Episode 60: Personal Finance Is More Personal Than It Is Finance

Welcome back to What Works Wednesday! Today, I’m sharing why personal finance is more personal than just numbers. In my work with LLCs and other closely held businesses, I focus on how life’s transitions—like moving homes, starting a family, or managing aging parents—impact financial decisions. These personal moments shape our financial strategies and the freedom entrepreneurship offers. Let’s dive into how connecting with these personal aspects can enhance our financial planning.

Transcript:

Hey everyone, welcome back to What Works Wednesday. Today I want to talk about a little known fact that is really close to my heart, really empowers me and fuels me for what I do in my work. And if you've been around this podcast or you've been around me personally, you know that I say personal finance is more personal than it is finance. So I work in personal finance. kind of work in that specific area where

closely held businesses like LLC owners, S -corps, partnerships, how they kind of use their business, optimize it to then fuel their personal life, which ultimately is, believe, why we do these businesses is because we want the freedom of entrepreneurship, the upward income potential of entrepreneurship, and we want to use this business to ultimately fuel this life that we want. And so when I sit down with people, I come in with this filter that I deeply believe that says personal finance,

is more personal than it is finance. And so we really need to connect to that. So what does that mean? When I sit down and I start having conversations with potential clients or clients or anybody about their money, I rarely hear first thing about their stock portfolio or their investments or what accounts they have or how they're performing. We eventually get there. But first and foremost, I hear about, you know, their desire to move to a bigger home or their desire

you know, have more freedom of time. There are kids and the fact that they're having a kid and it's this big transition or they're getting married or they're getting divorced or, you know, the highs and lows of life. You know, my kids are doing well, we're having more kids, my parents are getting older, they're getting sick, we're becoming caretakers, you know. All these areas of life that when we're faced with it then impact our finances, then create a trigger point of, okay, I need help.

Maybe it's a transition to a new job or away from an old job, transition into or out of school or a higher level of education degree like a master's or a doctorate. All of these things hit our finances and all of these things are what cause us to pause and say, okay, I have questions, I need help. Rarely it's, know, I just want my taxes to be efficient.