Episode #18: Opening Your Post-military Career Options by Achieving Financial Stability with Patrick Weinert

Patrick Weinert retired in 2017 as a officer and aviator who had reached the position of advising the Chief Financial Officer of the Marine Corps at the Pentagon. After Patrick had the experience of forecasting and managing the $26B Marine budget, he decided to launch his own financial coaching business, The Money Mission, which focuses on serving active duty personnel and veterans to reach financial freedom and effectively manage their money. Among the many success stories of his work in this field, Patrick is particularly proud of an E4 who followed his financial advice and saved $200K in 3 or 4 years—so you know his financial perspective is effective. Patrick outlines his seamless path to business ownership, discussing his foundation of writing financial books well before he pressed the button and networking over time to develop a solid customer base and strategy.  

Lessons Learned:

• Financial success comes from the correct mindset. Many roadblocks are mental:
  • Change your habits.
  • You can be empowered to manage what you already have.
• Figuring out how to build a business is challenging. Give yourself time.
  • With proper planning, you can launch your own business.
  • Patrick’s early success is atypical; usually businesses aren’t profitable until after the first 3 years.
  • This type of transition out of the military is enormous, so get comfortable with being uncomfortable. You won’t know where your next sale is coming from.
• If you want to start a business:
  • Be clear about what you want to do, make or provide.
  • What problem are you trying to solve?
  • Who do you want to serve who is also willing to pay you?
  • What principles are foundational to your business?
• Use the resources provided to you as active duty and as a veteran.
  • Go to the free 2-day business seminar.
  • Book a meeting at the Small Business Administration.
    • It’s free to have an initial consultation with a CPA.
    • You might develop a relationship and need to retain his or her services in the future.
  • Take the information from TAP or your transition program and save it. You can analyze the most pertinent parts in detail, later.
• Don’t be afraid to spend money in order to build your business.
  • In the military, we are team-oriented and it might feel dirty or wrong to ask for money.
  • As a business-owner, you advocate for your own livelihood.
• As a job-seeker, you advocate for yourself as well. Your salary negotiation is a necessary part of the process:
  • What you know to be commensurate with your skills and experience
  • If you don’t negotiate, you’re probably leaving money on the table.
  • The company that makes you an offer chose you, so you do have some leverage at that point.
• Planning is important and the plan is never static.
• When your finances are in order, your transition is smoother.
• Ebook: Balance Your Budget: 50 Ways to Help Your Money Go Further
  • Patrickweinert.com
  • Sign up for his email list and you get it for free!