Shows
Becoming Work Optional#030 - Overrated Financial Planning TopicsIn this episode of Becoming Work Optional, Matt and Rachael focus on overrated financial planning topics, emphasizing the importance of distinguishing between effective strategies and those driven by marketing hype. Key discussions included the limitations of direct indexing, the misconceptions surrounding dividend investing, and the realities of real estate as a source of passive income. The speakers encouraged a more thoughtful approach to investing, prioritizing total returns and personal financial goals over popular trends.Key Points Discussed:Many financial planning topics are overrated and distract from important strategies.Work optional status emphasizes meaningful projects...
2025-02-2649 min
Becoming Work Optional#029 - Everything you Need to Know About Electing S-CorpIn this episode of Becoming Work Optional, Matt and Rachael focus on the benefits and considerations of electing S-Corp status for business owners, particularly regarding self-employment tax savings. Key points included the importance of determining a reasonable salary, the implications of QBI deductions, and the necessity of maintaining clean financial records. They emphasize consulting with professionals to navigate the complexities of S-Corp elections and ensure compliance with tax laws.Key Points Discussed:S-Corp election can significantly reduce self-employment tax for profitable business owners.S-Corp is a tax status, not an entity type; requires LLC...
2025-02-1236 min
Becoming Work Optional#028 - Building a Lifestyle Business in 30hrs/WeekIn this episode of Becoming Work Optional, Matt and Rachael interview Matt Chiappetta, a CPA turned solopreneur, shares insights on his journey to achieving work optional status while emphasizing the importance of flexibility and lifestyle goals over revenue targets. He discussed the mental hurdles he faced before starting his business and the value of hiring a coach to navigate early challenges. The conversation highlighted the significance of taking action, maintaining a balanced approach to work and life, and the evolving definition of wealth and success.Key Points Discussed:Importance of flexibility in solopreneurship and...
2025-01-2958 min
Becoming Work Optional#027 - Aleksandr Volodarsky and his journey from Soviet Union to EntrepreneurshipIn this episode of Becoming Work Optional, Matt and Rachael interview Aleksandr Volodarsky, CEO of Lemon.io. They discuss his journey growing up in the Soviet Union to building a successful tech company. The conversation highlights the importance of focusing on profitability, inspired by the book "Profit First," and how this approach has stabilized his business. Additionally, Volodarsky shares insights on entrepreneurship, personal finance, and the challenges of building in public.Key Points Discussed:Work optional status and pursuing passion projects over traditional retirement.CEO of Lemon.io, building a profitable company.Prioritizing profit...
2025-01-151h 02
Becoming Work Optional#026 - 2025 Tax Planning For Your BusinessIn this episode of Becoming Work Optional, Matt and Rachael focus on proactive tax planning strategies for business owners to optimize their financial outcomes in 2025. Key topics include the importance of making estimated quarterly tax payments, maintaining organized financial records, and exploring retirement account options like solo 401(k)s and S-Corp elections to reduce self-employment taxes. They emphasize the need for professional guidance to navigate complex tax regulations and maximize deductions while ensuring compliance.Key Points Discussed:Importance of proactive tax planning for business owners to avoid year-end catch-up.Start the year with revenue...
2025-01-0144 min
Becoming Work Optional#025 - How to Start a Business Without Destroying Your Financial Goals with Justin PetersIn this episode of Becoming Work Optional, Matt and Rachael interview Justin Peters where they discuss the concept of achieving work optional status, focusing on the balance between financial independence and pursuing meaningful work. Justin shares his journey of side hustles, entrepreneurship, and the importance of consistency and risk-taking in personal and professional growth. Matt, Rachael and Justin emphasize the value of experimentation in one's 20s and the significance of creating white space for reflection and problem-solving in entrepreneurship. Key Points Discussed:The importance of using your 20s for exploration, experimentation, and spontaneity rather...
2024-12-111h 08
Becoming Work Optional#024 - "Retirement" After a Life of Serial Entrepreneurship In this episode of Becoming Work Optional, Matt and Rachael interview Carl Landau, an entrepreneur who has built and sold multiple businesses and now embraces a lifestyle of "unretirement" through podcasting and travel. Carl shares insights on the importance of pursuing passions beyond traditional retirement, emphasizing that many people struggle with identity and purpose after leaving their careers. The discussion highlights the value of planning for retirement and the role of financial advisors in helping individuals transition to a fulfilling post-work life.Key Points Discussed:They emphasize the concept of achieving a work optional...
2024-11-271h 00
Becoming Work Optional#023 - Tax Hacks from $250MM Founder Ankur Nagpal: Do These 6 Moves Before Year-EndIn this episode of Becoming Work Optional, Matt and Rachael interview Ankur Nagpal, a successful entrepreneur who shares insights on achieving work-optional status and the importance of tax savings for business owners. Ankur discusses his journey to financial success, the significance of a healthy relationship with money, and various tax strategies, including the benefits of a Solo 401k and charitable giving. The conversation emphasizes the value of proactive tax planning and the mindset shift from scarcity to abundance for entrepreneurs.Key Points Discussed: Ankur achieved significant financial success early, selling his company Teachable for...
2024-11-131h 02
Becoming Work Optional#022 - Being Poor Sucks: How to Change the Money Beliefs Holding You Back with Dr. Brad Klontz and Adrian BrambilaIn this episode of Becoming Work Optional, Matt and Rachael interview Dr. Brad Klontz and Adrian Brambila, discussing their new book "Start Thinking Rich," which explores 21 harsh truths about money. They cover their personal financial journeys from humble beginnings to achieving financial freedom, emphasizing the importance of mindset and strategic spending. They also discussed the concept of retirement, advocating for a life of purpose and financial freedom rather than traditional retirement.Key Points Discussed:"Start Thinking Rich" by Dr. Brad Klontz and Adrian Brambila covers 21 harsh truths about money, aiming to shake up traditional...
2024-10-301h 11
Becoming Work Optional#021 - Liz Giorgi on Building a Business That Gave Her Financial Freedom in Her 30’sIn this episode of Becoming Work Optional, Matt and Rachael interview Liz Giorgi, Emmy Award winner and CEO of Soona, discussing her entrepreneurial journey, emphasizing the importance of financial planning, resilience, and storytelling in business. She shared insights from her experiences with her first company, Mighteor, and the creation of Soona, highlighting the impact of providing affordable, professional content for brands. Liz also stressed the significance of setting personal finance goals and the value of celebrating successes along the way.Key Points Discussed:Entrepreneurship is difficult but can lead to significant financial freedom and...
2024-10-161h 08
Becoming Work Optional#020 - What To Do With A Bonus or WindfallIn this episode of Becoming Work Optional, Matt and Rachael discuss what to do when receiving a large bonus or windfall. They emphasize the importance of tax planning and working with a team of professionals, including a CPA and estate attorney. They also highlight the need to consider personal values and goals when deciding how to allocate the funds, and to take time to celebrate and reflect on the purpose going forward.Key Points Discussed:When receiving a large bonus or windfall, it is important to plan ahead for taxes and allocate a portion...
2024-10-0227 min
Becoming Work Optional#019 - The Reality of Dividend InvestingIn this episode of Becoming Work Optional, Matt and Rachael delve into the nuances of dividend investing, discussing both its advantages and tax implications. They break down the concept of dividends, including the distinction between qualified and non-qualified dividends, and explore how stock holding periods influence taxes. The conversation also covers the relationship between dividends and share prices, the limitations of focusing solely on dividends, and the importance of a diversified investment strategy. Matt and Rachael also weigh the merits of dividend investing against capital appreciation and highlight common misconceptions and risks associated with dividend investing.
2024-09-1824 min
Becoming Work Optional#018 - From Bankruptcy to Billionaire: How Ron Carson Overcame a Financial Scarcity MindsetIn this episode, Rachael interviews Ron "Omani" Carson where he shares his journey from a challenging childhood in Nebraska to becoming a successful financial advisor and business owner, emphasizing the importance of persistence and the shift from a scarcity to an abundance mindset. He discussed the transformative impact of therapy and psychedelic experiences on his personal and professional life. Omani also highlighted his commitment to philanthropy and conscious leadership, including his new venture, Omya, aimed at promoting holistic well-being and social justice.Key Points Discussed:Mr. Carson grew up in Nebraska, where his family...
2024-09-0459 min
Becoming Work Optional#017 - The Shift to Impact WorkIn this episode, Rachael and Matt discuss the mindset shift required when transitioning to a fully work optional status. They emphasize the importance of shifting focus from money to impact work and finding fulfillment in creating and contributing to the world. They also encourage listeners to challenge traditional work constructs and create a schedule that aligns with their natural rhythms and passions.Key Points Discussed:The shift to becoming work optional involves shifting your mindset away from working for money and towards impact work.It can be difficult to make this shift...
2024-08-2131 min
Becoming Work Optional#016 - Making the Most of Employee Stock OptionsEpisode Summary:In this episode of the 'Becoming Work Optional' podcast, Matt and Rachael delve into the intricacies of employee stock options, exploring both their benefits and complexities. They provide a comprehensive overview of how stock options work, including the critical differences between non-qualified and incentive stock options, the importance of vesting, and the role of stock performance. The episode wraps up with insights into cost basis, tax consequences, and the importance of diversification in managing company stock.Key Points Discussed:Overview of Stock Options: Matt and Rachael explain stock options as...
2024-08-0735 min
Becoming Work Optional#015 - Generational WealthIn this episode, Matt and Rachael discuss the concept of generational wealth and the goals that clients have for helping their children financially. They explore different tools and strategies, such as 529 accounts, UPMA accounts, brokerage accounts, and custodial Roth accounts, that can be used to pass on wealth to the next generation. They also touch on the importance of educating children about money and the potential downsides of generational wealth, such as lack of motivation and the need for careful estate planning.Key Points Discussed:Many clients have the goal of generational...
2024-07-2426 min
Becoming Work Optional#014 - What You Should Expect From a Financial AdvisorIn this episode, Rachael and Matt discuss the important steps and expectations to consider when choosing a financial advisor. Whether you’re looking for comprehensive financial planning or need help with a specific issue, understanding what to look for can help you make an informed decision. We cover key topics such as assessing rapport, the importance of transparency, and ensuring proactive communication from your advisor.Key Points Discussed:Know what you’re looking forStep back and consider if you’re really looking for someone to manage your complete financial situation or if you’re only loo...
2024-07-1041 min
Becoming Work Optional#013 - Traditional vs. RothIn this episode Rachael and Matt discuss the traditional versus Roth debate when it comes to retirement contributions. They emphasized the importance of considering individual variables such as tax brackets, income changes, spending habits, and future tax implications. They also highlighted the value of timing strategies and Roth conversions in optimizing tax savings.Key Points Discussed:Traditional IRAs provide a tax deduction in the current year, grow tax-deferred, and are taxed upon withdrawal in retirement.Roth IRAs require you to pay taxes in the current year, but offer tax-free growth and tax-free...
2024-06-2635 min
Becoming Work Optional#012 - Avoid the Most Common Financial MistakesIn this episode, Rachael and Matt tackle common financial mistakes and delve into the complexities of insurance coverage, investment strategies, and tax planning. From the misallocation of savings to the risks of speculative investments, they offer valuable insights into optimizing financial decisions and avoiding pitfalls.Key Points Discussed:Misallocation of savings and poor risk management stemming from undefined financial goals.Importance of adequate insurance coverage, particularly for disability insurance.Risks of market timing and speculative investments, emphasizing the need for a balanced portfolio.Importance of well-planned investment strategies and proactive tax planning.Significance of...
2024-06-1237 min
Becoming Work Optional#011 - Sacrifices required for a Work Optional lifeEpisode Summary: In this episode of "Becoming Work Optional," hosts Rachael and Matt discussed the concept of becoming work optional, emphasizing the importance of giving up status games, living below one's means, and avoiding bad debt. They also highlighted the benefits of this lifestyle, such as increased happiness and flexibility, and the need for proper financial planning and investment strategies. Lastly, they stressed the balance between enjoying the present and planning for the future, and planned for future discussions on topics such as traditional versus Roth investing. Key Points Discussed: Work Optional...
2024-05-2932 min
Becoming Work Optional#010 - The Foundations of InvestingEpisode Summary: In this episode of "Becoming Work Optional," hosts Matt and Rachael explore the basics of investing and address common misconceptions. They debunk the myth that successful investing requires access to exclusive investment options and emphasize the importance of making educated decisions. The discussion covers asset allocation, the debate between active and passive investing, and the impact of tax efficiency and expense ratios on investment returns.Key Points Discussed:Simplicity in Investing:Matt and Rachael emphasize that investing success doesn't hinge on complexity or access to exclusive options. They argue that basic understanding and education...
2024-05-1535 min
Becoming Work Optional#009 - Self-Employed Retirement AccountsEpisode Summary: In this episode of Becoming Work Optional, Matt and Rachael discuss self-employed retirement accounts and the different options available for small business owners and solopreneurs. They break down the stages of entrepreneurship and recommend retirement plans based on factors such as savings capacity, number of employees, and anticipated business growth. The hosts emphasize the importance of consulting with professionals and conducting thorough due diligence before implementing any retirement plan. Key Points Discussed: Self-employed retirement accounts have significant benefits Tax savingsTax-efficient growthSaving for retirement It is important...
2024-05-0127 min
Becoming Work Optional#008 - The Anxiety of EntrepreneurshipEpisode Summary:In this episode of Becoming Work Optional, Matt and Rachael discuss the mental challenges of entrepreneurship and how to navigate them. They emphasize the importance of understanding the realities of starting a business, including the high failure rates and the need for a strong support system. They also highlight the need to acquire new skills and be adaptable in order to succeed in entrepreneurship.Key Points Discussed:Entrepreneurship is a challenging journeyRequires mental resilience and perseveranceThe goal of becoming work optional is often a driving force...
2024-04-1745 min
Becoming Work Optional#007 - Six Types of Insurance High Earners NeedEpisode Summary:Rachael and Matt discuss the importance of insurance in protecting your income and wealth. They cover six types of insurance that individuals should consider, including life insurance, disability insurance, homeowners insurance, auto insurance, health insurance, and umbrella coverage. They emphasize the need for adequate coverage and highlight key considerations for each type of insurance.Key Points Discussed:Importance of insurance in protecting income and wealthCommon misconception of being underinsuredTypes of insurance to considerLife insuranceDisability insuranceHomeowners insuranceAuto insuranceHealth insuranceUmbrella coverageConsiderations for life insuranceTerm vs. permanentCoverage amountEstate tax...
2024-04-0341 min
Becoming Work Optional#006 - Restricted Stock Units 101: A Guide to Tax PlanningEpisode Summary:Rachael and Matt dive into everything you need to know about your Restricted Stock Units (RSUs). They explore strategies for maximizing the benefits of this form of equity compensation, navigating taxes, and being mindful of concentration risk.Key Points Discussed:RSUs ExplainedWe walk through the two criteria for vestingHow vesting worksThe dates you need to be aware ofDouble trigger RSUsTaxes and RSUsHow RSUs are taxedHow to do tax planning for RSUsCommon mistakesTax planningHolding onto the stockConcentration riskConnect with Us:RachaelX/Twitter...
2024-03-2035 min
Becoming Work Optional#005 - Navigating Delayed GratificationDuration: 35:02Episode Summary: Join Rachael and Matt in a thought-provoking discussion on the concept of delayed gratification and its impact on financial planning and personal happiness. This episode delves into the balance between saving for the future and enjoying the present, the challenges of job dissatisfaction, the journey of entrepreneurship, and the importance of work-life balance. Whether you're contemplating a career change, starting a business, or striving for financial security, this conversation offers valuable insights into making informed decisions that align with your long-term goals and immediate well-being.Key Points Discussed:The...
2024-03-0635 min
Becoming Work Optional#004 - Understanding your Cash FlowEpisode Summary: In this insightful episode of the "Work Optional" podcast, Rachael and Matt dive deep into the crucial role of understanding your cash flow to achieve a work-optional lifestyle. They discuss the basics of cash flow, common misconceptions with budgeting, how to track expenses, and the reverse budgeting strategy. Key Points Discussed:Cash flow basics:The importance of using a percentage of income today to save for future goals Budgeting misconceptions:Budgeting is the process of understanding where your money is going It does not have to be restrictive.Tracking expenses:Look at things on...
2024-02-2121 min
Becoming Work Optional#003 - The Power of Tax Diversity Duration: 20:55Episode Summary: In this insightful episode of the "Work Optional" podcast, Rachael and Matt dive deep into the crucial role of tax diversity in achieving a work-optional lifestyle. They explore strategies for maximizing retirement savings, the benefits and limitations of different retirement accounts, and the importance of tax planning for future financial freedom. Join us as we unravel the complexities of tax-deferred, tax-free, and taxable accounts to help you navigate your path to work optionality.Key Points Discussed:Understanding Tax Diversity:The importance of having a mix of tax-deferred, tax-free, and taxable accounts...
2024-02-0720 min
Becoming Work Optional#002 - How to Create Work Optional Goals#002 "How to Create Work Optional Goals"Hosts: Rachael Camp and Matt GarasicDuration: 31:30Episode Summary:Key points discussed:1. Get IntentionalAsk yourself questions:What does an ideal day look like to you?What experiences do you want to have?What do you want to splurge on without guilt?2. Break goals up into short, medium, and long-term goals3. Reverse engineer goals to the present year4: How to stay on trackCreate regular...
2024-01-2431 min
Becoming Work Optional#001 - Launching The Work Optional Podcast#001 - "Launching the Work Optional Podcast" Show NotesTitle: Launching the "Work Optional Podcast"Hosts: Rachael Camp and Matt GarasicDuration: 41:20Episode Summary:Welcome to the inaugural episode of the "Work Optional" podcast with your hosts, Rachael and Matt. This episode marks the beginning of a series dedicated to exploring personal finance strategies that empower you to achieve work optionality. Join us as we dive into what it means to be work optional and how it can transform your life.Key Points Discussed:1. Defining Work...
2023-12-1941 min