In this enlightening episode of the "Uncommon Wealth Podcast," host Phillip Ramsey delves into the essential steps involved in embarking on an entrepreneurial journey. With an empathetic and strategic approach, Phillip addresses the common anxieties and questions that aspiring business owners face, sharing insights from his experiences as an advisor.

This episode serves as an invaluable guide for anyone considering a transition from a traditional job to running a business. The discussion kicks off with the importance of setting up an LLC to establish a formal business entity and moves on to understanding current job agreements and their implications for side ventures. Ramsey emphasizes the significance of risk assessment and tolerance, aligning one's entrepreneurial plans with both personal and family needs. He also touches on the critical aspect of financial planning, urging listeners to gain a thorough understanding of their monthly budget requirements to make informed business decisions.

### Key Takeaways:

*   Forming an LLC can make your business venture feel official and provide a strong foundation.

*   Understand any existing job agreements to ensure compliance when starting a side business.

*   Creating a business plan and identifying target services are crucial steps for successful entrepreneurship.

- Evaluate your risk tolerance to make confident decisions about leaving a full-time job for your business

Steps to Uncommon

Phillip Ramsey reflects on the power of relationships and gratitude in this Thanksgiving-themed episode. He shares his appreciation for clients at Uncommon Wealth Partners, the support from his family, and influential team members, like Cody Kowalski and Ben Fust. Phillip also recounts contributions from past team members and acknowledges leaders who have shaped Uncommon Wealth. He emphasizes the importance of trusting in the process and staying open to future relationships and opportunities. Join Phillip in celebrating those who have helped build and continue to drive Uncommon Wealth's success.

Thankful

Phillip Ramsey dives into the origins of his uncommon approach to financial advising. Disillusioned with the traditional, cookie-cutter models, Phillip shares how personal experiences and a desire for meaningful, personalized financial strategies led him to create Uncommon Wealth Partners. Reflecting on conversations with aspiring entrepreneurs like his cousin's son, Phillip emphasizes the importance of leveraging individual talents and passions to create wealth that truly resonates with one’s life goals. This episode explores the concept of using personal strengths as the best assets to pursue a rewarding and impactful career.

Why Uncommon

Join host Phillip Ramsey on the Uncommon Wealth Podcast as he explores the journey of finding the right financial advisor. Phillip dissects the DNA of advisors, distinguishing between those trained in insurance and investment and advocating for a planning-focused approach. He shares insights into selecting an advisor who aligns with your financial goals, whether it's insurance, investments, or a comprehensive plan. Discover how these elements impact your financial strategy and why having a clear plan is crucial for a rewarding financial future. 

Your Advisor's DNA

Explore the power of consistency in this episode of the Uncommon Wealth Podcast with host Phillip Ramsey. Delve into the importance of sticking to your core values and the art of focusing on your strengths. Phillip emphasizes the value of being consistent in your pursuits and how aligning with your true gifts can lead to extraordinary fulfillment. Learn why consistency is crucial for personal growth and building wealth, while uncovering strategies for harnessing your talents effectively. Discover how staying true to your path can enhance your impact on the world.

The Art of Being Consistent

In this engaging episode of the Uncommon Wealth Podcast, host Philip Ramsey delves into the critical role of resilience in the pursuit of an uncommon life. Philip shares his personal experiences in entrepreneurship and personal development, emphasizing the indispensable nature of resilience in navigating unforeseen challenges and setbacks. This episode is packed with valuable insights for anyone aiming to step outside conventional paths and build their unique journey.

Philip underscores resilience as a core value for entrepreneurs, business owners, and anyone embarking on a new life path. He recounts personal experiences of getting knocked down in his journey, explaining that resilience enables individuals to rise again and face challenges head-on. Highlighting

Resilience

Phillip Ramsey explores the parallels between his enchanting home and life lessons in this episode of the Uncommon Wealth Podcast. Delving into the story of Pam's tree—a memorial tree representing love, legacy, and growth—Phillip reflects on the importance of letting go and allowing others to nurture what we hold dear. This personal tale extends to business and personal life, highlighting how sometimes, relinquishing control can lead to unexpected growth and fulfillment. Join Phillip in considering what in your life might be ready to flourish if you loosen your grip.

Pam's Tree

Explore the powerful strategy of Roth conversions with host Phillip Ramsey on the Uncommon Wealth Podcast. Discover how shifting funds from traditional IRAs or 401ks into Roth IRAs can offer tax-free growth and avoid required minimum distributions (RMDs). Phillip unpacks the benefits, timing, and tax implications, providing valuable insights for strategic financial planning. Learn how this technique can enhance wealth and legacy transfer, offering listeners an uncommon approach to managing their finances. Engage with this episode to understand if a Roth conversion could be a beneficial tool for your financial future.

Roth Conversions

Phillip Ramsey delves into the theme of perseverance on the Uncommon Wealth Podcast. He shares insights on overcoming overwhelming goals by focusing on the next step, drawing inspiration from an ultra-marathon runner's journey and personal reflections from his faith. Philip also explores the idea of trading present challenges for future clarity, urging listeners to cherish the present moment. With a reflective approach, he encourages embracing personal challenges while avoiding unfruitful comparisons, offering a thought-provoking perspective for those navigating an uncommon life.

Keep Going

In this insightful episode of the Uncommon Wealth Podcast, host Phillip Ramsey demystifies the often daunting task of setting up wills and trusts. While the subject might appear uncomfortable and challenging, especially for those with young families, Ramsey provides a fresh perspective that underscores its necessity and benefits. He shares personal experiences and thoughtful observations on how securing a will can provide peace of mind, framing it not as an adulting chore, but as a responsible step toward future-proofing loved ones' welfare.

The episode delves into the intricacies of estate planning, including the significance of healthcare directives and the choice of guardianship for minors. Ramsey emphasizes how these tools are not merely legal documents but pivotal instruments for ensuring your loved ones' well-being and financial security in unforeseen circumstances. He narrates a heartening story of a client who turned the process into an event of gratitude and trust, spotlighting the importance of recognizing and including trusted individuals in these decisions. Phillip encourages listeners to embrace the discomfort of these conversations to ultimately find relief and readiness for the future.

Wills and Trusts

Don’t wait until you retire to begin to live out the life of your dreams. Make choices today that allow you to live in an uncommon way. Let the Uncommon Wealth podcast and its host Phillip Ramsey guide you to asking different questions, considering different paths and building a life that fits your unique definition of what your uncommon life might be.