Confidence Classic: Open Doors to MASSIVE OPPORTUNITIES and Radically Change Your Financial Future with Jason Tartick, Wall Street Journal Bestselling Author, Founder, and TV Personality
In this episode of Creating Confidence with Heather Monahan, guest Jason Tartick shares insights from his career transition, moving from banking to starring on "The Bachelorette." The conversation highlights the value of calculated risk-taking, rooted in thorough preparation and ample savings. Financial transparency within relationships is a central theme, as Tartick advocates for open discussions on income, debt, and financial goals to prevent relationship strain.
Tartick also emphasizes the importance of setting ambitious "stretch" financial targets and maintaining a positive, growth-oriented mindset. He provides practical advice on clarifying one's long-term vision through exercises like writing letters to one's future self. Throughout the episode, Tartick encourages stepping outside comfort zones to seize new opportunities and achieve aspirations.
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1-Page Summary
Career Transitions and Calculated Risks
According to Heather Monahan, Jason Tartick exemplifies strategic risk-taking by leaving his successful banking career at 29 to star in "The Bachelorette," creating a "mini empire." However, Tartick carefully saved enough to cover expenses for over a year during his transition.
Financial Transparency in Relationships
Tartick passionately advocates for open, judgment-free discussions between partners on financial matters like income, spending, debt, credit scores, retirement goals, and risk tolerance. He argues this transparency prevents relationship tension caused by poor communication around finances.
To aid these discussions, Tartick offers guidance such as his book's "Eight Essential Financial Questions For Partners" and recommends legal agreements like prenups to protect both partners.
Personal Financial Goal-Setting
Tartick urges setting ambitious "stretch" financial goals. After meeting successful entrepreneurs, he revised his goal from $10 million to $300 million in workable assets. Tartick suggests writing a letter to your future self to clarify long-term vision, a practice Monahan also found helpful.
Mindset and Personal Growth
Tartick emphasizes maintaining a positive, growth-oriented mindset focused on principles like character and doing the right thing. He encourages stepping outside comfort zones for new opportunities, like his career shift exemplifies.
To foster future thinking, Tartick recommends writing a letter to your future self to ensure actions align with long-term aspirations and goals like higher financial targets.
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Counterarguments
- While Tartick's career change was successful, not everyone may have the same outcome when taking such risks, and the entertainment industry is particularly volatile.
- Having a year's worth of expenses saved is beneficial, but it may not be feasible for everyone, and some may require more security before taking a career leap.
- Open discussions about finances are important, but some couples may struggle with this due to cultural, personal, or emotional barriers, and it may not always prevent tension.
- The recommendation of prenups can be practical, but it may also introduce distrust or discomfort in a relationship, and not all cultures or individuals agree with them.
- Setting "stretch" financial goals can be motivating, but it may also lead to unnecessary pressure and disappointment if those goals are unrealistic or unattainable for some individuals.
- Writing a letter to one's future self is a subjective exercise that may not be helpful for everyone, as some people may benefit more from other forms of planning or reflection.
- A positive, growth-oriented mindset is beneficial, but it's important to acknowledge that everyone has different ways of thinking and that a singular approach may not suit all personalities or situations.
- Stepping outside of comfort zones can lead to growth, but it's also important to recognize the value of stability and the risks associated with constant change.
Actionables
- You can create a "financial date night" with your partner to make discussing money more enjoyable and less intimidating. Set a monthly date where you both bring financial updates, goals, and concerns to the table. Make it special by cooking dinner together or having a dessert to associate these discussions with positive experiences.
- Develop a "future self" email service for yourself using a free email scheduling tool. Write emails to your future self detailing your financial goals, personal growth achievements, and character development, then schedule them to be sent 1, 5, or 10 years in the future. This acts as a time capsule and a reminder to stay on track with your aspirations.
- Start a "comfort zone challenge" where each month you commit to one new activity that pushes your boundaries. Document your experiences in a journal or blog to reflect on the personal growth that occurs. This could be anything from attending a networking event alone, starting a side hustle, or learning a new skill through online courses.
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Career Transitions and Taking Calculated Risks
Jason Tartick: From Corporate Finance to Media and Entrepreneurship
The story of Jason Tartick's career shift exemplifies deliberate risk-taking and strategic planning that led to diversified success beyond the traditional corporate landscape.
Tartick Risked Career in Banking for the Bachelorette Opportunity
Heather Monahan introduces Jason Tartick, focusing on his dramatic career transition. Tartick, holding an MBA in accounting and finance involved in significant lending transactions, defied convention. At 29, he left a successful banking career in corporate America to star in "The Bachelorette." Against the advice of his family and mentors, he chose personal fulfillment over guaranteed stability, creating a "mini empire." Initially, his employer allowed him to use vacation time to go on the show but warned of potential repercussions.
Despite the uncertainty, Tartick returned to his banking job after the show, where his newfound fame was utilized at speaking events. This dual experience provided him a unique insight into how corporate and media worlds can be bridged.
Tartick Prepared Financially For New Ventures if Bachelorette Didn't Work Out
Tartick's approach was marked by careful financial planning. He didn't immediately quit his corporate job after "The Bachelorette", instead analyzing how he was portrayed and the audience's reception. During a transition period of roughly nine months, he balanced his corporate salary and benefits with income from social media. By the time he fully committed to leaving his corporate job, he had saved enough to cover at least a year of expenses—his "burn rate," ensuring financia ...
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Career Transitions and Taking Calculated Risks
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Actionables
- You can assess your current job's flexibility by requesting a sabbatical or extended leave for personal development. This could be a way to explore new opportunities without immediately severing ties with your employer. For example, propose a three-month leave to work on a personal project or to travel, which could provide insights into your passions and potential career pivots.
- Start a side hustle that aligns with your interests and use it to build a financial safety net. This could involve anything from freelance writing to selling handmade crafts online. The key is to find something you're passionate about that can also generate income, allowing you to save for a significant career change.
- Create a personal brand by sharing your expertise or jo ...
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The Importance of Financial Transparency and Communication
Tartick's Focus on Transparent Money Talks in Relationships
Jason Tartick, with a strong passion to educate others, emphasizes the need for comfortable, judgment-free financial discussions between partners to maintain a healthy relationship. These discussions should encompass a range of topics including income, spending habits, debt levels, credit scores, retirement plans, and each other's tolerance for financial risk. By understanding your partner's financial standpoint without shaming or using that information against them, couples can build a stronger foundation based on compromise and mutual respect.
Tartick Advises Regular, Judgment-Free Financial Talks on Income, Spending, Debt, Credit Scores, Retirement Goals, and Risk Tolerance For Couples
Tartick further explains that couples should openly discuss and understand each other's financial matters such as income after taxes, monthly and annual spending, debt status, credit score, net worth, debt to income ratio, retirement plans, and risk appetite. This depth of financial insight can only be achieved through regular, open communication that avoids judgment.
Tartick: Lack of Financial Transparency Causes Relationship Tension and Conflict
A critical issue Tartick points out is that half of relationships experience discomfort when discussing finances and, of those who do discuss finances, a majority say it leads to tension. Over half of that small group reports decreased intimacy as a result of financial discussions. Moreover, money-related issues rank as the second leading reason for divorce, illuminating the stark consequences of poor financial transparency.
Heather Monahan reflects on her personal experience, noting that despite being financially successful, she opted out of a prenup influenced by her then less successful husband. This decision, which she made while downplaying the importance of financial protection, led to a loss during her divorce, highlighting the critical need for planning and transparency in financial matters ...
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The Importance of Financial Transparency and Communication
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Counterarguments
- While Tartick advocates for judgment-free discussions, some individuals may find it inherently challenging to separate their emotions from financial talks, especially if they have past financial traumas or anxieties.
- Open discussions about finances are important, but some couples may prefer to maintain a level of financial independence or privacy, which can be a valid approach if both partners agree and trust each other.
- Financial transparency is crucial, but it's also important to recognize that tension in discussions can sometimes stem from deeper relationship issues, not just the financial topic at hand.
- Money-related issues are a common reason for divorce, but it's also important to acknowledge that communication and compatibility in other areas of the relationship are equally significant.
- Legal agreements like prenups and postnups ...
Actionables
- Create a "Financial Date Night" where you and your partner set aside a regular evening dedicated to discussing and planning your finances together. This can be a relaxed setting where you both bring your financial documents, discuss goals, and make decisions over a home-cooked meal or takeout. The key is to make it a positive, recurring event that you both look forward to.
- Develop a "Money Values" card game for you and your partner to play, which involves writing down your top financial values on cards, mixing them up, and taking turns drawing and discussing them. This can help both of you understand each other's financial priorities and build a shared vision, making it easier to navigate money matters together.
- Initiate a "Financial Buddy System" with your partner, where ea ...
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Strategies for Personal and Financial Goal-Setting and Achievement
Tartick's Approach To Setting Ambitious, Aspirational Financial Goals
Jason Tartick emphasizes the importance of setting ambitious financial goals and adopting a candid approach to discussing finances, which he believes can help break down taboos that only benefit the financially dominant.
Tartick Urges Setting "Stretch" Over Conservative Financial Goals
Tartick challenges the conventional wisdom of setting conservative financial goals, advocating instead for "stretch" goals. These aspirational targets, he argues, are fundamental as they drive the actions necessary to reach them.
Tartick Triples Financial Goal to $300M After Meeting Successful Entrepreneurs
Inspired by encounters with successful entrepreneurs, Tartick revised his personal financial goals upward from $10 million in workable assets to an impressive $300 million. This bold move highlights the influence of surrounding oneself with successful individuals on one's own financial aspirations.
Tartick Suggests Writing a Letter To Your Future Self For Clarity on Long-Term Goals
To achieve clarity on long-term goals, Tartick describes his practice of writing a letter to his future self, particularly at times when he ne ...
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Strategies for Personal and Financial Goal-Setting and Achievement
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Counterarguments
- Setting overly ambitious financial goals may lead to unnecessary stress and disappointment if they are not realistic or achievable within a given timeframe.
- Conservative financial goals can help build a solid foundation and may be more suitable for individuals with a lower risk tolerance.
- Tripling a financial goal based on the success of others may not take into account personal circumstances, market conditions, or the unique paths to success that different individuals have.
- Writing a letter to one's future self is a subjective exercise that may not be effective ...
Actionables
- You can create a vision board that visually represents your ambitious financial goals to keep them top of mind. Start by gathering images, quotes, and symbols that resonate with your aspirations and arrange them on a board where you'll see it daily. For example, if you're aiming to own a home, include a picture of your dream house, or if you're saving for retirement, depict your ideal lifestyle.
- Organize a monthly "finance date" with yourself or a partner to openly discuss and review your financial progress. Use this time to assess your current financial state, adjust your strategies, and celebrate small victories towards your stretch goals. For instance, if you've paid off a portion of debt or saved a specific amount, acknowledge these milestones.
- Develop a habit of reading biographies ...
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Mindset, Future-Focused Thinking, and Personal Growth
Jason Tartick, an advocate for self-improvement and positive thinking, presents a compelling case for a mindset that is both growth-oriented and future-focused. Here's how he suggests one can continually evolve.
Tartick's Emphasis on a Positive, Forward-Looking Mindset
Tartick: Character, Class, and Doing Right Lead to Success
Tartick strongly emphasizes the significance of maintaining a positive mindset and believes that our thought processes dictate our actions, which in turn shape our lives. He articulates the critical importance of character, class, and doing the right thing as foundational to achieving success. Tartick supports the notion of staying true to oneself and the principle that leaving a positive imprint based on one’s beliefs is paramount. When facing criticism or negativity, he recommends remembering that any engagement, even negative, suggests interest, which isn’t necessarily a bad thing, particularly in the public sphere.
Tartick On Stepping Outside Comfort Zones for New Opportunities
Tartick elaborates that recognizing and following natural interests and passions can act as a compass to navigate through various avenues, leading to a potential career shift or the discovery of novel opportunities. Jason Tartick’s own transition from finance to media and entrepreneurship showcases how stepping out of one's comfort zone can significantly alter one's life trajectory and enhance personal happiness. He underlines the value of genuinely understanding oneself to pinpoint desires and then crafting a path to chase opportunities that resonate with one's core interests and principles. Living authentically, according to Tart ...
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Mindset, Future-Focused Thinking, and Personal Growth
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Counterarguments
- While maintaining a positive mindset is beneficial, it's important to acknowledge that it's not a panacea; external factors and systemic issues can significantly impact life outcomes beyond individual control.
- Character and doing the right thing are important, but success is often influenced by a complex mix of factors including privilege, access to resources, and timing, which may not always align with one's moral compass.
- The idea that engagement, even if negative, indicates interest might not always be desirable or beneficial, especially if it leads to toxic or harmful interactions.
- Following natural interests and passions is valuable, but it may not always be feasible for everyone, particularly when financial stability or other responsibilities are at stake.
- Stepping out of comfort zones is often touted as a path to growth, but it's also important to recognize the value of stability and the potential risks associated with taking leaps into the unknown.
- The concept of living authentically and ignoring others' opinions can be empowering, but social beings are influenced by their communities and relationships, which c ...
Actionables
- Create a "Positivity Pact" with a friend where you both commit to sending a daily text with one positive action you took that day. This practice encourages you to actively seek out positive behaviors and reinforces the idea that actions shape outcomes. For example, you might text, "Today I chose to walk during lunch for a positive mindset," and your friend might respond with their own action.
- Develop a "Character Challenge" where you identify a virtue each month, like kindness or integrity, and consciously incorporate it into your daily interactions. By setting reminders on your phone or keeping a journal, you track your progress and reflect on how these virtues impact your success. For instance, if you choose honesty for a month, you might challenge yourself to give truthful feedback in a constructive manner at work.
- Start a "Comfort Zone Club" with peers where each member commits to trying one new thi ...
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