Financially Simple

In episode 335 of Financially Simple, Justin continues his examination of Wall Street as an investment option for Business Owners. Investing in your own business can only get you so far, especially when the vast majority of small businesses won't sell which can jeopardize the owner's retirement plans. In this episode, Justin looks at Wall Street as an option for Small Business Owners to invest in as part of their retirement plan. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:45 - Business Owners and Wall Street: The Love-Hate Relationship 01:32 - What is Wall Street? 06:34 - What This Means for Business Owners 07:19 - The Wall Street Model 11:17 - Retirement Options 13:59 - Summary 16:38 - Wrap Up   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your B

In episode 334 of Financially Simple, Justin asks the question Why Do Business Owners Hate Investing in Wall Street? In the light of past and recent events involving the financial advisors of Wall Street, it's a wonder how anyone without a hedge fund can trust the stock market. In this episode, Justin looks at reasons why Business Owners in particular are hesitant to put their hard earned cash into an investor's hands. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:50 - Why Business Owners Hate Investing in Wall Street 01:20 - Personal Reasons 03:26 - Invest in Your Own Business 05:40 - Trust 07:56 - Politics 09:13 - Control 10:42 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit Financially Simple Business Plan

In episode 333 of Financially Simple, Justin answers a listener's question - What do Financial Planners Do? There are many different professionals that can be described as Financial Planners, from Wall St. investors to Insurance Brokers, but what is an actual Financial Planner, and what do they do? In this episode, Justin answers this question and explains the role and benefits of using the services of a Financial Planner. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:59 - What Does a Financial Planner Do For Business Owners 02:01 - Different Types 04:07 - Requiring a Different Approach 08:14 - The Four Quadrants 13:46 - The Role of a Financial Planner 18:36 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit Fin

In episode 332 of Financially Simple, Justin takes a look at Disability Insurance for Business Owners. In the event of an accident occurring, either within your business or in your daily life, that results in you being disabled and unable to continue working in your current position, it's important to have insurance cover - however, there are some caveats. In this episode, Justin explains what Disability Insurance is, why it is important, and most importantly how it works with Social Security and conditions of work. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:51 - How Much Disability Insurance Does a Business Owner Need? 01:01 - What is Disability Insurance? 04:52 - How Does it Work? 08:24 - What About Social Security? 10:34 - Why it Matters 11:43 - Costs and Coverage 14:18 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Ju

In episode 331 of Financially Simple, Justin looks at how much Life Insurance a Business Owner actually needs. As a business owner, there are a lot of "What If?" scenarios, one of which is, "What if I die? Will my family be taken care of?" In this episode, Justin explains how to calculate how much life insurance you should need in order to cover the living costs of your family, as well as factoring in outstanding debts and loans on your business and a few common mistakes business owners make when taking out insurance. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:45 - How Much Life Insurance Does a Business Owner Need? 03:09 - Personal Factors 06:38 - Factoring in Debt 07:59 - What Matters? 10:43 - A Common Mistake 13:37 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financia

In episode 330 of Financially Simple, Justin considers whether or not a Business Owner should pay off debt or invest their second stimulus check. When receiving a second stimulus check, it might be the case that your business is already in a good place, having successfully weathered 2020. However, you can still put that money to good use. In this episode, Justin looks at the benefits of paying off any debt you or your business might have, and once that is done consider investing the money. Follow along in our article. _________________   TIME INDEX: 00:45 - Stimulus: Should a Business Owner Pay Off Debt or Invest? 01:33 - It Depends 05:57 - The Decision Tree 09:52 - Other Debts 13:47 - Taxes 16:10 - Investing 17:22 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit Financially Simple Business Planning

In episode 329 of Financially Simple, Justin asks the question, How Much Should You Pay for a House? The majority of us desire to own our own home at some point in our lifetime, to settle down and enjoy the fruits of our labors - it's a right in the Constitution and a part of the American Dream. In this episode, Justin looks at buying a house, factoring in the costs and expenses that it will incur, and considers what you can afford and what you should aim for. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:49 - How Much Should Business Owners Pay for a House? 01:23 - The American Dream 04:21 - How Much House CAN You Afford? 07:33 - How Much SHOULD You Afford? 09:56 - Why Does it Matter? 16:27 - Affecting Your Future   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide

In episode 328 of Financially Simple, Justin looks at the cashflow state of Businesses in the wake of COVID-19. 2020 was a year that tested many businesses and their ability to weather a financial storm - and many were not adequately prepared. In this episode, Justin explains why cash reserves are important as a means to cover yourself and your business in times of stress, and in the wake of COVID-19. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:45 - How Much Cash is Necessary in a COVID World? 01:23 - Are Business Owners Poor Money Managers? 03:46 - Two Main Reasons Why 07:36 - The Reality 08:54 - How Much Cash Do We Need? 12:16 - What About the Alternatives? 13:13 - Cash is Freedom 14:41 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling You

In episode 327 of Financially Simple, Justin looks at calculating your Lifetime Savings. How much money will you make over the course of your life? How much will you save up during the working period of your life? Will you be able to rest comfortably once you retire? In this episode, Justin explains how to calculate your Lifetime Savings and why knowing matters; he also covers some ways to improve on your numbers so that come retirement, you will be in a better position financially. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:45 - How to Calculate Your Lifetime Savings Results and Why It Matters 01:07 - The Average Lifetime Income 05:10 - The Math 07:44 - How To Improve 10:33 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business fo

In episode 326 of Financially Simple, Justin goes over how to calculate your Income Savings Rate and why it matters. With all that occurred last year, it's worth taking the time to assess your financial situation and see what can be done to improve matters to secure your financial future. In this episode, Justin looks at how you can calculate your Income Savings Rate, bearing in mind that the majority of us are not active with our savings, and how we can make ourselves better off with this self-assessment. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:49 - How to Calculate Your Income Savings Rate 04:22 - Don't Bury Your Talents 07:06 - Self-Assessment Calculation 12:03 - What You Can't Include 14:06 - Pay Yourself First 15:40 - What is Your Income Savings Rate? 18:21 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Q

In episode 325 of Financially Simple, Justin shares some of the technologies that are used in providing financial services. It takes a lot to run a business, a solid plan and strategy, and a great team. Increasingly technology is becoming more and more a part of the functions of a business too. In this episode, Justin looks at the numerous applications and web services that his businesses utilize to assist their clients. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:10 - The Financial Software We Use to Help Your Business 02:36 - Inbound Clients 03:38 - Financial Planning 04:47 - Adding Up 05:09 - Risk Assessment 06:15 - Assets and Investments 06:46 - Billing 07:29 - Filing and Organization 08:16 - CRM Management 09:11 - Data Retention 10:23 - Business Planning 11:33 - Marketing 12:23 - Costs 13:14 - Simplify and Streamline 16:10 - Wrap Up   RESOURCES: Financially Simple Educational Website Financially Simple on YouTub

In episode 324 of Financially Simple, Justin provides an outline to a roadmap for the year ahead. The new year has begun, and it's important to start off on the right foot. In this episode, Justin goes over the importance of having a strategic business plan, and how to set up goals for the coming year to help your business get to where you want it. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:10 - How to Set Business Goals You Can Actually Achieve in 2021 02:00 - Review the Last Year's Strategic Plan 03:38 - Set Yourself and Your Team Goals 05:34 - SMART Goals 06:12 - Write Them Down 10:03 - Create Accountability 11:20 - Strategic Planning 14:24 - Summary USEFUL LINKS: Work with Our Team Additional resources about Setting Business Goals Subscribe to the Financially Simple Newsletter Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit _________________   BIO: Justin A. Goodbread, CFP®, CE

In episode 323 of Financially Simple, Justin shares a Christmas message of hope. 'Tis the season, a time to pause and reflect. In this episode, Justin tells two short stories of peace and hope, with lessons that we should all learn from as we take this time out to rest and celebrate. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:49 - My Christmas Message 02:27 - The Christmas Truce 07:54 - The Birth of Jesus 10:02 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit _________________   BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to sta

In episode 322 of Financially Simple, Justin reflects on 2020 and considers the lessons learned over the course of the year. The past year has been one for the books, with so much happening that it has left many of us with our heads spinning. So, what have we learned? In this episode, Justin goes over eleven lessons that 2020 has taught us, and how we can use these experiences to be better prepared for 2021. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:49 - Business Lessons from 2020: Using What We've Learned to Take on 2021 03:22 - People Matter 05:01 - Trust is the Cornerstone of Business 06:54 - Be Authentic 08:43 - Operate from a Position of Gratitude 10:45 - Have a Disaster Plan 11:35 - Profitability per Department 12:17 - Cash Reserves are More Important than Cashflow 14:12 - Scalability 15:45 - Embrace Technology 17:26 - Never Stop Innovating 18:48 - This Too Shall Pass 21:24 - Summary   RESOURCES: Financially

In episode 321 of Financially Simple, Justin takes a close look at Santa Claus's business operations. For most small businesses things start to wrap up as we approach the holidays, but for one individual, and his many, many, many employees, things are only just getting started. In this episode, Justin examines Santa's North Pole operation, looking at the eight key areas of this business empire that has been running for centuries. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:46 - What Can Santa's Operation Teach Us About Business Value Growth? 01:50 - A Little History 03:10 - The Eight Key Areas of Santa's Business 05:38 - Planning 06:28 - Leadership 08:16 - People 09:10 - Operations 11:34 - Finance 12:22 - Legal 14:24 - Summary 16:24 - Wrap Up   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sal

In episode 320 of Financially Simple, Justin looks at appropriate ways to reward your employees with a year-end bonus. As 2020 comes to a close and the holidays draw near, many business owners will be considering giving their team a bonus for their efforts through this tough year. In this episode, Justin shares some guidelines on giving out bonuses, and also provides a few ideas on what makes for a good bonus gift (and a bad one). Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:42 - How to Bonus Employees at Year-End 03:17 - Bonus Guidelines: The Why 04:41 - Communicating the News 07:40 - Having a No Bonus Situation 07:55 - Ideas for Bonuses 10:50 - Bad Ideas 12:50 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profi

In episode 319 of Financially Simple, Justin gives tips on avoiding Christmas strife. It's the most wonderful time of the year, except that up to now it's been a very difficult year for many of us. In this episode, Justin shares some wisdom on how to avoid adding to the stress of the Christmas holidays by having effective communication between yourself and your significant other, and spending wisely and with intent. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:42 - How to Avoid Christmas Conflict 04:37 - The Five Love Languages 07:05 - How to Avoid Conflict: The Saver vs. The Spender 09:25 - Budgeting 11:27 - Write Down Your Gift List 14:06 - Sage Advice 18:31 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit

In episode 318 of Financially Simple, Justin looks at a number of ways to lower your Tax Bracket in order to reduce your Effective Tax Rate. How much you earn determines which tax bracket you fall in to, and that determines how much tax you will end up paying. In this episode, Justin explains the US taxation system, how understanding it helps, and a few simple ways to use your money to actually lower your Tax Bracket and reduce your Effective Tax Rate. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:48 - How to Use Tax Brackets to Reduce Your Effective Tax Rate 01:47 - The Progressive Taxation System 05:51 - Why it Matters 07:35 - The Basics 09:26 - Example 10:31 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit

In episode 317 of Financially Simple, Justin gives an overview of Effective Tax Rates and how you can reduce yours. As tax season approaches, it's always a good idea to review your tax status especially after the turbulence of 2020. In this episode, Justin explains what your Effective Tax Rate is and why it matters, and what can be done to reduce it so that you and your family will have greater financial security. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 01:07 - How to Calculate Your Effective Tax Rate 02:49 - What is the Effective Tax Rate? 04:53 - Why it Matters 06:59 - What You can do to Reduce Your Tax Rate 10:17 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit _________________   BIO: Justin A. Goodbrea

In episode 316 of Financially Simple, Justin gives a concise list of 20 ways to reduce your tax bill. As 2020 comes to a close, the time to figure out your taxes draws nearer. In this episode, Justin lists 20 ways to reduce your taxes, both as an individual and as a small business owner, from tax-free accounts to having a baby! Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:48 - 20 Ways to Reduce Your 2020 Taxes 01:46 - Retirement Account Contributions 03:09 - Tax-Loss Harvesting 03:43 - Tax Bunching 05:11 - Health Insurance 05:35 - Health Savings Account 06:16 - Flexible Spending Account 06:41 - Medical Expenses 07:16 - Budget Tracking 07:57 - Income Adjustments 08:45 - Business Deductions 09:13 - 529 Plan Contribution 09:39 - Lifetime Learning Credit 09:56 - Have a Baby 10:22 - Give to Charity 11:04 - Buy a House 11:50 - Property Reassessment 12:05 - Improve Home Energy Efficiency 12:30 - Buy a Car 12:51 - Move to a L