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Worth It

Danielle G. Nava, CFP® and Dustin R. Granger, CFP®

Welcome to Worth It, a guide to help help successful millennial purpose-driven professionals + creative entrepreneurs dream, plan and live your ideal life through financial planning (or Life Planning, as we like to call it).

  • 4 minutes 21 seconds
    MINISODE: Hurricane Hiatus - An Update on the Wealth by Design Podcast

    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: CONNECT WITH DANIELLE AND DUSTIN

    See you in 2021!

    12 October 2020, 5:13 pm
  • 5 minutes 14 seconds
    MINISODE: Do You Need a Financial Advisor or a Certified Financial Planner™?

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

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

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

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

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

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

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

    RESOURCES & PEOPLE MENTIONED CONNECT WITH DANIELLE AND DUSTIN
    22 September 2020, 10:30 am
  • 5 minutes 20 seconds
    MINISODE: Are You Falling into This Stock Market Trap?

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

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

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

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

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

    RESOURCES & PEOPLE MENTIONED

     

     

    CONNECT WITH DANIELLE AND DUSTIN
    8 September 2020, 11:30 am
  • 4 minutes 46 seconds
    MINISODE: Should You Have a Joint Account with Your Partner?

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

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

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

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

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

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

    RESOURCES & PEOPLE MENTIONED

     

     

    CONNECT WITH DANIELLE AND DUSTIN
    25 August 2020, 11:37 am
  • 4 minutes 57 seconds
    MINISODE: When Stock Markets Dip and Bounce Back

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

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

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

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

    RESOURCES & PEOPLE MENTIONED

     

     

    CONNECT WITH DANIELLE AND DUSTIN

     

    11 August 2020, 11:00 am
  • 36 minutes 6 seconds
    112: Growing a Business & Wealth with Katell and Jon of Reverielane

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

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

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

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

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

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

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

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

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

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

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

    Living life on their own terms

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

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

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

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

    Building wealth to give back

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

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

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

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

     

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

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

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

    RESOURCES & PEOPLE MENTIONED

     

     

    CONNECT WITH DANIELLE AND DUSTIN
    4 August 2020, 11:30 am
  • 26 minutes 14 seconds
    [Summer Remix] 102: Net Worth is King

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

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

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

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

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

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

    The Problem with Focusing on Debt

    Let’s be real: our society’s obsessed with debt. 

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

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

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

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

    How to Work Towards a Positive Net Worth

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

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

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

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

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

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

    Face Your Fears and Move Forward

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

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

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

    RESOURCES & PEOPLE MENTIONED
    3 August 2020, 4:27 pm
  • 50 minutes 56 seconds
    [Summer Remix] 101: Robo-advisors: Your New Best Friend or Your Worst Enemy?

    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
    21 July 2020, 10:30 am
  • 36 minutes 7 seconds
    [Summer Remix] 100: High Yield Savings vs. Stocks: Who Wins?

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

    Fear! Panic! Crash! 

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

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

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

     

    WHAT YOU’LL LEARN

    • First, Danielle and Dustin get personal

    • Why people are talking about high yield savings

    • Comparing $10k in high yield savings vs. $10k in stocks 

    • The return on high yield savings

    • How the inflation rate affects your savings

    • The return on stocks

    • Which conditions affect your return

    • How high yield savings are best used

    • Why “high yield” is a misleading marketing term

    • How fear can hold you back from investing

    • Where misconceptions about the stock market come from

    • How to use fears to your advantage

    • What to remember when you hear a stock market horror story

    • The secret to investing

    • The three things to remember when investing

    Comparing investments in high yield savings and stocks

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

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

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

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

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

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

    Three steps to investing 

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

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

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

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

    Know when to hold ‘em… and when to invest ‘em

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

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

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

    RESOURCES & PEOPLE MENTIONED CONNECT WITH DANIELLE AND DUSTIN
    14 July 2020, 10:30 am
  • 21 minutes 47 seconds
    [Summer Remix] 98: Leaving Behind the “Punch Clock” Mindset

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

    WHAT YOU’LL LEARN

      • Why the punch clock is the enemy  

      • The irony of making your own hours as a business owner 

      • Living in the age of distraction 

      • Why so many professionals start their own business

      • How financial planning can help you defeat the punch clock

      • The hustle and grind of being a business owner

      • What “revivement” is

      • How your passions can guide your work

      • The important business strategy people aren’t talking about

      • How to start building a safety net for yourself

      • The importance of having a financial life plan

      • What a “BULB” is — in case you haven’t been following us for long

      • How to reach BULB status

    THE “CLOCK IN, CLOCK OUT” MINDSET

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

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

    YOUR TIME IS PRECIOUS, SO MAKE THE MOST OF IT

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

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

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

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

    ENVISION YOUR LIFE IF MONEY WASN’T AN ISSUE

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

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

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

    CREATE A FINANCIAL LIFE PLAN

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

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

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

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

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

    DREAM OF A LIFE AFTER THE PUNCH CLOCK...

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

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

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

    RESOURCES & PEOPLE MENTIONED
    7 July 2020, 11:00 am
  • 19 minutes 2 seconds
    111: What’s Most Important to You?

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

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

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

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

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

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

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

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

    Start envisioning your ideal life

    There are three scenarios we want you to imagine when you start using our Vision Worksheet. 

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

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

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

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

    Live Intentionally

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

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

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

    RESOURCES & PEOPLE MENTIONED

     

    CONNECT WITH DANIELLE AND DUSTIN
    30 June 2020, 11:30 am
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