Podcast Summary
Jason Tarnik discusses business challenges and expert tax help, interviews Colton Underwood, and shares book news: Jason recommends TurboTax Live Business for tax filing assistance and accuracy, calculates retirement savings based on annual spending and 25x rule
Starting and running a business comes with numerous challenges, including tax filing. Jason Tarnik shares his experience and recommends TurboTax Live Business for expert assistance and guaranteed accuracy. Additionally, he suggests calculating your retirement savings based on your annual spending and multiplying it by 25. This week on Trading Secrets, Jason interviews Colton Underwood, sharing behind-the-scenes stories and discussing business ventures. Plus, Jason talks about his book launch and upcoming events. Stay tuned for two episodes this week, with Natalie interviewing Jason about the book on Thursday.
Engage with the Audience for Episode Titles: Reality TV personality Colton Underwood invites listeners to suggest episode titles for his podcast, Trading Secrets, and shares insights from his experiences on The Bachelorette, becoming The Bachelor, and his NFL career, emphasizing personal growth opportunities and financial stability for athletes.
Colton Underwood, a reality TV personality, entrepreneur, author, and former professional athlete, encourages listeners to engage with their audience and suggest episode titles for his podcast, Trading Secrets. The podcast will consist of trading secrets on Mondays and a wild card episode on Thursdays, which may cover various topics like business, life, love, or money. Colton shared his experiences from his time on The Bachelorette and becoming The Bachelor, emphasizing that the show provided opportunities for personal growth despite the risks and potential financial instability for young participants. He also discussed his journey as an NFL player, mentioning the relatively low percentage of athletes filing for bankruptcy within five years of their NFL career. Overall, Colton's podcast aims to provide valuable insights and stories, and he invites his audience to contribute by suggesting episode titles and sharing their thoughts.
Financial Challenges Faced by NFL Undrafted Free Agents: Undrafted NFL players face financial instability, with smaller bonuses, seasonal payments, and uncertain futures. Some, like the speaker, made significant money on the practice squad but still struggled with long-term financial security.
The NFL journey for an undrafted free agent can be financially challenging, even for those who eventually make it to the league. The speaker shared his experience of signing with the Chargers for a smaller bonus despite a higher offer from the 49ers due to the slim chances of making their roster. He also discussed his experience as a practice squad player, where he made over $100,000 in a year but only received payments during the season. The speaker also shared that he had limited financial resources growing up and was a full scholarship athlete in college. He ended his career due to an injury and received a settlement, which he used to take a year off before deciding to retire. The process of reaching the settlement took over a year and involved discrepancies in damages. Despite his success, the speaker joked that his father still teased him about never having had a job. This conversation highlights the financial realities and challenges faced by NFL players, particularly those who are undrafted and make it to the league through the practice squad.
Taking calculated risks for personal and professional growth: Former NFL player Colton Underwood faced financial challenges but invested in himself, turned down potential jobs, and trusted instincts to pursue a new path in entertainment industry, inspired by athletes-turned-entertainers, ultimately leading to opportunity on 'The Bachelorette'.
Colton Underwood, a former NFL player turned reality TV star, took a calculated risk with his career and personal life. Despite facing financial challenges and being inspired by the success of athletes-turned-entertainers, he made a decision to invest in himself and pursue a new path. This required setting a budget, turning down potential job offers, and trusting his instincts. The entertainment industry, which he had a glimpse of through his relationship with gymnast Ali, served as motivation. The way these individuals handled their careers and dealt with pressure inspired him to aim for similar success. Ultimately, the show "The Bachelorette" found him during a time of personal turmoil, and he saw it as an opportunity to try something new. Colton's story highlights the importance of taking calculated risks, having a clear vision, and trusting one's instincts in the pursuit of personal and professional growth.
Unexpected opportunities from authenticity and strategy: Authenticity and strategy can lead to unforeseen success. Be open to new experiences and embrace the game when opportunities arise.
Being authentic and strategic can lead to unexpected opportunities and success. The speaker shared his experience of attending an open casting call for "The Bachelor" and, despite being unsure if he was in the right place, was quickly identified and cast. He admitted that his initial intention wasn't to be the lead, but once in the competition, he embraced the game and used his strategic thinking to bond with the producers and other contestants. This approach paid off, leading him to appear on the show and eventually find success beyond it. The speaker also emphasized the importance of being a step ahead of the game, as seen in Pete's performance on "Traders," and encouraged listeners to apply this mindset in their personal and professional lives.
Navigating Personal and Professional Challenges on Reality TV: Contestants on reality TV shows face complex experiences, balancing personal and professional challenges while adapting to the demands of the show and confronting their authentic selves.
Both Jason and the speaker had complex experiences on "The Bachelor," each dealing with personal and professional challenges. Jason, despite having a stylist and brand deals, felt the need for more clothes and support, showcasing his desire to succeed and adapt to the show's demands. He also hinted at internal struggles regarding his sexuality. The speaker, on the other hand, had to balance her professional success with personal relationships and external opinions, particularly regarding her nonprofit. Both contestants faced moments of uncertainty and self-doubt, ultimately requiring them to confront their authentic selves and navigate the challenges of reality TV dating.
The interviewee's work ethic and ability to compartmentalize personal issues contributed to his career success.: Despite personal challenges, the interviewee's relentless work ethic, strategic thinking, and determination have driven his professional success.
The interviewee's success in his career can be attributed to his relentless work ethic and his ability to compartmentalize his personal issues, keeping his focus on his work. He grew up learning that "father" represents authority figures, leading him to avoid confrontation and constantly move on to the next thing. This pattern was evident in his experiences with the Bachelor franchise and his career in the NFL. Additionally, the interviewee's smart business moves, such as securing insurance protection in contracts, demonstrate his strategic thinking and desire to protect himself. Overall, his resilience and determination have been key factors in his professional success.
Impressing Producers: Understanding Needs and Presenting Value: Understand the needs of those you're trying to impress, present yourself authentically, and create value to increase your chances of success.
Being prepared and understanding the needs of those you're trying to impress can lead to success, even if you don't possess all the natural talents. The speaker shares an anecdote from his experience on "The Bachelor" and how he intentionally presented himself to create value for the producers, ultimately leading to his selection for the show. This strategy can be applied to various situations, such as job interviews or sales pitches, by focusing on the other party's needs and being the best version of yourself for them. Authenticity and self-awareness are also essential, as trying to be someone you're not can lead to negative consequences. Instead, lean into your strengths and present yourself confidently.
Embrace your individuality and unique strengths: Being true to oneself and embracing individuality can lead to personal growth and financial success
Focusing on your unique strengths and abilities can lead to success. Colton shared an example of a memorable experience from his past where he was drawn to a distinct quality that set him apart, leading him to pursue opportunities. Later, during an experience on Savannah Chrisley's podcast, Colton discovered an unexpected revelation about himself, which he had kept hidden even from close friends. Despite his initial denial, those around him could sense his true identity. This experience demonstrates the importance of being true to oneself and embracing individuality. Additionally, Colton's impressive post-Bachelor business ventures, including book sales and brand deals, showcase the potential for significant financial gains following reality TV stints.
Impact of Business Deals on Mental Health: Advocate for oneself in business, prioritize mental health, and lean on support systems during challenging times.
Contractual obligations and business deals can have significant impacts on individuals, both mentally and financially. The speaker shared an experience where they felt they lost potential earnings due to a contract with a production company. This experience led them to a personal low point, where they prioritized their mental health over their business. For those facing similar challenges, it's essential to remember that support systems exist, even if they don't always feel accessible. Leaning on trusted individuals, whether family, friends, or professionals, can help individuals navigate difficult situations and come out stronger. Additionally, being transparent about struggles, even when it's hard, can lead to valuable resources and understanding. Overall, the speaker's story highlights the importance of advocating for oneself in business and prioritizing mental health during challenging times.
Taking small steps forward in challenging times: Sharing personal stories publicly can accelerate growth, maintain control, and lead to significant progress
Even in the darkest and most challenging moments in life, taking small steps forward can lead to progress and eventual improvement. Colton's personal experience of coming out and creating a show about it demonstrates this. The decision to share his story publicly was a personal one that held him accountable and accelerated his coming out process. From a business perspective, Colton was able to maintain control over his story and collaborate with Netflix as an executive producer, resulting in a positive professional experience. Overall, the power of taking small steps towards growth and seeking support from others can lead to significant progress and personal growth.
The importance of personal growth over monetary gains: Prioritizing personal development and storytelling can lead to significant opportunities and impact in both personal and professional spheres, resulting in long-term success and growth.
Understanding the value of experiences and personal growth over monetary gains can lead to significant opportunities and impact in both personal and professional spheres. Colton Underwood, a former NFL player and reality TV star, discussed his experiences on Netflix and how he prioritized personal development and storytelling over financial compensation. This mindset allowed him to build a celebrity status and a brand, leading him to create unscripted shows and develop a production company. For freelancers and business owners, this means considering tax savings and proper business structures, like S Corps, to maximize profits and focus on growth. Overall, the value of personal growth and storytelling can lead to long-term success and impact.
Supporting Talent's Growth and Mental Health: Producers prioritize mental health support and therapy for talent, bridge cultural divides, and aim for long-term success and positive impact.
People change and grow, and it's important to provide support and resources for individuals in the entertainment industry, especially after their time in the spotlight. The producer discussed their personal experiences and how they've learned from their mistakes. They emphasized the importance of therapy and mental health support for talent, which they've implemented in their own production company. Additionally, they aim to use their platform to bridge cultural divides and increase representation on television. The producer also highlighted the business benefits of their approach, including the potential for long-term success and financial upside. Overall, the conversation underscored the importance of compassion, growth, and positive impact in the entertainment industry.
Navigating public life requires calculation and planning: Calculated actions can protect self and maintain sense of self in public life, preventative measures like IVF important for achieving goals
Navigating the world of public figures and media can be a complex and challenging experience. It's easy to get caught up in the game of saying things on red carpets or in interviews that may not align with your true beliefs, only to regret them later. The dog pile mentality, where people jump on the bandwagon to criticize and attack, can make things even more difficult. Calculation and planning are necessary skills to protect oneself and maintain a sense of self in the face of fame and scrutiny. It's essential to remember that calculated actions are not always negative; they can simply be about creating safety and stability in an unpredictable world. Additionally, the quick hit of fame can lead some people to lose sight of who they are and what's important, resulting in an unsustainable ego. Instead, it's crucial to view fertility treatments like IVF as preventative measures and start planning and preparing early to increase the chances of success. Colton's journey to become a father through a medical team, lawyers, an egg donor, and a surrogate is a testament to the importance of taking calculated steps to achieve one's goals.
Consider freezing sperm as a precaution: Men should freeze sperm for potential health issues or unforeseen life events, but the overall process of having a child through fertility methods can be costly, involving egg procurement, fertilization, and surrogacy, potentially costing close to a million dollars, and not all insurance covers these costs.
Men who wish to become fathers should consider freezing their sperm as a precautionary measure. This is due to various reasons, including health issues that may impact fertility and unforeseen life events. The process of freezing sperm is relatively simple and affordable, with at-home testing kits available. The cost for freezing sperm is around $100. However, the overall process of having a child through fertility methods can be costly, involving the procurement of an egg, fertilization, and the use of a surrogate. The entire process can cost close to a million dollars. It's important to note that not all insurance covers these costs, making it a significant financial investment. Despite the high cost, it's crucial for those who desire to have children to explore their options and start the process as soon as possible, beginning with consulting a fertility lawyer.
Starting somewhere is crucial for personal growth: Exploring options, being authentic, and taking the first step, even in uncertainty, leads to personal growth and achieving goals.
Starting somewhere is a crucial step towards achieving personal growth and fulfilling your goals, whether it's in your career, relationships, or personal life. Colton Underwood's journey, filled with highs and lows, emphasizes the importance of taking the first step, even if it's uncertain or uncomfortable. He encourages exploring options and being authentic to oneself, and reminds us that every step, whether initiated by ourselves or forced upon us, contributes to our overall growth. Colton's experiences, from his reality TV career to his personal life, demonstrate that starting somewhere is the foundation for ending up where we want to be. To learn more about Colton's journey and insights, follow him on Instagram @Colton Underwood for his podcast "Daddyhood," and check out his legacy at Colton's Legacy.
