Podcasts about toujours planning

Today’s guests are Dustin Granger and Danielle Granger Nava, the brother-sister duo behind Toujours Planning. Toujours is a full service wealth management firm that caters to professionals and pre-retirees across the US. They join Charlie today to talk about what it’s like to work with a sibling, and how they have been able to foster a great working relationship.  Key Takeaways:[2:40] - When it comes to working with siblings or family, there are generally two camps: 1. Yeah, I could do that, and 2. Absolutely not. Dustin and Danielle’s father was in the financial planning business, and Dustin started working for him first before he recruited his sister to join him. [6:40] - Danielle talks about her resistance to joining her brother, not because of hesitance about working with her brother, but because of fear about making her way in an industry mostly dominated by males. Dustin also experienced some imposter syndrome as a young professional in the industry.[11:25] - The family dynamics are something that had to shift when Dustin took over and Danielle later came on board. Being able to work with his father was a wonderful learning experience, and now Dustin is like a mentor to Danielle. In a similar way, Danielle helps to calm Dustin down, so their dynamic is kind of a hybrid between siblings and best friends. Open communication has been key![17:38] - One of the biggest challenges of working together has been adjusting to their respective managerial roles, and syncing up their communication styles. Whenever there is tension, they resolve it quickly through a conversation. [22:00] - They’ve grown together as they have worked together to figure out their roles in a small business, especially the org chart and defining that, not only for Dustin and Danielle, but also for their team. [29:10] - Setting boundaries between work and family has been an important part of growth since they started working together as well. It’s important for any working partnership (friend-friend, partner-partner) to know when you should talk about work versus separating those elements and relationships. [33:45] - As Dustin hopes to pivot, he is having to let go of some of his managerial style. Danielle is trying to take the best elements of both of their styles as the primary responsibility shifts to her, while they are still both being true to themselves. [36:45] - One of the hardest things about working with a sibling for Danielle is being worried about a huge rift or something coming in between their sibling relationship or working relationship. For Dustin, one of the hardest things is feeling protective of Danielle from a business standpoint, but also giving her the space to grow.[44:30] - Danielle’s advice for anyone who may be interested in going into the family business is to avoid going into business with a family member who you frequently find yourself in conflict with. For Dustin, having a sense of humor is important to keep things light. Using face-to-face communication to talk and work things out is also incredibly important. [49:10] - Danielle’s challenge for any women listening is to go for those big opportunities that are out there. You can do it! Don’t play the comparison game or let fear overtake what you really want for your career. Dustin’s challenge/invitation is to not be afraid to form your business to what fits your personality, especially as relationships evolve. Mentioned in This Episode:Productive FlourishingStart Finishing, by Charlie GilkeyToujours PlanningThe Ensemble Practice, by Philip Palaveev

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!

The coronavirus pandemic, as well as recent protests against racial injustice, have highlighted a few underlying problems in our society that have been unknown by many and ignored by most. One of them is the income equality in America: the staggering wealth that a very small percentage of the population owns. As you’ve probably heard, about 1% of the population owns 44% of the wealth in the world. It’s staggering. That’s why the idea of a wealth tax has been kicked around lately, especially as we draw nearer to the 2020 election. Senator Elizabeth Warren and Senator Bernie Sanders both proposed a wealth tax during their campaigns, and billionaires like Warren Buffet have even spoken in favor of a wealth tax.  But what is a wealth tax, and how does it work? Listen to our latest Wealth by Design episode to find out.  Bonus: we have Joseph Darbonne from the Toujours Planning team as a co-host! WHAT YOU’LL LEARN [00:52] Meet Dustin’s co-host, Joseph  [03:56] What is a wealth tax?  [06:15] Why the idea of wealth tax is becoming popular  [09:55] Is our current tax system fair?  [13:38] Negative net worth  [15:20] The ultra-wealthy who called for raised taxes  [18:06] Downsides of a wealth tax society  [20:18] The difference between “regressive” and “progressive” taxes [24:43] Arguments against wealth tax  What is a wealth tax and how does it work? Let’s get this out of the way first: wealth tax is not the same as your income tax. Income tax taxes the money you rake in over a period of time. Through our progressive income tax system here in the United States, people with higher taxable incomes pay higher income tax rates. There are seven federal income tax brackets, where the lowest tax rate is 10% and the highest is 37%.  Net worth is, as Dustin put it, basically everything you own, minus everything you owe. (Need to know what yours is? We have a calculator for that) A wealth tax would tax your net worth. For example, if you have $400,000 of assets and $250,000 of debt, your net worth would be $150,000. A 2% wealth tax would be $3,000.  As Joseph mentioned, wealth taxes are not brand new ideas.  “There are wealth taxes in place already that you’re not even aware you pay,” said Joseph. “If you’re a homeowner, your property tax is a wealth tax.” There are also inheritance taxes, estate taxes, and gift taxes as other examples. The argument for a wealth tax Why would we want to institute a wealth tax in this country? Well, we talk about the net worth of Amazon CEO and founder Jeff Bezos in this episode, and we guesstimated it was around $77 billion at the time of recording in mid-July. We were wrong: he has an estimated $178 billion, and is the currently richest person alive. Compare how much wealth he has to the average American, and it’s mind-boggling. As Joseph explained, we now have about 2,100 billionaires in this country… and minimum wage is still under eight bucks in their state of Louisiana. A wealth tax would move to balance out the wealth inequality we experience in our society today. It would also make tax percentages equal for all: “If you’re worth ten dollars or ten billion dollars, you’re gonna have the same tax rate, but based on your net worth,” explained Dustin. We point out in the episode that many people in the top 1% are lucky enough to inherit wealth. There are self-made billionaires who busted their butts, yes, but some of the ultra-wealthy didn’t lift a finger to make their millions and billions. Wealth is much more unequally distributed than income. If we continue to allow income inequality, the ultra-wealthy who inherited their wealth will keep dominating the economy. The cons of having a wealth tax Having a wealth tax sounds like an easy fix to income equality, but the mechanics of having it? Not so much. What would be considered a taxable asset? Are there liabilities that wouldn’t be taxed? How do you even calculate the value of an asset, like your house or business? It gets tricky. And there may be cons against those who aren’t wealthy, too. One of the biggest arguments against the wealth tax, Dustin explained, is that it doesn’t incentivize saving, investing, or building businesses. If we tax the richest people, they might not want to do anything to build their net worth. That may be so, but we also discussed how human nature plays into everything. We want to feel like we have value, and that we matter. Would we really settle for having a negative net worth? Or would people want to keep building their savings and growing their wealth?   This was a really fun topic to discuss in our latest episode, and we hope y’all learned about wealth tax by listening. We also hope you enjoyed meeting our new co-host!  This material is for general information only and is not intended to provide specific advice or recommendations for any individual. RESOURCES & PEOPLE MENTIONED   Learn more about our co-host, Joseph! More on net worth in Episode 102 A short guide to Capital in the 21st Century Jeff Bezos’ net worth (which is already higher than the amount we mentioned at the time of recording) The “Millionaires for Humanity” letter calling for raised taxes 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?

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?

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 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 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?

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   Are we a good fit for your financial planning needs? Let’s find out. CONNECT WITH DANIELLE AND DUSTIN Ask Your Questions On Facebook On Twitter

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 On Facebook On Twitter

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

**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? 1. 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. 2. 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). 3. 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.) 4. 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

**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?

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

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?  

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.   —- 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) CONNECT WITH DANIELLE AND DUSTIN Ask Your Questions On Facebook On Twitter

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?

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

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?

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? 1. 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. 2. 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). 3. 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.) 4. 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 Connect with Dustin on Twitter: @DRGranger

CEO of Toujours Planning and co-host of the Worth It! Podcast, Dustin Granger, joins the show to sip Maker’s Mark bourbon and discuss The Magic of Thinking Big by David Schwartz. Topics include: Thinking big, finding meaning, confidence, goal setting, risk taking, social relationships, dealing with setbacks, and more. http://www.theworthitpodcast.com Twitter: @DRGranger https://twitter.com/drgranger Show Notes: 00:00:00 - Introducing Dustin Granger, his business (Toujours Management), and his podcast (Worth It!) 00:03:27 - The Magic of Thinking Big by David Schwartz (Attempt #1) https://www.amazon.com/Magic-Thinking-Big-David-Schwartz/dp/0671646788/ref=sr_1_1?ie=UTF8&qid=1528501689&sr=8-1&keywords=magic+of+thinking+big 00:06:53 - Maker’s Mark and other favorite alcohols 00:14:30 - The Magic of Thinking Big by David Schwartz (Attempt #2) 00:23:25 - Momento mori: Designing your life from your own deathbed https://en.wikipedia.org/wiki/Memento_mori 00:31:00 - Relationships 00:33:19 - True goals vs fuel goals (John really thinks this part is critical) 00:37:00 - Confidence 00:50:05 - Risk taking, poker, investing 00:55:00 - How John failed out of his major, but was saved by Warren Buffett, and spun off Buffett-like habits into this podcast. The book that changed the course of John’s life: https://www.amazon.com/Five-Rules-Successful-Stock-Investing/dp/1501261894 01:08:37 - Risk taking again https://www.johnleven.com/blog/moonshot 01:11:42 - The Power of No 01:21:25 - Social relationships and Dustin’s Junto https://en.wikipedia.org/wiki/Junto_(club) 01:33:26 - Setbacks, resilience 01:42:00 - John’s reading process Find more cool stuff at johnleven.com and booksandboozepodcast.com Thanks for listening and supporting us!