-employed, satisfy the taxes you'll owe for 2021 by December of 2021. For more information, visit the show notes at https://Workpantsfinance.com/36

Robin is an accomplished business leader, a great wife, mom, and friend, and now a Jeopardy! Champion too. She's humble, relatable, and serves up massive value. Five Key Takeaways First, if a direction is clear in work, business, family, or game show competition, go for it, even if you're scared. People regret the things they didn't do more than things they tried and failed. Second, Robin tells the story of how the Clue Crew made her feel between show recordings. What can you do in your daily work to honor the people with whom you interact? Third, and related, do special things to let the people you love know you love them. Take your spouse on a date; give your wife a three-night momcation at the beach. Let one kid direct how the family spends the time on an entire Saturday. I promise, I'm preaching to myself here! Fourth, ask what kind of role model you want to be for your kids. How can you help them see you as fully human? What can you do for your adult parents as you ponder their humanity, and the brevity of life? Fifth, when you make a mistake, do what you can to make it right, then move on quickly; you can't put the toothpaste back in the tube. It's what you do next that matters. For more information, visit the show notes at https://Workpantsfinance.com/35

Executive Life and Leadership Coach Itir Keskiner shares her thoughts on how and when coaching plays an important role in our lives. For more information, visit the show notes at https://Workpantsfinance.com/34

J.'s story highlights the benefits that come from not only participating in an industry, but also serving that industry. J found success as he curated content designed to support the personal finance bloggers. Key-takeaways are: First, if you're doing work that makes you miserable, get out, even if that work makes you money. Second, though J. ventures found success, he notes that 80% of his online startups fizzle. There's probably no reason for you to expect to do better. Third, stubbornness and commitment are the keys to getting things done when the going gets tough. Fourth, net worth tracking is an important part of financial planning. Personally, it's one of my favorite activities to do, both with clients and with my wife. Fifth by focusing on the vital few, Jay freed up white space to include more time for activities like being with his family, reading, and taking naps! For more information, visit the show notes at https://Workpantsfinance.com/33

Listeners call with their questions for Matt. Don't miss your invitation for the next listener Q&A event. Sign up at https://workpantsfinance.com/resources

What if you could cut your family's food, entertainment, clothing, and miscellaneous budget from $2400 to $1600 per month, just by switching the payment method from credit card to cash? That's what happened in the Miner family when we got serious about budgeting. And what if you could adopt this approach without handling physical currency? Amy and I discuss physical and virtual cash-envelope budgeting and other family budget hacks to live on one income. Big ideas from today's conversation: 1) How you budget is less important than that you do it and that you budget, and create the budget as a team 2) Budgeting is not about the "right" tool or app. It's about a process for telling your money where to go, rather than wondering where it went 3) Amy and I share a case-study grocery budget for a single-income family. For more on this, access my Hacking the Grocery Bill whitepaper at workpantsfinance.com/resources 4) Use physical currency (or a virtual envelop budget), for grocery, entertainment, clothing, miscellaneous or other categories that are routine budget busters for your family For more information, visit the show notes at https://workpantsfinance.com/31

Today's show features new voices as listeners call in with their questions. For your invite to appear on the next Work Pants Finance Q&A show, sign up at workpantsfinance.com/resources.

The topic of kids and money is a key part of your life plan, let alone your financial plan. Teaching children to work, earn, give, save, and spend will give them dignity, agency, learning, and experience. It will make them more helpful to you, and more interesting to other adults they meet – including prospective employers and clients! You start with your beliefs about work and money: What are your presuppositions? You'll need a philosophy for money: Feel free to adopt mine: We work to earn, so we can give generously, save largely, and spend wisely. You'll need to teach your children that work is needed, and how to do it. This creates a time-cost now, but the pot of gold is just over the horizon – and it's really there. One day when you are doing something for your work or business only you can do, when you're going on a run in the park, or taking your wife on a date while your child is mowing the lawn or vacuuming the living room, you'll be so glad you made the time-investment of time up front. For more information, visit the show notes at https://Workpantsfinance.com/29

My guest is my bride of 20 years, Charity Miner. She tells the story of how she got started on a homeschool career, why Charity and I believe this is the best education option for our family, and why homeschooling is more achievable than you think. If you'd like to exert control over your family's time and take vacations in may and late September, rather than July, or if you just want a glimpse of our family's story and habits, this episode is for you. For more information, visit the show notes at https://Workpantsfinance.com/28

Want more orders in your business? Try asking customers and prospects to buy! Josh Miner, the 14-year-old Small Batch Homeschool Roaster brings solid wisdom for entrepreneurs of any age. For more information, visit the show notes at https://Workpantsfinance.com/27

Philip “PT Money” Taylor of FinCon and PTMoney.com serves up general wisdom and specific recommendations as he tells the story of his transition from work as a CPA to launching a successful blog and the industry event for creators in the Personal Finance and FIRE (Financial Independence Retire Early) world. Key takeaways from the episode include: The power of time-blocking in your job or business The importance of enjoying and appreciating where you are right now, even as you work to create the future you want. Post-2020, physical connection is more important than ever. Let your customers craft the event – have a vision, but poll the community. Don't make the thing you create – whether a conference or piece of content – about you, the creator. Instead, make it about the person you're trying to serve. For example, even though you hear a lot of my voice, this podcast is for you: MBA's, entrepreneurs, and other high-income professionals who work hard and sacrifice a lot in your jobs and businesses. Every one of you has massive productive capacity for earning income and building wealth. Work Pants Finance exists to teach you how to be a debt-free millionaire in your thirties, forties or fifties, and to provide encouragement and inspiration along the way. For more information, visit the show notes at https://Workpantsfinance.com/26

Delivering results is what lets your employer or client keep you on the payroll and never compromising who you are let's you continue to sleep at night and smile at the guy or girl in the mirror when you shave or apply your makeup. For more information, visit the show notes at https://Workpantsfinance.com/25

Laura is a leadership coach, facilitator, sustainability strategist, and author of Our Next Evolution a book with a people-first model for leaders in business, non-profits, and the public sector to work on environmental issues. Huge thanks to Laura for bringing her big heart and unique wisdom to our conversation today. Key Take-aways are: 1) If you've got a mammoth project – like writing a book, or making a financial plan, get help and follow a process. 2) To make gains in your health and money, get outside and move! It's cheap and delightful. 3) Watch the Tiffany Shlain video linked at workpantsfinance.com/24. Then, turn off your screens and let your mind wander. If dreaming was important to Thomas Edison and Salvador Dali, it won't hurt you and me, either. Now I'm turning off the screens and headed out for a run in the woods. Since there's no gasoline in the southeast right now, I'll ride my bike to the trailhead too. For more information, visit the show notes at https://Workpantsfinance.com/24

The advice to “move fast and break things” is at best incomplete. If you make change the wrong way you can create upset, chaos, and even risk blowing up your business, career, or an important relationship. For more information, visit the show notes at https://Workpantsfinance.com/23

We hear “Hope is not a plan”, and it's true. But without hope, even carefully conceived plans are doomed. For more information, visit the show notes at https://Workpantsfinance.com/22

Today's show's got a model for how to learn from failure, and the flip-side of the oft-heard advice to “trust your gut.” For more information, visit the show notes at https://Workpantsfinance.com/21

With huge thanks to the Fuqua Finance Club and BLMBAO, we've got great Q&A focused on MBAs and other high earners. We tackle: Student loan payoff tactics How and how much house to buy An introduction to savings rate An outline financial plan – what order you do what things (basic budget, mini-emergency fund, get the employer match at work, big emergency fund, debt payoff, house down payment, increased market investing, including maxing employer plans and backdoor Roth IRAs, everything else (taxable investing, real estate, fancier stuff like private investing) When to seek help with tax preparation & financial advice And much, much more For more information, visit the show notes at https://Workpantsfinance.com/20

We all suffer tragedy and setbacks. How we respond to challenges is a defining part of what we accomplish in life. In today's show Brian discusses the founding of RestoraPet, the death of his co-founder Kenny Kramm, and the importance of excellent mentors. Key Take-Aways: Maximize time with people you love – you never know how much time you've got. When it comes to taking on investors, do it at the right time – usually not too soon. And to bring on investors who can add value to the business as advisors and supporters. Giving money away is the most fun you can have with money. And giving time is meaningful too. It's very important to have stuff that grounds you in your life outside business – especially people, but also things like music, physical exercise, and hobbies. For more information, visit the show notes at https://www.workpantsfinance.com/19

Today's episode unpacks the theme of mentorship, connecting knowledge and skill, mentorship, and sponsorship in a model for career and business success. I've also got a major book report and update on my first Whole 30. For more information, visit the show notes at https://www.workpantsfinance.com/18

WPF 17 serves up a wide-ranging discussion of estate planning, entrepreneurship, and business processes. Paul Yokabitus and I discuss who needs an estate plan, when, and why – as well as the connection between bussing tables at age 14 and serving clients in a law practice twenty years later. Paul's advice for entrepreneurs: Seek discomfort and take risk. By following his own advice you'll hear about Paul's experience taking a services business from a solo practice to more than a dozen employees in less than three years. Key Take-Aways Estate planning is one of the few things you can do now that helps you while you're alive and helps your family after you die. When people die, it is horrible. Your pre-planning can make this horrible time less horrible for the people you love. Estate planning is “putting what's in your heart and your head into a legal binding and effective transition plan.” Adults need an estate plan. It's especially important if you have kids or assets. Your estate plan should include contact information for all your important people. For more information, visit the show notes at https://Workpantsfinance.com/17

Today's show features imaginary clients Mike and Jennifer Murray. Mike is a consulting engagement manager with a big-four accounting firm earning $250,000 per year. His wife homeschools their three children ages 10, 8, and 6. They own a $600,000 home in a leafy Atlanta suburb and we're going to make sure they take the right steps to protect themselves in the event something terrible happens. This episode is not about insuring your iPhone or cordless drill. It's about protecting what you can't afford to lose – a lifetime of income – from risks you can't afford to take – a big judgment entered against you in a liability matter, writing a check for the replacement value of your home and personal property, and the loss of the massive contribution any spouse – including a so-called non-working spouse – in your family's financial life. For more information, visit the show notes at https://www.workpantsfinance.com/16

Joshua Sheats and I continue our risk management discussion as we dip a toe in the water of physical preparedness. Whether you wear a tinfoil hat is up to you, but everyone can learn the lessons of Covid-19 and the Great Toilet Paper Crisis of 2020. We discuss disaster preparedness planning and Joshua's career in podcasting where he reminds us you miss 100% of the shots you don't take. We recommend coupling risk-taking in career and business with good financial planning. We address the role of independent media as a communication and marketing tool and the importance of high-quality content and niching down. Lastly, Joshua discusses the role good advisors can have in your life – cutting years off your learning curve on almost any topic. Joshua calls financial advisors the link between your dreams and where you are today. Sweet! For more information, visit the show notes at https://www.workpantsfinance.com/15

Today's interview with Joshua Sheats of Radical Personal Finance is loaded with life and money wisdom focused on the broad topic of Risk Management. We begin our conversation with the seven stages of financial independence: Stage 0 – Total Financial Dependence Stage 1 – Financial Solvency Stage 2 – Financial Stability Stage 3 – Debt Freedom Stage 4 – Financial Security Stage 5 – Financial Independence Stage 6 – Financial Freedom Stage 7 – Financial Abundance Disability and other types of Insurance, which occupy a bunch of time in this episode, come into the picture as you reach financial stability – current on today's obligations, with a plan to take care of tomorrow's! Disability Income insurance may be the most important insurance you need to own. Despite this fact, it's one of the least owned, least understood, least paid attention to types of insurance, because people underestimate the value of their income and underrate how much better their life is when they're properly insured for disability. Besides insurance, we address emergency funds, including credit cards and currency - $100 bills, y'all. Sit back, relax, and enjoy the conversation! For more information, visit the show notes at https://workpantsfinance.com/14

Today's show gives you the chance to learn from a failure I caused. Key takeaways are: Trust your gut Hope is not a plan Once you realize you need a change, make the change Results matter. Intentions and obstacles don't. For more information, visit the show notes at https://www.workpantsfinance.com/13

It's all about entrepreneurship, post-MBA career blues, and seizing the day. Nick Palmisciano, Albert Chou and I share their stories and experiences as serial entrepreneurs and conclude that the most important thing, whatever you want in life, is to start. I almost titled the show “Time Goes By and you Can't Get it Back” but “Marketing that Doesn't Suck” was too tempting. Learn more about Nick and Albert's business at https://dieseljackmedia.com You can read more from our conversation at https://www.workpantsfinance.com/12

In today's show I talk about owning gold – how to own it, and in what quantities, as well as other hard assets I recommend you keep around home. You can read more at https://www.workpantsfinance.com/11

Shane imparts his passion for accounting and compassion for students, along with the importance of grit in any endeavor. We unpack the tried-and-true recipe to build wealth and wrap up our conversation with four rock-solid pieces of life advice plus five book recommendations. Read more at https://www.workpantsfinance.com/10

In 2020, Steven Valencsin sold his business, Growers, to a publicly traded Israeli company, ICL. Steven stayed on as CEO and we share an open and honest conversation about the bald realities of life as a business owner and as the boss. Steven says, “I haven't seen the glamorous side of entrepreneurship. It's been a struggle the whole frickin' time.” My favorite line from the interview is, ““It all has to get done, but it doesn't all have to get done today.” Steven and I reflect on priorities, communication, and getting people to help. We talk about investing in yourself and your own business and the importance of niching down. For more information, visit the show notes at https://workpantsfinance.com/9

Today's show includes three conversations with Anne, beginning with her current work as business partner with Gretchen Rubin. We discuss how Anne designed her exit from Good Eggs to focus on family and board service, and we hear from pre-pandemic Anne about her post-MBA career and work at Good Eggs. These interviews were recorded in February 2021, July 2020, and January 2020. You can read more at https://www.workpantsfinance.com/8

A key theme in last week's interview with Blair Sheppard was that to achieve sustainable and successful change, each of us must lead, follow, and serve locally in a way that, if carried through or expanded, benefits the world. This idea reminded me of Steven Covey's circle of influence and circle of concern concept. The first half of the show focuses on Blair Sheppard's arguments in favor of Local First. The second half of the show looks at Covey's Circle of Influence, and then we tie both ideas back to financial planning, broadly construed. You can read more at https://www.workpantsfinance.com/7

We put motives of folks providing financial information under the microscope, help you position your wealth for inflation or deflation, and discuss leveraging disruption to harness the force of habit to help you achieve your goals. For more information, visit the show notes at https://www.workpantsfinance.com/6

Blair Sheppard, Global Head of Strategy and Leadership for PWC, shares his views of looming global crises driven by wealth disparity, technological disruption, polarization of people, and declining trust in society's institutions, with demography (and COVID-19) accelerating these trends. We wrap up our discussion with a conversation about the MBA degree and the process of constant re-skilling and re-tooling that is imperative for global – and personal – flourishing. For more information, visit the show notes at https://www.workpantsfinance.com/5

Informational Interviewing is your best tool if you're in a transition or see one on the horizon. Today's show covers what an informational interview is and how to conduct an excellent informational interview that leaves everyone smiling. You can read more at https://www.workpantsfinance.com/4

Have you dreamed of doing your own thing, going out on your own? Have you looked at your career and considered what it would take to hit the reset button and do something very different? If so, today's show is for you. We talk through a fictional case study to illustrate how to make your side hustle your full-time gig. Michael is a consulting engineer earning $175,000 and Amanda is a private school teacher. They've got three school-age kids and we use a sample budget to illustrate the impact of self-employment taxes, the huge benefits of the other spouse working during a big career pivot, and how much revenue it takes to replace a $175,000 salary. You can read more at https://www.workpantsfinance.com/3

Mary Beck brings world-class tips to structure your life so that your work doesn't feel like work, to create simplicity in the midst of complexity, and to build a career based on treating others the way you want to be treated. For more information, visit the show notes at https://www.workpantsfinance.com/2

Success, even when it happens, usually doesn't happen as quickly as you wish. That's the key message as I interview John Troy, founder and CEO of Workmonger.com, a business that matches employers and job seekers in the education industry. John speaks from the heart about creating the business you want, and what you may need to give up to launch a successful new venture. Key takeaways include: Even when it works out, entrepreneurship takes longer than you wish or expect. Have a big pile of money to tide you over ‘til the revenue shows up. Know your niche – clarity on who you serve is key for every business Entrepreneurship will require an investment of your time, your money, and your emotional energy. No one else can do it for you. Pivot fast, both at the margins and at the core of your business. If it's not working, try something else. Leverage mentors, both those who know you well and can speak to you as an individual, and those who have a deeper experience in the industry you serve and can speak to you as a businessperson. Learn more about John and his work at https://workmonger.com. You can also check out available jobs at https://trulyhired.com For more information, visit the show notes at https://www.workpantsfinance.com/1

Welcome to Work Pants Finance with Matt Miner, MBA, CFP®. It's the show for MBAs, Entrepreneurs, and other professionals who want their financial plan to work as hard as they do. We're here to separate the wheat from the chaff, the signal from the noise and to serve up the wisdom of experience. Work Pants Finance uses stories to tackle all the important topics – people and money, death and taxes, investments and insurance, career and entrepreneurship, education and debt and much, much more. Thanks for listening! To connect with me or find more information, go to https://www.workpantsfinance.com/0   yyI1SbcPoD8ZCzQD1p4J