#today in things that stress me out. my academic interests have diverged significant from what i do in the lab

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Fitness and the Family Business — Sitting Poolside with Mike Monfredi from MikedUp Blog

The Sitting Poolside interview series

When people think of retirement, scenes of beachfront homes, rounds of golf, or reading by the pool come to mind. Sitting Poolside is a series of interviews that challenges that notion and other financial misperceptions. The series name pokes fun at the stereotypes, but it’s also an opportunity to discuss people’s real stories and unique insights. So grab a piña colada and pull up your lounge chair!

Mike from MikedUp Blog

I’m Mike – current 30-ish CEO and Blogger. I write Financial insights for Family & Business, and Fitness tips for all! We’re growing our family-owned business while I’m focusing on staying fit and being a solid family man… and writing about all the highs and lows on MikedUp Blog!

Wealth 

Mr. SR (MSR): What was your concept of wealth when you were growing up?

Mike Monfredi (MM): For whatever reason, my concept of ‘wealthy’ at a young age was earning $100,000/year. But I hadn’t quite grasped much of anything financially at a young age. I came from an upper-middle-class family, didn’t want for much, and although I worked from the age of 15, I still was afforded the privilege to pursue sports, different fields of work, and other passions.

I knew that I needed to save money but I didn’t quite know where, or how. I knew of the few employment options available in my hometown but honestly felt helpless at the prospect of only those few options, none of which seemed to boast much potential.

So I focused entirely on annual salary, ignorantly ignoring the multitude of ways I could put some savings to work for me (i.e. real estate, investing in the market, etc.). I felt that if I could earn 6-figures that all would be swell in the money department.

But I ended up finding out later in life that more money doesn’t solve your financial woes — it just gives you new ones.

The family business

MSR: What is your current career status? How do you like to spend your time when you’re not working?

MM: I am currently the CEO of our family’s small business, a 9-employee dental office in Columbus, Ohio. But up until January 2019 — I worked this job in addition to a regular 9-5 with a large state agency in Ohio as a Forensic Scientist.

I did the two full-time jobs while blogging, having 2 young children (well, technically watching my wife have them), and tackling all the other tasks that come with regular life. About mid-2017 my stress level was unbearable and with the counsel of my wife, we decided that one day she and I would work together in our business.

I’m stoked to report that today is now that day.

When I’m not working, I’m spending time with my girls, working out, playing beach volleyball, meal prepping, watching some live sporting event, or enjoying a glass of red with my wife on the 1 out of 30 nights both girls are asleep before 9:00. Love those days…

MSR: I’m curious to hear more about your experience in the medical field and with the business that you and your wife run together.

As doctors yourselves (and spending time with other medical personnel during your career), has that background affected your worldview or your priorities, compared to other people you know who have different career paths?

MM: Just for a bit of background — my wife is the dentist and I run the company (no clinical expertise). Although we have the same undergraduate degrees, our grad degrees are where we diverged academically.

With that being said, I do have many interactions with other medical professionals in addition to my wife and business partner — and I’d say that background does put a unique perspective on the decisions we make.

For example, we are 100% in business to make money, however the ethical component of doing what’s best for the patient cannot be ignored. Sure, we can try and sell the most expensive treatment for our patients, but if that’s not what they need, or if a less-expensive option would be best for their specific situation — that is what we suggest.

Many patients who visit our office do not have a great deal of clinical knowledge of dentistry. It is our job to educate our customers, explain what treatment they need — if any — and why, and at that point we’re able to start making money.

Aside from those points — we notice smiles while we’re out and about. Much like a car salesman may notice cars, sometimes we’ll exchange a, “Wow – nice teeth there!” under our breath.

Value of physical fitness

MSR: You share that fitness is a big part of your journey and one of your hobbies now.

Have you found that your health and fitness interests have correlated with your personal finance interests? Are there principles or motivations that fuel you in both areas?

MM: 100% — yes.

If you want to be successful in achieving a higher level of fitness, you need specific and achievable goals. You need a plan to reach those marks and you need some ways to measure and track your progress. From there, you need the discipline to see it through.

Does that sound at all like budgeting or tracking your net worth to reach FI, for example? It does to me.

The main concepts carry over to all aspects of your life, whether they’re fitness, finance, family, business, or otherwise.

Strategic goals, a well-researched plan, and the discipline to see it through while adjusting course along the way is the recipe used to make significant positive progress in life.

The trick for me lately, is realizing that I’m only truly capable of focusing on 2-3 major life goals at one time. So I’ll prioritize the most vital in the present moment, check them off, and move on to the next.

Financial journey

MSR: Describe your financial journey. 

MM: If you’re looking at a scatter plot with the X-axis representing time and the Y-axis representing net worth, my financial journey creeps up over a small hill in my early 20’s, drops off a cliff around 25, and gradually climbs a slow, steady, and arduous mountain at about 29.

The Sisiphyisian climb from 29 to present-day represents a multitude of hard work, incredible risk, and some ole’ fashioned good luck.

If you’re looking for professional experience and a bit about who I am in general, here’s an excerpt from my ‘Start Here’ page that gives you an idea:

I played football in college, got injured, gained too much weight, then lost ~65 pounds. I have an intense drive to keep that weight off. My degrees are in molecular biology and ecology. I’ve been fortunate to have worked, a lot – in a bunch of different fields (as a landscaper, men’s fragrance salesman, coach, server, quality supervisor, forensic scientist, blogger, and now CEO…) and in varying places (Ohio, Maui, Costa Rica, the Gulf of Mexico,…).

Monica and I took out some sizeable loans for her to go to dental school and for us to buy our business (MFD), and we are working to pay off that debt and grow the business (many posts about each of these in the archives and to come). We believe in credit cards that don’t carry a balance from one month to the next (love the points, hate the interest). We put family first and love vacations. Our world centers around our girls (Clara and Stella).

From here, we’re betting on ourselves and our business to be the drivers of economic gain and wealth generation, and we’re really stoked to be working together on a project we both love.

Family

MSR: You share that your marriage and your daughters are a top priority for you.

How do you balance your career and personal finance focus with finding time to spend with your family? Do you have any routines or advice for other people struggling to find a sense of balance in those areas?

What’s been working for me lately is to have specifically coded times throughout the day. Early morning is for workouts/family/getting ready for the day. Work hours are for work. Come 5:00pm — the kids bedtime, it’s family time. Then after the kids are asleep, I do my best to balance quality time with my wife, gym work, me time, and time for blogging or additional work on our business.

For the first 2 years we were in business, I had another full-time job thrown into that mix, but I’ve actually had a night or two to relax lately — which is a much welcome feeling.

As long as I’m not slacking on my discipline, and keeping the lines crystal clear — not allowing my coded times to bleed together — I’m able to find the balance my life needs.

Advice

MSR: What do you consider to be your biggest failure or regret?

MM: You know, I honestly don’t have many hugely regrettable situations in life. I’ve made a ton of mistakes, sure, but many of those have been tremendous learning experiences — and I’m better for them.

Honestly, I probably partied a bit too hard from 19-23. And with some of the opportunities I had in that window, I would’ve rather capitalized on making the most of those rather than worrying about ‘having such a good time’.

MSR: What is your concept of wealth or financial success now? What were the major influences that changed your view?

MM: Net worth. Period, full stop. I learned quickly that a 6-figure income doesn’t bring with it rainbows and unicorns. And if you’re not saving money, building wealth, paying off debt, etc. it really doesn’t matter how much money you make.

So, I’d say that ‘wealth’ to me means a healthy and growing net worth, while financial success is the ability to do the things you want to do in combination with growing your net worth, not in spite of it.

I saw individuals who earned what was a huge paycheck in my eyes who also didn’t have much in the way of assets. Conversely, I’ve seen folks who earn modest paychecks, but who’ve been good stewards of their money be able to retire comfortably and do the things they choose to.

MSR: What’s the most helpful book you’ve read recently? 

MM: Regular readers of MikedUp Blog know where I’m going here…

Extreme Ownership: How U.S. Navy SEALs Lead and Win by Jocko Willink and Leif Babin

For some perspective on my feelings regarding this book: I have given it as a gift to friends, relatives, and employees alike. In fact, it is the literature we use at our business to read, describe, and discuss the culture we have implemented. All of our team members have been provided with a copy and I’ve read through and discussed each chapter with all of them.

There are so many great leadership teachings in this book and the way that each chapter is constructed – with a real-life battlefield story that leads to a principle, which is then defined and finally applied to the business setting – helps to amplify and reinforce each chapter’s principle.

It also makes chapter discussions easy to facilitate. But maybe the most valuable lesson I have learned after reading through this book nearly 20 times is that by putting the Team before self, not only does the team win but by definition so do your individual ambitions and goals.

This book has helped me to be a better husband, boss, employee, and person. I cannot recommend it highly enough.

MSR: What advice would you give someone who is on the path to semi-retirement or early retirement? 

Develop a well-researched and results-oriented plan to build wealth. Ask ‘wealthy’ friends or acquaintances how they’ve generated wealth, read books, blogs, and listen to podcasts, and incorporate the points that work for you into your plan.

Understand the risks associated, where your plan can go wrong, and what to do when that happens. Use all of this information to come up with a plan that suits both your desired goals and the lifestyle you hope to live in pursuit of those goals.

Because life’s not about the finish line — that’s a misconception. It’s about the journey toward the line. And you have the ability to design that journey and all it’s twists and turns based on the decisions you make early on.

And once you decide where your life will lead you — put your head down and get to work.

MSR: Mike, thank you for sharing your family’s story with us. I appreciate your time and I’m excited to see how your blog and your business both continue to grow!

The post Fitness and the Family Business — Sitting Poolside with Mike Monfredi from MikedUp Blog appeared first on Semi-Retire Plan.

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